82 FR 50716 - Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Reflect in the Exchange's Governing Documents, Rulebook and Fee Schedule, a Non-Substantive Corporate Branding Change, Including Changes to the Company's Name, the Intermediate's Name, and the Exchange's Name
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 210 (November 1, 2017)
Federal Register Volume 82, Issue 210 (November 1, 2017)
| Page Range | 50716-50719 | |
| FR Document | 2017-23737 |
[Federal Register Volume 82, Number 210 (Wednesday, November 1, 2017)] [Notices] [Pages 50716-50719] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-23737] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81957; File No. SR-BatsEDGA-2017-28] Self-Regulatory Organizations; Bats EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Reflect in the Exchange's Governing Documents, Rulebook and Fee Schedule, a Non-Substantive Corporate Branding Change, Including Changes to the Company's Name, the Intermediate's Name, and the Exchange's Name October 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 October 16, 2017, Bats EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') 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 Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes a rule change with respect to amendments of the Second Amended and Restated Certificate of Incorporation (the ``Company's Certificate'') and Third Amended and Restated Bylaws (the ``Company's Bylaws'') of its parent corporation, CBOE Holdings, Inc. (``CBOE Holdings'' or the ``Company'') to change the name of the Company to Cboe Global Markets, Inc. With respect to CBOE V, LLC, an intermediate Holding Company of the Exchange (the ``Intermediate''), the Exchange proposes to amend the Certificate of Formation and Limited Liability Company Operating Agreement of CBOE V, LLC (the ``Operating Agreement''), in connection with a related name change for the Intermediate. The Exchange also proposes to amend its Second Amended [[Page 50717]] and Restated Certificate of Incorporation (the ``Exchange Certificate''), Seventh Amended and Restated Bylaws of Bats EDGA Exchange, Inc. (the ``Exchange Bylaws''), rulebook and fee schedule (collectively ``operative documents'') in connection with the name change of its parent Company, Intermediate, and the Exchange. 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 Background The purpose of this filing is to reflect in the Exchange's governing documents (and the governing documents of its parent company, CBOE Holdings) and the Exchange's rulebook and fees schedules, a non- substantive corporate branding change, including changes to the Company's name, the Intermediate's name, and the Exchange's name. Particularly, references to Company's, Intermediate's and Exchange's names will be deleted and revised to state the new names, as described more fully below. No other substantive changes are being proposed in this filing. The Exchange represents that these changes are concerned solely with the administration of the Exchange and do not affect the meaning, administration, or enforcement of any rules of the Exchange or the rights, obligations, or privileges of Exchange members or their associated persons is any way. Accordingly, this filing is being submitted under Rule 19b-4(f)(3). In lieu of providing a copy of the marked name changes, the Exchange represents that it will make the necessary non-substantive revisions described below to the Exchange's corporate governance documents, rulebook, and fees schedules, and post updated versions of each on the Exchange's Web site pursuant to Rule 19b-4(m)(2). The Company's Name Change In connection with the corporate name change of its parent company, the Exchange is proposing to amend the Company's Certificate and Bylaws. Specifically, the Company is changing its name from ``CBOE Holdings, Inc.'' to ``Cboe Global Markets, Inc.''. (a) Company's Certificate The Exchange proposes to (i) delete the following language from Paragraph (1) of the introductory paragraph: ``The name of the Corporation is CBOE Holdings, Inc.'' and (ii) amend Article First of the Company's Certificate to reflect the new name, ``Cboe Global Markets, Inc.'' The Exchange also proposes to add clarifying language and cite to the applicable provisions of the General Corporation Law of the State of Delaware in connection with the proposed name change. The Exchange notes that it is not amending the Company's name in the title or signature line as the name changes will not be effective until the Company, as currently named, files the proposed changes in Delaware. Thereafter, the Exchange will amend the Certificate to reflect the new name in the title and signature line. The Exchange also notes that although the name of ``Chicago Board Options Exchange, Incorporated'' is changing to ``Cboe Exchange Inc.'', it is not amending the name of Chicago Board Options Exchange, Incorporated (``CBOE'') referenced in Article Fifth(a)(iii) at this time. Particularly, the Exchange notes that unlike the exception applicable to proposed changes to the Company's name,\3\ a vote of stockholders is required to adopt an amendment to the reference of CBOE's name. As such, the Exchange will submit a rule filing to amend the Certificate to reflect the new CBOE name at such time it is ready to obtain stockholder approval. --------------------------------------------------------------------------- \3\ See Section 242(b) of the General Corporation Law of the State of Delaware. --------------------------------------------------------------------------- (b) Company's Bylaws With respect to the Company's Bylaws, references to ``CBOE Holdings, Inc.'' will be deleted and revised to state ``Cboe Global Markets, Inc.'' The Exchange also proposes to eliminate the reference to ``Chicago Board Options Exchange, Incorporated'' in Article 10, Section 10.2. Particularly, Section 10.2 provides that ``for so long as the Corporation shall control, directly or indirectly, any national securities exchange, including, but not limited to Chicago Board Options Exchange, Incorporated (a ``Regulated Securities Exchange Subsidiary''), before any amendment, alteration or repeal of any provision of the Bylaws shall be effective, such amendment, alteration or repeal shall be submitted to the board of directors of each Regulated Securities Exchange Subsidiary, and if such amendment, alteration or repeal must be filed with or filed with and approved by the Securities and Exchange Commission, then such amendment, alteration or repeal shall not become effective until filed with or filed with and approved by the Securities and Exchange Commission, as the case may be.'' As the Company currently controls a number of Regulated Securities Exchange Subsidiaries, it does not believe it is necessary to explicitly reference only Chicago Board Options Exchange, Incorporated and therefore proposes to delete the following language: ``including, but not limited to Chicago Board Options Exchange, Incorporated''. The Intermediate's Name Change For purposes of consistency, certain of the Parent's subsidiaries have also undertaken to change their legal names. As a result, the Exchange also proposes to change the name of the Intermediate from ``CBOE V, LLC'' to ``Cboe Bats, LLC.'' (a) Certificate of Formation As it relates to the Certificate of Formation of CBOE V, LLC, references to ``CBOE V, LLC'' will be deleted and revised to state its new name ``Cboe Bats, LLC''. The Exchange also proposes to add clarifying and conforming language in order to conform to, as well as cite to, the applicable provisions of the General Corporation Law of the State of Delaware in connection with the proposed name change. The Exchange notes to conform with the revised language in the introductory paragraph, it also proposes to amend references to ``LLC'' to ``limited liability company''. The Exchange also notes that it is not amending the Intermediate's name in the title or signature line as the name changes will not be effective until the Intermediate, as currently named, files the proposed changes in Delaware.\4\ [[Page 50718]] Thereafter, the Exchange will amend the Certificate of Formation to reflect the new name in the title and signature line. --------------------------------------------------------------------------- \4\ The Exchange notes that the current signature block of the Certificate of Formation references ``CBOE Holdings, Inc.'' instead of ``CBOE V, LLC''. The Exchange proposes to correct that reference and refer to ``CBOE V, LLC'', which as noted, will be changed to ``Cboe Bats, LLC'' at a later date. --------------------------------------------------------------------------- (b) Operating Agreement As it relates to the Operating Agreement of the Intermediate, references to ``CBOE V, LLC'' will be deleted and revised to state its new name ``Cboe Bats, LLC'' and references to ``CBOE Holdings, Inc.'' will be deleted and revised to state ``Cboe Global Markets, Inc.''. The Exchange also proposes to add clarifying and conforming language in connection with the proposed name change, including new Section 12.5 (``Effect of Amendment''), which provides that the ``Agreement amends, restates and supersedes the Original Agreement in all respects. From and after the date hereof, this Agreement shall be the limited liability company operating agreement of the Company for all purposes.'' The Exchange's Name Change For purposes of consistency, certain of the Parent's subsidiaries have also undertaken to change their legal names. As a result, the Exchange also proposes to change its name from ``Bats EDGA Exchange, Inc.'' to ``Cboe EDGA Exchange, Inc.'' throughout its rules, fees schedules and corporate documents. Additionally, the Exchange notes that its affiliated exchanges Bats BYX Exchange, Inc., Bats BZX Exchange, Inc., Bats EDGX Exchange, Inc., Chicago Board Options Exchange, Incorporated, C2 Options Exchange, Incorporated, and ``CBOE Futures Exchange, LLC'' (collectively the ``affiliates'') have also proposed name changes to Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., Cboe C2 Exchange, Inc. and Cboe Futures Exchange, LLC, respectively. Lastly, the Exchange is changing the name of ``Bats Trading, Inc.'' to ``Cboe Trading, Inc.'' Therefore, the Exchange proposes to amend its: (i) Second Amended and Restated Certificate of Incorporation of Bats EDGA Exchange, Inc., (ii) Seventh Amended and Restated Bylaws of Bats EDGA Exchange, Inc., (iii) Rulebook, (iv) Fee Schedule for EDGA Equities (collectively, the ``Operative Documents'') to reflect the name changes. (a) Exchange's Certificate The Exchange proposes to (i) delete the following language from the introductory paragraph: ``The name of the Corporation is Bats EDGA Exchange, Inc.'' and (ii) amend Article First of the Exchange's Certificate to reflect the new name, ``Cboe EDGA Exchange, Inc.''. The Exchange also proposes to add clarifying language and cite to the applicable provisions of the General Corporation Law of the State of Delaware in connection with the proposed name change. The Exchange notes that it is not amending the Exchange's name in the title or signature line as the name changes will not be effective until the Exchange, as currently named, files the proposed changes in Delaware. Thereafter, the Exchange will amend the Certificate to reflect the new name in the title and signature line. (b) Exchange's Bylaws For the Exchange's Bylaws, all references to ``Bats EDGA Exchange, Inc.'' will be deleted and revised to state ``Cboe EDGA Exchange, Inc.''. (c) Exchange's Rulebook For the Rules of Bats EDGA Exchange, Inc., all references to ``Bats EDGA Exchange, Inc.'' will be deleted and revised to state ``Cboe EDGA Exchange, Inc.''. Additionally, the Exchange's affiliates are also filing similar rule filings to change their names, as noted above. As such, all references to ``Bats BYX Exchange, Inc.'', ``Bats EDGX Exchange, Inc.'', ``Bats BZX Exchange, Inc.'', ``C2 Options Exchange, Incorporated'',\5\ ``Chicago Board Options Exchange, Incorporated'' and ``CBOE Futures Exchange, LLC'' in the EDGA's rules will likewise be deleted and revised to state ``Cboe BYX Exchange, Inc.'', ``Cboe EDGX Exchange, Inc.'', ``Cboe BZX Exchange, Inc.'', ``Cboe C2 Exchange, Inc.'', ``Cboe Exchange, Inc.'' and ``Cboe Futures Exchange, LLC'', respectively. The Exchange notes that references to ``Bats Exchange'' will be deleted and revised to state ``Cboe Bats Exchange''. Additionally, all references to ``CBOE Holdings, Inc.'' will be deleted and revised to state ``Cboe Global Markets, Inc.''. All references to ``Bats One'' will be deleted and revised to state ``Cboe One'' and all references to ``Bats Connect'' will be deleted and revised to state ``Cboe Connect''. The Exchange will also delete references to ``Bats Trading, Inc.'' and ``Bats Trading'' and replace it with references to ``Cboe Trading, Inc.'' and ``Cboe Trading'', respectively. --------------------------------------------------------------------------- \5\ The Exchange notes that the EDGA rules refer to ``C2 Options Exchange, Incorporated'' as ``C2 Options Exchange, Inc.'' in Rule 2.3. --------------------------------------------------------------------------- (d) Exchange's Fee Schedule For the EDGA Equities Fee Schedule, any reference to ``Bats EDGA Exchange'' will be deleted and revised to state ``Cboe EDGA Exchange''. Additionally, all references to ``Bats One'' will be deleted and revised to state ``Cboe One'' and all references to ``Bats Connect'' will be deleted and revised to state ``Cboe Connect''. 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.\6\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \7\ 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. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- In particular, the proposed change is a non-substantive change and does not impact the governance, ownership or operations of the Exchange. The Exchange believes that by ensuring that its parent company's governance documents and the Exchanges operative documents accurately reflect the new legal names, the proposed rule change would reduce potential investor or market participant confusion. 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 intended to address competitive issues but rather is concerned solely with updating the Company's and Exchange's governance and operative documents to reflect the abovementioned name changes. [[Page 50719]] 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 Pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(3) thereunder,\9\ the Exchange has designated this proposal as one that is concerned solely with the administration of the self-regulatory organization, and therefore has become effective. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(3). --------------------------------------------------------------------------- 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-BatsEDGA-2017-28 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-BatsEDGA-2017-28. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BatsEDGA-2017-28 and should be submitted on or before November 22, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-23737 Filed 10-31-17; 8:45 am] BILLING CODE 8011-01-P
![50716 Federal Register / Vol. 82, No. 210 / Wednesday, November 1, 2017 / Notices
general to protect investors and the IV. Solicitation of Comments For the Commission, by the Division of
public interest, by updating these Trading and Markets, pursuant to delegated
references to the BX PRISM rule. This Interested persons are invited to authority.15
amendment will correct the references submit written data, views, and Eduardo A. Aleman,
within the BX PRISM rule to make clear arguments concerning the foregoing, Assistant Secretary.
the manner in which the auction including whether the proposed rule [FR Doc. 2017–23734 Filed 10–31–17; 8:45 am]
operates. change is consistent with the Act. BILLING CODE 8011–01–P
Comments may be submitted by any of
B. Self-Regulatory Organization’s
the following methods:
Statement on Burden on Competition SECURITIES AND EXCHANGE
The Exchange does not believe that Electronic Comments COMMISSION
the proposed rule change will impose • Use the Commission’s Internet [Release No. 34–81957; File No. SR–
any burden on competition not comment form (http://www.sec.gov/ BatsEDGA–2017–28]
necessary or appropriate in furtherance rules/sro.shtml); or
of the purposes of the Act. The Self-Regulatory Organizations; Bats
Exchange inadvertently referenced the • Send an email to rule-comments@ EDGA Exchange, Inc.; Notice of Filing
auto-match feature as applicable to sec.gov. Please include File Number SR– and Immediate Effectiveness of a
Surrender provision. No BX Participant BX–2017–044 on the subject line. Proposed Rule Change To Reflect in
is able today to utilize the Surrender Paper Comments the Exchange’s Governing Documents,
feature when selecting auto-match. This Rulebook and Fee Schedule, a Non-
amendment will correct the references • Send paper comments in triplicate Substantive Corporate Branding
within the BX PRISM rule to make clear to Brent J. Fields, Secretary, Securities Change, Including Changes to the
the manner in which the auction and Exchange Commission, 100 F Street Company’s Name, the Intermediate’s
operates. NE., Washington, DC 20549–1090. Name, and the Exchange’s Name
C. Self-Regulatory Organization’s All submissions should refer to File October 26, 2017.
Statement on Comments on the Number SR–BX–2017–044. This file Pursuant to Section 19(b)(1) of the
Proposed Rule Change Received From number should be included on the Securities Exchange Act of 1934 (the
Members, Participants, or Others subject line if email is used. To help the ‘‘Act’’),1 and Rule 19b–4 thereunder,2
No written comments were either Commission process and review your notice is hereby given that on October
solicited or received. comments more efficiently, please use 16, 2017, Bats EDGA Exchange, Inc. (the
only one method. The Commission will ‘‘Exchange’’ or ‘‘EDGA’’) filed with the
III. Date of Effectiveness of the Securities and Exchange Commission
Proposed Rule Change and Timing for post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ (‘‘Commission’’) the proposed rule
Commission Action change as described in Items I and II
rules/sro.shtml). Copies of the
Because the foregoing proposed rule below, which Items have been prepared
submission, all subsequent
change does not: (i) Significantly affect by the Exchange. The Commission is
amendments, all written statements
the protection of investors or the public publishing this notice to solicit
with respect to the proposed rule
interest; (ii) impose any significant comments on the proposed rule change
change that are filed with the from interested persons.
burden on competition; and (iii) become
operative for 30 days from the date on Commission, and all written
communications relating to the I. Self-Regulatory Organization’s
which it was filed, or such shorter time Statement of the Terms of Substance of
as the Commission may designate, it has proposed rule change between the
Commission and any person, other than the Proposed Rule Change
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 13 and those that may be withheld from the The Exchange proposes a rule change
subparagraph (f)(6) of Rule 19b–4 public in accordance with the with respect to amendments of the
thereunder.14 provisions of 5 U.S.C. 552, will be Second Amended and Restated
At any time within 60 days of the available for Web site viewing and Certificate of Incorporation (the
filing of the proposed rule change, the printing in the Commission’s Public ‘‘Company’s Certificate’’) and Third
Commission summarily may Reference Room, 100 F Street NE., Amended and Restated Bylaws (the
temporarily suspend such rule change if Washington, DC 20549, on official ‘‘Company’s Bylaws’’) of its parent
it appears to the Commission that such business days between the hours of corporation, CBOE Holdings, Inc.
action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of the (‘‘CBOE Holdings’’ or the ‘‘Company’’)
the public interest; (ii) for the protection filing also will be available for to change the name of the Company to
of investors; or (iii) otherwise in inspection and copying at the principal Cboe Global Markets, Inc. With respect
furtherance of the purposes of the Act. office of the Exchange. All comments to CBOE V, LLC, an intermediate
If the Commission takes such action, the received will be posted without change. Holding Company of the Exchange (the
Commission shall institute proceedings ‘‘Intermediate’’), the Exchange proposes
Persons submitting comments are
to determine whether the proposed rule to amend the Certificate of Formation
cautioned that we do not redact or edit
should be approved or disapproved. and Limited Liability Company
personal identifying information from Operating Agreement of CBOE V, LLC
comment submissions. You should
sradovich on DSK3GMQ082PROD with NOTICES
13 15 U.S.C. 78s(b)(3)(A)(iii). (the ‘‘Operating Agreement’’), in
14 17
submit only information that you wish connection with a related name change
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give to make available publicly. All for the Intermediate. The Exchange also
the Commission written notice of its intent to file submissions should refer to File proposes to amend its Second Amended
the proposed rule change at least five business days Number SR–BX–2017–044 and should
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the be submitted on or before November 22, 15 17 CFR 200.30–3(a)(12).
Commission. The Exchange has satisfied this 2017. 1 15 U.S.C. 78s(b)(1).
requirement. 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 210 / Wednesday, November 1, 2017 / Notices 50719
C. Self-Regulatory Organization’s amendments, all written statements solicit comments on the proposed rule
Statement on Comments on the with respect to the proposed rule change from interested persons.
Proposed Rule Change Received From change that are filed with the
I. Clearing Agency’s Statement of the
Members, Participants, or Others Commission, and all written
Terms of Substance of the Proposed
The Exchange neither solicited nor communications relating to the
Rule Change
received comments on the proposed proposed rule change between the
rule change. Commission and any person, other than This proposed rule change by OCC
those that may be withheld from the would formalize OCC’s Counterparty
III. Date of Effectiveness of the public in accordance with the Credit Risk Management Policy (‘‘CCRM
Proposed Rule Change and Timing for provisions of 5 U.S.C. 552, will be Policy’’ or ‘‘Policy’’), which promotes
Commission Action available for Web site viewing and compliance with multiple requirements
Pursuant to Section 19(b)(3)(A) of the printing in the Commission’s Public applicable to OCC under Rule 17Ad–22,
Act 8 and Rule 19b–4(f)(3) thereunder,9 Reference Room, 100 F Street NE., including Rules 17Ad–22(e)(3)
the Exchange has designated this Washington, DC 20549, on official concerning frameworks for the
proposal as one that is concerned solely business days between the hours of comprehensive management of risks,
with the administration of the self- 10:00 a.m. and 3:00 p.m. Copies of the (e)(4) concerning credit risk
regulatory organization, and therefore filing also will be available for management, (e)(16) concerning the
has become effective. inspection and copying at the principal safeguarding of assets, (e)(18)
At any time within 60 days of the office of the Exchange. All comments concerning risk-based participation
filing of the proposed rule change, the received will be posted without change. criteria, (e)(19) concerning risks form
Commission summarily may Persons submitting comments are indirect participants, and (e)(20)
temporarily suspend such rule change if cautioned that we do not redact or edit concerning linkages.3 The CCRM Policy
it appears to the Commission that such personal identifying information from is included as confidential Exhibit 5.4
action is necessary or appropriate in the comment submissions. You should The proposed rule change does not
public interest, for the protection of submit only information that you wish require any changes to the text of OCC’s
investors, or otherwise in furtherance of to make available publicly. All By-Laws or Rules. All terms with initial
the purposes of the Act. If the submissions should refer to File capitalization that are not otherwise
Commission takes such action, the Number SR–BatsEDGA–2017–28 and defined herein have the same meaning
Commission will institute proceedings should be submitted on or before as set forth in the OCC By-Laws and
to determine whether the proposed rule November 22, 2017. Rules.5
change should be approved or For the Commission, by the Division of
disapproved. II. Clearing Agency’s Statement of the
Trading and Markets, pursuant to delegated
authority.10
Purpose of, and Statutory Basis for, the
IV. Solicitation of Comments Proposed Rule Change
Eduardo A. Aleman,
Interested persons are invited to
Assistant Secretary. In its filing with the Commission,
submit written data, views, and
[FR Doc. 2017–23737 Filed 10–31–17; 8:45 am] OCC included statements concerning
arguments concerning the foregoing,
the purpose of and basis for the
including whether the proposed rule BILLING CODE 8011–01–P
proposed rule change and discussed any
change is consistent with the Act.
comments it received on the proposed
Comments may be submitted by any of
SECURITIES AND EXCHANGE rule change. The text of these statements
the following methods:
COMMISSION may be examined at the places specified
Electronic Comments in Item IV below. OCC has prepared
[Release No. 34–81949; File No. SR–OCC– summaries, set forth in sections (A), (B),
• Use the Commission’s Internet 2017–009]
comment form (http://www.sec.gov/ and (C) below, of the most significant
rules/sro.shtml); or aspects of these statements.
Self-Regulatory Organizations; The
• Send an email to rule-comments@ Options Clearing Corporation; Notice (A) Clearing Agency’s Statement of the
sec.gov. Please include File Number SR– of Filing of Proposed Rule Change Purpose of, and Statutory Basis for, the
BatsEDGA–2017–28 on the subject line. Related to The Options Clearing Proposed Rule Change
Paper Comments Corporation’s Counterparty Credit Risk
Management Policy (1) Purpose
• Send paper comments in triplicate Background
to Brent J. Fields, Secretary, Securities October 26, 2017.
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) of the As a central counterparty providing
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 clearance, settlement, and risk
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2 management services, OCC is exposed
Number SR–BatsEDGA–2017–28. This notice is hereby given that on October to and must manage a range of risks,
file number should be included on the 12, 2017, The Options Clearing including credit risk. The purpose of the
subject line if email is used. To help the Corporation (‘‘OCC’’) filed with the CCRM Policy is to outline OCC’s overall
Commission process and review your Securities and Exchange Commission approach to identify, measure, monitor,
comments more efficiently, please use (‘‘Commission’’) the proposed rule and manage its exposures to direct and
indirect participants, Liquidity
sradovich on DSK3GMQ082PROD with NOTICES
only one method. The Commission will change as described in Items I, II, and
post all comments on the Commission’s III below, which Items have been
Internet Web site (http://www.sec.gov/ prepared primarily by OCC. The 3 17 CFR 240.17Ad–22(e)(3), (4), (16), (18), (19),
Commission is publishing this notice to and (20).
rules/sro.shtml). Copies of the 4 The Commission notes that Exhibit 5 is
submission, all subsequent included in the filing, not in this Notice.
10 17 CFR 200.30–3(a)(12). 5 OCC’s By-Laws and Rules can be found on
8 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). OCC’s public Web site: http://optionsclearing.com/
9 17 CFR 240.19b–4(f)(3). 2 17 CFR 240.19b–4. about/publications/bylaws.jsp.
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Document Created: 2017-11-01 02:02:34
Document Modified: 2017-11-01 02:02:34
| 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 50716 |
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