Order Regarding Alternative Net Capital Computation for BofAML Securities, Inc., 62930 [2018-26404]

Download as PDF 62930 Federal Register / Vol. 83, No. 234 / Thursday, December 6, 2018 / Notices 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: khammond on DSK30JT082PROD with NOTICES 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– CboeEDGX–2018–057 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–CboeEDGX–2018–057. 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–CboeEDGX–2018–057 and should be submitted on or before December 27, 2018. 18 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 20:35 Dec 04, 2018 Jkt 247001 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–26512 Filed 12–4–18; 8:45 am] BILLING CODE 8011–01–P compute a deduction for market risk on some or all its positions instead of the provisions of paragraphs (c)(2)(vi) and (c)(2)(vii) of Rule 15c3–1.4 By the Commission. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018–26404 Filed 12–4–18; 8:45 am] SECURITIES AND EXCHANGE COMMISSION BILLING CODE 8011–01–P [Securities Exchange Act of 1934; Release No. 84689/November 29, 2018] SECURITIES AND EXCHANGE COMMISSION Order Regarding Alternative Net Capital Computation for BofAML Securities, Inc. [Release No. 34–84698; File No. SR–CBOE– 2018–073] BofAML Securities, Inc. (‘‘BofAMLS’’), a broker-dealer registered with the Securities and Exchange Commission (‘‘Commission’’), has submitted an application to the Commission for authorization to use the market risk standards of Appendix E of Rule 15c3–1 to the Securities Exchange Act of 1934 (‘‘Exchange Act’’).1 Based on a review of the application that BofAMLS submitted, including an assessment of the firm’s financial position, the adequacy of the firm’s internal risk management controls, and the statistical models the firm will use for internal risk management and regulatory capital purposes, the Commission has determined that the application meets the requirements of paragraphs (a), (b), (d)(1)(i)–(iv), and (d)(2) of Appendix E.2 The Commission also has determined that Bank of America Corporation, BofAMLS’s ultimate holding company, is in compliance with the terms of its undertakings, as provided to the Commission under Appendix E. Using the market-risk standards of Appendix E of Rule 15c3–1 should help BofAMLS align its supervisory risk management practices and regulatory capital requirements more closely, and would adequately capture the material risks. As a result, this also should help to ensure that integrity of the risk measurement, monitoring and management process. The Commission, therefore, finds that approval of the application is necessary or appropriate in the public interest or for the protection of investors. Accordingly, IT IS ORDERED, under paragraph (a)(7) of Rule 15c3–1 3 to the Exchange Act, that BofAMLS may calculate net capital using the market risk standards of Appendix E to 17 CFR 240.15c3–1e. 17 CFR 240.15c3–1e(a); 17 CFR 240.15c3– 1e(b); 17 CFR 240.15c3–1e(d)(i)–(iv); 17 CFR 240.15c3–1e(d)(2). 3 See 17 CFR 240.15c3–1(a)(7). Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 5.8, Long-Term Equity Options Series (LEAPS) November 30, 2018. 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 November 23, 2018, Cboe Exchange, Inc. (‘‘Exchange’’ or ‘‘Cboe Options’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Cboe Exchange, Inc. (the ‘‘Exchange’’ or ‘‘Cboe Options’’) proposes to amend Rule 5.8, Long-Term Equity Options Series (LEAPS). The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Rules of Cboe Exchange, Inc. * * * * * Rule 5.8. Long-Term Equity Option Series (LEAPS) (a) Notwithstanding conflicting language in Exchange Rule 5.5, the Exchange may list long-term equity option series (LEAPS) that expire from 12 to 180 months from the time they are listed. There may be up to ten additional expiration months for 1 See 2 See PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 4 See 17 CFR 240.15c3–1(c)(2)(vi); 17 CFR 240.15c3–1(c)(2)(vii). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. E:\FR\FM\06DEN1.SGM 06DEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 83, Number 234 (Thursday, December 6, 2018)]
[Notices]
[Page 62930]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-26404]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Securities Exchange Act of 1934; Release No. 84689/November 29, 2018]


Order Regarding Alternative Net Capital Computation for BofAML 
Securities, Inc.

    BofAML Securities, Inc. (``BofAMLS''), a broker-dealer registered 
with the Securities and Exchange Commission (``Commission''), has 
submitted an application to the Commission for authorization to use the 
market risk standards of Appendix E of Rule 15c3-1 to the Securities 
Exchange Act of 1934 (``Exchange Act'').\1\
---------------------------------------------------------------------------

    \1\ See 17 CFR 240.15c3-1e.
---------------------------------------------------------------------------

    Based on a review of the application that BofAMLS submitted, 
including an assessment of the firm's financial position, the adequacy 
of the firm's internal risk management controls, and the statistical 
models the firm will use for internal risk management and regulatory 
capital purposes, the Commission has determined that the application 
meets the requirements of paragraphs (a), (b), (d)(1)(i)-(iv), and 
(d)(2) of Appendix E.\2\ The Commission also has determined that Bank 
of America Corporation, BofAMLS's ultimate holding company, is in 
compliance with the terms of its undertakings, as provided to the 
Commission under Appendix E.
---------------------------------------------------------------------------

    \2\ See 17 CFR 240.15c3-1e(a); 17 CFR 240.15c3-1e(b); 17 CFR 
240.15c3-1e(d)(i)-(iv); 17 CFR 240.15c3-1e(d)(2).
---------------------------------------------------------------------------

    Using the market-risk standards of Appendix E of Rule 15c3-1 should 
help BofAMLS align its supervisory risk management practices and 
regulatory capital requirements more closely, and would adequately 
capture the material risks. As a result, this also should help to 
ensure that integrity of the risk measurement, monitoring and 
management process. The Commission, therefore, finds that approval of 
the application is necessary or appropriate in the public interest or 
for the protection of investors.
    Accordingly, IT IS ORDERED, under paragraph (a)(7) of Rule 15c3-1 
\3\ to the Exchange Act, that BofAMLS may calculate net capital using 
the market risk standards of Appendix E to compute a deduction for 
market risk on some or all its positions instead of the provisions of 
paragraphs (c)(2)(vi) and (c)(2)(vii) of Rule 15c3-1.\4\
---------------------------------------------------------------------------

    \3\ See 17 CFR 240.15c3-1(a)(7).
    \4\ See 17 CFR 240.15c3-1(c)(2)(vi); 17 CFR 240.15c3-
1(c)(2)(vii).

    By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-26404 Filed 12-4-18; 8:45 am]
 BILLING CODE 8011-01-P

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.