Self-Regulatory Organizations; The Depository Trust Company; Order Approving Proposed Rule Change To Discontinue the Prospectus Repository System Service, 20525-20526 [2015-08704]
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Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices
Exchange believes that the proposed fee
changes reflect this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act 22 and
subparagraph (f)(2) of Rule 19b–4
thereunder,23 because it establishes a
due, fee, or other charge imposed by
ISE.
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ISE–2015–11 on the subject line.
tkelley on DSK3SPTVN1PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–ISE–2015–11. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
22 15
23 17
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
VerDate Sep<11>2014
16:48 Apr 15, 2015
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–ISE–
2015–11, and should be submitted on or
before May 7, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.24
Brent J. Fields,
Secretary.
[FR Doc. 2015–08700 Filed 4–15–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74712; File No. SR–DTC–
2015–01]
Self-Regulatory Organizations; The
Depository Trust Company; Order
Approving Proposed Rule Change To
Discontinue the Prospectus
Repository System Service
I. Introduction
On February 13, 2015, The Depository
Trust Company (‘‘DTC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) proposed rule change
SR–DTC–2015–01 (‘‘Proposed Rule
Change’’) pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934
24 17
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PO 00000
CFR 200.30–3(a)(12).
Frm 00061
Fmt 4703
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2
The Proposed Rule Change was
published for comment in the Federal
Registrar on March 2, 2015.3 The
Commission did not receive any
comments on the Proposed Rule
Change. This order approves the
Proposed Rule Change.
II. Description
DTC filed the Proposed Rule Change
to discontinue DTC’s Prospectus
Repository System (‘‘PRS’’) and its
Terms of Use (‘‘Terms of Use’’), as
discussed below.
DTC launched PRS in 2003 to provide
DTC participants (‘‘Participants’’) and
DTC-authorized third parties
(collectively, ‘‘Users’’) 4 access to
prospectuses and official statements
relating to new issues of corporate and
municipal securities (‘‘Documents’’).5
Today, however, there are few Users of
PRS because many of the Documents
provided through PRS are publicly
available. As such, DTC states that it is
not worth the cost of maintaining PRS
and, thus, will discontinue it.
III. Discussion
Section 19(b)(2)(C) of the Act 6 directs
the Commission to approve a proposed
rule change of a self-regulatory
organization if it finds that such
proposed rule change is consistent with
the requirements of the Act and rules
and regulations thereunder applicable to
such organization. Section 17A(b)(3)(F)
of the Act requires, among other things,
that the rules of a clearing agency be
designed to promote the prompt and
accurate clearance and settlement of
securities transactions.7
The Commission finds the Proposed
Rule Change consistent with the Act.
More specifically, the Commission finds
that the Proposed Rule Change is
consistent with Section 17A(b)(3)(F) of
the Act.8 By eliminating a service that
is not economically efficient to maintain
or central to DTC’s core clearing
business, DTC can better allocate its
economic resources to support the
safeguarding of securities or funds in its
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 74358
(February 24, 2015), 80 FR 11243 (March 2, 2015)
(SR–DTC–2015–01).
4 Third-party Users of PRS include syndicate
members, correspondent banks, paying agents,
transfer agents, and certain legal counsel and
financial advisors. Individual investors do not have
access to PRS.
5 Securities Exchange Act Release No. 47410
(February 26, 2003), 68 FR 10558 (March 5, 2003)
(SR–DTC–2002–13).
6 15 U.S.C. 78s(b)(2)(C).
7 15 U.S.C. 78q–1(b)(3)(F).
8 Id.
2 17
April 10, 2015.
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Federal Register / Vol. 80, No. 73 / Thursday, April 16, 2015 / Notices
custody or control, and promote the
prompt and accurate clearance and
settlement of securities transactions.
IV. Conclusion
On the basis of the foregoing, the
Commission finds that the Proposed
Rule Change is consistent with the
requirements of the Act and in
particular with the requirements of
Section 17A of the Act 9 and the rules
and regulations thereunder.
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act, that
proposed rule change SR–DTC–2015–01
be, and hereby is, approved.10
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Brent J. Fields,
Secretary.
[FR Doc. 2015–08704 Filed 4–15–15; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–74709; File No. SR–CBOE–
2015–036]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fees
Schedule
April 10, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 31,
2015, Chicago Board Options Exchange,
Incorporated (the ‘‘Exchange’’ or
‘‘CBOE’’) filed with the Securities and
Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
tkelley on DSK3SPTVN1PROD with NOTICES
The Exchange proposes to amend its
Fees Schedule. The text of the proposed
rule change is available on the
U.S.C. 78q–1.
10 In
approving the proposed rule change, the
Commission considered the proposal’s impact on
efficiency, competition, and capital formation. 15
U.S.C. 78c(f).
11 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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16:48 Apr 15, 2015
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
9 15
Exchange’s Web site (https://
www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
1. Purpose
The Exchange proposes to amend its
Fees Schedule, effective April 1, 2015.
Specifically, the Exchange proposes to
amend its fees for the Russell 2000
Index (‘‘RUT’’). As of April 1, 2015,
RUT will be listed exclusively on CBOE
and C2 Options Exchange Incorporated
(‘‘C2’’). As such, the Exchange proposes
to make certain conforming changes to
its Fees Schedule.
By way of background, a specific set
of proprietary products had been
commonly listed out in the Fees
Schedule as being included or excluded
from a variety of programs, qualification
calculations and transactions fees. In
lieu of listing out these products in
various sections of the Fees Schedule,
the Exchange recently adopted the term
‘‘Underlying Symbol List A,’’ to
represent these products.3 Currently,
Underlying Symbol List A is defined in
Footnote 34 and represents the
following proprietary products: OEX,
XEO, SPX (including SPXw), SPXpm,
SRO, VIX, VXST, VOLATILITY
INDEXES and binary options The
Exchange notes that the reason the
products in Underlying Symbol List A
are often collectively included or
excluded from certain programs,
qualification calculations and
transactions fees is because the
Exchange has expended considerable
resources developing and maintaining
its proprietary, exclusively-listed
3 See Securities Exchange Act Release No. 73832
(December 12, 2014), 79 FR 243 (December 18,
2014) (SR–CBOE–2014–092).
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Frm 00062
Fmt 4703
Sfmt 4703
products. Similar to the products
currently represented by ‘‘Underlying
Symbol List A,’’ RUT will no longer be
listed on any other exchange (other than
C2). As such, the Exchange proposes to
exclude or include RUT in the same
programs as the other products in
Underlying Symbol List A (except as
otherwise noted below), as well as add
RUT to the definition of Underlying
Symbol List A in Footnote 34.
Specifically, like the other products in
Underlying Symbol List A, the
Exchange proposes to except RUT from
the Liquidity Provider Sliding Scale, the
Marketing Fee, the Clearing Trading
Permit Holder Fee Cap (‘‘Fee Cap’’) and
exemption from fees for facilitation
orders, and the Order Router Subsidy
(ORS) and Complex Order Router
Subsidy (CORS) Programs. Like all other
products in Underlying Symbol List A
(with the exception of SROs), the
Exchange proposes to apply to RUT the
CBOE Proprietary Products Sliding
Scale. Unlike the products in
Underlying Symbol List A, the
Exchange does intend to keep RUT
volume in the calculation of qualifying
volume for the rebate of Floor Broker
Trading Permit fees.
Next, as the Exchange proposes to
include RUT in Underlying Symbol List
A, the reference to RUT in the ‘‘Index
Options Rate Table—All Index Products
Excluding Underlying Symbol List A’’
table will be deleted and new references
to RUT, where applicable, will be added
to the ‘‘Specified Proprietary Index
Options Rate Table—Underlying
Symbol List A’’ table. Additionally, the
Exchange will add ‘‘RUT’’ to the list of
products excluded from the Customer
section of the Index Options Rate Table.
The Exchange also proposes to spell out
and add a separate row for the
remaining products of Underlying
Symbol List A for Broker-Dealers, NonTrading Permit Holder Market-Makers,
Professionals/Voluntary Professionals
and Joint Back Offices (‘‘JBOs’’)
transaction fees.
The Exchange also proposes to amend
certain transaction fees for RUT options.
Currently, Clearing Trading Permit
Holder proprietary (‘‘F’’ origin code)
and Non-Trading Permit Holder
Affiliate (‘‘L’’ origin code) RUT
transactions are assessed $0.35 per
contract for electronic transactions and
$0.20 per contract for both manual and
Automated Improvement Mechanism
(‘‘AIM’’) transactions. The Exchange
proposes to assess a $0.25 per contract
transaction fee for all Clearing Trading
Permit Holder and Non-Trading Permit
Holder Affiliate transactions, which is
the same fee amount assessed to
Clearing Trading Permit Holder
E:\FR\FM\16APN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 73 (Thursday, April 16, 2015)]
[Notices]
[Pages 20525-20526]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08704]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74712; File No. SR-DTC-2015-01]
Self-Regulatory Organizations; The Depository Trust Company;
Order Approving Proposed Rule Change To Discontinue the Prospectus
Repository System Service
April 10, 2015.
I. Introduction
On February 13, 2015, The Depository Trust Company (``DTC'') filed
with the Securities and Exchange Commission (``Commission'') proposed
rule change SR-DTC-2015-01 (``Proposed Rule Change'') pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder.\2\ The Proposed Rule Change was published
for comment in the Federal Registrar on March 2, 2015.\3\ The
Commission did not receive any comments on the Proposed Rule Change.
This order approves the Proposed Rule Change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 74358 (February 24,
2015), 80 FR 11243 (March 2, 2015) (SR-DTC-2015-01).
---------------------------------------------------------------------------
II. Description
DTC filed the Proposed Rule Change to discontinue DTC's Prospectus
Repository System (``PRS'') and its Terms of Use (``Terms of Use''), as
discussed below.
DTC launched PRS in 2003 to provide DTC participants
(``Participants'') and DTC-authorized third parties (collectively,
``Users'') \4\ access to prospectuses and official statements relating
to new issues of corporate and municipal securities (``Documents'').\5\
Today, however, there are few Users of PRS because many of the
Documents provided through PRS are publicly available. As such, DTC
states that it is not worth the cost of maintaining PRS and, thus, will
discontinue it.
---------------------------------------------------------------------------
\4\ Third-party Users of PRS include syndicate members,
correspondent banks, paying agents, transfer agents, and certain
legal counsel and financial advisors. Individual investors do not
have access to PRS.
\5\ Securities Exchange Act Release No. 47410 (February 26,
2003), 68 FR 10558 (March 5, 2003) (SR-DTC-2002-13).
---------------------------------------------------------------------------
III. Discussion
Section 19(b)(2)(C) of the Act \6\ directs the Commission to
approve a proposed rule change of a self-regulatory organization if it
finds that such proposed rule change is consistent with the
requirements of the Act and rules and regulations thereunder applicable
to such organization. Section 17A(b)(3)(F) of the Act requires, among
other things, that the rules of a clearing agency be designed to
promote the prompt and accurate clearance and settlement of securities
transactions.\7\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2)(C).
\7\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------
The Commission finds the Proposed Rule Change consistent with the
Act. More specifically, the Commission finds that the Proposed Rule
Change is consistent with Section 17A(b)(3)(F) of the Act.\8\ By
eliminating a service that is not economically efficient to maintain or
central to DTC's core clearing business, DTC can better allocate its
economic resources to support the safeguarding of securities or funds
in its
[[Page 20526]]
custody or control, and promote the prompt and accurate clearance and
settlement of securities transactions.
---------------------------------------------------------------------------
\8\ Id.
---------------------------------------------------------------------------
IV. Conclusion
On the basis of the foregoing, the Commission finds that the
Proposed Rule Change is consistent with the requirements of the Act and
in particular with the requirements of Section 17A of the Act \9\ and
the rules and regulations thereunder.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that proposed rule change SR-DTC-2015-01 be, and hereby is,
approved.\10\
\10\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition, and
capital formation. 15 U.S.C. 78c(f).
\11\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Brent J. Fields,
Secretary.
[FR Doc. 2015-08704 Filed 4-15-15; 8:45 am]
BILLING CODE 8011-01-P
