83 FR 31592 - Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to 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 | 31592-31594 | |
| FR Document | 2018-14467 |
[Federal Register Volume 83, Number 130 (Friday, July 6, 2018)] [Notices] [Pages 31592-31594] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-14467] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83567; File No. SR-CBOE-2018-047] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to 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 Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b- 4(f)(6) thereunder.\4\ 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)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the operation of Penny Pilot Program through December 31, 2018. The text of the proposed rule change is provided below. (additions are in italics; deletions are [bracketed]) * * * * * Cboe Exchange, Inc. Rules * * * * * Rule 6.42. Minimum Increments for Bids and Offers The Board of Directors may establish minimum increments for options traded on the Exchange. When the Board of Directors determines to change the minimum increments, the Exchange will designate such change as a stated policy, practice, or interpretation with respect to the administration of Rule 6.42 within the meaning of subparagraph (3)(A) of subsection 19(b) of the Exchange Act and will file a rule change for effectiveness upon filing with the Commission. Until such time as the Board of Directors makes a change to the minimum increments, the following minimum increments shall apply to options traded on the Exchange: (1) (No change). (2) (No change). (3) The decimal increments for bids and offers for all series of the option classes participating in the Penny Pilot Program are: $0.01 for all option series quoted below $3 (including LEAPS), and $0.05 for all option series $3 and above (including LEAPS). For QQQQs, IWM, and SPY, the minimum increment is $0.01 for all option series. The Exchange may replace any option class participating in the Penny Pilot Program that has been delisted with the next most actively-traded, multiply- listed option class, based on national average daily volume in the preceding six calendar months that is not yet included in the Pilot Program. Any replacement class would be added on the second trading day following [January 1, 2018] July 1, 2018. The Penny Pilot shall expire on [June 30, 2018] December 31, 2018. (4) (No change). . . . Interpretations and Policies: .01-.04 (No change). * * * * * The text of the proposed rule change is also available on the Exchange's website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for [[Page 31593]] 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 The Penny Pilot Program (the ``Pilot Program'') is scheduled to expire on June 30, 2018. The Exchange proposes to extend the Pilot Program until December 31, 2018. The Exchange believes that extending the Pilot Program will allow for further analysis of the Pilot Program and a determination of how the Pilot Program should be structured in the future. During this extension of the Pilot Program, the Exchange proposes that it may replace any option class that is currently included in the Pilot Program and that has been delisted with the next most actively traded, multiply listed option class that is not yet participating in the Pilot Program (``replacement class''). Any replacement class would be determined based on national average daily volume in the preceding six months,\5\ and would be added on the second trading day following July 1, 2018. The Exchange will employ the same parameters to prospective replacement classes as approved and applicable in determining the existing classes in the Pilot Program, including excluding high-priced underlying securities.\6\ The Exchange will announce to its Trading Permit Holders by circular any replacement classes in the Pilot Program. --------------------------------------------------------------------------- \5\ The month immediately preceding a replacement class's addition to the Pilot Program (i.e., June) would not be used for purposes of the six-month analysis. Thus, a replacement class to be added on the second trading day following July 1, 2018 would be identified based on The Option Clearing Corporation's trading volume data from December 1, 2017 through May 31, 2018. \6\ See Securities Exchange Act Release No. 60864 (October 22, 2009), 74 FR 55876 (October 29, 2009) (SR-CBOE-2009-76). --------------------------------------------------------------------------- The Exchange is specifically authorized to act jointly with the other options exchanges participating in the Pilot Program in identifying any replacement class. The Exchange lastly represents that the Exchange has the necessary system capacity to continue to support operation of the Penny Pilot. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the ``Act'') and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\7\ Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \8\ requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitation transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \9\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. In particular, the proposed rule change allows for an extension of the Pilot Program for the benefit of market participants. 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. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). \9\ Id. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition CBOE 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. Specifically, the Exchange believes that, by extending the expiration of the Pilot Program, the proposed rule change will allow for further analysis of the Pilot Program and a determination of how the Program shall be structured in the future. In doing so, the proposed rule change will also serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. In addition, the Exchange has been authorized to act jointly in extending the Pilot Program and believes the other exchanges will be filing similar extensions. 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 \10\ and Rule 19b-4(f)(6) thereunder.\11\ 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 --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(6)(iii) thereunder. A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally does not become operative prior to 30 days after the date of the filing.\13\ However, pursuant to Rule 19b-4(f)(6)(iii),\14\ 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 [[Page 31594]] the Pilot Program.\15\ Accordingly, the Commission designates the proposed rule change as operative upon filing with the Commission.\16\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 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. \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ See Securities Exchange Act Release No. 61061 (November 24, 2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44). \16\ 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) \17\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \17\ 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 [email protected]. Please include File Number SR-CBOE-2018-047 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-CBOE-2018-047 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-CBOE-2018-047 and should be submitted on or before July 27, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-14467 Filed 7-5-18; 8:45 am] BILLING CODE 8011-01-P
![31592 Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices
At any time within 60 days of the office of the Exchange. All comments Cboe Exchange, Inc.
filing of such proposed rule change, the received will be posted without change. Rules
Commission summarily may Persons submitting comments are
temporarily suspend such rule change if cautioned that we do not redact or edit * * * * *
it appears to the Commission that such personal identifying information from Rule 6.42. Minimum Increments for
action is necessary or appropriate in the comment submissions. You should Bids and Offers
public interest, for the protection of submit only information that you wish
investors, or otherwise in furtherance of to make available publicly. All The Board of Directors may establish
the purposes of the Act. If the submissions should refer to File minimum increments for options traded
Commission takes such action, the Number SR–C2–2018–015 and should on the Exchange. When the Board of
Commission shall institute proceedings be submitted on or before July 27, 2018. Directors determines to change the
under Section 19(b)(2)(B) 16 of the Act to minimum increments, the Exchange
For the Commission, by the Division of
determine whether the proposed rule Trading and Markets, pursuant to delegated will designate such change as a stated
change should be approved or authority.17 policy, practice, or interpretation with
disapproved. Eduardo A. Aleman, respect to the administration of Rule
Assistant Secretary.
6.42 within the meaning of
IV. Solicitation of Comments subparagraph (3)(A) of subsection 19(b)
[FR Doc. 2018–14468 Filed 7–5–18; 8:45 am]
Interested persons are invited to of the Exchange Act and will file a rule
BILLING CODE 8011–01–P
submit written data, views, and change for effectiveness upon filing
arguments concerning the foregoing, with the Commission. Until such time
including whether the proposed rule as the Board of Directors makes a
SECURITIES AND EXCHANGE
change is consistent with the Act. change to the minimum increments, the
COMMISSION
Comments may be submitted by any of following minimum increments shall
the following methods: [Release No. 34–83567; File No. SR–CBOE– apply to options traded on the
2018–047] Exchange:
Electronic Comments
(1) (No change).
• Use the Commission’s internet Self-Regulatory Organizations; Cboe
(2) (No change).
comment form (http://www.sec.gov/ Exchange, Inc.; Notice of Filing and
(3) The decimal increments for bids
rules/sro.shtml); or Immediate Effectiveness of a Proposed
and offers for all series of the option
• Send an email to rule-comments@ Rule Change Relating to the Penny
classes participating in the Penny Pilot
sec.gov. Please include File Number SR– Pilot Program
Program are: $0.01 for all option series
C2–2018–015 on the subject line. June 29, 2018. quoted below $3 (including LEAPS),
Paper Comments Pursuant to Section 19(b)(1) of the and $0.05 for all option series $3 and
• Send paper comments in triplicate Securities Exchange Act of 1934 above (including LEAPS). For QQQQs,
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder, 2 IWM, and SPY, the minimum increment
Commission, 100 F Street NE, notice is hereby given that on June 26, is $0.01 for all option series. The
Washington, DC 20549–1090. 2018, Cboe Exchange, Inc. (the Exchange may replace any option class
‘‘Exchange’’ or ‘‘Cboe Options’’) filed participating in the Penny Pilot Program
All submissions should refer to File with the Securities and Exchange that has been delisted with the next
Number SR–C2–2018–015. This file Commission (the ‘‘Commission’’) the most actively-traded, multiply-listed
number should be included on the proposed rule change as described in option class, based on national average
subject line if email is used. To help the Items I and II below, which Items have daily volume in the preceding six
Commission process and review your been prepared by the Exchange. The calendar months that is not yet included
comments more efficiently, please use Exchange filed the proposal as a ‘‘non- in the Pilot Program. Any replacement
only one method. The Commission will controversial’’ proposed rule change class would be added on the second
post all comments on the Commission’s pursuant to Section 19(b)(3)(A)(iii) of trading day following [January 1, 2018]
internet website (http://www.sec.gov/ the Act 3 and Rule 19b–4(f)(6) July 1, 2018. The Penny Pilot shall
rules/sro.shtml). Copies of the thereunder.4 The Commission is expire on [June 30, 2018] December 31,
submission, all subsequent publishing this notice to solicit 2018.
amendments, all written statements comments on the proposed rule change (4) (No change).
with respect to the proposed rule from interested persons.
change that are filed with the . . . Interpretations and Policies:
Commission, and all written I. Self-Regulatory Organization’s .01–.04 (No change).
communications relating to the Statement of the Terms of Substance of * * * * *
proposed rule change between the the Proposed Rule Change The text of the proposed rule change
Commission and any person, other than The Exchange proposes to extend the is also available on the Exchange’s
those that may be withheld from the operation of Penny Pilot Program website (http://www.cboe.com/About
public in accordance with the through December 31, 2018. The text of CBOE/CBOELegalRegulatoryHome.
provisions of 5 U.S.C. 552, will be the proposed rule change is provided aspx), at the Exchange’s Office of the
available for website viewing and below. Secretary, and at the Commission’s
printing in the Commission’s Public (additions are in italics; deletions are Public Reference Room.
Reference Room, 100 F Street NE, [bracketed])
daltland on DSKBBV9HB2PROD with NOTICES
II. Self-Regulatory Organization’s
Washington, DC 20549, on official * * * * * Statement of the Purpose of, and
business days between the hours of
Statutory Basis for, the Proposed Rule
10:00 a.m. and 3:00 p.m. Copies of the 17 17 CFR 200.30–3(a)(12). Change
filing also will be available for 1 15 U.S.C. 78s(b)(1).
inspection and copying at the principal 2 17 CFR 240.19b–4. In its filing with the Commission, the
3 15 U.S.C. 78s(b)(3)(A)(iii). Exchange included statements
16 15 U.S.C. 78s(b)(2)(B). 4 17 CFR 240.19b–4(f)(6). concerning the purpose of and basis for
VerDate Sep<11>2014 18:25 Jul 05, 2018 Jkt 244001 PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 E:\FR\FM\06JYN1.SGM 06JYN1](https://thefederalregister.org/doc/83_FR_31722/page/1.svg)
![31594 Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices
the Pilot Program.15 Accordingly, the those that may be withheld from the notice.4 The Commission is publishing
Commission designates the proposed public in accordance with the this notice to solicit comments on the
rule change as operative upon filing provisions of 5 U.S.C. 552, will be advance notice from interested persons.
with the Commission.16 available for website viewing and
I. Clearing Agency’s Statement of the
At any time within 60 days of the printing in the Commission’s Public
Terms of Substance of the Advance
filing of such proposed rule change, the Reference Room, 100 F Street NE,
Notice
Commission summarily may Washington, DC 20549, on official
temporarily suspend such rule change if business days between the hours of This advance notice is filed in
it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the connection with proposed changes to
action is necessary or appropriate in the filing also will be available for OCC’s By-Laws and Rules, the
public interest, for the protection of inspection and copying at the principal formalization of a substantially new
investors, or otherwise in furtherance of office of the Exchange. All comments Clearing Fund Methodology Policy
the purposes of the Act. If the received will be posted without change. (‘‘Policy’’), and the adoption of a
Commission takes such action, the Persons submitting comments are document describing OCC’s new
Commission shall institute proceedings cautioned that we do not redact or edit Clearing Fund and stress testing
under Section 19(b)(2)(B) 17 of the Act to personal identifying information from methodology (‘‘Methodology
determine whether the proposed rule comment submissions. You should Description’’). The proposed changes
change should be approved or submit only information that you wish are primarily designed to enhance
disapproved. to make available publicly. All OCC’s overall resiliency, particularly
submissions should refer to File with respect to the level of OCC’s pre-
IV. Solicitation of Comments Number SR–CBOE–2018–047 and funded financial resources. Specifically,
Interested persons are invited to should be submitted on or before July the proposed changes would:
submit written data, views, and 27, 2018. (1) Reorganize, restate, and
arguments concerning the foregoing, consolidate the provisions of OCC’s By-
For the Commission, by the Division of
including whether the proposed rule Trading and Markets, pursuant to delegated
Laws and Rules relating to the Clearing
change is consistent with the Act. authority.18 Fund into a newly revised Chapter X of
Comments may be submitted by any of Eduardo A. Aleman,
OCC’s Rules;
the following methods: (2) modify the coverage level of OCC’s
Assistant Secretary.
Clearing Fund sizing requirement to
Electronic Comments [FR Doc. 2018–14467 Filed 7–5–18; 8:45 am] protect OCC against losses stemming
• Use the Commission’s internet
BILLING CODE 8011–01–P from the default of the two Clearing
comment form (http://www.sec.gov/ Member Groups that would potentially
rules/sro.shtml); or cause the largest aggregate credit
SECURITIES AND EXCHANGE exposure for OCC in extreme but
• Send an email to rule-comments@ COMMISSION
sec.gov. Please include File Number SR– plausible market conditions (i.e., adopt
CBOE–2018–047 on the subject line. [Release No. 34–83561; File No. SR–OCC– a ‘‘Cover 2 Standard’’ for sizing the
2018–803] Clearing Fund);
Paper Comments (3) adopt a new risk tolerance for OCC
• Send paper comments in triplicate Self-Regulatory Organizations; The to cover a 1-in-50 year hypothetical
to Secretary, Securities and Exchange Options Clearing Corporation; Notice market event at a 99.5% confidence
Commission, 100 F Street NE, of Filing of Advance Notice, as level over a two-year look-back period;
Modified by Amendment No. 1, (4) adopt a new Clearing Fund and
Washington, DC 20549–1090.
Concerning Proposed Changes to The stress testing methodology, which
All submissions should refer to File Options Clearing Corporation’s Stress would be underpinned by a new
Number SR–CBOE–2018–047 This file Testing and Clearing Fund scenario-based one-factor risk model
number should be included on the Methodology stress testing approach, as detailed in
subject line if email is used. To help the the newly proposed Policy and
Commission process and review your June 29, 2018.
Methodology Description;
comments more efficiently, please use Pursuant to Section 806(e)(1) of Title (5) document governance, monitoring,
only one method. The Commission will VIII of the Dodd-Frank Wall Street and review processes related to Clearing
post all comments on the Commission’s Reform and Consumer Protection Act, Fund and stress testing;
internet website (http://www.sec.gov/ entitled Payment, Clearing and (6) provide for certain anti-procyclical
rules/sro.shtml). Copies of the Settlement Supervision Act of 2010 limitations on the reduction in Clearing
submission, all subsequent (‘‘Clearing Supervision Act’’) 1 and Rule Fund size from month to month;
amendments, all written statements 19b–4(n)(1)(i) 2 under the Securities (7) increase the minimum Clearing
with respect to the proposed rule Exchange Act of 1934 (‘‘Exchange Act’’ Fund contribution requirement for
change that are filed with the or ‘‘Act’’),3 notice is hereby given that Clearing Members to $500,000;
Commission, and all written on May 30, 2018, the Options Clearing (8) modify OCC’s allocation weighting
communications relating to the Corporation (‘‘OCC’’) filed with the methodology for Clearing Fund
proposed rule change between the Securities and Exchange Commission contributions;
Commission and any person, other than (‘‘Commission’’) an advance notice as (9) reduce from five to two business
described in Items I, II and III below, days the timeframe within which
which Items have been prepared by Clearing Members are required to fund
daltland on DSKBBV9HB2PROD with NOTICES
15 See Securities Exchange Act Release No. 61061
(November 24, 2009), 74 FR 62857 (December 1, OCC. On June 7, 2018, OCC filed Clearing Fund deficits due to monthly
2009) (SR–NYSEArca–2009–44).
16 For purposes only of waiving the operative
Amendment No. 1 to the advance or intra-month resizing or due to Rule
delay for this proposal, the Commission has amendments;
18 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
1 12 U.S.C. 5465(e)(1).
efficiency, competition, and capital formation. See 4 In Amendment No. 1, OCC corrected formatting
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4(n)(1)(i).
errors in Exhibits 5A and 5B without changing the
17 15 U.S.C. 78s(b)(2)(B). 3 15 U.S.C. 78a et seq. substance of the advance notice.
VerDate Sep<11>2014 18:25 Jul 05, 2018 Jkt 244001 PO 00000 Frm 00069 Fmt 4703 Sfmt 4703 E:\FR\FM\06JYN1.SGM 06JYN1](https://thefederalregister.org/doc/83_FR_31722/page/3.svg)
Document Created: 2018-07-06 00:46:48
Document Modified: 2018-07-06 00:46:48
| 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 31592 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR