83 FR 2244 - Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Transaction Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 10 (January 16, 2018)

Page Range		2244-2246
FR Document		2018-00534

Federal Register, Volume 83 Issue 10 (Tuesday, January 16, 2018)

[Federal Register Volume 83, Number 10 (Tuesday, January 16, 2018)]
[Notices]
[Pages 2244-2246]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2018-00534]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82477; File No. SR-CboeBYX-2017-005]

Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change Related to
Transaction Fees

January 9, 2018.
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 December 27, 2017, Cboe BYX Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange filed a proposal to amend the fee schedule applicable
to Members \5\ and non-Members of the Exchange pursuant to BYX Rules
15.1(a) and (c).
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\5\ The term ``Member'' is defined as ``any registered broker or
dealer that has been admitted to membership in the Exchange.'' See
Exchange Rule 1.5(n).
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The text of the proposed rule change is available at the Exchange's
website at www.markets.cboe.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

[[Page 2245]]

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 parts of such
statements.

(A) Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
As further described below, the Exchange proposes to amend its fee
schedule to: (i) Modify its standard rebate to remove liquidity
yielding fee codes BB,\6\ N,\7\ and W; \8\ (ii) modify its standard fee
to add liquidity yielding fee codes B,\9\ V \10\ and Y; \11\ and (iii)
adopt a new tier under footnote 1, Add/Remove Volume Tiers.
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\6\ Fee code BB is appended to orders that remove liquidity from
BYX (Tape B). See the Exchange's fee schedule available at http://markets.cboe.com/us/equities/membership/fee_schedule/byx/.
\7\ Fee code N is appended to orders that remove liquidity from
BYX (Tape C). Id.
\8\ Fee code W is appended to orders that remove liquidity from
BYX (Tape A). Id.
\9\ Fee code B is appended to displayed orders that add
liquidity to BYX (Tape B). Id.
\10\ Fee code V is appended to displayed orders that add
liquidity to BYX (Tape A). Id.
\11\ Fee code Y is appended to displayed orders that add
liquidity to BYX (Tape C). Id.
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Standard Rebates to Remove Liquidity
The Exchange currently provides a standard rebate of $0.0008 per
share for orders that remove liquidity from the Exchange in securities
priced at or above $1.00. The Exchange appends fee codes W, BB and N
for orders removing liquidity in Tape A, Tape B, and Tape C securities,
respectively. The Exchange proposes to reduce the standard rebate
provided for orders yielding these fee codes to a rebate of $0.0005 per
share. In connection with this change, the Exchange proposes to modify
the Standard Rates chart contained on the fee schedule to reflect the
new standard rebate of $0.0005 per share to remove liquidity.
Standard Fee To Add Liquidity
The Exchange currently charges a standard fee of $0.0018 per share
for orders that add liquidity to the Exchange in securities priced at
or above $1.00. The Exchange appends fee codes V, B, and Y for orders
adding liquidity in Tape A, Tape B, and Tape C securities,
respectively. The Exchange proposes to increase the standard fee
charged for orders yielding these fee codes to a fee of $0.0019 per
share. In connection with this change, the Exchange proposes to modify
the Standard Rates chart contained on the fee schedule to reflect the
new standard fee of $0.0019 per share to add liquidity.
New Remove Volume Tier
The Exchange currently offers six [sic] tiers under footnote 1 that
offer reduced fees for displayed orders that add liquidity yielding fee
codes B, V and Y, and an enhanced rebate for orders that remove
liquidity yielding fee codes BB, N and W, as described above. The
Exchange proposes to add a new tier under footnote 1, to be known as
Tier 9, under which a Member would receive an enhanced rebate of
$0.0017 per share on orders that yield fee codes BB, N and W, where a
Member has: (i) A Step-Up Remove TCV\12\ from December 2017 equal to or
greater than 0.075%; and (ii) an ADAV \13\ equal to or greater than
0.10% of the TCV.\14\
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\12\ ``Step-Up Remove TCV'' means remove ADV as a percentage of
TCV in the relevant baseline month subtracted from current remove
ADV as a percentage of TCV. See the Exchange's fee schedule
available at http://markets.cboe.com/us/equities/membership/fee_schedule/byx/.
\13\ ``ADAV'' means average daily volume calculated as the
number of shares added per day and ``ADV'' means average daily
volume calculated as the number of shares added or removed,
combined, per day. ADAV and ADV are calculated on a monthly basis.
Id.
\14\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply. Id.
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Implementation Date
The Exchange proposes to implement the above changes to its fee
schedule on January 2, 2018.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Act,\15\ in general, and
furthers the objectives of Section 6(b)(4),\16\ in particular, as it is
designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its Members and other persons using its
facilities.
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\15\ 15 U.S.C. 78f.
\16\ 15 U.S.C. 78f(b)(4).
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The Exchange believes that proposed changes to fee codes BB, N, and
W represent an equitable allocation of reasonable dues, fees, and other
charges because the Exchange's standard rebate for removing liquidity
continues to be higher than that provided by other exchanges. For
example, Nasdaq BX, Inc. (``Nasdaq BX'') provides a standard rebate of
$0.0001 per share for orders that remove liquidity.\17\ The Exchange
further believes that the standard rebate for fee codes BB, N, and W
remains equitably allocated and not unreasonably discriminatory because
such rebate is provided to all Members unless they qualify for enhanced
rebates based on other factors.
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\17\ See the Nasdaq BX fee schedule available at http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing.
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The Exchange believes that proposed changes to fee codes B, V, and
Y represent an equitable allocation of reasonable dues, fees, and other
charges because the Exchange's standard fee for adding liquidity
continues to be lower than that provided by other exchanges. For
example, Nasdaq BX charges a standard fee of $0.0020 per share for
orders that remove liquidity.\18\ The Exchange further believes that
the standard fee for fee codes B, V, and Y remains equitably allocated
and not unreasonably discriminatory because such fee is provided to all
Members unless they qualify for reduced fees based on other factors.
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\18\ Id.
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The Exchange believes that the proposed Tier 9 to be added to
footnote 1 is equitably allocated and reasonable because it will reward
a Member's growth pattern on the Exchange and such increased volume
will allow the Exchange to continue to provide and potentially expand
its incentive programs. The Exchange further believes that the proposed
tier is reasonable, fair and equitable because the liquidity from the
proposed change would benefit all investors by deepening the Exchange's
liquidity pool, offering additional flexibility for all investors to
enjoy cost savings, supporting the quality of price discovery,
promoting market transparency and improving investor protection. The
Exchange also believes the proposed rebate of $0.0017 per share for
Tier 9 is reasonable in that it is equivalent to the top tier rebate to
remove liquidity provided by Nasdaq BX.\19\ The proposed pricing
structure is also not unfairly discriminatory in that it is available
to all Members.
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\19\ Id.
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In addition, volume-based fees such as that proposed herein have
been widely adopted by exchanges and are equitable because they are
open to all Members on an equal basis and provide

[[Page 2246]]

additional benefits or discounts that are reasonably related to: (i)
The value to an exchange's market quality; (ii) associated higher
levels of market activity, such as higher levels of liquidity provision
and/or growth patterns; and (iii) the introduction of higher volumes of
orders into the price and volume discovery processes. The Exchange
believes that the proposed tier is a reasonable, fair and equitable,
and not an unfairly discriminatory allocation of fees and rebates,
because it will provide Members with an additional incentive to reach
certain thresholds on the Exchange.

(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 not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that this change represents a significant departure from previous
pricing offered by the Exchange or from pricing offered by the
Exchange's competitors. The proposed rates would apply uniformly to all
Members, and Members may opt to disfavor the Exchange's pricing if they
believe that alternatives offer them better value. Accordingly, the
Exchange does not believe that the proposed changes will impair the
ability of Members or competing venues to maintain their competitive
standing in the financial markets. Further, excessive fees would serve
to impair an exchange's ability to compete for order flow and members
rather than burdening competition. The Exchange believes that its
proposal would not burden intramarket competition because the proposed
rate would apply uniformly to all Members.

(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others

The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \20\ and paragraph (f) of Rule 19b-4
thereunder.\21\ 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.
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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 17 CFR 240.19b-4(f).
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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 Comments

Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-CboeBYX-2017-005 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-CboeBYX-2017-005. 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 website (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 website 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-CboeBYX-2017-005 and should be submitted
on or before February 6, 2018.
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\22\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00534 Filed 1-12-18; 8:45 am]
BILLING CODE 8011-01-P

2244 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices

Securities and Exchange Commission In addition, approximately 1,144 Information Officer, Securities and
(‘‘Commission’’) is soliciting comments broker-dealers 3 must comply with Rule Exchange Commission, c/o Remi Pavlik-
on the existing collection of information 9b–1. Each of these respondents will Simon, 100 F Street NE, Washington,
provided for in Rule 9b–1, Options process an average of 3 new customers DC 20549, or send an email to: PRA_
Disclosure Document (17 CFR 240.9b– for options each week and, therefore, Mailbox@sec.gov.
1), under the Securities Exchange Act of will have to furnish approximately 156 Dated: January 9, 2018.
1934 (15 U.S.C. 78a et seq.). The ODDs per year. The postal mailing or
Eduardo A. Aleman,
Commission plans to submit this electronic delivery of the ODD takes
Assistant Secretary.
existing collection of information to the respondents no more than 30 seconds to
complete for an annual time burden for [FR Doc. 2018–00489 Filed 1–12–18; 8:45 am]
Office of Management and Budget
(‘‘OMB’’) for extension and approval. each of these respondents of 78 minutes BILLING CODE 8011–01–P
or 1.3 hours. Thus, the total time burden
Rule 9b–1 (17 CFR 240.9b–1) sets
per year for broker-dealers is 1,487
forth the categories of information hours (1,144 broker-dealers × 1.3 hours). SECURITIES AND EXCHANGE
required to be disclosed in an options The estimated cost for a general clerk of COMMISSION
disclosure document (‘‘ODD’’) and a broker-dealer is $62 per hour,4 [Release No. 34–82477; File No. SR–
requires the options markets to file an resulting in a total internal cost of CboeBYX–2017–005]
ODD with the Commission 60 days prior compliance for these respondents of
to the date it is distributed to investors. $92,194 per year (1,487 hours at $62 per Self-Regulatory Organizations; Cboe
In addition, Rule 9b–1 provides that the hour). BYX Exchange, Inc.; Notice of Filing
ODD must be amended if the The total time burden for all and Immediate Effectiveness of a
information in the document becomes respondents under this rule (both Proposed Rule Change Related to
materially inaccurate or incomplete and options markets and broker-dealers) is Transaction Fees
that amendments must be filed with the 1,847 hours per year (360 + 1,487), and
Commission 30 days prior to the January 9, 2018.
the total internal cost of compliance is
distribution to customers. Finally, Rule $240,514 ($148,320 + $92,194). Pursuant to Section 19(b)(1) of the
9b–1 requires a broker-dealer to furnish Written comments are invited on: (a) Securities Exchange Act of 1934 (the
to each customer an ODD and any Whether the proposed collection of ‘‘Act’’),1 and Rule 19b–4 thereunder,2
amendments, prior to accepting an order information is necessary for the proper notice is hereby given that on December
to purchase or sell an option on behalf performance of the functions of the 27, 2017, Cboe BYX Exchange, Inc. (the
of that customer. Commission, including whether the ‘‘Exchange’’ or ‘‘BYX’’) filed with the
information shall have practical utility; Securities and Exchange Commission
There are 15 options markets 1 that (‘‘Commission’’) the proposed rule
must comply with Rule 9b–1. These (b) the accuracy of the Commission’s
estimates of the burden of the proposed change as described in Items I, II and III
respondents work together to prepare a below, which Items have been prepared
single ODD covering options traded on collection of information; (c) ways to
enhance the quality, utility, and clarity by the Exchange. The Exchange has
each market, as well as amendments to designated the proposed rule change as
the ODD. These respondents file of the information collected; and (d)
ways to minimize the burden of the one establishing or changing a member
approximately 3 amendments per year. due, fee, or other charge imposed by the
The staff calculates that the preparation collection of information on
respondents, including through the use Exchange under Section 19(b)(3)(A)(ii)
and filing of amendments should take of the Act 3 and Rule 19b–4(f)(2)
no more than eight hours per options of automated collection techniques or
other forms of information technology. thereunder,4 which renders the
market. Thus, the total time burden for proposed rule change effective upon
options markets per year is 360 hours Consideration will be given to
comments and suggestions submitted in filing with the Commission. The
(15 options markets x 8 hours per Commission is publishing this notice to
amendment × 3 amendments). The writing within 60 days of this
publication. solicit comments on the proposed rule
estimated cost for an in-house attorney change from interested persons.
is $412 per hour,2 resulting in a total An agency may not conduct or
internal cost of compliance for these sponsor, and a person is not required to I. Self-Regulatory Organization’s
respondents of $148,320 per year (360 respond to, a collection of information Statement of the Terms of Substance of
hours at $412 per hour). under the PRA unless it displays a the Proposed Rule Change
currently valid OMB control number.
Please direct your written comments The Exchange filed a proposal to
1 The fifteen options markets are as follows: The
to: Pamela Dyson, Director/Chief amend the fee schedule applicable to
fifteen options markets are as follows: BOX Options
Exchange LLC, Cboe BZX Exchange, Inc., Cboe C2
Members 5 and non-Members of the
Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe 3 The estimate of 1,144 broker-dealers required to Exchange pursuant to BYX Rules 15.1(a)
Exchange, Inc., Miami International Securities comply with Rule 9b–1 is derived from Item 12 of and (c).
Exchange LLC, MIAX PEARL, LLC, Nasdaq BX, the Form BD (OMB Control No. 3235–0012). This The text of the proposed rule change
Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq estimate may be high as it includes broker-dealers
MRX, LLC, Nasdaq PHLX LLC, the Nasdaq Options that engage in only a proprietary business, and as
is available at the Exchange’s website at
Market (NOM), NYSE Arca, Inc., and NYSE a result are not required to deliver an ODD, as well www.markets.cboe.com, at the principal
American LLC. as those broker-dealers subject to Rule 9b–1. office of the Exchange, and at the
2 SIFMA did its last annual survey in 2013 and 4 The $62 figure is based on the 2013 figure ($57)
Commission’s Public Reference Room.
will not resume the survey process. Accordingly, adjusted for inflation. See supra note 1. The $57 per
daltland on DSKBBV9HB2PROD with NOTICES

the $412 figure is based on the 2013 figure ($380) hour figure for a General Clerk is from SIFMA’s 1 15 U.S.C. 78s(b)(1).
adjusted by the inflation rate calculated using the Office Salaries in the Securities Industry 2013, 2 17
Bureau of Labor Statistics’ CPI Inflation Calculator. modified by Commission staff to account for an CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
The $380 per hour figure for an Attorney is from 1800-hour work-year and multiplied by 2.93 to
4 17 CFR 240.19b–4(f)(2).
SIFMA’s Management & Professional Earnings in account for bonuses, firm size, employee benefits
the Securities Industry 2013, modified by and overhead. The staff believes that the ODD 5 The term ‘‘Member’’ is defined as ‘‘any

Commission staff to account for an 1800-hour work- would be mailed or electronically delivered to registered broker or dealer that has been admitted
year and multiplied by 5.35 to account for bonuses, customers by a general clerk of the broker-dealer or to membership in the Exchange.’’ See Exchange
firm size, employee benefits and overhead. some other equivalent position. Rule 1.5(n).

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2246 Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices

additional benefits or discounts that are 60 days of the filing of the proposed rule Number SR–CboeBYX–2017–005 and
reasonably related to: (i) The value to an change, the Commission summarily may should be submitted on or before
exchange’s market quality; (ii) temporarily suspend such rule change if February 6, 2018.
associated higher levels of market it appears to the Commission that such For the Commission, by the Division of
activity, such as higher levels of action is necessary or appropriate in the Trading and Markets, pursuant to delegated
liquidity provision and/or growth public interest, for the protection of authority.22
patterns; and (iii) the introduction of investors, or otherwise in furtherance of Eduardo A. Aleman,
higher volumes of orders into the price the purposes of the Act. Assistant Secretary.
and volume discovery processes. The
IV. Solicitation of Comments [FR Doc. 2018–00534 Filed 1–12–18; 8:45 am]
Exchange believes that the proposed tier
Interested persons are invited to BILLING CODE 8011–01–P
is a reasonable, fair and equitable, and
not an unfairly discriminatory submit written data, views, and
allocation of fees and rebates, because it arguments concerning the foregoing,
including whether the proposed rule SECURITIES AND EXCHANGE
will provide Members with an COMMISSION
additional incentive to reach certain change is consistent with the Act.
thresholds on the Exchange. Comments may be submitted by any of [SEC File No. 270–638, OMB Control No.
the following methods: 3235–0690]
(B) Self-Regulatory Organization’s
Statement on Burden on Competition Electronic Comments Proposed Collection; Comment
The Exchange does not believe that • Use the Commission’s internet Request
the proposed rule change will impose comment form (http://www.sec.gov/ Upon Written Request Copies Available
any burden on competition not rules/sro.shtml); or From: Securities and Exchange
necessary or appropriate in furtherance • Send an email to rule-comments@
Commission, Office of FOIA Services,
of the purposes of the Act. The sec.gov. Please include File Number SR–
100 F Street NE, Washington, DC
Exchange does not believe that this CboeBYX–2017–005 on the subject line.
20549–2736
change represents a significant Paper Comments Extension:
departure from previous pricing offered • Send paper comments in triplicate Form SF–3
by the Exchange or from pricing offered to Brent J. Fields, Secretary, Securities
by the Exchange’s competitors. The Notice is hereby given that, pursuant
and Exchange Commission, 100 F Street to the Paperwork Reduction Act of 1995
proposed rates would apply uniformly NE, Washington, DC 20549–1090.
to all Members, and Members may opt (44 U.S.C. 3501 et seq.), the Securities
All submissions should refer to File and Exchange Commission
to disfavor the Exchange’s pricing if
Number SR–CboeBYX–2017–005. This (‘‘Commission’’) is soliciting comments
they believe that alternatives offer them
file number should be included on the on the collection of information
better value. Accordingly, the Exchange
subject line if email is used. To help the summarized below. The Commission
does not believe that the proposed
Commission process and review your plans to submit this existing collection
changes will impair the ability of
comments more efficiently, please use of information to the Office of
Members or competing venues to
only one method. The Commission will Management and Budget for extension
maintain their competitive standing in
post all comments on the Commission’s and approval.
the financial markets. Further, excessive
internet website (http://www.sec.gov/ Form SF–3 (17 CFR 239.45) is a short
fees would serve to impair an
rules/sro.shtml). Copies of the form registration statement used for
exchange’s ability to compete for order
submission, all subsequent non-shelf issuers of asset-backed
flow and members rather than
amendments, all written statements securities to register a public offering of
burdening competition. The Exchange
with respect to the proposed rule their securities under the Securities Act
believes that its proposal would not
change that are filed with the of 1933 (15 U.S.C. 77a et seq.). Form
burden intramarket competition because
Commission, and all written SF–3 takes approximately 1,380 hours
the proposed rate would apply
communications relating to the per response and is filed by
uniformly to all Members.
proposed rule change between the approximately 71 issuers annually. The
(C) Self-Regulatory Organization’s Commission and any person, other than information collected is intended to
Statement on Comments on the those that may be withheld from the ensure that the information required to
Proposed Rule Change Received From public in accordance with the be filed by the Commission permits
Members, Participants or Others provisions of 5 U.S.C. 552, will be verification of compliance with
The Exchange has not solicited, and available for website viewing and securities law requirements and assures
does not intend to solicit, comments on printing in the Commission’s Public the public availability of such
this proposed rule change. The Reference Room, 100 F Street NE, information in the asset-backed
Exchange has not received any Washington, DC 20549, on official securities market. We estimate that 25%
unsolicited written comments from business days between the hours of of the 1,380 hours per response (345
Members or other interested parties. 10:00 a.m. and 3:00 p.m. Copies of the hours) is prepared by the issuer for a
filing also will be available for total annual reporting burden of 24,495
III. Date of Effectiveness of the inspection and copying at the principal hours (345 hours per response × 71
Proposed Rule Change and Timing for office of the Exchange. All comments responses).
Commission Action received will be posted without change. Written comments are invited on: (a)
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The foregoing rule change has become Persons submitting comments are Whether this proposed collection of
effective pursuant to Section 19(b)(3)(A) cautioned that we do not redact or edit information is necessary for the proper
of the Act 20 and paragraph (f) of Rule personal identifying information from performance of the functions of the
19b–4 thereunder.21 At any time within comment submissions. You should agency, including whether the
submit only information that you wish information will have practical utility;
20 15 U.S.C. 78s(b)(3)(A). to make available publicly. All
21 17 CFR 240.19b–4(f). submissions should refer to File 22 17 CFR 200.30–3(a)(12).

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Document Created: 2018-01-13 02:02:30
Document Modified: 2018-01-13 02:02:30

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		83 FR 2244