80 FR 43548 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to AIM and FLEX AIM
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 140 (July 22, 2015)
Federal Register Volume 80, Issue 140 (July 22, 2015)
| Page Range | 43548-43550 | |
| FR Document | 2015-17889 |
[Federal Register Volume 80, Number 140 (Wednesday, July 22, 2015)] [Notices] [Pages 43548-43550] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-17889] [[Page 43548]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75476; File No. SR-CBOE-2015-068] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to AIM and FLEX AIM July 16, 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 July 14, 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 and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule changes propose to amend the Exchange's rules related to its Automated Improvement Mechanism (``AIM'') and its Automated Improvement Mechanism (``AIM'') for Flexible Exchange Options (``FLEX Options'').\5\ The text of the proposed rule change is provided below. --------------------------------------------------------------------------- \5\ FLEX Options provide investors with the ability to customize basic option features including size, expiration date, exercise style, and certain exercise prices. The rules governing the trading of FLEX Options on the FLEX Request for Quote (RFQ) System platform are contained in Chapter XXIVA. The rules governing the trading of FLEX Options on the FLEX Hybrid Trading System platform are contained in Chapter XXIVB. --------------------------------------------------------------------------- (additions are italicized; deletions are [bracketed]) * * * * * Chicago Board Options Exchange, Incorporated Rules * * * * * Rule 6.74A Automated Improvement Mechanism (``AIM'') Notwithstanding the provisions of Rule 6.74, a Trading Permit Holder that represents agency orders may electronically execute an order it represents as agent (``Agency Order'') against principal interest or against a solicited order provided it submits the Agency Order for electronic execution into the AIM auction (``Auction'') pursuant to this Rule. (a)-(b) No change. . . . Interpretations and Policies: .01-.02 No change. .03 Initially, and for at least a Pilot Period expiring on July 18, 201[5]6, there will be no minimum size requirement for orders to be eligible for the Auction. During this Pilot Period, the Exchange will submit certain data, periodically as required by the Commission, to provide supporting evidence that, among other things, there is meaningful competition for all size orders and that there is an active and liquid market functioning on the Exchange outside of the Auction mechanism. Any raw data which is submitted to the Commission will be provided on a confidential basis. .04-.05 No change. .06 Subparagraph (b)(2)(E) of this rule will be effective for a Pilot Period until July 18, 201[5]6. During the Pilot Period, the Exchange will submit certain data, periodically as required by the Commission, relating to the frequency with which early termination of the Auction occurs pursuant to this provision as well as any other provision, and also the frequency with which early termination pursuant to this provision results in favorable pricing for the Agency Order. Any raw data which is submitted to the Commission will be provided on a confidential basis. .07-.08 No change. * * * * * Rule 24B.5A. FLEX Automated Improvement Mechanism Notwithstanding the provisions of Rule 24B.5, a FLEX Trader that represents agency orders may electronically execute an order it represents as agent (``Agency Order'') against principal interest and/ or against solicited orders provided it submits the Agency Order for execution into the automated improvement mechanism auction (``AIM Action'') pursuant to this Rule. (a)-(b) No change. This rule supersedes Exchange Rule 6.74A. . . . Interpretations and Policies: .01-.02 No change. .03 Initially, and for at least a Pilot Period expiring on July 18, 201[5]6, there will be no minimum size requirement for orders to be eligible for the AIM Auction. During this Pilot Period, the Exchange will submit certain data, periodically as required by the Commission, to provide supporting evidence that, among other things, there is meaningful competition for all size orders and that there is an active and liquid market functioning on the Exchange outside of the AIM Auction. Any raw data which is submitted to the Commission will be provided on a confidential basis. .04-.07 No change. * * * * * The text of the proposed rule change is also 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 In February 2006, CBOE obtained approval from the Securities and Exchange Commission (the ``Commission'') to adopt the AIM auction process.\6\ AIM exposes certain orders electronically to an auction process to provide these orders with the opportunity to receive an execution at an improved price. The AIM auction is available only for orders that a Trading Permit Holder represents as agent (``Agency Order'') and for which a second order of the same size as the Agency Order (and on the opposite side of the market) is also submitted (effectively stopping the Agency Order at a given price). --------------------------------------------------------------------------- \6\ See Securities Exchange Release No. 53222 (February 3, 2006), 71 FR 7089 (February 10, 2006) (SR-CBOE-2005-60). --------------------------------------------------------------------------- The Commission approved two components of AIM on a pilot basis: (1) That there is no minimum size requirement for orders to be eligible for the auction; and (2) that the auction will conclude prematurely anytime there is a quote lock on the Exchange pursuant to [[Page 43549]] Rule 6.45A(d).\7\ In connection with the pilot programs, the Exchange has submitted to the Commission reports providing detailed AIM auction and order execution data. The Exchange will provide the Commission six months of additional AIM auction and order execution data for the period of January 1, 2015 to June 30, 2015 no later than January 18, 2016. The raw data provided will be submitted on a confidential basis. In addition, the Exchange will submit tables summarizing AIM price improvement statistics for each month of the January 1, 2015 to June 30, 2015 period. The summary tables will be made available to the public. Finally, the Exchange will submit data, for the period of January 1, 2015 to June 30, 2015, to the Commission with respect to situations in which the AIM is terminated prematurely and an analysis of the impact of unrelated orders on early auction terminations. The impact analysis will be made available to the public. --------------------------------------------------------------------------- \7\ A quote lock occurs when a CBOE Market-Maker's quote interacts with the quote of another CBOE Market-Maker (i.e. when internal quotes lock). --------------------------------------------------------------------------- Nine one-year extensions to the pilot programs have previously become effective.\8\ The proposed rule change merely extends the duration of the pilot programs until July 18, 2016. Extending the pilots for an additional year will allow the Commission more time to consider the impact of the pilot programs on AIM order executions. --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release Nos. 54147 (July 14, 2006), 71 FR 41487 (July 21, 2006) (SR-CBOE-2006-64); 56094 (July 18, 2007), 72 FR 40910 (July 25, 2007) (SR-CBOE-2007-80); 58196 (July 18, 2008), 73 FR 43803 (July 28, 2008) (SR-CBOE-2008-76) (in this filing, the Exchange agreed to provide to the Commission additional information relating to the AIM auctions each month in order to aid the Commission in its evaluation of the pilot program, which the Exchange will continue to do); 60338 (July 17, 2009), 74 FR 36803 (July 24, 2009) (SR-CBOE-2009-051); 62522 (July 16, 2010), 75 FR 43596 (July 26, 2010) (SR-CBOE-2010-067); 64930 (July 20, 2011), 76 FR 44636 (July 26, 2011) (SR-CBOE-2011-066); 67302 (June 28, 2012), 77 FR 39779 (July 5, 2012) (SR-CBOE-2012-061); 69867 (June 27, 2013), 78 FR 40230 (July 3, 2013) (SR-CBOE-2013-066); and 72570 (July 9, 2014), 79 FR 41337 (July 15, 2014) (SR-CBOE-2014- 054). --------------------------------------------------------------------------- Additionally, in March 2012, CBOE obtained approval from the Commission to adopt the AIM auction process for FLEX Options.\9\ AIM for FLEX Options exposes certain FLEX Options orders electronically to an auction process to provide these orders with the opportunity to receive an execution at an improved price. The FLEX AIM auction is available only for Agency Orders and for which a second order of the same size as the Agency Order (and on the opposite side of the market) is also submitted (effectively stopping the Agency Order at a given price). --------------------------------------------------------------------------- \9\ See Securities Exchange Release No. 66702 (March 30, 2012), 77 FR 20675 (April 5, 2012) (SR-CBOE-2011-123). --------------------------------------------------------------------------- The Commission approved on a pilot basis the component of AIM for FLEX Options that there is no minimum size requirement for orders to be eligible for the auction.\10\ In connection with the pilot program, the Exchange has submitted to the Commission reports providing detailed FLEX AIM auction and order execution data. The Exchange will provide the Commission six months of additional FLEX AIM auction and order execution data for the period of January 1, 2015 to June 30, 2015 no later than January 18, 2016. The raw data provided will be submitted on a confidential basis. In addition, the Exchange will submit tables summarizing FLEX AIM price improvement statistics for each month of the January 1, 2015 to June 30, 2015 period. The summary tables will be made available to the public. Three one-year extensions to the pilot program have previously become effective.\11\ The proposed rule change merely extends the duration of the pilot program until July 18, 2016. Extending the pilot for an additional year will allow the Commission more time to consider the impact of the pilot program on AIM order executions for FLEX Options. --------------------------------------------------------------------------- \10\ The pilot for the FLEX AIM auction process was modeled after the pilot for non-FLEX Options described above, and included an initial expiration date of July 18, 2012 so that the FLEX pilot would coincide with the existing non-FLEX pilot. \11\ See Securities Exchange Act Release No. 67302 (June 28, 2012), 77 FR 39779 (July 5, 2012) (SR-CBOE-2012-061); 69938 (July 5, 2013), 78 FR 41481 (July 10, 2013) (SR-CBOE-2013-069); and 72570 (July 9, 2014), 79 FR 41337 (July 15, 2014) (SR-CBOE-2014-054). --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). \14\ Id. --------------------------------------------------------------------------- In particular, the proposed rule change protects investors and the public interest by allowing for an extension of the AIM and FLEX AIM pilot programs, and thus allowing additional time for the Commission to evaluate the pilot programs. The pilot programs will continue to allow (1) smaller non-FLEX option and FLEX Option orders to receive the opportunity for price improvement pursuant to the AIM auction, and (2) with respect to non-FLEX options, Agency Orders in AIM auctions that are concluded early because of quote lock on the Exchange to receive the benefit of the lock price. The additional data provided will help the Commission determine if there is evidence of meaningful competition for all size orders, significant price improvement for orders going through the AIM and FLEX AIM and an active and liquid market functioning on the Exchange outside of the AIM and FLEX AIM auctions. B. Self-Regulatory Organization's Statement on Burden on Competition CBOE does not believe that the proposed rule changes will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange does not believe the proposed rule changes impose any burden on intramarket competition because it applies to all Trading Permit Holders. All Trading Permit Holders that submit orders into an AIM or FLEX AIM auction are still subject to the same requirements. In addition, the Exchange does not believe the proposed rule changes will impose any burden on intermarket competition, as they merely extend the duration of an existing pilot programs, which are available to all market participants through Trading Permit Holders. AIM and FLEX AIM will continue to function in the same manner as they currently function for an extended period of time. [[Page 43550]] 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \15\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\18\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requested that the Commission waive the 30-day operative delay. The Exchange noted that waiver of the 30-day operative delay will allow the Exchange to extend the pilot programs prior to their expiration on July 18, 2015. In addition, the Exchange believes that waiver of the operative delay is also consistent with the protection of investors and the public interest because it will allow for the least amount of market disruption, as the pilot programs will continue as they currently do, maintaining the status quo. --------------------------------------------------------------------------- \17\ 17 CFR 240.19b-4(f)(6). \18\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the pilot programs to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot programs. Therefore, the Commission designates the proposed rule change to be operative on July 18, 2015.\19\ --------------------------------------------------------------------------- \19\ For purposes only of waiving the operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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. 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 CommentsUse 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-2015-068 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-2015-068. 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 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 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; 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-2015-068 and should be submitted on or before August 12, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-17889 Filed 7-21-15; 8:45 am] BILLING CODE 8011-01-P
![43548 Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices
SECURITIES AND EXCHANGE represents as agent (‘‘Agency Order’’) Commission, to provide supporting
COMMISSION against principal interest or against a evidence that, among other things, there
solicited order provided it submits the is meaningful competition for all size
[Release No. 34–75476; File No. SR–CBOE–
Agency Order for electronic execution orders and that there is an active and
2015–068]
into the AIM auction (‘‘Auction’’) liquid market functioning on the
Self-Regulatory Organizations; pursuant to this Rule. Exchange outside of the AIM Auction.
Chicago Board Options Exchange, (a)–(b) No change. Any raw data which is submitted to the
Incorporated; Notice of Filing and . . . Interpretations and Policies: Commission will be provided on a
Immediate Effectiveness of a Proposed .01–.02 No change. confidential basis.
Rule Change Relating to AIM and FLEX .03 Initially, and for at least a Pilot .04–.07 No change.
AIM Period expiring on July 18, 201[5]6, * * * * *
there will be no minimum size The text of the proposed rule change
July 16, 2015. requirement for orders to be eligible for is also available on the Exchange’s Web
Pursuant to Section 19(b)(1) of the the Auction. During this Pilot Period, site (http://www.cboe.com/AboutCBOE/
Securities Exchange Act of 1934 (the the Exchange will submit certain data, CBOELegalRegulatoryHome.aspx), at
‘‘Act’’),1 and Rule 19b–4 thereunder,2 periodically as required by the the Exchange’s Office of the Secretary,
notice is hereby given that on July 14, Commission, to provide supporting and at the Commission’s Public
2015, Chicago Board Options Exchange, evidence that, among other things, there Reference Room.
Incorporated (the ‘‘Exchange’’ or is meaningful competition for all size II. Self-Regulatory Organization’s
‘‘CBOE’’) filed with the Securities and orders and that there is an active and Statement of the Purpose of, and
Exchange Commission (the liquid market functioning on the Statutory Basis for, the Proposed Rule
‘‘Commission’’) the proposed rule Exchange outside of the Auction Change
change as described in Items I and II mechanism. Any raw data which is
below, which Items have been prepared submitted to the Commission will be In its filing with the Commission, the
by the Exchange. The Exchange filed the provided on a confidential basis. Exchange included statements
proposal as a ‘‘non-controversial’’ .04–.05 No change. concerning the purpose of and basis for
proposed rule change pursuant to .06 Subparagraph (b)(2)(E) of this rule the proposed rule change and discussed
Section 19(b)(3)(A)(iii) of the Act 3 and will be effective for a Pilot Period until any comments it received on the
Rule 19b–4(f)(6) thereunder.4 The July 18, 201[5]6. During the Pilot Period, proposed rule change. The text of these
Commission is publishing this notice to the Exchange will submit certain data, statements may be examined at the
solicit comments on the proposed rule periodically as required by the places specified in Item IV below. The
change from interested persons. Commission, relating to the frequency Exchange has prepared summaries, set
with which early termination of the forth in sections A, B, and C below, of
I. Self-Regulatory Organization’s the most significant aspects of such
Auction occurs pursuant to this
Statement of the Terms of Substance of statements.
provision as well as any other provision,
the Proposed Rule Change
and also the frequency with which early A. Self-Regulatory Organization’s
The proposed rule changes propose to termination pursuant to this provision Statement of the Purpose of, and
amend the Exchange’s rules related to results in favorable pricing for the Statutory Basis for, the Proposed Rule
its Automated Improvement Mechanism Agency Order. Any raw data which is Change
(‘‘AIM’’) and its Automated submitted to the Commission will be
Improvement Mechanism (‘‘AIM’’) for 1. Purpose
provided on a confidential basis.
Flexible Exchange Options (‘‘FLEX .07–.08 No change. In February 2006, CBOE obtained
Options’’).5 The text of the proposed * * * * * approval from the Securities and
rule change is provided below. Rule 24B.5A. FLEX Automated Exchange Commission (the
(additions are italicized; deletions are Improvement Mechanism ‘‘Commission’’) to adopt the AIM
[bracketed]) auction process.6 AIM exposes certain
Notwithstanding the provisions of
* * * * * orders electronically to an auction
Rule 24B.5, a FLEX Trader that
Chicago Board Options Exchange, process to provide these orders with the
represents agency orders may
Incorporated Rules opportunity to receive an execution at
electronically execute an order it
an improved price. The AIM auction is
* * * * * represents as agent (‘‘Agency Order’’)
available only for orders that a Trading
Rule 6.74A Automated Improvement against principal interest and/or against
Permit Holder represents as agent
Mechanism (‘‘AIM’’) solicited orders provided it submits the
(‘‘Agency Order’’) and for which a
Notwithstanding the provisions of Agency Order for execution into the
second order of the same size as the
Rule 6.74, a Trading Permit Holder that automated improvement mechanism
Agency Order (and on the opposite side
represents agency orders may auction (‘‘AIM Action’’) pursuant to this
of the market) is also submitted
electronically execute an order it Rule.
(effectively stopping the Agency Order
(a)–(b) No change.
at a given price).
1 15 U.S.C. 78s(b)(1). This rule supersedes Exchange Rule
The Commission approved two
2 17 CFR 240.19b–4. 6.74A.
3 15 U.S.C. 78s(b)(3)(A)(iii). components of AIM on a pilot basis: (1)
. . . Interpretations and Policies:
4 17 CFR 240.19b–4(f)(6). That there is no minimum size
.01–.02 No change.
5 FLEX Options provide investors with the ability requirement for orders to be eligible for
tkelley on DSK3SPTVN1PROD with NOTICES
.03 Initially, and for at least a Pilot
to customize basic option features including size, the auction; and (2) that the auction will
expiration date, exercise style, and certain exercise Period expiring on July 18, 201[5]6,
conclude prematurely anytime there is a
prices. The rules governing the trading of FLEX there will be no minimum size
Options on the FLEX Request for Quote (RFQ) quote lock on the Exchange pursuant to
requirement for orders to be eligible for
System platform are contained in Chapter XXIVA.
The rules governing the trading of FLEX Options on
the AIM Auction. During this Pilot 6 See Securities Exchange Release No. 53222
the FLEX Hybrid Trading System platform are Period, the Exchange will submit certain (February 3, 2006), 71 FR 7089 (February 10, 2006)
contained in Chapter XXIVB. data, periodically as required by the (SR–CBOE–2005–60).
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![43550 Federal Register / Vol. 80, No. 140 / Wednesday, July 22, 2015 / Notices
C. Self-Regulatory Organization’s designates the proposed rule change to received will be posted without change;
Statement on Comments on the be operative on July 18, 2015.19 the Commission does not edit personal
Proposed Rule Change Received From At any time within 60 days of the identifying information from
Members, Participants, or Others filing of the proposed rule change, the submissions. You should submit only
Commission summarily may information that you wish to make
The Exchange neither solicited nor temporarily suspend such rule change if available publicly. All submissions
received comments on the proposed it appears to the Commission that such should refer to File Number SR–CBOE–
rule change. action is necessary or appropriate in the 2015–068 and should be submitted on
III. Date of Effectiveness of the public interest, for the protection of or before August 12, 2015.
Proposed Rule Change and Timing for investors, or otherwise in furtherance of For the Commission, by the Division of
Commission Action the purposes of the Act. Trading and Markets, pursuant to delegated
IV. Solicitation of Comments authority.20
Because the foregoing proposed rule
Robert W. Errett,
change does not: (i) Significantly affect Interested persons are invited to
the protection of investors or the public Deputy Secretary.
submit written data, views, and
interest; (ii) impose any significant [FR Doc. 2015–17889 Filed 7–21–15; 8:45 am]
arguments concerning the foregoing,
burden on competition; and (iii) become including whether the proposed rule BILLING CODE 8011–01–P
operative for 30 days from the date on change is consistent with the Act.
which it was filed, or such shorter time Comments may be submitted by any of
as the Commission may designate, it has the following methods: DEPARTMENT OF TRANSPORTATION
become effective pursuant to Section
19(b)(3)(A) of the Act 15 and Electronic Comments Federal Aviation Administration
subparagraph (f)(6) of Rule 19b–4 • Use the Commission’s Internet Notice of Intent To Rule on the Change
thereunder.16 comment form (http://www.sec.gov/ of Use of Aeronautical Property at
A proposed rule change filed under rules/sro.shtml); or Coastal Carolina Regional Airport, New
Rule 19b–4(f)(6) 17 normally does not • Send an email to rule-comments@ Bern, NC
become operative for 30 days after the sec.gov. Please include File Number SR–
date of filing. However, pursuant to CBOE–2015–068 on the subject line. AGENCY: Federal Aviation
Rule 19b–4(f)(6)(iii),18 the Commission Administration (FAA), DOT.
Paper Comments
may designate a shorter time if such ACTION: Request for public comment.
action is consistent with the protection • Send paper comments in triplicate
of investors and the public interest. The to Secretary, Securities and Exchange SUMMARY: The Federal Aviation
Exchange requested that the Commission, 100 F Street NE., Administration is requesting public
Commission waive the 30-day operative Washington, DC 20549–1090. comment on a request by the Coastal
delay. The Exchange noted that waiver All submissions should refer to File Carolina Regional Airport to change the
of the 30-day operative delay will allow Number SR–CBOE–2015–068. This file use of a portion of airport property at
the Exchange to extend the pilot number should be included on the the Coastal Carolina Regional Airport.
programs prior to their expiration on subject line if email is used. To help the The request consists of approximately
July 18, 2015. In addition, the Exchange Commission process and review your 11.7 acres for use as a future non-
believes that waiver of the operative comments more efficiently, please use aeronautical development area. This
delay is also consistent with the only one method. The Commission will action is taken under the provisions of
protection of investors and the public post all comments on the Commission’s Section 125 of the Wendell H. Ford
interest because it will allow for the Internet Web site (http://www.sec.gov/ Aviation Investment Reform Act for the
least amount of market disruption, as rules/sro.shtml). Copies of the 21st Century (AIR 21).
the pilot programs will continue as they submission, all subsequent DATES: Comments must be received on
currently do, maintaining the status amendments, all written statements or before August 21, 2015.
quo. with respect to the proposed rule ADDRESSES: Documents are available for
The Commission believes that change that are filed with the review at the Coastal Carolina Regional
waiving the 30-day operative delay is Commission, and all written Airport, 200 Terminal Drive, New Bern,
consistent with the protection of communications relating to the NC 28564; and the FAA Memphis
investors and the public interest, as it proposed rule change between the Airports District Office, 2600 Thousand
will allow the pilot programs to Commission and any person, other than Oaks Boulevard, Suite 2250, Memphis,
continue uninterrupted, thereby those that may be withheld from the TN 38118–2482. Written comments on
avoiding any potential investor public in accordance with the the Sponsor’s request must be delivered
confusion that could result from a provisions of 5 U.S.C. 552, will be or mailed to: Mr. Phillip J. Braden,
temporary interruption in the pilot available for Web site viewing and Manager, Memphis Airports District
programs. Therefore, the Commission printing in the Commission’s Public Office, 2600 Thousand Oaks Boulevard,
Reference Room, 100 F Street NE., Suite 2250, Memphis, TN 38118–2482.
15 15 U.S.C. 78s(b)(3)(A). Washington, DC 20549 on official In addition, a copy of any comments
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– business days between the hours of submitted to the FAA must be mailed or
4(f)(6) requires the Exchange to give the 10:00 a.m. and 3:00 p.m. Copies of the delivered to Mr. Tom Braaten, Airport
Commission written notice of the Exchange’s intent filing also will be available for
tkelley on DSK3SPTVN1PROD with NOTICES
to file the proposed rule change along with a brief Director, Coastal Carolina Regional
description and text of the proposed rule change, inspection and copying at the principal Airport Authority, 200 Terminal Drive,
at least five business days prior to the date of filing office of the Exchange. All comments P.O. Box 3258, New Bern, NC 28564.
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange 19 For purposes only of waiving the operative
FOR FURTHER INFORMATION CONTACT: Mr.
has satisfied this requirement. delay, the Commission has considered the proposed Michael L. Thompson, Program
17 17 CFR 240.19b–4(f)(6).
rule’s impact on efficiency, competition, and capital
18 17 CFR 240.19b–4(f)(6)(iii). formation. See 15 U.S.C. 78c(f). 20 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 19:59 Jul 21, 2015 Jkt 235001 PO 00000 Frm 00165 Fmt 4703 Sfmt 4703 E:\FR\FM\22JYN1.SGM 22JYN1](https://thefederalregister.org/doc/80_FR_43688/page/3.svg)
Document Created: 2015-12-15 12:54:47
Document Modified: 2015-12-15 12:54:47
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 43548 |
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