Self-Regulatory Organizations; The Options Clearing Corporation; Order Granting Approval of Accelerated Delivery of Supplement to the Options Disclosure Document Reflecting the Inclusion of Disclosure Regarding Foreign Currency Index Options and Changes to Disclosure Regarding Implied Volatility Index Options, 24985-24986 [2015-10136]
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Federal Register / Vol. 80, No. 84 / Friday, May 1, 2015 / Notices
For the Nuclear Regulatory Commission.
Michele Sampson,
Chief, Spent Fuel Licensing Branch, Division
of Spent Fuel Management, Office of Nuclear
Material Safety and Safeguards.
[FR Doc. 2015–10245 Filed 4–30–15; 8:45 am]
BILLING CODE 7590–01–P
OVERSEAS PRIVATE INVESTMENT
CORPORATION
[OMB–3420–0018]
Submission for OMB Review;
Comments Request
Overseas Private Investment
Corporation (OPIC).
ACTION: Notice and request for
comments.
AGENCY:
Under the provisions of the
Paperwork Reduction Act (44 U.S.C.
chapter 35), agencies are required to
publish a Notice in the Federal Register
notifying the public that the agency is
modifying and renewing an existing
previously approved information
collection for OMB review and approval
and requests public review and
comment on the submission. Comments
are being solicited on the need for the
information; the accuracy of OPIC’s
burden estimate; the quality, practical
utility, and clarity of the information to
be collected; and ways to minimize
reporting the burden, including
automated collected techniques and
uses of other forms of technology.
DATES: Comments must be received
within sixty (60) calendar days of
publication of this Notice.
ADDRESSES: Mail all comments and
requests for copies of the subject form
to OPIC’s Agency Submitting Officer:
James Bobbitt, Overseas Private
Investment Corporation, 1100 New York
Avenue NW., Washington, DC 20527.
See SUPPLEMENTARY INFORMATION for
other information about filing.
FOR FURTHER INFORMATION CONTACT:
OPIC Agency Submitting Officer: James
Bobbitt, (202) 336–8558.
SUPPLEMENTARY INFORMATION: All mailed
comments and requests for copies of the
subject form should include form
number OPIC–129 on both the envelope
and in the subject line of the letter.
Electronic comments and requests for
copies of the subject form may be sent
to James.Bobbitt@opic.gov, subject line
OPIC–129.
mstockstill on DSK4VPTVN1PROD with NOTICES
SUMMARY:
Summary Form Under Review
Type of Request: Revision of currently
approved information collection.
Title: Sponsor Disclosure Report.
Form Number: OPIC–129.
VerDate Sep<11>2014
18:14 Apr 30, 2015
Jkt 235001
Frequency of Use: One per investor
per project.
Type of Respondents: Business or
other institution (except farms);
individuals.
Standard Industrial Classification
Codes: All.
Description of Affected Public: U.S.
companies or citizens investing
overseas.
Reporting Hours: 1890 (3 hours per
response).
Number of Responses: 630 per year.
Federal Cost: $64,801.80 ($51.43 ×
630 × 2)
Authority for Information Collection:
Sections 231, 234(a), 239(d), and 240A
of the Foreign Assistance Act of 1961,
as amended.
Abstract (Needs and Uses): The
information provided in the OPIC–129
is used by OPIC as a part of the
Character Risk Due Diligence/
background check procedure (similar to
a commercial bank’s Know Your
Customer procedure) that it performs on
each party that has a significant
relationship (10% or more beneficial
ownership, provision of significant
credit support, significant managerial
relationship) to the projects that OPIC
finances. The only change being made is
to adjust the threshold from 5% to 10%
in order to make OPIC’s due diligence
process more efficient and less resource
intensive without significantly
increasing the reputational and project
risks associated with OPIC transactions.
Dated: February 23, 2015.
Nichole Cadiente,
Administrative Counsel, Department of Legal
Affairs.
[FR Doc. 2015–10230 Filed 4–30–15; 8:45 am]
BILLING CODE 3210–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74813; File No. SR–ODD–
2015–01]
Self-Regulatory Organizations; The
Options Clearing Corporation; Order
Granting Approval of Accelerated
Delivery of Supplement to the Options
Disclosure Document Reflecting the
Inclusion of Disclosure Regarding
Foreign Currency Index Options and
Changes to Disclosure Regarding
Implied Volatility Index Options
April 27, 2015.
On May 20, 2014, the Options
Clearing Corporation (‘‘OCC’’) submitted
to the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Rule 9b–1 under the Securities
PO 00000
Frm 00094
Fmt 4703
Sfmt 4703
24985
Exchange Act of 1934 (‘‘Act’’),1 five
preliminary copies of a supplement to
amend the options disclosure document
(‘‘ODD’’) to include disclosure regarding
foreign currency index options and
amend disclosure regarding implied
volatility index options (‘‘April 2015
Supplement’’).2 On April 15, 2015, the
Commission received from the OCC five
definitive copies of the April 2015
Supplement.3
Foreign Currency Index Options
Currently, the ODD states that indexes
that may underlie options include stock
indexes, variability indexes, strategybased indexes, dividend indexes, and
relative performance indexes. In April
2013, the Commission approved a
proposed rule change by the
International Securities Exchange, LLC
(‘‘ISE’’) to list options on the Dow Jones
FXCM Dollar Index.4 The April 2015
Supplement amends disclosures in the
ODD to add foreign currency indexes as
a type of index that can underlie an
option, in order to accommodate the
trading of options on the Dow Jones
FXCM Dollar Index and similarly
structured foreign currency indexes.5
Specifically, the April 2015 Supplement
adds new disclosure regarding the
characteristics of foreign currency index
options and their special risks. In
addition, the supplement adds an
example of the calculation of a foreign
currency index. The supplement also
amends disclosures in the ODD to
accommodate the fact that components
of foreign currency indexes are foreign
currencies rather than securities (e.g., by
referring to ‘‘components’’ of an index
rather than ‘‘constituent securities’’ of
an index).
Implied Volatility Index Options
The ODD currently contains general
disclosures on the characteristics and
risks of trading standardized options on
variability indexes. The ODD states that
variability indexes are indexes intended
1 17
CFR 240.9b–1.
email from Jean M. Cawley, SVP and Deputy
General Counsel, OCC, to Sharon Lawson, David
Michehl, and Yue Ding, Division of Trading and
Markets (‘‘Division’’), Commission, dated May 20,
2014.
3 See letter from Jean M. Cawley, Senior Vice
President and Deputy General Counsel, OCC, to
Sharon Lawson, Senior Special Counsel, Division,
Commission, dated April 14, 2015. The April 2015
Supplement also makes certain technical, nonsubstantive amendments to the ODD.
4 See Securities Exchange Act Release No. 69365
(April 11, 2013), 78 FR 23321 (April 18, 2013) (SR–
ISE–2013–14).
5 The April 2015 Supplement is intended to
accommodate the trading of options on foreign
currency indexes that reflect the value of one
currency, often the U.S. dollar, against a basket of
foreign currencies. Foreign currency indexes are
calculated using exchange rates.
2 See
E:\FR\FM\01MYN1.SGM
01MYN1
24986
Federal Register / Vol. 80, No. 84 / Friday, May 1, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
to measure the implied volatility, or the
realized variance or volatility, of
specified stock indexes or specified
securities. In January 2014, the
Commission approved a proposed rule
change by the ISE to list options on the
Nations VolDex Index.6 The April 2015
Supplement amends disclosures in the
ODD regarding implied volatility index
options to accommodate the listing of
options on the Nations VolDex Index
and similarly structured implied
volatility indexes.7 Specifically, the
April 2015 Supplement amends the
discussion of implied volatility index
options by including disclosure
regarding exercise settlement value
calculations that use the mid-point of
the bid and offer of the index
components and the risks of the
different calculation methodologies. The
supplement also provides disclosure
regarding the types of options that can
be used to calculate implied volatility
indexes (i.e., out-of-the-money option
series and hypothetical at-the-money
option series; options with certain
expiration months or weeks; number of
days the options have until expiration).
The April 2015 Supplement is
intended to be read in conjunction with
the more general ODD, which discusses
the characteristics and risks of options
generally.8
Rule 9b–1(b)(2)(i) under the Act 9
provides that an options market must
file five copies of an amendment or
supplement to the ODD with the
Commission at least 30 days prior to the
date definitive copies are furnished to
customers, unless the Commission
determines otherwise, having due
regard to the adequacy of the
information disclosed and the public
interest and protection of investors.10 In
addition, five copies of the definitive
6 See Securities Exchange Act Release No. 71365
(January 22, 2014), 79 FR 4512 (January 28, 2014)
(SR–ISE–2013–42).
7 The exercise settlement value for the Nations
VolDex Index is calculated using the mid-point of
the NBBO for the component options of the index,
whereas most other index settlement values are
calculated using transaction prices of the index
components.
8 The Commission notes that the options markets
must continue to ensure that the ODD is in
compliance with the requirements of Rule 9b–
1(b)(2)(i) under the Act, 17 CFR 240.9b–1(b)(2)(i),
including when changes regarding foreign currency
index options and implied volatility index options
are made in the future. Any future changes to the
rules of the options markets concerning foreign
currency index options and implied volatility index
options would need to be submitted to the
Commission under Section 19(b) of the Act. 15
U.S.C. 78s(b).
9 17 CFR 240.9b–1(b)(2)(i).
10 This provision permits the Commission to
shorten or lengthen the period of time which must
elapse before definitive copies may be furnished to
customers.
VerDate Sep<11>2014
18:14 Apr 30, 2015
Jkt 235001
ODD, as amended or supplemented,
must be filed with the Commission not
later than the date the amendment or
supplement, or the amended ODD, is
furnished to customers. The
Commission has reviewed the April
2015 Supplement, and the amendments
to the ODD contained therein, and finds
that, having due regard to the adequacy
of the information disclosed and the
public interest and protection of
investors, the supplement may be
furnished to customers as of the date of
this order.
It is therefore ordered, pursuant to
Rule 9b–1 under the Act,11 that
definitive copies of the April 2015
Supplement to the ODD (SR–ODD–
2015–01), reflecting the inclusion of
disclosure regarding foreign currency
index options and changes to disclosure
regarding implied volatility index
options, may be furnished to customers
as of the date of this order.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Brent J. Fields,
Secretary.
[FR Doc. 2015–10136 Filed 4–30–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74814; File No. SR–
NYSEArca–2014–107]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of
Amendment Nos. 2 and 3 and Order
Granting Accelerated Approval of a
Proposed Rule Change, as Modified by
Amendment Nos. 1, 2, and 3, To
Reflect Changes to the Means of
Achieving the Investment Objective
Applicable to the Guggenheim
Enhanced Short Duration ETF
April 27, 2015.
I. Introduction
On October 21, 2014, NYSE Arca, Inc.
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
reflect certain changes to the description
of the Guggenheim Enhanced Short
Duration ETF (‘‘Fund’’), a series of
Claymore Exchange-Traded Fund Trust
11 17
CFR 240.9b–1.
CFR 200.30–3(a)(39).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
12 17
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
(‘‘Trust’’).3 On October 29, 2014, the
Exchange filed Amendment No. 1 to the
proposed rule change. The proposed
rule change, as modified by Amendment
No. 1 thereto, was published for
comment in the Federal Register on
November 7, 2014.4 The Commission
received one comment on the proposal.5
On December 10, 2014, the Commission
designated a longer period within which
to approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether to disapprove the proposed
rule change.6 On February 3, 2015, the
Commission instituted proceedings to
determine whether to approve or
disapprove the proposed rule change.7
On March 16, 2015, the Exchange filed
Amendment No. 2 to the proposed rule
change,8 and on March 24, 2015, the
Exchange filed Amendment No. 3 to the
3 The Commission previously approved the
listing and trading of the shares (‘‘Shares’’) of the
Fund. See Securities Exchange Act Release No.
64550 (May 26, 2011), 76 FR 32005 (Jun. 2, 2011)
(SR–NYSEArca–2011–11) (‘‘Prior Order’’). See also
Securities Exchange Act Release No. 64224 (Apr. 7,
2011), 76 FR 20401 (Apr. 12, 2011) (SR–NYSEArca–
2011–11) (‘‘Prior Notice,’’ and together with the
Prior Order, collectively ‘‘Prior Release’’). The
Exchange represents that the Shares are currently
listed and trading on the Exchange under NYSE
Arca Equities Rule 8.600, which governs the listing
and trading of Managed Fund Shares.
4 See Securities Exchange Act Release No. 73512
(Nov. 3, 2014), 79 FR 66442 (‘‘Notice’’). In
Amendment No. 1 to the proposed rule change, the
Exchange clarified that asset-backed securities in
which the Fund may invest include collateralized
debt obligations, as described in the Prior Release.
5 Comments on the proposed rule change,
including Amendment Nos. 2 and 3, can be found
on the Commission’s Web site, available at
https://www.sec.gov/comments/sr-nysearca-2014107/nysearca2014107.shtml.
6 See Securities Exchange Act Release No. 73810,
79 FR 74783 (Dec. 16, 2014). The Commission
determined that it was appropriate to designate a
longer period within which to take action on the
proposed rule change so that it has sufficient time
to consider the proposed rule change. Accordingly,
the Commission designated February 5, 2015 as the
date by which it should approve, disapprove, or
institute proceedings to determine whether to
disapprove the proposed rule change.
7 See Securities Exchange Act Release No. 74199,
80 FR 7050 (Feb. 9, 2015) (‘‘Order Instituting
Proceedings’’). In the Order Instituting Proceedings,
the Commission noted, among other things, that
questions remain as to whether the Exchange’s
proposal is consistent with the requirements of
Section (6)(b)(5) of the Act, which requires, among
other things, that the rules of a national securities
exchange be designed to prevent fraudulent and
manipulative acts and practices, to promote just
and equitable principles of trade, and to protect
investors and the public interest and asked
questions regarding the liquidity and transparency
of the Fund’s proposed holdings in asset-backed
securities.
8 In Amendment No. 2, the Exchange: (1)
Modified the proposal to permit the Fund to invest
up to 20% of its assets in MBS and ABS that are
privately issued, non-agency, and non-government
sponsored entity, collectively defined as ‘‘Private
MBS/ABS’’ and (2) made conforming changes in the
proposal to reflect the defined term ‘‘Private MBS/
ABS.’’
E:\FR\FM\01MYN1.SGM
01MYN1
]]>Agencies
[Federal Register Volume 80, Number 84 (Friday, May 1, 2015)]
[Notices]
[Pages 24985-24986]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-10136]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74813; File No. SR-ODD-2015-01]
Self-Regulatory Organizations; The Options Clearing Corporation;
Order Granting Approval of Accelerated Delivery of Supplement to the
Options Disclosure Document Reflecting the Inclusion of Disclosure
Regarding Foreign Currency Index Options and Changes to Disclosure
Regarding Implied Volatility Index Options
April 27, 2015.
On May 20, 2014, the Options Clearing Corporation (``OCC'')
submitted to the Securities and Exchange Commission (``Commission''),
pursuant to Rule 9b-1 under the Securities Exchange Act of 1934
(``Act''),\1\ five preliminary copies of a supplement to amend the
options disclosure document (``ODD'') to include disclosure regarding
foreign currency index options and amend disclosure regarding implied
volatility index options (``April 2015 Supplement'').\2\ On April 15,
2015, the Commission received from the OCC five definitive copies of
the April 2015 Supplement.\3\
---------------------------------------------------------------------------
\1\ 17 CFR 240.9b-1.
\2\ See email from Jean M. Cawley, SVP and Deputy General
Counsel, OCC, to Sharon Lawson, David Michehl, and Yue Ding,
Division of Trading and Markets (``Division''), Commission, dated
May 20, 2014.
\3\ See letter from Jean M. Cawley, Senior Vice President and
Deputy General Counsel, OCC, to Sharon Lawson, Senior Special
Counsel, Division, Commission, dated April 14, 2015. The April 2015
Supplement also makes certain technical, non-substantive amendments
to the ODD.
---------------------------------------------------------------------------
Foreign Currency Index Options
Currently, the ODD states that indexes that may underlie options
include stock indexes, variability indexes, strategy-based indexes,
dividend indexes, and relative performance indexes. In April 2013, the
Commission approved a proposed rule change by the International
Securities Exchange, LLC (``ISE'') to list options on the Dow Jones
FXCM Dollar Index.\4\ The April 2015 Supplement amends disclosures in
the ODD to add foreign currency indexes as a type of index that can
underlie an option, in order to accommodate the trading of options on
the Dow Jones FXCM Dollar Index and similarly structured foreign
currency indexes.\5\ Specifically, the April 2015 Supplement adds new
disclosure regarding the characteristics of foreign currency index
options and their special risks. In addition, the supplement adds an
example of the calculation of a foreign currency index. The supplement
also amends disclosures in the ODD to accommodate the fact that
components of foreign currency indexes are foreign currencies rather
than securities (e.g., by referring to ``components'' of an index
rather than ``constituent securities'' of an index).
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 69365 (April 11,
2013), 78 FR 23321 (April 18, 2013) (SR-ISE-2013-14).
\5\ The April 2015 Supplement is intended to accommodate the
trading of options on foreign currency indexes that reflect the
value of one currency, often the U.S. dollar, against a basket of
foreign currencies. Foreign currency indexes are calculated using
exchange rates.
---------------------------------------------------------------------------
Implied Volatility Index Options
The ODD currently contains general disclosures on the
characteristics and risks of trading standardized options on
variability indexes. The ODD states that variability indexes are
indexes intended
[[Page 24986]]
to measure the implied volatility, or the realized variance or
volatility, of specified stock indexes or specified securities. In
January 2014, the Commission approved a proposed rule change by the ISE
to list options on the Nations VolDex Index.\6\ The April 2015
Supplement amends disclosures in the ODD regarding implied volatility
index options to accommodate the listing of options on the Nations
VolDex Index and similarly structured implied volatility indexes.\7\
Specifically, the April 2015 Supplement amends the discussion of
implied volatility index options by including disclosure regarding
exercise settlement value calculations that use the mid-point of the
bid and offer of the index components and the risks of the different
calculation methodologies. The supplement also provides disclosure
regarding the types of options that can be used to calculate implied
volatility indexes (i.e., out-of-the-money option series and
hypothetical at-the-money option series; options with certain
expiration months or weeks; number of days the options have until
expiration).
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 71365 (January 22,
2014), 79 FR 4512 (January 28, 2014) (SR-ISE-2013-42).
\7\ The exercise settlement value for the Nations VolDex Index
is calculated using the mid-point of the NBBO for the component
options of the index, whereas most other index settlement values are
calculated using transaction prices of the index components.
---------------------------------------------------------------------------
The April 2015 Supplement is intended to be read in conjunction
with the more general ODD, which discusses the characteristics and
risks of options generally.\8\
---------------------------------------------------------------------------
\8\ The Commission notes that the options markets must continue
to ensure that the ODD is in compliance with the requirements of
Rule 9b-1(b)(2)(i) under the Act, 17 CFR 240.9b-1(b)(2)(i),
including when changes regarding foreign currency index options and
implied volatility index options are made in the future. Any future
changes to the rules of the options markets concerning foreign
currency index options and implied volatility index options would
need to be submitted to the Commission under Section 19(b) of the
Act. 15 U.S.C. 78s(b).
---------------------------------------------------------------------------
Rule 9b-1(b)(2)(i) under the Act \9\ provides that an options
market must file five copies of an amendment or supplement to the ODD
with the Commission at least 30 days prior to the date definitive
copies are furnished to customers, unless the Commission determines
otherwise, having due regard to the adequacy of the information
disclosed and the public interest and protection of investors.\10\ In
addition, five copies of the definitive ODD, as amended or
supplemented, must be filed with the Commission not later than the date
the amendment or supplement, or the amended ODD, is furnished to
customers. The Commission has reviewed the April 2015 Supplement, and
the amendments to the ODD contained therein, and finds that, having due
regard to the adequacy of the information disclosed and the public
interest and protection of investors, the supplement may be furnished
to customers as of the date of this order.
---------------------------------------------------------------------------
\9\ 17 CFR 240.9b-1(b)(2)(i).
\10\ This provision permits the Commission to shorten or
lengthen the period of time which must elapse before definitive
copies may be furnished to customers.
---------------------------------------------------------------------------
It is therefore ordered, pursuant to Rule 9b-1 under the Act,\11\
that definitive copies of the April 2015 Supplement to the ODD (SR-ODD-
2015-01), reflecting the inclusion of disclosure regarding foreign
currency index options and changes to disclosure regarding implied
volatility index options, may be furnished to customers as of the date
of this order.
---------------------------------------------------------------------------
\11\ 17 CFR 240.9b-1.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(39).
---------------------------------------------------------------------------
Brent J. Fields,
Secretary.
[FR Doc. 2015-10136 Filed 4-30-15; 8:45 am]
BILLING CODE 8011-01-P
