82 FR 29960 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend a Pilot Program That Eliminates Position and Exercise Limits for Physically-Settled SPDR S&P 500 ETF Trust (“SPY”) Options
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 125 (June 30, 2017)
Federal Register Volume 82, Issue 125 (June 30, 2017)
| Page Range | 29960-29962 | |
| FR Document | 2017-13702 |
[Federal Register Volume 82, Number 125 (Friday, June 30, 2017)] [Notices] [Pages 29960-29962] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-13702] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81017; File No. SR-CBOE-2017-050] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend a Pilot Program That Eliminates Position and Exercise Limits for Physically-Settled SPDR S&P 500 ETF Trust (``SPY'') Options June 26, 2017. 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 June 22, 2017, Chicago Board Options Exchange, Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to extend the operation of a pilot program that eliminates position and exercise limits for physically-settled SPY options (``SPY Pilot Program''). The text of the proposed rule change is provided below. (additions are italicized; deletions are [bracketed]) * * * * * Chicago Board Options Exchange, Incorporated Rules * * * * * Rule 4.11. Position Limits No changes. . . . Interpretations and Policies: .01-.06 No change. .07 The position limits under Rule 4.11 applicable to options on shares or other securities that represent interests in registered investment companies (or series thereof) organized as open-end management investment companies, unit investment trusts or similar entities that satisfy the criteria set forth in Interpretation and Policy .06 under Rule 5.3 shall be the same as the position limits applicable to equity options under Rule 4.11 and Interpretations and Policies thereunder; except that the position limits under Rule 4.11 applicable to option contracts on the securities listed in the below chart are as follows: ------------------------------------------------------------------------ Security underlying option Position limit ------------------------------------------------------------------------ The DIAMONDS Trust (DIA)................. 300,000 contracts. The Standard and Poor's Depositary None. Receipt Trust (SPY). The iShares Russell 2000 Index Fund (IWM) 500,000 contracts. The PowerShares QQQ Trust (QQQ).......... 900,000 contracts. The iShares MSCI Emerging Markets Index 500,000 contracts. Fund (EEM). ------------------------------------------------------------------------ Position limits for SPY options are subject to a pilot program through [July 12, 2017] July 12, 2018. .08 No change. * * * * * The text of the proposed rule change is also 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 Interpretation and Policy .07 to Rule 4.11 (Position Limits) to extend the [[Page 29961]] duration of the SPY Pilot Program.\5\ The SPY Pilot Program is currently scheduled to expire on July 12, 2017, and this proposal would extend the SPY Pilot Program through July 12, 2018. There are no substantive changes being proposed to the SPY Pilot Program. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release Nos. 67937 (September 27, 2012), 77 FR 60489 (October 3, 2012) (SR-CBOE-2012-091); 70878 (November 14, 2013), 78 FR 69737 (November 20, 2013) (SR-CBOE-2013- 106); 74149 (January 27, 2015) 80 FR 5606 (February 2, 2015) (SR- CBOE-2015-008); 75381 (July 7, 2015) 80 FR 40111 (July 13, 2015) (SR-CBOE-2015-065); and 78131 (June 22, 2016) 81 FR 42011 (June 28, 2016) (SR-CBOE-2016-052). --------------------------------------------------------------------------- In proposing to extend the SPY Pilot Program, the Exchange reaffirms its consideration of several factors that supported its original proposal to establish the SPY Pilot Program, which include: (1) The liquidity of the option and the underlying security; (2) the market capitalization of the underlying security and the securities that make up the S&P 500 Index; (3) options reporting requirements; and (4) financial requirements imposed by CBOE and the Commission. When the SPY Pilot Program was most recently renewed in July 2016, CBOE submitted a report providing an analysis of the SPY Pilot Program during the period June 2015 through April 2016 (the ``Pilot Report''). In the July 2016 extension, the Exchange stated that if it were to submit a proposal to either extend the SPY Pilot Program, adopt the SPY Pilot Program on a permanent basis, or terminate the SPY Pilot Program, it would submit another Pilot Report covering the period since the previous extension.\6\ Accordingly, the Exchange is submitting another Pilot Report that details CBOE's experience with the SPY Pilot Program. The Pilot Report now includes the period of May 2016 through April 2017. The Pilot Report is attached as Exhibit 3 [sic]. CBOE notes that it is unaware of any problems created by the SPY Pilot Program and does not foresee any as a result of the proposed extension. In extending the SPY Pilot Program, the Exchange states that if CBOE were to propose another extension, permanent approval or termination of the SPY Pilot Program, the Exchange will submit another Pilot Report covering the period since the previous extension, which will be submitted at least 30 days before the end of the proposed extension. If the SPY Pilot Program is not extended or adopted on a permanent basis by July 12, 2018, position limits in SPY will revert to their Pre-Pilot levels. --------------------------------------------------------------------------- \6\ See 81 FR at 42011. --------------------------------------------------------------------------- 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.\7\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \8\ 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 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. Specifically, the Exchange believes that extending the SPY Pilot Program promotes just and equitable principles of trade by permitting market participants, including market makers, institutional investors and retail investors, to establish greater positions when pursuing their investment goals and needs. Extending the SPY Pilot Program will give the Exchange and the Commission additional time to evaluate the pilot and its effect on the market. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. The proposed rule change is not designed to address any aspect of competition, whether between the Exchange and its competitors, or among market participants. Instead, the proposed rule change is designed to allow the SPY Pilot Program to continue as the Exchange expects other SROs will propose similar extensions. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6) thereunder.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \10\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay, noting that such waiver will allow the Exchange to extend the pilot program prior to its expiration on July 12, 2017. In addition, the Exchange believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it will allow for the least amount of market disruption as the pilot will continue as it currently does maintaining the status quo. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\12\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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: [[Page 29962]] Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-CBOE-2017-050 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-CBOE-2017-050. 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-2017-050, and should be submitted on or before July 21, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-13702 Filed 6-29-17; 8:45 am] BILLING CODE 8011-01-P
![29960 Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Notices
Commission, 100 F Street NE., For the Commission, by the Division of solicit comments on the proposed rule
Washington, DC 20549–1090. Trading and Markets, pursuant to delegated change from interested persons.
authority.19
All submissions should refer to File Robert W. Errett, I. Self-Regulatory Organization’s
Number SR–FINRA–2017–023. This file Deputy Secretary.
Statement of the Terms of the Substance
number should be included on the of the Proposed Rule Change
[FR Doc. 2017–13703 Filed 6–29–17; 8:45 am]
subject line if email is used. To help the The Exchange proposes to extend the
BILLING CODE 8011–01–P
Commission process and review your operation of a pilot program that
comments more efficiently, please use eliminates position and exercise limits
only one method. The Commission will SECURITIES AND EXCHANGE for physically-settled SPY options
post all comments on the Commission’s COMMISSION (‘‘SPY Pilot Program’’). The text of the
Internet Web site (http://www.sec.gov/ proposed rule change is provided
rules/sro.shtml). Copies of the [Release No. 34–81017; File No. SR–CBOE– below.
submission, all subsequent 2017–050]
(additions are italicized; deletions are
amendments, all written statements [bracketed])
with respect to the proposed rule Self-Regulatory Organizations;
Chicago Board Options Exchange, * * * * *
change that are filed with the
Incorporated; Notice of Filing and Chicago Board Options Exchange,
Commission, and all written
Immediate Effectiveness of a Proposed Incorporated Rules
communications relating to the
Rule Change To Extend a Pilot
proposed rule change between the * * * * *
Program That Eliminates Position and
Commission and any person, other than
Exercise Limits for Physically-Settled Rule 4.11. Position Limits
those that may be withheld from the
SPDR S&P 500 ETF Trust (‘‘SPY’’)
public in accordance with the No changes.
Options
provisions of 5 U.S.C. 552, will be . . . Interpretations and Policies:
available for Web site viewing and June 26, 2017. .01–.06 No change.
printing in the Commission’s Public Pursuant to Section 19(b)(1) of the .07 The position limits under Rule
Reference Room, 100 F Street NE., Securities Exchange Act of 1934 (the 4.11 applicable to options on shares or
Washington, DC 20549 on official ‘‘Act’’),1 and Rule 19b–4 thereunder,2 other securities that represent interests
business days between the hours of notice is hereby given that on June 22, in registered investment companies (or
10:00 a.m. and 3:00 p.m. Copies of the 2017, Chicago Board Options Exchange, series thereof) organized as open-end
filing also will be available for Incorporated (the ‘‘Exchange’’ or management investment companies,
inspection and copying at the principal ‘‘CBOE’’) filed with the Securities and unit investment trusts or similar entities
office of FINRA. All comments received Exchange Commission (‘‘Commission’’) that satisfy the criteria set forth in
will be posted without change; the the proposed rule change as described Interpretation and Policy .06 under Rule
Commission does not edit personal in Items I and II below, which Items 5.3 shall be the same as the position
identifying information from have been prepared by the Exchange. limits applicable to equity options
submissions. You should submit only The Exchange filed the proposal as a under Rule 4.11 and Interpretations and
information that you wish to make ‘‘non-controversial’’ proposed rule Policies thereunder; except that the
available publicly. All submissions change pursuant to Section position limits under Rule 4.11
should refer to File Number SR–FINRA– 19(b)(3)(A)(iii) of the Act 3 and Rule applicable to option contracts on the
2017–023 and should be submitted on 19b–4(f)(6) thereunder.4 The securities listed in the below chart are
or before July 21, 2017. Commission is publishing this notice to as follows:
Security underlying option Position limit
The DIAMONDS Trust (DIA) ................................................................................. 300,000 contracts.
The Standard and Poor’s Depositary Receipt Trust (SPY) .................................. None.
The iShares Russell 2000 Index Fund (IWM) ....................................................... 500,000 contracts.
The PowerShares QQQ Trust (QQQ) ................................................................... 900,000 contracts.
The iShares MSCI Emerging Markets Index Fund (EEM) .................................... 500,000 contracts.
Position limits for SPY options are II. Self-Regulatory Organization’s forth in sections A, B, and C below, of
subject to a pilot program through [July Statement of the Purpose of, and the most significant aspects of such
12, 2017] July 12, 2018. Statutory Basis for, the Proposed Rule statements.
.08 No change. Change
A. Self-Regulatory Organization’s
* * * * * In its filing with the Commission, the Statement of the Purpose of, and
The text of the proposed rule change Exchange included statements Statutory Basis for, the Proposed Rule
is also available on the Exchange’s Web concerning the purpose of and basis for Change
site (http://www.cboe.com/AboutCBOE/ the proposed rule change and discussed
1. Purpose
any comments it received on the
mstockstill on DSK30JT082PROD with NOTICES
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary, proposed rule change. The text of these The Exchange proposes to amend
and at the Commission’s Public statements may be examined at the Interpretation and Policy .07 to Rule
Reference Room. places specified in Item IV below. The 4.11 (Position Limits) to extend the
Exchange has prepared summaries, set
19 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(6).
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A)(iii).
VerDate Sep<11>2014 17:32 Jun 29, 2017 Jkt 241001 PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 E:\FR\FM\30JNN1.SGM 30JNN1](https://thefederalregister.org/doc/82_FR_30085/page/1.svg)
![Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Notices 29961
duration of the SPY Pilot Program.5 The and the rules and regulations 19(b)(3)(A) of the Act and Rule 19b–
SPY Pilot Program is currently thereunder applicable to the Exchange 4(f)(6) thereunder.9
scheduled to expire on July 12, 2017, and, in particular, the requirements of A proposed rule change filed
and this proposal would extend the SPY Section 6(b) of the Act.7 Specifically, pursuant to Rule 19b–4(f)(6) under the
Pilot Program through July 12, 2018. the Exchange believes the proposed rule
Act 10 normally does not become
There are no substantive changes being change is consistent with the Section
operative for 30 days after the date of its
proposed to the SPY Pilot Program. 6(b)(5) 8 requirements that the rules of
In proposing to extend the SPY Pilot an exchange be designed to prevent filing. However, Rule 19b–4(f)(6)(iii) 11
Program, the Exchange reaffirms its fraudulent and manipulative acts and permits the Commission to designate a
consideration of several factors that practices, to promote just and equitable shorter time if such action is consistent
supported its original proposal to principles of trade, to remove with the protection of investors and the
establish the SPY Pilot Program, which impediments to and perfect the public interest. The Exchange has asked
include: (1) The liquidity of the option mechanism of a free and open market the Commission to waive the 30-day
and the underlying security; (2) the and a national market system, and, in operative delay, noting that such waiver
market capitalization of the underlying general, to protect investors and the will allow the Exchange to extend the
security and the securities that make up public interest. Specifically, the pilot program prior to its expiration on
the S&P 500 Index; (3) options reporting Exchange believes that extending the July 12, 2017. In addition, the Exchange
requirements; and (4) financial SPY Pilot Program promotes just and believes that waiver of the operative
requirements imposed by CBOE and the equitable principles of trade by delay is consistent with the protection
Commission. When the SPY Pilot permitting market participants, of investors and the public interest
Program was most recently renewed in including market makers, institutional because it will allow for the least
July 2016, CBOE submitted a report investors and retail investors, to amount of market disruption as the pilot
providing an analysis of the SPY Pilot establish greater positions when will continue as it currently does
Program during the period June 2015 pursuing their investment goals and maintaining the status quo. The
through April 2016 (the ‘‘Pilot Report’’). needs. Extending the SPY Pilot Program Commission believes that waiving the
In the July 2016 extension, the Exchange will give the Exchange and the 30-day operative delay is consistent
stated that if it were to submit a Commission additional time to evaluate with the protection of investors and the
proposal to either extend the SPY Pilot the pilot and its effect on the market. public interest. Therefore, the
Program, adopt the SPY Pilot Program
B. Self-Regulatory Organization’s Commission hereby waives the
on a permanent basis, or terminate the
Statement on Burden on Competition operative delay and designates the
SPY Pilot Program, it would submit
another Pilot Report covering the period proposed rule change operative upon
The Exchange does not believe that
since the previous extension.6 filing.12
the proposed rule change will impose
Accordingly, the Exchange is submitting any burden on competition that is not At any time within 60 days of the
another Pilot Report that details CBOE’s necessary or appropriate in furtherance filing of the proposed rule change, the
experience with the SPY Pilot Program. of the purposes of the Act. The Commission summarily may
The Pilot Report now includes the proposed rule change is not designed to temporarily suspend such rule change if
period of May 2016 through April 2017. address any aspect of competition, it appears to the Commission that such
The Pilot Report is attached as Exhibit whether between the Exchange and its action is necessary or appropriate in the
3 [sic]. CBOE notes that it is unaware of competitors, or among market public interest, for the protection of
any problems created by the SPY Pilot participants. Instead, the proposed rule investors, or otherwise in furtherance of
Program and does not foresee any as a change is designed to allow the SPY the purposes of the Act. If the
result of the proposed extension. In Pilot Program to continue as the Commission takes such action, the
extending the SPY Pilot Program, the Exchange expects other SROs will Commission shall institute proceedings
Exchange states that if CBOE were to propose similar extensions. to determine whether the proposed rule
propose another extension, permanent should be approved or disapproved.
approval or termination of the SPY Pilot C. Self-Regulatory Organization’s
Program, the Exchange will submit Statement on Comments on the IV. Solicitation of Comments
another Pilot Report covering the period Proposed Rule Change Received From
since the previous extension, which will Members, Participants, or Others Interested persons are invited to
be submitted at least 30 days before the The Exchange neither solicited nor submit written data, views, and
end of the proposed extension. If the received comments on the proposed arguments concerning the foregoing,
SPY Pilot Program is not extended or rule change. including whether the proposed rule
adopted on a permanent basis by July change is consistent with the Act.
12, 2018, position limits in SPY will III. Date of Effectiveness of the Comments may be submitted by any of
revert to their Pre-Pilot levels. Proposed Rule Change and Timing for the following methods:
Commission Action
2. Statutory Basis
Because the foregoing proposed rule 9 17 CFR 240.19b–4(f)(6). As required under Rule
The Exchange believes the proposed change does not: (i) Significantly affect 19b–4(f)(6)(iii), the Exchange provided the
rule change is consistent with the Act the protection of investors or the public Commission with written notice of its intent to file
the proposed rule change, along with a brief
interest; (ii) impose any significant description and the text of the proposed rule
5 See Securities Exchange Act Release Nos. 67937
burden on competition; and (iii) become
mstockstill on DSK30JT082PROD with NOTICES
change, at least five business days prior to the date
(September 27, 2012), 77 FR 60489 (October 3,
2012) (SR–CBOE–2012–091); 70878 (November 14, operative for 30 days from the date on of filing of the proposed rule change, or such
2013), 78 FR 69737 (November 20, 2013) (SR– which it was filed, or such shorter time shorter time as designated by the Commission.
10 17 CFR 240.19b–4(f)(6).
CBOE–2013–106); 74149 (January 27, 2015) 80 FR as the Commission may designate, it has 11 17 CFR 240.19b–4(f)(6)(iii).
5606 (February 2, 2015) (SR–CBOE–2015–008);
75381 (July 7, 2015) 80 FR 40111 (July 13, 2015)
become effective pursuant to Section 12 For purposes only of waiving the 30-day
(SR–CBOE–2015–065); and 78131 (June 22, 2016) operative delay, the Commission has considered the
81 FR 42011 (June 28, 2016) (SR–CBOE–2016–052). 7 15 U.S.C. 78f(b). proposed rule’s impact on efficiency, competition,
6 See 81 FR at 42011. 8 15 U.S.C. 78f(b)(5). and capital formation. See 15 U.S.C. 78c(f).
VerDate Sep<11>2014 17:32 Jun 29, 2017 Jkt 241001 PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 E:\FR\FM\30JNN1.SGM 30JNN1](https://thefederalregister.org/doc/82_FR_30085/page/2.svg)
![29962 Federal Register / Vol. 82, No. 125 / Friday, June 30, 2017 / Notices
Electronic Comments SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
COMMISSION Statement of the Purpose of, and
• Use the Commission’s Internet Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Change
[Release No. 34–81019; File No. SR–MIAX–
rules/sro.shtml); or
2017–29] 1. Purpose
• Send an email to rule-comments@
sec.gov. Please include File Number SR– The Exchange proposes to amend the
Self-Regulatory Organizations; Miami
CBOE–2017–050 on the subject line. list of MIAX Select Symbols 3 contained
International Securities Exchange LLC;
in the Priority Customer Rebate Program
Notice of Filing and Immediate (the ‘‘Program’’) 4 of the Exchange’s Fee
Paper Comments
Effectiveness of a Proposed Rule Schedule to delete the option class
• Send paper comments in triplicate Change To Amend Its Fee Schedule ‘‘YHOO’’ associated with Yahoo! Inc.
to Brent J. Fields, Secretary, Securities (‘‘Yahoo!’’). The Exchange initially
June 26, 2017.
and Exchange Commission, 100 F Street created the list of MIAX Select Symbols
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the on March 1, 2014,5 and has added and
Securities Exchange Act of 1934 removed option classes from that list
All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 since that time.6 On June 13, 2017,
Number SR–CBOE–2017–050. This file notice is hereby given that on June 19, Yahoo completed the sale of its
number should be included on the 2017, Miami International Securities operating business to Verizon
subject line if email is used. To help the Exchange LLC (‘‘MIAX Options’’ or Communications Inc. Subsequently,
Commission process and review your ‘‘Exchange’’) filed with the Securities Yahoo! was renamed Altaba Inc.
comments more efficiently, please use and Exchange Commission (‘‘Altaba’’), and, effective June 19, 2017,
only one method. The Commission will (‘‘Commission’’) a proposed rule change began trading under the ticker symbol
post all comments on the Commission’s as described in Items I, II, and III below, ‘‘AABA.’’ Because Altaba’s assets
Internet Web site (http://www.sec.gov/ which Items have been prepared by the consist primarily of equity investments,
rules/sro.shtml). Copies of the Exchange. The Commission is short-term debt investments, and cash,
submission, all subsequent publishing this notice to solicit it was required to register as an
amendments, all written statements investment company under the
comments on the proposed rule change
with respect to the proposed rule Investment Company Act of 1940. The
from interested persons.
change that are filed with the completion of the sale of the operating
Commission, and all written I. Self-Regulatory Organization’s business to Verizon did not otherwise
communications relating to the Statement of the Terms of Substance of affect shares of Yahoo! common stock,
proposed rule change between the the Proposed Rule Change which now represent shares of common
Commission and any person, other than stock of Altaba after it registered as an
those that may be withheld from the The Exchange is filing a proposal to investment company and changed its
public in accordance with the amend the MIAX Options Fee Schedule name to Altaba.7
(the ‘‘Fee Schedule’’). The Exchange has decided not to
provisions of 5 U.S.C. 552, will be
The text of the proposed rule change include Altaba in the list of MIAX
available for Web site viewing and
is available on the Exchange’s Web site Select Symbols. Thus, the Exchange is
printing in the Commission’s Public amending its Fee Schedule to delete the
Reference Room, 100 F Street NE., at http://www.miaxoptions.com/rule-
symbol YHOO from the list of MIAX
Washington, DC 20549 on official filings, at MIAX’s principal office, and
Select Symbols contained in the
business days between the hours of at the Commission’s Public Reference Program to correspond with this change.
10:00 a.m. and 3:00 p.m. Copies of such Room. This amendment is intended to
filing also will be available for II. Self-Regulatory Organization’s
inspection and copying at the principal Statement of the Purpose of, and
3 The term ‘‘MIAX Select Symbols’’ means
office of the Exchange. All comments Statutory Basis for, the Proposed Rule
options overlying AAL, AAPL, AIG, AMAT, AMD,
AMZN, BA, BABA, BBRY, BIDU, BP, C, CAT, CBS,
received will be posted without change; Change CELG, CLF, CVX, DAL, EBAY, EEM, FB, FCX, GE,
the Commission does not edit personal GILD, GLD, GM, GOOGL, GPRO, HAL, HTZ, INTC,
identifying information from In its filing with the Commission, the IWM, JCP, JNJ, JPM, KMI, KO, MO, MRK, NFLX,
submissions. You should submit only Exchange included statements NOK, NQ, ORCL, PBR, PFE, PG, QCOM, QQQ, RIG,
S, SPY, SUNE, T, TSLA, USO, VALE, VXX, WBA,
information that you wish to make concerning the purpose of and basis for WFC, WMB, WY, X, XHB, XLE, XLF, XLP, XOM,
available publicly. All submissions the proposed rule change and discussed XOP and YHOO.
should refer to File Number SR–CBOE– any comments it received on the 4 See section (1)(a)(iii) of the Fee Schedule for a
2017–050, and should be submitted on complete description of the Program.
proposed rule change. The text of these 5 See Securities Exchange Act Release No. 71700
or before July 21, 2017. statements may be examined at the (March 12, 2014), 79 FR 15188 (March 18, 2014)
For the Commission, by the Division of places specified in Item IV below. The (SR–MIAX–2014–13).
Trading and Markets, pursuant to delegated Exchange has prepared summaries, set 6 See Securities Exchange Act Release Nos. 79301
forth in sections A, B, and C below, of (November 14, 2016), 81 FR 81854 (November 18,
authority.13 2016) (SR–MIAX–2016–42); 74291(February 18,
Robert W. Errett, the most significant aspects of such 2015), 80 FR 9841 (February 24, 2015) (SR–MIAX–
statements. 2015–09); 74288 (February 18, 2015), 80 FR 9837
mstockstill on DSK30JT082PROD with NOTICES
Deputy Secretary. (February 24, 2015) (SR–MIAX–2015–08); 73328
[FR Doc. 2017–13702 Filed 6–29–17; 8:45 am] (October 9, 2014), 79 FR 62230 (October 16, 2014)
BILLING CODE 8011–01–P
(SR–MIAX–2014–50); 72567 (July 8, 2014), 79 FR
40818 (July 14, 2014) (SR–MIAX–2014–34); 72356
(June 10, 2014), 79 FR 34384 (June 16, 2014) (SR–
MIAX–2014–26); 71700 (March 12, 2014), 79 FR
15188 (March 18, 2014) (SR–MIAX–2014–13).
1 15 U.S.C. 78s(b)(1). 7 See the home page of the Altaba Web site
13 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. located at: https://www.altaba.com/.
VerDate Sep<11>2014 17:32 Jun 29, 2017 Jkt 241001 PO 00000 Frm 00142 Fmt 4703 Sfmt 4703 E:\FR\FM\30JNN1.SGM 30JNN1](https://thefederalregister.org/doc/82_FR_30085/page/3.svg)
Document Created: 2017-06-30 06:01:39
Document Modified: 2017-06-30 06:01:39
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 82 FR 29960 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR