Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Renew the Nonstandard Expirations Pilot Program, 21316-21318 [2018-09829]
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Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices
not result in a significant change in the types
or amount of effluents that may be released
and does not result in any additional
occupational exposure. Therefore, the
requirements of 10 CFR51.22(c)(9)(ii) and (iii)
are met.
V. Conclusions.
Accordingly, the Commission has
determined that, pursuant to 10 CFR 50.12,
the exemption is authorized by law, will not
present an undue risk to the public health
and safety, and is consistent with the
common defense and security. Also, special
circumstances are present in that application
of the regulation is not necessary to achieve
the underlying purpose of the rule.
Therefore, the Commission hereby grants
Northern States Power Company, doing
business as Xcel Energy, an exemption from
the requirements of 10 CFR 50, Appendix R,
Section III.G.2, for Monticello Nuclear
Generating Plant, to allow the use of a
shorting switch to ensure that one redundant
train of Drywell Spray is free of fire damage
to achieve and maintain hot shutdown
conditions in the event of a fire.
VI. Availability of Documents.
The documents identified in the following
table are available in ADAMS.
ADAMS
Accession
No.
Document
Risk-Informed Request for Exemption from 10 CFR 50, Appendix R, III.G.2 Requirements for Multiple Spurious Operations of
Drywell Spray Motor-Operated Valves.
Request for additional information RE: Monticello Request for Exemption from Appendix R Requirements (CAC NO. MF9586;
EPID L–2017–LLE–00012).
Response to Request for Additional Information regarding Risk-Informed Request for Exemption from 10 CFR 50, Appendix
R, III.G.2 Requirements for Multiple Spurious Operations of Drywell Spray Motor-Operated Valves (CAC No. MF9586).
Monticello Nuclear Generating Plant Triennial Fire Protection Inspection Report 05000263/2014008 ..........................................
Letter of Intent to Transition to 10 CFR 50.48(c)—National Fire Protection Association Standard NFPA 805. ‘‘Performancebased Standards for Fire Protection for Light Water Reactor Electric Generating Plants.’’ 2001 Edition.
Notice of Withdrawal of Letter of Intent to Transition to 10 CFR 50.48(c)’’ ....................................................................................
NRC Regulatory Issue Summary 2007–06 Regulatory Guide 1.200 Implementation .....................................................................
NEI 05–04, Rev. 2 Process for Performing Internal Events PRA Peer Reviews Using the ASME/ANS PRA Standard ...............
NEI 07–12 [REV 1] Fire Probabilistic Risk Assessment (FPRA) Peer Review Process Guidelines ...............................................
NUREG/CR–7150, Vol. 2 Joint Assessment of Cable Damage and Quantification of Effects from Fire (JACQUE–FIRE) ...........
Browns Ferry Nuclear Plant, Units 1, 2, And 3—Issuance of Amendments Regarding Transition to a Risk-Informed, Performance-Based Fire Protection Program in Accordance with 10 CFR 50.48(c) (CAC NOS. MF1185, MF1186, AND MF1187).
Arkansas Nuclear One, Unit 1—Issuance of Amendment Regarding Transition to a Risk-Informed, Performance-Based Fire
Protection Program in Accordance with 10 CFR 50.48(c) (CAC NO. MF3419).
Regulatory Guide 1.189 ‘‘Fire Protection for Nuclear Power Plants,’’ Revision 2 ...........................................................................
Regulatory Guide 1.174 ‘‘An Approach for Using Probabilistic Risk Assessment in Risk-Informed Decisions on Plant-Specific
Changes to the Licensing Basis,’’ Revision 2.
Regulatory Guide 1.200 ‘‘An Approach for Determining the Technical Adequacy of Probabilistic Risk Assessment Results for
Risk-Informed Activities,’’ Revision 2.
Monticello Nuclear Generating Station: Evaluation of Risk Significance of Permanent Integrated Leak Rate Test Extension .....
Dated at Rockville, Maryland, this 1st day
of May 2018.
For the Nuclear Regulatory Commission.
Gregory F. Suber,
Acting Director, Division of Operating
Reactor Licensing, Office of Nuclear Reactor
Regulation.
[FR Doc. 2018–09801 Filed 5–8–18; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83165; File No. SR–CBOE–
2018–038]
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Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Renew the
Nonstandard Expirations Pilot
Program
May 3, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
1 15
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Sep<11>2014
17:39 May 08, 2018
notice is hereby given that on May 2,
2018, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II 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 Substance of
the Proposed Rule Change
The Exchange proposes to renew an
existing pilot program until November
5, 2018.
(additions are italicized; deletions are
[bracketed])
*
*
*
*
*
3 15
U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
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Cboe Exchange, Inc. Rules
*
*
*
*
*
Rule 24.9. Terms of Index Option Contracts
(a)–(d) (No change).
(e) Nonstandard Expirations Pilot Program
(1)–(2) (No change).
(3) Duration of Nonstandard Expirations
Pilot Program. The Nonstandard Expirations
Pilot Program shall be through [May
3]November 5, 2018.
(4) (No change).
. . . Interpretations and Policies:
.01–.14 (No change).
*
*
*
*
*
The text of the proposed rule change
is also available on the Exchange’s
website (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
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Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On September 14, 2010, the
Commission approved a Cboe Options
proposal to establish a pilot program
under which the Exchange is permitted
to list P.M.-settled options on broadbased indexes to expire on (a) any
Friday of the month, other than the
third Friday-of-the-month, and (b) the
last trading day of the month.5 On
January 14, 2016, the Commission
approved a Cboe Options proposal to
expand the pilot program to allow P.M.settled options on broad-based indexes
to expire on any Wednesday of month,
other than those that coincide with an
EOM.6 On August 10, 2016, the
Commission approved a Cboe Options
proposal to expand the pilot program to
allow P.M.-settled options on broadbased indexes to expire on any Monday
of month, other than those that coincide
with an EOM.7 Under the terms of the
Nonstandard Expirations Pilot Program
(‘‘Program’’), Weekly Expirations and
EOMs are permitted on any broad-based
index that is eligible for regular options
trading. Weekly Expirations and EOMs
are cash-settled and have Europeanstyle exercise. The proposal became
effective on a pilot basis for a period of
fourteen months that commenced on the
next full month after approval was
received to establish the Program 8 and
was subsequently extended.9 The
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5 See
Securities Exchange Act Release 62911
(September 14, 2010), 75 FR 57539 (September 21,
2010) (order approving SR–CBOE–2009–075).
6 See Securities Exchange Act Release 76909
(January 14, 2016), 81 FR 3512 (January 21, 2016)
(order approving SR–CBOE–2015–106).
7 See Securities Exchange Act Release 78531
(August 10, 2016), 81 FR 54643 (August 16, 2016)
(order approving SR–CBOE–2016–046).
8 Id.
9 See Securities Exchange Act Release 65741
(November 14, 2011), 76 FR 72016 (November 21,
2011) (immediately effective rule change extending
the Program through February 14, 2013). See also
Securities Exchange Act Release 68933 (February
14, 2013), 78 FR 12374 (February 22, 2013)
(immediately effective rule change extending the
Program through April 14, 2014); 71836 (April 1,
2014), 79 FR 19139 (April 7, 2014) (immediately
effective rule change extending the Program
through November 3, 2014); 73422 (October 24,
2014), 79 FR 64640 (October 30, 2014) (immediately
VerDate Sep<11>2014
17:39 May 08, 2018
Jkt 244001
Program is scheduled to expire on May
3, 2018. The Exchange believes that the
Program has been successful and well
received by its Trading Permit Holders
and the investing public during that the
time that it has been in operation. The
Exchange hereby proposes to extend the
Program until November 5, 2018. This
proposal does not request any other
changes to the Program.
Pursuant to the order approving the
establishment of the Program, two
months prior to the conclusion of the
pilot period, Cboe Options is required to
submit an annual report to the
Commission, which addresses the
following areas: Analysis of Volume &
Open Interest, Monthly Analysis of
Weekly Expirations & EOM Trading
Patterns and Provisional Analysis of
Index Price Volatility. The Exchange has
submitted, under separate cover, the
annual report in connection with the
present proposed rule change.
Additionally, the Exchange will provide
the Commission with any additional
data or analyses the Commission
requests because it deems such data or
analyses necessary to determine
whether the Program is consistent with
the Exchange Act. The Exchange will
make public all data and analyses
previously submitted to the Commission
under the Program, as well as any data
and analyses it makes to the
Commission under the Program in the
future.
If, in the future, the Exchange
proposes an additional extension of the
Program, or should the Exchange
propose to make the Program permanent
(which the Exchange currently intends
to do), the Exchange will submit an
annual report (addressing the same
areas referenced above and consistent
with the order approving the
establishment of the Program) to the
Commission at least two months prior to
the expiration date of the Program. Any
positions established under the Program
will not be impacted by the expiration
of the Program.
The Exchange believes there is
sufficient investor interest and demand
in the Program to warrant its extension.
The Exchange believes that the Program
has provided investors with additional
means of managing their risk exposures
and carrying out their investment
objectives. Furthermore, the Exchange
has not experienced any adverse market
effects with respect to the Program.
effective rule change extending the Program
through May 3, 2016); 76909 (January 14, 2016), 81
FR 3512 (January 21, 2016) (extending the Program
through May 3, 2017); and 80387 (April 6, 2017),
82 FR 17706 (April 12, 2017) (extending the
Program through May 3, 2018).
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The Exchange believes that the
proposed extension of the Program will
not have an adverse impact on capacity.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.10 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 11 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 facilitation 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) 12 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 Program has been successful to
date and states that it has not
encountered any problems with the
Program. The proposed rule change
allows for an extension of the Program
for the benefit of market participants.
Additionally, the Exchange believes that
there is demand for the expirations
offered under the Program and believes
that that Weekly Expirations and EOMs
will continue to provide the investing
public and other market participants
increased opportunities to better
manage their risk exposure.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Cboe Options 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. Specifically,
the Exchange believes that, by extending
the expiration of the Program, the
proposed rule change will allow for
further analysis of the Program and a
determination of how the Program shall
be structured in the future. In doing so,
the proposed rule change will also serve
to promote regulatory clarity and
10 15
11 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
12 Id.
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Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
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 proposed rule change
does not (i) significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 13 and Rule 19b–4(f)(6)
thereunder.14
A proposed rule change filed under
Rule 19b–4(f)(6) 15 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii),16 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
states that such waiver will allow the
Exchange to extend the pilot program
prior to its expiration on May 3, 2018,
and maintain the status quo, thereby
reducing market disruption. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest as it will allow the pilot
program to continue uninterrupted,
thereby avoiding investor confusion that
could result from a temporary
interruption in the pilot program. For
this reason, the Commission designates
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
15 17 CFR 240.19b–4(f)(6).
16 17 CFR 240.19b–4(f)(6)(iii).
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14 17
VerDate Sep<11>2014
18:53 May 08, 2018
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the proposed rule change to be operative
upon filing.17
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 shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CBOE–2018–038, and
should be submitted on or before May
30, 2018.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Eduardo A. Aleman,
Assistant Secretary.
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–2018–038 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–2018–038. 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 website (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 website 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
17 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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[FR Doc. 2018–09829 Filed 5–8–18; 8:45 am]
BILLING CODE 8011–01–P
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 17g–7, SEC File No. 270–563, OMB
Control No. 3235–0656.
** This corrected notice replaces the
notice published on May 2, 2018 in the
Federal Register Vol. 83, No. 85, page
19370.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17g–7 under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.).1
Rule 17g–7 contains disclosure
requirements for Nationally Recognized
Statistical Rating Organizations
(‘‘NRSROs’’) including certain
information to be published when
taking a rating action with respect to a
credit rating. Currently, there are 10
credit rating agencies registered as
NRSROs with the Commission. The
Commission estimates that the total
burden for respondents to comply with
Rule 17g–7 is 695,797 hours.
18 17
1 See
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CFR 200.30–3(a)(12).
17 CFR 240.17g–1 and 17 CFR 249b.300.
09MYN1
]]>Agencies
[Federal Register Volume 83, Number 90 (Wednesday, May 9, 2018)]
[Notices]
[Pages 21316-21318]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09829]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83165; File No. SR-CBOE-2018-038]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Renew
the Nonstandard Expirations Pilot Program
May 3, 2018.
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 May 2, 2018, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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 Substance
of the Proposed Rule Change
The Exchange proposes to renew an existing pilot program until
November 5, 2018.
(additions are italicized; deletions are [bracketed])
* * * * *
Cboe Exchange, Inc. Rules
* * * * *
Rule 24.9. Terms of Index Option Contracts
(a)-(d) (No change).
(e) Nonstandard Expirations Pilot Program
(1)-(2) (No change).
(3) Duration of Nonstandard Expirations Pilot Program. The
Nonstandard Expirations Pilot Program shall be through [May
3]November 5, 2018.
(4) (No change).
. . . Interpretations and Policies:
.01-.14 (No change).
* * * * *
The text of the proposed rule change is also available on the
Exchange's website (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
[[Page 21317]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
On September 14, 2010, the Commission approved a Cboe Options
proposal to establish a pilot program under which the Exchange is
permitted to list P.M.-settled options on broad-based indexes to expire
on (a) any Friday of the month, other than the third Friday-of-the-
month, and (b) the last trading day of the month.\5\ On January 14,
2016, the Commission approved a Cboe Options proposal to expand the
pilot program to allow P.M.-settled options on broad-based indexes to
expire on any Wednesday of month, other than those that coincide with
an EOM.\6\ On August 10, 2016, the Commission approved a Cboe Options
proposal to expand the pilot program to allow P.M.-settled options on
broad-based indexes to expire on any Monday of month, other than those
that coincide with an EOM.\7\ Under the terms of the Nonstandard
Expirations Pilot Program (``Program''), Weekly Expirations and EOMs
are permitted on any broad-based index that is eligible for regular
options trading. Weekly Expirations and EOMs are cash-settled and have
European-style exercise. The proposal became effective on a pilot basis
for a period of fourteen months that commenced on the next full month
after approval was received to establish the Program \8\ and was
subsequently extended.\9\ The Program is scheduled to expire on May 3,
2018. The Exchange believes that the Program has been successful and
well received by its Trading Permit Holders and the investing public
during that the time that it has been in operation. The Exchange hereby
proposes to extend the Program until November 5, 2018. This proposal
does not request any other changes to the Program.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release 62911 (September 14,
2010), 75 FR 57539 (September 21, 2010) (order approving SR-CBOE-
2009-075).
\6\ See Securities Exchange Act Release 76909 (January 14,
2016), 81 FR 3512 (January 21, 2016) (order approving SR-CBOE-2015-
106).
\7\ See Securities Exchange Act Release 78531 (August 10, 2016),
81 FR 54643 (August 16, 2016) (order approving SR-CBOE-2016-046).
\8\ Id.
\9\ See Securities Exchange Act Release 65741 (November 14,
2011), 76 FR 72016 (November 21, 2011) (immediately effective rule
change extending the Program through February 14, 2013). See also
Securities Exchange Act Release 68933 (February 14, 2013), 78 FR
12374 (February 22, 2013) (immediately effective rule change
extending the Program through April 14, 2014); 71836 (April 1,
2014), 79 FR 19139 (April 7, 2014) (immediately effective rule
change extending the Program through November 3, 2014); 73422
(October 24, 2014), 79 FR 64640 (October 30, 2014) (immediately
effective rule change extending the Program through May 3, 2016);
76909 (January 14, 2016), 81 FR 3512 (January 21, 2016) (extending
the Program through May 3, 2017); and 80387 (April 6, 2017), 82 FR
17706 (April 12, 2017) (extending the Program through May 3, 2018).
---------------------------------------------------------------------------
Pursuant to the order approving the establishment of the Program,
two months prior to the conclusion of the pilot period, Cboe Options is
required to submit an annual report to the Commission, which addresses
the following areas: Analysis of Volume & Open Interest, Monthly
Analysis of Weekly Expirations & EOM Trading Patterns and Provisional
Analysis of Index Price Volatility. The Exchange has submitted, under
separate cover, the annual report in connection with the present
proposed rule change. Additionally, the Exchange will provide the
Commission with any additional data or analyses the Commission requests
because it deems such data or analyses necessary to determine whether
the Program is consistent with the Exchange Act. The Exchange will make
public all data and analyses previously submitted to the Commission
under the Program, as well as any data and analyses it makes to the
Commission under the Program in the future.
If, in the future, the Exchange proposes an additional extension of
the Program, or should the Exchange propose to make the Program
permanent (which the Exchange currently intends to do), the Exchange
will submit an annual report (addressing the same areas referenced
above and consistent with the order approving the establishment of the
Program) to the Commission at least two months prior to the expiration
date of the Program. Any positions established under the Program will
not be impacted by the expiration of the Program.
The Exchange believes there is sufficient investor interest and
demand in the Program to warrant its extension. The Exchange believes
that the Program has provided investors with additional means of
managing their risk exposures and carrying out their investment
objectives. Furthermore, the Exchange has not experienced any adverse
market effects with respect to the Program.
The Exchange believes that the proposed extension of the Program
will not have an adverse impact on capacity.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ 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 facilitation
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) \12\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ Id.
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In particular, the Exchange believes that the Program has been
successful to date and states that it has not encountered any problems
with the Program. The proposed rule change allows for an extension of
the Program for the benefit of market participants. Additionally, the
Exchange believes that there is demand for the expirations offered
under the Program and believes that that Weekly Expirations and EOMs
will continue to provide the investing public and other market
participants increased opportunities to better manage their risk
exposure.
B. Self-Regulatory Organization's Statement on Burden on Competition
Cboe Options 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. Specifically, the Exchange
believes that, by extending the expiration of the Program, the proposed
rule change will allow for further analysis of the Program and a
determination of how the Program shall be structured in the future. In
doing so, the proposed rule change will also serve to promote
regulatory clarity and
[[Page 21318]]
consistency, thereby reducing burdens on the marketplace and
facilitating investor protection.
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 proposed rule change does not (i) significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate if consistent with the protection of investors
and the public interest, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-4(f)(6)
thereunder.\14\
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\16\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
such waiver will allow the Exchange to extend the pilot program prior
to its expiration on May 3, 2018, and maintain the status quo, thereby
reducing market disruption. The Commission believes that waiving the
30-day operative delay is consistent with the protection of investors
and the public interest as it will allow the pilot program to continue
uninterrupted, thereby avoiding investor confusion that could result
from a temporary interruption in the pilot program. For this reason,
the Commission designates the proposed rule change to be operative upon
filing.\17\
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\15\ 17 CFR 240.19b-4(f)(6).
\16\ 17 CFR 240.19b-4(f)(6)(iii).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 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 [email protected]. Please include
File Number SR-CBOE-2018-038 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-2018-038. 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 website (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 website 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 the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-CBOE-2018-038, and should be submitted
on or before May 30, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09829 Filed 5-8-18; 8:45 am]
BILLING CODE 8011-01-P
