80_FR_38388 80 FR 38261 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule

80 FR 38261 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 127 (July 2, 2015)

Page Range38261-38264
FR Document2015-16272

Federal Register, Volume 80 Issue 127 (Thursday, July 2, 2015)
[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)]
[Notices]
[Pages 38261-38264]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-16272]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75314; File No. SR-CBOE-2015-058]


Self-Regulatory Organizations; Chicago Board Options Exchange, 
Incorporated; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change To Amend the Fees Schedule

June 26, 2015.
    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 June 9, 2015, Chicago Board Options Exchange, Incorporated (the 
``Exchange'' or ``CBOE'') 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

    The Exchange proposes to amend its Fees Schedule. The text of the 
proposed rule change is available on the Exchange's Web site (http://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 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
    The Exchange proposes to make certain changes to its Fees 
Schedule.\3\ First, the Exchange proposes to amend its Volume Incentive 
Program (``VIP''). Under VIP, the Exchange credits each Trading Permit 
Holder (``TPH'') the per contract amount set forth in the VIP table 
resulting from each public customer (``C'' origin code) order 
transmitted by that TPH (with certain exceptions) which is executed 
electronically on the Exchange in all underlying symbols excluding 
Underlying Symbol List A,\4\ DJX, MXEA, MXEF, XSP, XSPAM, and mini-
options, provided the TPH meets certain volume thresholds in a 
month.\5\ The Exchange proposes to increase the VIP credit for complex 
orders in Tier 2 from $0.16 per contract to $0.21 per contract, in Tier 
3 from $0.16 per contract to $0.22 per contract and in Tier 4 from 
$0.17 per contract to $0.23 per contract. The purpose of this change is 
to incentivize the sending of complex orders to the Exchange and to 
adjust the incentive tiers accordingly as competition requires while 
maintaining an incremental incentive for TPH's to strive for the 
highest tier level.
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    \3\ The Exchange initially filed the proposed fee changes on 
June 1, 2015 (SR-CBOE-2015-054). On June 9, 2015, the Exchange 
withdrew that filing and submitted this filing.
    \4\ The following products are included in ``Underlying Symbol 
List A'': OEX, XEO, RUT, SPX (including SPXw), SPXpm, SRO, VIX, 
VXST, VOLATILITY INDEXES and binary options.
    \5\ Excluded from the VIP credit are options in Underlying 
Symbol List A, DJX, MXEA, MXEF, XSP, XSPAM, mini-options, QCC 
trades, public customer to public customer electronic complex order 
executions, and executions related to contracts that are routed to 
one or more exchanges in connection with the Options Order 
Protection and Locked/Crossed Market Plan referenced in Rule 6.80 
(see CBOE Fees Schedule, Volume Incentive Program).
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    The Exchange next proposes to amend the Complex Order Book 
(``COB'') Taker Surcharge. By way of background, the COB Taker 
Surcharge (``Surcharge'') is a $0.05 per contract per side surcharge 
for non-customer complex order executions that take liquidity from the 
COB in all underlying classes except Underlying Symbol List A and mini-
options. Additionally, the Surcharge is not assessed on non-customer 
complex order executions in the Complex Order Auction (``COA''), the 
Automated Aim Mechanism (``AIM''), orders originating from a Floor 
Broker PAR, electronic executions against single leg markets, or stock-
option order executions. The Exchange first proposes to increase the 
amount of the Surcharge from $0.05 per contract to $0.08 per contract. 
Additionally, the Exchange proposes to eliminate the exclusion of non-
customer complex order executions in the COA and AIM mechanisms from 
the Surcharge. Specifically, the Exchange notes that all complex order 
auction responses executed in COA and AIM will be assessed the 
Surcharge (i.e., initiating orders and AIM Contra orders will not be 
assessed the Surcharge). The Exchange proposes these changes in order 
to help offset the increased rebates given to complex orders under VIP. 
In light of the abovementioned changes, the Exchange also proposes to 
rename the COB Taker Surcharge to ``Complex Taker Fee.'' Particularly, 
the surcharge is no longer limited to COB executions as the Surcharge 
will now include auction responses in COA and AIM. As such, the 
Exchange believes it is appropriate to rename the Surcharge to more 
accurately reflect what transactions are being charged and avoid 
potential confusion. Additionally, the Exchange proposes to change the 
term ``Surcharge'' to ``Fee'' to avoid confusion with other surcharges 
currently listed in the Fees Schedule.
    The Exchange next notes that it currently assesses a $0.65 per 
contract fee for electronic executions by Broker-Dealers, non-Trading 
Permit Holders (``non-TPHs'') Market-Makers, Professionals/Voluntary 
Professionals and Joint Back-Offices (``JBOs'') in non-Penny Pilot 
equity, ETF, ETN and index options (excluding Underlying Symbol List A) 
classes. The Exchange proposes increasing this transaction fee from 
$0.65 per contract to $0.75 per contract. The Exchange also proposes to 
increase the Marketing Fee for all non-Penny Pilot option classes from 
$0.65 per contract to $0.70 per contract. The Exchange notes that these 
increases are similar to, and in line with, the amounts assessed by 
another exchange for similar transactions.\6\
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    \6\ See NASDAQ OMX PHLX LLC (``PHLX'') Pricing Schedule, Section 
II, Multiply Listed Options Fees.
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    Lastly, the Exchange proposes to amend language in the Fees 
Schedule relating to the VIX Tier Appointment Surcharge. The VIX Tier 
Appointment is assessed to any Market-Maker that either (a) has a VIX 
Tier Appointment at any time during a calendar month and trades at 
least 100 VIX options contracts electronically while that appointment 
is active; or (b) trades at least 1,000 VIX options contracts in

[[Page 38262]]

open outcry during a calendar month. Additionally, a description of the 
VIX Tier Appointment Fee in the Fees Schedule provides that ``In order 
for a Market-Maker Trading Permit to be used to act as a Market-Maker 
in VIX, the Trading Permit Holder must obtain a VIX Tier Appointment 
for that Market-Maker Trading Permit.'' The Exchange seeks to add 
clarifying language to this sentence in the Fees Schedule. 
Particularly, the Exchange seeks to clarify that Trading Permit Holders 
must obtain a VIX Tier Appointment in order for a Market-Maker Trading 
Permit to be used to act electronically as a Market-Maker in VIX. The 
Exchange notes that Rule 8.3(i) provides that during Regular Trading 
Hours, a Market-Maker has an appointment to trade open outcry in all 
Hybrid classes traded on the Exchange. As VIX is a Hybrid class, a 
Market-Maker does not need an appointment to trade open outcry. 
Accordingly, the Exchange seeks to amend the first sentence of the VIX 
Tier Appointment description to clarify in the Fees Schedule that a VIX 
Tier Appointment is only necessary for acting as a Market-Maker 
electronically.
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.\7\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \8\ 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 
Section 6(b)(4) of the Act,\9\ which requires that Exchange rules 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its Trading Permit Holders and other persons using 
its facilities.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that increasing the VIP complex order credits 
is reasonable because it will allow all TPHs transmitting public 
customer complex orders that reach certain volume thresholds to receive 
an increased credit for doing so. The amounts of the credits being 
proposed are also closer to the amounts of credits paid to market 
participants by another exchange for similar transactions.\10\ 
Additionally, the Exchange notes that increasing the credit (and 
providing higher credits for complex orders than for simple orders) is 
reasonable, equitable and not unfairly discriminatory because it is 
intended to incentivize the sending of more complex orders to the 
Exchange. This should provide greater liquidity and trading 
opportunities, including for market participants who send simple orders 
to the Exchange (as simple orders can trade with the legs of complex 
orders). The greater liquidity and trading opportunities should benefit 
not just public customers (whose orders are the only ones that qualify 
for the VIP) but all market participants.
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    \10\ See International Securities Exchange, LLC (``ISE'') 
Schedule of Fees, Section II (which lists complex order fees and 
rebates). For each public customer order transmitted by a market 
participant (with certain exceptions) a rebate of between $0.30 per 
contract and $0.46 per contract in Select Symbols and between $0.63 
per contract and $0.83 per contract is given to that market 
participant, depending on the qualifying thresholds that market 
participant meets.
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    The Exchange believes that the proposed increase to the amount of 
the COB Contra Surcharge from $0.05 per contract per side to $0.08 per 
contract per side is reasonable because the total amount assessed to 
these transactions, including the Surcharge, is still within the range 
of fees paid by other market participants for similar transactions.\11\ 
Further, other exchanges assess higher fees for complex orders than for 
noncomplex ones.\12\ Applying the Surcharge to all market participants 
except customers is equitable and not unfairly discriminatory because 
customer order flow enhances liquidity on the Exchange for the benefit 
of all market participants. Specifically, Customer liquidity benefits 
all market participants by providing more trading opportunities, which 
attracts Market-Makers. An increase in the activity of these market 
participants in turn facilitates tighter spreads, which may cause an 
additional corresponding increase in order flow from other market 
participants. By exempting customer orders, the Surcharge will not 
discourage the sending of customer orders, and therefore there should 
still be plenty of customer orders for other market participants to 
trade with. The Exchange believes it's reasonable, equitable and not 
unfairly discriminatory to assess the Surcharge to complex order 
auction responses executed in COA and AIM (and not on initiating orders 
or AIM contra orders) because auction responses in COA and AIM, like 
other non-customer complex order executions that take liquidity from 
the COB and are assessed the Surcharge, remove liquidity from the 
market and because the proposed change applies uniformly to all TPHs. 
The Exchange believes renaming the surcharge from ``COB Taker 
Surcharge'' to ``Complex Taker Fee'' alleviates potential confusion as 
to what transactions the surcharge applies to and therefore prevents 
potential confusion, thereby removing impediments to and perfecting the 
mechanism of a free and open market and a national market system, and, 
in general, protecting investors and the public interest.
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    \11\ See e.g., NYSE Arca, Inc. (``Arca'') Options Fees Schedule, 
page 7 (Electronic Complex Order Executions) which provides that for 
complex order-to-complex order transactions, non-customers are 
assessed $0.50 in penny pilot options and $0.85 in non-penny pilot 
options. Depending upon the type of market participant a CBOE TPH 
is, non-customer CBOE TPHs would be assessed between $0.11 and $0.73 
(which includes the proposed COB Contra Surcharge increase) for such 
transactions (see CBOE Fees Schedule).
    \12\ See ISE Schedule of Fees, Section I (which lists regular 
Maker rebates and fees and Taker fees for Select Symbols) as 
compared to Section II (which lists complex order fees and rebates 
for Select Symbols). Market participants are assessed higher fees 
for executing complex orders.
---------------------------------------------------------------------------

    Increasing the fee for electronic executions by broker-dealers, 
non-TPHs, Market-Makers, Professionals/Voluntary Professionals and JBOs 
in non-Penny Pilot equity, ETF, ETN and Index options (excluding 
Underlying Symbol List A) classes is reasonable because the proposed 
fee amount is similar to the amount assessed by another exchange for 
similar transactions.\13\ The Exchange believes that the proposed 
increase is also equitable and not unfairly discriminatory because the 
Exchange will assess broker-dealers, non-TPH Market-Makers, 
Professionals/Voluntary Professionals and JBOs the same electronic 
options transaction fees in Non-Penny Pilot options classes. The 
Exchange notes that it does not assess Customers the electronic options 
transaction fees in Non-Penny Pilot options because Customer order flow 
enhances liquidity on the Exchange for the benefit of all market 
participants, as discussed above. The Exchange notes that Market-Makers 
are assessed lower electronic options transaction fees in Non-Penny 
Pilot options as compared to Professionals, JBOs, Broker Dealers and

[[Page 38263]]

non-Trading Permit Holder Market-Makers because they have obligations 
to the market and regulatory requirements, which normally do not apply 
to other market participants (e.g., obligations to make continuous 
markets). Further, Market-Makers will pay a $0.70 per contract 
Marketing Fee for many non-Penny Pilot transactions, which broker-
dealers, non-Trading Permit Holder Market-Makers, Professionals/
Voluntary Professionals and JBOs do not pay.\14\ Clearing Trading 
Permit Holder Proprietary orders are assessed lower options transaction 
fees in Non-Penny Pilot options because they also have obligations, 
which normally do not apply to other market participants (e.g., must 
have higher capital requirements, clear trades for other market 
participants, must be members of the Options Clearing Corporation). 
Accordingly, the differentiation between electronic transaction fees 
for Customers, Market-Makers, Clearing Trading Permit Holders and other 
market participants recognizes the differing obligations and 
contributions made to the liquidity and trading environment on the 
Exchange by these market participants. Assessing higher fees for 
transactions in electronic, non-Penny Pilot classes is equitable and 
not unfairly discriminatory because in non-Penny Pilot classes the 
spreads are naturally larger than in Penny Pilot classes, and these 
wider spreads allow for greater profit potential. Limiting this fee 
increase to electronic transactions is equitable and not unfairly 
discriminatory because electronic trading requires constant system 
development and maintenance.
---------------------------------------------------------------------------

    \13\ See PHLX Pricing Schedule, Section II, Multiply Listed 
Options Fees.
    \14\ See CBOE Fees Schedule, Marketing Fee.
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    Increasing the Marketing Fee for all non-Penny Pilot options 
classes is reasonable, equitable and not unfairly discriminatory 
because the proposed fee amount is in line with the amount assessed by 
another exchange for similar transactions and because it applies to all 
Market-Makers.\15\ Additionally, assessing higher fees for transactions 
in non-Penny Pilot classes is equitable and not unfairly discriminatory 
because in non-Penny Pilot classes the spreads are naturally larger 
than in Penny Pilot classes, and these wider spreads allow for greater 
profit potential.
---------------------------------------------------------------------------

    \15\ See PHLX Pricing Schedule, Section II, Multiply Listed 
Options Fees.
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    Finally, the Exchange believes clarifying its Fees Schedule with 
regards to when a VIX Tier Appointment is necessary (i.e., acting as a 
Market-Maker electronically versus on-floor) maintains clarity in the 
rules and eliminates potential confusion. The alleviation of potential 
confusion will remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, 
protect investors and the public interest.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes will 
impose any burden on competition that are not necessary or appropriate 
in furtherance of the purposes of the Act. The Exchange does not 
believe that the proposed rule change will impose any burden on 
intramarket competition that is not necessary or appropriate in 
furtherance of the purposes of the Act because, while different fees 
and rebates are assessed to different market participants in some 
circumstances, these different market participants have different 
obligations and different circumstances (as described in the 
``Statutory Basis'' section above). For example, Clearing TPHs have 
clearing obligations that other market participants do not have. 
Market-Makers have quoting obligations that other market participants 
do not have. There is a history in the options markets of providing 
preferential treatment to Customers. Further, the Exchange fees and 
rebates, both current and those proposed to be changed, are intended to 
encourage market participants to bring increased volume to the Exchange 
(which benefits all market participants), while still covering Exchange 
costs (including those associated with the upgrading and maintenance of 
Exchange systems).
    The Exchange does not believe that the proposed rule changes will 
impose any burden on intermarket competition that is not necessary or 
appropriate in furtherance of the purposes of the Act because the 
proposed changes are intended to promote competition and better improve 
the Exchange's competitive position and make CBOE a more attractive 
marketplace in order to encourage market participants to bring 
increased volume to the Exchange (while still covering costs as 
necessary). Further, the proposed changes only affect trading on CBOE. 
To the extent that the proposed changes make CBOE a more attractive 
marketplace for market participants at other exchanges, such market 
participants are welcome to become CBOE market participants.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A) of the Act \16\ and paragraph (f) of Rule 19b-4 \17\ 
thereunder. 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 will institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.
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    \16\ 15 U.S.C. 78s(b)(3)(A).
    \17\ 17 CFR 240.19b-4(f).
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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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-CBOE-2015-058 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-2015-058. 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 Web site (http://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

[[Page 38264]]

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 Web site 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 
such filing will also be available for inspection and copying at the 
principal office of the Exchange. All comments received will be posted 
without change; the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-CBOE-2015-058 and should be submitted on or before July 
23, 2015.
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).

Robert W Errett,
Deputy Secretary.
[FR Doc. 2015-16272 Filed 7-1-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                    Federal Register / Vol. 80, No. 127 / Thursday, July 2, 2015 / Notices                                                   38261

                                                      For the Commission, by the Division of                 the most significant aspects of such                  executions against single leg markets, or
                                                    Trading and Markets, pursuant to delegated               statements.                                           stock-option order executions. The
                                                    authority.26                                                                                                   Exchange first proposes to increase the
                                                    Robert W. Errett,                                        A. Self-Regulatory Organization’s
                                                                                                                                                                   amount of the Surcharge from $0.05 per
                                                                                                             Statement of the Purpose of, and
                                                    Deputy Secretary.                                                                                              contract to $0.08 per contract.
                                                                                                             Statutory Basis for, the Proposed Rule
                                                    [FR Doc. 2015–16269 Filed 7–1–15; 8:45 am]                                                                     Additionally, the Exchange proposes to
                                                                                                             Change
                                                    BILLING CODE 8011–01–P                                                                                         eliminate the exclusion of non-customer
                                                                                                             1. Purpose                                            complex order executions in the COA
                                                                                                                The Exchange proposes to make                      and AIM mechanisms from the
                                                    SECURITIES AND EXCHANGE                                  certain changes to its Fees Schedule.3                Surcharge. Specifically, the Exchange
                                                    COMMISSION                                               First, the Exchange proposes to amend                 notes that all complex order auction
                                                                                                             its Volume Incentive Program (‘‘VIP’’).               responses executed in COA and AIM
                                                    [Release No. 34–75314; File No. SR–CBOE–
                                                    2015–058]                                                Under VIP, the Exchange credits each                  will be assessed the Surcharge (i.e.,
                                                                                                             Trading Permit Holder (‘‘TPH’’) the per               initiating orders and AIM Contra orders
                                                    Self-Regulatory Organizations;                           contract amount set forth in the VIP                  will not be assessed the Surcharge). The
                                                    Chicago Board Options Exchange,                          table resulting from each public                      Exchange proposes these changes in
                                                    Incorporated; Notice of Filing and                       customer (‘‘C’’ origin code) order                    order to help offset the increased rebates
                                                    Immediate Effectiveness of a Proposed                    transmitted by that TPH (with certain                 given to complex orders under VIP. In
                                                    Rule Change To Amend the Fees                            exceptions) which is executed                         light of the abovementioned changes,
                                                    Schedule                                                 electronically on the Exchange in all                 the Exchange also proposes to rename
                                                                                                             underlying symbols excluding                          the COB Taker Surcharge to ‘‘Complex
                                                    June 26, 2015.                                                                                                 Taker Fee.’’ Particularly, the surcharge
                                                                                                             Underlying Symbol List A,4 DJX,
                                                       Pursuant to Section 19(b)(1) of the                   MXEA, MXEF, XSP, XSPAM, and mini-                     is no longer limited to COB executions
                                                    Securities Exchange Act of 1934 (the                     options, provided the TPH meets certain               as the Surcharge will now include
                                                    ‘‘Act’’),1 and Rule 19b–4 thereunder,2                   volume thresholds in a month.5 The                    auction responses in COA and AIM. As
                                                    notice is hereby given that on June 9,                   Exchange proposes to increase the VIP                 such, the Exchange believes it is
                                                    2015, Chicago Board Options Exchange,                    credit for complex orders in Tier 2 from              appropriate to rename the Surcharge to
                                                    Incorporated (the ‘‘Exchange’’ or                        $0.16 per contract to $0.21 per contract,             more accurately reflect what
                                                    ‘‘CBOE’’) filed with the Securities and                  in Tier 3 from $0.16 per contract to                  transactions are being charged and
                                                    Exchange Commission (the                                 $0.22 per contract and in Tier 4 from                 avoid potential confusion. Additionally,
                                                    ‘‘Commission’’) the proposed rule                        $0.17 per contract to $0.23 per contract.             the Exchange proposes to change the
                                                    change as described in Items I, II, and                  The purpose of this change is to                      term ‘‘Surcharge’’ to ‘‘Fee’’ to avoid
                                                    III, below, which Items have been                        incentivize the sending of complex                    confusion with other surcharges
                                                    prepared by the Exchange. The                            orders to the Exchange and to adjust the              currently listed in the Fees Schedule.
                                                    Commission is publishing this notice to                  incentive tiers accordingly as                           The Exchange next notes that it
                                                    solicit comments on the proposed rule                    competition requires while maintaining                currently assesses a $0.65 per contract
                                                    change from interested persons.                          an incremental incentive for TPH’s to                 fee for electronic executions by Broker-
                                                                                                             strive for the highest tier level.                    Dealers, non-Trading Permit Holders
                                                    I. Self-Regulatory Organization’s
                                                                                                                The Exchange next proposes to amend                (‘‘non-TPHs’’) Market-Makers,
                                                    Statement of the Terms of Substance of
                                                                                                             the Complex Order Book (‘‘COB’’) Taker                Professionals/Voluntary Professionals
                                                    the Proposed Rule Change
                                                                                                             Surcharge. By way of background, the                  and Joint Back-Offices (‘‘JBOs’’) in non-
                                                      The Exchange proposes to amend its                     COB Taker Surcharge (‘‘Surcharge’’) is a              Penny Pilot equity, ETF, ETN and index
                                                    Fees Schedule. The text of the proposed                  $0.05 per contract per side surcharge for             options (excluding Underlying Symbol
                                                    rule change is available on the                          non-customer complex order executions                 List A) classes. The Exchange proposes
                                                    Exchange’s Web site (http://                             that take liquidity from the COB in all               increasing this transaction fee from
                                                    www.cboe.com/AboutCBOE/                                  underlying classes except Underlying                  $0.65 per contract to $0.75 per contract.
                                                    CBOELegalRegulatoryHome.aspx), at                        Symbol List A and mini-options.                       The Exchange also proposes to increase
                                                    the Exchange’s Office of the Secretary,                  Additionally, the Surcharge is not                    the Marketing Fee for all non-Penny
                                                    and at the Commission’s Public                           assessed on non-customer complex                      Pilot option classes from $0.65 per
                                                    Reference Room.                                          order executions in the Complex Order                 contract to $0.70 per contract. The
                                                    II. Self-Regulatory Organization’s                       Auction (‘‘COA’’), the Automated Aim                  Exchange notes that these increases are
                                                    Statement of the Purpose of, and                         Mechanism (‘‘AIM’’), orders originating               similar to, and in line with, the amounts
                                                    Statutory Basis for, the Proposed Rule                   from a Floor Broker PAR, electronic                   assessed by another exchange for similar
                                                    Change                                                                                                         transactions.6
                                                                                                                3 The Exchange initially filed the proposed fee       Lastly, the Exchange proposes to
                                                      In its filing with the Commission, the                 changes on June 1, 2015 (SR–CBOE–2015–054). On        amend language in the Fees Schedule
                                                    Exchange included statements                             June 9, 2015, the Exchange withdrew that filing and
                                                                                                             submitted this filing.
                                                                                                                                                                   relating to the VIX Tier Appointment
                                                    concerning the purpose of and basis for                     4 The following products are included in           Surcharge. The VIX Tier Appointment is
                                                    the proposed rule change and discussed                   ‘‘Underlying Symbol List A’’: OEX, XEO, RUT, SPX      assessed to any Market-Maker that
                                                    any comments it received on the                          (including SPXw), SPXpm, SRO, VIX, VXST,              either (a) has a VIX Tier Appointment
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    proposed rule change. The text of these                  VOLATILITY INDEXES and binary options.
                                                                                                                5 Excluded from the VIP credit are options in
                                                                                                                                                                   at any time during a calendar month
                                                    statements may be examined at the                        Underlying Symbol List A, DJX, MXEA, MXEF,            and trades at least 100 VIX options
                                                    places specified in Item IV below. The                   XSP, XSPAM, mini-options, QCC trades, public          contracts electronically while that
                                                    Exchange has prepared summaries, set                     customer to public customer electronic complex        appointment is active; or (b) trades at
                                                    forth in sections A, B, and C below, of                  order executions, and executions related to
                                                                                                             contracts that are routed to one or more exchanges
                                                                                                                                                                   least 1,000 VIX options contracts in
                                                                                                             in connection with the Options Order Protection
                                                      26 17 CFR 200.30–3(a)(12).                                                                                     6 See NASDAQ OMX PHLX LLC (‘‘PHLX’’)
                                                                                                             and Locked/Crossed Market Plan referenced in Rule
                                                      1 15 U.S.C. 78s(b)(1).                                 6.80 (see CBOE Fees Schedule, Volume Incentive        Pricing Schedule, Section II, Multiply Listed
                                                      2 17 CFR 240.19b–4.                                    Program).                                             Options Fees.



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                                                    38262                            Federal Register / Vol. 80, No. 127 / Thursday, July 2, 2015 / Notices

                                                    open outcry during a calendar month.                      reasonable because it will allow all                      participants by providing more trading
                                                    Additionally, a description of the VIX                    TPHs transmitting public customer                         opportunities, which attracts Market-
                                                    Tier Appointment Fee in the Fees                          complex orders that reach certain                         Makers. An increase in the activity of
                                                    Schedule provides that ‘‘In order for a                   volume thresholds to receive an                           these market participants in turn
                                                    Market-Maker Trading Permit to be used                    increased credit for doing so. The                        facilitates tighter spreads, which may
                                                    to act as a Market-Maker in VIX, the                      amounts of the credits being proposed                     cause an additional corresponding
                                                    Trading Permit Holder must obtain a                       are also closer to the amounts of credits                 increase in order flow from other market
                                                    VIX Tier Appointment for that Market-                     paid to market participants by another                    participants. By exempting customer
                                                    Maker Trading Permit.’’ The Exchange                      exchange for similar transactions.10                      orders, the Surcharge will not
                                                    seeks to add clarifying language to this                  Additionally, the Exchange notes that                     discourage the sending of customer
                                                    sentence in the Fees Schedule.                            increasing the credit (and providing                      orders, and therefore there should still
                                                    Particularly, the Exchange seeks to                       higher credits for complex orders than                    be plenty of customer orders for other
                                                    clarify that Trading Permit Holders must                  for simple orders) is reasonable,                         market participants to trade with. The
                                                    obtain a VIX Tier Appointment in order                    equitable and not unfairly                                Exchange believes it’s reasonable,
                                                    for a Market-Maker Trading Permit to be                   discriminatory because it is intended to                  equitable and not unfairly
                                                    used to act electronically as a Market-                   incentivize the sending of more                           discriminatory to assess the Surcharge
                                                    Maker in VIX. The Exchange notes that                     complex orders to the Exchange. This                      to complex order auction responses
                                                    Rule 8.3(i) provides that during Regular                  should provide greater liquidity and                      executed in COA and AIM (and not on
                                                    Trading Hours, a Market-Maker has an                      trading opportunities, including for                      initiating orders or AIM contra orders)
                                                    appointment to trade open outcry in all                   market participants who send simple                       because auction responses in COA and
                                                    Hybrid classes traded on the Exchange.                    orders to the Exchange (as simple orders                  AIM, like other non-customer complex
                                                    As VIX is a Hybrid class, a Market-                       can trade with the legs of complex                        order executions that take liquidity from
                                                    Maker does not need an appointment to                     orders). The greater liquidity and                        the COB and are assessed the Surcharge,
                                                    trade open outcry. Accordingly, the                       trading opportunities should benefit not                  remove liquidity from the market and
                                                    Exchange seeks to amend the first                         just public customers (whose orders are                   because the proposed change applies
                                                    sentence of the VIX Tier Appointment                      the only ones that qualify for the VIP)                   uniformly to all TPHs. The Exchange
                                                    description to clarify in the Fees                        but all market participants.                              believes renaming the surcharge from
                                                    Schedule that a VIX Tier Appointment                         The Exchange believes that the                         ‘‘COB Taker Surcharge’’ to ‘‘Complex
                                                    is only necessary for acting as a Market-                 proposed increase to the amount of the                    Taker Fee’’ alleviates potential
                                                    Maker electronically.                                     COB Contra Surcharge from $0.05 per                       confusion as to what transactions the
                                                                                                              contract per side to $0.08 per contract                   surcharge applies to and therefore
                                                    2. Statutory Basis                                        per side is reasonable because the total                  prevents potential confusion, thereby
                                                       The Exchange believes the proposed                     amount assessed to these transactions,                    removing impediments to and
                                                    rule change is consistent with the                        including the Surcharge, is still within                  perfecting the mechanism of a free and
                                                    Securities Exchange Act of 1934 (the                      the range of fees paid by other market                    open market and a national market
                                                    ‘‘Act’’) and the rules and regulations                    participants for similar transactions.11                  system, and, in general, protecting
                                                    thereunder applicable to the Exchange                     Further, other exchanges assess higher                    investors and the public interest.
                                                    and, in particular, the requirements of                   fees for complex orders than for                             Increasing the fee for electronic
                                                    Section 6(b) of the Act.7 Specifically,                   noncomplex ones.12 Applying the                           executions by broker-dealers, non-TPHs,
                                                    the Exchange believes the proposed rule                   Surcharge to all market participants                      Market-Makers, Professionals/Voluntary
                                                    change is consistent with the Section                     except customers is equitable and not                     Professionals and JBOs in non-Penny
                                                    6(b)(5) 8 requirements that the rules of                  unfairly discriminatory because                           Pilot equity, ETF, ETN and Index
                                                    an exchange be designed to prevent                        customer order flow enhances liquidity                    options (excluding Underlying Symbol
                                                    fraudulent and manipulative acts and                      on the Exchange for the benefit of all                    List A) classes is reasonable because the
                                                    practices, to promote just and equitable                  market participants. Specifically,                        proposed fee amount is similar to the
                                                    principles of trade, to foster cooperation                Customer liquidity benefits all market                    amount assessed by another exchange
                                                    and coordination with persons engaged                                                                               for similar transactions.13 The Exchange
                                                    in regulating, clearing, settling,                           10 See International Securities Exchange, LLC          believes that the proposed increase is
                                                    processing information with respect to,                   (‘‘ISE’’) Schedule of Fees, Section II (which lists       also equitable and not unfairly
                                                                                                              complex order fees and rebates). For each public
                                                    and facilitation transactions in                          customer order transmitted by a market participant        discriminatory because the Exchange
                                                    securities, to remove impediments to                      (with certain exceptions) a rebate of between $0.30       will assess broker-dealers, non-TPH
                                                    and perfect the mechanism of a free and                   per contract and $0.46 per contract in Select             Market-Makers, Professionals/Voluntary
                                                                                                              Symbols and between $0.63 per contract and $0.83          Professionals and JBOs the same
                                                    open market and a national market                         per contract is given to that market participant,
                                                    system, and, in general, to protect                       depending on the qualifying thresholds that market        electronic options transaction fees in
                                                    investors and the public interest.                        participant meets.                                        Non-Penny Pilot options classes. The
                                                    Additionally, the Exchange believes the                      11 See e.g., NYSE Arca, Inc. (‘‘Arca’’) Options Fees   Exchange notes that it does not assess
                                                    proposed rule change is consistent with                   Schedule, page 7 (Electronic Complex Order                Customers the electronic options
                                                                                                              Executions) which provides that for complex order-
                                                    Section 6(b)(4) of the Act,9 which                        to-complex order transactions, non-customers are          transaction fees in Non-Penny Pilot
                                                    requires that Exchange rules provide for                  assessed $0.50 in penny pilot options and $0.85 in        options because Customer order flow
                                                    the equitable allocation of reasonable                    non-penny pilot options. Depending upon the type          enhances liquidity on the Exchange for
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                                                                              of market participant a CBOE TPH is, non-customer         the benefit of all market participants, as
                                                    dues, fees, and other charges among its                   CBOE TPHs would be assessed between $0.11 and
                                                    Trading Permit Holders and other                          $0.73 (which includes the proposed COB Contra             discussed above. The Exchange notes
                                                    persons using its facilities.                             Surcharge increase) for such transactions (see CBOE       that Market-Makers are assessed lower
                                                       The Exchange believes that increasing                  Fees Schedule).                                           electronic options transaction fees in
                                                                                                                 12 See ISE Schedule of Fees, Section I (which lists
                                                    the VIP complex order credits is                                                                                    Non-Penny Pilot options as compared to
                                                                                                              regular Maker rebates and fees and Taker fees for
                                                                                                              Select Symbols) as compared to Section II (which          Professionals, JBOs, Broker Dealers and
                                                      7 15 U.S.C. 78f(b).                                     lists complex order fees and rebates for Select
                                                      8 15 U.S.C. 78f(b)(5).                                  Symbols). Market participants are assessed higher          13 See PHLX Pricing Schedule, Section II,
                                                      9 15 U.S.C. 78f(b)(4).                                  fees for executing complex orders.                        Multiply Listed Options Fees.



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                                                                                    Federal Register / Vol. 80, No. 127 / Thursday, July 2, 2015 / Notices                                           38263

                                                    non-Trading Permit Holder Market-                        potential confusion will remove                       C. Self-Regulatory Organization’s
                                                    Makers because they have obligations to                  impediments to and perfect the                        Statement on Comments on the
                                                    the market and regulatory requirements,                  mechanism of a free and open market                   Proposed Rule Change Received From
                                                    which normally do not apply to other                     and a national market system, and, in                 Members, Participants, or Others
                                                    market participants (e.g., obligations to                general, protect investors and the public               The Exchange neither solicited nor
                                                    make continuous markets). Further,                       interest.                                             received comments on the proposed
                                                    Market-Makers will pay a $0.70 per                                                                             rule change.
                                                    contract Marketing Fee for many non-                     B. Self-Regulatory Organization’s
                                                    Penny Pilot transactions, which broker-                  Statement on Burden on Competition                    III. Date of Effectiveness of the
                                                    dealers, non-Trading Permit Holder                                                                             Proposed Rule Change and Timing for
                                                    Market-Makers, Professionals/Voluntary                      The Exchange does not believe that                 Commission Action
                                                    Professionals and JBOs do not pay.14                     the proposed rule changes will impose
                                                                                                                                                                      The foregoing rule change has become
                                                    Clearing Trading Permit Holder                           any burden on competition that are not
                                                                                                                                                                   effective pursuant to Section 19(b)(3)(A)
                                                    Proprietary orders are assessed lower                    necessary or appropriate in furtherance
                                                                                                                                                                   of the Act 16 and paragraph (f) of Rule
                                                    options transaction fees in Non-Penny                    of the purposes of the Act. The                       19b–4 17 thereunder. At any time within
                                                    Pilot options because they also have                     Exchange does not believe that the                    60 days of the filing of the proposed rule
                                                    obligations, which normally do not                       proposed rule change will impose any                  change, the Commission summarily may
                                                    apply to other market participants (e.g.,                burden on intramarket competition that                temporarily suspend such rule change if
                                                    must have higher capital requirements,                   is not necessary or appropriate in                    it appears to the Commission that such
                                                    clear trades for other market                            furtherance of the purposes of the Act                action is necessary or appropriate in the
                                                    participants, must be members of the                     because, while different fees and rebates             public interest, for the protection of
                                                    Options Clearing Corporation).                           are assessed to different market                      investors, or otherwise in furtherance of
                                                    Accordingly, the differentiation between                 participants in some circumstances,                   the purposes of the Act. If the
                                                    electronic transaction fees for                          these different market participants have              Commission takes such action, the
                                                    Customers, Market-Makers, Clearing                       different obligations and different                   Commission will institute proceedings
                                                    Trading Permit Holders and other                         circumstances (as described in the                    to determine whether the proposed rule
                                                    market participants recognizes the                       ‘‘Statutory Basis’’ section above). For               change should be approved or
                                                    differing obligations and contributions                                                                        disapproved.
                                                                                                             example, Clearing TPHs have clearing
                                                    made to the liquidity and trading
                                                    environment on the Exchange by these                     obligations that other market                         IV. Solicitation of Comments
                                                    market participants. Assessing higher                    participants do not have. Market-Makers
                                                                                                             have quoting obligations that other                     Interested persons are invited to
                                                    fees for transactions in electronic, non-                                                                      submit written data, views, and
                                                    Penny Pilot classes is equitable and not                 market participants do not have. There
                                                                                                                                                                   arguments concerning the foregoing,
                                                    unfairly discriminatory because in non-                  is a history in the options markets of
                                                                                                                                                                   including whether the proposed rule
                                                    Penny Pilot classes the spreads are                      providing preferential treatment to                   change is consistent with the Act.
                                                    naturally larger than in Penny Pilot                     Customers. Further, the Exchange fees                 Comments may be submitted by any of
                                                    classes, and these wider spreads allow                   and rebates, both current and those                   the following methods:
                                                    for greater profit potential. Limiting this              proposed to be changed, are intended to
                                                    fee increase to electronic transactions is               encourage market participants to bring                Electronic Comments
                                                    equitable and not unfairly                               increased volume to the Exchange                        • Use the Commission’s Internet
                                                    discriminatory because electronic                        (which benefits all market participants),             comment form (http://www.sec.gov/
                                                    trading requires constant system                         while still covering Exchange costs                   rules/sro.shtml); or
                                                    development and maintenance.                             (including those associated with the                    • Send an email to rule-comments@
                                                       Increasing the Marketing Fee for all                  upgrading and maintenance of Exchange                 sec.gov. Please include File Number SR–
                                                    non-Penny Pilot options classes is                       systems).                                             CBOE–2015–058 on the subject line.
                                                    reasonable, equitable and not unfairly
                                                                                                                The Exchange does not believe that                 Paper Comments
                                                    discriminatory because the proposed fee
                                                    amount is in line with the amount                        the proposed rule changes will impose                   • Send paper comments in triplicate
                                                    assessed by another exchange for similar                 any burden on intermarket competition                 to Secretary, Securities and Exchange
                                                    transactions and because it applies to all               that is not necessary or appropriate in               Commission, 100 F Street, NE.,
                                                    Market-Makers.15 Additionally,                           furtherance of the purposes of the Act                Washington, DC 20549–1090.
                                                    assessing higher fees for transactions in                because the proposed changes are                        All submissions should refer to File
                                                    non-Penny Pilot classes is equitable and                 intended to promote competition and                   Number SR–CBOE–2015–058. This file
                                                    not unfairly discriminatory because in                   better improve the Exchange’s                         number should be included on the
                                                    non-Penny Pilot classes the spreads are                  competitive position and make CBOE a                  subject line if email is used. To help the
                                                    naturally larger than in Penny Pilot                     more attractive marketplace in order to               Commission process and review your
                                                    classes, and these wider spreads allow                   encourage market participants to bring                comments more efficiently, please use
                                                    for greater profit potential.                            increased volume to the Exchange                      only one method. The Commission will
                                                       Finally, the Exchange believes                        (while still covering costs as necessary).            post all comments on the Commission’s
                                                    clarifying its Fees Schedule with regards                Further, the proposed changes only                    Internet Web site (http://www.sec.gov/
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    to when a VIX Tier Appointment is                        affect trading on CBOE. To the extent                 rules/sro.shtml). Copies of the
                                                    necessary (i.e., acting as a Market-Maker                                                                      submission, all subsequent
                                                                                                             that the proposed changes make CBOE
                                                    electronically versus on-floor) maintains                                                                      amendments, all written statements
                                                                                                             a more attractive marketplace for market
                                                    clarity in the rules and eliminates                                                                            with respect to the proposed rule
                                                                                                             participants at other exchanges, such
                                                    potential confusion. The alleviation of                                                                        change that are filed with the
                                                                                                             market participants are welcome to                    Commission, and all written
                                                      14 See
                                                                                                             become CBOE market participants.
                                                            CBOE Fees Schedule, Marketing Fee.
                                                      15 See                                                                                                         16 15   U.S.C. 78s(b)(3)(A).
                                                            PHLX Pricing Schedule, Section II,
                                                    Multiply Listed Options Fees.                                                                                    17 17   CFR 240.19b–4(f).



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                                                    38264                             Federal Register / Vol. 80, No. 127 / Thursday, July 2, 2015 / Notices

                                                    communications relating to the                             broker, or dealer to effect any                         Dated: June 29, 2015.
                                                    proposed rule change between the                           transaction in any security (other than               Robert W. Errett,
                                                    Commission and any person, other than                      an exempted security) on a national                   Deputy Secretary.
                                                    those that may be withheld from the                        securities exchange unless such security              [FR Doc. 2015–16407 Filed 7–1–15; 8:45 am]
                                                    public in accordance with the                              has been registered under the Exchange                BILLING CODE 8011–01–P
                                                    provisions of 5 U.S.C. 552, will be                        Act (15 U.S.C. 78a et seq.). Exchange
                                                    available for Web site viewing and                         Act Section 12(b) establishes the
                                                    printing in the Commission’s Public                        registration procedures. Exchange Act
                                                    Reference Room, 100 F Street, NE.,                         Section 12(g) requires an issuer that is              DEPARTMENT OF STATE
                                                    Washington, DC 20549, on official                          not a bank or bank holding company to
                                                    business days between the hours of                         register a class of equity securities (other
                                                    10:00 a.m. and 3:00 p.m. Copies of such                                                                          [Public Notice: 9180]
                                                                                                               than exempted securities) within 120
                                                    filing will also be available for
                                                                                                               days after its fiscal year end if, on the             Culturally Significant Objects Imported
                                                    inspection and copying at the principal
                                                                                                               last day of its fiscal year, the issuer has           for Exhibition Determinations: ‘‘Making
                                                    office of the Exchange. All comments
                                                    received will be posted without change;                    total assets of more than $10 million                 Place: The Architecture of David
                                                    the Commission does not edit personal                      and the class of equity securities is                 Adjaye’’ Exhibition
                                                    identifying information from                               ‘‘held of record’’ by either (i) 2,000
                                                    submissions. You should submit only                        persons, or (ii) 500 persons who are not              SUMMARY:    Notice is hereby given of the
                                                    information that you wish to make                          accredited investors. An issuer that is a             following determinations: Pursuant to
                                                    available publicly. All submissions                        bank or a bank holding company, must                  the authority vested in me by the Act of
                                                    should refer to File Number SR–CBOE–                       register a class of equity securities (other          October 19, 1965 (79 Stat. 985; 22 U.S.C.
                                                    2015–058 and should be submitted on                        than exempted securities) within 120                  2459), E. O. 12047 of March 27, 1978,
                                                    or before July 23, 2015.                                   days after the last day of its first fiscal           the Foreign Affairs Reform and
                                                    For the Commission, by the Division of                     year ended after the effective date of the            Restructuring Act of 1998 (112 Stat.
                                                    Trading and Markets, pursuant to                           JOBS Act if, on the last day of its fiscal            2681, et seq.; 22 U.S.C. 6501 note, et
                                                    delegated authority.18                                     year, the issuer has total assets of more             seq.), Delegation of Authority No. 234 of
                                                                                                               than $10 million and the class of equity              October 1, 1999, Delegation of Authority
                                                    Robert W Errett,                                                                                                 No. 236–3 of August 28, 2000 (and, as
                                                                                                               securities is ‘‘held of record’’ by 2,000
                                                    Deputy Secretary.                                                                                                appropriate, Delegation of Authority No.
                                                                                                               or more persons. Form 8–A takes
                                                    [FR Doc. 2015–16272 Filed 7–1–15; 8:45 am]                                                                       257 of April 15, 2003), I hereby
                                                                                                               approximately 3 hours to prepare and is
                                                    BILLING CODE 8011–01–P                                                                                           determine that the objects to be
                                                                                                               filed by approximately 951 respondents
                                                                                                                                                                     included in the exhibition ‘‘Making
                                                                                                               for a total annual reporting burden of
                                                                                                                                                                     Place: The Architecture of David
                                                    SECURITIES AND EXCHANGE                                    2,853 hours (3 hours per response x 951
                                                                                                                                                                     Adjaye,’’ imported from abroad for
                                                    COMMISSION                                                 responses).                                           temporary exhibition within the United
                                                                                                                  Written comments are invited on: (a)               States, are of cultural significance. The
                                                    Proposed Collection; Comment                               Whether this collection of information                objects are imported pursuant to loan
                                                    Request                                                    is necessary for the proper performance               agreements with the foreign owners or
                                                    Upon Written Request Copies Available                      of the functions of the agency, including             custodians. I also determine that the
                                                     From: Securities and Exchange                             whether the information will have                     exhibition or display of the exhibit
                                                     Commission, Office of FOIA Services,                      practical utility; (b) the accuracy of the            objects at The Art Institute of Chicago,
                                                     100 F Street NE., Washington, DC                          agency’s estimate of the burden imposed               Chicago, Illinois, from on or about
                                                     20549–2736.                                               by the collection of information; (c)                 September 19, 2015, until on or about
                                                    Extension:                                                 ways to enhance the quality, utility, and             January 3, 2016, and at possible
                                                      Form 8–A, OMB Control No. 3235–0056,                     clarity of the information collected; and             additional exhibitions or venues yet to
                                                        SEC File No. 270–54.                                   (d) ways to minimize the burden of the                be determined, is in the national
                                                                                                               collection of information on                          interest. I have ordered that Public
                                                       Notice is hereby given that, pursuant
                                                                                                               respondents, including through the use                Notice of these Determinations be
                                                    to the Paperwork Reduction Act of 1995
                                                                                                               of automated collection techniques or                 published in the Federal Register.
                                                    (44 U.S.C. 3501 et seq.), the Securities
                                                    and Exchange Commission                                    other forms of information technology.                FOR FURTHER INFORMATION CONTACT:     For
                                                    (‘‘Commission’’) is soliciting comments                    Consideration will be given to                        further information, including a list of
                                                    on the collection of information                           comments and suggestions submitted in                 the imported objects, contact the Office
                                                    summarized below. The Commission                           writing within 60 days of this                        of Public Diplomacy and Public Affairs
                                                    plans to submit this existing collection                   publication.                                          in the Office of the Legal Adviser, U.S.
                                                    of information to the Office of                               An agency may not conduct or                       Department of State (telephone: 202–
                                                    Management and Budget for extension                        sponsor, and a person is not required to              632–6471; email: section2459@
                                                    and approval.                                              respond to, a collection of information               state.gov). The mailing address is U.S.
                                                       Form 8–A (17 CFR 249.208a) is a                         unless it displays a currently valid                  Department of State, L/PD, SA–5, Suite
                                                    registration statement used to register a
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                                                                               control number.                                       5H03, Washington, DC 20522–0505.
                                                    class of securities under Section 12(b) or
                                                                                                                  Please direct your written comment to                 Dated: June 22, 2015.
                                                    Section 12(g) of the Securities Exchange
                                                    Act of 1934 (15 U.S.C. 78l(b) and 78l(g))                  Pamela C. Dyson, Director/Chief                       Kelly Keiderling,
                                                    (‘‘Exchange Act’’). Section 12(a) (15                      Information Officer, Securities and                   Principal Deputy Assistant Secretary, Bureau
                                                    U.S.C. 78l(a)) of the Exchange Act                         Exchange Commission, c/o Remi Pavlik-                 of Educational and Cultural Affairs,
                                                    makes it unlawful for any member,                          Simon, 100 F Street NE., Washington,                  Department of State.
                                                                                                               DC 20549 or send an email to: PRA_                    [FR Doc. 2015–16357 Filed 7–1–15; 8:45 am]
                                                      18 17   CFR 200.30–3(a)(12).                             Mailbox@sec.gov.                                      BILLING CODE 4710–05–P




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Document Created: 2015-12-15 13:14:59
Document Modified: 2015-12-15 13:14:59
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 38261 

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