Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Exchange Rule 14.11(d) To Accommodate Exchange Listing and Trading of Options-Linked Securities, 55068-55071 [2022-19349]
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Federal Register / Vol. 87, No. 173 / Thursday, September 8, 2022 / Notices
Bank Repo Facility would be in
exchange for U.S. Government
Securities.52 Retail investors would not
be directly exposed to any potential
risks arising out of the facility because
the arrangement would be between OCC
and a bank counterparty.53 The
Commission believes, therefore, that the
facility would not relieve Clearing
Members from collateralizing the risks
they pose to OCC or inappropriately
shift such risks to the investing public.54
Accordingly, the Commission believes
that the changes proposed in the
Advance Notice are consistent with
Rule 17Ad–22(e)(7) under the Exchange
Act.55
IV. Conclusion
It is therefore noticed, pursuant to
Section 806(e)(1)(I) of the Clearing
Supervision Act, that the Commission
does not object to Advance Notice (SR–
OCC–2022–802) and that OCC is
authorized to implement the proposed
change as of the date of this notice.
By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–19413 Filed 9–7–22; 8:45 am]
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Investor
Advisory Committee will hold a public
meeting on Wednesday, September 21,
2022. The meeting will begin at 10:00
a.m. (ET) and will be open to the public.
PLACE: The meeting will be conducted
by remote means. Members of the public
may watch the webcast of the meeting
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TIME AND DATE:
52 See Bank Repo Facility Notice of Filing, 87 FR
at 44458.
53 Id. at 44457.
54 The Commission also received comments
asserting that the proposal would leave the
investing public accountable for a Clearing Member
default, specifically because the OCC proposes to
obtain liquidity from pension funds. See comments
on the Advance Notice at https://www.sec.gov/
comments/sr-occ-2022-802/srocc2022802.htm.
These comments were likely intended for OCC’s
concurrent proposal to expand its Non-Bank
Liquidity Facility program, but were erroneously
submitted as comments for the Bank Repo Facility
proposal. These comments have been considered
and addressed as part of the Non-Bank Liquidity
Facility proposal. See Exchange Act Release No.
95327 (Jul. 20, 2022), 87 FR 44477 (Jul. 26, 2022)
(File No. SR–OCC–2022–803).
55 17 CFR 240.17Ad–22(e)(7).
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on the Commission’s website at
www.sec.gov.
STATUS: This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting.
PUBLIC COMMENT: The public is invited
to submit written statements to the
Committee. Written statements should
be received on or before September 20,
2022.
Written statements may be submitted
by any of the following methods:
CONTACT PERSON FOR MORE INFORMATION:
Electronic Statements
BILLING CODE 8011–01–P
• Use the Commission’s internet
submission form (https://www.sec.gov/
rules/other.shtml); or
• Send an email message to rulescomments@sec.gov. Please include File
No. 265–28 on the subject line;
Or
Paper Electronic Statements
• 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.
MATTERS TO BE CONSIDERED: The agenda
for the meeting includes: welcome and
opening remarks; approval of previous
meeting minutes; a panel discussion
human capital management labor
valuation and performance data; a panel
discussion regarding proposed rule 10b1 position reporting of large securitybased swap positions/asset-based
swaps; a panel discussion regarding
schedules 13d and 13g beneficial
ownership reports; a panel discussion
regarding esg fund disclosure; a
discussion of a recommendation on
cybersecurity disclosure; a discussion of
a recommendation on climate
disclosure; a discussion of a
recommendation on accounting
modernization; subcommittee reports;
and a non-public administrative session.
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For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Authority: 5 U.S.C. 552b.
Dated: September 6, 2022.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2022–19504 Filed 9–6–22; 4:15 pm]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–95655; File No. SR–
CboeBZX–2022–043]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing of
a Proposed Rule Change To Amend
Exchange Rule 14.11(d) To
Accommodate Exchange Listing and
Trading of Options-Linked Securities
September 1, 2022.
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
18, 2022, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) proposes to
amend Exchange Rule 14.11(d)
(‘‘Securities Linked to the Performance
of Indexes and Commodities (Including
Currencies)’’) to accommodate Exchange
listing and trading of Options-Linked
Securities. 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://markets.cboe.com/us/
equities/regulation/rule_filings/bzx/), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
1 15
2 17
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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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
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1. Purpose
Exchange Rule 14.11(d) provides for
Exchange listing and trading of
Securities Linked to the Performance of
Indexes and Commodities (Including
Currencies) (‘‘Linked Securities’’).3 The
Exchange proposes to amend Rule
14.11(d) to add Options-Linked
Securities to the type of Linked
Securities permitted to list and trade on
the Exchange.
The proposed amendment would
include Options-Linked Securities in
the list of Linked-Securities set forth in
paragraph (d) of Rule 14.11.
Additionally, the proposal would
provide that the payment at maturity
with respect to Options-Linked
Securities is based on the performance
of U.S. exchange-traded options on any
one or combination of the following: (a)
Index Fund Shares; (b) Managed Fund
Shares, (c) Exchange-Traded Fund
Shares; (d) Linked Securities; (e) other
securities defined in Rule 14.11; 4 (f) the
S&P 100 Index, the S&P 500 Index, the
Nasdaq 100 Index, the Dow Jones
3 Rule 14.11(d) currently accommodates Exchange
listing and trading of Equity Index-Linked
Securities, Commodity-Linked Securities, Fixed
Income Index-Linked Securities, Futures-Linked
Securities, and Multifactor Index-Linked Securities
(collectively referred to as ‘‘Linked Securities’’).
4 The following other securities are included in
Rule 14.11: Portfolio Depository Receipts (Rule
14.11(b)), Index-Liked Exchangeable Notes (Rule
14.11(d)(1)), Equity Gold Shares (Rule 14.11(d)(2)),
Trust Certificates (Rule 14.11(d)(3)), CommodityBased Trust Shares (Rule 14.11(d)(4)), Currency
Trust Shares (Rule 14.11(d)(5), Commodity Index
Trust Shares (Rule 14.11(d)(6)), Commodity Futures
Trust Shares (Rule 14.11(d)(7), Partnership Units
(Rule 14.11(d)(8), Trust Units (Rule 14.11(d)(9),
Managed Trust Securities (Rule 14.11(d)(10), Listing
of Currency Warrants (Rule 14.11(d)(11), Selected
Equity-linked Debt Securities (‘‘SEEDS’’) (Rule
14.11(d)(12), Trust Issued Receipts (Rule 14.11(f)),
Index Warrants (Rule 14.11(g)), Managed Portfolio
Shares (Rule 14.11(k)), and Tracking Fund Shares
(Rule 14.11(m)).
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Industrial Average, the MSCI EAFE
Index, the MSCI Emerging Markets
Index, the NYSE FANG Index, the
Russell 2000 Index, the Russell 1000
Index, the Russell 1000 Growth Index,
the Russell 1000 Value Index, the Cboe
Volatility Index, and the following
subindices of the S&P 500 sectors: the
Communication Services Select Sector
Index, the Consumer Discretionary
Select Sector Index, the Consumer
Staples Select Sector Index, the Energy
Select Sector Index, the Financial Select
Sector Index, the Health Care Select
Sector Index, the Industrial Select
Sector Index, the Materials Select Sector
Index, the Real Estate Select Sector
Index, the Technology Select Sector
Index, or the Utilities Select Sector
Index; or (g) a basket or index of any of
the foregoing (an ‘‘Options Reference
Asset’’). To the extent that the Options
Reference Asset consists of options
based on Index Fund Shares, Managed
Fund Shares, Exchange-Traded Fund
Shares, Linked Securities, or other
securities defined in Rule 14.11, such
Index Fund Shares, Exchange-Traded
Fund Shares, Linked Securities, or other
securities defined in Rule 14.11 shall
not seek to provide investment results,
before fees and expenses, that
correspond to the inverse, a specific
multiple, or a specific inverse multiple
of the percentage performance on a
given day of a particular index or
combination of indexes. The proposal
would also include Options Reference
Assets as a Multifactor Reference Asset.
The proposal would move existing
Rule 14.11(d)(2)(K)(v) (Multifactor
Index-Linked Securities Listings
Standards) to Rule 14.11(d)(2)(K)(vi),
and would set forth the Option-Linked
Securities Listing Standards in Rule
14.11(d)(2)(K)(v). Proposed Rule
14.11(d)(2)(K)(v)(a) provides that
Option-Linked Securities must meet
either of the following initial listing
standards: (1) The Options Reference
Asset to which the security is linked
shall have been reviewed and approved
for the trading of Options-Linked
Securities or options or other
derivatives by the Commission under
Section 19(b)(2) of the Securities
Exchange Act of 1934 and rules
thereunder and the conditions set forth
in the Commission’s approval order,
including with respect to
comprehensive surveillance sharing
agreements, continue to be satisfied; or
(2) The pricing information for
components of the Options Reference
Asset must be derived from a market
which is an ISG member or affiliate or
with which the Exchange has a
comprehensive surveillance sharing
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55069
agreement. Additionally, Proposed Rule
14.11(d)(2)(K)(v)(a) provides that
Options-Linked Securities must meet
both of the following initial listing
criteria: (3) the value of the Options
Reference Asset must be calculated and
widely disseminated by one or more
major market data vendors on at least a
15-second basis during the Exchange’s
regular market session; and (4) in the
case of Options-Linked Securities that
are periodically redeemable, the
indicative value of the subject Options
Linked Securities must be calculated
and widely disseminated by the
Exchange or one or more major market
data vendors on at least a 15-second
basis during the Exchange’s regular
market session.
Proposed Rule 14.11(d)(2)(K)(v)(b)
provides that Option-Linked Securities
must meet the following continued
listing criteria: (1) the Exchange will
consider the suspension of trading in,
and will initiate delisting proceedings
pursuant to Rule 14.12 if any of the
initial listing criteria described above
are not continuously maintained; and
(2) the Exchange will consider the
suspension of trading in, and will
initiate delisting proceedings pursuant
to Rule 14.12 under any of the following
circumstances: (A) if the aggregate
market value or the principal amount of
the Options-Linked Securities publicly
held is less than $400,000; (B) if an
interruption to the dissemination of the
value of the Options Reference Asset
persists past the trading day in which it
occurred or is no longer calculated or
available and a new Options Reference
Asset is substituted, unless the new
Options Reference Asset meets the
requirements of this proposed Rule
14.11(d)(2)(K); or (C) if such other event
shall occur or condition exists which in
the opinion of the Exchange makes
further dealings on the Exchange
inadvisable.5
The Exchange proposes to amend
Interpretation and Policy .01(a) and (b)
to Rule 14.11(d) which relate to
specified requirements and obligations
of a Member acting as a registered
Market Maker, to include options to the
financial instruments covered by
Commentary .01 and to make
ministerial changes 6 to references to
currency futures to clarify that each is
part of a list. Last, the Exchange
proposes to amend the definition of
UTP Derivative Security, as provided in
5 Proposed Rule 14.11(d)(2)(K)(v)(b) is
substantially the same as existing Rules
14.11(d)(2)(K)(ii)(b), 14.11(d)(2)(K)(iii)(c), and
14.11(d)(2)(K)(iv)(c).
6 Specifically, the Exchange proposes to correct
references to ‘‘currency futures’’ to clarify that both
currency and futures are part of a list.
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Federal Register / Vol. 87, No. 173 / Thursday, September 8, 2022 / Notices
Rule 1.5(ee), to include Options-Linked
Securities as such securities are a ‘‘new
derivative securities product’’ as
defined in Rule 19b–4(e) under the Act,
and, as proposed, would be permitted to
trade on the Exchange.
With respect to equity securities
underlying Options Reference Assets,
the Exchange notes that Index Fund
Shares,7 Managed Fund Shares,8
Exchange-Traded Fund Shares,9 and
Linked Securities and securities as
defined in Rule 14.11 are subject to
initial and continued listing criteria
under applicable Exchange Rules as
approved by the Commission. In
addition, the Commission has approved
or issued a notice of effectiveness to
permit listing on a national securities
exchange of securities based on certain
Indexes.10 Further, Index Fund Shares,
Managed Fund Shares, ExchangeTraded Fund Shares, Linked Securities
or securities defined in Rule 14.11 based
on the Indexes have been listed on
national securities exchanges under
generic listing criteria applicable to
such securities. With respect to options
on the Indexes, options on all of the
Indexes are currently traded on U.S.
options exchanges.
Finally, all Options-Linked Securities
listed pursuant to Exchange Rule
14.11(d) would be included within the
definition of securities as such terms are
used in the Exchange’s rules and, as
such, are subject to Exchange rules and
procedures that currently govern the
trading of securities on the Exchange.
The Exchange believes that the
proposed standards would continue to
7 See
Exchange Rule 14.11(c).
Exchange Rule 14.11(i).
9 See Exchange Rule 14.11(l).
10 See, e.g., Securities Exchange Act Release Nos.
31591 (December 11, 1992), 57 FR 60253 (December
18, 1992) (SR–Amex–92–18) (approving the listing
and trading of Portfolio Depositary Receipts based
on the S&P 500 Index); 39525 (January 8, 1998), 63
FR 2438 (January 15, 1998) (SR–Amex–97–29)
(approving the listing and trading of DIAMONDS
Trust Units, Portfolio Depositary Receipts based on
the Dow Jones Industrial Average); 39011
(September 3, 1997), 62 FR 47840 (September 11,
1997) (SR–CBOE–97–26) (approving the listing and
trading of options on the Dow Jones Industrial
Average); 19907 (June 24, 1983), 48 FR 30814 (July
5, 1983) (SR–CBOE–83–08) (approving the listing
and trading of options on the S&P 500 Index on the
CBOE); 41119 (February 26, 1999), 64 FR 11510
(March 9, 1999) (SR–Amex–98–34) (Order
Approving and Notice of Filing and Order Granting
Accelerated Approval of Amendment Nos. 3 and 4
to the Proposed Rule Change Relating to the Listing
and Trading of Shares of the Nasdaq-100 Trust);
87437 (October 31, 2019), 84 FR 59900 (November
6, 2019) (SR–NYSEArca–2019–62) (Notice of Filing
of Amendment No. 1, and Order Granting
Accelerated Approval of a Proposed Rule Change,
as Modified by Amendment No. 1, Relating to the
Listing and Trading of Shares of the Innovator MSCI
EAFE Power Buffer ETFs and Innovator MSCI
Emerging Markets Power Buffer ETFs under NYSE
Arca Rule 8.600–E).
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8 See
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ensure transparency surrounding the
listing process for Linked Securities.
The Exchange also believes that the
standards for listing and trading
Options-Linked Securities are
reasonably designed to promote a fair
and orderly market for such securities.
The proposed addition of Options
Reference Assets, as described above,
would also work in conjunction with
the initial and continued listing criteria
related to surveillance procedures and
trading guidelines for Linked Securities.
The Exchange believes that its
surveillance procedures are adequate to
properly monitor the trading of OptionsLinked Securities in all trading sessions
and to deter and detect violations of
Exchange Rules. The issuer of a series
of Options-Linked Securities will be
required to comply with Rule 10A–3
under the Act 11 for the initial and
continued listing of Linked Securities,
as provided in Exchange Rule
14.11(d)(2)(A)–(G). The Exchange notes
that the proposed change is not
intended to amend any other
component or requirement of Exchange
Rule 14.11(d). With respect to options
comprising the Options Reference Asset,
the pricing information for components
of the Options Reference Asset must be
derived from a market which is an ISG
member or affiliate or with which the
Exchange has a comprehensive
surveillance sharing agreement.
Quotation and last sale information
for Options-Linked Securities, Index
Fund Shares, Managed Fund Shares,
Exchange-Traded Fund Shares, Linked
Securities, and securities defined in
Rule 14.11 are available via the
Consolidated Tape Association (‘‘CTA’’)
high speed line. Quotation and last sale
information for such securities also will
be available from the exchange on
which they are listed. Quotation and
last sale information for options on
Index Fund Shares, Managed Fund
Shares, Exchange-Traded Fund Shares,
Linked Securities, securities defined in
Rule 14.11 and the Indexes will be
available via the Options Price
Reporting Authority and major market
data vendors. Information regarding
values of the Indexes is available from
major market data vendors.
The Exchange believes that the
proposed rule change will provide
investors with the ability to better
diversify and hedge their portfolios
using an exchange-listed security
without having to trade directly in the
underlying options contracts, and will
facilitate the listing and trading of
additional Linked Securities that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
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.12 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 13 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) 14 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes its proposal to
amend the definition of UTP Derivative
Security, as provided in Rule 1.5(ee), to
include Options-Linked Securities as
such securities are a ‘‘new derivative
securities product’’ as defined in Rule
19b–4(e) under the Act, and, as
proposed, would be permitted to trade
on the Exchange.
With respect to equity securities
underlying Options Reference Assets,
the Exchange notes that Index Fund
Shares, Managed Fund Shares,
Exchange-Traded Fund Shares, Linked
Securities and securities defined in Rule
14.11 are subject to Exchange initial and
continued listing criteria under
applicable Exchange rules as approved
by the Commission. In addition, the
Commission has approved or issued a
notice of effectiveness to permit listing
on a national securities exchange of
securities based on certain Indexes.15
With respect to options on the Indexes,
options on all of the Indexes are
currently traded on U.S. options
exchanges. All options included in an
Options Reference Asset will be U.S.
exchange-traded.
Any Options-Linked Securities would
be required to meet the following initial
12 15
13 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
14 Id.
11 17
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Federal Register / Vol. 87, No. 173 / Thursday, September 8, 2022 / Notices
listing criteria in proposed Rule
14.11(d)(2)(K)(v)(a): (1) the value of the
Options Reference Asset must be
calculated and widely disseminated by
one or more major market data vendors
on at least a 15-second basis during the
Exchange’s regular market session; and
(2) in the case of Options-Linked
Securities that are periodically
redeemable, the indicative value of the
subject Options Linked Securities must
be calculated and widely disseminated
by the Exchange or one or more major
market data vendors on at least a 15second basis during the Exchange’s
regular market session. Options-Linked
Securities also will be subject to the
continued listing criteria in proposed
Rule 14.11(d)(2)(K)(v)(b) as described
above. Finally, all Options-Linked
Securities listed pursuant to Exchange
Rule 14.11(d) would be included within
the definition of ‘‘security’’ or
‘‘securities’’ as such terms are used in
the Exchange’s rules and, as such, are
subject to Exchange rules and
procedures that currently govern the
trading of securities on the Exchange.
The Exchange believes that the
proposed standards would continue to
ensure transparency surrounding the
listing process for Linked Securities.
The Exchange also believes that the
standards for listing and trading
Options-Linked Securities are
reasonably designed to promote a fair
and orderly market for such securities.
The proposed addition of Options
Reference Assets, as described above,
would also work in conjunction with
the initial and continued listing criteria
related to surveillance procedures and
trading guidelines for Linked Securities.
The Exchange believes that its
surveillance procedures are adequate to
properly monitor the trading of Options
Linked Securities in all trading sessions
and to deter and detect violations of
Exchange rules. Trading in the
securities may be halted under the
conditions specified in Exchange Rule
14.11(d)(2)(H).
The Exchange believes that the
proposed rule change will provide
investors with the ability to better
diversify and hedge their portfolios
using an exchange listed security
without having to trade directly in the
underlying options contracts, and will
facilitate the listing and trading of
additional Linked Securities that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
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any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change will facilitate the
listing and trading of additional Linked
Securities that will enhance competition
among market participants, to the
benefit of investors and the marketplace.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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–
CboeBZX–2022–043 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–CboeBZX–2022–043. 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
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55071
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-CboeBZX–2022–043 and
should be submitted on or before
September 29, 2022.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–19349 Filed 9–7–22; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 11828]
60-Day Notice of Proposed Information
Collection: Technology Security/
Clearance Plans, Screening Records,
and Non-Disclosure Agreements
Notice of request for public
comment.
ACTION:
The Department of State is
seeking Office of Management and
Budget (OMB) approval for the
information collection described below.
In accordance with the Paperwork
Reduction Act of 1995, we are
requesting comments on this collection
from all interested individuals and
organizations. The purpose of this
notice is to allow 60 days for public
comment preceding submission of the
collection to OMB.
DATES: The Department will accept
comments from the public up to
November 7, 2022.
ADDRESSES: You may submit comments
by any of the following methods:
SUMMARY:
16 17
E:\FR\FM\08SEN1.SGM
CFR 200.30–3(a)(12).
08SEN1
]]>Agencies
[Federal Register Volume 87, Number 173 (Thursday, September 8, 2022)]
[Notices]
[Pages 55068-55071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-19349]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95655; File No. SR-CboeBZX-2022-043]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Exchange Rule 14.11(d) To
Accommodate Exchange Listing and Trading of Options-Linked Securities
September 1, 2022.
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 18, 2022, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend Exchange Rule 14.11(d) (``Securities Linked to the Performance of
Indexes and Commodities (Including Currencies)'') to accommodate
Exchange listing and trading of Options-Linked Securities. 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://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.
[[Page 55069]]
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
Exchange Rule 14.11(d) provides for Exchange listing and trading of
Securities Linked to the Performance of Indexes and Commodities
(Including Currencies) (``Linked Securities'').\3\ The Exchange
proposes to amend Rule 14.11(d) to add Options-Linked Securities to the
type of Linked Securities permitted to list and trade on the Exchange.
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\3\ Rule 14.11(d) currently accommodates Exchange listing and
trading of Equity Index-Linked Securities, Commodity-Linked
Securities, Fixed Income Index-Linked Securities, Futures-Linked
Securities, and Multifactor Index-Linked Securities (collectively
referred to as ``Linked Securities'').
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The proposed amendment would include Options-Linked Securities in
the list of Linked-Securities set forth in paragraph (d) of Rule 14.11.
Additionally, the proposal would provide that the payment at maturity
with respect to Options-Linked Securities is based on the performance
of U.S. exchange-traded options on any one or combination of the
following: (a) Index Fund Shares; (b) Managed Fund Shares, (c)
Exchange-Traded Fund Shares; (d) Linked Securities; (e) other
securities defined in Rule 14.11; \4\ (f) the S&P 100 Index, the S&P
500 Index, the Nasdaq 100 Index, the Dow Jones Industrial Average, the
MSCI EAFE Index, the MSCI Emerging Markets Index, the NYSE FANG Index,
the Russell 2000 Index, the Russell 1000 Index, the Russell 1000 Growth
Index, the Russell 1000 Value Index, the Cboe Volatility Index, and the
following subindices of the S&P 500 sectors: the Communication Services
Select Sector Index, the Consumer Discretionary Select Sector Index,
the Consumer Staples Select Sector Index, the Energy Select Sector
Index, the Financial Select Sector Index, the Health Care Select Sector
Index, the Industrial Select Sector Index, the Materials Select Sector
Index, the Real Estate Select Sector Index, the Technology Select
Sector Index, or the Utilities Select Sector Index; or (g) a basket or
index of any of the foregoing (an ``Options Reference Asset''). To the
extent that the Options Reference Asset consists of options based on
Index Fund Shares, Managed Fund Shares, Exchange-Traded Fund Shares,
Linked Securities, or other securities defined in Rule 14.11, such
Index Fund Shares, Exchange-Traded Fund Shares, Linked Securities, or
other securities defined in Rule 14.11 shall not seek to provide
investment results, before fees and expenses, that correspond to the
inverse, a specific multiple, or a specific inverse multiple of the
percentage performance on a given day of a particular index or
combination of indexes. The proposal would also include Options
Reference Assets as a Multifactor Reference Asset.
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\4\ The following other securities are included in Rule 14.11:
Portfolio Depository Receipts (Rule 14.11(b)), Index-Liked
Exchangeable Notes (Rule 14.11(d)(1)), Equity Gold Shares (Rule
14.11(d)(2)), Trust Certificates (Rule 14.11(d)(3)), Commodity-Based
Trust Shares (Rule 14.11(d)(4)), Currency Trust Shares (Rule
14.11(d)(5), Commodity Index Trust Shares (Rule 14.11(d)(6)),
Commodity Futures Trust Shares (Rule 14.11(d)(7), Partnership Units
(Rule 14.11(d)(8), Trust Units (Rule 14.11(d)(9), Managed Trust
Securities (Rule 14.11(d)(10), Listing of Currency Warrants (Rule
14.11(d)(11), Selected Equity-linked Debt Securities (``SEEDS'')
(Rule 14.11(d)(12), Trust Issued Receipts (Rule 14.11(f)), Index
Warrants (Rule 14.11(g)), Managed Portfolio Shares (Rule 14.11(k)),
and Tracking Fund Shares (Rule 14.11(m)).
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The proposal would move existing Rule 14.11(d)(2)(K)(v)
(Multifactor Index-Linked Securities Listings Standards) to Rule
14.11(d)(2)(K)(vi), and would set forth the Option-Linked Securities
Listing Standards in Rule 14.11(d)(2)(K)(v). Proposed Rule
14.11(d)(2)(K)(v)(a) provides that Option-Linked Securities must meet
either of the following initial listing standards: (1) The Options
Reference Asset to which the security is linked shall have been
reviewed and approved for the trading of Options-Linked Securities or
options or other derivatives by the Commission under Section 19(b)(2)
of the Securities Exchange Act of 1934 and rules thereunder and the
conditions set forth in the Commission's approval order, including with
respect to comprehensive surveillance sharing agreements, continue to
be satisfied; or (2) The pricing information for components of the
Options Reference Asset must be derived from a market which is an ISG
member or affiliate or with which the Exchange has a comprehensive
surveillance sharing agreement. Additionally, Proposed Rule
14.11(d)(2)(K)(v)(a) provides that Options-Linked Securities must meet
both of the following initial listing criteria: (3) the value of the
Options Reference Asset must be calculated and widely disseminated by
one or more major market data vendors on at least a 15-second basis
during the Exchange's regular market session; and (4) in the case of
Options-Linked Securities that are periodically redeemable, the
indicative value of the subject Options Linked Securities must be
calculated and widely disseminated by the Exchange or one or more major
market data vendors on at least a 15-second basis during the Exchange's
regular market session.
Proposed Rule 14.11(d)(2)(K)(v)(b) provides that Option-Linked
Securities must meet the following continued listing criteria: (1) the
Exchange will consider the suspension of trading in, and will initiate
delisting proceedings pursuant to Rule 14.12 if any of the initial
listing criteria described above are not continuously maintained; and
(2) the Exchange will consider the suspension of trading in, and will
initiate delisting proceedings pursuant to Rule 14.12 under any of the
following circumstances: (A) if the aggregate market value or the
principal amount of the Options-Linked Securities publicly held is less
than $400,000; (B) if an interruption to the dissemination of the value
of the Options Reference Asset persists past the trading day in which
it occurred or is no longer calculated or available and a new Options
Reference Asset is substituted, unless the new Options Reference Asset
meets the requirements of this proposed Rule 14.11(d)(2)(K); or (C) if
such other event shall occur or condition exists which in the opinion
of the Exchange makes further dealings on the Exchange inadvisable.\5\
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\5\ Proposed Rule 14.11(d)(2)(K)(v)(b) is substantially the same
as existing Rules 14.11(d)(2)(K)(ii)(b), 14.11(d)(2)(K)(iii)(c), and
14.11(d)(2)(K)(iv)(c).
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The Exchange proposes to amend Interpretation and Policy .01(a) and
(b) to Rule 14.11(d) which relate to specified requirements and
obligations of a Member acting as a registered Market Maker, to include
options to the financial instruments covered by Commentary .01 and to
make ministerial changes \6\ to references to currency futures to
clarify that each is part of a list. Last, the Exchange proposes to
amend the definition of UTP Derivative Security, as provided in
[[Page 55070]]
Rule 1.5(ee), to include Options-Linked Securities as such securities
are a ``new derivative securities product'' as defined in Rule 19b-4(e)
under the Act, and, as proposed, would be permitted to trade on the
Exchange.
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\6\ Specifically, the Exchange proposes to correct references to
``currency futures'' to clarify that both currency and futures are
part of a list.
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With respect to equity securities underlying Options Reference
Assets, the Exchange notes that Index Fund Shares,\7\ Managed Fund
Shares,\8\ Exchange-Traded Fund Shares,\9\ and Linked Securities and
securities as defined in Rule 14.11 are subject to initial and
continued listing criteria under applicable Exchange Rules as approved
by the Commission. In addition, the Commission has approved or issued a
notice of effectiveness to permit listing on a national securities
exchange of securities based on certain Indexes.\10\ Further, Index
Fund Shares, Managed Fund Shares, Exchange-Traded Fund Shares, Linked
Securities or securities defined in Rule 14.11 based on the Indexes
have been listed on national securities exchanges under generic listing
criteria applicable to such securities. With respect to options on the
Indexes, options on all of the Indexes are currently traded on U.S.
options exchanges.
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\7\ See Exchange Rule 14.11(c).
\8\ See Exchange Rule 14.11(i).
\9\ See Exchange Rule 14.11(l).
\10\ See, e.g., Securities Exchange Act Release Nos. 31591
(December 11, 1992), 57 FR 60253 (December 18, 1992) (SR-Amex-92-18)
(approving the listing and trading of Portfolio Depositary Receipts
based on the S&P 500 Index); 39525 (January 8, 1998), 63 FR 2438
(January 15, 1998) (SR-Amex-97-29) (approving the listing and
trading of DIAMONDS Trust Units, Portfolio Depositary Receipts based
on the Dow Jones Industrial Average); 39011 (September 3, 1997), 62
FR 47840 (September 11, 1997) (SR-CBOE-97-26) (approving the listing
and trading of options on the Dow Jones Industrial Average); 19907
(June 24, 1983), 48 FR 30814 (July 5, 1983) (SR-CBOE-83-08)
(approving the listing and trading of options on the S&P 500 Index
on the CBOE); 41119 (February 26, 1999), 64 FR 11510 (March 9, 1999)
(SR-Amex-98-34) (Order Approving and Notice of Filing and Order
Granting Accelerated Approval of Amendment Nos. 3 and 4 to the
Proposed Rule Change Relating to the Listing and Trading of Shares
of the Nasdaq-100 Trust); 87437 (October 31, 2019), 84 FR 59900
(November 6, 2019) (SR-NYSEArca-2019-62) (Notice of Filing of
Amendment No. 1, and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 1, Relating to
the Listing and Trading of Shares of the Innovator MSCI EAFE Power
Buffer ETFs and Innovator MSCI Emerging Markets Power Buffer ETFs
under NYSE Arca Rule 8.600-E).
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Finally, all Options-Linked Securities listed pursuant to Exchange
Rule 14.11(d) would be included within the definition of securities as
such terms are used in the Exchange's rules and, as such, are subject
to Exchange rules and procedures that currently govern the trading of
securities on the Exchange.
The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Linked
Securities. The Exchange also believes that the standards for listing
and trading Options-Linked Securities are reasonably designed to
promote a fair and orderly market for such securities. The proposed
addition of Options Reference Assets, as described above, would also
work in conjunction with the initial and continued listing criteria
related to surveillance procedures and trading guidelines for Linked
Securities.
The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of Options-Linked Securities in all
trading sessions and to deter and detect violations of Exchange Rules.
The issuer of a series of Options-Linked Securities will be required to
comply with Rule 10A-3 under the Act \11\ for the initial and continued
listing of Linked Securities, as provided in Exchange Rule
14.11(d)(2)(A)-(G). The Exchange notes that the proposed change is not
intended to amend any other component or requirement of Exchange Rule
14.11(d). With respect to options comprising the Options Reference
Asset, the pricing information for components of the Options Reference
Asset must be derived from a market which is an ISG member or affiliate
or with which the Exchange has a comprehensive surveillance sharing
agreement.
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\11\ 17 CFR 240.10A-3.
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Quotation and last sale information for Options-Linked Securities,
Index Fund Shares, Managed Fund Shares, Exchange-Traded Fund Shares,
Linked Securities, and securities defined in Rule 14.11 are available
via the Consolidated Tape Association (``CTA'') high speed line.
Quotation and last sale information for such securities also will be
available from the exchange on which they are listed. Quotation and
last sale information for options on Index Fund Shares, Managed Fund
Shares, Exchange-Traded Fund Shares, Linked Securities, securities
defined in Rule 14.11 and the Indexes will be available via the Options
Price Reporting Authority and major market data vendors. Information
regarding values of the Indexes is available from major market data
vendors.
The Exchange believes that the proposed rule change will provide
investors with the ability to better diversify and hedge their
portfolios using an exchange-listed security without having to trade
directly in the underlying options contracts, and will facilitate the
listing and trading of additional Linked Securities that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
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.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ 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) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ Id.
---------------------------------------------------------------------------
The Exchange believes its proposal to amend the definition of UTP
Derivative Security, as provided in Rule 1.5(ee), to include Options-
Linked Securities as such securities are a ``new derivative securities
product'' as defined in Rule 19b-4(e) under the Act, and, as proposed,
would be permitted to trade on the Exchange.
With respect to equity securities underlying Options Reference
Assets, the Exchange notes that Index Fund Shares, Managed Fund Shares,
Exchange-Traded Fund Shares, Linked Securities and securities defined
in Rule 14.11 are subject to Exchange initial and continued listing
criteria under applicable Exchange rules as approved by the Commission.
In addition, the Commission has approved or issued a notice of
effectiveness to permit listing on a national securities exchange of
securities based on certain Indexes.\15\ With respect to options on the
Indexes, options on all of the Indexes are currently traded on U.S.
options exchanges. All options included in an Options Reference Asset
will be U.S. exchange-traded.
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\15\ Supra note 8.
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Any Options-Linked Securities would be required to meet the
following initial
[[Page 55071]]
listing criteria in proposed Rule 14.11(d)(2)(K)(v)(a): (1) the value
of the Options Reference Asset must be calculated and widely
disseminated by one or more major market data vendors on at least a 15-
second basis during the Exchange's regular market session; and (2) in
the case of Options-Linked Securities that are periodically redeemable,
the indicative value of the subject Options Linked Securities must be
calculated and widely disseminated by the Exchange or one or more major
market data vendors on at least a 15-second basis during the Exchange's
regular market session. Options-Linked Securities also will be subject
to the continued listing criteria in proposed Rule 14.11(d)(2)(K)(v)(b)
as described above. Finally, all Options-Linked Securities listed
pursuant to Exchange Rule 14.11(d) would be included within the
definition of ``security'' or ``securities'' as such terms are used in
the Exchange's rules and, as such, are subject to Exchange rules and
procedures that currently govern the trading of securities on the
Exchange.
The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Linked
Securities. The Exchange also believes that the standards for listing
and trading Options-Linked Securities are reasonably designed to
promote a fair and orderly market for such securities. The proposed
addition of Options Reference Assets, as described above, would also
work in conjunction with the initial and continued listing criteria
related to surveillance procedures and trading guidelines for Linked
Securities. The Exchange believes that its surveillance procedures are
adequate to properly monitor the trading of Options Linked Securities
in all trading sessions and to deter and detect violations of Exchange
rules. Trading in the securities may be halted under the conditions
specified in Exchange Rule 14.11(d)(2)(H).
The Exchange believes that the proposed rule change will provide
investors with the ability to better diversify and hedge their
portfolios using an exchange listed security without having to trade
directly in the underlying options contracts, and will facilitate the
listing and trading of additional Linked Securities that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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
will facilitate the listing and trading of additional Linked Securities
that will enhance competition among market participants, to the benefit
of investors and the marketplace.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. by order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be 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-CboeBZX-2022-043 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-CboeBZX-2022-043. 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-CboeBZX-2022-043 and should be submitted
on or before September 29, 2022.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-19349 Filed 9-7-22; 8:45 am]
BILLING CODE 8011-01-P
