83 FR 28293 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Position and Exercise Limits for Options on the SPY Exchange Traded Fund
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 117 (June 18, 2018)
Federal Register Volume 83, Issue 117 (June 18, 2018)
| Page Range | 28293-28295 | |
| FR Document | 2018-12932 |
[Federal Register Volume 83, Number 117 (Monday, June 18, 2018)] [Notices] [Pages 28293-28295] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-12932] [[Page 28293]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83416; File No. SR-ISE-2018-53] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Position and Exercise Limits for Options on the SPY Exchange Traded Fund June 12, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 4, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') 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 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 to amend Rule 412, entitled ``Position Limits'' at Supplementary Material .01 and Rule 414, entitled ``Exercise Limits'' at Supplementary Material .01, to amend position and exercise limits for options on the SPDR[reg] S&P 500[reg] exchange- traded fund (``SPY ETF'' or ``SPY''),\3\ which list and trade under the symbol ``SPY.'' --------------------------------------------------------------------------- \3\ ``SPDR[reg],'' ``Standard & Poor's[reg],'' ``S&P[reg],'' ``S&P 500[reg],'' and ``Standard & Poor's 500'' are registered trademarks of Standard & Poor's Financial Services LLC. The SPY ETF represents ownership in the SPDR S&P 500 Trust, a unit investment trust that generally corresponds to the price and yield performance of the SPDR S&P 500 Index. --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's website at http://ise.cchwallstreet.com/, at the principal office of the Exchange, 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 ISE Rule 412, entitled ``Position Limits'' at Supplementary Material .01 and Rule 414, entitled ``Exercise Limits'' at Supplementary Material .01 establish positions for aggregate positions in option contracts traded on the Exchange. The rule lists specific position and exercise limits for certain select underlying securities. SPY is among the certain select underlying securities listed in each such Rule. Currently, these Rules provide that there are no position limits and there are no exercise limits on options overlying SPY pursuant to a pilot program, which is scheduled to expire on July 12, 2018 (``SPY Pilot Program'').\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 68000 (October 5, 2012), 77 FR 62300 (October 12, 2012) (SR-ISE-2012-81); 70967 (December 3, 2013), 78 FR 73912 (December 9, 2013) (SR-ISE-2013-62); 74224 (February 6, 2015), 80 FR 7892 (February 12, 2015 (SR-ISE- 2015-05); 75411 (July 9, 2015), 80 FR 41543 (July 15, 2015) (SR-ISE- 2015-22); 78295 (July 12, 2016), 81 FR 46728 (July 18, 2016) (SR- ISE-2016-16); and 81094 (July 7, 2017), 82 FR 32392 (July 13, 2017) (SR-ISE-2017-72). --------------------------------------------------------------------------- The Exchange proposes to amend Rule 412 at Supplementary Material .01 and Rule 414 at Supplementary Material .01 to allow the SPY Pilot Program to terminate on July 12, 2018, the current expiration date of the SPY Pilot Program. In lieu of extending the SPY Pilot Program for another year, the Exchange proposes to allow the SPY Pilot Program to terminate and to establish position and exercise limits of 1,800,000 contracts, for options on SPY, with such change becoming operative on July 12, 2018, so that there is no lapse in time between termination of the SPY Pilot Program and the establishment of the new limits. Furthermore, as a result of the termination of the SPY Pilot Program, the Exchange does not believe it is necessary to submit a SPY Pilot Program Report at the end of the SPY Pilot Program. Based on the prior SPY Pilot Program Reports provided to the Commission,\5\ the Exchange believes it is appropriate to terminate the SPY Pilot Program and that permanent position and exercise limits should be established for SPY. --------------------------------------------------------------------------- \5\ Id. --------------------------------------------------------------------------- Position limits are designed to address potential manipulative schemes and adverse market impact surrounding the use of options, such as disrupting the market in the security underlying the options. The potential manipulative schemes and adverse market impact are balanced against the potential of setting the limits so low as to discourage participation in the options market. The level of those position limits must be balanced between curtailing potential manipulation and the cost of preventing potential hedging activity that could be used for legitimate economic purposes. The SPY Pilot Program was established in 2012 in order to eliminate position and exercise limits for physically-settled SPY options.\6\ In 2005, the position limits for SPY options were increased from 75,000 contracts to 300,000 contracts on the same side of the market.\7\ In July 2011, the position limit for these options was again increased from 300,000 contracts to 900,000 contracts on the same side of the market.\8\ Then, in 2012, the position and exercise limits for SPY options were eliminated as part of the SPY Pilot Program.\9\ --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 68000 (October 5, 2012), 77 FR 62300 (October 12, 2012) (SR-ISE-2012-81). \7\ See Securities Exchange Act Release No. 51042 (January 14, 2005), 70 FR 3412 (January 24, 2005) (SR-ISE-2005-05). \8\ See Securities Exchange Act Release No. 64760 (June 28, 2011), 76 FR 39143 (July 5, 2011) (SR-ISE-2011-34). \9\ See note 4 above. --------------------------------------------------------------------------- The underlying SPY tracks the performance of the S&P 500 Index and the Exchange notes that the SPY and SPY options have deep, liquid markets that reduce concerns regarding manipulation and disruption in the underlying markets. In support of this proposed rule change, the Exchange has collected the following trading statistics for SPY and SPY Options: (1) The average daily volume (``ADV'') to date (as of May 15, 2018) for SPY is 108.32 million shares; (2) the ADV to date in 2018 for SPY options is 3.9 million contracts per day; (3) the total shares outstanding for SPY are 965.43 million; and (4) the fund market cap for SPY is 261.65 billion. The Exchange represents further that there is tremendous liquidity in the securities that make up the S&P 500 Index. Accordingly, the Exchange proposes to amend Rule 412 at Supplementary Material .01 and Rule 414 at Supplementary Material .01 to set forth that the position and exercise limits for options on SPY would be 1,800,000 contracts on the same side of the market. These position and exercise [[Page 28294]] limits equal the current position and exercise limits for options on QQQQ, which the Commission previously approved to be increased from 900,000 contracts on the same side of the market, to 1,800,000 contracts on the same side of the market.\10\ The Exchange also notes that SPY is more liquid than QQQQ.\11\ The Exchange believes that establishing position and exercise limits for the SPY options in the amount of 1,800,000 contracts on the same side of the market subject to this proposal would allow for the maintenance of the liquid and competitive market environment for these options, which will benefit customers interested in these products. Under the proposal, the reporting requirement for the options would be unchanged. --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 83156 (May 2, 2018), 83 FR 20875 (May 8, 2018) (SR-ISE-2018-39). \11\ From the beginning of the year, through May 15, 2018, the ADV for SPY was 108.32 million shares while the ADV for QQQQ was 46.64 million shares (calculated using data from Yahoo Finance as of May 15, 2018). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\13\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The Exchange believes that establishing permanent position and exercise limits for SPY options subject to this proposal will encourage Market Makers to continue to provide sufficient liquidity in SPY options on the Exchange, which will enhance the process of price discovery conducted on the Exchange. The proposal will also benefit institutional investors as well as retail traders, and public customers, by continuing to provide them with an effective trading and hedging vehicle. In addition, the Exchange believes that the structure of the SPY options subject to this proposal and the considerable liquidity of the market for those options diminishes the opportunity to manipulate this product and disrupt the underlying market that a lower position limit may protect against. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Increased position limits for select actively traded options, such as that proposed herein (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program),\14\ is not novel and has been previously approved by the Commission. For example, the Commission has previously approved a rule change permitting the Exchange to double the position and exercise limits for FXI, EEM, IWM, EFA, EWZ, TLT, QQQQ, and EWJ.\15\ Furthermore, as previously mentioned, the Commission specifically approved a proposal by the Exchange to increase the position and exercise limits for options on QQQQ from 900,000 contracts on the same side of the market to 1,800,000 contracts on the same side of the market; similar to the current proposal for options on SPY.\16\ The Exchange also notes that SPY is more liquid than QQQQ.\17\ --------------------------------------------------------------------------- \14\ See note 8. \15\ See note 10 above. \16\ Id. \17\ See note 11 above. --------------------------------------------------------------------------- Lastly, the Commission expressed the belief that implementing higher position and exercise limits may bring additional depth and liquidity without increasing concerns regarding intermarket manipulation or disruption of the options or the underlying securities.\18\ The Exchange's existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from increasing position and exercise limits (increased as compared to the 900,000 limit in place prior to the SPY Pilot Program).\19\ --------------------------------------------------------------------------- \18\ See note 10 above. \19\ See note 8 above --------------------------------------------------------------------------- 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 Exchange believes the entire proposal is consistent with Section (6)(b)(8) of the Act \20\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. On the contrary, the Exchange believes the proposal promotes competition because it will enable the option exchanges to attract additional order flow from the over-the-counter market, who in turn compete for those orders. The Exchange believes that the proposed rule change will result in continued opportunities to achieve the investment and trading objectives of market participants seeking efficient trading and hedging vehicles, to the benefit of investors, market participants, and the marketplace in general. The Exchange believes this proposed rule change is necessary to permit fair competition among the options exchanges and to establish uniform position and exercise limits for additional multiply listed option classes. Furthermore, the Exchange believes that the other options exchanges will file similar proposals with the Commission. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78(f)(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. 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 \21\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\22\ --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(3)(A)(iii). \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. --------------------------------------------------------------------------- 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or [[Page 28295]] Send an email to [email protected]. Please include File Number SR-ISE-2018-53 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-ISE-2018-53. 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-ISE-2018-53 and should be submitted on or before July 9, 2018. --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-12932 Filed 6-15-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices 28293
SECURITIES AND EXCHANGE places specified in Item IV below. The Position limits are designed to
COMMISSION Exchange has prepared summaries, set address potential manipulative schemes
forth in sections A, B, and C below, of and adverse market impact surrounding
[Release No. 34–83416; File No. SR–ISE– the most significant aspects of such the use of options, such as disrupting
2018–53] statements. the market in the security underlying
Self-Regulatory Organizations; Nasdaq the options. The potential manipulative
A. Self-Regulatory Organization’s
ISE, LLC; Notice of Filing and schemes and adverse market impact are
Statement of the Purpose of, and
Immediate Effectiveness of Proposed balanced against the potential of setting
Statutory Basis for, the Proposed Rule
Rule Change To Amend Position and the limits so low as to discourage
Change
Exercise Limits for Options on the SPY participation in the options market. The
Exchange Traded Fund 1. Purpose level of those position limits must be
balanced between curtailing potential
June 12, 2018. ISE Rule 412, entitled ‘‘Position manipulation and the cost of preventing
Pursuant to Section 19(b)(1) of the Limits’’ at Supplementary Material .01 potential hedging activity that could be
Securities Exchange Act of 1934 and Rule 414, entitled ‘‘Exercise Limits’’ used for legitimate economic purposes.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 at Supplementary Material .01 establish The SPY Pilot Program was
notice is hereby given that on June 4, positions for aggregate positions in established in 2012 in order to eliminate
2018, Nasdaq ISE, LLC (‘‘ISE’’ or option contracts traded on the position and exercise limits for
‘‘Exchange’’) filed with the Securities Exchange. The rule lists specific physically-settled SPY options.6 In
and Exchange Commission position and exercise limits for certain 2005, the position limits for SPY
(‘‘Commission’’) the proposed rule select underlying securities. SPY is options were increased from 75,000
change as described in Items I, II, and among the certain select underlying contracts to 300,000 contracts on the
III below, which Items have been securities listed in each such Rule. same side of the market.7 In July 2011,
prepared by the Exchange. The Currently, these Rules provide that there the position limit for these options was
Commission is publishing this notice to are no position limits and there are no again increased from 300,000 contracts
solicit comments on the proposed rule exercise limits on options overlying SPY to 900,000 contracts on the same side of
change from interested persons. pursuant to a pilot program, which is the market.8 Then, in 2012, the position
scheduled to expire on July 12, 2018 and exercise limits for SPY options were
I. Self-Regulatory Organization’s (‘‘SPY Pilot Program’’).4 eliminated as part of the SPY Pilot
Statement of the Terms of Substance of The Exchange proposes to amend Program.9
the Proposed Rule Change Rule 412 at Supplementary Material .01 The underlying SPY tracks the
The Exchange proposes to amend and Rule 414 at Supplementary Material performance of the S&P 500 Index and
Rule 412, entitled ‘‘Position Limits’’ at .01 to allow the SPY Pilot Program to the Exchange notes that the SPY and
Supplementary Material .01 and Rule terminate on July 12, 2018, the current SPY options have deep, liquid markets
414, entitled ‘‘Exercise Limits’’ at expiration date of the SPY Pilot that reduce concerns regarding
Supplementary Material .01, to amend Program. In lieu of extending the SPY manipulation and disruption in the
position and exercise limits for options Pilot Program for another year, the underlying markets. In support of this
on the SPDR® S&P 500® exchange- Exchange proposes to allow the SPY proposed rule change, the Exchange has
traded fund (‘‘SPY ETF’’ or ‘‘SPY’’),3 Pilot Program to terminate and to collected the following trading statistics
which list and trade under the symbol establish position and exercise limits of for SPY and SPY Options: (1) The
‘‘SPY.’’ 1,800,000 contracts, for options on SPY, average daily volume (‘‘ADV’’) to date
The text of the proposed rule change with such change becoming operative (as of May 15, 2018) for SPY is 108.32
is available on the Exchange’s website at on July 12, 2018, so that there is no million shares; (2) the ADV to date in
http://ise.cchwallstreet.com/, at the lapse in time between termination of the 2018 for SPY options is 3.9 million
principal office of the Exchange, and at SPY Pilot Program and the contracts per day; (3) the total shares
the Commission’s Public Reference establishment of the new limits. outstanding for SPY are 965.43 million;
Room. Furthermore, as a result of the and (4) the fund market cap for SPY is
termination of the SPY Pilot Program, 261.65 billion. The Exchange represents
II. Self-Regulatory Organization’s further that there is tremendous
the Exchange does not believe it is
Statement of the Purpose of, and liquidity in the securities that make up
necessary to submit a SPY Pilot Program
Statutory Basis for, the Proposed Rule the S&P 500 Index.
Report at the end of the SPY Pilot
Change Accordingly, the Exchange proposes
Program. Based on the prior SPY Pilot
In its filing with the Commission, the Program Reports provided to the to amend Rule 412 at Supplementary
Exchange included statements Commission,5 the Exchange believes it Material .01 and Rule 414 at
concerning the purpose of and basis for is appropriate to terminate the SPY Pilot Supplementary Material .01 to set forth
the proposed rule change and discussed Program and that permanent position that the position and exercise limits for
any comments it received on the and exercise limits should be options on SPY would be 1,800,000
proposed rule change. The text of these established for SPY. contracts on the same side of the
statements may be examined at the market. These position and exercise
4 See Securities Exchange Act Release No. 68000
1 15 6 See Securities Exchange Act Release No. 68000
U.S.C. 78s(b)(1). (October 5, 2012), 77 FR 62300 (October 12, 2012)
amozie on DSK3GDR082PROD with NOTICES1
2 17 CFR 240.19b–4. (SR–ISE–2012–81); 70967 (December 3, 2013), 78 (October 5, 2012), 77 FR 62300 (October 12, 2012)
3 ‘‘SPDR®,’’ ‘‘Standard & Poor’s®,’’ ‘‘S&P®,’’ FR 73912 (December 9, 2013) (SR–ISE–2013–62); (SR–ISE–2012–81).
7 See Securities Exchange Act Release No. 51042
‘‘S&P 500®,’’ and ‘‘Standard & Poor’s 500’’ are 74224 (February 6, 2015), 80 FR 7892 (February 12,
registered trademarks of Standard & Poor’s 2015 (SR–ISE–2015–05); 75411 (July 9, 2015), 80 FR (January 14, 2005), 70 FR 3412 (January 24, 2005)
Financial Services LLC. The SPY ETF represents 41543 (July 15, 2015) (SR–ISE–2015–22); 78295 (SR–ISE–2005–05).
ownership in the SPDR S&P 500 Trust, a unit (July 12, 2016), 81 FR 46728 (July 18, 2016) (SR– 8 See Securities Exchange Act Release No. 64760
investment trust that generally corresponds to the ISE–2016–16); and 81094 (July 7, 2017), 82 FR (June 28, 2011), 76 FR 39143 (July 5, 2011) (SR–
price and yield performance of the SPDR S&P 500 32392 (July 13, 2017) (SR–ISE–2017–72). ISE–2011–34).
Index. 5 Id. 9 See note 4 above.
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![Federal Register / Vol. 83, No. 117 / Monday, June 18, 2018 / Notices 28295
• Send an email to rule-comments@ Commission, Office of FOIA Services, for 180 hours) + (Compliance Clerk at
sec.gov. Please include File Number SR– 100 F Street NE, Washington, DC $64 per hour for 301 hours) × (10
ISE–2018–53 on the subject line. 20549–2736. registrants)) and the aggregate ongoing
Paper Comments Extension: cost per year will be $55,440 to comply
Exchange Act Rules 13n–1—13n–12; Form with the rule.
• Send paper comments in triplicate SDR, SEC File No. 270–629, OMB
to Brent J. Fields, Secretary, Securities The Commission staff estimates that
Control No. 3235–0719
and Exchange Commission, 100 F Street the average initial paperwork cost of
NE, Washington, DC 20549–1090. Notice is hereby given that pursuant filing a Form SDR to withdraw from
to the Paperwork Reduction Act of 1995 registration will be 12 hours per SDR
All submissions should refer to File (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Number SR–ISE–2018–53. This file with an estimated dollar cost of $4,008
Securities and Exchange Commission to comply with the rule. The
number should be included on the (‘‘Commission’’) has submitted to the
subject line if email is used. To help the Commission estimates that an SDR will
Office of Management and Budget assign these responsibilities to a
Commission process and review your (‘‘OMB’’) a request for approval of
comments more efficiently, please use Compliance Attorney, calculated as
extension of the previously approved follows: (Compliance Attorney at $334
only one method. The Commission will collection of information provided for in
post all comments on the Commission’s per hour for 12 hours) × (1 SDR
Rules 13n–1 through 13n–12 (17 CFR
internet website (http://www.sec.gov/ withdrawing) = $4,008.
240.13n–1 through 240.13n–12) and
rules/sro.shtml). Copies of the Form SDR (‘‘Rules’’), under the In addition, the Commission staff
submission, all subsequent Securities Exchange Act of 1934 (15 estimates that the average initial
amendments, all written statements U.S.C. 78m(n)(3) et seq.). paperwork cost for each non-resident
with respect to the proposed rule
Under the Rules, security-based swap SDR to comply with Rule 13n–1(f) will
change that are filed with the
data repositories (‘‘SDRs’’) are required be 1 hour and $900 per SDR. Assuming
Commission, and all written
to register with the Commission by a maximum of three non-resident SDRs,
communications relating to the
filing a completed Form SDR (the filing the aggregate one-time estimated dollar
proposed rule change between the
of a completed Form SDR also cost to comply with the rule will be
Commission and any person, other than
constitutes an application for $3,840, calculated as follows: ($900 for
those that may be withheld from the
registration as a securities information outside legal services + (Attorney at
public in accordance with the
processor (‘‘SIP’’)). SDRs are also $380 per for 1 hour)) × (3 non-resident
provisions of 5 U.S.C. 552, will be
required to abide by certain minimum registrants). Finally, the Commission
available for website viewing and
standards set out in the Rules, including believes that the costs of filing Form
printing in the Commission’s Public
a requirement to update Form SDR, SDR in a tagged data format beyond the
Reference Room, 100 F Street NE,
abide by certain duties and core costs of collecting the required
Washington, DC 20549, on official
principles, maintain data in accordance
business days between the hours of information will be minimal.
with the rules, keep systems in
10:00 a.m. and 3:00 p.m. Copies of the An agency may not conduct or
accordance with the Rules, keep
filing also will be available for sponsor, and a person is not required to
records, provide reports to the
inspection and copying at the principal respond to, a collection of information
Commission, maintain the privacy of
office of the Exchange. All comments under the PRA unless it displays a
security-based swaps (‘‘SBSs’’) data,
received will be posted without change.
make certain disclosures, and designate currently valid OMB control number.
Persons submitting comments are
a Chief Compliance Officer. In addition, The public may view background
cautioned that we do not redact or edit
there are a number of collections of documentation for this information
personal identifying information from
information contained in the Rules. The
comment submissions. You should collection at the following website:
information collected pursuant to the
submit only information that you wish www.reginfo.gov. Comments should be
Rules is necessary to carry out the
to make available publicly. All directed to: (i) Desk Officer for the
mandates of the Dodd-Frank Act and
submissions should refer to File Securities and Exchange Commission,
help ensure an orderly and transparent
Number SR–ISE–2018–53 and should be Office of Information and Regulatory
market for SBSs.
submitted on or before July 9, 2018. Affairs, Office of Management and
The Commission staff estimates that it
For the Commission, by the Division of will take an SDR approximately 481 Budget, Room 10102, New Executive
Trading and Markets, pursuant to delegated hours to complete the initial Form SDR Office Building, Washington, DC 20503,
authority.23 or by sending an email to: Shagufta_
and any amendments thereto. This
Eduardo A. Aleman, burden is composed of a one-time Ahmed@omb.eop.gov; and (ii) Pamela
Assistant Secretary. reporting burden that reflects the Dyson, Director/Chief Information
[FR Doc. 2018–12932 Filed 6–15–18; 8:45 am] applicant’s staff time (i.e. internal labor Officer, Securities and Exchange
BILLING CODE 8011–01–P costs) to prepare and submit the Form Commission, c/o Candace Kenner, 100 F
to the Commission and includes the Street NE, Washington, DC 20549, or by
burden of responding to additional sending an email to: PRA_Mailbox@
SECURITIES AND EXCHANGE provisions incorporated from Form SIP sec.gov. Comments must be submitted to
COMMISSION and finally includes responding to the OMB within 30 days of this notice.
amozie on DSK3GDR082PROD with NOTICES1
revised disclosure of business
Submission for OMB Review; Dated: June 13, 2018.
affiliations burden. Assuming a
Comment Request Eduardo A. Aleman,
maximum of ten SDRs, the aggregate
Upon Written Request, Copies Available one-time estimated dollar cost to Assistant Secretary.
From: Securities and Exchange complete Form SDR and any [FR Doc. 2018–12982 Filed 6–15–18; 8:45 am]
amendments thereto will be $793,840 BILLING CODE 8011–01–P
23 17 CFR 200.30–3(a)(12). ((Compliance Attorney at $334 per hour
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Document Created: 2018-06-18 15:50:07
Document Modified: 2018-06-18 15:50:07
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| FR Citation | 83 FR 28293 |
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