80 FR 55887 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 180 (September 17, 2015)
Federal Register Volume 80, Issue 180 (September 17, 2015)
| Page Range | 55887-55888 | |
| FR Document | 2015-23287 |
[Federal Register Volume 80, Number 180 (Thursday, September 17, 2015)] [Notices] [Pages 55887-55888] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-23287] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75903; File No. SR-C2-2015-023] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fees Schedule September 11, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that, on September 1, 2015 C2 Options Exchange, Incorporated (the ``Exchange'' or ``C2'') filed with the Securities and Exchange Commission (``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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- 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.c2exchange.com/Legal/), at the Exchange's Office of the Secretary, and [[Page 55888]] 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 amend its Fees Schedule. Specifically, the Exchange proposes to increase the Linkage Routing fee from $0.65 per contract to $0.70 per contract in addition to the applicable C2 taker fee. The Linkage Routing fee is assessed to all orders routed pursuant to the Options Order Protection and Locked/Crossed Market Plan. The purpose of the proposed change is to help offset the costs associated with routing orders through Linkage and paying the transaction fees for such executions at other exchanges. 2. Statutory Basis In particular, the Exchange's proposal to increase the Linkage Routing fee from $0.65 per contract to $0.70 per contract is reasonable because such increase will help offset the costs associated with routing orders through Linkage and paying the transaction fees for such executions at other exchanges. The Exchange believes the proposed increase is equitable and not unfairly discriminatory because it will apply to all orders routed via Linkage. B. Self-Regulatory Organization's Statement on Burden on Competition C2 does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In particular, the increase to the Linkage Routing Fee will apply equally to all orders routed via linkage and will help offset costs associated with routing orders via linkage. The Exchange does not believe that the proposed change to the Linkage Routing fee will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because it only applies to trading on the Exchange [sic] and orders sent from the Exchange to other exchanges via Linkage. Should the proposed change make C2 a more attractive trading venue for market participants at other exchanges, such market participants may elect to become market participants at C2. 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 \3\ and paragraph (f) of Rule 19b-4 \4\ 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. --------------------------------------------------------------------------- \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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-C2-2015-023 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-C2-2015-023. 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-C2-2015-023 and should be submitted on or before October 8, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\5\ --------------------------------------------------------------------------- \5\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-23287 Filed 9-16-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 180 / Thursday, September 17, 2015 / Notices 55887
Fund’s Shares will be borne on a pro options. Applicants assert that the agreed to comply with rules 12b–1 and
rata basis by each outstanding Share of proposed closed-end investment 17d–3 as if those rules applied to
that class. Applicants state that the company multiple class structure does closed-end investment companies.
Fund will comply with the provisions of not raise the concerns underlying
Applicants’ Condition
rule 18f–3 under the Act as if it were an section 18 of the Act to any greater
open-end investment company. degree than open-end investment Applicants agree that any order
8. In the event the Funds impose a companies’ multiple class structures granting the requested relief will be
CDSC, applicants will comply with the that are permitted by rule 18f–3 under subject to the following condition:
provisions of rule 6c–10 under the Act, the Act. Applicants state the Fund will Applicants will comply with the
as if that rule applied to closed-end comply with the provisions of rule 18f– provisions of rules 6c–10, 12b–1, 17d–
management investment companies. 3 as if it were an open-end investment 3, 18f–3 and 22d–1 under the Act, as
With respect to any waiver of, company. amended from time to time or replaced,
scheduled variation in, or elimination of as if those rules applied to closed-end
CDSCs
the CDSC, the Fund will comply with management investment companies,
the requirements of rule 22d–1 under 5. Applicants believe that the and will comply with the NASD
the Act as if the Fund were an open-end requested relief meets the standards of Conduct Rule 2830, as amended from
investment company. section 6(c) of the Act. Rule 6c–10 time to time, as if that rule applied to
under the Act permits open-end all closed-end management investment
Applicants’ Legal Analysis investment companies to impose companies.
Multiple Classes of Shares CDSCs, subject to certain conditions.
For the Commission, by the Division of
Applicants state that any CDSC imposed
1. Section 18(c) of the Act provides, Investment Management, under delegated
by the Fund will comply with rule 6c– authority.
in relevant part, that a closed-end 10 under the Act as if that rule were
investment company may not issue or Brent J. Fields,
applied to closed-end investment
sell any senior security if, immediately companies. The Fund also will make all Secretary.
thereafter, the company has outstanding required disclosures in accordance with [FR Doc. 2015–23288 Filed 9–16–15; 8:45 am]
more than one class of senior security. the requirements of Form N–1A BILLING CODE 8011–01–P
Applicants state that the creation of concerning CDSCs. Applicants further
multiple classes of Shares of the Fund state that, in the event the Fund imposes
may be prohibited by section 18(c). CDSCs, the Fund will apply the CDSCs SECURITIES AND EXCHANGE
2. Section 18(i) of the Act provides (and any waivers, scheduled variations, COMMISSION
that each share of stock issued by a or eliminations of the CDSCs) uniformly
registered management investment [Release No. 34–75903; File No. SR–C2–
to all shareholders in a given class and 2015–023]
company will be a voting stock and consistently with the requirements of
have equal voting rights with every rule 22d–1 under the Act. Self-Regulatory Organizations; C2
other outstanding voting stock. Options Exchange, Incorporated;
Applicants state that permitting Asset-Based Service and/or Distribution
Fees Notice of Filing and Immediate
multiple classes of the Fund may violate Effectiveness of Proposed Rule
section 18(i) of the Act because each 6. Section 17(d) of the Act and rule Change To Amend the Fees Schedule
class would be entitled to exclusive 17d–1 under the Act prohibit an
voting rights with respect to matters affiliated person of a registered September 11, 2015.
solely related to that class. investment company or an affiliated Pursuant to Section 19(b)(1) of the
3. Section 6(c) of the Act provides that person of such person, acting as Securities Exchange Act of 1934
the Commission may exempt any principal, from participating in or (‘‘Act’’),1 and Rule 19b–4 thereunder,2
person, security or transaction or any effecting any transaction in which such notice is hereby given that, on
class or classes of persons, securities or registered company is a joint or a joint September 1, 2015 C2 Options
transactions from any provision of the and several participant unless the Exchange, Incorporated (the ‘‘Exchange’’
Act, or from any rule under the Act, if Commission issues an order permitting or ‘‘C2’’) filed with the Securities and
and to the extent such exemption is the transaction. In reviewing Exchange Commission (‘‘Commission’’)
necessary or appropriate in the public applications submitted under section the proposed rule change as described
interest and consistent with the 17(d) and rule 17d–1, the Commission in Items I, II, and III below, which Items
protection of investors and the purposes considers whether the participation of have been prepared by the Exchange.
fairly intended by the policy and the investment company in a joint The Commission is publishing this
provisions of the Act. Applicants enterprise or joint arrangement is notice to solicit comments on the
request an exemption under section 6(c) consistent with the provisions, policies proposed rule change from interested
from sections 18(c) and 18(i) to permit and purposes of the Act, and the extent persons.
the Fund to issue multiple classes of to which the participation is on a basis
Shares. I. Self-Regulatory Organization’s
different from or less advantageous than
4. Applicants submit that the Statement of the Terms of Substance of
that of other participants.
proposed allocation of expenses and 7. Rule 17d–3 under the Act provides the Proposed Rule Change
voting rights among multiple classes is an exemption from section 17(d) and The Exchange proposes to amend its
equitable and will not discriminate rule 17d–1 to permit open-end Fees Schedule. The text of the proposed
tkelley on DSK3SPTVN1PROD with NOTICES
against any group or class of investment companies to enter into rule change is available on the
shareholders. Applicants submit that distribution arrangements pursuant to Exchange’s Web site (http://
the proposed system would permit the rule 12b–1 under the Act. Applicants www.c2exchange.com/Legal/), at the
Fund to facilitate the distribution of request an order under section 17(d) and Exchange’s Office of the Secretary, and
Shares through diverse distribution rule 17d–1 under the Act to permit the
channels and would provide investors Fund to pay asset-based distribution 1 15 U.S.C. 78s(b)(1).
with a broader choice of shareholder and/or service fees. Applicants have 2 17 CFR 240.19b–4.
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![55888 Federal Register / Vol. 80, No. 180 / Thursday, September 17, 2015 / Notices
at the Commission’s Public Reference intermarket competition that is not subject line if email is used. To help the
Room. necessary or appropriate in furtherance Commission process and review your
of the purposes of the Act because it comments more efficiently, please use
II. Self-Regulatory Organization’s
only applies to trading on the Exchange only one method. The Commission will
Statement of the Purpose of, and
[sic] and orders sent from the Exchange post all comments on the Commission’s
Statutory Basis for, the Proposed Rule
to other exchanges via Linkage. Should Internet Web site (http://www.sec.gov/
Change
the proposed change make C2 a more rules/sro.shtml). Copies of the
In its filing with the Commission, the attractive trading venue for market submission, all subsequent
Exchange included statements participants at other exchanges, such amendments, all written statements
concerning the purpose of and basis for market participants may elect to become with respect to the proposed rule
the proposed rule change and discussed market participants at C2. change that are filed with the
any comments it received on the Commission, and all written
proposed rule change. The text of these C. Self-Regulatory Organization’s communications relating to the
statements may be examined at the Statement on Comments on the proposed rule change between the
places specified in Item IV below. The Proposed Rule Change Received From Commission and any person, other than
Exchange has prepared summaries, set Members, Participants, or Others those that may be withheld from the
forth in sections A, B, and C below, of The Exchange neither solicited nor public in accordance with the
the most significant aspects of such received comments on the proposed provisions of 5 U.S.C. 552, will be
statements. rule change. available for Web site viewing and
A. Self-Regulatory Organization’s printing in the Commission’s Public
III. Date of Effectiveness of the Reference Room, 100 F Street NE.,
Statement of the Purpose of, and Proposed Rule Change and Timing for
Statutory Basis for, the Proposed Rule Washington, DC 20549, on official
Commission Action business days between the hours of
Change
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the
1. Purpose effective pursuant to Section 19(b)(3)(A) filing also will be available for
The Exchange proposes to amend its of the Act 3 and paragraph (f) of Rule inspection and copying at the principal
Fees Schedule. Specifically, the 19b–4 4 thereunder. At any time within office of the Exchange. All comments
Exchange proposes to increase the 60 days of the filing of the proposed rule received will be posted without change;
Linkage Routing fee from $0.65 per change, the Commission summarily may the Commission does not edit personal
contract to $0.70 per contract in temporarily suspend such rule change if identifying information from
addition to the applicable C2 taker fee. it appears to the Commission that such submissions. You should submit only
The Linkage Routing fee is assessed to action is necessary or appropriate in the information that you wish to make
all orders routed pursuant to the public interest, for the protection of available publicly. All submissions
Options Order Protection and Locked/ investors, or otherwise in furtherance of should refer to File Number SR–C2–
Crossed Market Plan. The purpose of the the purposes of the Act. If the 2015–023 and should be submitted on
proposed change is to help offset the Commission takes such action, the or before October 8, 2015.
costs associated with routing orders Commission will institute proceedings For the Commission, by the Division of
through Linkage and paying the to determine whether the proposed rule Trading and Markets, pursuant to delegated
transaction fees for such executions at change should be approved or authority.5
other exchanges. disapproved. Brent J. Fields,
2. Statutory Basis IV. Solicitation of Comments Secretary.
[FR Doc. 2015–23287 Filed 9–16–15; 8:45 am]
In particular, the Exchange’s proposal Interested persons are invited to BILLING CODE 8011–01–P
to increase the Linkage Routing fee from submit written data, views and
$0.65 per contract to $0.70 per contract arguments concerning the foregoing,
is reasonable because such increase will including whether the proposed rule SECURITIES AND EXCHANGE
help offset the costs associated with change is consistent with the Act. COMMISSION
routing orders through Linkage and Comments may be submitted by any of
paying the transaction fees for such the following methods: [Release No. 34–75904; File No. SR–BX–
executions at other exchanges. The 2015–056]
Exchange believes the proposed Electronic Comments
Self-Regulatory Organizations;
increase is equitable and not unfairly • Use the Commission’s Internet NASDAQ OMX BX, Inc.; Notice of Filing
discriminatory because it will apply to comment form (http://www.sec.gov/ and Immediate Effectiveness of a
all orders routed via Linkage. rules/sro.shtml); or Proposed Rule Change To Amend
B. Self-Regulatory Organization’s • Send an email to rule-comments@ Exchange Rule 7018
Statement on Burden on Competition sec.gov. Please include File Number SR–
C2–2015–023 on the subject line. September 11, 2015.
C2 does not believe that the proposed Pursuant to section 19(b)(1) of the
rule change will impose any burden on Paper Comments
Securities Exchange Act of 1934
competition that is not necessary or • Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
appropriate in furtherance of the to Secretary, Securities and Exchange notice is hereby given that on
purposes of the Act. In particular, the Commission, 100 F Street NE., September 1, 2015, NASDAQ OMX BX,
tkelley on DSK3SPTVN1PROD with NOTICES
increase to the Linkage Routing Fee will Washington, DC 20549–1090. Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the
apply equally to all orders routed via All submissions should refer to File Securities and Exchange Commission
linkage and will help offset costs Number SR–C2–2015–023. This file (‘‘SEC’’ or ‘‘Commission’’) the proposed
associated with routing orders via number should be included on the
linkage. The Exchange does not believe 5 17 CFR 200.30–3(a)(12).
that the proposed change to the Linkage 3 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
Routing fee will impose any burden on 4 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-15 09:34:00
Document Modified: 2015-12-15 09:34:00
| 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 55887 |
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