83_FR_21408 83 FR 21318 - Proposed Collection; Comment Request

83 FR 21318 - Proposed Collection; Comment Request

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 90 (May 9, 2018)

Page Range21318-21319
FR Document2018-09884

Federal Register, Volume 83 Issue 90 (Wednesday, May 9, 2018) 
[Federal Register Volume 83, Number 90 (Wednesday, May 9, 2018)]
[Notices]
[Pages 21318-21319]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-09884]


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SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 
20549-2736

Extension:
    Rule 17g-7, SEC File No. 270-563, OMB Control No. 3235-0656.

    ** This corrected notice replaces the notice published on May 2, 
2018 in the Federal Register Vol. 83, No. 85, page 19370.
    Notice is hereby given that pursuant to the Paperwork Reduction Act 
of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') has submitted to the Office of Management 
and Budget (``OMB'') a request for approval of extension of the 
previously approved collection of information provided for in Rule 17g-
7 under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).\1\
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    \1\ See 17 CFR 240.17g-1 and 17 CFR 249b.300.
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    Rule 17g-7 contains disclosure requirements for Nationally 
Recognized Statistical Rating Organizations (``NRSROs'') including 
certain information to be published when taking a rating action with 
respect to a credit rating. Currently, there are 10 credit rating 
agencies registered as NRSROs with the Commission. The Commission 
estimates that the total burden for respondents to comply with Rule 
17g-7 is 695,797 hours.

[[Page 21319]]

    The Commission may not conduct or sponsor a collection of 
information unless it displays a currently valid OMB control number. No 
person shall be subject to any penalty for failing to comply with a 
collection of information subject to the PRA that does not display a 
valid Office of Management and Budget (OMB) control number.
    Background documentation for this information collection may be 
viewed at the following website: www.reginfo.gov. Comments should be 
directed to: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Information and Regulatory Affairs, Office of 
Management and Budget, Room 10102, New Executive Office Building, 
Washington, DC 20503, or by sending an email to: 
[email protected]; and (ii) Pamela Dyson, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 100 F St. NE, Washington, DC 20549 or send an email to: 
[email protected]. Comments must be submitted to OMB within 30 days 
of this notice.

    Dated: May 4, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09884 Filed 5-8-18; 8:45 am]
 BILLING CODE 8011-01-P

21318 Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices consistency, thereby reducing burdens the proposed rule change to be operative 10:00 a.m. and 3:00 p.m. Copies of the on the marketplace and facilitating upon filing.17 filing also will be available for investor protection. At any time within 60 days of the inspection and copying at the principal filing of the proposed rule change, the office of the Exchange. All comments C. Self-Regulatory Organization’s Commission summarily may received will be posted without change. Statement on Comments on the temporarily suspend such rule change if Persons submitting comments are Proposed Rule Change Received From it appears to the Commission that such cautioned that we do not redact or edit Members, Participants, or Others action is necessary or appropriate in the personal identifying information from public interest, for the protection of comment submissions. You should The Exchange neither solicited nor investors, or otherwise in furtherance of submit only information that you wish received comments on the proposed the purposes of the Act. If the to make available publicly. All rule change. Commission takes such action, the submissions should refer to File III. Date of Effectiveness of the Commission shall institute proceedings Number SR–CBOE–2018–038, and Proposed Rule Change and Timing for to determine whether the proposed rule should be submitted on or before May Commission Action should be approved or disapproved. 30, 2018. IV. Solicitation of Comments For the Commission, by the Division of Because the proposed rule change Trading and Markets, pursuant to delegated does not (i) significantly affect the Interested persons are invited to authority.18 protection of investors or the public submit written data, views, and Eduardo A. Aleman, interest; (ii) impose any significant arguments concerning the foregoing, Assistant Secretary. burden on competition; and (iii) become including whether the proposed rule [FR Doc. 2018–09829 Filed 5–8–18; 8:45 am] change is consistent with the Act. operative for 30 days from the date on BILLING CODE 8011–01–P Comments may be submitted by any of which it was filed, or such shorter time the following methods: as the Commission may designate if consistent with the protection of Electronic Comments SECURITIES AND EXCHANGE investors and the public interest, the • Use the Commission’s internet COMMISSION proposed rule change has become comment form (http://www.sec.gov/ effective pursuant to Section 19(b)(3)(A) Proposed Collection; Comment rules/sro.shtml); or of the Act 13 and Rule 19b–4(f)(6) • Send an email to rule-comments@ Request thereunder.14 sec.gov. Please include File Number SR– Upon Written Request, Copies Available A proposed rule change filed under CBOE–2018–038 on the subject line. From: Securities and Exchange Rule 19b–4(f)(6) 15 normally does not Paper Comments Commission, Office of FOIA Services, become operative for 30 days after the 100 F Street NE, Washington, DC • Send paper comments in triplicate 20549–2736 date of filing. However, pursuant to to Secretary, Securities and Exchange Rule 19b–4(f)(6)(iii),16 the Commission Commission, 100 F Street NE, Extension: may designate a shorter time if such Rule 17g–7, SEC File No. 270–563, OMB Washington, DC 20549–1090. Control No. 3235–0656. action is consistent with the protection All submissions should refer to File of investors and the public interest. The Number SR–CBOE–2018–038. This file ** This corrected notice replaces the Exchange has asked the Commission to number should be included on the notice published on May 2, 2018 in the waive the 30-day operative delay so that subject line if email is used. To help the Federal Register Vol. 83, No. 85, page the proposal may become operative Commission process and review your 19370. immediately upon filing. The Exchange Notice is hereby given that pursuant comments more efficiently, please use states that such waiver will allow the to the Paperwork Reduction Act of 1995 only one method. The Commission will Exchange to extend the pilot program (44 U.S.C. 3501 et seq.), the Securities post all comments on the Commission’s prior to its expiration on May 3, 2018, and Exchange Commission internet website (http://www.sec.gov/ and maintain the status quo, thereby (‘‘Commission’’) has submitted to the rules/sro.shtml). Copies of the Office of Management and Budget reducing market disruption. The submission, all subsequent Commission believes that waiving the (‘‘OMB’’) a request for approval of amendments, all written statements extension of the previously approved 30-day operative delay is consistent with respect to the proposed rule with the protection of investors and the collection of information provided for in change that are filed with the Rule 17g–7 under the Securities public interest as it will allow the pilot Commission, and all written Exchange Act of 1934 (15 U.S.C. 78a et program to continue uninterrupted, communications relating to the seq.).1 thereby avoiding investor confusion that proposed rule change between the Rule 17g–7 contains disclosure could result from a temporary Commission and any person, other than requirements for Nationally Recognized interruption in the pilot program. For those that may be withheld from the Statistical Rating Organizations this reason, the Commission designates public in accordance with the (‘‘NRSROs’’) including certain provisions of 5 U.S.C. 552, will be information to be published when 13 15 U.S.C. 78s(b)(3)(A). available for website viewing and taking a rating action with respect to a 14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– printing in the Commission’s Public credit rating. Currently, there are 10 4(f)(6)(iii) requires the Exchange to give the Reference Room, 100 F Street NE, Commission written notice of the Exchange’s intent credit rating agencies registered as amozie on DSK3GDR082PROD with NOTICES to file the proposed rule change, along with a brief Washington, DC 20549, on official NRSROs with the Commission. The description and text of the proposed rule change, business days between the hours of Commission estimates that the total at least five business days prior to the date of filing of the proposed rule change, or such shorter time burden for respondents to comply with 17 For purposes only of waiving the 30-day as designated by the Commission. The Exchange operative delay, the Commission has also Rule 17g–7 is 695,797 hours. has satisfied this requirement. considered the proposed rule’s impact on 15 17 CFR 240.19b–4(f)(6). 18 17 CFR 200.30–3(a)(12). efficiency, competition, and capital formation. See 16 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 1 See 17 CFR 240.17g–1 and 17 CFR 249b.300. VerDate Sep<11>2014 18:53 May 08, 2018 Jkt 244001 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\09MYN1.SGM 09MYN1

Federal Register / Vol. 83, No. 90 / Wednesday, May 9, 2018 / Notices 21319 The Commission may not conduct or Federal Register on March 19, 2018.3 which there is no auction market. sponsor a collection of information The Commission received no comment Cabinet trading, according to the unless it displays a currently valid OMB letters on the proposed rule change. Exchange, allows market participants to control number. No person shall be This order approves the proposed rule close listed options on the Exchange subject to any penalty for failing to change. that are of minimal value or worthless, comply with a collection of information II. Description of the Proposed Rule or not actively traded, often for the subject to the PRA that does not display Change purpose of establishing tax losses.8 a valid Office of Management and The Exchange has proposed to add Budget (OMB) control number. The Exchange has proposed to amend Phlx Rule 1079, governing FLEX option Phlx Rule 1079(g) and Commentary .03 Background documentation for this to Phlx Rule 1059 to state that open information collection may be viewed at transactions, and Phlx Rule 1059, governing accommodation transactions FLEX option positions are eligible to be the following website: www.reginfo.gov. closed in accordance with the minimum Comments should be directed to: (i) (also known as cabinet trades), to permit open FLEX positions to be closed increments set forth in Phlx Rule 1059 Desk Officer for the Securities and governing cabinet trading.9 The Exchange Commission, Office of pursuant to the cabinet procedures in Phlx Rule 1059. Exchange further proposed that a FLEX Information and Regulatory Affairs, Phlx Rule 1079 permits the trading of option cabinet order may be executed Office of Management and Budget, FLEX options, which are options against contra side interest that closes Room 10102, New Executive Office customized to fit specific investment the FLEX option position or, to the Building, Washington, DC 20503, or by strategies and goals.4 Further, Phlx Rule extent permitted by the cabinet rule sending an email to: Shagufta_Ahmed@ 1079(a)(4) requires that bids or offers in (specifically Phlx Rule 1059(a)(iii)), omb.eop.gov; and (ii) Pamela Dyson, FLEX trades be made at the minimum against contra side interest that opens a Director/Chief Information Officer, increments specified in Phlx Rule FLEX option position.10 Securities and Exchange Commission, 1034.5 Generally, the minimum Under existing Phlx rules all FLEX c/o Remi Pavlik-Simon, 100 F St. NE, increments for stock, index and options are governed by the procedures Washington, DC 20549 or send an email exchange traded fund options are either for FLEX options in Phlx Rule 1079. To to: PRA_Mailbox@sec.gov. Comments $.10 or $.05, unless such options are accommodate FLEX options trading as a must be submitted to OMB within 30 subject to a penny pilot set forth in the cabinet order under Phlx Rule 1059, the days of this notice. rule. Exchange also proposed in new Section Dated: May 4, 2018. Phlx Rule 1059 permits trading of 1079(g) that sections (a) and (b) of Phlx Eduardo A. Aleman, cabinet orders, defined as closing limit Rule 1079 would not apply to FLEX Assistant Secretary. orders at a price of $1 per option option transactions in the cabinet.11 [FR Doc. 2018–09884 Filed 5–8–18; 8:45 am] contract for the account of a customer, According to the Exchange, Phlx Rule firm, specialist or registered options BILLING CODE 8011–01–P 1079(a), which sets forth the potential trader 6 (‘‘ROT’’).7 Thus, cabinet trades characteristics of FLEX options, such as are generally effectuated at less than the underlying interest and the quote SECURITIES AND EXCHANGE minimum increments required for FLEX options, as described above, under the format, would not be applicable for the COMMISSION closing of FLEX options in the cabinet Phlx Rules 1079 and 1034. According to [Release No. 34–83167; File No. SR–Phlx– Phlx, cabinet trading is intended to because the characteristics of the FLEX 2018–20] accommodate persons wishing to effect options in the cabinet would already be closing transactions in options for known.12 Further, Phlx stated that Self-Regulatory Organizations; Nasdaq because FLEX options trading in the PHLX LLC; Order Approving a 3 See Securities Exchange Act Release No. 82866 cabinet would be governed by the Proposed Rule Change Amending Rule (Mar. 13, 2018), 83 FR 12058 (Mar. 19, 2018) cabinet trading rules set forth in Phlx 1079, FLEX Index, Equity and Currency (‘‘Notice’’). Rule 1059, except for the provisions of 4 See Phlx Rule 1079. See also Notice, supra note Options, and Rule 1059, Phlx Rule 1079 noted below which will Accommodation Transactions, To 3, at 12059. Pursuant to Phlx Rule 1079, investors can specify the characteristics for FLEX Option continue to apply, Phlx Rule 1079(b), Allow the Closing of Flexible Exchange contracts such as the expiration date, the strike which covers procedures for quoting Options (‘‘FLEX options’’) in Cabinet price, and the exercise-style. and trading FLEX options, and the Trading 5 Phlx Rule 1034 (a) provides that with certain provisions of Phlx Rule 1079(a) defining exceptions, ‘‘all options on stocks, index options, aspects of a FLEX request for the RFQ May 3, 2018. and Exchange Traded Fund Shares quoting in decimals at $3.00 or higher shall have a minimum process, are not applicable.13 I. Introduction increment of $.10, and all options on stocks and Under the Phlx’s proposal, Phlx Rules index options quoting in decimals under $3.00 shall On February 28, 2018, Nasdaq PHLX have a minimum increment of $.05.’’ 1079(c)–(f) would, however, continue to LLC (‘‘Exchange’’ or ‘‘Phlx’’) filed with 6 See Phlx Rule 1014(b). An ROT is a regular apply to FLEX option cabinet the Securities and Exchange member or a foreign currency options participant of 8 See Notice, supra note 3, at 12059 n.3. A cabinet the Exchange located on the trading floor who has Commission (‘‘Commission’’), pursuant received permission from the Exchange to trade in trade is a transaction in which the per-contract to Section 19(b)(1) of the Securities options for his own account. Each ROT electing to value of the cabinet trade is less than the per- Exchange Act of 1934 (‘‘Act’’) 1 and Rule engage in Exchange options transactions shall be contract value of a trade at the specified minimum 19b–4 thereunder,2 a proposed rule assigned by the Exchange one or more classes of increment for the option contract. See id. options, and Exchange options transactions 9 See proposed Phlx Rule 1079(g) and proposed change amending Phlx’s Rule 1079, amozie on DSK3GDR082PROD with NOTICES initiated by such ROT on the Floor for any account Commentary .03 to Phlx Rule 1059. relating to FLEX Options, and Phlx Rule in which he had an interest shall to the extent 10 See id. Phlx Rule 1059(a)(iii) provides that floor 1059, relating to accommodation prescribed by the Exchange be in such assigned brokers would represent the orders in the crowd. transactions. The proposed rule change classes. 7 See Phlx Rule 1059(a). Commentary .02 to Phlx See Phlx Rule 1059(a). was published for comment in the 11 See proposed Phlx Rule 1079(g) and proposed Rule 1059 provides that limit orders with a price of at least $0 but less than $1 per option contract Commentary .03 to Phlx Rule 1059. 1 15 U.S.C. 78s(b)(1). 12 See Notice, supra note 3, at 12059 n.6. may also trade under the terms and conditions in 2 17 CFR 240.19b–4. Phlx Rule 1059, subject to certain limitations. 13 See id. VerDate Sep<11>2014 17:39 May 08, 2018 Jkt 244001 PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 E:\FR\FM\09MYN1.SGM 09MYN1


Document Created: 2018-05-09 03:18:11
Document Modified: 2018-05-09 03:18:11
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 21318 
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