Investor Advisory Committee Meeting, 55039-55040 [2020-19518]

Download as PDF 55039 Federal Register / Vol. 85, No. 172 / Thursday, September 3, 2020 / Notices information for a CDR determination, including a determination prompted by a report of work, return to railroad service, allegation of medical improvement, or a routine disability review call-up. Form G–254a, Continuing Disability Update Report, is used to help identify a disability annuitant whose work activity and/or recent medical history warrants completion of Form G–254 for a more extensive review. Completion is required to retain a benefit. One response is requested of each respondent to Forms G–254 and G–254a. Previous Requests for Comments: The RRB has already published the initial 60-day notice (85 FR 39225 on June 30, 2020) required by 44 U.S.C. 3506(c)(2). That request elicited no comments. Information Collection Request (ICR) Title: Continuing Disability Report. OMB Control Number: 3220–0187. Forms submitted: G–254, G–254a, and RL–8a. Type of request: Revision of a currently approved collection. Affected public: Individuals or Households. Annual responses Form number Time (minutes) Burden (hours) G–254: Annuitant ............................................................................................................................... Employer verification ............................................................................................................ Doctor, hospital, or clinic verification .................................................................................... Vocational, Rehabilitation ..................................................................................................... Other governmental agency verification ............................................................................... School verification ................................................................................................................ G–254a ........................................................................................................................................ 1,000 100 100 100 100 100 1,500 35 5 5 5 5 5 5 583 8 8 8 8 8 125 Total ...................................................................................................................................... 3,000 ........................ 748 Additional Information or Comments: Copies of the forms and supporting documents can be obtained from Kennisha Tucker at (312) 469–2591 or Kennisha.Tucker@rrb.gov. Comments regarding the information collection should be addressed to Brian Foster, Railroad Retirement Board, 844 North Rush Street, Chicago, Illinois 60611– 1275 or Brian.Foster@rrb.gov. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Brian Foster, Clearance Officer. [FR Doc. 2020–19514 Filed 9–2–20; 8:45 am] BILLING CODE 7905–01–P SECURITIES AND EXCHANGE COMMISSION jbell on DSKJLSW7X2PROD with NOTICES Abstract: Under the Railroad Retirement Act, a disability annuity can be reduced or not paid, depending on the amount of earnings and type of work performed. The collection obtains information about a disabled annuitant’s employment and earnings. Changes proposed: The RRB proposes no changes to Form G–254 and Form G–254a. The RRB proposes to remove Form RL–8A from the information collection. The burden estimate for the ICR is as follows: [Release Nos. 33–10830; 34–89713; File No. 265–28] Investor Advisory Committee Meeting Securities and Exchange Commission. ACTION: Notice of public meeting. AGENCY: VerDate Sep<11>2014 16:51 Sep 02, 2020 Jkt 250001 The Securities and Exchange Commission Investor Advisory Committee, established pursuant to Section 911 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is providing notice that it will hold a public meeting. The public is invited to submit written statements to the Committee. DATES: The meeting will be held on Thursday, September 24, 2020 from 10:00 a.m. until 4:00 p.m. (ET). Written statements should be received on or before September 24, 2020. ADDRESSES: The meeting will be conducted by remote means and/or at the Commission’s headquarters, 100 F St NE, Washington, DC 20549. The meeting will be webcast on the Commission’s website at www.sec.gov. Written statements may be submitted by any of the following methods: SUMMARY: Electronic Statements D Use the Commission’s internet submission form (https://www.sec.gov/ rules/other.shtml); or D Send an email message to rulescomments@sec.gov. Please include File No. 265–28 on the subject line; or Paper Statements D Send paper statements to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File No. 265–28. This file number should be PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. Statements also will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Room 1503, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All statements 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. FOR FURTHER INFORMATION CONTACT: Marc Oorloff Sharma, Chief Counsel, Office of the Investor Advocate, at (202) 551–3302, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. SUPPLEMENTARY INFORMATION: The meeting will be open to the public, except during that portion of the meeting reserved for an administrative work session during lunch. Persons needing special accommodations to take part because of a disability should notify the contact person listed in the section above entitled FOR FURTHER INFORMATION CONTACT. The agenda for the meeting includes: Welcome remarks; approval of previous meeting minutes; a panel discussion E:\FR\FM\03SEN1.SGM 03SEN1 55040 Federal Register / Vol. 85, No. 172 / Thursday, September 3, 2020 / Notices regarding self-directed IRAs; a panel discussion regarding minority community investor inclusion; a discussion of a recommendation to restate and amend the by-laws of the Committee; subcommittee reports; and a non-public administrative session. Dated: August 31, 2020. Vanessa A. Countryman, Secretary. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2020–19518 Filed 9–2–20; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–89707; File No. SR–CBOE– 2020–074] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change Relating To Adopt Compression Orders August 28, 2020. 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 August 19, 2020, 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, II, and III 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. jbell on DSKJLSW7X2PROD with NOTICES 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 adopt Compression orders. The text of the proposed rule change is provided in Exhibit 5. 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 the proposed rule change and discussed 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 16:51 Sep 02, 2020 Jkt 250001 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. 1. Purpose The Exchange proposes to adopt Compression or Position Compression Cross (‘‘PCC’’) orders. Currently, the Exchange facilitates compression forums on the trading floor at the end of each calendar week, month, and quarter in which Trading Permit Holders (‘‘TPHs’’) may reduce open positions in series of S&P 500 Index (‘‘SPX’’) options in order to mitigate the effects of capital constraints on market participants. SEC Rule 15c3–1 (Net Capital Requirements for Brokers or Dealers) (‘‘Net Capital Rules’’) requires that every registered broker-dealer maintain certain specified minimum levels of capital.3 The Net Capital Rules are designed to protect securities customers, counterparties, and creditors by requiring that broker-dealers have sufficient liquid resources on hand, at all times, to meet their financial obligations. Notably, hedged positions, including offsetting futures and options contract positions, result in certain net capital requirement reductions under the Net Capital Rules.4 All Options Clearing Corporation (‘‘OCC’’) clearing members are subject to the Net Capital Rules. However, a subset of clearing members are subsidiaries of U.S. bank holding companies, which, due to their affiliations with their parent U.S. bank holding companies, must comply with additional bank regulatory capital requirements pursuant to rulemaking required under the DoddFrank Wall Street Reform and Consumer Protection Act.5 Pursuant to this mandate, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation approved a comprehensive regulatory capital framework for subsidiaries of U.S. bank holding company clearing 3 17 CFR 240.15c3–1. addition, the Net Capital Rules permit various offsets under which a percentage of an option position’s gain at any one valuation point is allowed to offset another position’s loss at the same valuation point (e.g., vertical spreads). 5 H.R. 4173 (amending section 3(a) of the Securities Exchange Act of 1934 (the ‘‘Act’’) (15 U.S.C. 78c(a))). 4 In PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 firms.6 Generally, these rules imposed higher minimum capital requirements, more restrictive capital eligibility standards, and higher asset risk weights than were previously mandated for clearing members that are subsidiaries of U.S. bank holding companies under the Net Capital Rules. Furthermore, these rules do not permit deductions for hedged securities or offsetting options positions.7 Rather, capital charges under these standards are based on the aggregate notional value of short positions regardless of offsets. As a result, Clearing Trading Permit Holders (‘‘CTPHs’’) generally must hold substantially more bank regulatory capital than would otherwise be required under the Net Capital Rules.8 The impact of these regulatory capital rules is compounded in the SPX options market due to the large notional value of SPX contracts and the significant number of open SPX positions. The Exchange believes these regulatory capital requirements have impeded efficient use of capital and undermine the critical liquidity role that Market-Makers play in the SPX options market by limiting the amount of capital CTPHs can allocate to clearing member transactions. Specifically, the Exchange understands these rules have caused, and may continue to cause, CTPHs to impose stricter position limits on their clearing members. These stricter position limits may impact the liquidity Market-Makers might supply in the SPX market,9 which impact may be heightened when markets are volatile, and this impact may be compounded when a CTPH has multiple Market6 12 CFR 50; 79 FR 61440 (Liquidity Coverage Ratio: Liquidity Risk Measurement Standards). 7 Many options strategies, including relatively simple strategies often used by retail customers and more sophisticated strategies used by marketmakers and institutions, are risk-limited strategies or options spread strategies that employ offsets or hedges to achieve certain investment outcomes. Such strategies typically involve the purchase and sale of multiple options (and may be coupled with purchases or sales of the underlying assets), executed simultaneously as part of the same strategy. In many cases, the potential market exposure of these strategies is limited and defined. Whereas regulatory capital requirements have historically reflected the risk-limited nature of carrying offsetting positions, these positions may now be subject to large regulatory capital requirements. Various factors, including administration costs; transaction fees; and limited market demand or counterparty interest, however, discourage market participants from closing these positions even though many market participants likely would prefer to close the positions rather than carry them to expiration. 8 See Letter from Cboe, New York Stock Exchange, and Nasdaq, Inc., to the Honorable Randal Quarles, Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, March 18, 2020. 9 The Exchange notes Market-Makers participate on over 95% of SPX option trades on the Exchange. E:\FR\FM\03SEN1.SGM 03SEN1

Agencies

[Federal Register Volume 85, Number 172 (Thursday, September 3, 2020)]
[Notices]
[Pages 55039-55040]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19518]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10830; 34-89713; File No. 265-28]


Investor Advisory Committee Meeting

AGENCY: Securities and Exchange Commission.

ACTION: Notice of public meeting.

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

SUMMARY: The Securities and Exchange Commission Investor Advisory 
Committee, established pursuant to Section 911 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act of 2010, is providing notice 
that it will hold a public meeting. The public is invited to submit 
written statements to the Committee.

DATES: The meeting will be held on Thursday, September 24, 2020 from 
10:00 a.m. until 4:00 p.m. (ET). Written statements should be received 
on or before September 24, 2020.

ADDRESSES: The meeting will be conducted by remote means and/or at the 
Commission's headquarters, 100 F St NE, Washington, DC 20549. The 
meeting will be webcast on the Commission's website at www.sec.gov. 
Written statements may be submitted by any of the following methods:

Electronic Statements

    [ssquf] Use the Commission's internet submission form (https://www.sec.gov/rules/other.shtml); or
    [ssquf] Send an email message to [email protected]. Please 
include File No. 265-28 on the subject line; or

Paper Statements

    [ssquf] Send paper statements to Vanessa A. Countryman, Secretary, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1090.
All submissions should refer to File No. 265-28. This file number 
should be included on the subject line if email is used. To help us 
process and review your statement more efficiently, please use only one 
method.
    Statements also will be available for website viewing and printing 
in the Commission's Public Reference Room, 100 F Street NE, Room 1503, 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. All statements 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.

FOR FURTHER INFORMATION CONTACT: Marc Oorloff Sharma, Chief Counsel, 
Office of the Investor Advocate, at (202) 551-3302, Securities and 
Exchange Commission, 100 F Street NE, Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The meeting will be open to the public, 
except during that portion of the meeting reserved for an 
administrative work session during lunch. Persons needing special 
accommodations to take part because of a disability should notify the 
contact person listed in the section above entitled FOR FURTHER 
INFORMATION CONTACT.
    The agenda for the meeting includes: Welcome remarks; approval of 
previous meeting minutes; a panel discussion

[[Page 55040]]

regarding self-directed IRAs; a panel discussion regarding minority 
community investor inclusion; a discussion of a recommendation to 
restate and amend the by-laws of the Committee; subcommittee reports; 
and a non-public administrative session.

    Dated: August 31, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-19518 Filed 9-2-20; 8:45 am]
BILLING CODE 8011-01-P
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