81 FR 61727 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 173 (September 7, 2016)
Federal Register Volume 81, Issue 173 (September 7, 2016)
| Page Range | 61727-61729 | |
| FR Document | 2016-21380 |
[Federal Register Volume 81, Number 173 (Wednesday, September 7, 2016)] [Notices] [Pages 61727-61729] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-21380] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78741; File No. SR-CBOE-2016-063] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule August 31, 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 August 19, 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 the Substance of the Proposed Rule Change The Exchange proposes to make changes to the Non-Standard Booth Rental Fee in the Facility Fees section of 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 The Exchange proposes to amend the Fees Schedule. Specifically, the Exchange proposes changes to the Non-Standard Booth Rental Fee in the Facility Fees section of the Fees Schedule. In general, a ``standard booth'' on the Exchange refers to a portion of designated space on the trading floor of the Exchange adjacent to particular trading crowds, which may be occupied by a Trading Permit Holder (``TPH''), clerks, runners, or other support staff for operational and other business- related activities. The term ``non-standard booth'' generally refers to space on the trading floor of the Exchange that is set off from a trading crowd, which may be rented by a TPH for whatever support, office, back-office, or any other business-related activities for which the TPH may choose to use the space. Currently, TPHs that rent non-standard booth space on the floor of the Exchange pay a monthly fee on a per square foot basis for use of the space. The per square foot fee that a TPH pays for non-standard booth space is determined based on the size of the booth and length of the non-standard booth lease term that the TPH entered [[Page 61728]] into with the Exchange. In general, the greater the size of the booth and the longer the term of the lease, the less the TPH pays per square foot of non-standard booth space. Specifically, non-standard booth rental fees are assessed according to the following table: \3\ --------------------------------------------------------------------------- \3\ See Non-Standard Booth Rental Fee in the Facility Fees section of the Fees Schedule available at http://www.cboe.com/publish/feeschedule/CBOEFeeSchedule.pdf. ---------------------------------------------------------------------------------------------------------------- Booth size Per sq. ft. Per sq. ft. Per sq. ft. ---------------------------------------------------------------------------------------------------------------- Non-Standard Booth Rental Fee.. Extra Large (1,000 sq. $2.83............ $2.75............ $2.69 ft. or greater). Large (800-999 sq. 4.12............. 4.00............. 3.91 ft.). Medium (401-799 sq. 4.89............. 4.74............. 4.65 ft.). Small (400 sq. ft. or 7.72............. 7.49............. 7.33 less). Length of Lease....... 1 Year........... 2 Years (97%).... 3 Years (95%) ---------------------------------------------------------------------------------------------------------------- The Exchange notes that under the current Non-Standard Booth Rental Fee table, a TPH that rents more space for less time than another TPH may pay a lower total monthly non-standard booth rental fee than the TPH that rents less space for more time. For example, under the current Non-Standard Booth Rental Fee table, a TPH that rents a 700 square foot non-standard booth for three years will pay $4.65 per square foot or a total non-standard booth rental fee of $3,255 per month, whereas a TPH that rents an 1,000 square foot non-standard booth for one year will pay $2.83 per square foot or a total non-standard booth rental fee of $2,830 per month. Thus, as demonstrated by the above example, in many cases, a TPH may rent a bigger non-standard booth for less than a smaller non-standard booth regardless of the lease term. The Exchange believes that this regime creates an incentive for TPHs to rent more non-standard booth space than they may need. The Exchange proposes to amend the Fees Schedule so that TPHs that rent more non-standard booth space would pay a higher non-standard booth rental fee than those that rent less space. In particular, the Exchange proposes to amend the Fees Schedule to include the following non-standard booth rental fee table: ------------------------------------------------------------------------ Square footage fee Non-Standard booth rental fee Base booth (up to 1,000 sq. rental fee ft.) ------------------------------------------------------------------------ $1,250 .................... $1.70 (per sq. ft.) ------------------------------------------------------------------------ Under the Exchange's proposal, a TPH that rents non-standard booth space on the floor of the Exchange would pay a base non-standard booth rental fee of $1,250 per month in addition to a square footage fee of $1.70 per square foot per month based on the size of the TPH's non- standard booth. Thus, under the proposed non-standard booth rental fee change, a TPH that rents more non-standard booth space than another TPH would pay more than the TPH with less space (i.e. $1.70 more per each additional square foot that the TPH rents). For example, under the proposed non-standard booth rental fee, a TPH that rents a 400 square foot non-standard booth would pay a total non-standard booth rental fee of $1,930 per month (i.e. $1,250 (base fee) + ($1.70 x 400 = $680 (square footage fee)) = $1930) while a TPH that rents an 1,000 square foot non-standard booth would pay $2,950 per month ($1,250 + ($1.70 x 1,000) = $2,950).\4\ Under the proposed fee change, a TPH or TPH organization would be able to rent up to 1,000 square feet of non- standard booth space on the floor of the Exchange. The 1,000 square foot cap would help ensure the availability of sufficient space on the floor of the Exchange to accommodate TPHs and TPH organizations that wish to rent non-standard booths.\5\ --------------------------------------------------------------------------- \4\ There are currently four TPH organizations that rent non- standard booths on the floor of the Exchange. Notably, under the proposed rule change, non-standard booth rental fees would be similar to what they are now under the current Fees Schedule. In no case would a TPH's non-standard booth rental fee increase by more than $120 per month and in some cases, non-standard booth rental fees would decrease under the proposed rule change. \5\ No TPH currently rents more than 1,000 feet of non-standard booth space on the floor of the Exchange. --------------------------------------------------------------------------- Notably, under the proposed fee change, effective September 1, 2016, the Exchange would no longer offer discounts for longer lease terms--all lease terms would be for a period of one year.\6\ Thus, the separate one year, two year, and three year columns in the Non-Standard Booth Rental Fee section of the current Fees Schedule would be deleted and the Notes in the proposed Non-Standard Booth Rental Fee table of the Fees Schedule would provide that non-standard booths must be leased for a term of one year. In addition, the Exchange proposes to make other corresponding changes to the Notes section of the Non-Standard Booth Rental Fee table in the Fees Schedule reflecting that non- standard booth rental fees would continue to be assessed on a monthly basis and would include both the base booth rental fee plus the appropriate square footage fee as determined based on the size of the booth.\7\ The current early termination penalty provisions in the Notes section of the Non-Standard Booth Rental Fee table would remain unchanged, but would include an additional provision providing that early termination penalties will not be assessed for early termination of leases entered into prior [[Page 61729]] to August 1, 2016 that are terminated by mutual agreement of the TPH organization and the Exchange.\8\ The Booth Pass-Through Fee would remain unchanged.\9\ --------------------------------------------------------------------------- \6\ The Exchange's proposed rule change, however, would not apply retroactively. Unexpired leases signed under the terms provided in the current Fees Schedule that are currently in force would be effective and enforceable until expiration unless termination were mutually agreed to between the TPH and the Exchange. As stated above, there are currently four TPH organizations that rent non-standard booths on the floor of the Exchange pursuant to preexisting leases (each of which expires in 2016). The Exchange believes that several of these TPH organizations may wish to terminate their leases by mutual agreement with the Exchange because renewal under the proposed rule change would result in a beneficial cost savings. The Exchange would agree to terminate all such preexisting leases with the appropriate consent of each respective TPH. \7\ Compare proposed Notes language with the current Notes section of the Non-Standard Booth Rental Fees Table in the Fees Schedule, which provides that a Trading Permit Holder (``TPH'') organization will pay the fees per square foot on a monthly basis for use of a non-standard booth. Currently, the fee per square foot a TPH organization will pay is determined based on the size of the booth and length of the lease the TPH organization enters into with the Exchange. The greater the size of the booth and the longer the term of the lease will result in a reduced fee per square foot. \8\ Under the early termination provisions in Notes to the Non- Standard Booth Rental Fee in the current Fees Schedule, a TPH organization that terminates its lease prior to its expiration date will, on the effective date of such termination, pay to the Exchange an amount equal to twenty five percent (25%) of the balance of the monthly charges remaining in the lease term. \9\ Pursuant to the Booth Pass-Through Fee, TPHs bear responsibility for all costs associated with any modifications and alterations to any trading floor booths leased by the TPH (or TPH organization) and must reimburse the Exchange for all costs incurred in connection therewith. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\10\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \11\ 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) \12\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). \12\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change is proposed rule change is consistent with Section 6(b)(4) of the Act,\13\ which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its TPHs and other persons using its facilities. The Exchange believes that non- standard booth rental fees should be designed such that TPHs that rent more non-standard booth space on the floor of the Exchange pay more than those that rent less non-standard booth space. The Exchange believes that the proposed rule change is consistent with the Act in that it provides for equitable allocation of reasonable fees among TPHs by requiring those that use more resources to pay more than those that use less. The Exchange also believes that the proposed rule change would simplify the way that non-standard booth rental fees are assessed on the Exchange and add clarity to the Fees Schedule. The Exchange believes that adding clarity to the Rules is in the best interests of investors and the general public. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange 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. Rather, the Exchange believes that the proposed rule change will relieve any burden on, or otherwise promote, competition by adopting a simpler fee structure for non-standard booth rental on the floor of the Exchange. Under the proposed non-standard booth rental fee all TPHs would pay the same base rate with those that rent more space paying a higher square footage fee than those that rent less space on proportional basis. 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 written 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 \14\ and paragraph (f) of Rule 19b-4 \15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 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 rule-comments@ sec.gov. Please include File Number SR-CBOE-2016-063 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-2016-063. 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 such 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-2016-063, and should be submitted on or before September 28, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-21380 Filed 9-6-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 173 / Wednesday, September 7, 2016 / Notices 61727
following the tender of Creation Units Act if such exemption is necessary or I. Self-Regulatory Organization’s
for redemption. Applicants assert that appropriate in the public interest and Statement of the Terms of the Substance
the requested relief would not be consistent with the protection of of the Proposed Rule Change
inconsistent with the spirit and intent of investors and the purposes fairly The Exchange proposes to make
section 22(e) to prevent unreasonable, intended by the policy and provisions of changes to the Non-Standard Booth
undisclosed or unforeseen delays in the the Act. Section 12(d)(1)(J) of the Act Rental Fee in the Facility Fees section
actual payment of redemption proceeds. provides that the Commission may of the Fees Schedule. The text of the
7. Applicants request an exemption to exempt any person, security, or proposed rule change is available on the
permit Funds of Funds to acquire Fund transaction, or any class or classes of Exchange’s Web site (http://
shares beyond the limits of section persons, securities, or transactions, from www.cboe.com/AboutCBOE/
12(d)(1)(A) of the Act; and the Funds, any provision of section 12(d)(1) if the CBOELegalRegulatoryHome.aspx), at
and any principal underwriter for the exemption is consistent with the public the Exchange’s Office of the Secretary,
Funds, and/or any broker or dealer interest and the protection of investors. and at the Commission’s Public
registered under the Exchange Act, to Section 17(b) of the Act authorizes the Reference Room.
sell shares to Funds of Funds beyond Commission to grant an order
the limits of section 12(d)(1)(B) of the permitting a transaction otherwise II. Self-Regulatory Organization’s
Act. The application’s terms and prohibited by section 17(a) if it finds Statement of the Purpose of, and
conditions are designed to, among other that (a) the terms of the proposed Statutory Basis for, the Proposed Rule
things, help prevent any potential (i) transaction are fair and reasonable and Change
undue influence over a Fund through do not involve overreaching on the part In its filing with the Commission, the
control or voting power, or in of any person concerned; (b) the Exchange included statements
connection with certain services, proposed transaction is consistent with concerning the purpose of and basis for
transactions, and underwritings, (ii) the policies of each registered the proposed rule change and discussed
excessive layering of fees, and (iii) investment company involved; and (c) any comments it received on the
overly complex fund structures, which the proposed transaction is consistent proposed rule change. The text of these
are the concerns underlying the limits with the general purposes of the Act. statements may be examined at the
in sections 12(d)(1)(A) and (B) of the places specified in Item IV below. The
Act. For the Commission, by the Division of
Exchange has prepared summaries, set
8. Applicants request an exemption Investment Management, under delegated
forth in sections A, B, and C below, of
from sections 17(a)(1) and 17(a)(2) of the authority.
the most significant aspects of such
Act to permit persons that are Affiliated Robert W. Errett, statements.
Persons, or Second Tier Affiliates, of the Deputy Secretary.
Funds, solely by virtue of certain [FR Doc. 2016–21429 Filed 9–6–16; 8:45 am]
A. Self-Regulatory Organization’s
ownership interests, to effectuate Statement of the Purpose of, and
BILLING CODE 8011–01–P
purchases and redemptions in-kind. The Statutory Basis for, the Proposed Rule
deposit procedures for in-kind Change
purchases of Creation Units and the
SECURITIES AND EXCHANGE 1. Purpose
redemption procedures for in-kind
COMMISSION The Exchange proposes to amend the
redemptions of Creation Units will be
the same for all purchases and Fees Schedule. Specifically, the
redemptions and Deposit Instruments [Release No. 34–78741; File No. SR–CBOE– Exchange proposes changes to the Non-
and Redemption Instruments will be 2016–063] Standard Booth Rental Fee in the
valued in the same manner as those Facility Fees section of the Fees
Portfolio Instruments currently held by Self-Regulatory Organizations; Schedule. In general, a ‘‘standard
the Funds. Applicants also seek relief Chicago Board Options Exchange, booth’’ on the Exchange refers to a
from the prohibitions on affiliated Incorporated; Notice of Filing and portion of designated space on the
transactions in section 17(a) to permit a Immediate Effectiveness of a Proposed trading floor of the Exchange adjacent to
Fund to sell its shares to and redeem its Rule Change To Amend the Fees particular trading crowds, which may be
shares from a Fund of Funds, and to Schedule occupied by a Trading Permit Holder
engage in the accompanying in-kind (‘‘TPH’’), clerks, runners, or other
August 31, 2016.
transactions with the Fund of Funds.2 support staff for operational and other
The purchase of Creation Units by a Pursuant to Section 19(b)(1) of the business-related activities. The term
Fund of Funds directly from a Fund will Securities Exchange Act of 1934 (the ‘‘non-standard booth’’ generally refers to
be accomplished in accordance with the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 space on the trading floor of the
policies of the Fund of Funds and will notice is hereby given that on August Exchange that is set off from a trading
be based on the NAVs of the Funds. 19, 2016, Chicago Board Options crowd, which may be rented by a TPH
9. Section 6(c) of the Act permits the Exchange, Incorporated (the ‘‘Exchange’’ for whatever support, office, back-office,
Commission to exempt any persons or or ‘‘CBOE’’) filed with the Securities or any other business-related activities
transactions from any provision of the and Exchange Commission (the for which the TPH may choose to use
‘‘Commission’’) the proposed rule the space.
2 The requested relief would apply to direct sales change as described in Items I, II, and Currently, TPHs that rent non-
of shares in Creation Units by a Fund to a Fund of III below, which Items have been standard booth space on the floor of the
mstockstill on DSK3G9T082PROD with NOTICES
Funds and redemptions of those shares. Applicants,
moreover, are not seeking relief from section 17(a)
prepared by the Exchange. The Exchange pay a monthly fee on a per
for, and the requested relief will not apply to, Commission is publishing this notice to square foot basis for use of the space.
transactions where a Fund could be deemed an solicit comments on the proposed rule The per square foot fee that a TPH pays
Affiliated Person, or a Second-Tier Affiliate, of a change from interested persons. for non-standard booth space is
Fund of Funds because an Adviser or an entity
controlling, controlled by or under common control
determined based on the size of the
with an Adviser provides investment advisory 1 15 U.S.C. 78s(b)(1). booth and length of the non-standard
services to that Fund of Funds. 2 17 CFR 240.19b–4. booth lease term that the TPH entered
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![Federal Register / Vol. 81, No. 173 / Wednesday, September 7, 2016 / Notices 61729
to August 1, 2016 that are terminated by TPHs by requiring those that use more Comments may be submitted by any of
mutual agreement of the TPH resources to pay more than those that the following methods:
organization and the Exchange.8 The use less. The Exchange also believes
Booth Pass-Through Fee would remain that the proposed rule change would Electronic Comments
unchanged.9 simplify the way that non-standard • Use the Commission’s Internet
2. Statutory Basis booth rental fees are assessed on the comment form (http://www.sec.gov/
Exchange and add clarity to the Fees rules/sro.shtml); or
The Exchange believes the proposed Schedule. The Exchange believes that
rule change is consistent with the Act adding clarity to the Rules is in the best • Send an email to rule-comments@
and the rules and regulations interests of investors and the general sec.gov. Please include File Number SR–
thereunder applicable to the Exchange public. CBOE–2016–063 on the subject line.
and, in particular, the requirements of
Section 6(b) of the Act.10 Specifically, B. Self-Regulatory Organization’s Paper Comments
the Exchange believes the proposed rule Statement on Burden on Competition
• Send paper comments in triplicate
change is consistent with the Section The Exchange does not believe that to Secretary, Securities and Exchange
6(b)(5) 11 requirements that the rules of the proposed rule change will impose Commission, 100 F Street NE.,
an exchange be designed to prevent any burden on competition that is not
fraudulent and manipulative acts and Washington, DC 20549–1090.
necessary or appropriate in furtherance
practices, to promote just and equitable of the purposes of the Act. Rather, the All submissions should refer to File
principles of trade, to foster cooperation Exchange believes that the proposed Number SR–CBOE–2016–063. This file
and coordination with persons engaged rule change will relieve any burden on, number should be included on the
in regulating, clearing, settling, or otherwise promote, competition by subject line if email is used. To help the
processing information with respect to, adopting a simpler fee structure for non- Commission process and review your
and facilitating transactions in standard booth rental on the floor of the comments more efficiently, please use
securities, to remove impediments to Exchange. Under the proposed non- only one method. The Commission will
and perfect the mechanism of a free and standard booth rental fee all TPHs post all comments on the Commission’s
open market and a national market would pay the same base rate with those Internet Web site (http://www.sec.gov/
system, and, in general, to protect that rent more space paying a higher
investors and the public interest. rules/sro.shtml). Copies of the
square footage fee than those that rent submission, all subsequent
Additionally, the Exchange believes the less space on proportional basis.
proposed rule change is consistent with amendments, all written statements
the Section 6(b)(5) 12 requirement that C. Self-Regulatory Organization’s with respect to the proposed rule
the rules of an exchange not be designed Statement on Comments on the change that are filed with the
to permit unfair discrimination between Proposed Rule Change Received From Commission, and all written
customers, issuers, brokers, or dealers. Members, Participants, or Others communications relating to the
In particular, the Exchange believes The Exchange neither solicited nor proposed rule change between the
that the proposed rule change is received written comments on the Commission and any person, other than
proposed rule change is consistent with proposed rule change. those that may be withheld from the
Section 6(b)(4) of the Act,13 which public in accordance with the
requires that Exchange rules provide for III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be
the equitable allocation of reasonable Proposed Rule Change and Timing for available for Web site viewing and
dues, fees, and other charges among its Commission Action
printing in the Commission’s Public
TPHs and other persons using its The foregoing rule change has become Reference Room, 100 F Street NE.,
facilities. The Exchange believes that effective pursuant to Section 19(b)(3)(A) Washington, DC 20549 on official
non-standard booth rental fees should of the Act 14 and paragraph (f) of Rule business days between the hours of
be designed such that TPHs that rent 19b–4 15 thereunder. At any time within 10:00 a.m. and 3:00 p.m. Copies of such
more non-standard booth space on the 60 days of the filing of the proposed rule filing also will be available for
floor of the Exchange pay more than change, the Commission summarily may inspection and copying at the principal
those that rent less non-standard booth temporarily suspend such rule change if
space. The Exchange believes that the office of the Exchange. All comments
it appears to the Commission that such received will be posted without change;
proposed rule change is consistent with action is necessary or appropriate in the
the Act in that it provides for equitable the Commission does not edit personal
public interest, for the protection of identifying information from
allocation of reasonable fees among investors, or otherwise in furtherance of
submissions. You should submit only
the purposes of the Act. If the
8 Under the early termination provisions in Notes information that you wish to make
Commission takes such action, the
to the Non-Standard Booth Rental Fee in the current available publicly. All submissions
Fees Schedule, a TPH organization that terminates Commission will institute proceedings
to determine whether the proposed rule should refer to File Number SR–CBOE–
its lease prior to its expiration date will, on the
effective date of such termination, pay to the change should be approved or 2016–063, and should be submitted on
Exchange an amount equal to twenty five percent
disapproved. or before September 28, 2016.
(25%) of the balance of the monthly charges
remaining in the lease term. For the Commission, by the Division of
IV. Solicitation of Comments
9 Pursuant to the Booth Pass-Through Fee, TPHs Trading and Markets, pursuant to delegated
mstockstill on DSK3G9T082PROD with NOTICES
bear responsibility for all costs associated with any Interested persons are invited to authority.16
modifications and alterations to any trading floor submit written data, views, and
booths leased by the TPH (or TPH organization) and
Robert W. Errett,
arguments concerning the foregoing,
must reimburse the Exchange for all costs incurred Deputy Secretary.
in connection therewith. including whether the proposed rule
[FR Doc. 2016–21380 Filed 9–6–16; 8:45 am]
10 15 U.S.C. 78f(b). change is consistent with the Act.
11 15 U.S.C. 78f(b)(5). BILLING CODE 8011–01–P
12 Id. 14 15 U.S.C. 78s(b)(3)(A).
13 15 U.S.C. 78f(b)(4). 15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12).
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Document Created: 2016-09-07 11:50:39
Document Modified: 2016-09-07 11:50:39
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 61727 |
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