Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 6.49A, 40090-40092 [2015-16974]
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Federal Register / Vol. 80, No. 133 / Monday, July 13, 2015 / Notices
underlying NRC regulatory
requirements. Such discussions would
not ordinarily be considered backfitting,
even if prior versions of this regulatory
guide are part of the licensee’s licensing
basis. However, unless this regulatory
guide is part of the licensee’s licensing
basis, the staff may not represent to the
licensee that the licensee’s failure to
comply with the positions in this
regulatory guide constitutes a violation.
If a current licensee voluntarily seeks
a license amendment or change and (1)
the NRC staff’s consideration of the
request involves a regulatory issue
directly relevant to this regulatory guide
and (2) the specific subject matter of this
regulatory guide is an essential
consideration in the staff’s
determination of the acceptability of the
licensee’s request, then the staff may
request that the licensee either follow
the guidance in this regulatory guide or
provide an equivalent alternative
process that demonstrates compliance
with the underlying NRC regulatory
requirements. Such a request by the
NRC staff is not considered backfitting
as defined in 10 CFR 70.76(a)(1).
If a licensee believes that the NRC is
either using this regulatory guide or
requesting or requiring the licensee to
implement the methods or processes in
this regulatory guide in a manner
inconsistent with the discussion in the
Implementation section of this
regulatory guide, then the licensee may
file a backfit appeal with the NRC in
accordance with the guidance in NRC
Management Directive 8.4,
‘‘Management of Facility-Specific
Backfitting and Information Collection’’
and NUREG–1409, ‘‘Backfitting
Guidelines.’’
Dated at Rockville, Maryland, this 8th day
of July, 2015.
For the Nuclear Regulatory Commission.
Carol Moyer,
Acting Branch Chief, Regulatory Guidance
and Generic Issues Branch, Division of
Engineering, Office of Nuclear Regulatory
Research.
[FR Doc. 2015–17018 Filed 7–10–15; 8:45 am]
asabaliauskas on DSK5VPTVN1PROD with NOTICES
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75373; File No. SR–CBOE–
2015–063]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Rule 6.49A
July 7, 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 June 24,
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
Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of
the Act 3 and Rule 19b–4(f)(6)
thereunder.4 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 the Substance
of the Proposed Rule Change
The Exchange p [sic] proposes to
amend its Rule 6.49A relating to the
transfer of positions. The text of the
proposed rule change is provided
below.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
Chicago Board Options Exchange,
Incorporated Rules
*
*
*
*
*
Rule 6.49A. Transfer of Positions
(a)–(b) No change.
(c) Transfer Procedure.
(1)–(8) No change.
(9) Any Request for Quotes that is to
be submitted later than 12:30[0] p.m. (or
two and one half hours prior to an early
scheduled close) must have the approval
of the President of the Exchange to have
a Request Response Time of less than
two hours. In no event may a Request
for Quotes be submitted to the floor later
than 2:30 p.m. (or thirty minutes prior
to an early scheduled close).
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
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(10)–(13) No change.
(d) No change.
. . . Interpretations and Policies:
.01–.03 No change.
*
*
*
*
*
The text of the proposed rule change
is also available on the 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.
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
1. Purpose
Rule 6.49A describes the
circumstances under which Trading
Permit Holders may transfer positions
and the on- and off-floor procedures for
a transfer of positions. Pursuant to
subparagraph (c), an on-floor transfer of
positions must be represented to the
trading crowd pursuant to a request for
quotes and can be completed after a
two-hour response time (or different
time if approved by the Exchange
President pursuant to subparagraph
(c)(8)). Subparagraph (c)(6) indicates
that transfer packages offered on the
floor are subject to FLEX trading
procedures in Rule 24A.5(a) through (c)
or Rule 24B.5(a)(2)(i) through (iii).
Pursuant to Rule 24A.5(a) or Rule
24B.5(a)(2), the submission of a request
for quotes must use the forms, formats,
procedures and time frames established
by the Exchange. On receipt of a request
for quotes in proper form, the Exchange
official will initiate the request for
quotes by communicating the terms and
specifications on and off the floor.
Rule 6.49A(c)(9) currently provides
that a submission of a request for quotes
for a transfer package later than 1:00
p.m. require the approval of the
President of the Exchange (as that
would result in a response time of less
than two hours). Additionally, Rule
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Federal Register / Vol. 80, No. 133 / Monday, July 13, 2015 / Notices
asabaliauskas on DSK5VPTVN1PROD with NOTICES
6.49A(c)(9) provides that no requests for
quotes for transfer packages may be
submitted to the floor later than 2:30
p.m. Because the request for quotes
procedures described above provide that
a request for quotes must be in proper
form before the Exchange initiates it, the
Exchange needs time to review the
materials submitted to determine that
the request is in proper form. However,
if a request for quotes is submitted near
the 1:00 p.m. cut-off time, the Exchange
may not have sufficient time to conduct
this review and complete its procedures
to initiate the request for quotes by 1:00
p.m. to allow the full two-hour response
time in accordance with Rule 6.49A. If
the review cannot be completed by 1:00
p.m., then the Exchange President
would need to approve initiation of the
request for quotes that trading day,
which could further delay the process.
To ensure the Exchange has sufficient
time to determine that a request for
quotes submission is in proper form and
to initiate the request for quotes, the
Exchange proposes to amend Rule
6.49A(c)(9) to require that requests for
quotes be submitted by 12:30 p.m.5 (or
two and one half hours prior to an early
scheduled close). This proposed rule
change provides the Exchange with
sufficient time to complete its review
and initiate requests for quotes to allow
the full two-hour response time for the
trading crowd to submit quotes in
accordance with Rule 6.49A (without
the potential delay of obtaining
approval of the Exchange President)
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.6 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 7 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
5 The
proposed rule change also adds
corresponding cut-off times for submissions of
requests for quotes to the Exchange for review, as
well as the latest a request for quotes may be
submitted to the floor, when the Exchange is
scheduled to close early (such as trading days
immediately preceding certain holidays).
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 8 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the Exchange believes
that the proposed rule change will
promote just and equitable principles of
trade by ensuring that the Exchange has
sufficient time to review submissions of
requests for quotes to determine
whether they are in proper form and
complete its procedures to initiate a
request for quotes. Additionally, the
proposed rule change will protect
investors because it will ensure this
review is completed in time to provide
the trading crowd with the full two-hour
period during which it can submit
quotes in accordance with Rule 6.49A
(without the potential delay of obtaining
approval of the Exchange President).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change slightly modifies
the cut-off time for submission of
requests for quotes for on-floor position
transfers to provide the Exchange with
sufficient time to review the request for
quotes and determine whether it is in
proper form prior to the initiation of the
request for response time. All
submissions of requests for quotes will
be subject to the same revised cut-off
time. While the proposed rule change
requires requests for quotes to be
submitted to the Exchange earlier, any
potential burden imposed by this earlier
cut-off time is offset by the benefits of
ensuring that requests for quotes are
submitted in proper form and that the
trading crowd receives the full two hour
response time to submit quotes for the
transfer package. To the extent the
Exchange receives a submission after
the revised cut-off time, the rule still
permits the Exchange to accept it and
begin the shortened request for quotes
with approval of the President.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
PO 00000
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
A. Significantly affect the protection
of investors or the public interest;
B. impose any significant burden on
competition; and
C. become operative for 30 days from
the date on which it was filed, or such
shorter time as the Commission may
designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 9 and Rule 19b–4(f)(6) 10 thereunder.
At any time within 60 days of the filing
of the 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 will institute proceedings
to determine whether the proposed rule
change 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–
CBOE–2015–063 on the subject line.
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–CBOE–2015–063. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
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
9 15
8 Id.
Frm 00100
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
10 17
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40091
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40092
Federal Register / Vol. 80, No. 133 / Monday, July 13, 2015 / Notices
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–CBOE–
2015–063, and should be submitted on
or before August 3, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Brent J. Fields,
Secretary.
[FR Doc. 2015–16974 Filed 7–10–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75377; File No. SR–FINRA–
2015–022]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing of a
Proposed Rule Change to Amend
FINRA Rule 2210 (Communications
with the Public)
asabaliauskas on DSK5VPTVN1PROD with NOTICES
July 7, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 29,
2015, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared by FINRA. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
FINRA is proposing to amend FINRA
Rule 2210 to require each of a member’s
Web sites to include a readily apparent
reference and hyperlink to BrokerCheck
on: (i) The initial Web page that the
member intends to be viewed by retail
investors; and (ii) any other Web page
that includes a professional profile of
one or more registered persons who
conduct [sic] business with retail
investors. These requirements would
not apply to a member that does not
provide products or services to retail
investors, or to a directory or list of
registered persons limited to names and
contact information.
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission,
FINRA 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. FINRA 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
1. Purpose
FINRA established BrokerCheck in
1988 (then known as the Public
Disclosure Program) to provide the
public with information on the
professional background, business
practices, and conduct of FINRA
members and their associated persons.
The information that FINRA releases to
the public through BrokerCheck is
derived from the Central Registration
Depository (‘‘CRD®’’), the securities
industry online registration and
licensing database. FINRA members,
their associated persons and regulators
report information to the CRD system
via the uniform registration forms. By
making most of this information
publicly available, BrokerCheck, among
other things, helps investors make
informed choices about the individuals
and firms with which they conduct
business.
PO 00000
Frm 00101
Fmt 4703
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In January 2013, FINRA filed with the
SEC a proposed rule change to amend
FINRA Rule 2267 (Investor Education
and Protection) 3 to require all members
to include a prominent description of
and link to BrokerCheck on their Web
sites, social media pages and any
comparable Internet presence, as well as
on the Web sites, social media pages
and any comparable Internet presence
relating to a member’s investment
banking or securities business
maintained by or on behalf of any
person associated with a member.4 The
proposed rule change was intended to
increase investor awareness and use of
BrokerCheck. The Commission received
24 comment letters in response to the
proposed rule change. FINRA withdrew
the filing to better understand
commenters’ concerns regarding the
challenges of implementing the
proposed rule change.
Many of the comments received on
the 2013 proposed rule change
expressed concern with the challenges
of implementing the proposal with
respect to social media pages, the lack
of guidance with respect to terms and
phrases in the proposed amendments,
and the disadvantages of using a ‘‘deep’’
link to BrokerCheck summary reports
that would bypass the BrokerCheck
homepage.5 Commenters suggested that
the link to BrokerCheck be required
initially for member Web sites, where its
implementation would be relatively
straightforward, and that the value of
the link be assessed first in that context
before expanding to third party sites.
In light of commenters’ concerns,
FINRA has developed a revised
proposal that addresses member Web
sites. Specifically, the revised proposal
would amend FINRA Rule 2210
(Communications with the Public) to
require each of a member’s Web sites to
include a readily apparent reference and
hyperlink to BrokerCheck on: (i) The
initial Web page that the member
intends to be viewed by retail investors;
and (ii) any other Web page that
includes a professional profile of one or
more registered persons who conduct
3 Subject to limited exceptions, FINRA Rule
2267(a) requires members to provide annually in
writing to each of their customers the BrokerCheck
hotline number, the FINRA Web site address, and
a notification of the availability of an investor
brochure that describes BrokerCheck.
4 See Securities Exchange Act Release No. 68700
(January 18, 2013), 78 FR 5542 (January 25, 2013)
(Notice of Filing of SR–FINRA–2013–002). See also
infra Item II.C. of the filing for further discussion
of the 2013 filing and prior proposals.
5 The SEC also received numerous comment
letters that raised issues outside the scope of the
proposed rule change to FINRA Rule 2267. These
comment letters focused generally on concerns
regarding the current operation and display of
BrokerCheck reports.
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]]>Agencies
[Federal Register Volume 80, Number 133 (Monday, July 13, 2015)]
[Notices]
[Pages 40090-40092]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-16974]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75373; File No. SR-CBOE-2015-063]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change Relating to Rule 6.49A
July 7, 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 June 24, 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 Exchange filed the proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act
\3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange p [sic] proposes to amend its Rule 6.49A relating to
the transfer of positions. The text of the proposed rule change is
provided below.
(additions are italicized; deletions are [bracketed])
* * * * *
Chicago Board Options Exchange, Incorporated Rules
* * * * *
Rule 6.49A. Transfer of Positions
(a)-(b) No change.
(c) Transfer Procedure.
(1)-(8) No change.
(9) Any Request for Quotes that is to be submitted later than
12:30[0] p.m. (or two and one half hours prior to an early scheduled
close) must have the approval of the President of the Exchange to have
a Request Response Time of less than two hours. In no event may a
Request for Quotes be submitted to the floor later than 2:30 p.m. (or
thirty minutes prior to an early scheduled close).
(10)-(13) No change.
(d) No change.
. . . Interpretations and Policies:
.01-.03 No change.
* * * * *
The text of the proposed rule change is also available on the
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.
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
1. Purpose
Rule 6.49A describes the circumstances under which Trading Permit
Holders may transfer positions and the on- and off-floor procedures for
a transfer of positions. Pursuant to subparagraph (c), an on-floor
transfer of positions must be represented to the trading crowd pursuant
to a request for quotes and can be completed after a two-hour response
time (or different time if approved by the Exchange President pursuant
to subparagraph (c)(8)). Subparagraph (c)(6) indicates that transfer
packages offered on the floor are subject to FLEX trading procedures in
Rule 24A.5(a) through (c) or Rule 24B.5(a)(2)(i) through (iii).
Pursuant to Rule 24A.5(a) or Rule 24B.5(a)(2), the submission of a
request for quotes must use the forms, formats, procedures and time
frames established by the Exchange. On receipt of a request for quotes
in proper form, the Exchange official will initiate the request for
quotes by communicating the terms and specifications on and off the
floor.
Rule 6.49A(c)(9) currently provides that a submission of a request
for quotes for a transfer package later than 1:00 p.m. require the
approval of the President of the Exchange (as that would result in a
response time of less than two hours). Additionally, Rule
[[Page 40091]]
6.49A(c)(9) provides that no requests for quotes for transfer packages
may be submitted to the floor later than 2:30 p.m. Because the request
for quotes procedures described above provide that a request for quotes
must be in proper form before the Exchange initiates it, the Exchange
needs time to review the materials submitted to determine that the
request is in proper form. However, if a request for quotes is
submitted near the 1:00 p.m. cut-off time, the Exchange may not have
sufficient time to conduct this review and complete its procedures to
initiate the request for quotes by 1:00 p.m. to allow the full two-hour
response time in accordance with Rule 6.49A. If the review cannot be
completed by 1:00 p.m., then the Exchange President would need to
approve initiation of the request for quotes that trading day, which
could further delay the process. To ensure the Exchange has sufficient
time to determine that a request for quotes submission is in proper
form and to initiate the request for quotes, the Exchange proposes to
amend Rule 6.49A(c)(9) to require that requests for quotes be submitted
by 12:30 p.m.\5\ (or two and one half hours prior to an early scheduled
close). This proposed rule change provides the Exchange with sufficient
time to complete its review and initiate requests for quotes to allow
the full two-hour response time for the trading crowd to submit quotes
in accordance with Rule 6.49A (without the potential delay of obtaining
approval of the Exchange President)
---------------------------------------------------------------------------
\5\ The proposed rule change also adds corresponding cut-off
times for submissions of requests for quotes to the Exchange for
review, as well as the latest a request for quotes may be submitted
to the floor, when the Exchange is scheduled to close early (such as
trading days immediately preceding certain holidays).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\6\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \7\ requirements that the rules of
an exchange be designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \8\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
\8\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes that the proposed rule change
will promote just and equitable principles of trade by ensuring that
the Exchange has sufficient time to review submissions of requests for
quotes to determine whether they are in proper form and complete its
procedures to initiate a request for quotes. Additionally, the proposed
rule change will protect investors because it will ensure this review
is completed in time to provide the trading crowd with the full two-
hour period during which it can submit quotes in accordance with Rule
6.49A (without the potential delay of obtaining approval of the
Exchange President).
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE does not believe that the proposed rule change will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change
slightly modifies the cut-off time for submission of requests for
quotes for on-floor position transfers to provide the Exchange with
sufficient time to review the request for quotes and determine whether
it is in proper form prior to the initiation of the request for
response time. All submissions of requests for quotes will be subject
to the same revised cut-off time. While the proposed rule change
requires requests for quotes to be submitted to the Exchange earlier,
any potential burden imposed by this earlier cut-off time is offset by
the benefits of ensuring that requests for quotes are submitted in
proper form and that the trading crowd receives the full two hour
response time to submit quotes for the transfer package. To the extent
the Exchange receives a submission after the revised cut-off time, the
rule still permits the Exchange to accept it and begin the shortened
request for quotes with approval of the President.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
A. Significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) \10\ thereunder. At any time within 60 days of the
filing of the 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 will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
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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-CBOE-2015-063 on the subject line.
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-CBOE-2015-063. This file
number should be included on the subject line if email is used. To help
the Commission process and review your 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
[[Page 40092]]
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-CBOE-2015-063, and should be
submitted on or before August 3, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-16974 Filed 7-10-15; 8:45 am]
BILLING CODE 8011-01-P
