Federal Employees' Retirement System; Present Value Factors, 24188 [2019-10850]
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24188
Federal Register / Vol. 84, No. 101 / Friday, May 24, 2019 / Notices
SUPPLEMENTARY INFORMATION:
Correction:
In the Federal Register of May 17,
2019, in FR Doc. 84 FR 22525, on page
22526, in the second column, the notice
cross references another notice that
revises the normal cost percentage
under the Federal Employees’
Retirement System (FERS) Act of 1986,
Public Law 99–335. It states that the
Federal Employees’ Retirement System
(FERS) Normal Cost notice was
published May 17, 2019. It was actually
published May 20, 2019.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2019–10851 Filed 5–23–19; 8:45 am]
BILLING CODE 6325–38–P
OFFICE OF PERSONNEL
MANAGEMENT
Federal Employees’ Retirement
System; Present Value Factors
Office of Personnel
Management.
ACTION: Notice, correction.
AGENCY:
The Office of Personnel
Management published a document in
the Federal Register of May 17, 2019,
concerning adjusted present value
factors applicable to retirees who elect
to provide survivor annuity benefits to
a spouse based on post-retirement
marriage, and to retiring employees who
elect the alternative form of annuity or
elect to credit certain service with
nonappropriated fund instrumentalities.
The document referenced a different,
separate notice and cited incorrect
publication dates for the other notice.
FOR FURTHER INFORMATION CONTACT:
Karla Yeakle, (202) 606–0299.
SUPPLEMENTARY INFORMATION:
khammond on DSKBBV9HB2PROD with NOTICES
SUMMARY:
Correction
In the Federal Register of May 17,
2019, in FR Doc. 84 FR 22527, on page
22528, in the first column, the notice
cross references another notice that
revises the normal cost percentage
under the Federal Employees’
Retirement System (FERS) Act of 1986,
Public Law 99–335. It states that the
Federal Employees’ Retirement System
(FERS) Normal Cost notice was
published May 17, 2019. It was actually
published May 20, 2019.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2019–10850 Filed 5–23–19; 8:45 am]
BILLING CODE 6325–38–P
VerDate Sep<11>2014
18:10 May 23, 2019
Jkt 247001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85896; File No. SR–
CboeBZX–2019–004]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To List and Trade Shares
of the VanEck SolidX Bitcoin Trust
May 20, 2019.
On January 30, 2019, Cboe BZX
Exchange, Inc. (‘‘BZX’’ or ‘‘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 list and trade shares of SolidX
Bitcoin Shares (‘‘Shares’’) issued by the
VanEck SolidX Bitcoin Trust (‘‘Trust’’)
under BZX Rule 14.11(e)(4),
Commodity-Based Trust Shares. The
proposed rule change was published for
comment in the Federal Register on
February 20, 2019.3
On March 29, 2019, pursuant to
Section 19(b)(2) of the Act,4 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.5 The Commission
has received 25 comment letters on the
proposed rule change.6 This order
institutes proceedings under Section
19(b)(2)(B) of the Act 7 to determine
whether to approve or disapprove the
proposed rule change.
I. Summary of the Proposal
As described in detail in the Notice,8
the Exchange proposes to list and trade
the Shares under BZX Rule 14.11(e)(4),
which governs the listing and trading of
Commodity-Based Trust Shares on the
Exchange.9 Each Share would represent
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 85119
(Feb. 13, 2019), 84 FR 5140 (Feb. 20, 2019)
(‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 85475
(Mar. 29, 2019), 84 FR 13345 (Apr. 4, 2019). The
Commission designated May 21, 2019, as the date
by which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the
proposed rule change.
6 Comments on the proposed rule change can be
found at: https://www.sec.gov/comments/srcboebzx-2019-004/srcboebzx2019004.htm.
7 15 U.S.C. 78s(b)(2)(B).
8 See Notice, supra note 3.
9 See BZX Rule 14.11(e)(4) (permitting the listing
and trading of ‘‘Commodity-Based Trust Shares,’’
defined as a security (a) that is used by a trust
which holds a specified commodity deposited with
2 17
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
a fractional undivided beneficial
interest in the Trust’s net assets. The
Trust’s assets would consist of bitcoin,
and the Trust would be responsible for
custody of the Trust’s bitcoin.10 SolidX
Management LLC would be the sponsor
of the Trust (‘‘Sponsor’’). The Bank of
New York Mellon would be the
Administrator, transfer agent, and the
custodian with respect to cash of the
Trust. Foreside Fund Services, LLC
would be the marketing agent in
connection with the creation and
redemption of baskets of Shares. Van
Eck Securities Corporation would
provide assistance in the marketing of
the Shares.11
According to the Exchange, the
investment objective of the Trust would
be for the Shares to reflect the
performance of the price of bitcoin, less
the expenses of the Trust’s operations.
The Trust would not be actively
managed and would not engage in
activities designed to obtain a profit
from, or to ameliorate losses caused by,
changes in the price of bitcoin.12 The
Administrator would generally use the
closing price set for bitcoin by the MVIS
Bitcoin OTC Index (‘‘MVBTCO’’) to
calculate the Fund’s net asset value
(‘‘NAV’’) on each business day that the
Exchange is open for regular trading, as
promptly as practicable after 4:00 p.m.
E.T.13
According to the Exchange, the
MVBTCO represents the value of one
bitcoin in U.S. dollars at any point in
time. The Exchange represents that the
MVBTCO calculates the intra-day price
of bitcoin every 15 seconds and a
closing price as of 4:00 p.m. E.T., each
the trust; (b) that is issued by such trust in a
specified aggregate minimum number in return for
a deposit of a quantity of the underlying
commodity; and (c) that, when aggregated in the
same specified minimum number, may be
redeemed at a holder’s request by such trust which
will deliver to the redeeming holder the quantity of
the underlying commodity).
10 See Notice, supra note 3, 84 FR at 5141.
11 See id.
12 See id.
13 See id. at 5147. In the event that the Sponsor
determines that this valuation method has failed,
the Sponsor will determine the bitcoin market price
on the valuation date according to a set of
alternative methods to be used in the following
order: (a) The mid-point price of the bid/ask spread
as of 4:00 p.m. E.T. obtained by the Sponsor from
any bitcoin over-the-counter (‘‘OTC’’) platform that
is part of the MVBTCO index; (b) the volumeweighted average price over the 24-hour period
ending at 4:00 p.m. E.T. as published by a public
data feed that is calculated based upon a volumeweighted average bitcoin price obtained from the
major U.S. dollar-denominated bitcoin exchanges
and that the Sponsor determines is reasonably
reliable; and (c) the Sponsor’s best judgment of a
good faith estimate of the bitcoin market price.
Greater detail concerning the alternative pricing
procedures if the MVBTCO cannot be utilized as the
basis for NAV calculations can be found in the
Notice. See id.
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24MYN1
]]>Agencies
[Federal Register Volume 84, Number 101 (Friday, May 24, 2019)]
[Notices]
[Page 24188]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-10850]
-----------------------------------------------------------------------
OFFICE OF PERSONNEL MANAGEMENT
Federal Employees' Retirement System; Present Value Factors
AGENCY: Office of Personnel Management.
ACTION: Notice, correction.
-----------------------------------------------------------------------
SUMMARY: The Office of Personnel Management published a document in the
Federal Register of May 17, 2019, concerning adjusted present value
factors applicable to retirees who elect to provide survivor annuity
benefits to a spouse based on post-retirement marriage, and to retiring
employees who elect the alternative form of annuity or elect to credit
certain service with nonappropriated fund instrumentalities. The
document referenced a different, separate notice and cited incorrect
publication dates for the other notice.
FOR FURTHER INFORMATION CONTACT: Karla Yeakle, (202) 606-0299.
SUPPLEMENTARY INFORMATION:
Correction
In the Federal Register of May 17, 2019, in FR Doc. 84 FR 22527, on
page 22528, in the first column, the notice cross references another
notice that revises the normal cost percentage under the Federal
Employees' Retirement System (FERS) Act of 1986, Public Law 99-335. It
states that the Federal Employees' Retirement System (FERS) Normal Cost
notice was published May 17, 2019. It was actually published May 20,
2019.
Office of Personnel Management.
Alexys Stanley,
Regulatory Affairs Analyst.
[FR Doc. 2019-10850 Filed 5-23-19; 8:45 am]
BILLING CODE 6325-38-P
