81 FR 19653 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 65 (April 5, 2016)
Federal Register Volume 81, Issue 65 (April 5, 2016)
| Page Range | 19653-19656 | |
| FR Document | 2016-07686 |
[Federal Register Volume 81, Number 65 (Tuesday, April 5, 2016)] [Notices] [Pages 19653-19656] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-07686] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77479; File No. SR-CBOE-2016-026] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule To Amend the Fees Schedule March 30, 2016. 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 March 28, 2016, 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. --------------------------------------------------------------------------- \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 the 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 Background FLEX Broad-Based Index Options provide users with the ability to customize key contract terms, like exercise prices, exercise styles, expiration dates and exercise settlement values. Pursuant to CBOE Rules 24A.5 and 24B.5, to initiate a FLEX transaction, a Submitting Trading Permit Holder submits a Request for Quotes (``RFQs'') to a FLEX Post Official or into CBOE's Hybrid System.\3\ FLEX-participating Trading Permit Holders (``FLEX Traders''), who have elected to receive RFQs, may then enter bids and offers responsive to each RFQ during a specified Request Response Period.\4\ --------------------------------------------------------------------------- \3\ See CBOE Rules 24A.5 and 24B.5. \4\ Id. See CBOE Rules 24A.5 and 24B.5 for additional information regarding FLEX trading procedures. --------------------------------------------------------------------------- On March 21, 2016, the Exchange will begin offering Asian style settlement and Cliquet style settlement for certain FLEX Broad-Based Index Options. In general, Asian style settlement provides for payout based on the average of prices of a broad-based index on pre-determined dates over a specified time period, and Cliquet style settlement provides for a payout that is the greater of $0 or the (positive) sum of ``capped'' monthly returns of a broad-based index on pre-determined dates over a specified period of time. These settlement types are also referred to as ``Exotics'' due to their untraditional nature. After surveying potential FLEX Broad-Based Index Options users, the Exchange learned that indexed annuity writers (insurance companies) extensively use over-the-counter (``OTC'') options with Asian and Cliquet style settlement as a crediting method.\5\ Because of the level of customization that FLEX Broad-Based Index options provide, the Exchange is introducing exchange-traded products that would provide potential market users with an alternative to the OTC market in customized options. The new settlement types were approved pursuant to a CBOE rule filing on July 10, 2015.\6\ --------------------------------------------------------------------------- \5\ A ``crediting method'' is the method used to measure the change in the underlying index (e.g., point-to-point or annual reset). \6\ See Securities Exchange Act Release No. 75312 (July 10, 2016), 80 FR 42152 (July 16, 2016) (SR-CBOE-2015-044). --------------------------------------------------------------------------- Proposed Change The Exchange proposes an Exotic Surcharge of $0.25 to be assessed on all customer (``C'' origin code) Exotic contracts executed on CBOE.\7\ The Exotic surcharge will be assessed to those FLEX Traders who trade customer orders in FLEX Asian and Cliquet options. --------------------------------------------------------------------------- \7\ The Exchange initially filed the proposed fee changes on March 17, 2016 (SR-CBOE-2016-020). On March 18, 2016, the Exchange withdrew that filing and replaced it with SR-CBOE-2016-022. On March 24, 2016, the Exchange withdrew SR-CBOE-2016-022 and replaced it with SR-CBOE-2016-025. On March 28, 2016 the Exchange withdrew SR- CBOE-2016-025 and replaced it with this filing. --------------------------------------------------------------------------- The Exchange also proposes a FLEX Asian and Cliquet FLEX Trader Incentive Program (``Program''). The Program will provide monthly payments to FLEX Traders who trade orders with origin codes other than ``C'' against customer orders in FLEX Asian and Cliquet options. A compensation pool [[Page 19654]] equal to the lesser of 20% of customer exchange fees for Exotics (collected from customer orders traded against orders with origin codes other than ``C'') or $50,000 will be available each month.\8\ For example: (1) On SPX contracts, CBOE expects to collect $1.00 per contract (customer transaction fee of $0.44 \9\ + $0.10 CFLEX surcharge \10\ + $0.21 Hybrid 3.0 execution surcharge \11\ + $0.25 customer exotic surcharge); (2) on XSP contracts, CBOE expects to collect $0.35 per contract ($0.00 customer transaction fee + $0.10 CFLEX surcharge + $0.25 customer exotic surcharge); (3) on DJX and RUT contracts, CBOE expects to collect $0.53 per contract ($0.18 customer transaction fee + $0.10 CFLEX surcharge + $0.25 customer exotic surcharge); and (4) on NDX contracts, CBOE expects to collect $0.43 per contract ($0.18 standard index exchange fee + $0.25 customer exotic surcharge). --------------------------------------------------------------------------- \8\ Fees collected from customer-to-customer FLEX Asian and Cliquet option transactions would be excluded from the compensation pool. Further, fees collected from contracts executed in a FLEX Trader's customer-to-customer transactions would not be included to determine the FLEX Trader's share of the compensation pool. Customer fees would be assessed normally on both sides of the transaction. \9\ SPX contract transaction fees are dependent upon premium prices. The parenthetical and the examples below assume executions at a premium price of $1.00 or greater. \10\ CFLEX surcharge fees are capped at $250 per trade and assessed on electronic FLEX transactions. The parenthetical and the examples below assume the $250 cap was not reached on any individual transaction and that the transactions were entered electronically. \11\ The Hybrid 3.0 execution surcharge is assessed for transactions in SPX contracts executed via the Hybrid 3.0 system. The parenthetical and the examples below assume the SPX transactions were executed via the Hybrid 3.0 system. --------------------------------------------------------------------------- A FLEX Trader will be entitled to a pro-rata share of the monthly compensation pool based on the customer order fees collected from customer orders traded against that FLEX Trader's orders with origin codes other than ``C'' in FLEX Asian and Cliquet options each month. The Exchange believes the Program will incentivize FLEX Traders to provide liquidity in FLEX Asian and Cliquet options. The Program shall be in place until December 31, 2016 or until total average daily volume in Exotics exceeds 15,000 contracts for three consecutive months, whichever comes first. At the time the FLEX Asian & Cliquet FLEX Trader Incentive Program ends, the Exchange will submit a rule filing removing the program from the fee schedule and notice shall be given via regulatory circular. The following examples demonstrate how the program will work when both the monthly cap is and is not reached. Example 1--Monthly Cap Not Reached ---------------------------------------------------------------------------------------------------------------- Total exotic contracts traded for the month, Index Customer fees customer-to- FLEX Trader 1 FLEX Trader 2 FLEX Trader 3 per contract orders with origin codes other than ``C'' ---------------------------------------------------------------------------------------------------------------- SPX............................. $1.00 18,000 4,000 6,500 7,500 XSP............................. 0.35 10,500 2,500 3,000 5,000 DJX............................. 0.53 10,500 2,500 3,000 5,000 RUT............................. 0.53 3,000 500 1,000 1,500 NDX............................. 0.43 1,800 300 500 1,000 Total monthly Customer fees 29,604.00 .............. 6,594.00 9,885.00 13,125.00 collected from Customer orders traded against orders with origin codes other than ``C''.. FLEX Trader % of fees collected .............. .............. 22.27% 33.39% 44.34% from Customer-to-orders with origin codes other than ``C''.. Compensation pool amount (i.e. 5,920.80 .............. .............. .............. .............. 20% of the Customer fees collected)..................... FLEX Trader's pro-rata share of .............. .............. 1,318.80 1,977.00 2,625.00 compensation pool.............. ---------------------------------------------------------------------------------------------------------------- Example 2--Monthly Cap is Reached ---------------------------------------------------------------------------------------------------------------- Total exotic contracts traded for the month, Index Customer fees customer-to- FLEX Trader 1 FLEX Trader 2 FLEX Trader 3 per contract orders with origin codes other than ``C'' ---------------------------------------------------------------------------------------------------------------- SPX............................. $1.00 180,000 40,000 65,000 75,000 XSP............................. 0.35 105,000 25,000 30,000 50,000 DJX............................. 0.53 105,000 25,000 30,000 50,000 RUT............................. 0.53 30,000 5,000 10,000 15,000 NDX............................. 0.43 18,000 3,000 5,000 10,000 Total monthly Customer fees 296,040.00 .............. $65,940.00 $98,850.00 $131,250.00 collected from Customer orders traded against orders with origin codes other than ``C''.. FLEX Trader % of fees collected .............. .............. 22.27% 33.39% 44.34% from Customer-to-orders with origin codes other than ``C''.. Compensation pool amount (i.e. 50,000.00 .............. .............. .............. .............. 20% of the Customer fees collected is 59,208.00, so cap applied)....................... [[Page 19655]] FLEX Trader's pro-rata share of .............. .............. $11,137.01 $16,695.38 $22,167.61 compensation pool.............. ---------------------------------------------------------------------------------------------------------------- 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 Section 6(b)(4) of the Act,\14\ 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. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). \14\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that the Exotic Surcharge of $0.25 is reasonable because the amount of the new fee is within the range of surcharges assessed for customer transactions in other products (for example, customers are currently assessed a $0.21 Hybrid 3.0 Execution Surcharge (which essentially acts as a customer priority surcharge) in SPX options). Furthermore, the Exchange believes customers are willing to pay premium exchange fees on FLEX Asian and Cliquet options to obtain traditional exchange-traded benefits, like price discovery, transparency and centralized clearing. The Exchange believes that it is equitable and not unfairly discriminatory to assess the Exotic Surcharge to customers and not other market participants because customers are not subject to additional costs for effecting transactions in FLEX Broad-Based Index options that are applicable to other market participants, such as license surcharges. Additionally, customers are not subject to fees for effecting transactions in general that are applicable to other market participants, such as connectivity fees and fees relating to Trading Permits, and are not subject to the same obligations as other market participants, including regulatory and compliance requirements and quoting obligations. The Exchange believes it is reasonable, equitable and not unfairly discriminatory to offer FLEX Traders a pro-rata share of a compensation pool equal to the lesser of 20% of the customer exchange fees collected on FLEX Asian and Cliquet options (from customer orders traded against orders with origin codes other than ``C'') or $50,000. FLEX Asian and Cliquet options currently trade exclusively in the OTC market. The traditional benefits of exchange-traded options cannot be realized unless there is liquidity in the FLEX markets as compared to OTC. Providing FLEX Traders with incentives to trade FLEX Asian and Cliquet options should result in a more robust price discovery process that will result in better execution prices for customers. In addition, FLEX Traders in broad-based index options have equal opportunity to receive and respond to RFQs in FLEX Asian and Cliquet options and accordingly equal opportunity to receive a pro-rata allocation of the compensation pool (based upon the share of total fees collected from customer contracts against which the respective FLEX Trader trades orders with origin codes other than ``C'' orders). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule changes will impose any burdens 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. While different transaction fees are assessed to different market participants, different market participants have different obligations and circumstances as noted above. Furthermore the incentive program encourages market participants to bring liquidity in FLEX Asian and Cliquet options to the Exchange (which benefits all market participants). 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. As of March 21, 2016, CBOE will be the only exchange to trade FLEX Asian and Cliquet options. 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. Finally, as mentioned above, FLEX Asian and Cliquet options on the CBOE will provide competition with OTC products while providing the benefits of trading on an exchange. 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 \15\ and paragraph (f) of Rule 19b-4 \16\ 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 [[Page 19656]] 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 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-CBOE-2016-026 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-2016-026. 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-2016-026 and should be submitted on or before April 26, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-07686 Filed 4-4-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 65 / Tuesday, April 5, 2016 / Notices 19653
these proceedings (Public notice is hereby given that on March 28, offers responsive to each RFQ during a
Representative). 2016, Chicago Board Options Exchange, specified Request Response Period.4
3. Comments are due no later than Incorporated (the ‘‘Exchange’’ or On March 21, 2016, the Exchange will
April 6, 2016. ‘‘CBOE’’) filed with the Securities and begin offering Asian style settlement
4. The Secretary shall arrange for Exchange Commission (the and Cliquet style settlement for certain
publication of this order in the Federal ‘‘Commission’’) the proposed rule FLEX Broad-Based Index Options. In
Register. change as described in Items I, II, and general, Asian style settlement provides
By the Commission. III below, which Items have been for payout based on the average of
Stacy L. Ruble, prepared by the Exchange. The prices of a broad-based index on pre-
Secretary. Commission is publishing this notice to determined dates over a specified time
period, and Cliquet style settlement
[FR Doc. 2016–07680 Filed 4–4–16; 8:45 am] solicit comments on the proposed rule
provides for a payout that is the greater
BILLING CODE 7710–FW–P change from interested persons.
of $0 or the (positive) sum of ‘‘capped’’
I. Self-Regulatory Organization’s monthly returns of a broad-based index
Statement of the Terms of Substance of on pre-determined dates over a
POSTAL SERVICE specified period of time. These
the Proposed Rule Change
settlement types are also referred to as
Product Change—Priority Mail and The Exchange proposes to amend the ‘‘Exotics’’ due to their untraditional
Parcel Select Negotiated Service Fees Schedule. The text of the proposed nature.
Agreement After surveying potential FLEX Broad-
rule change is available on the
AGENCY: Postal ServiceTM. Exchange’s Web site (http:// Based Index Options users, the
ACTION: Notice. www.cboe.com/AboutCBOE/ Exchange learned that indexed annuity
CBOELegalRegulatoryHome.aspx), at writers (insurance companies)
SUMMARY: The Postal Service gives the Exchange’s Office of the Secretary, extensively use over-the-counter
notice of filing a request with the Postal and at the Commission’s Public (‘‘OTC’’) options with Asian and Cliquet
Regulatory Commission to add a Reference Room. style settlement as a crediting method.5
domestic shipping services contract to Because of the level of customization
the list of Negotiated Service II. Self-Regulatory Organization’s that FLEX Broad-Based Index options
Agreements in the Mail Classification Statement of the Purpose of, and provide, the Exchange is introducing
Schedule’s Competitive Products List. Statutory Basis for, the Proposed Rule exchange-traded products that would
DATES: Effective date: April 5, 2016. Change provide potential market users with an
FOR FURTHER INFORMATION CONTACT: alternative to the OTC market in
In its filing with the Commission, the customized options. The new settlement
Elizabeth A. Reed, 202–268–3179.
Exchange included statements types were approved pursuant to a
SUPPLEMENTARY INFORMATION: The
concerning the purpose of and basis for CBOE rule filing on July 10, 2015.6
United States Postal Service® hereby the proposed rule change and discussed
gives notice that, pursuant to 39 U.S.C. any comments it received on the Proposed Change
3642 and 3632(b)(3), on March 29, 2016,
proposed rule change. The text of these The Exchange proposes an Exotic
it filed with the Postal Regulatory
statements may be examined at the Surcharge of $0.25 to be assessed on all
Commission a Request of the United
places specified in Item IV below. The customer (‘‘C’’ origin code) Exotic
States Postal Service to Add Priority
Exchange has prepared summaries, set contracts executed on CBOE.7 The
Mail & Parcel Select Contract 1 to
forth in sections A, B, and C below, of Exotic surcharge will be assessed to
Competitive Product List. Documents
are available at www.prc.gov, Docket the most significant aspects of such those FLEX Traders who trade customer
Nos. MC2016–113, CP2016–141. statements. orders in FLEX Asian and Cliquet
options.
Stanley F. Mires, A. Self-Regulatory Organization’s The Exchange also proposes a FLEX
Attorney, Federal Compliance. Statement of the Purpose of, and Asian and Cliquet FLEX Trader
Statutory Basis for, the Proposed Rule Incentive Program (‘‘Program’’). The
[FR Doc. 2016–07676 Filed 4–4–16; 8:45 am]
Change Program will provide monthly payments
BILLING CODE 7710–P
1. Purpose to FLEX Traders who trade orders with
origin codes other than ‘‘C’’ against
Background customer orders in FLEX Asian and
SECURITIES AND EXCHANGE
COMMISSION Cliquet options. A compensation pool
FLEX Broad-Based Index Options
[Release No. 34–77479; File No. SR–CBOE– provide users with the ability to 4 Id. See CBOE Rules 24A.5 and 24B.5 for
2016–026] customize key contract terms, like additional information regarding FLEX trading
exercise prices, exercise styles, procedures.
Self-Regulatory Organizations; expiration dates and exercise settlement 5 A ‘‘crediting method’’ is the method used to
Chicago Board Options Exchange, values. Pursuant to CBOE Rules 24A.5 measure the change in the underlying index (e.g.,
point-to-point or annual reset).
Incorporated; Notice of Filing and and 24B.5, to initiate a FLEX 6 See Securities Exchange Act Release No. 75312
Immediate Effectiveness of a Proposed transaction, a Submitting Trading (July 10, 2016), 80 FR 42152 (July 16, 2016) (SR–
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Rule To Amend the Fees Schedule Permit Holder submits a Request for CBOE–2015–044).
7 The Exchange initially filed the proposed fee
March 30, 2016. Quotes (‘‘RFQs’’) to a FLEX Post Official
changes on March 17, 2016 (SR–CBOE–2016–020).
Pursuant to Section 19(b)(1) of the or into CBOE’s Hybrid System.3 FLEX- On March 18, 2016, the Exchange withdrew that
Securities Exchange Act of 1934 (the participating Trading Permit Holders filing and replaced it with SR–CBOE–2016–022. On
‘‘Act’’),1 and Rule 19b–4 thereunder,2 (‘‘FLEX Traders’’), who have elected to March 24, 2016, the Exchange withdrew SR–CBOE–
receive RFQs, may then enter bids and 2016–022 and replaced it with SR–CBOE–2016–
025. On March 28, 2016 the Exchange withdrew
1 15 U.S.C. 78s(b)(1). SR–CBOE–2016–025 and replaced it with this
2 17 CFR 240.19b–4. 3 See CBOE Rules 24A.5 and 24B.5. filing.
VerDate Sep<11>2014 17:18 Apr 04, 2016 Jkt 238001 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 E:\FR\FM\05APN1.SGM 05APN1](https://thefederalregister.org/doc/81_FR_19718/page/1.svg)
![19656 Federal Register / Vol. 81, No. 65 / Tuesday, April 5, 2016 / Notices
public interest, for the protection of 2016–026 and should be submitted on Fund II, L.P., OHA AD Customized
investors, or otherwise in furtherance of or before April 26, 2016. Credit Fund (International), L.P., OHA
the purposes of the Act. If the For the Commission, by the Division of BCSS SSD, L.P., OHA BCSS SSD, Ltd.,
Commission takes such action, the Trading and Markets, pursuant to delegated OHA MPS SSD, L.P. and OHA MPS
Commission will institute proceedings authority.17 SSD, Ltd. (together, the ‘‘Existing Co-
to determine whether the proposed rule Robert W. Errett, Investment Affiliates,’’ and the Existing
change should be approved or Deputy Secretary. Co-Investment Affiliates together with
disapproved. [FR Doc. 2016–07686 Filed 4–4–16; 8:45 am]
OHAI and OHA, the ‘‘Applicants’’).
IV. Solicitation of Comments BILLING CODE 8011–01–P DATES: Filing Dates: The application
was filed on June 5, 2015 and amended
Interested persons are invited to on October 19, 2015, December 18,
submit written data, views, and SECURITIES AND EXCHANGE 2015, and March 18, 2016.
arguments concerning the foregoing, COMMISSION Hearing or Notification of Hearing: An
including whether the proposed rule order granting the requested relief will
change is consistent with the Act. [Release No. IC–32061; File No. 812–14482]
be issued unless the Commission orders
Comments may be submitted by any of a hearing. Interested persons may
the following methods: OHA Investment Corporation, et al.;
Notice of Application request a hearing by writing to the
Electronic Comments Commission’s Secretary and serving
March 30, 2016. applicants with a copy of the request,
• Use the Commission’s Internet AGENCY: Securities and Exchange personally or by mail. Hearing requests
comment form (http://www.sec.gov/ Commission (‘‘Commission’’). should be received by the Commission
rules/sro.shtml); or by 5:30 p.m. on April 22, 2016, and
ACTION: Notice of application for an
• Send an email to rule-comments@ should be accompanied by proof of
order under sections 17(d) and 57(i) of
sec.gov. Please include File Number SR– service on applicants, in the form of an
the Investment Company Act of 1940
CBOE–2016–026 on the subject line. affidavit or, for lawyers, a certificate of
(the ‘‘Act’’) and rule 17d–1 under the
Paper Comments Act to permit certain joint transactions service. Pursuant to rule 0–5 under the
otherwise prohibited by sections 17(d) Act, hearing requests should state the
• Send paper comments in triplicate nature of the writer’s interest, any facts
to Secretary, Securities and Exchange and 57(a)(4) of the Act and rule 17d–1
under the Act. bearing upon the desirability of a
Commission, 100 F Street NE., hearing on the matter, the reason for the
Washington, DC 20549–1090. Summary of Application: Applicants request, and the issues contested.
All submissions should refer to File request an order to permit certain Persons who wish to be notified of a
Number SR–CBOE–2016–026. This file business development companies hearing may request notification by
number should be included on the (‘‘BDCs’’) and closed-end management writing to the Commission’s Secretary.
subject line if email is used. To help the investment companies to co-invest in ADDRESSES: Secretary, U.S. Securities
Commission process and review your portfolio companies with each other and and Exchange Commission, 100 F St.
comments more efficiently, please use with affiliated investment funds. NE., Washington, DC 20549–1090.
only one method. The Commission will Applicants: OHA Investment Applicants: 1114 Avenue of the
post all comments on the Commission’s Corporation (‘‘OHAI’’); Oak Hill Americas, 27th Floor, New York, NY
Internet Web site (http://www.sec.gov/ Advisors, L.P. (‘‘OHA’’); OHA Funding 10036.
rules/sro.shtml). Copies of the GP, LLC, OHA Asset Holdings GP, LLC,
submission, all subsequent OHA Asset Holdings, LP, OHA Asset FOR FURTHER INFORMATION CONTACT: Jill
amendments, all written statements Holdings II, LP, OHA Asset Holdings III, Ehrlich, Senior Counsel, at (202) 551–
with respect to the proposed rule LP, OHA Asset Holdings V, LP, OHA 6819 or Dalia Osman Blass, Assistant
change that are filed with the Asset Holdings VI, LP, OHA Funding, Chief Counsel, at (202) 551–6821
Commission, and all written LP, OHA/OCI Investments, LLC, OHA (Division of Investment Management,
communications relating to the Nevada, LLC, Oak Hill Credit Chief Counsel’s Office).
proposed rule change between the Opportunities Master Fund, Ltd., Oak SUPPLEMENTARY INFORMATION: The
Commission and any person, other than Hill Credit Opportunities Fund, L.P., following is a summary of the
those that may be withheld from the OHA Diversified Credit Strategies Fund application. The complete application
public in accordance with the Master, L.P., OHA Diversified Credit may be obtained via the Commission’s
provisions of 5 U.S.C. 552, will be Strategies Fund, L.P., OHA Diversified Web site by searching for the file
available for Web site viewing and Credit Strategies Fund (Parallel), L.P., number, or for an applicant using the
printing in the Commission’s Public OHA Diversified Credit Strategies Company name box, at http://
Reference Room, 100 F Street NE., Master Fund (Parallel II), L.P., OHA www.sec.gov/search/search.htm or by
Washington, DC 20549 on official Diversified Credit Strategies Tractor calling (202) 551–8090.
business days between the hours of Master Fund, L.P., OHA Structured Applicants’ Representations
10:00 a.m. and 3:00 p.m. Copies of the Products Master Fund C, L.P., OHA Asia
filing also will be available for Customized Credit Fund, L.P., OHA 1. OHAI is a Maryland corporation
inspection and copying at the principal Denmark Customized Credit Fund, L.P., organized as a non-diversified, closed-
asabaliauskas on DSK3SPTVN1PROD with NOTICES
office of the Exchange. All comments OHA Centre Street Partnership, L.P., end management investment company
received will be posted without change; OHA Custom Multi-Sector Credit Master that has elected to be regulated as a BDC
the Commission does not edit personal Fund, L.P., OHA Custom Multi-Sector under the Act.1 OHAI’s investment
identifying information from Credit Fund, Ltd., OHA Finlandia Credit
1 Section 2(a)(48) defines a BDC to be any closed-
submissions. You should submit only Fund, L.P., OHA Strategic Credit Master
end investment company that operates for the
information that you wish to make Fund II, L.P., OHA Strategic Credit purpose of making investments in securities
available publicly. All submissions described in sections 55(a)(1) through 55(a)(3) of the
should refer to File Number SR–CBOE– 17 17 CFR 200.30–3(a)(12). Act and makes available significant managerial
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Document Created: 2018-02-07 13:54:00
Document Modified: 2018-02-07 13:54:00
| 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 | 81 FR 19653 |
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