83 FR 31577 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.5, Minimum Increments, To Extend the Penny Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 130 (July 6, 2018)
Federal Register Volume 83, Issue 130 (July 6, 2018)
| Page Range | 31577-31579 | |
| FR Document | 2018-14463 |
[Federal Register Volume 83, Number 130 (Friday, July 6, 2018)] [Notices] [Pages 31577-31579] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-14463] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83569; File No. SR-CboeBZX-2018-049] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.5, Minimum Increments, To Extend the Penny Pilot Program June 29, 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 26, 2018, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') 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 Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to for the BZX Options Market (``BZX Options'') to extend through December 31, 2018, the Penny Pilot Program (``Penny Pilot'') in options classes in certain issues (``Pilot Program'') previously approved by the Commission.\5\ --------------------------------------------------------------------------- \5\ The rules of BZX Options, including rules applicable to BZX Options' participation in the Penny Pilot, were approved on January 26, 2010. See Securities Exchange Act Release No. 61419 (January 26, 2010), 75 FR 5157 (February 1, 2010) (SR-BATS-2009-031). BZX Options commenced operations on February 26, 2010. --------------------------------------------------------------------------- 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. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for [[Page 31578]] 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 The purpose of this filing is to extend the Penny Pilot, which was previously approved by the Commission, through December 31, 2018, and to provide revised dates for adding replacement issues to the Pilot Program. The Exchange proposes that any Pilot Program issues that have been delisted may be replaced on the second trading day following July 1, 2018. The replacement issues will be selected based on trading activity for the most recent six month period excluding the month immediately preceding the replacement (i.e., beginning December 1, 2017, and ending May 31, 2018). The Exchange represents that the Exchange has the necessary system capacity to continue to support operation of the Penny Pilot. The Exchange believes the benefits to public customers and other market participants who will be able to express their true prices to buy and sell options have been demonstrated to outweigh the increase in quote traffic. 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\6\ In particular, the proposal is consistent with Section 6(b)(5) of the Act \7\ because it would promote just and equitable principles of trade, remove impediments to, and perfect the mechanism of, a free and open market and a national market system. The Exchange believes that the Pilot Program promotes just and equitable principles of trade by enabling public customers and other market participants to express their true prices to buy and sell options. Accordingly, the Exchange believes that the proposal is consistent with the Act because it will allow the Exchange to extend the Pilot Program prior to its expiration on June 30, 2018. The Exchange notes that this proposal does not propose any new policies or provisions that are unique or unproven, but instead relates to the continuation of an existing program that operates on a pilot basis. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. In this regard, the Exchange notes that the rule change is being proposed in order to continue the Pilot Program, which is a competitive response to analogous programs offered by other options exchanges. The Exchange believes this proposed rule change is necessary to permit fair competition among the options exchanges. 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 The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ Because the 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 prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(iii). \9\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally does not become operative prior to 30 days after the date of the filing.\11\ However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because doing so will allow the Pilot Program to continue without interruption in a manner that is consistent with the Commission's prior approval of the extension and expansion of the Pilot Program and will allow the Exchange and the Commission additional time to analyze the impact of the Pilot Program.\13\ Accordingly, the Commission designates the proposed rule change as operative upon filing with the Commission.\14\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this pre-filing requirement. \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ See Securities Exchange Act Release No. 61061 (November 24, 2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44). \14\ For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 shall institute proceedings under Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-CboeBZX-2018-049 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange [[Page 31579]] Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-CboeBZX-2018-049. 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-CboeBZX-2018-049 and should be submitted on or before July 27, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-14463 Filed 7-5-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 31577
pursuant to Rule 19b–4(f)(6)(iii),12 the CboeEDGX–2018–021 on the subject SECURITIES AND EXCHANGE
Commission may designate a shorter line. COMMISSION
time if such action is consistent with the
protection of investors and the public Paper Comments [Release No. 34–83569; File No. SR–
interest. The Exchange has asked the CboeBZX–2018–049]
• Send paper comments in triplicate
Commission to waive the 30-day to Secretary, Securities and Exchange Self-Regulatory Organizations; Cboe
operative delay so that the proposal may Commission, 100 F Street NE, BZX Exchange, Inc.; Notice of Filing
become operative immediately upon and Immediate Effectiveness of a
Washington, DC 20549–1090.
filing. The Commission believes that Proposed Rule Change to Rule 21.5,
waiving the 30-day operative delay is All submissions should refer to File Minimum Increments, To Extend the
consistent with the protection of Number SR-CboeEDGX–2018–021. This Penny Pilot Program
investors and the public interest file number should be included on the
because doing so will allow the Pilot subject line if email is used. To help the June 29, 2018.
Program to continue without Commission process and review your Pursuant to Section 19(b)(1) of the
interruption in a manner that is comments more efficiently, please use Securities Exchange Act of 1934
consistent with the Commission’s prior only one method. The Commission will (‘‘Act’’),1 and Rule 19b–4 thereunder,2
approval of the extension and expansion post all comments on the Commission’s notice is hereby given that on June 26,
of the Pilot Program and will allow the internet website (http://www.sec.gov/ 2018, Cboe BZX Exchange, Inc.
Exchange and the Commission rules/sro.shtml). Copies of the (‘‘Exchange’’ or ‘‘BZX’’) filed with the
additional time to analyze the impact of submission, all subsequent Securities and Exchange Commission
the Pilot Program.13 Accordingly, the amendments, all written statements (‘‘Commission’’) the proposed rule
Commission designates the proposed change as described in Items I and II
with respect to the proposed rule
rule change as operative upon filing below, which Items have been prepared
change that are filed with the
with the Commission.14 by the Exchange. The Exchange has
Commission, and all written
At any time within 60 days of the designated this proposal as a ‘‘non-
communications relating to the
filing of such proposed rule change, the controversial’’ proposed rule change
proposed rule change between the
Commission summarily may pursuant to Section 19(b)(3)(A) of the
Commission and any person, other than Act 3 and Rule 19b–4(f)(6)(iii)
temporarily suspend such rule change if
it appears to the Commission that such those that may be withheld from the thereunder,4 which renders it effective
action is necessary or appropriate in the public in accordance with the upon filing with the Commission. The
public interest, for the protection of provisions of 5 U.S.C. 552, will be Commission is publishing this notice to
investors, or otherwise in furtherance of available for website viewing and solicit comments on the proposed rule
the purposes of the Act. If the printing in the Commission’s Public change from interested persons.
Commission takes such action, the Reference Room, 100 F Street NE,
Washington, DC 20549, on official I. Self-Regulatory Organization’s
Commission shall institute proceedings
business days between the hours of Statement of the Terms of Substance of
under Section 19(b)(2)(B) 15 of the Act to
10:00 a.m. and 3:00 p.m. Copies of the the Proposed Rule Change
determine whether the proposed rule
change should be approved or filing also will be available for The Exchange filed a proposal to for
disapproved. inspection and copying at the principal the BZX Options Market (‘‘BZX
office of the Exchange. All comments Options’’) to extend through December
IV. Solicitation of Comments 31, 2018, the Penny Pilot Program
received will be posted without change.
Interested persons are invited to Persons submitting comments are (‘‘Penny Pilot’’) in options classes in
submit written data, views, and cautioned that we do not redact or edit certain issues (‘‘Pilot Program’’)
arguments concerning the foregoing, personal identifying information from previously approved by the
including whether the proposed rule comment submissions. You should Commission.5
change is consistent with the Act. submit only information that you wish The text of the proposed rule change
Comments may be submitted by any of to make available publicly. All is available at the Exchange’s website at
the following methods: www.markets.cboe.com, at the principal
submissions should refer to File
office of the Exchange, and at the
Electronic Comments Number SR–CboeEDGX–2018–021 and
Commission’s Public Reference Room.
should be submitted on or before July
• Use the Commission’s internet 27, 2018. II. Self-Regulatory Organization’s
comment form (http://www.sec.gov/ Statement of the Purpose of, and
rules/sro.shtml); or For the Commission, by the Division of
Trading and Markets, pursuant to delegated
Statutory Basis for, the Proposed Rule
• Send an email to rule-comments@ Change
sec.gov. Please include File Number SR– authority.16
Eduardo A. Aleman, In its filing with the Commission, the
Assistant Secretary. Exchange included statements
change, at least five business days prior to the date
of filing of the proposed rule change, or such concerning the purpose of and basis for
[FR Doc. 2018–14466 Filed 7–5–18; 8:45 am]
shorter time as designated by the Commission. The
Exchange has satisfied this pre-filing requirement. BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1).
12 17 CFR 240.19b–4(f)(6)(iii). 2 17 CFR 240.19b–4.
daltland on DSKBBV9HB2PROD with NOTICES
13 See Securities Exchange Act Release No. 61061 3 15 U.S.C. 78s(b)(3)(A).
(November 24, 2009), 74 FR 62857 (December 1, 4 17 CFR 240.19b–4(f)(6)(iii).
2009) (SR–NYSEArca–2009–44). 5 The rules of BZX Options, including rules
14 For purposes only of waiving the operative
applicable to BZX Options’ participation in the
delay for this proposal, the Commission has Penny Pilot, were approved on January 26, 2010.
considered the proposed rule’s impact on See Securities Exchange Act Release No. 61419
efficiency, competition, and capital formation. See (January 26, 2010), 75 FR 5157 (February 1, 2010)
15 U.S.C. 78c(f). (SR–BATS–2009–031). BZX Options commenced
15 15 U.S.C. 78s(b)(2)(B). 16 17 CFR 200.30–3(a)(12). operations on February 26, 2010.
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![Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 31579
Commission, 100 F Street NE, A copy of each application may be distribution to its shareholders, based
Washington, DC 20549–1090. obtained via the Commission’s website on net asset value. Expenses of
All submissions should refer to File by searching for the file number, or for $216,484.42 incurred in connection
Number SR–CboeBZX–2018–049. This an applicant using the Company name with the liquidation were paid by the
file number should be included on the box, at http://www.sec.gov/search/ applicant and the applicant’s
subject line if email is used. To help the search.htm or by calling (202) 551- investment adviser.
Commission process and review your 8090. An order granting each Filing Date: The application was filed
comments more efficiently, please use application will be issued unless the on May 25, 2018.
only one method. The Commission will SEC orders a hearing. Interested persons Applicant’s Address: 399 Park
post all comments on the Commission’s may request a hearing on any Avenue, 6th Floor, New York, New York
internet website (http://www.sec.gov/ application by writing to the SEC’s 10022.
rules/sro.shtml). Copies of the Secretary at the address below and Context Capital Funds [File No. 811–
submission, all subsequent serving the relevant applicant with a 22897]
amendments, all written statements copy of the request, personally or by
with respect to the proposed rule mail. Hearing requests should be Summary: Applicant seeks an order
change that are filed with the received by the SEC by 5:30 p.m. on July declaring that it has ceased to be an
Commission, and all written 24, 2018, and should be accompanied investment company. On March 28,
communications relating to the by proof of service on applicants, in the 2018, applicant made liquidating
proposed rule change between the form of an affidavit or, for lawyers, a distributions to its shareholders, based
Commission and any person, other than certificate of service. Pursuant to Rule on net asset value. Expenses of $27,652
those that may be withheld from the 0–5 under the Act, hearing requests incurred in connection with the
public in accordance with the should state the nature of the writer’s liquidation were paid by the applicant’s
provisions of 5 U.S.C. 552, will be interest, any facts bearing upon the investment adviser.
available for website viewing and desirability of a hearing on the matter, Filing Date: The application was filed
printing in the Commission’s Public the reason for the request, and the issues on June 15, 2018.
Reference Room, 100 F Street NE, contested. Persons who wish to be Applicant’s Address: 401 City Ave,
Washington, DC 20549, on official notified of a hearing may request Suite 800, Bala Cynwyd, Pennsylvania
business days between the hours of notification by writing to the 19004.
10:00 a.m. and 3:00 p.m. Copies of the Commission’s Secretary. Freshstart Venture Capital Corp. [File
filing also will be available for ADDRESSES: The Commission: Secretary, No. 811–05169]
inspection and copying at the principal U.S. Securities and Exchange Summary: Applicant, a closed-end
office of the Exchange. All comments Commission, 100 F Street NE, investment company, seeks an order
received will be posted without change. Washington, DC 20549–1090. declaring that it has ceased to be an
Persons submitting comments are FOR FURTHER INFORMATION CONTACT: investment company. The applicant has
cautioned that we do not redact or edit Shawn Davis, Branch Chief, at (202) elected status as a business
personal identifying information from 551- 6413 or Chief Counsel’s Office at development company under the Act
comment submissions. You should (202) 551–6821; SEC, Division of and maintains its current portfolio,
submit only information that you wish Investment Management, Chief debts and other liabilities. Applicant
to make available publicly. All Counsel’s Office, 100 F Street NE, will pay any outstanding or other
submissions should refer to File Washington, DC 20549–8010. liabilities as they come due in the
Number SR–CboeBZX–2018–049 and ordinary course of business.
should be submitted on or before July AB Government Exchange Reserves
[File No. 811–08294] Filing Date: The application was filed
27, 2018. on May 29, 2018.
For the Commission, by the Division of Summary: Applicant seeks an order Applicant’s Address: 437 Madison
Trading and Markets, pursuant to delegated declaring that it has ceased to be an Avenue, 38th Floor, New York, New
authority.16 investment company. The applicant has York 10022.
Eduardo A. Aleman, transferred its assets to AB Government
Assistant Secretary. Money Market Portfolio, a series of AB Legg Mason Global Asset Management
Fixed-Income Shares, Inc., and, on Variable Trust [File No. 811–22910]
[FR Doc. 2018–14463 Filed 7–5–18; 8:45 am]
BILLING CODE 8011–01–P
November, 10, 2017, made a final Summary: Applicant seeks an order
distribution to its shareholders based on declaring that it has ceased to be an
net asset value. Expenses of $201,740 investment company. On November 30,
SECURITIES AND EXCHANGE incurred in connection with the 2016, applicant made a liquidating
COMMISSION reorganization were paid by the distribution to its shareholders, based
applicant and the acquiring fund. on net asset value. Expenses of $4,306
[Investment Company Act Release No. Filing Dates: The application was
33144]
incurred in connection with the
filed on May 25, 2018, and amended on liquidation were paid by the applicant’s
Notice of Applications for June 13, 2018. investment adviser.
Deregistration Under Section 8(f) of the Applicant’s Address: 1345 Avenue of Filing Date: The application was filed
Investment Company Act of 1940 the Americas, New York, New York on May 23, 2018.
10105. Applicant’s Address: 100
daltland on DSKBBV9HB2PROD with NOTICES
June 29, 2018. International Drive, 7th Floor,
Avenue Mutual Funds Trust [File No.
The following is a notice of Baltimore, Maryland 21202.
811–22677]
applications for deregistration under
section 8(f) of the Investment Company Summary: Applicant seeks an order Morgan Stanley Select Dimensions
Act of 1940 for the month of June 2018. declaring that it has ceased to be an Investment Series [File No. 811–07185]
investment company. On March 14, Summary: Applicant seeks an order
16 17 CFR 200.30–3(a)(12). 2018, applicant made a liquidating declaring that it has ceased to be an
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Document Created: 2018-07-06 00:46:00
Document Modified: 2018-07-06 00:46:00
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 31577 |
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