82 FR 47782 - Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 197 (October 13, 2017)
Federal Register Volume 82, Issue 197 (October 13, 2017)
| Page Range | 47782-47784 | |
| FR Document | 2017-22158 |
[Federal Register Volume 82, Number 197 (Friday, October 13, 2017)] [Notices] [Pages 47782-47784] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22158] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81836; File No. SR-C2-2017-026] Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule October 6, 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 September 21, 2017, C2 Options Exchange, Incorporated (the ``Exchange'' or ``C2'') filed with the Securities and Exchange Commission (the ``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 Substance of the Proposed Rule Change The Exchange proposes to amend its Fees Schedule to correct an inadvertent marking error made to the Exhibit 5 in a previous rule filing. 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 [[Page 47783]] 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 its Fees Schedule to correct an inadvertent marking error made to the Exhibit 5 in a previous rule filing. Specifically, on April 13, 2017, the Exchange filed a rule filing, SR-C2-2017-015, which proposed to eliminate certain PULSe fees, effective April 3, 2017.\5\ The Exchange notes that it mistakenly used outdated text contained in Section 11 of the Fees Schedule in the Exhibit 5 of that filing. Particularly, prior to filing SR-C2-2017-015, the Exchange had reduced the monthly fee assessed to TPHs who either receive or send drop copies via a PULSe workstation. More specifically, if a customer receiving drop copies is a TPH, that TPH customer (the receiving TPH) is now charged a fee of $425 per month (down from $1000 per month), per PULSe broker from whom it receives drop copies via PULSe. If a customer receiving drop copies is a non-TPH, the PULSe broker (the sending TPH) who sends drop copies via PULSe to that customer is now charged a fee of $400 per month (down from $500 per month).\6\ The Exhibit 5 filed in SR-C2-2017-015 however, inadvertently did not reflect the new prices that had previously been adopted for Drop Copy fees (i.e., $425 per month and $400 per month). Rather it listed the older prices of $1,000 per month and $500 per month, respectively. The Exchange notes that it was not its intention to revert back to the old pricing and that no such change was otherwise implemented, referenced or implied in the 19b-4 of SR-C2-2017-008 or any other filing since then. Rather it was an inadvertent mistake that the Exchange seeks to correct. --------------------------------------------------------------------------- \5\ The Exchange initially filed the proposed fee change on April 3, 2017 (SR-C2-2017-012). On April 13, 2017, the Exchange withdrew that filing and submitted SR-C2-2017-015. See Securities Exchange Act Release No. 80473 (April 17, 2017), 82 FR 18790 (April 21, 2017) (SR-C2-2017-015). \6\ See Securities Exchange Act Release No. 80031 (February 13, 2017), 82 FR 11087 (February 17, 2017) (SR-C2-2017-008). The Exchange notes that in the filing that adopted the Drop Copy fees, the appended footnote for the ``Drop Copy (received by non-TPH customer)'' fee mistakenly referenced the fee as $1,000/month instead of $500/month. See Securities Exchange Act Release No. 79807 (January 17, 2017), 82 FR 8238 (January 24, 2017) (SR-C2-2017-002). --------------------------------------------------------------------------- Lastly, the Exchange notes that it had previously renamed the ``OATS Reporting'' fee to the ``Equity Order Reports'' fee.\7\ The Exchange inadvertently did not incorporate the name change in the Exhibit 5 of SR-C2-2017-015. The Exchange notes that it was not its intention to revert back to the old name and that no such change was otherwise referenced or implied in the 19b-4 of SR-C2-2017-008 or any other filing since then. --------------------------------------------------------------------------- \7\ Id. --------------------------------------------------------------------------- Accordingly, the Exchange proposes to amend the Fees Schedule to reflect the accurate prices of the Drop Copy Fees and the accurate name of the Equity Order Reports fee. No substantive changes are being made by the proposed rule change. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\8\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \9\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes correcting an inadvertent marking error from a previous rule filing in order to accurately reflect the Drop Copy prices and the name of the Equity Order Reports fee will alleviate potential confusion, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system and protecting investors and the public interest. 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. As discussed above, the proposed change is merely intended to correct an inadvertent marking error made in a previous rule filing, which will alleviate potential confusion. 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)(iii) of the Act \10\ and subparagraph (f)(6) Rule 19b-4 thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requests that the Commission waive the 30-day operative delay. The Exchange notes that currently the Fees Schedule doesn't reflect accurate fees relating to Drop Copy fees and the accurate name of the Equity Order Reports fee. C2 also explains that the proposal would allow immediate correction of the Fees Schedule, and could avoid potential confusion to market participants regarding the applicability of its fees. The Commission believes that waiving [[Page 47784]] the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow the Exchange to accurately represent the fees it charges and thereby avoid potential confusion of market participants. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\14\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ 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 will institute proceedings to determine whether the proposed rule change 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: 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-C2-2017-026 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-C2-2017-026. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-C2-2017-026 and should be submitted on or before November 3, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-22158 Filed 10-12-17; 8:45 am] BILLING CODE 8011-01-P
![47782 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices
6(b)(5) of the Act 7 in that they are furtherance of the purposes of the Act. For the Commission, by the Division of
designed to promote just and equitable If the Commission takes such action, the Trading and Markets, pursuant to delegated
principles of trade, to remove Commission shall institute proceedings authority.9
impediments to a free and open market to determine whether the proposed rule Eduardo A. Aleman,
and national market system, and in should be approved or disapproved. Assistant Secretary.
general to protect investors and the [FR Doc. 2017–22159 Filed 10–12–17; 8:45 am]
IV. Solicitation of Comments
public interest. Specifically, the amount BILLING CODE 8011–01–P
of revenue forgone by this limited Interested persons are invited to
waiver of Nasdaq’s entry fee is not submit written data, views, and
substantial, and may result in more arguments concerning the foregoing, SECURITIES AND EXCHANGE
companies remaining listed on Nasdaq including whether the proposed rule COMMISSION
in connection with such transactions, change is consistent with the Act.
[Release No. 34–81836; File No. SR–C2–
thereby increasing the resources Comments may be submitted by any of 2017–026]
available for Nasdaq’s listing the following methods:
compliance program, which helps to Electronic Comments Self-Regulatory Organizations; C2
assure that listing standards are Options Exchange, Incorporated;
properly enforced and investors are • Use the Commission’s Internet Notice of Filing and Immediate
protected. Consequently, Nasdaq comment form (http://www.sec.gov/ Effectiveness of a Proposed Rule
believes that the potential loss of rules/sro.shtml); or Change To Amend the Fees Schedule
revenue from this change will not • Send an email to rule-comments@
hinder its ability to fulfill its regulatory sec.gov. Please include File Number SR– October 6, 2017.
responsibilities. NASDAQ–2017–096 on the subject line. Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
B. Self-Regulatory Organization’s Paper Comments
‘‘Act’’),1 and Rule 19b–4 thereunder,2
Statement on Burden on Competition • Send paper comments in triplicate notice is hereby given that on
Nasdaq does not believe that the to Brent J. Fields, Secretary, Securities September 21, 2017, C2 Options
proposed rule change will impose any and Exchange Commission, 100 F Street Exchange, Incorporated (the ‘‘Exchange’’
burden on competition that is not NE., Washington, DC 20549–1090. or ‘‘C2’’) filed with the Securities and
necessary or appropriate in furtherance All submissions should refer to File Exchange Commission (the
of the purposes of the Act. The market Number SR–NASDAQ–2017–096. This ‘‘Commission’’) the proposed rule
for listing services is extremely file number should be included on the change as described in Items I and II,
competitive and listed companies may subject line if email is used. To help the below, which Items have been prepared
freely choose alternative venues based Commission process and review your by the Exchange. The Exchange filed the
on the aggregate fees assessed, and the comments more efficiently, please use proposal as a ‘‘non-controversial’’
value provided by each listing. In such only one method. The Commission will proposed rule change pursuant to
an environment, Nasdaq must post all comments on the Commission’s Section 19(b)(3)(A)(iii) of the Act 3 and
continually adjust its fees to remain Internet Web site (http://www.sec.gov/ Rule 19b–4(f)(6) thereunder.4 The
competitive with other exchanges. rules/sro.shtml). Copies of the Commission is publishing this notice to
Because other listing venues are submission, all subsequent solicit comments on the proposed rule
similarly free to modify their own fees amendments, all written statements change from interested persons.
in response, Nasdaq believes that the with respect to the proposed rule I. Self-Regulatory Organization’s
degree to which fee changes in this change that are filed with the Statement of the Terms of Substance of
market may impose any burden on Commission, and all written the Proposed Rule Change
competition is extremely limited. communications relating to the
proposed rule change between the The Exchange proposes to amend its
C. Self-Regulatory Organization’s
Commission and any person, other than Fees Schedule to correct an inadvertent
Statement on Comments on the
those that may be withheld from the marking error made to the Exhibit 5 in
Proposed Rule Change Received From
public in accordance with the a previous rule filing.
Members, Participants, or Others
provisions of 5 U.S.C. 552, will be The text of the proposed rule change
No written comments were either available for Web site viewing and is also available on the Exchange’s Web
solicited or received. printing in the Commission’s Public site (http://www.cboe.com/AboutCBOE/
III. Date of Effectiveness of the Reference Room, 100 F Street NE., CBOELegalRegulatoryHome.aspx), at
Proposed Rule Change and Timing for Washington, DC 20549 on official the Exchange’s Office of the Secretary,
Commission Action business days between the hours of and at the Commission’s Public
10:00 a.m. and 3:00 p.m. Copies of such Reference Room.
The foregoing rule change has become
effective pursuant to Section filing also will be available for II. Self-Regulatory Organization’s
19(b)(3)(A)(ii) of the Act.8 inspection and copying at the principal Statement of the Purpose of, and
At any time within 60 days of the office of the Exchange. All comments Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the received will be posted without change; Change
the Commission does not edit personal
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Commission summarily may In its filing with the Commission, the
temporarily suspend such rule change if identifying information from
submissions. You should submit only Exchange included statements
it appears to the Commission that such concerning the purpose of and basis for
action is: (i) Necessary or appropriate in information that you wish to make
the public interest; (ii) for the protection available publicly. All submissions 9 17 CFR 200.30–3(a)(12).
of investors; or (iii) otherwise in should refer to File Number SR– 1 15 U.S.C. 78s(b)(1).
NASDAQ–2017–096, and should be 2 17 CFR 240.19b–4.
7 15 U.S.C. 78f(b)(5). submitted on or before November 3, 3 15 U.S.C. 78s(b)(3)(A)(iii).
8 15 U.S.C. 78s(b)(3)(A)(ii). 2017. 4 17 CFR 240.19b–4(f)(6).
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![47784 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices
the 30-day operative delay is consistent proposed rule change between the I. Self-Regulatory Organization’s
with the protection of investors and the Commission and any person, other than Statement of the Terms of Substance of
public interest as it will allow the those that may be withheld from the the Proposed Rule Change
Exchange to accurately represent the public in accordance with the The Exchange proposes to reduce the
fees it charges and thereby avoid provisions of 5 U.S.C. 552, will be fees for certain Investment Management
potential confusion of market available for Web site viewing and Entities and Eligible Portfolio
participants. Accordingly, the printing in the Commission’s Public Companies.
Commission hereby waives the 30-day Reference Room, 100 F Street NE., While these amendments are effective
operative delay and designates the Washington, DC 20549 on official upon filing, the Exchange has
proposed rule change operative upon business days between the hours of designated the proposed amendments to
filing.14 10:00 a.m. and 3:00 p.m. Copies of the be operative on January 1, 2018.
At any time within 60 days of the filing also will be available for The text of the proposed rule change
filing of the proposed rule change, the inspection and copying at the principal is set forth below. Proposed new
Commission summarily may office of the Exchange. All comments language is italicized; deleted text is in
temporarily suspend such rule change if received will be posted without change; brackets.
it appears to the Commission that such the Commission does not edit personal * * * * *
action is necessary or appropriate in the
identifying information from 5910. The Nasdaq Global Market
public interest, for the protection of
submissions. You should submit only (Including the Nasdaq Global Select
investors, or otherwise in furtherance of
information that you wish to make Market)
the purposes of the Act. If the
Commission takes such action, the available publicly. All submissions
* * * * *
Commission will institute proceedings should refer to File Number SR–C2–
2017–026 and should be submitted on IM–5910–1. All-Inclusive Annual
to determine whether the proposed rule
or before November 3, 2017. Listing Fee
change should be approved or
disapproved. For the Commission, by the Division of (a)–(c) No change.
Trading and Markets, pursuant to delegated (d) The All-Inclusive Annual Listing
IV. Solicitation of Comments Fee will be calculated on total shares
authority.15
Interested persons are invited to Eduardo A. Aleman,
outstanding according to the following
submit written data, views, and schedules:
Assistant Secretary. (1)–(3) No change.
arguments concerning the foregoing,
including whether the proposed rule [FR Doc. 2017–22158 Filed 10–12–17; 8:45 am] (4) Limited Partnerships [(effective
change is consistent with the Act. BILLING CODE 8011–01–P January 1, 2017)]:
Comments may be submitted by any of Up to 75 million shares $37,500
the following methods: 75+ to 100 million shares $50,000
SECURITIES AND EXCHANGE 100+ to 125 million shares $62,500
Electronic Comments COMMISSION 125+ to 150 million shares $67,500
• Use the Commission’s Internet Over 150 million shares $77,500
comment form (http://www.sec.gov/ [Release No. 34–81838; File No. SR– (5) Investment Management Entities
rules/sro.shtml); or NASDAQ–2017–100] and Eligible Portfolio Companies
• Send an email to rule-comments@ (effective January 1, 2018):
sec.gov. Please include File Number SR– Self-Regulatory Organizations; The Nasdaq will apply a 50% fee discount
C2–2017–026 on the subject line. NASDAQ Stock Market LLC; Notice of to the annual fee otherwise owed under
Filing and Immediate Effectiveness of paragraph (d)(1) of this rule for Eligible
Paper Comments Portfolio Companies and Investment
Proposed Rule Change To Reduce the
• Send paper comments in triplicate Fees for Certain Investment Management Entities that have one or
to Secretary, Securities and Exchange more Eligible Portfolio Companies. For
Management Entities and Eligible
Commission, 100 F Street NE., purposes of this rule, an ‘‘Investment
Portfolio Companies
Washington, DC 20549–1090. Management Entity’’ is a company listed
October 6, 2017. on Nasdaq or another national
All submissions should refer to File securities exchange that manages
Number SR–C2–2017–026. This file Pursuant to Section 19(b)(1) of the private investment vehicles not
number should be included on the Securities Exchange Act of 1934 registered under the Investment
subject line if email is used. To help the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Company Act. An ‘‘Eligible Portfolio
Commission process and review your notice is hereby given that, on Company’’ of an Investment
comments more efficiently, please use September 26, 2017, The NASDAQ Management Entity is a Nasdaq-listed
only one method. The Commission will Stock Market LLC (‘‘Nasdaq’’ or Company in which an Investment
post all comments on the Commission’s ‘‘Exchange’’) filed with the Securities Management Entity has owned at least
Internet Web site (http://www.sec.gov/ and Exchange Commission (‘‘SEC’’ or 20% of the common stock on a
rules/sro.shtml). Copies of the ‘‘Commission’’) the proposed rule continuous basis since prior to that
submission, all subsequent change as described in Items I, II, and company’s initial listing.
amendments, all written statements
asabaliauskas on DSKBBXCHB2PROD with NOTICES
III below, which Items have been In order to qualify for this discount in
with respect to the proposed rule prepared by the Exchange. The any calendar year, a Company, other
change that are filed with the Commission is publishing this notice to than a new listing, must submit
Commission, and all written solicit comments on the proposed rule satisfactory proof to Nasdaq no later
communications relating to the change from interested persons. than December 31st of the prior year
14 For purposes only of waiving the 30-day
that it satisfies the requirements
operative delay, the Commission has considered the
15 17 CFR 200.30–3(a)(12). specified above. A new listing that
proposed rule’s impact on efficiency, competition, 1 15 U.S.C. 78s(b)(1). satisfies these requirements is eligible
and capital formation. See 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. for the discount upon listing.
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Document Created: 2017-10-13 04:34:02
Document Modified: 2017-10-13 04:34:02
| 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 47782 |
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