[Federal Register Volume 77, Number 71 (Thursday, April 12, 2012)]
[Notices]
[Pages 22012-22015]
[FR Doc No: 2012-8839]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66769; File No. SR-CBOE-2012-033]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change Related to FLEX Options

April 6, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 30, 2012, Chicago Board Options Exchange, Incorporated
(the ``Exchange'' or ``CBOE'') 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 the 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) thereunder.\4\ The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange is proposing to provide for additional time to
implement new system enhancements for trading Flexible Exchange Options
(``FLEX Options'') \5\ that were the subject of another rule change
filing that was recently approved. No changes to the rule text are
necessary with respect to this revised implementation plan. The
Exchange is also proposing to make certain amendments to its rules for
trading FLEX Options. The text of the proposed rule change is available
on the Exchange's Web site (http://www.cboe.org/legal), at the
Exchange's Office of the Secretary, and at the Commission's Public
Reference Room.
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    \5\ FLEX Options provide investors with the ability to customize
basic option features including size, expiration date, exercise
style, and certain exercise prices. FLEX Options can be FLEX Index
Options or FLEX Equity Options. In addition, other products are
permitted to be traded pursuant to the FLEX trading procedures. For
example, credit options are eligible for trading as FLEX Options
pursuant to the FLEX rules in Chapters XXIVA and XXIVB. See CBOE
Rules 24A.1(e) and (f), 24A.4(b)(1) and (c)(1), 24B.1(f) and (g),
24B.4(b)(1) and (c)(1), and 28.17. The rules governing the trading
of FLEX Options on the FLEX Request for Quote (``RFQ'') System
platform (which is limited to open outcry trading only) are
contained in Chapter XXIVA. The rules governing the trading of FLEX
Options on the FLEX Hybrid Trading System platform (which combines
both open outcry and electronic trading) are contained in Chapter
XXIVB. The Exchange notes that, currently, all FLEX Options are
traded on the FLEX Hybrid Trading System platform.
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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 those 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
    On February 7, 2012, the Exchange received approval of a rule
change filing, SR-CBOE-2011-122, which amended certain rules pertaining
to the electronic trading of FLEX Options on the Exchange's FLEX Hybrid
Trading System platform (the ``FLEX System'' or ``System'').\6\ In that
filing, the Exchange indicated that it is in the process of enhancing
the FLEX System in order to further integrate it with the Exchange's
existing technology platform utilized for Non-FLEX trading. In
conjunction with the enhancement, the filing made some modifications to
the existing electronic trading processes utilized on the FLEX System
platform. The filing made other amendments to eliminate certain
European-Capped style settlement and currency provisions with the FLEX
rules that pertain to both electronic and open outcry trading. The
filing also indicated that the Exchange planned to announce to its
Trading Permit Holders (``TPHs'') via Regulatory Circular an
implementation schedule for transitioning from the existing technology
platform to the new technology platform once the rollout schedule is
finalized. The filing indicated that the Exchange intended to begin
implementation by no later than March 30, 2012, with the specific
implementation schedule to be announced via Regulatory Circular, as
stated above. The Exchange intended to transition a few classes at a
time and anticipated full implementation within approximately one to
three weeks of the initial transition. Finally, in the event that
implementation did not begin by March 30, 2012, the Exchange
represented that it would file a proposed rule change to establish the
revised time period.
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    \6\ Securities Exchange Act No. 66348 (February 7, 2012), 77 FR
8304 (February 14, 2012) (SR-CBOE-2011-122).
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    The Exchange has determined that it needs some more time to
implement the FLEX System enhancements. Therefore, in accordance with
rule change filing SR-CBOE-2011-122, the Exchange is submitting this
instant proposed rule change filing to establish a revised time period.
Rather than March 30, 2012, the Exchange now intends to begin
implementation by no later than April 30, 2012, with the specific
implementation schedule to be announced via Regulatory Circular. The
Exchange still intends to transition a few classes at a time and
anticipates full implementation within approximately one to three weeks
of the initial transition. Consistent with the prior rule change
filing, in the event the implementation does not begin by April 30,
2012, the Exchange represents that it will file another proposed rule
change to establish the revised time period.
    The Exchange is also proposing to take this opportunity to make
certain other changes to the FLEX rules. First, as noted above, in rule
change filing SR-CBOE-2011-122 the Exchange deleted references to
certain European-Capped style settlement and foreign currency
provisions (and related index multiplier provisions for such
currencies).\7\ The European-Capped style and foreign currency
provisions have generally not been actively utilized.\8\ Since the
Exchange no longer plans to support foreign currency settlements in the
new FLEX System, the Exchange limited the currency for FLEX Index
Options to U.S. dollars.\9\ Because the European-Capped style exercise
and foreign currency provisions are no longer applicable, the Exchange
is now proposing to delete certain other superfluous and unnecessary
references to European-Capped style exercise

options contained elsewhere in Rules 24A.4(b)(2) and 24B.4(b)(2) and to
currencies (and related index multiplier provisions for currencies)
contained elsewhere in Rules 24A.1(i), (o) and (q), 24A.4(a)(1) and
(3)(i), 24A.9(a), 24B.1(m), (w) and (z), 24B.4(a)(1), (3)(i) and
(4)(i), and 24B.9(a) and (b).
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    \7\ Specifically, the Exchange eliminated references to
European-capped style settlement and foreign currency provisions
(and related index multiplier provisions) that were formerly
contained in Rules 24A.1(c) and (i), 24A.4(a)(2)(iii) and (b)(4),
24A.5(f), 24B.1(c) and (m), 24B.4(a)(2)(iii) and (b)(4), and
24B.5(e).
    \8\ The Exchange notes that there is currently no open interest
in any FLEX Option series with a European-Capped style exercise and
currently no open interest in any FLEX Index Option series that is
designated for settlement in a foreign currency.
    \9\ In the future, the Exchange may determine to re-enable the
capability for settlement of FLEX Index Options in a foreign
currency, and such foreign currency settlement provisions would be
the subject of a separate rule filing.
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    Second, the Exchange is proposing to amend Rules 24B.1(n) and
24B.14(b) and (c) to delete references to Indicative FLEX Quotes. An
``Indicative FLEX Quote'' refers to informational FLEX bids and offers
submitted electronically by FLEX Traders in response to a call for such
quotes from the FLEX Post Official or a FLEX Trader. Indicative FLEX
Quotes are non-binding indications of potential market prices only and,
as such, are neither firm nor the basis for a FLEX transaction. Under
the existing procedures, a FLEX Official \10\ may call for such
Indicative FLEX quotes at any time during the course of trading and
with respect to any series of FLEX Options that the FLEX Official deems
appropriate. In addition, FLEX Traders \11\ may call for Indicative
FLEX Quotes, updates thereto, or cancellations thereof. FLEX Traders
could electronically communicate their Indicative FLEX Quotes and the
information would be disseminated over the FLEX Hybrid Trading System
communications network interface. This functionality generally has not
been utilized and the Exchange has determined that it will no longer be
supported when trading begins on the enhanced System (the new System
does not have a similar communication network interface), so the
Exchange is proposing to delete the definition of an Indicative FLEX
Quote in Rule 24B.1 and the procedures noted in Rule 24B.14.\12\
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    \10\ The Exchange may at any time designate an Exchange employee
or independent contractor to act as a FLEX Official in one or more
classes of FLEX Options. A FLEX Official performs the functions set
out in Rule 24B.14.
    \11\ The reference to ``FLEX Traders'' includes any TPHs that
have been approved by the Exchange to use the FLEX Hybrid Trading
System and any non-TPH Sponsored Users that have been provided
electronic access, through Sponsoring TPHs, to the FLEX Hybrid
Trading System in accordance with Rule 6.20A, Sponsored Users.
    \12\ Over the years, Exchange has offered an Indicative FLEX
Quote service, then discontinued the service, then reinstated it,
and is now seeking to discontinue the service because it continues
to not be actively utilized. See, e.g., Securities Exchange Act
Release No. 58719 (October 2, 2008), 73 FR 59692 (October 9, 2008)
(SR-CBOE-2008-103). In the future, the Exchange may determine to
offer an Indicative FLEX Quote service and such a service would be
the subject of a separate rule filing.
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    Third, the Exchange is proposing to amend Rules 24A.4, 24B.1, 24B.4
and 24B.5 to revise some references to FLEX Terms and Trade Conditions,
which are no longer utilized and will not be supported by the Exchange
going forward. Specifically:
     The current Trade Conditions available in the System for a
FLEX Trader to choose from are described in Rule 24B.1(y) and include
Immediate-or-Cancel (a condition to execute a RFQ Order or FLEX Quote
in its entirety or in part as soon as it is represented or cancel it),
All-or-None (a condition to execute an RFQ Order or FLEX Order in its
entirety or not at all) and Hedge (an RFQ or FLEX Order condition
contingent on trade execution in Non-FLEX Options or other Non-FLEX
components (e.g., stock, futures, or other related instruments or
interests)).\13\ These Trade Conditions only apply to electronic
trading (not open outcry). Therefore, although the rule text already
provides that these Trade Conditions are only available in the System
and describes whether or not they are disclosed in the System, the
Exchange is proposing to include certain references to ``electronic
RFQs'' to make it more clear that the provisions only apply to
electronic trading. In addition, the Exchange is proposing to delete
the All-or-None Trade Condition because the System will no longer
support the electronic processing of the All-or-None Trade Condition
for electronic RFQ Orders or FLEX Orders. (Through a separate rule
change filing, the Exchange is seeking to introduce an electronic FLEX
Solicitation Auction Mechanism (the ``FLEX SAM'' auction) under
proposed new Rule 24B.5B that will have an all-or-none type
functionality).\14\
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    \13\ An ``RFQ'' refers to a Request for Quotes, which means an
initial request supplied by a Submitting TPH to initiate FLEX
bidding and offering. An ``RFQ Order'' is an order to purchase or
order to sell FLEX Options entered by the Submitting TPH during the
RFQ Reaction Period. The ``RFQ Reaction Period'' is the period of
time during which a Submitting TPH determines whether to accept or
reject the RFQ Market (which is currently defined as the bids or
offers, or both, as applicable, entered in response to an electronic
RFQ and FLEX Orders resting in the electronic book). A FLEX Order
refers to (i) FLEX bids and offers entered by FLEX Market-Makers and
(ii) orders to purchase or sell FLEX Options entered by FLEX
Traders, in each case into the electronic book. See Rule 24B.1(j),
(r)-(t), (v).
    \14\ See Securities Exchange Act Release No. 66052 (December 23,
2011), 77 FR 306 (January 4, 2012)(SR-CBOE-2011-123). In SR-CBOE-
2011-123, the Exchange is proposing to adopt new Rule 24B.5A
(pertaining to the FLEX Automated Improvement Mechanism or ``FLEX
AIM'' auction) and new Rule 24B.5B (pertaining to the FLEX SAM
auction). The FLEX SAM would be used to cross FLEX Option orders
through an exposed auction process. An original agency order and
paired contra-side order entered into the SAM Auction would also be
designated in the FLEX System as all-or-none (i.e., an order will be
executed in its entirety or not at all).
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     Rule 24B.5(d)(2)(i) provides that the Exchange may from
time to time establish a crossing participation entitlement subject to
certain conditions. Previously, this provision described conditions
with respect to both open outcry RFQ crossing participation
entitlements and electronic RFQ crossing participation entitlements.
However, in rule change filing SR-CBOE-2011-122, the Exchange
eliminated the Intent to Cross Trade Condition\15\ and related
references to a crossing participation entitlement for electronic RFQs
in various provisions, including certain references in Rule
24B.5(d)(2)(i)(A) and (B). Given the elimination of these provisions,
the Exchange is proposing to delete a superfluous and unnecessary
reference to the ``BBO clearing price'' in paragraphs (A) and (B). The
Exchange is proposing to delete these references because the ``BBO
clearing price'' references in paragraphs (A) and (B) were/are only
applicable to electronic RFQs and were/are not applicable to open
outcry RFQs. (Under the former electronic RFQ procedures, a Submitting
TPH could have obtained a crossing participation entitlement if, among
other things, the TPH matched or improved the BBO clearing price.) The
Exchange is also proposing to delete a superfluous and unnecessary
reference contained in Rule 24B.5(d)(2)(i)(C) to a Submitting TPH
utilizing the electronic RFQ mechanics to cross an order with a
solicited order for a FLEX Market-Maker account (or with a solicited
order initiated by a FLEX Market-Maker for an account in which the FLEX
Market-Maker has in interest) pursuant to the crossing participation
entitlement provisions under Rule 24B.5(d)(2)(i)(A) and (B). Again, the
Exchange is proposing to delete these references in paragraph (C)
because the electronic RFQ crossing participation entitlement
provisions have been eliminated from the rules.
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    \15\ ``Intent to Cross'' was an RFQ condition indicating that
the Submitting TPH intends to cross or act as principal and receive
a crossing participation entitlement. See former Rule 24B.1(y)(5).
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     Currently, the terms of a FLEX RFQ shall contain, among
other things, specifications on the quote type and form sought (i.e.,
specify whether bid, offer, or both is sought). The Exchange is
proposing to amend the rules to provide that an open outcry RFQ can
specify a quote for a bid, offer or both; however, electronic RFQs will
be limited to specifying both bids and offers. Therefore, the Exchange
is proposing to amend the provision in

Rules 24B.4(a)(3) and definition of RFQ Market in Rule 24B.1(s).\16\
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    \16\ As revised, the term ``RFQ Market'' will mean the bids and
offers entered in response to an electronic RFQ and FLEX Orders
resting in the electronic book. See proposed changes to Rule
24B.1(s); see also note 13, supra, for current definition of ``RFQ
Market.''
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     Under the current special terms for FLEX Index Options,
exercise prices shall be specified in terms of a specific index value
number, a method of fixing such a number at the time a FLEX Quote is
accepted, or a percentage of index value calculated as of the open or
close of trading on the Exchange on the trade date. The Exchange is
proposing to delete the reference to a percentage of the index value
calculated as of the open of trading on the Exchange on the trade date.
This provision has generally not been actively utilized \17\ and will
no longer be supported when trading begins on the enhanced System.
Therefore, the Exchange is proposing to delete the provision under
Rules 24A.4(b)(2) and 24B.4(b)(2).
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    \17\ The Exchange notes that there is currently no open interest
in any FLEX Index Option series with an exercise price specified in
terms of a percentage of the index value calculated as of the open
of trading on the Exchange on the trade date.
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     Under the current special terms for FLEX Equity Options,
exercise prices may be rounded to the nearest minimum tick, one-eighth
of a dollar, or other decimal increment determined by the Exchange on a
class-by-class basis that may not be smaller than $0.01. The Exchange
is proposing to delete the reference to nearest one-eighth of a dollar.
This language used to be applicable when the Exchange traded in
fractional increments and there was open interest in series with
exercise prices in such an increment. However, there are no longer any
options with exercise prices in this increment, so the Exchange is
proposing to delete the ``one-eighth of a dollar'' language under Rules
24A.4(c)(2) and 24B.4(c)(2).
    Finally, the Exchange is proposing to amend Rules 24B.3, 24B.5 and
24B.9 to revise some of the descriptions of the electronic RFQ trading
procedures. Specifically:
     Currently, Rule 24B.3 provides that there shall be no
trading rotations in FLEX Options, either at the opening or at the
close of trading. An existing FLEX Option series will automatically
open for trading at a randomly selected time within a number of seconds
after 8:30 a.m. (all times are CT), at which point FLEX Orders may be
entered directly into the electronic book (if available) and/or FLEX
RFQ auctions may be initiated pursuant to Rule 24B.5. A new FLEX Option
series may be established on any business day prior to the expiration
date as provided for in Rule 24A.4 and opened for trading pursuant to
the procedures and principles as provided for in Rule 24B.5. The
Exchange is proposing to amend Rules 24B.3 and 25B.5 to make clear
that, besides RFQs under Rule 24B.5, auctions may also be initiated in
existing and new series pursuant to proposed new Rule 24B.5A (regarding
FLEX AIM auctions) or proposed new Rule 24B.5B (regarding FLEX SAM
auctions).\18\
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    \18\ Thus, as revised, the text of Rule 24B.3 will provide in
relevant part that an existing series will automatically open for
trading at a randomly selected time within a number of seconds after
8:30 a.m. (all times are CT), at which point FLEX Orders may be
entered directly into the electronic book (if available) and/or a
FLEX auction may be initiated pursuant to Rule 24B.5, 24B.5A, or
24B.5B. A new FLEX Option series may be established on any business
day prior to the expiration date as provided for in Rule 24A.4 and
opened for trading pursuant to the procedures and principles as
provided for in Rule 24B.5, 24B.5A or 24B.5B. See proposed changes
to Rule 24B.3; see also proposed changes to Rule 24B.5(a), and SR-
CBOE-2011-123, note 14, supra.
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     Currently the electronic RFQ process in relevant part
provides in Rule 24B.5(a)(1)(ii) and (iii) that FLEX Orders may be
entered, modified or withdrawn at any point during the RFQ Response and
Reaction Periods.\19\ When trading moves to the enhanced System, FLEX
Orders may not be submitted to electronic book during the RFQ Response
Period, but may be withdrawn. If a FLEX Trader attempts to enter a FLEX
Order during the RFQ Response and Reaction Periods, the FLEX Order will
be rejected by the System. Therefore, the Exchange is proposing to
amend Rule 24B.5(a)(1)(ii) and (iii) to describe how FLEX Orders will
be handled under the enhanced System. The Exchange is also proposing to
delete references in these provisions indicating that FLEX Quotes may
be modified during the RFQ Response and Reaction Periods (mechanically,
FLEX Quotes submitted in response to an electronic RFQ may only be
modified by withdrawing FLEX Quotes and entering new FLEX Quotes).\20\
The Exchange is also proposing to amend Rule 24B.9 to make clear that
FLEX Quotes submitted in response to an electronic RFQ by FLEX Market-
Makers shall be entered or withdrawn within the RFQ Response and
Reaction Periods, which is consistent with Rule 24B.5(a)(1)(ii) and
(iii).
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    \19\ The ``RFQ Response Period'' (commonly referred to as
``T1'') means the period of time during which FLEX Traders may
provide FLEX Quotes in response to an RFQ. As noted in note 13,
supra, the ``RFQ Reaction Period'' (commonly referred to as ``T2'')
means the period of time during which a Submitting TPH determines
whether to accept or reject the RFQ Market. See Rule 24A.1(u)-(v).
    \20\ The Exchange also proposes to replace a reference to the
FLEX Book with a reference to the electronic book in Rule
24B.5(d)(1).
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     Currently the electronic RFQ process provides that, if
there is an electronic book available, any remaining balance of FLEX
Quotes not traded at the conclusion of the RFQ Reaction Period will be
automatically entered into the electronic book (and treated the same as
other FLEX Orders) unless the FLEX Trader has indicated that the FLEX
Quote is to be automatically cancelled if not traded. When trading
moves to the enhanced System, any remaining balance of FLEX Quotes will
be automatically cancelled at the conclusion of the RFQ Reaction
Period. Therefore, the Exchange is proposing to amend Rule
24B.5(a)(iii)(E) (and to delete a related cross-reference in Rule
24B.5(b)(1)) to describe how any remaining balance of FLEX Quotes will
be handled under the enhanced System.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
Section 6(b) of the Act \21\ in general and furthers the objectives of
Section 6(b)(5) of the Act \22\ in particular in that it should promote
just and equitable principles of trade, serve to remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and protect investors and the public interest. In
particular, the Exchange believes that the use of FLEX Options provides
CBOE TPHs and investors with additional tools to trade customized
options in an exchange environment \23\ and greater opportunities to
manage risk. The Exchange believes that the enhancements to the FLEX
System adopted under rule change filing SR-CBOE-2011-122 should serve
to further those objectives and encourage use of FLEX Options by
enhancing and simplifying the existing processes and integrating the
FLEX System with the

Exchange's existing technology platform for Non-FLEX trading, which
should make the FLEX System more efficient and effective and easier for
users to understand. The Exchange believes that the further refinements
being proposed in this instant rule change filing should also serve to
further those objectives by more clearly and accurately describing the
operation of the enhanced System and deleting superfluous and
unnecessary provisions in the FLEX rules.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ FLEX Options provide TPHs and investors with an improved
but comparable alternative to the over-the-counter (``OTC'') market
in customized options, which can take on contract characteristics
similar to FLEX Options but are not subject to the same
restrictions. The Exchange believes that making these changes will
make the FLEX Hybrid Trading System an even more attractive
alternative when market participants consider whether to execute
their customized options in an exchange environment or in the OTC
market. CBOE believes market participants benefit from being able to
trade customized options in an exchange environment in several ways,
including, but not limited to the following: (1) Enhanced efficiency
in initiating and closing out positions; (2) increased market
transparency; and (3) heightened contra-party creditworthiness due
to the role of The Options Clearing Corporation as issuer and
guarantor of FLEX Options.
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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.

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

    The Exchange neither solicited or received comments on the
proposal.

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 \24\ and Rule 19b-4(f)(6) thereunder.\25\
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.\26\
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    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 17 CFR 240.19b-4(f)(6).
    \26\ 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 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 requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \27\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\28\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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    \27\ 17 CFR 240.19b-4(f)(6).
    \28\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Exchange has requested that the Commission waive the 30-day
operative delay. The Commission believes that waiver of the operative
delay is consistent with the protection of investors and the public
interest because such waiver will allow CBOE to codify the revisions to
its rules to more clearly and accurately describe the operation of its
new system for FLEX Options prior to implementation. Therefore, the
Commission designates the proposal operative upon filing.\29\
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    \29\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    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.

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_ADDRESS>Please include
File Number SR-CBOE-2012-033 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-CBOE-2012-033. 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 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
a.m. and 3 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-2012-033 and should be
submitted on or before May 3, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-8839 Filed 4-11-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 205 (Friday, October 23, 2015)]
[Notices]
[Pages 64435-64436]
[FR Doc No: 2015-27056]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2010-0164]

National Boating Safety Advisory Council

AGENCY: Coast Guard, DHS.

ACTION: Notice of Federal Advisory Committee Meeting.

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SUMMARY: The National Boating Safety Advisory Council and its

Subcommittees will meet on November 12 and 13, 2015, in Arlington, VA,
to discuss issues relating to recreational boating safety. These
meetings will be open to the public.

DATES: The National Boating Safety Advisory Council will meet Thursday,
November 12, 2015, from 12:00 p.m. to 3:30 p.m. and Friday, November
13, 2015 from 1:30 p.m. to 4 p.m. The Boats and Associated Equipment
Subcommittee will meet on November 12, 2015, from 3:30 p.m. to 5:15
p.m. The Prevention through People Subcommittee will meet on November
12, 2015, from 5:15 p.m. to 5:45 p.m. on November 12, 2015, and from
8:05 a.m. to 9:05 a.m. on November 13, 2015. The Recreational Boating
Safety Strategic Planning Subcommittee will meet on November 13, 2015,
from 9:05 a.m. to 12:00 p.m. Please note that these meetings may
conclude early if the National Boating Safety Advisory Council has
completed all business.

ADDRESSES: All meetings will be held in the Ballroom of the Holiday Inn
Arlington (http://www.hiarlington.com), 4610 N. Fairfax Drive,
Arlington, VA 22203.
    For information on facilities or services for individuals with
disabilities or to request special assistance at the meeting, contact
Mr. Jeff Ludwig, Alternate Designated Federal Officer, telephone 202-
372-1061, or at<EMAIL_ADDRESS>    To facilitate public participation, we are inviting public comment
on the issues to be considered by the Council as listed in the
``Agenda'' section below. Written comments for distribution to Council
members must be submitted no later than November 2, 2015, if Council
review is desired prior to the meeting. Written comments may be
submitted using the Federal eRulemaking Portal at http://www.regulations.gov. If your material cannot be submitted using http://www.regulations.gov, contact the person in the FOR FURTHER INFORMATION
CONTACT section of this document for alternate instructions.
    Instructions: All submissions received must include the words
``Department of Homeland Security'' and the docket number of this
action, USCG-2010-0164. Comments received will be posted without
alteration at http://www.regulations.gov, including any personal
information provided. You may review a Privacy Act notice regarding the
Federal Docket Management System in the March 24, 2005, issue of the
Federal Register (70 FR 15086).
    Docket: For access to the docket to read documents or comments
related to this notice, go to http://www.regulations.gov insert USCG-
2010-0164 in the ``Search'' box, press Enter, then click the item you
wish to view.

FOR FURTHER INFORMATION CONTACT: Mr. Jeff Ludwig, Alternate Designated
Federal Officer for the National Boating Safety Advisory Council,
telephone<PHONE_NUMBER>, or at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Notice of this meeting is given under the
Federal Advisory Committee Act, (Title 5, U.S.C., Appendix). Congress
established the National Boating Safety Advisory Council in the Federal
Boat Safety Act of 1971 (Pub. L. 92-75). The National Boating Safety
Advisory Council currently operates under the authority of 46 U.S.C.
13110, which requires the Secretary of Homeland Security and the
Commandant of the Coast Guard by delegation to consult with the
National Boating Safety Advisory Council in prescribing regulations for
recreational vessels and associated equipment and on other major safety
matters. See 46 U.S.C. 4302(c) and 13110(c).

Meeting Agenda

    The agenda for the National Boating Safety Advisory Council meeting
is as follows:

Thursday, November 12, 2015

    (1) Opening remarks and presentation of awards to outgoing members.
    (2) Receipt and discussion of the following reports:
    (a) Chief, Office of Auxiliary and Boating Safety, Update on the
Coast Guard's implementation of National Boating Safety Advisory
Council Resolutions and Recreational Boating Safety Program report.
    (b) Alternate Designated Federal Officer's report concerning
Council administrative and logistical matters.
    (c) Coast Guard Adoption of Electronic Aids to Navigation.
    (d) Nonprofit Organization Grant Update.
    (e) Progress Report on the Next National Recreational Boating
Survey.
    (3) Subcommittee Session: Boats and Associated Equipment
Subcommittee Issues to be discussed include alternatives to pyrotechnic
visual distress signals; grant projects related to boats and associated
equipment; and updates to 33 CFR 181 ``Manufacturer Requirements'' and
33 CFR 183 ``Boats and Associated Equipment.''
    (4) Prevention Through People Subcommittee. Issues to be discussed
include life jacket carriage requirements for certain recreational
vessels and licensing requirements for on-water boating safety
instruction providers.
    (5) Public comment period.
    (6) Adjournment of Meeting.

Friday, November 13, 2015

    The morning session will be dedicated to Subcommittee sessions:
    (1) Recreational Boating Safety Strategic Planning Subcommittee.
Issues to be discussed include progress on implementation of the 2012-
2016 Strategic Plan, and development of the 2017-2021 Strategic Plan.
    The full Council will resume meeting in the afternoon on November
13, 2015.
    (1) Receipt and Discussion of the Boats and Associated Equipment,
Prevention through People and The Recreational Boating Safety Strategic
Planning Subcommittee reports.
    (2) Discussion of any recommendations to be made to the Coast
Guard.
    (3) Public comment period.
    (4) Voting on any recommendations to be made to the Coast Guard.
    (5) Adjournment of meeting.
    There will be a comment period for the National Boating Safety
Advisory Council members and a comment period for the public after each
report presentation, but before each is voted on by the Council. The
Council members will review the information presented on each issue,
deliberate on any recommendations presented in the Subcommittees'
reports, and formulate recommendations for the Department's
consideration.
    The meeting agenda and all meeting documentation can be found at:
http://homeport.uscg.mil/NBSAC. Alternatively, you may contact Mr. Jeff
Ludwig as noted in the FOR FURTHER INFORMATION CONTACT section above.
    Public oral comment periods will be held during the meetings after
each presentation and at the end of each day. Speakers are requested to
limit their comments to 3 minutes. Please note that the public comment
periods may end before the time indicated, following the last call for
comments. Contact Mr. Jeff Ludwig as indicated above to register as a
speaker.

    Dated: October 20, 2015.
Verne B. Gifford, Jr.
Captain, U.S. Coast Guard, Director of Inspections and Compliance.
[FR Doc. 2015-27056 Filed 10-22-15; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 81, Number 227 (Friday, November 25, 2016)]
[Notices]
[Pages 85215-85216]
[FR Doc No: 2016-28327]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER17-362-000]

Rio Bravo Solar II, LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding
Rio Bravo Solar II, LLC`s application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard

to the applicant's request for blanket authorization, under 18 CFR part
34, of future issuances of securities and assumptions of liability, is
December 7, 2016.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the Web site that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: November 17, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-28327 Filed 11-23-16; 8:45 am]
 BILLING CODE 6717-01-P