81 FR 1454 - Sunshine Act Meeting
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 7 (January 12, 2016)
Federal Register Volume 81, Issue 7 (January 12, 2016)
| Page Range | 1454-1455 | |
| FR Document | 2016-00494 |
[Federal Register Volume 81, Number 7 (Tuesday, January 12, 2016)] [Notices] [Pages 1454-1455] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-00494] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94-409, that the Securities and Exchange [[Page 1455]] Commission will hold a Closed Meeting on Thursday, January 14, 2016 at 2 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or her designee, has certified that, in her opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii), and (a)(10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Stein, as duty officer, voted to consider the items listed for the Closed Meeting in closed session. The subject matter of the Closed Meeting will be: Institution and settlement of injunctive actions; Institution and settlement of administrative proceedings; Resolution of litigation claims; and Other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551-5400. Dated: January 7, 2016. Brent J. Fields, Secretary. [FR Doc. 2016-00494 Filed 1-8-16; 11:15 am] BILLING CODE 8011-01-P
![1454 Federal Register / Vol. 81, No. 7 / Tuesday, January 12, 2016 / Notices
Fee description Current fee Proposed fee
Fee for gross dollar amount ........................................... ....................................
Other Netting Members and Repo Brokers with respect to 0.025bps .................... 0.04bps
their non-brokered transactions.
Fee for net dollar amount ...................................................... 0.060bps .................... 0.08bps
GCF Repo Processing Fees (cost of carry): ....................................
Fee for gross dollar amount ........................................... ....................................
Netting Members that are not Repo Brokers ................. 0.025bps .................... 0.04bps
Fee for net dollar amount .............................................. 0.060bps .................... 0.08bps
2. Statutory Basis (C) Clearing Agency’s Statement on comments more efficiently, please use
Comments on the Proposed Rule only one method. The Commission will
FICC believes that the proposed fees Change Received From Members, post all comments on the Commission’s
are reasonable because the fees are Participants, or Others Internet Web site (http://www.sec.gov/
correlated to each Member’s use of rules/sro.shtml). Copies of the
Written comments relating to the
GSD’s services and will allow FICC to submission, all subsequent
proposed rule change have not yet been
recover the cost of providing its services amendments, all written statements
solicited or received. FICC will notify
to Members. In addition, the proposed the Commission of any written with respect to the proposed rule
change will allow FICC to further comments received by FICC. change that are filed with the
recover the cost of providing its services Commission, and all written
to its Members by passing through III. Date of Effectiveness of the communications relating to the
certain third-party fees that FICC is Proposed Rule Change, and Timing for proposed rule change between the
incurring and/or will be incurring to Commission Action Commission and any person, other than
provide its services to its Members. The foregoing rule change has become those that may be withheld from the
Therefore, FICC believes the proposed effective pursuant to section public in accordance with the
rule change is consistent with the 19(b)(3)(A)(ii) 17 of the Act and Rule provisions of 5 U.S.C. 552, will be
requirements of the Act, as amended 19b–4(f)(2) 18 thereunder. At any time available for Web site viewing and
and the rules and regulations within 60 days of the filing of the printing in the Commission’s Public
thereunder applicable to FICC, in proposed rule change, the Commission Reference Room, 100 F Street NE.,
particular section 17A(b)(3)(D) of the summarily may temporarily suspend Washington, DC 20549 on official
Act,16 which requires that the GSD such rule change if it appears to the business days between the hours of
Rules provide for the equitable Commission that such action is 10:00 a.m. and 3:00 p.m. Copies of the
necessary or appropriate in the public filing also will be available for
allocation of reasonable dues, fees, and
interest, for the protection of investors, inspection and copying at the principal
other charges among its Members that
or otherwise in furtherance of the office of FICC and on DTCC’s Web site
use those services.
purposes of the Act. (http://dtcc.com/legal/sec-rule-
(B) Clearing Agency’s Statement on filings.aspx). All comments received
IV. Solicitation of Comments will be posted without change; the
Burden on Competition
Interested persons are invited to Commission does not edit personal
The proposed filing could have an submit written data, views and identifying information from
impact on competition based on the fact arguments concerning the foregoing, submissions. You should submit only
that fees will increase for certain including whether the proposed rule information that you wish to make
services, but because of the following change is consistent with the Act. available publicly.
reasons, FICC believes that any burden Comments may be submitted by any of All submissions should refer to File
on competition would be necessary and the following methods: Number SR–FICC–2015–005 and should
appropriate in furtherance of the be submitted on or before February 2,
Electronic Comments
purposes of the Act. These reasons are 2016.
as follows: The proposed change • Use the Commission’s Internet For the Commission, by the Division of
modifies the fees for existing services comment form (http://www.sec.gov/ Trading and Markets, pursuant to delegated
provided by GSD in order to meet GSD’s rules/sro.shtml); or authority.19
budgeted expenses and allow GSD to • Send an email to rule-comments@ Robert W. Errett,
achieve and maintain its operating sec.gov. Please include File Number SR–
Deputy Secretary.
margin and recover the cost of providing FICC–2015–005 on the subject line.
[FR Doc. 2016–00335 Filed 1–11–16; 8:45 am]
its services. The proposed change also Paper Comments BILLING CODE 8011–01–P
allows FICC to recover the cost of • Send paper comments in triplicate
providing its services to Members by to Secretary, Securities and Exchange
passing through certain third-party fees Commission, 100 F Street NE., SECURITIES AND EXCHANGE
that FICC is incurring and/or will be Washington, DC 20549–1090. COMMISSION
incurring to provide its services to its All submissions should refer to File
Members. Finally, the proposed change Sunshine Act Meeting
tkelley on DSK3SPTVN1PROD with NOTICES
Number SR–FICC–2015–005. This file
also establishes different comparison number should be included on the Notice is hereby given, pursuant to
and netting fee structures for Brokers subject line if email is used. To help the the provisions of the Government in the
Accounts and Dealer Accounts for the Commission process and review your Sunshine Act, Public Law 94–409, that
reasons more fully described above. the Securities and Exchange
17 15 U.S.C. 78s(b)(3)(A)(ii).
16 5 U.S.C. 78q–1(b)(3)(D). 18 17 CFR 240.19b–4(f)(2). 19 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 20:14 Jan 11, 2016 Jkt 238001 PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 E:\FR\FM\12JAN1.SGM 12JAN1](https://thefederalregister.org/doc/81_FR_1461/page/1.svg)
![Federal Register / Vol. 81, No. 7 / Tuesday, January 12, 2016 / Notices 1455
Commission will hold a Closed Meeting change as described in Items I, II, and companies, must comply with bank
on Thursday, January 14, 2016 at 2 p.m. III below, which Items have been regulatory capital requirements
Commissioners, Counsel to the prepared by the Exchange. The pursuant to rule-making required under
Commissioners, the Secretary to the Commission is publishing this notice to the Dodd-Frank Wall Street Reform and
Commission, and recording secretaries solicit comments on the proposed rule Consumer Protection Act (‘‘Dodd-
will attend the Closed Meeting. Certain change from interested persons. Frank’’). New rule-making recently
staff members who have an interest in enacted under Dodd-Frank will require
I. Self-Regulatory Organization’s U.S. bank holding companies to hold
the matters also may be present.
Statement of the Terms of Substance of substantially more bank regulatory
The General Counsel of the
the Proposed Rule Change capital than would otherwise be
Commission, or her designee, has
certified that, in her opinion, one or The Exchange proposes to amend its required under the Net Capital Rules.
more of the exemptions set forth in 5 Fees Schedule. The text of the proposed The Exchange is aware that, due to the
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) rule change is available on the large contract size of S&P 500 Index
and 17 CFR 200.402(a)(3), (a)(5), (a)(7), Exchange’s Web site (http:// (‘‘SPX’’) options, open interest in certain
(a)(9)(ii), and (a)(10), permit www.cboe.com/AboutCBOE/ series will result in extremely large bank
consideration of the scheduled matter at CBOELegalRegulatoryHome.aspx), at regulatory capital requirements but have
the Closed Meeting. the Exchange’s Office of the Secretary, minimal requirements under the Net
Commissioner Stein, as duty officer, and at the Commission’s Public Capital Rules. Transactions that would
voted to consider the items listed for the Reference Room. result in the closing of this open interest
Closed Meeting in closed session. would have a beneficial impact on the
II. Self-Regulatory Organization’s bank regulatory capital requirements of
The subject matter of the Closed Statement of the Purpose of, and
Meeting will be: the Clearing TPH’s parent company
Statutory Basis for, the Proposed Rule with a minimal impact on regulatory
Institution and settlement of Change
injunctive actions; capital required under the capital rules.
Institution and settlement of In its filing with the Commission, the The Exchange notes that most of these
administrative proceedings; Exchange included statements open positions are in out-of-the-money
Resolution of litigation claims; and concerning the purpose of and basis for options and certain spread positions
Other matters relating to enforcement the proposed rule change and discussed that are essentially riskless strategies
proceedings. any comments it received on the because they have little or no market
At times, changes in Commission proposed rule change. The text of these exposure. Particularly, the Exchange
priorities require alterations in the statements may be examined at the notes that given the nature of these
scheduling of meeting items. places specified in Item IV below. The options, there is minimal chance for
For further information and to Exchange has prepared summaries, set large losses to occur, yet these positions
ascertain what, if any, matters have been forth in sections A, B, and C below, of will still be subject to large bank
added, deleted or postponed, please the most significant aspects of such regulatory capital requirements.
contact the Office of the Secretary at statements. Exchange transaction fees, however,
(202) 551–5400. discourage market participants from
A. Self-Regulatory Organization’s closing these positions out even though
Dated: January 7, 2016. Statement of the Purpose of, and those market participants may also
Brent J. Fields, Statutory Basis for, the Proposed Rule prefer to close them rather than carry
Secretary. Change them to expiration.3
[FR Doc. 2016–00494 Filed 1–8–16; 11:15 am] 1. Purpose In order to encourage the compression
BILLING CODE 8011–01–P of certain out-of-the-money and riskless
The Exchange proposes to amend its option positions, the Exchange proposes
Fees Schedule, effective December 23, to rebate all transactions fees for
SECURITIES AND EXCHANGE 2015. Specifically, the Exchange transactions that close these positions,
COMMISSION proposes to waive transaction fees provided they meet certain criteria, as
incurred as a result of transactions that described more fully below. The
[Release No. 34–76842; File No. SR–CBOE– compress or reduce certain Clearing
2015–117)
Exchange believes compression of these
Trading Permit Holder (‘‘TPH’’) open positions would improve market
positions. liquidity by freeing capital currently
Self-Regulatory Organizations;
By way of background, SEC Rule tied up in positions for which there is
Chicago Board Options Exchange,
15C3–1 [sic], Net Capital Requirements a minimal chance that a significant loss
Incorporated; Notice of Filing and
for Brokers or Dealers (‘‘Net Capital would occur.
Immediate Effectiveness of a Proposed
Rules’’), requires that every registered The Exchange proposes to limit
Rule To Amend the Fees Schedule
broker-dealer maintain certain specified rebating transaction fees to those
January 6, 2016. minimum levels of capital. The primary transactions that the Exchange believes
Pursuant to section 19(b)(1) of the purpose of these rules is to regulate the would have the greatest impact on bank
Securities Exchange Act of 1934 ability of broker-dealers to meet their regulatory capital requirements but are
(‘‘Act’’), 1 and Rule 19b-4 thereunder,2 financial obligations to customers and also constrained to those positions that
notice is hereby given that, on December other creditors. All of the broker-dealers have little economic risk associated
23, 2015, Chicago Board Options that are clearing members of the Options with them. Specifically, to be eligible
tkelley on DSK3SPTVN1PROD with NOTICES
Exchange, Incorporated (the ‘‘Exchange’’ Clearing Corporation (‘‘OCC’’) are for a rebate, a transaction must be: (i)
or ‘‘CBOE’’) filed with the Securities subject to the Net Capital Rules. For a complex order with at least five
and Exchange Commission However, a subset of OCC’s clearing
(‘‘Commission’’) the proposed rule members are subsidiaries of U.S. bank 3 For example, an out-of-the-money SPX option
holding companies. As such, these market-maker transaction may be worth only a few
pennies per contract, but would cost approximately
1 15 U.S.C. 78s(b)(1). broker-dealers, through their affiliation $0.33 per contract ($0.20 transaction fee plus $0.13
2 17 CFR 240.19b–4. with their parent U.S. bank holding SPX Index License Surcharge) to close out.
VerDate Sep<11>2014 20:14 Jan 11, 2016 Jkt 238001 PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 E:\FR\FM\12JAN1.SGM 12JAN1](https://thefederalregister.org/doc/81_FR_1461/page/2.svg)
Document Created: 2016-01-12 01:22:38
Document Modified: 2016-01-12 01:22:38
| 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 | 81 FR 1454 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR