[Federal Register Volume 81, Number 109 (Tuesday, June 7, 2016)]
[Notices]
[Pages 36641-36646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13317]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77962; File No. SR-CBOE-2016-047]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change Relating to
Senior Management Authority
June 1, 2016.
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 May 23, 2016, Chicago Board Options Exchange, Incorporated (the
``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (the ``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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange seeks to amend its Bylaws and Rules with respect to
delegations of certain authorities to senior management. The text of
the proposed rule change is provided below.
(additions are italicized; deletions are [bracketed])
* * * * *
[SIXTH] SEVENTH AMENDED AND RESTATED
BYLAWS OF
CHICAGO BOARD OPTIONS EXCHANGE, INCORPORATED
* * * * *
ARTICLE VI Advisory Board
Section 6.1. Advisory Board.
The Board will establish an Advisory Board which shall advise the
Board and [the Office of the Chairman] management regarding matters of
interest to Trading Permit Holders. It shall consist of such number of
members as set by the Board from time to time, including at least two
members who are Trading Permit Holders or persons associated with
Trading Permit Holders. The Chief Executive Officer, or his or her
designee, shall be the Chairman of the Advisory Board. The members of
the Advisory Board shall be recommended by the Nominating and
Governance Committee for approval by the Board. There shall be a
Trading Permit Holders Subcommittee of the Advisory Board consisting of
all members of the Advisory Board who are Trading Permit Holders or
persons associated with Trading Permit Holders, which shall act as the
Representative Director Nominating Body if and to the extent required
by these Bylaws.
* * * * *
[[Page 36642]]
Chicago Board Options Exchange, Incorporated
Rules
* * * * *
Rule 2.15. Divisions of Exchange
The divisions of the Exchange shall include any such divisions as
the [Chairman of the Board] Chief Executive Officer, with the approval
of the Board, may establish. The [Chairman of the Board] Chief
Executive Officer shall appoint a head of every division, provided that
the [Chairman of the Board] Chief Executive Officer shall be the head
of the Executive Division. Any official action taken by the [Chairman
of the Board] Chief Executive Officer or the President shall, for
purposes of the hearing and review provided for in Chapter XIX, be
deemed to be action of the Executive Division.
* * * * *
Rule 4.10. Other Restrictions on Trading Permit Holders
(a) In General. Whenever the [Chairman] Chief Executive Officer or
President shall find, on the basis of a report of the Department of
Compliance or otherwise, that a Trading Permit Holder has failed to
perform his contracts or is insolvent or is in such financial or
operational condition or is otherwise conducting his business in such a
manner that he cannot be permitted to continue in business with safety
to his customers or creditors or the Exchange, the [Chairman] Chief
Executive Officer or the President may summarily suspend the Trading
Permit Holder in accordance with Chapter XVI or may impose such
conditions and restrictions upon his being a Trading Permit Holder as
he considers reasonably necessary for the protection of the Exchange
and the customers of such Trading Permit Holder.
(b) Firms Clearing Market-Maker Trades.
* * * * *
(2) A proposed SBT of a Trading Permit Holder as enumerated in
subsection (b)(1)(i) through (iii) is subject to the prior approval of
the [Exchange's Office of the Chairman (``OOC'')] Chief Executive
Officer or President, when the Trading Permit Holder's Market-Maker
clearance activities exceed, or would exceed as a result of the
proposed SBT, any of the following parameters:
(i) 15% of cleared Exchange Market-Maker contract volume for the
most recent three (3) months;
(ii) an average of 15% of the number of Exchange registered Market-
Makers as of each month and for the most recent three (3) months, or
(iii) 25% of Market-Maker gross deductions (haircuts) defined by
SEC Rule 15c3-1 (a)(6) or (c)(2)(x) carried by the Clearing Trading
Permit Holder(s) in relation to the aggregate of such haircuts carried
by all other Market-Maker clearing organizations for any month end
within the most recent three (3) months.
The Exchange shall notify in writing each Trading Permit Holder
that clears Market-Maker trades within ten (10) business days from the
close of each month of that Trading Permit Holder's proportion of the
market making clearing business, whether or not such business exceeds
the parameters described in (i), (ii), and (iii) of this subsection
(b)(2). Trading Permit Holders subject to this subsection (b)(2) must
provide thirty (30) calendar days notice of the proposed SBT, as
enumerated in subsection (b)(1)(i) through (iii), to the President or
his designee. The [OOC] Chief Executive Officer or President may
disapprove a Trading Permit Holder's proposed SBT, or approve such SBT
subject to certain conditions, within the thirty (30) day period. The
[OOC] Chief Executive Officer or President may disapprove or condition
a Trading Permit Holder's SBT within the thirty (30) day period if the
[OOC] Chief Executive Officer or President determines that such SBT has
the potential to threaten the financial or operational integrity of
Exchange Market-Maker transactions.
(3) In addition, at any time, the [OOC] Chief Executive Officer or
President may impose additional financial and/or operational
requirements on a Trading Permit Holder that clears Market-Maker trades
when the [OOC] Chief Executive Officer or President determines that the
Trading Permit Holder's continuance in business without such
requirements has the potential to threaten the financial or operational
integrity of Exchange Market-Maker transactions.
* * * * *
(6) In considering a proposed SBT, the [OOC] Chief Executive
Officer or President may consider, among other relevant matters, the
following criteria:
* * * * *
(7) In the event the [OOC] Chief Executive Officer or President
determines, prior to the expiration of the thirty (30) day period set
forth in subsection (1) hereof, that a proposed SBT may be approved
without conditions, the [OOC] Chief Executive Officer or President
shall promptly so advise the Trading Permit Holder. All [OOC] Chief
Executive Officer or President decisions to disapprove or condition a
proposed SBT pursuant to subsection (b)(2) hereof or to impose
extraordinary requirements pursuant to subsection (b)(3) hereof shall
be in writing, shall include a statement setting forth the grounds for
the [OOC's] Chief Executive Officer or President's decision, and shall
be served on the Trading Permit Holder. Notwithstanding any other
provisions of the Rules of the Exchange, the Trading Permit Holder may
appeal such decision directly to the Board of Directors of the Exchange
by filing an application for review with the Secretary of the Exchange
within fifteen (15) days of the date of service of the decision. The
application for review shall be in the form prescribed by Rule 19.5(a),
and the Board's review shall be conducted in the manner prescribed by
Rule 19.5(b), except that the Trading Permit Holder may waive the
making of a record. Review by the Board shall be the exclusive method
of reviewing a decision of the [OOC] Chief Executive Officer or
President pursuant to this subsection (b). The appeal to the Board of a
decision of the [OOC] Chief Executive Officer or President shall not
operate as a stay of that decision during the pendency of the appeal.
The Exchange shall file notice with the SEC in accordance with the
provisions of Section 19(d)(1) of the Securities Exchange Act of all
final decisions to disapprove or condition a proposed SBT pursuant to
subsection (b)(2) hereof, or to impose extraordinary requirements
pursuant to subsection (b)(3) hereof.
* * * * *
(9) The [OOC] Chief Executive Officer or President may exempt a
Trading Permit Holder from the requirements of subsection (b)(1)
hereof, either generally or in respect of specific types of
transactions, based on the limited proportion of Market-Maker trades on
the Exchange that are cleared by the Trading Permit Holder or on the
limited importance that the clearing of Market-Maker trades bears to
the total business of the Trading Permit Holder.
* * * * *
Rule 4.14. Liquidation of Positions
Whenever the President or his designee shall find, on the basis of
a report of the Department of Market Regulation or otherwise, that a
person or group of persons acting in concert holds or controls, or is
obligated in respect of, an aggregate position (whether long or short)
in all option contracts of one or more classes or series dealt in on
the Exchange in excess of the applicable position limit established
pursuant to Rule 4.11, he or his designee may order
[[Page 36643]]
all Trading Permit Holders carrying a position in option contracts of
such classes or series for such person or persons to liquidate such
position as expeditiously as possible consistent with the maintenance
of an orderly market. Whenever such an order is given by the President
or his designee, no Trading Permit Holder shall accept any order to
purchase, sell or exercise any option contract for the account of the
person or persons named in the order, unless and until the President or
his designee expressly approves such person or persons for options
transactions.
* * * * *
Rule 6.17. Authority To Take Action Under Emergency Conditions
The [Chairman of the Board] Chief Executive Officer, the President
or such other person or persons as may be designated by the Board shall
have the power to halt or suspend trading in some or all securities
traded on the Exchange, to close some or all Exchange facilities, to
determine the duration of any such halt, suspension or closing, to take
one or more of the actions permitted to be taken by any person or body
of the Exchange under Exchange rules, or to take any other action
deemed to be necessary or appropriate for the maintenance of a fair and
orderly market or the protection of investors, or otherwise in the
public interest, due to emergency conditions or extraordinary
circumstances, such as (1) actual or threatened physical danger, severe
climatic conditions, natural disaster, civil unrest, terrorism, acts of
war, or loss or interruption of facilities utilized by the Exchange, or
(2) a request by a governmental agency or official, or (3) a period of
mourning or recognition for a person or event. The person taking the
action shall notify the Board of actions taken pursuant to this Rule,
except for a period of mourning or recognition for a person or event,
as soon thereafter as is feasible.
* * * * *
Rule 6.20. Admission to and Conduct on the Trading Floor; Trading
Permit Holder Education
(a) Admission to Trading Floor. Unless otherwise provided in the
Rules, no one but a Trading Permit Holder, an Order Book Official
designated by the Exchange pursuant to Rule 7.3, or PAR Official
designated by the Exchange pursuant to Rule 7.12 shall make any
transaction on the floor of the Exchange. Admission to the floor shall
be limited to Trading Permit Holders, employees of the Exchange, clerks
employed by Trading Permit Holders and registered with the Exchange,
service personnel and Exchange visitors authorized admission to the
floor pursuant to Exchange policy, and such other persons permitted
admission to the floor by the President of the Exchange or his
designee.
* * * * *
Rule 10.2. Contracts of Suspended Trading Permit Holders
When a Trading Permit Holder, other than a Clearing Trading Permit
Holder, is suspended pursuant to Chapter XVI of these Rules, all open
short positions of the suspended Trading Permit Holder in option
contracts and all open positions resulting from exercise of option
contracts, other than positions that are secured in full by a specific
deposit or escrow deposit in accordance with the Rules of the Clearing
Corporation, shall be closed without unnecessary delay by all TPH
organizations carrying such positions for the account of the suspended
Trading Permit Holder; provided that the [Chairman] Chief Executive
Officer or President may cause the foregoing requirement to be
temporarily waived for such period as he may determine if he shall deem
such temporary waiver to be in the interest of the public or the other
Trading Permit Holder. No temporary waiver hereunder by the [Chairman]
Chief Executive Officer or President shall relieve the suspended
Trading Permit Holder of its obligations or of damages, nor shall it
waive the close out requirements of any other Rule. When a Clearing
Trading Permit Holder is suspended pursuant to Chapter XVI of these
Rules, the positions of such Clearing Trading Permit Holder shall be
closed out in accordance with the Rules of the Clearing Corporation.
* * * * *
Rule 16.1. Imposition of Suspension
A Trading Permit Holder or person associated with a Trading Permit
Holder who has been and is expelled or suspended from any self-
regulatory organization or barred or suspended from being associated
with a Trading Permit Holder of any self-regulatory organization, or a
Trading Permit Holder which is in such financial or operating
difficulty that the [Chairman of the Board] Chief Executive Officer or
the President determines that the Trading Permit Holder cannot be
permitted to continue to do business as a Trading Permit Holder with
safety to investors, creditors, other Trading Permit Holders, or the
Exchange, may be summarily suspended by the [Chairman of the Board]
Chief Executive Officer or the President. In addition, the [Chairman of
the Board] Chief Executive Officer or the President may limit or
prohibit any person with respect to access to services offered by the
Exchange if any of the criteria or the foregoing sentence is applicable
to such person or, in the case of a person who is not a Trading Permit
Holder, if the [Chairman of the Board] Chief Executive Officer or the
President determines that such person does not meet the qualification
requirements or other prerequisites for such access with safety to
investors, creditors, Trading Permit Holders, or the Exchange. In the
event a determination is made to take summary action, as described
above, notice thereof will be sent to the Securities and Exchange
Commission. Any person aggrieved by any summary action taken under this
Rule shall be promptly afforded an opportunity for a hearing by the
Exchange in accordance with the provisions of Chapter XIX. In addition,
the Securities and Exchange Commission may on its own motion order or
such a person may apply to the Securities and Exchange Commission for a
stay of such summary action pending the results of a hearing pursuant
to Chapter XIX.
* * * * *
Rule 18.31. Awards
* * * * *
(g) All monetary awards shall be paid within thirty (30) days of
receipt unless a motion to vacate has been filed with a court of
competent jurisdiction. If such a motion has been filed, either party
may request the [Office of the Chairman] Chief Executive Officer or
President to direct that the award be paid to an escrow account
maintained by the Exchange. Such request shall be filed with the
Secretary of the Exchange within thirty-five days of receipt of such
award.
* * * * *
The text of the proposed rule change is also available on the
Exchange's Web site (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 the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these
[[Page 36644]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Bylaws and Rules as it relates
to references to senior management. The Exchange notes that
historically, the CBOE Chairman of the Board also held the title of
Chief Executive Officer (``CEO''). Currently, however, the roles of
Chairman of the Board, CEO, and President are now occupied by three
different individuals. As such, the Exchange has conducted a review of
its rules relating to the authorities delegated to senior management
and seeks to make conforming changes to its rules to more accurately
reflect its senior management structure.
First, the Exchange proposes to amend Rule 2.15 (Divisions of
Exchange), Rule 4.10 (Other Restrictions on Trading Permit Holders),
Rule 6.17 (Authority to Take Action Under Emergency Conditions), Rule
10.2 (Contracts of Suspended Trading Permit Holders) and Rule 16.1
(Imposition of Suspension) to eliminate references to ``Chairman of the
Board'' and replace those references with ``Chief Executive Officer.''
By way of background, Rule 2.15 currently provides that the Chairman of
the Board, with the approval of the Board, may establish divisions of
the Exchange and shall appoint a head of every division, provided that
the Chairman of the Board is to be the head of the Executive Division.
Additionally, Rule 2.15 provides that any official action taken by the
Chairman of the Board or the President shall, for purposes of the
hearing and review provided for in Chapter XIX, be deemed to be action
of the Executive Division. Rule 4.10 currently provides that the
Chairman of the Board or President may summarily suspend a Trading
Permit Holder (``TPH'') or impose conditions and restrictions upon a
TPH being a TPH if the Chairman of the Board or President considers it
reasonably necessary for the protection of the Exchange and the
customers of the TPH based upon certain findings made by the Department
of Compliance. Rule 6.17 currently provides that the Chairman of the
Board, the President or such other person or persons as may be
designated by the Board shall have the power to halt or suspend trading
in some or all securities traded on the Exchange, to close some or all
Exchange facilities, to determine the duration of any such halt,
suspension or closing, to take one or more of the actions permitted to
be taken by any person or body of the Exchange under Exchange rules, or
to take any other action deemed to be necessary or appropriate for the
maintenance of a fair and orderly market or the protection of
investors, or otherwise in the public interest, due to emergency
conditions or extraordinary circumstances. Rule 10.2 provides the
Chairman of the Board or President may waive the requirement that a TPH
Organization that carries short positions for the account of a TPH that
is subject to a summary suspension close those positions. Finally Rule
16.1 provides that the Chairman of the Board or President may summarily
suspend a TPH and limit or prohibit any person with respect to access
to services offered by the Exchange.
The Exchange notes that the CEO's responsibility is that of general
charge and supervision of the business of the Corporation,\3\ whereas
the Chairman of the Board's responsibility is that of the presiding
officer at all meetings of the Board and stockholders, as well as of
other powers and duties as are delegated to him or her by the Board.\4\
The Exchange believes the responsibilities currently delegated to the
Chairman of the Board under Rules 2.15, 4.10, 6.17, 10.2 and 16.1
pertain to the general charge and supervision of the Exchange's
business and therefor fall within the scope of the CEO's stated
responsibilities, instead of the Chairman's. Accordingly, the Exchange
proposes to eliminate the references to ``Chairman of the Board'' in
the abovementioned [sic] rules and replace those references with
``Chief Executive Officer.''
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\3\ See Section 5.2 of the Bylaws.
\4\ See Section 3.6 of the Bylaws.
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Next, the Exchange proposes to eliminate the terms ``Office of the
Chairman'' (``OOC'') [sic] in Rule 4.10 (Other Restrictions on Trading
Permit Holders) and Rule 18.31 (Awards) and replace these references
with ``Chief Executive Officer or President.'' Under Rule 4.10, the OOC
(i.e., Office of the Chairman) is delegated certain authority relating
to proposed Significant Business Transactions (``SBTs'') including,
among other things, approving or disapproving a SBT. Under Rule 18.31,
a party to an Arbitration may request the OOC to direct that an award
be paid into an escrow account maintained by the Exchange in the event
a motion to vacate has been filed. The Exchange notes that
historically, the OOC was considered to be the management committee of
the Exchange and consisted of the Chairman (who at the time was also
the CEO), the Vice-Chairman (which role no longer exists) and the
President. Given the Exchange's current management structure, the
Exchange believes the term is antiquated and seeks to eliminate the
reference to it in its rules. In its place, the Exchange seeks to
provide that the powers and responsibilities delegated to the OOC as a
whole, now be delegated to either the CEO or President. Although the
Chairman will no longer possess the authorities delineated in Rules
4.10 and 18.31, the Exchange believes those authorities fall more
squarely within the scope of the CEO's or President's roles and
responsibilities.\5\ The Exchange believes the proposed rule change
will also provide clarity as to who going forward has certain authority
under the rules.
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\5\ See Sections 5.2 and 5.3 of the Bylaws, respectively.
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Similarly, the Exchange proposes to eliminate the reference to the
Office of the Chairman in Section 6.1 (Advisory Board) of the
Exchange's Bylaws. Section 6.1 currently provides that the Board will
establish an Advisory Board which shall advise the Board and the Office
of the Chairman regarding matters of interest to TPHs. The Exchange
notes that the Advisory Board's Charter however, provides that the
Advisory board shall advise the Board and ``management'' regarding
matters of interest to TPHs. As the term Office of the Chairman is
outdated, as described above, and in order to conform the language in
Section 6.1 to the Advisory Board Charter, the Exchange proposes to
replace the reference to ``Office of the Chairman'' with
``management.'' The Exchange also notes that the proposed change would
alleviate confusion and maintain consistency between the Exchange's
governance documents. Additionally, the title of the Bylaws would be
changed to Seventh Amended and Restated Bylaws of CBOE.
The Exchange lastly proposes to amend Rules 4.14 (Liquidation of
Positions) and 6.20 (Admission to and Conduct on the Trading Floor;
Trading Permit Holder Education) to provide that in addition to the
President, a designee of the President may act in accordance with the
authority delegated by the Rule. Rule 4.14 provides authority to the
President to order the liquidation of positions and Rule 6.20
[[Page 36645]]
allows the President to permit admission to the floor of persons other
than those expressly allowed by rule. Providing that such authorities
may also be delegated to a designee provides the President and the
Exchange additional flexibility (e.g., if the President were
unavailable, the authorities provided by rule could still be carried
out, need be, by an alternative Exchange official). The proposed change
is consistent with other Exchange rules and policies that permit the
President to delegate certain authority upon a designee.\6\
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\6\ See e.g., CBOE Rules 4.11, 4.12, 4.16.
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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 facilitating
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.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
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In particular, the proposed rule changes will more accurately
reflect the current management structure and ensure that rules relating
to senior management authority are clear and transparent, which reduces
confusion, thereby removing impediments to, and perfecting the
mechanism for a free and open market and a national market system, and,
in general, protecting investors and the public interest of market
participants.
More specifically, the Exchange believes the authorities being
transferred from the Chairman of the Board to the CEO are appropriate
as they relate to the general charge and supervision of the Exchange
business, which responsibility is currently delegated to the CEO.
The Exchange believes the proposal to transfer the powers and
responsibilities currently delegated to the Office of the Chairman as a
whole to the CEO or President is appropriate as it is more aligned with
the scope of the CEO's and President's roles than the Chairman's. The
Exchange believes it also reduces confusion as the term ``Office of the
Chairman'' (and ``OOC'') incorporate a no-longer valid role (``Vice-
Chairman'') and is not widely used anymore. The proposed change also
clarifies which officers are being referenced, which is not currently
clear or explicit. Additionally, the Exchange notes that while
delegation of authority is being modified, the substantive practices of
the Exchange will remain the same. Similarly, the Exchange believes the
proposed change to Section 6.1 of CBOE's Bylaws also eliminates an
outdated and potentially confusing term (i.e., Office of the Chairman)
and also conforms the language to the CBOE Advisory Board Charter.
Lastly, the Exchange believes allowing the President to delegate
the authorities under Rules 4.14 and 6.20 upon a designee protects
investors and [sic] public interest by providing additional flexibility
to the President and Exchange (e.g., if the President were unavailable,
the authorities provided by rule could still be carried out, need be,
by an alternative Exchange official). Additionally, the proposed change
is consistent with other Exchange rules and policies that permit the
President to delegate certain authority upon a designee.\9\
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\9\ See e.g., CBOE Rules 4.11, 4.12, 4.16.
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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. The Exchange does not believe
that the proposed rule change imposes any burden on intramarket
competition because it applies to all TPHs and is not designed to
address any competitive issue. Additionally, as noted above, while
certain delegation of authority is being modified, the substantive
practices of the Exchange will remain the same. CBOE does not believe
that the proposed rule change will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act because the proposed rule change merely relates to
the delegation of authorities to senior management and only affects
CBOE.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. By order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be 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 Comments
Use 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-2016-047 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-2016-047. 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 Web site (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
[[Page 36646]]
available for Web site 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; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-CBOE-2016-047, and should be submitted on or before June
28, 2016.
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\10\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
Brent J. Fields,
Secretary.
[FR Doc. 2016-13317 Filed 6-6-16; 8:45 am]
BILLING CODE 8011-01-P