81 FR 7865 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change To Amend the Derivatives and Other Off-Balance Sheet Items Schedule Pursuant to FINRA Rule 4524 (Supplemental FOCUS Information)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 30 (February 16, 2016)
Federal Register Volume 81, Issue 30 (February 16, 2016)
| Page Range | 7865-7867 | |
| FR Document | 2016-02990 |
[Federal Register Volume 81, Number 30 (Tuesday, February 16, 2016)] [Notices] [Pages 7865-7867] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02990] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77098; File No. SR-FINRA-2015-059] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change To Amend the Derivatives and Other Off-Balance Sheet Items Schedule Pursuant to FINRA Rule 4524 (Supplemental FOCUS Information) February 9, 2016. I. Introduction On December 23, 2015, the Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to amend the instructions to the Derivatives and Other Off-Balance Sheet Items Schedule (``OBS'') pursuant to FINRA Rule 4524 (Supplemental FOCUS Information) to expand the application of the OBS to certain non-carrying/non-clearing firms that have a certain amount of off-balance sheet obligations. The proposed rule change was published for comment in the Federal Register on January 7, 2016.\3\ The Commission did not receive written comments in response to the proposed rule change. This order approves the proposed rule change. --------------------------------------------------------------------------- \1\ See 15 U.S.C. 78s(b)(1). \2\ See 17 CFR 240.19b-4. \3\ See Exchange Act Release No. 76813 (Dec. 31, 2015), 81 FR 844 (Jan. 7, 2016). --------------------------------------------------------------------------- II. Description of Proposed Rule Change FINRA Rule 4524 requires each firm, as FINRA shall designate, to file such additional financial or operational schedules or reports as FINRA may deem necessary or appropriate for the protection of investors or in the public interest as a supplement to the FOCUS Report.\4\ In February 2013, the SEC approved FINRA's adoption, pursuant to FINRA Rule 4524, of the OBS as a supplement to the FOCUS report.\5\ The OBS captures important information that is not otherwise reported on firms' balance sheets and requires all firms that carry customer accounts or self-clear or clear transactions for others (referred to, collectively, as ``carrying or clearing firms'') to file with FINRA the OBS within 22 business days of the end of each calendar quarter, unless a carrying or clearing firm meets the de minimis exception set forth in the instructions to the OBS.\6\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 66364 (Feb. 9, 2012), 77 FR 8938 (Feb. 15, 2012) (Order Approving File No. SR- FINRA-2011-064). FINRA Rule 4524 also provides that FINRA will specify the content of additional schedules or reports, their format, and the timing and the frequency of such supplemental filings in a Regulatory Notice (or similar communication), the content of which FINRA will file with the Commission pursuant to Section 19(b) of the Exchange Act. \5\ See Securities Exchange Act Release No. 68832 (Feb. 5, 2013), 78 FR 9754 (Feb. 11, 2013) (Order Approving File No. SR- FINRA-2012-050). Carrying or clearing firms were required to file with FINRA their initial OBS on or before July 31, 2013, to disclose off-balance sheet information as of June 30, 2013. See Regulatory Notice 13-10 (March 2013) (Supplemental FOCUS Information). \6\ The de minimis exception relieves a carrying or clearing firm from filing the OBS for the reporting period if the aggregate of all gross amounts of off-balance sheet items is less than 10 percent of the firm's excess net capital on the last day of the reporting period. For purposes of the OBS, as well as the proposed amendments to the OBS, the term ``excess net capital'' means net capital reduced by the greater of the minimum dollar net capital requirement or two percent of combined aggregate debit items as shown in the Formula for Reserve Requirements pursuant to Exchange Act Rule 15c3-3. See Securities Exchange Act Release No. 68832 (Feb. 5, 2013), 78 FR 9754, 9755 (Feb. 11, 2013) (Order Approving File No. SR-FINRA-2012-050). --------------------------------------------------------------------------- Pursuant to FINRA Rule 4524, FINRA proposed to amend the instructions to the OBS to expand its application beyond carrying or clearing firms to include firms that neither carry customer accounts nor clear transactions (referred to, collectively, as ``non-clearing firms'') that have, [[Page 7866]] pursuant to Exchange Act Rule 15c3-1,\7\ a minimum dollar net capital requirement equal to or greater than $100,000, and at least $10 million in reportable items pursuant to the OBS. The proposed rule change does not otherwise change the OBS or its instructions, including the de minimis exception. Accordingly, consistent with the current OBS, any firm (i.e., either a carrying or clearing firm or a non-clearing firm) that meets the de minimis exception need not file the OBS for the reporting period.\8\ Further, under the proposed rule change, as well as under the current OBS, any firm that is required to file the OBS must do so as of the last day of a reporting period within 22 business days of the end of each calendar quarter. --------------------------------------------------------------------------- \7\ See 17 CFR 240.15c3-1 (Net Capital Requirements for Brokers or Dealers). Exchange Act Rule 15c3-1(a)(2)(iii) requires a ``dealer'' (as defined in Exchange Act Rule 15c3-1(a)(2)(iii)) to maintain net capital of not less than $100,000. \8\ However, a firm that claims the de minimis exception must affirmatively indicate through the eFOCUS system that no filing is required for the reporting period. See Regulatory Notice 13-10 (March 2013) (Supplemental FOCUS Information). --------------------------------------------------------------------------- When FINRA proposed the OBS, FINRA noted the need, in the aftermath of the financial crisis, to obtain more comprehensive and consistent information regarding carrying or clearing firms' off-balance sheet assets, liabilities and other commitments.\9\ By requiring carrying or clearing firms to report their gross exposures in financing transactions (e.g., reverse repos, repos and other transactions that are otherwise netted under generally accepted accounting principles, reverse repos and repos to maturity and collateral swap transactions), interests in and exposure to variable interest entities, non-regular way settlement transactions (including to-be-announced or TBA \10\ securities and delayed delivery/settlement transactions), underwriting and other financing commitments, and gross notional amounts in centrally cleared and non-centrally cleared derivative transactions on the OBS, FINRA states that it has been able to more effectively monitor on an ongoing basis the potential impact that such off-balance sheet activities may have on carrying or clearing firms' net capital, leverage and liquidity, and their ability to fulfill their customer protection obligations. --------------------------------------------------------------------------- \9\ See Securities Exchange Act Release No. 68270 (Nov. 20, 2012), 77 FR 70860 (Nov. 27, 2012) (Notice of Filing File No. SR- FINRA-2012-050). \10\ FINRA Rule 6710(u) defines ``TBA'' to mean a transaction in an Agency Pass-Through Mortgage-Backed Security (``MBS'') or a Small Business Administration (``SBA'')-Backed Asset-Backed Security (``ABS'') where the parties agree that the seller will deliver to the buyer a pool or pools of a specified face amount and meeting certain other criteria but the specific pool or pools to be delivered at settlement is not specified at the Time of Execution, and includes TBA transactions for good delivery and TBA transactions not for good delivery. Agency Pass-Through MBS and SBA-Backed ABS are defined under FINRA Rule 6710(v) and FINRA Rule 6710(bb), respectively. The term ``Time of Execution'' is defined under FINRA Rule 6710(d). --------------------------------------------------------------------------- Since the OBS became effective, however, FINRA has observed considerable principal trading activities of some non-clearing firms. In particular, through its efforts to establish margin requirements for the TBA market \11\ and subsequent examinations of firms' margining practices related to all securities transactions with extended settlement dates, FINRA has become aware of non-clearing firms with both material TBA transactions as well as other types of securities transactions with extended settlement dates. In the case of TBA transactions, non-clearing firms may have entered into a Master Securities Forward Transaction Agreement (``MSFTA'') \12\ with their clients and are principal to the TBA transactions. In the case of other transactions with extended settlement dates cleared through a clearing firm, non-clearing firms are principal to the trades and financially responsible to the clearing firms for any losses that may result from clients' failures to complete the transactions on the date of settlement. Therefore, these transactions may present significant financial exposure for non-clearing firms, and FINRA is concerned about firms appropriately monitoring their financial exposure and applying capital charges for these transactions as required for compliance with Exchange Act Rule 15c3-1.\13\ Further, such transactions are not reported on non-clearing firms' balance sheets, making it difficult to monitor their compliance with capital requirements. --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 76148 (Oct. 14, 2015), 80 FR 63603 (Oct. 20, 2015) (Notice of Filing File No. SR- FINRA-2015-036). \12\ The Securities Industry and Financial Markets Association (``SIFMA'') developed, and subsequently updated, in coordination with the Treasury Market Practices Group (``TMPG''), the MSFTA as a standard industry template for forward and other delayed delivery transactions involving mortgage-backed and asset-backed securities. See, e.g., SIFMA Guidance Notes to the Master Securities Forward Transaction Agreement (December 2012), available at: http://www.sifma.org/services/standard-forms-and-documentation/mra,-gmra,-msla-and-msftas/. \13\ See 17 CFR 240.15c3-1. --------------------------------------------------------------------------- As a result of these concerns, and to ensure that all firms with significant derivative and off-balance sheet positions report these positions to FINRA on a consistent and regular basis, FINRA proposed to expand the reporting requirements of the OBS to non-clearing firms that have a minimum dollar net capital requirement equal to or greater than $100,000, and at least $10 million in reportable items pursuant to the OBS. The current de minimis exception would remain available to any firm that conducts limited off-balance sheet activity.\14\ --------------------------------------------------------------------------- \14\ See supra note 5. --------------------------------------------------------------------------- FINRA stated that it will announce the proposed rule change's implementation date (i.e., the first quarterly reporting period for newly affected firms \15\) in a Regulatory Notice to be published no later than 60 days following Commission approval of the rule change, and that the implementation date will be no later than 210 days following Commission approval of the rule change. --------------------------------------------------------------------------- \15\ Carrying or clearing firms that are currently subject to the OBS's reporting requirements would not be impacted by the proposed rule change and shall continue to file on a quarterly basis, as required, without interruption. --------------------------------------------------------------------------- III. Discussion and Commission Findings After careful consideration of the proposed rule change, the Commission finds that the proposed rule change is consistent with the requirements of the Exchange Act, and the rules and regulations thereunder that are applicable to a national securities association.\16\ In particular, the Commission finds that the proposal is consistent with the provisions of Section 15A(b)(6) of the Exchange Act,\17\ which requires, among other things, that rules of a national securities association be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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. --------------------------------------------------------------------------- \16\ In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \17\ See 15 U.S.C. 78o-3(b)(6). --------------------------------------------------------------------------- The Commission believes that the proposed rule change is consistent with the Exchange Act because expanding the reporting requirements of the OBS to the proposed non-clearing firms should permit FINRA to assess effectively on an ongoing basis the potential impact off-balance sheet activities may have on these firms' net capital, leverage and liquidity, and ability to fulfill obligations to other members and counterparties. In addition, impacted non-clearing firms, as well as their correspondent clearing firms, may benefit from increased awareness of their open trade exposures, which may [[Page 7867]] reduce their potential for losses, encourage better counterparty risk management and promote firms' financial stability. The Commission does not believe that the proposed rule change will result in burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. The Commission believes FINRA has carefully crafted the proposed rule change to achieve its intended and necessary regulatory purpose while minimizing the burden on firms. Although the proposed rule change expands the number of firms required to file the OBS, the expansion is limited to non-clearing firms that have a minimum dollar net capital requirement equal to or greater than $100,000, and at least $10 million in reportable items pursuant to the OBS. In addition, the current de minimis exception continues to remain available to any firm that conducts off-balance sheet activity that is limited relative to its excess net capital. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Exchange Act,\18\ that the proposed rule change (SR-FINRA-2015-059) be and hereby is approved. --------------------------------------------------------------------------- \18\ See 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ See 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-02990 Filed 2-12-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 30 / Tuesday, February 16, 2016 / Notices 7865
C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be Federal Register on January 7, 2016.3
Statement on Comments on the available for Web site viewing and The Commission did not receive written
Proposed Rule Change Received From printing in the Commission’s Public comments in response to the proposed
Members, Participants, or Others Reference Room, 100 F Street NE., rule change. This order approves the
The Exchange has neither solicited Washington, DC 20549 on official proposed rule change.
nor received written comments on the business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such II. Description of Proposed Rule Change
proposed rule change.
filing also will be available for FINRA Rule 4524 requires each firm,
III. Date of Effectiveness of the inspection and copying at the principal as FINRA shall designate, to file such
Proposed Rule Change and Timing for office of the Exchange. All comments additional financial or operational
Commission Action received will be posted without change; schedules or reports as FINRA may
Within 45 days of the date of the Commission does not edit personal deem necessary or appropriate for the
publication of this notice in the Federal identifying information from protection of investors or in the public
Register or within such longer period (i) submissions. You should submit only interest as a supplement to the FOCUS
as the Commission may designate up to information that you wish to make Report.4 In February 2013, the SEC
90 days of such date if it finds such available publicly. All submissions approved FINRA’s adoption, pursuant
longer period to be appropriate and should refer to File Number SR–BATS– to FINRA Rule 4524, of the OBS as a
publishes its reasons for so finding or 2016–03, and should be submitted on or supplement to the FOCUS report.5 The
(ii) as to which the Exchange consents, before March 8, 2016. OBS captures important information
the Commission will: (a) By order For the Commission, by the Division of that is not otherwise reported on firms’
approve or disapprove such proposed Trading and Markets, pursuant to delegated balance sheets and requires all firms
rule change, or (b) institute proceedings authority.37 that carry customer accounts or self-
to determine whether the proposed rule Brent J. Fields, clear or clear transactions for others
change should be disapproved. Secretary. (referred to, collectively, as ‘‘carrying or
[FR Doc. 2016–02981 Filed 2–12–16; 8:45 am] clearing firms’’) to file with FINRA the
IV. Solicitation of Comments
BILLING CODE 8011–01–P
OBS within 22 business days of the end
Interested persons are invited to of each calendar quarter, unless a
submit written data, views, and carrying or clearing firm meets the de
arguments concerning the foregoing, SECURITIES AND EXCHANGE minimis exception set forth in the
including whether the proposed rule COMMISSION instructions to the OBS.6
change, as modified by Amendment No. Pursuant to FINRA Rule 4524, FINRA
1 thereto, is consistent with the Act. proposed to amend the instructions to
[Release No. 34–77098; File No. SR–FINRA–
Comments may be submitted by any of 2015–059] the OBS to expand its application
the following methods: beyond carrying or clearing firms to
Electronic Comments Self-Regulatory Organizations; include firms that neither carry
Financial Industry Regulatory customer accounts nor clear
• Use the Commission’s Internet Authority, Inc.; Order Approving a transactions (referred to, collectively, as
comment form (http://www.sec.gov/ Proposed Rule Change To Amend the ‘‘non-clearing firms’’) that have,
rules/sro.shtml); or Derivatives and Other Off-Balance
• Send an email to rule-comments@ Sheet Items Schedule Pursuant to 3 See Exchange Act Release No. 76813 (Dec. 31,
sec.gov. Please include File Number SR– FINRA Rule 4524 (Supplemental 2015), 81 FR 844 (Jan. 7, 2016).
BATS–2016–03 on the subject line. FOCUS Information) 4 See Securities Exchange Act Release No. 66364
(Feb. 9, 2012), 77 FR 8938 (Feb. 15, 2012) (Order
Paper Comments Approving File No. SR–FINRA–2011–064). FINRA
February 9, 2016.
• Send paper comments in triplicate Rule 4524 also provides that FINRA will specify the
to Secretary, Securities and Exchange I. Introduction content of additional schedules or reports, their
format, and the timing and the frequency of such
Commission, 100 F Street NE., On December 23, 2015, the Financial supplemental filings in a Regulatory Notice (or
Washington, DC 20549–1090. Industry Regulatory Authority, Inc. similar communication), the content of which
FINRA will file with the Commission pursuant to
All submissions should refer to File (‘‘FINRA’’) filed with the Securities and Section 19(b) of the Exchange Act.
Number SR–BATS–2016–03. This file Exchange Commission (‘‘SEC’’ or 5 See Securities Exchange Act Release No. 68832
number should be included on the ‘‘Commission’’), pursuant to Section (Feb. 5, 2013), 78 FR 9754 (Feb. 11, 2013) (Order
subject line if email is used. To help the 19(b)(1) of the Securities Exchange Act Approving File No. SR–FINRA–2012–050). Carrying
Commission process and review your or clearing firms were required to file with FINRA
of 1934 (‘‘Exchange Act’’) 1 and Rule their initial OBS on or before July 31, 2013, to
comments more efficiently, please use 19b–4 thereunder,2 a proposed rule disclose off-balance sheet information as of June 30,
only one method. The Commission will change to amend the instructions to the 2013. See Regulatory Notice 13–10 (March 2013)
post all comments on the Commission’s Derivatives and Other Off-Balance Sheet (Supplemental FOCUS Information).
6 The de minimis exception relieves a carrying or
Internet Web site (http://www.sec.gov/ Items Schedule (‘‘OBS’’) pursuant to
clearing firm from filing the OBS for the reporting
rules/sro.shtml). Copies of the FINRA Rule 4524 (Supplemental period if the aggregate of all gross amounts of off-
submission, all subsequent FOCUS Information) to expand the balance sheet items is less than 10 percent of the
amendments, all written statements application of the OBS to certain non- firm’s excess net capital on the last day of the
reporting period. For purposes of the OBS, as well
mstockstill on DSK4VPTVN1PROD with NOTICES
with respect to the proposed rule carrying/non-clearing firms that have a
as the proposed amendments to the OBS, the term
change that are filed with the certain amount of off-balance sheet ‘‘excess net capital’’ means net capital reduced by
Commission, and all written obligations. The proposed rule change the greater of the minimum dollar net capital
communications relating to the was published for comment in the requirement or two percent of combined aggregate
proposed rule change between the debit items as shown in the Formula for Reserve
Requirements pursuant to Exchange Act Rule 15c3–
Commission and any person, other than 37 17 CFR 200.30–3(a)(12). 3. See Securities Exchange Act Release No. 68832
those that may be withheld from the 1 See 15 U.S.C. 78s(b)(1). (Feb. 5, 2013), 78 FR 9754, 9755 (Feb. 11, 2013)
public in accordance with the 2 See 17 CFR 240.19b–4. (Order Approving File No. SR–FINRA–2012–050).
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![Federal Register / Vol. 81, No. 30 / Tuesday, February 16, 2016 / Notices 7867
reduce their potential for losses, SECURITIES AND EXCHANGE places specified in Item IV below. The
encourage better counterparty risk COMMISSION Exchange has prepared summaries, set
management and promote firms’ forth in sections A, B, and C below, of
[Release No. 34–77093; File No. SR–CBOE–
financial stability. 2016–008]
the most significant aspects of such
The Commission does not believe that statements.
the proposed rule change will result in Self-Regulatory Organizations; A. Self-Regulatory Organization’s
burden on competition that is not Chicago Board Options Exchange, Statement of the Purpose of, and
necessary or appropriate in furtherance Incorporated; Notice of Filing and Statutory Basis for, the Proposed Rule
of the purposes of the Exchange Act. Immediate Effectiveness of a Proposed Change
Rule To Amend the Fees Schedule
The Commission believes FINRA has 1. Purpose
carefully crafted the proposed rule February 9, 2016.
change to achieve its intended and Pursuant to Section 19(b)(1) of the The Exchange proposes to amend its
necessary regulatory purpose while Securities Exchange Act of 1934 Fees Schedule.3
minimizing the burden on firms. (‘‘Act’’),1 and Rule 19b–4 thereunder,2 CBOE Proprietary Products Sliding
Although the proposed rule change notice is hereby given that on February Scale
expands the number of firms required to 4, 2016, Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’ The CBOE Proprietary Products
file the OBS, the expansion is limited to Sliding Scale table provides that
non-clearing firms that have a minimum or ‘‘CBOE’’) filed with the Securities
and Exchange Commission Clearing Trading Permit Holder
dollar net capital requirement equal to Proprietary transaction fees and
or greater than $100,000, and at least (‘‘Commission’’) the proposed rule
change as described in Items I, II, and transaction fees for Non-Clearing
$10 million in reportable items pursuant Trading Permit Holder Affiliates in
to the OBS. In addition, the current de III below, which Items have been
prepared by the Exchange. The Underlying Symbol List A 4 are reduced
minimis exception continues to remain provided a Clearing Trading Permit
Commission is publishing this notice to
available to any firm that conducts off- Holder (‘‘Clearing TPH’’) (including its
solicit comments on the proposed rule
balance sheet activity that is limited Non-Trading Permit Holder affiliates)
change from interested persons.
relative to its excess net capital. reaches certain average daily volume
I. Self-Regulatory Organization’s (‘‘ADV’’) thresholds in all underlying
IV. Conclusion Statement of the Terms of Substance of symbols excluding Underlying Symbol
It is therefore ordered, pursuant to the Proposed Rule Change List A and mini-options on the
Section 19(b)(2) of the Exchange Act,18 The Exchange proposes to amend the Exchange in a month. The Exchange
that the proposed rule change (SR– Fees Schedule. The text of the proposed proposes to implement changes to the
FINRA–2015–059) be and hereby is rule change is available on the CBOE Proprietary Products Sliding
approved. Exchange’s Web site (http:// Scale (‘‘Proprietary Sliding Scale’’).
www.cboe.com/AboutCBOE/ First, the Exchange proposes to amend
For the Commission, by the Division of the current qualifying ADV thresholds.
CBOELegalRegulatoryHome.aspx), at
Trading and Markets, pursuant to delegated Specifically, the threshold 20,000 ADV
the Exchange’s Office of the Secretary,
authority.19 to 79,999 ADV would be changed to
and at the Commission’s Public
Brent J. Fields, Reference Room. 25,000 ADV to 69,999 ADV, and the
Secretary. threshold 80,000 ADV and above would
II. Self-Regulatory Organization’s be changed to 70,000 ADV and above.
[FR Doc. 2016–02990 Filed 2–12–16; 8:45 am]
Statement of the Purpose of, and The Exchange also proposes to increase
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule the rates set forth in Tiers B1 through
Change B3, as well as in Tiers A1 and A2.
In its filing with the Commission, the Specifically, the Exchange proposes to
Exchange included statements increase the rate in Tier B3 to $0.22
concerning the purpose of and basis for from $0.20, in Tier B2 to $0.12 from
the proposed rule change and discussed $0.10, in Tier B1 to $0.05 from $0.02, in
any comments it received on the Tier A2 to $0.18 from $0.16 and in Tier
proposed rule change. The text of these A1 to $0.02 from $0.01. The proposed
statements may be examined at the changes are further detailed below.
Current Proposed
Proprietary product volume Transaction fee Proprietary product volume Transaction fee
Tier Tier
thresholds per contract thresholds per contract
≥20,000 ADV ≤79,999 ADV in multi list products ≥25,000 ADV ≤69,999 ADV in multi list products
B3 ............ 0.00%–6.50% ................................... $0.20 B3 ............ 0.00%–6.50% ................................... $0.22
B2 ............ 6.51%–8.50% ................................... 0.10 B2 ............ 6.51%–8.50% ................................... 0.12
mstockstill on DSK4VPTVN1PROD with NOTICES
B1 ............ Above 8.50% .................................... 0.02 B1 ............ Above 8.50% .................................... $0.05
18 See 15 U.S.C. 78s(b)(2). 3 The Exchange initially filed the proposed fee 4 As of December 31, 2015, Underlying Symbol
19 See 17 CFR 200.30–3(a)(12). changes on January 4, 2016 (SR–CBOE–2016–001). List A includes the following products: OEX, XEO,
1 15 U.S.C. 78s(b)(1). On January 27, 2016, the Exchange withdrew that RUT, RLV, RLG, RUI, SPX (including SPXw),
filing and replaced it with SR–CBOE–2016–006. On SPXpm, SRO, VIX, VXST, VOLATILITY INDEXES
2 17 CFR 240.19b–4.
February 4, 2016, the Exchange withdrew that filing
and binary options.
and submitted this filing.
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Document Created: 2016-02-13 03:13:29
Document Modified: 2016-02-13 03:13:29
| 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 7865 |
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