81 FR 69885 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise The Options Clearing Corporation's Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 195 (October 7, 2016)
Federal Register Volume 81, Issue 195 (October 7, 2016)
| Page Range | 69885-69887 | |
| FR Document | 2016-24282 |
[Federal Register Volume 81, Number 195 (Friday, October 7, 2016)] [Notices] [Pages 69885-69887] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-24282] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79028; File No. SR-OCC-2016-012] Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Revise The Options Clearing Corporation's Schedule of Fees October 3, 2016. 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 30, 2016, The Options Clearing Corporation (``OCC'') 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 OCC. OCC filed the proposal pursuant to Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder \4\ so that the proposal was effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change by OCC would revise OCC's Schedule of Fees effective December 1, 2016, to implement an increase in clearing fees in accordance with OCC's Fee Policy.\5\ [[Page 69886]] The proposed changes to the Schedule of Fees can be found in Exhibit 5 to the proposed rule change. All capitalized terms not defined herein have the same meaning as set forth in the OCC By-Laws and Rules.\6\ --------------------------------------------------------------------------- \5\ OCC's Fee Policy was adopted as part of OCC's plan for raising additional capital (``Capital Plan''), which was put in place in light of proposed regulatory capital requirements applicable to systemically important financial market utilities, such as OCC. See Securities Exchange Act Release No. 74452 (March 6, 2015) 80 FR 13058 (March 12, 2015) (SR-OCC-2015-02). OCC also filed proposals in the Capital Plan Filing as an advance notice under Section 806(e)(1) of the Payment, Clearing, and Settlement Supervision Act of 2010. 12 U.S.C. 5465(e)(1). On February 26, 2015, the Commission issued a notice of no objection to the advance notice filing. See Exchange Act Release No. 74387 (February 26, 2015), 80 FR 12215 (March 6, 2015) (SR-OCC-2014-813). BATS Global Markets, Inc., BOX Options Exchange LLC, KCG Holdings, Inc., Miami International Securities Exchange, LLC, and Susquehanna International Group, LLP (collectively ``Petitioners'') each filed petitions for review of the Approval Order, challenging the action taken by delegated authority. The filing of the petitions automatically stayed the Approval Order. OCC filed a Motion to Lift the Stay on April 2, 2015, and the Petitioners responded. The Commission subsequently determined that the automatic stay of delegated action should be discontinued, and the Commission granted OCC's Motion to Lift Stay of the staff's action in approving by delegated authority File No. SR-OCC-2015-02. On February 11, 2016, the Commission issued an order setting aside the approval order issued under delegated authority and approved the proposed rule change to implement the Capital Plan. See Securities Exchange Act Release No. 77112 (February 11, 2016) 81 FR 8294 (February 18, 2016) (SR-OCC-2015-02). \6\ OCC's By-Laws and Rules can be found on OCC's public Web site: http://optionsclearing.com/about/publications/bylaws.jsp. --------------------------------------------------------------------------- II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared summaries, set forth in sections (A), (B), and (C) below, of the most significant aspects of these statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change (1) Purpose The purpose of this proposed rule change is to revise OCC's Schedule of Fees in accordance with its Fee Policy to set OCC's fees at a level designed to cover OCC's operating expenses and maintain a Business Risk Buffer of 25%.\7\ The revised fee schedule would become effective on December 1, 2016. --------------------------------------------------------------------------- \7\ The Business Risk Buffer is equal to net income before refunds, dividends, and taxes divided by total revenue. --------------------------------------------------------------------------- By way of background, OCC implemented its Capital Plan in 2015,\8\ which was put in place in light of proposed regulatory capital requirements applicable to systemically important financial market utilities, such as OCC. As part of OCC's Capital Plan, OCC adopted a Fee Policy whereby OCC would set clearing fees at a level that covers OCC's operating expenses plus a Business Risk Buffer of 25%.\9\ The purpose of the Business Risk Buffer is to ensure that OCC accumulates sufficient capital to cover unexpected fluctuations in operating expenses, business capital needs, and regulatory capital requirements. --------------------------------------------------------------------------- \8\ See supra note 5. \9\ OCC's Schedule of Fees must also meet the requirements set forth in Article IX, Section 9 of OCC's By-Laws. In general, Article IX, Section 9 of OCC's By-Laws requires that OCC's fee structure be designed to: (1) Cover OCC's operating expenses plus a business risk buffer; (2) maintain reserves deemed reasonably necessary by OCC's Board of Directors; and (3) accumulate an additional surplus deemed advisable by the Board of Directors to permit OCC to meet its obligations to its clearing members and the public. Clauses 2 and 3 above will only be invoked at the discretion of OCC's Board of Directors and in extraordinary circumstances. --------------------------------------------------------------------------- OCC recently reviewed its current Schedule of Fees \10\ against actual and projected revenues and expenses for 2016 in accordance with its Fee Policy to determine whether the Schedule of Fees was sufficient to cover OCC's anticipated operating expenses and achieve a Business Risk Buffer of 25%. In reviewing the Schedule of Fees, OCC analyzed: (i) Clearing fee revenues charged on a year-to-date basis, (ii) projected volume for the remainder of the year, (iii) the anticipated ``mix'' of volume among the various fee levels set forth in the Schedule of Fees, (iv) operating expenses incurred to date, and (v) operating expenses projected for the remainder of the year. Based on the foregoing analysis, OCC determined that the current fee schedule is set at a level that would be insufficient to ensure that OCC achieves its Business Risk Buffer of 25% as required under the Fee Policy. OCC arrived at the proposed fee schedule presented herein by determining the figures that provide the best opportunity for OCC to achieve coverage of its anticipated operating expenses plus a Business Risk Buffer of 25%. --------------------------------------------------------------------------- \10\ OCC previously revised its Schedule of Fees effective March 1, 2016, to implement a reduction of clearing fees in accordance with the Fee Policy. See Securities Exchange Act Release No. 77041 (February 3, 2016), 81 FR 6917 (February 9, 2016), (SR-OCC-2016- 001). OCC subsequently amended its Schedule of Fees to simplify its fee structure through: (i) The adoption of a flat clearing fee per contract with a fixed dollar cap and (ii) the elimination of the ``scratch'' fee. The revised fee structure, which became effective May 2, 2016, was designed to be revenue neutral when compared to the previous fee structure. See Securities Exchange Act Release No. 77336 (March 10, 2016), 81 FR 14153 (March 16, 2016), (SR-OCC-2016- 005). --------------------------------------------------------------------------- As a result of the aforementioned analysis, OCC proposes to revise its Schedule of Fees as set forth below.\11\ --------------------------------------------------------------------------- \11\ These changes are also reflected in Exhibit 5. ---------------------------------------------------------------------------------------------------------------- Current fee schedule Proposed fee schedule ---------------------------------------------------------------------------------------------------------------- Trades with contracts Trades with contracts of: Proposed fee of: Proposed fee ---------------------------------------------------------------------------------------------------------------- 1-1370............................... $0.041................. 1-1100................. $0.050/contract. >1370................................ $55/trade.............. >1100.................. $55/trade. ---------------------------------------------------------------------------------------------------------------- In accordance with its Fee Policy, OCC will continue to monitor cleared contract volume and operating expenses in order to determine if further revisions to OCC's Schedule of Fees are required so that monies received from clearing fees cover OCC's operating expenses plus a Business Risk Buffer of 25%.\12\ --------------------------------------------------------------------------- \12\ Any subsequent changes to OCC's Schedule of Fees would be the subject of a subsequent proposed rule change filed with the Commission. --------------------------------------------------------------------------- (2) Statutory Basis Section 17A(b)(3)(D) of the Securities Exchange Act of 1934, as amended (``Act''), requires that the rules of a clearing agency provide for the equitable allocation of reasonable dues, fees, and other charges among its participants.\13\ The proposed fee schedule was set in accordance with the criteria set forth in OCC's Capital Plan, which was approved by the Commission \14\ and requires that OCC's fees be set at a level designed to cover OCC's operating expenses and maintain a Business Risk Buffer of 25%. OCC believes the proposed fee change is reasonable because the fee increase would be set at a level intended only to facilitate the maintenance of OCC's Business Risk Buffer of 25%, which is designed to ensure that OCC accumulates sufficient capital to cover unexpected fluctuations in operating expenses, business capital needs, and regulatory capital requirements. Moreover, OCC believes that the proposed fee change would result in an equitable allocation of fees among its participants because it would be equally applicable to all market participants. As [[Page 69887]] a result, OCC believes that the proposed fee schedule provides for the equitable allocation of reasonable fees in accordance with Section 17A(b)(3)(D) of the Act.\15\ The proposed rule change is not inconsistent with the existing rules of OCC, including any other rules proposed to be amended. --------------------------------------------------------------------------- \13\ 17 U.S.C. 78q-1(b)(3)(D). \14\ See supra note 5. \15\ 17 U.S.C. 78q-1(b)(3)(D). --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition Section 17A(b)(3)(I) of the Act \16\ requires that the rules of a clearing agency not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. OCC does not believe that the proposed rule change would have any impact or impose a burden on competition. Although this proposed rule change affects clearing members, their customers, and the markets that OCC serves, OCC believes that the proposed rule change would not disadvantage or favor any particular user of OCC's services in relationship to another user because the proposed clearing fees apply equally to all users of OCC. Accordingly, OCC does not believe that the proposed rule change would have any impact or impose a burden on competition. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78q-1(b)(3)(I). --------------------------------------------------------------------------- (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments on the proposed rule change were not and are not intended to be solicited with respect to the proposed rule change and none have been received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Pursuant to Section 19(b)(3)(A)(ii) \17\ of the Act, and Rule 19b- 4(f)(2) thereunder,\18\ the proposed rule change is filed for immediate effectiveness as it constitutes a change in fees charged to OCC clearing members. 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.\19\ --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A)(ii). \18\ 17 CFR 240.19b-4(f)(2). \19\ Notwithstanding its immediate effectiveness, implementation of this rule change will be delayed until this change is deemed certified under CFTC Regulation Sec. 40.6. --------------------------------------------------------------------------- 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-OCC-2016-012 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-OCC-2016-012. 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 OCC and on OCC's Web site (http://www.theocc.com/components/docs/legal/rules_and_bylaws/sr_occ_16_012.pdf). 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-OCC-2016-012 and should be submitted on or before October 28, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-24282 Filed 10-6-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 195 / Friday, October 7, 2016 / Notices 69885
liquidity at a rate lower than the bank Act, applicants note that any collateral For the Commission, by the Division of
borrowing rate at times when the cash pledged to secure an interfund loan Investment Management, under delegated
position of the Fund is insufficient to would be subject to the same conditions authority.
meet temporary cash requirements. In imposed by any other lender to a Fund Robert W. Errett,
addition, Funds making short-term cash that imposes conditions on the quality Deputy Secretary.
loans directly to other Funds would of or access to collateral for a borrowing [FR Doc. 2016–24285 Filed 10–6–16; 8:45 am]
earn interest at a rate higher than they (if the lender is another Fund) or the BILLING CODE 8011–01–P
otherwise could obtain from investing same or better conditions (in any other
their cash in repurchase agreements or circumstance).5
certain other short term money market 5. Applicants also believe that the SECURITIES AND EXCHANGE
instruments. Thus, applicants assert that limited relief from section 18(f)(1) of the COMMISSION
the facility would benefit both Act that is necessary to implement the [Release No. 34–79028; File No. SR–OCC–
borrowing and lending Funds. facility (because the lending Funds are 2016–012]
3. Applicants agree that any order not banks) is appropriate in light of the
granting the requested relief will be conditions and safeguards described in Self-Regulatory Organizations; The
subject to the terms and conditions the application and because the Funds Options Clearing Corporation; Notice
stated in the Application. Among would remain subject to the of Filing and Immediate Effectiveness
others, the Adviser, through a requirement of section 18(f)(1) that all of Proposed Rule Change To Revise
designated committee, would borrowings of a Fund, including The Options Clearing Corporation’s
administer the facility as a disinterested combined interfund loans and bank Schedule of Fees
fiduciary as part of its duties under the borrowings, have at least 300% asset
investment management and October 3, 2016.
coverage.
administrative agreements with the 6. Section 6(c) of the Act permits the Pursuant to Section 19(b)(1) of the
Funds and would receive no additional Commission to exempt any persons or Securities Exchange Act of 1934
fee as compensation for its services in transactions from any provision of the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
connection with the administration of Act if such exemption is necessary or notice is hereby given that on
the facility. The facility would be appropriate in the public interest and September 30, 2016, The Options
subject to oversight and certain consistent with the protection of Clearing Corporation (‘‘OCC’’) filed with
approvals by the Funds’ Board, the Securities and Exchange
investors and the purposes fairly
including, among others, approval of the Commission (‘‘Commission’’) the
intended by the policy and provisions of
interest rate formula and of the method proposed rule change as described in
the Act. Section 12(d)(1)(J) of the Act
for allocating loans across Funds, as Items I, II and III below, which Items
provides that the Commission may
well as review of the process in place to have been prepared by OCC. OCC filed
exempt any person, security, or
evaluate the liquidity implications for the proposal pursuant to Section
transaction, or any class or classes of
the Funds. A Fund’s aggregate 19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
persons, securities, or transactions, from
outstanding interfund loans will not 4(f)(2) thereunder 4 so that the proposal
any provision of section 12(d)(1) if the
exceed 15% of its net assets, and the was effective upon filing with the
exemption is consistent with the public
Fund’s loan to any one Fund will not Commission. The Commission is
interest and the protection of investors.
exceed 5% of the lending Fund’s net publishing this notice to solicit
Section 17(b) of the Act authorizes the
assets.3 comments on the proposed rule change
Commission to grant an order
4. Applicants assert that the facility from interested persons.
permitting a transaction otherwise
does not raise the concerns underlying prohibited by section 17(a) if it finds I. Clearing Agency’s Statement of the
section 12(d)(1) of the Act given that the that (a) the terms of the proposed Terms of Substance of the Proposed
Funds are part of the same group of transaction are fair and reasonable and Rule Change
investment companies and there will be do not involve overreaching on the part
no duplicative costs or fees to the The proposed rule change by OCC
of any person concerned; (b) the would revise OCC’s Schedule of Fees
Funds.4 Applicants also assert that the proposed transaction is consistent with
proposed transactions do not raise the effective December 1, 2016, to
the policies of each registered implement an increase in clearing fees
concerns underlying sections 17(a)(1),
investment company involved; and (c) in accordance with OCC’s Fee Policy.5
17(a)(3), 17(d) and 21(b) of the Act as
the proposed transaction is consistent
the Funds would not engage in lending
with the general purposes of the Act. 1 15 U.S.C. 78s(b)(1).
transactions that unfairly benefit
Rule 17d–1(b) under the Act provides 2 17 CFR 240.19b–4.
insiders or are detrimental to the Funds.
that in passing upon an application filed 3 15 U.S.C. 78s(b)(3)(A)(ii).
Applicants state that the facility will 4 17 CFR 240.19b–4(f)(2).
under the rule, the Commission will
offer both reduced borrowing costs and 5 OCC’s Fee Policy was adopted as part of OCC’s
consider whether the participation of
enhanced returns on loaned funds to all plan for raising additional capital (‘‘Capital Plan’’),
the registered investment company in a which was put in place in light of proposed
participating Funds and each Fund
joint enterprise, joint arrangement or regulatory capital requirements applicable to
would have an equal opportunity to
profit sharing plan on the basis systemically important financial market utilities,
borrow and lend on equal terms based such as OCC. See Securities Exchange Act Release
proposed is consistent with the
on an interest rate formula that is No. 74452 (March 6, 2015) 80 FR 13058 (March 12,
provisions, policies and purposes of the 2015) (SR–OCC–2015–02). OCC also filed proposals
objective and verifiable. With respect to
Act and the extent to which such in the Capital Plan Filing as an advance notice
mstockstill on DSK3G9T082PROD with NOTICES
the relief from section 17(a)(2) of the
participation is on a basis different from under Section 806(e)(1) of the Payment, Clearing,
or less advantageous than that of the and Settlement Supervision Act of 2010. 12 U.S.C.
3 Under certain circumstances, a borrowing Fund
5465(e)(1). On February 26, 2015, the Commission
will be required to pledge collateral to secure the other participants. issued a notice of no objection to the advance notice
loan. filing. See Exchange Act Release No. 74387
4 Applicants state that the obligation to repay an 5 Applicants state that any pledge of securities to (February 26, 2015), 80 FR 12215 (March 6, 2015)
interfund loan could be deemed to constitute a secure an interfund loan could constitute a (SR–OCC–2014–813). BATS Global Markets, Inc.,
security for the purposes of sections 17(a)(1) and purchase of securities for purposes of section BOX Options Exchange LLC, KCG Holdings, Inc.,
12(d)(1) of the Act. 17(a)(2) of the Act. Continued
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![Federal Register / Vol. 81, No. 195 / Friday, October 7, 2016 / Notices 69887
a result, OCC believes that the proposed IV. Solicitation of Comments For the Commission, by the Division of
fee schedule provides for the equitable Trading and Markets, pursuant to delegated
allocation of reasonable fees in Interested persons are invited to authority.20
accordance with Section 17A(b)(3)(D) of submit written data, views and Robert W. Errett,
the Act.15 The proposed rule change is arguments concerning the foregoing, Deputy Secretary.
not inconsistent with the existing rules including whether the proposed rule [FR Doc. 2016–24282 Filed 10–6–16; 8:45 am]
of OCC, including any other rules change is consistent with the Act. BILLING CODE 8011–01–P
proposed to be amended. Comments may be submitted by any of
the following methods:
(B) Clearing Agency’s Statement on
SECURITIES AND EXCHANGE
Burden on Competition Electronic Comments
COMMISSION
Section 17A(b)(3)(I) of the Act 16 • Use the Commission’s Internet
requires that the rules of a clearing [Investment Company Act Release No.
comment form (http://www.sec.gov/ 32300; File No. 812–14583]
agency not impose any burden on
rules/sro.shtml); or
competition not necessary or Legg Mason Global Asset Management
appropriate in furtherance of the • Send an email to rule-
comments@sec.gov. Please include File Trust, et al.; Notice of Application
purposes of the Act. OCC does not
believe that the proposed rule change Number SR–OCC–2016–012 on the October 3, 2016.
would have any impact or impose a subject line. AGENCY: Securities and Exchange
burden on competition. Although this Commission (‘‘Commission’’).
Paper Comments
proposed rule change affects clearing ACTION: Notice of an application for an
members, their customers, and the • Send paper comments in triplicate order pursuant to: (a) Section 6(c) of the
markets that OCC serves, OCC believes to Secretary, Securities and Exchange Investment Company Act of 1940
that the proposed rule change would not Commission, 100 F Street NE., (‘‘Act’’) granting an exemption from
disadvantage or favor any particular Washington, DC 20549–1090. sections 18(f) and 21(b) of the Act; (b)
user of OCC’s services in relationship to section 12(d)(1)(J) of the Act granting an
another user because the proposed All submissions should refer to File
exemption from section 12(d)(1) of the
clearing fees apply equally to all users Number SR–OCC–2016–012. This file
Act; (c) sections 6(c) and 17(b) of the
of OCC. Accordingly, OCC does not number should be included on the
Act granting an exemption from sections
believe that the proposed rule change subject line if email is used. To help the
17(a)(1), 17(a)(2) and 17(a)(3) of the Act;
would have any impact or impose a Commission process and review your and (d) section 17(d) of the Act and rule
burden on competition. comments more efficiently, please use 17d–1 under the Act to permit certain
only one method. The Commission will joint arrangements and transactions.
(C) Clearing Agency’s Statement on post all comments on the Commission’s
Comments on the Proposed Rule Applicants request an order that would
Internet Web site (http://www.sec.gov/ permit certain registered open-end
Change Received From Members,
rules/sro.shtml). Copies of the management investment companies to
Participants, or Others
submission, all subsequent participate in a joint lending and
Written comments on the proposed amendments, all written statements borrowing facility.
rule change were not and are not with respect to the proposed rule
intended to be solicited with respect to change that are filed with the APPLICANTS: Legg Mason Global Asset
the proposed rule change and none have Commission, and all written Management Trust, Legg Mason Global
been received. communications relating to the Asset Management Variable Trust, Legg
III. Date of Effectiveness of the proposed rule change between the Mason Partners Income Trust, Legg
Proposed Rule Change and Timing for Commission and any person, other than Mason Partners Institutional Trust, Legg
Commission Action those that may be withheld from the Mason Partners Money Market Trust,
public in accordance with the Legg Mason Partners Premium Money
Pursuant to Section 19(b)(3)(A)(ii) 17
provisions of 5 U.S.C. 552, will be Market Trust, Legg Mason Partners
of the Act, and Rule 19b–4(f)(2)
available for Web site viewing and Variable Income Trust, Master Portfolio
thereunder,18 the proposed rule change
is filed for immediate effectiveness as it printing in the Commission’s Public Trust, and Western Asset Funds, Inc.,
constitutes a change in fees charged to Reference Room, 100 F Street NE., registered under the Act as open-end
OCC clearing members. At any time Washington, DC 20549 on official management investment companies
within 60 days of the filing of the business days between the hours of with one or more series, and Legg
proposed rule change, the Commission 10:00 a.m. and 3:00 p.m. Copies of the Mason Partners Fund Advisor, LLC (the
summarily may temporarily suspend filing also will be available for ‘‘Adviser’’), registered as an investment
such rule change if it appears to the inspection and copying at the principal adviser under the Investment Advisers
Commission that such action is office of OCC and on OCC’s Web site Act of 1940.
necessary or appropriate in the public (http://www.theocc.com/components/ FILING DATES: The application was filed
interest, for the protection of investors, docs/legal/rules_and_bylaws/ on November 27, 2015, and amended on
or otherwise in furtherance of the sr_occ_16_012.pdf). All comments May 5, 2016.
purposes of the Act.19 received will be posted without change; HEARING OR NOTIFICATION OF HEARING:
the Commission does not edit personal An order granting the requested relief
mstockstill on DSK3G9T082PROD with NOTICES
15 17 U.S.C. 78q–1(b)(3)(D). identifying information from will be issued unless the Commission
16 15 U.S.C. 78q–1(b)(3)(I). submissions. You should submit only orders a hearing. Interested persons may
17 15 U.S.C. 78s(b)(3)(A)(ii). information that you wish to make request a hearing by writing to the
18 17 CFR 240.19b–4(f)(2).
available publicly. All submissions Commission’s Secretary and serving
19 Notwithstanding its immediate effectiveness,
should refer to File Number SR–OCC– applicants with a copy of the request,
implementation of this rule change will be delayed
until this change is deemed certified under CFTC
2016–012 and should be submitted on
Regulation § 40.6. or before October 28, 2016. 20 17 CFR 200.30–3(a)(12).
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Document Created: 2018-02-13 16:32:04
Document Modified: 2018-02-13 16:32:04
| 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 69885 |
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