[Federal Register Volume 81, Number 30 (Tuesday, February 16, 2016)]
[Notices]
[Pages 7867-7871]
[FR Doc No: 2016-02986]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77093; File No. SR-CBOE-2016-008]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule To Amend the Fees Schedule

February 9, 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 February 4, 2016, 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, 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 proposes to amend the Fees Schedule. The text of the
proposed rule change is 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 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 Exchange proposes to amend its Fees Schedule.\3\
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    \3\ The Exchange initially filed the proposed fee changes on
January 4, 2016 (SR-CBOE-2016-001). On January 27, 2016, the
Exchange withdrew that filing and replaced it with SR-CBOE-2016-006.
On February 4, 2016, the Exchange withdrew that filing and submitted
this filing.
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CBOE Proprietary Products Sliding Scale
    The CBOE Proprietary Products Sliding Scale table provides that
Clearing Trading Permit Holder Proprietary transaction fees and
transaction fees for Non-Clearing Trading Permit Holder Affiliates in
Underlying Symbol List A \4\ are reduced provided a Clearing Trading
Permit Holder (``Clearing TPH'') (including its Non-Trading Permit
Holder affiliates) reaches certain average daily volume (``ADV'')
thresholds in all underlying symbols excluding Underlying Symbol List A
and mini-options on the Exchange in a month. The Exchange proposes to
implement changes to the CBOE Proprietary Products Sliding Scale
(``Proprietary Sliding Scale''). First, the Exchange proposes to amend
the current qualifying ADV thresholds. Specifically, the threshold
20,000 ADV to 79,999 ADV would be changed to 25,000 ADV to 69,999 ADV,
and the threshold 80,000 ADV and above would be changed to 70,000 ADV
and above. The Exchange also proposes to increase the rates set forth
in Tiers B1 through B3, as well as in Tiers A1 and A2. Specifically,
the Exchange proposes to increase the rate in Tier B3 to $0.22 from
$0.20, in Tier B2 to $0.12 from $0.10, in Tier B1 to $0.05 from $0.02,
in Tier A2 to $0.18 from $0.16 and in Tier A1 to $0.02 from $0.01. The
proposed changes are further detailed below.
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    \4\ As of December 31, 2015, Underlying Symbol List A includes
the following products: OEX, XEO, RUT, RLV, RLG, RUI, SPX (including
SPXw), SPXpm, SRO, VIX, VXST, VOLATILITY INDEXES and binary options.

----------------------------------------------------------------------------------------------------------------
                         Current                                                 Proposed
----------------------------------------------------------------------------------------------------------------
                      Proprietary                                              Proprietary
      Tier          product volume      Transaction fee         Tier          product volume    Transaction fee
                      thresholds         per contract                           thresholds        per contract
----------------------------------------------------------------------------------------------------------------
 >=20,000 ADV <=79,999 ADV in multi                        >=25,000 ADV <=69,999 ADV in multi
            list products                                             list products
----------------------------------------------------------------------------------------------------------------
B3..............  0.00%-6.50%.......              $0.20   B3..............  0.00%-6.50%......              $0.22
B2..............  6.51%-8.50%.......               0.10   B2..............  6.51%-8.50%......               0.12
B1..............  Above 8.50%.......               0.02   B1..............  Above 8.50%......              $0.05
----------------------------------------------------------------------------------------------------------------

 >=80,000 ADV in multi list roducts                       >=70,000 ADV in multi list products
----------------------------------------------------------------------------------------------------------------
A2..............  0.00%-6.50%.......               0.16   A2..............  0.00%-6.50%......               0.18
A1..............  Above 6.50%.......               0.01   A1..............  Above 6.50%......               0.02
----------------------------------------------------------------------------------------------------------------

    The purpose of amending the tier volume thresholds is to adjust for
current volume trends and demographics across the Clearing TPH
proprietary population and to rationalize fees across that population.
The purpose of increasing the transaction Fee Per Contract rates (and
thereby reducing the amount of the discount Clearing TPHs may receive
on proprietary products) is to moderate the discount levels for these
products in view of their growth and performance. Particularly, the
Exchange does not believe it's necessary to maintain the existing
discounted rates for these tiers, but still seeks to maintain an
incremental incentive for Clearing TPHs to strive for the highest tier
level.
VIX Sliding Scale
    The Exchange proposes to adopt a new Clearing Trading Permit Holder
Proprietary VIX Sliding Scale (the ``VIX Sliding Scale''). The VIX
Sliding Scale allows VIX volatility index options (``VIX options'')
transaction fees for Clearing TPH (including its Non-Trading Permit
Holder affiliates) proprietary orders to be reduced provided a Clearing
TPH (including its Non-Trading Permit Holder affiliates) reaches
certain proprietary VIX options volume thresholds during a month. The
proposed applicable transaction fees for the different volume tiers on
the VIX Sliding Scale are as follows:

------------------------------------------------------------------------
                                                            Transaction
           Tier               Percentage thresholds of        fee per
                                  total VIX  volume          contract
------------------------------------------------------------------------
1.........................  0.00%-1.00%.................           $0.25
2.........................  1.01%-5.50%.................            0.17
3.........................  5.51%-8.00%.................            0.05
4.........................  Above 8.00%.................            0.01
------------------------------------------------------------------------

    The VIX Sliding Scale applies to orders bearing the origin codes
``F'' and ``L''. The purpose of the VIX Sliding Scale is to encourage
greater Clearing TPH proprietary trading of VIX options.
    In conjunction with the adoption of the VIX Sliding Scale, the
Exchange proposes to amend Footnote 11 of its Fees Schedule. Footnote
11 provides the details regarding the Clearing Trading Permit Holder
Fee Cap (``Fee Cap'') in all products except Underlying Symbol List A
(excluding binary options) and the CBOE Proprietary Products Sliding
Scale for Clearing Trading Permit Holder Proprietary Orders, both of
which apply to Clearing TPH proprietary orders. Because the VIX Sliding
Scale also applies to Clearing TPH proprietary orders, and because many
of the details regarding the Fee Cap and the Proprietary Products
Sliding Scale will also apply to the VIX Sliding Scale, the Exchange
proposes to reference the VIX Sliding Scale in Footnote 11 as well.
    First, Footnote 11 defines the CBOE Proprietary Products Sliding
Scale for Clearing Trading Permit Holder Proprietary Orders as the
``Sliding Scale''. In order to avoid confusion that could arise due to
the addition of the VIX Sliding Scale, the Exchange proposes to define
CBOE Proprietary Products Sliding Scale for Clearing Trading Permit
Holder Proprietary Orders as the ``Proprietary Products Sliding
Scale''. As such, any references within Footnote 11 to the ``Sliding
Scale'' will now be referred to as the ``Proprietary Products Sliding
Scale''. Any references to the Clearing Trading Permit Holder
Proprietary VIX Sliding Scale within Footnote 11 will be referred to as
the ``VIX Sliding Scale.''
    Like the Fee Cap and the Proprietary Sliding Scale, the VIX Sliding
Scale will apply to (i) Clearing TPH proprietary orders (``F'' origin
code), and (ii) orders of Non-Trading Permit Holder Affiliates of a
Clearing TPH.\5\ A ``Non-Trading Permit Holder Affiliate'' would be
defined for the purposes of the VIX Sliding Scale the same way it is
defined for the Fee Cap and Proprietary Sliding Scale: A 100% wholly-
owned affiliate or subsidiary of a Clearing TPH that is registered as a
United States or foreign broker-dealer and that is not a CBOE Trading
Permit Holder (``TPH''). As with the Fee Cap and the Proprietary
Sliding Scale, only proprietary orders of the Non-Trading Permit Holder
Affiliate (``L'' origin code) effected for purposes of hedging the
proprietary over-the-counter trading of the Clearing TPH or its
affiliates will be included in calculating the VIX Sliding Scale, and
such orders must be marked with a code approved by the Exchange
identifying the orders as eligible for the VIX Sliding Scale. As with
the Fee Cap and the Proprietary Sliding Scale, each Clearing TPH is
responsible for notifying the TPH Department of all of its affiliations
so that fees and contracts of the Clearing TPH and its affiliates may
be aggregated for purposes of the VIX Sliding Scale and is required to
certify the affiliate status of any Non-Trading Permit Holder Affiliate
whose trading activity it seeks to aggregate. In addition, each
Clearing TPH is required to inform the Exchange immediately of any
event that causes an entity to cease to be an affiliate.
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    \5\ See CBOE Fees Schedule, Footnote 11.
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    As with the Fee Cap and the Proprietary Sliding Scale, the Exchange
will aggregate the fees and trading activity of separate Clearing TPHs
for the purposes of the VIX Sliding Scale if there is at least 75%
common ownership between the Clearing TPHs as reflected on each
Clearing TPH's Form BD, Schedule A. As with the Fee Cap and the
Proprietary Sliding Scale, a Clearing TPH's fees and contracts executed
pursuant to a CMTA agreement (i.e., executed by another clearing firm
and then transferred to the Clearing TPH's account at the OCC) are
aggregated with the Clearing TPH's non-CMTA fees and contracts for
purposes of the VIX Sliding Scale.
    For calculating a Clearing TPH's total proprietary product
transaction fees, CBOE will use the following methodology: If using the
VIX Sliding Scale plus the Proprietary Sliding Scale (minus VIX options
volume) results in lower total Clearing TPH proprietary transaction
fees than just using the Proprietary Sliding Scale, CBOE will apply the
new VIX Sliding Scale plus the Proprietary Sliding Scale (deducting the
VIX options volume from the Proprietary Sliding Scale). If using the
VIX Sliding Scale plus the Proprietary Sliding Scale (minus VIX options
volume) results in higher total Clearing TPH proprietary transaction
fees than just using the Proprietary Sliding Scale, CBOE will apply
only the Proprietary Sliding Scale. The purpose of this methodology is
to provide a Clearing TPH with the most beneficial fee

arrangement (the lowest fees) without double-counting VIX options
volume.
    For example, consider a situation in which, in a month, a Clearing
TPH has a combined total for both the Regular Trading Hours (``RTH'')
session and Extended Trading Hours (``ETH'') session (i) qualifying ADV
of 66,000 in all underlying symbols excluding Underlying Symbol List A
and mini-options, (ii) qualifying proprietary VIX options volume of
500,000 contracts, and (iii) qualifying volume of other proprietary
products of 350,000 contracts (totaling 850,000 contracts of
proprietary products).\6\ Total firm proprietary options contracts
executed in the month was 15,298,000, including total VIX volume of
6,433,000. The Clearing TPH's total 850,000 proprietary contracts
represent 5.56% of the total monthly firm proprietary option contracts
volume (i.e., 850,000/15,298,000). As such, the Clearing TPH's
transaction fees for its proprietary volume under the Proprietary
Sliding Scale (including the proposed rate change) would be $0.22 per
contract, or a total of $187,000 (i.e., 850,000 x $0.22).
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    \6\ For this example, all volumes listed exclude volume in SROs,
Mini-Options and contracts for which a strategy cap has been
applied.
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    Continuing with the example, the Clearing TPH's fees using the VIX
Sliding Scale plus the Proprietary Sliding Scale (minus VIX options
volume) would be calculated. Under the VIX Sliding Scale, the Clearing
TPH total 500,000 VIX contracts represent 7.77% of the total monthly
firm VIX option contracts volume (i.e., 500,000/6,433,000). As such,
the Clearing TPH would be assessed a $0.25-per-contract fee for
contracts 1-64,330 (totaling $16,082.50), a $0.17-per-contract fee for
contracts 64,331-353,815 (totaling $49,212.45), and a $0.05-per-
contract fee for contracts 353,816-500,000 (totaling $7,309.25).
Therefore, under the VIX Sliding Scale, the Clearing TPH's proprietary
transaction fees are $72,604.20 ($16,082.50 + $49,212.45 + $7,309.25).
To this the Clearing TPH's proprietary fees under the Proprietary
Sliding Scale (subtracting out the VIX options volume) would be added.
Under the Proprietary Sliding Scale, the Clearing TPH's total non-VIX
proprietary contracts represent 3.85% of the total monthly firm non-VIX
proprietary option contracts volume (i.e., 350,000 non-VIX proprietary
volume/8,865,000 total non-VIX proprietary volume (15,298,000 total
proprietary volume - 6,433,000 VIX volume)). The Clearing TPH's
transaction fees for its non-VIX proprietary volume under the
Proprietary Sliding Scale (including the proposed rate change) would be
$0.22 per contract, or a total of $77,000 (i.e., 350,000 x $0.22). The
Clearing TPH's fees under the VIX Sliding Scale ($72,604.20) added to
the fees using the Proprietary Sliding Scale (minus VIX volume)
($77,000), totals $149,604.20. Because this amount is less than the
Clearing TPH's fees using just the Proprietary Sliding Scale (including
the VIX options volume) of $187,000, the Exchange would apply the VIX
Sliding Scale plus the Proprietary Sliding Scale to determine the
Clearing TPH's proprietary fees, and assess the lower fee of
$149,604.20.
    In conjunction with the proposed changes, the Exchange proposes to
make a number of related non-substantive clarifying and
reorganizational changes to its Fees Schedule. First, the Exchange
proposes to rename the CBOE Proprietary Products Sliding Scale rate
table to the ``Clearing Trading Permit Holder Proprietary Products
Sliding Scales.'' The Exchange also proposes to specify that Table A
represents the Proprietary Products Sliding Scale and Table B
represents the VIX Sliding Scale. Additionally, in light of renaming
the table and adding the VIX Sliding Scale, the Exchange proposes to
update the corresponding reference to the ``CBOE Proprietary Products
Sliding Scale'' in the Specified Proprietary Index Options Rate Table
to ``CBOE Clearing Trading Permit Holder Proprietary Products Sliding
Scales''. The Exchange also proposes to eliminate Footnote 23 (which
footnote relates to the CBOE Proprietary Sliding Scale) and consolidate
the notes currently located within Footnote 23 with the notes currently
located within the Notes section of the CBOE Proprietary Products
Sliding Scale table, as well as update the Notes section with a
description of how the sliding scales will work. The Exchange believes
maintaining both a Notes section and a footnote is unnecessary and that
the proposed change will alleviate potential confusion and make the
Fees Schedule easier to read. Lastly, in light of the additional
language that is being added regarding the VIX Sliding Scale, the
Exchange proposes a few non-substantive and clarifying changes to the
language contained within the Notes section of the CBOE Proprietary
Products Sliding Scales table, which the Exchange believes will enhance
the section's readability. For example, the Exchange has eliminated the
sentence ``Mini-options and SROs are excluded from the CBOE Proprietary
Products Sliding Scale'' and instead clarified where and when those
products are excluded (i.e., SROs are not eligible for the reduce [sic]
transaction fee discounts and Mini-Options are not counted towards the
ADV volume thresholds). Additionally, the Exchange is amending the last
sentence of the Notes section relating to ETH and RTH volume, which the
Exchange believes will make the sentence easier to read and avoid
potential confusion. For example, the Exchange proposes to eliminate
the reference to ``VIX and SPX/SPXW'' volume and ``Underlying Symbol
List A''. The Exchange notes that these changes are not substantive and
do not change the applicability of the sliding scales to ETH or make
any other changes as to how the sliding scales apply.
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. Additionally,
the Exchange believes the proposed rule change is consistent with
Section 6(b)(4) of the Act,\9\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Trading Permit Holders and other persons using
its facilities.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes the proposal to change the qualifying volume
thresholds for the reduced fees in the Proprietary Sliding Scale is
reasonable because it adjusts for current volume trends and
demographics across the Clearing TPH proprietary population and
rationalizes fees across that population. The Exchange notes that the
rebalance of tiers also still allows the Exchange to maintain an
incremental

incentive for Clearing TPHs to strive for the highest tier level. The
Exchange believes it is equitable and not unfairly discriminatory
because the proposed changes to the qualifying volume thresholds apply
to all Clearing TPHs.
    The Exchange believes increasing the rates in each of the tiers of
the Proprietary Sliding Scale (and thereby reducing the overall
discount) is reasonable because it still provides Clearing TPHs an
opportunity to receive notable discounted rates on classes in
Underlying Symbol list A for reaching certain qualifying volume
thresholds that they would not otherwise receive (now just a smaller
discount). Additionally, the Exchange notes that lower fees for
executing more contracts is equitable and not unfairly discriminatory
because it provides market participants with an incentive to execute
more contracts on the Exchange. This brings greater liquidity and
trading opportunity, which benefits all market participants. The
Exchange believes that the proposed change is not unfairly
discriminatory because it will apply to all Clearing TPHs that meet the
qualifying volume thresholds. The Exchange also believes offering lower
fees under the Proprietary Sliding Scale to Clearing TPHs and not other
CBOE market participants is equitable and not unfairly discriminatory
because Clearing TPHs must take on certain obligations and
responsibilities, such as clearing and membership with the Options
Clearing Corporation, as well as significant regulatory burdens and
financial obligations, that other market participants are not required
to undertake.
    The adoption of the VIX Sliding Scale is reasonable because it will
allow Clearing TPHs who engage in VIX options trading the opportunity
to pay lower fees for such transactions. Similarly, aggregating the
fees and trading activity of separate Clearing TPHs for the purposes of
the VIX Sliding Scale if there is at least 75% common ownership between
the Clearing TPHs and aggregating a Clearing TPH's fees and contracts
executed pursuant to a CMTA agreement with the Clearing TPH's non-CMTA
fees and contracts for the purpose of the VIX Sliding Scale is
reasonable because this will allow more Clearing TPHs to qualify for
the lowered fees at the higher volume tiers in the VIX Sliding Scale.
    The proposed methodology to be used in calculating a Clearing TPH's
total proprietary product transaction fees is reasonable because it
provides Clearing TPHs who engage in VIX options trading with a second
way to maximize their ability to reduce their proprietary products
transaction fees. Subtracting VIX options volume from the Proprietary
Sliding Scale when taking into account the VIX Sliding Scale to
calculate proprietary product transaction fees is reasonable because it
would be illogical (and not financially viable) to count VIX options
volume twice (once in the VIX Sliding Scale and once in the Proprietary
Sliding Scale) to allow a Clearing TPH to qualify for a lowered fee
rate when the VIX options transactions (and volume such transactions
created) only occurred once and fees were therefore only assessed on
such transactions once.
    Applying the VIX Sliding Scale to Clearing TPH (and their
affiliates, in the manner described above) proprietary orders only is
equitable and not unfairly discriminatory because, as noted above,
Clearing TPHs take on a number of obligations and responsibilities
(such as membership with the Options Clearing Corporation), significant
regulatory burdens, and financial obligations that other market
participants are not required to undertake. Further, the VIX Sliding
Scale is designed to encourage increased Clearing TPH proprietary VIX
options volume, which provides increased VIX options volume and greater
trading opportunities for all market participants. Similarly, applying
lower fee rates for Clearing TPHs who hit the higher VIX options
contract volume tiers on the VIX Sliding Scale is equitable and not
unfairly discriminatory because this is designed to encourage increased
TPH proprietary VIX options volume, which provides increased VIX
options volume and greater trading opportunities for all Clearing TPHs,
including those who are not able to reach the higher-volume tiers.
Moreover, the Exchange already offers other fee-lowering programs (such
as the Fee Cap and Proprietary Sliding Scale) which entail lower fees
for Clearing TPHs (and their affiliates, in the manner described above)
and are limited to Clearing TPHs (and their affiliates, in the manner
described above).
    Applying the VIX Sliding Scale to VIX options and not to other
products is equitable and not unfairly discriminatory because the
Exchange has expended considerable time and resources in developing VIX
options.
    The Exchange believes (i) redefining the Proprietary Sliding Scale
and adding references to the VIX Sliding Scale in Footnote 11 of the
Fees Schedule and (ii) updating the reference to the ``CBOE Proprietary
Products Sliding Scale'' to ``CBOE Clearing Trading Permit Holder
Proprietary Products Sliding Scales'' in the Specified Proprietary
Index Options Rate Table alleviates potential confusion by investors
reading the Fees Schedule in light of the proposed change.
Additionally, the Exchange believes its proposal to make non-
substantive clarifying language changes to the Notes section, as well
as its proposal to eliminate Footnote 23 and consolidate the
description set forth in Footnote 23 within the Notes section of the
current CBOE Proprietary Products Sliding Scale table will alleviate
potential confusion and make the Fees Schedule easier to read and more
streamlined. This avoidance of confusion removes impediments to and
perfects the mechanism of a free and open market and a national market
system, and, in general, protects investors and the public interest.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule changes 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 will impose any burden on
intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because, while it applies only
to Clearing TPH proprietary orders, Clearing TPHs take on a number of
obligations and responsibilities (such as membership with the Options
Clearing Corporation), significant regulatory burdens, and financial
obligations that other market participants are not required to
undertake. Further, the VIX Sliding Scale is designed to encourage
increased Clearing TPH proprietary VIX options volume, which provides
increased VIX options volume and greater trading opportunities for all
market participants. Therefore, the Exchange believes that any
potential effects on intramarket competition that the proposed changes
to the Proprietary Sliding Scale and adoption of the VIX Sliding Scale
may cause are therefore justifiable. The Exchange does not believe that
the proposed rule changes 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 applies only to
CBOE. To the extent that the proposed changes make CBOE a more
attractive marketplace for market participants at other exchanges, such
market participants are welcome to become CBOE market participants.

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 foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \10\ and paragraph (f) of Rule 19b-4 \11\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is 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 will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f).
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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-2016-008 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-2016-008. 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
10:00 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-2016-008 and should be
submitted on or before March 8, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-02986 Filed 2-12-16; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 81 (Wednesday, April 28, 2010)]
[Notices]
[Page 22411]
[FR Doc No: 2010-9823]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-F-0200]

Fonterra (USA) Inc.; Filing of Food Additive Petition

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that
Fonterra (USA) Inc. has filed a petition proposing that the food
additive regulations be amended to provide for the safe use of hydrogen
peroxide in the manufacture of modified whey by the ultrafiltration
method.

FOR FURTHER INFORMATION CONTACT: Celeste Johnston, Center for Food
Safety and Applied Nutrition (HFS-265), Food and Drug Administration,
5100 Paint Branch Pkwy., College Park, MD 20740-3835,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Under the Federal Food, Drug, and Cosmetic
Act (sec.409(b)(5) (21 U.S.C. 348(b)(5))), notice is given that a food
additive petition (FAP 0A4781) has been filed by Fonterra (USA), Inc.,
c/o Burdock Group, 801 N. Orange Ave., Suite 710, Orlando FL, 32801.
The petition proposes to amend the food additive regulations in part
173--Secondary Direct Food Additives Permitted in Food for Human
Consumption (21 CFR part 173) to provide for the safe use of hydrogen
peroxide in the manufacture of modified whey by the ultrafiltration
method.
    The agency has determined under 21 CFR 25.32(r) that this action is
of a type that does not individually or cumulatively have a significant
effect on the human environment. Therefore, neither an environmental
assessment nor an environmental impact statement is required.

    Dated: April 23, 2010.
Mitchell A. Cheeseman,
Acting Director, Office of Food Additive Safety, Center for Food Safety
and Applied Nutrition.
[FR Doc. 2010-9823 Filed 4-27-10; 8:45 am]
BILLING CODE 4160-01-S


[Federal Register Volume 80, Number 129 (Tuesday, July 7, 2015)]
[Notices]
[Pages 38798-38799]
[FR Doc No: 2015-16558]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Alaska: Fixed Wing Aircraft External Loads as a Restricted
Category Special Purpose Flight Operation

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of availability and request for public comments.

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SUMMARY: This notice announces the availability of and request comments
on the proposed authorization of Alaska Fixed Wing External Loads
(FWEL) as a new restricted category special purpose operation, pursuant
to Title 14 of the Code of Federal Regulations (14 CFR) 21.25(b)(7),
for operations within the State of Alaska.

DATES: Comments must be received on or before August 6, 2015.

FOR FURTHER INFORMATION CONTACT: Federal Aviation Administration,
Design Manufacturing and

Airworthiness Division, Design Certification Section (AIR-111), 950
L'Enfant Plaza SW., Washington, DC 20024. ATTN: Mr. Graham Long.
Telephone<PHONE_NUMBER>, fax<PHONE_NUMBER>, email to:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Pursuant to the Reauthorization Act of 1966
(110 Sat. 3213) SEC. 1205., Regulations Affecting Intrastate Aviation
in Alaska, modifying regulations contained in Title 14 of the Code of
Federal Regulations, in a manner affecting intrastate aviation in
Alaska became law. The Administrator of the Federal Aviation
Administration considered the extent to which Alaska is not served by
transportation modes other than aviation, established such regulatory
distinctions as deemed appropriate.
    The Design, Manufacturing and Airworthiness Division (AIR-100)
proposes Alaskan Fixed Wing External Loads (FWEL) as a recognized
special purpose operation in the restricted category, under Title 14 of
the Code of Federal Regulations (14 CFR) Sec.  21.25(b)(7). Alaskan
FWEL is the carriage of external loads temporarily attached to small,
fixed-wing aircraft operating within the state of Alaska. This approval
is issued with the following requirements:
    1. Alaskan FWEL must be performed in conjunction with the
procedures contained in FAA Notice N8900.272 (or its successor policy).
    2. An airplane eligible for the carriage of external loads must:
    a. Be a small propeller-driven airplane type-certificated in
accordance with 14 CFR part 23 (or its predecessor regulations) in the
normal, utility, or acrobatic category, and have a valid airworthiness
certificate in that category.
    b. Have a maximum certificated takeoff weight of 12,500 pounds or
less.
    3. The airworthiness limitations issued with the airworthiness
certificate must include a requirement for training in the carriage of
FWEL. The pilot must have sufficient knowledge of (1) external load
attaching methods; (2) the airplane operating limitations issued for
the external load operation; and (3) how the external load may affect
the flight characteristics of the airplane.

    Note: Airplane Handling and Flight Characteristics: When
carrying external loads, aerodynamic forces and the weight of an
external load change an airplane's handling and flight
characteristics. These forces can negatively affect airplane
performance (takeoff, climb, cruise, and landing), airplane
stability, flight control effectiveness, vibration, fuel
consumption, and engine cooling, among other characteristics. The
operator must take care when selecting and mounting an external load
and also exercise prudence to avoid operation outside the airplane's
approved weight & balance envelope, and to avoid aerodynamic effects
that make operations unsafe.

    4. The aircraft must be operated in accordance with the gross
weight and flight envelope limitations when in the restricted category.
    5. No passengers are permitted on board when in restricted
category. All persons onboard must be flight crew members, flight crew
member trainees, persons who perform an essential function in
connection with the special purpose operation, or persons necessary to
accomplish the work activity directly associated with the special
purpose operation.

    Issued in Washington, DC, on June 30, 2015.
Susan J.M. Cabler,
Acting Manager, Design, Manufacturing and Airworthiness Division,
Aircraft Certification Service.
[FR Doc. 2015-16558 Filed 7-6-15; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 21 (Friday, January 31, 2020)]
[Notices]
[Pages 5771-5772]
[FR Doc No: 2020-01829]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2019-0119; Notice 1]

Notice of Receipt of Petition for Decision That Nonconforming
Model Year 2015 Ford Fusion SE Passenger Cars Are Eligible for
Importation

AGENCY: National Highway Traffic Safety Administration, Department of
Transportation (DOT).

ACTION: Receipt of petition.

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SUMMARY: This document announces the National Highway Traffic Safety
Administration (NHTSA) receipt of a petition for a decision that model
year (MY) 2015 Ford Fusion SE passenger cars (PCs) that were not
originally manufactured to comply with all applicable Federal motor
vehicle safety standards (FMVSS), are eligible for importation into the
United States because they are substantially similar to vehicles that
were originally manufactured for sale in the United States and that
were certified by their manufacturer as complying with the safety
standards (the U.S.-certified version of the 2015 Ford Fusion SE PCs)
and are capable of being readily altered to conform to the standards.

DATES: The closing date for comments on the petition is March 2, 2020.

ADDRESSES: Interested persons are invited to submit written data,
views, and arguments on this petition. Comments must refer to the
docket and notice number cited in the title of this notice and may be
submitted by any of the following methods:
     Mail: Send comments by mail addressed to the U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590.
     Hand Delivery: Deliver comments by hand to the U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590. The Docket Section is open on weekdays from 10 a.m. to 5 p.m.
except for Federal Holidays.
     Electronically: Submit comments electronically by logging
onto the Federal Docket Management System (FDMS) website at https://www.regulations.gov/. Follow the online instructions for submitting
comments.
     Comments may also be faxed to<PHONE_NUMBER>.
    Comments must be written in the English language, and be no greater
than 15 pages in length, although there is no limit to the length of
necessary attachments to the comments. If comments are submitted in
hard copy form, please ensure that two copies are provided. If you wish
to receive confirmation that comments you have submitted by mail were
received, please enclose a stamped, self-addressed postcard along with
the comments. Note that all comments received will be posted without
change to https://www.regulations.gov, including any personal
information provided.
    All comments and supporting materials received before the close of
business on the closing date indicated above will be filed in the
docket and will be considered. All comments and supporting materials
received after the closing date will also be filed and will be
considered to the fullest extent possible.
    All comments, background documentation, and supporting materials
submitted to the docket may be viewed by anyone at the address and
times given above. The documents may also be viewed on the internet at
https://www.regulations.gov by following the online instructions for
accessing the dockets. The docket ID number for this petition is shown
in the heading of this notice.
    DOT's complete Privacy Act Statement is available for review in a
Federal Register notice published on April 11, 2000, (65 FR 19477-78).

FOR FURTHER INFORMATION CONTACT: Robert Mazurowski, Office of Vehicle
Safety Compliance, NHTSA<PHONE_NUMBER>).

SUPPLEMENTARY INFORMATION:

Background

    Under 49 U.S.C. 30141(a)(1)(A), a motor vehicle that was not
originally manufactured to conform to all applicable FMVSS shall be
refused admission into the United States unless NHTSA has decided that
the motor vehicle is substantially similar to a motor vehicle
originally manufactured for importation into and sale in the United
States, certified under 49 U.S.C. 30115, and of the same MY as the
model of the motor vehicle to be compared, and is capable of being
readily altered to conform to all applicable FMVSS.
    Petitions for eligibility decisions may be submitted by either
manufacturers or importers who have registered with NHTSA pursuant to
49 CFR part 592. As specified in 49 CFR 593.7, NHTSA publishes notice
of each petition that it receives in the Federal Register, and affords
interested persons an opportunity to comment on the petition. At the
close of the comment period, NHTSA decides, on the basis of the
petition and any comments that it has received, whether the vehicle is
eligible for importation. The agency then publishes this decision in
the Federal Register.
    G&K Automotive Conversion, Inc, (Registered Importer R-90-007), of
Santa Ana, California has petitioned NHTSA to decide whether
nonconforming 2015 Ford Fusion SE PCs are eligible for importation into
the United States. G&K Automotive Conversion believes the vehicles are
substantially similar to MY 2015 Ford Fusion SE PCs sold in the United
States and certified by their manufacturer as conforming to all
applicable FMVSS.
    The petitioner claims that it compared non-U.S. certified MY 2015
Ford Fusion SE PCs to their U.S.-certified counterparts, and found the
vehicles to

be substantially similar with respect to compliance with most FMVSS.
    G&K Automotive Conversion, Inc. submitted information with its
petition intended to demonstrate that non-U.S. certified MY 2015 Ford
Fusion SE PCs, as originally manufactured, conform to many applicable
FMVSS in the same manner as their U.S.-certified counterparts, or are
capable of being readily altered to conform to those standards.
Specifically, the petitioner claims that the non-U.S. certified MY 2015
Ford Fusion SE PCs, as originally manufactured, conform to: FMVSS Nos.
101, Controls and Displays, 102, Transmission Shift Position Sequence,
Starter Interlock, and Transmission Braking Effect, 103, Windshield
Defrosting and Defogging Systems, 104, Windshield Wiping and Washing
Systems, 106, Brake Hoses, 113, Hood Latch System, 114, Theft
Protection and Rollaway Prevention, 116, Motor Vehicle Brake Fluids,
118, Power-Operated Window, Partition, and Roof Panel Systems, 124,
Accelerator Control Systems, 126, Electronic Stability Control Systems,
135, Light Vehicle Brake Systems, 138, Tire Pressure Monitoring
Systems, 139, New Pneumatic Radial Tires for Light Vehicles, 201,
Occupant Protection in Interior Impact, 202, Head Restraints, 204,
Steering Control Rearward Displacement, 205, Glazing Materials, 206,
Door Locks and Door Retention Components, 207, Seating Systems, 208,
Occupant Crash Protection, 209, Seat Belt Assemblies, 210, Seat Belt
Assembly Anchorages, 212, Windshield Mounting, 214, Side Impact
Protection, 216, Roof Crush Resistance, 219, Windshield Zone Intrusion,
225, Child Restraint Anchorage Systems, 301, Fuel System Integrity, and
302, Flammability of Interior Materials, 401, Internal Trunk Release.
    The petitioner also contends that the subject non-U.S. certified
vehicles are capable of being readily altered to meet the following
FMVSS, in the manner indicated:
    FMVSS No. 101 Controls and Displays: Modification of the
speedometer for units of miles per hour. FMVSS No. 108, Lamps,
Reflective Devices and Associated Equipment: Replacement of the front
and rear side markers. FMVSS No. 110, Tire Selection and Rims and Motor
Home/Recreation Vehicle Trailer Load Carrying Capacity Information for
Motor Vehicles with a GVWR of 4,536 kilograms (10,000 pounds) or Less:
Installation of the required tire information placard. FMVSS No. 111,
Rear Visibility: Inscription of the required warning statement on the
face of the passenger mirror.
    The petitioner additionally stated that a vehicle anti-theft device
will be installed, if needed, to meet the requirements of 49 CFR part
541, Anti-Theft Devices. The petitioner further stated, that a vehicle
identification plate must be affixed to the vehicle, near the left
windshield pillar, to meet the requirements of 49 CFR part 565, Vehicle
Identification Requirements, as well as, a reference and certification
label added to the left front door post area to meet the requirements
of 49 CFR part 567, Certification. The petitioner also stated that the
vehicles meet the requriements of 49 CFR part 581, Bumper Standard.

    Authority: 49 U.S.C. 30141(a)(1)(A), (a)(1)(B), and (b)(1); 49
CFR 593.7; delegation of authority at 49 CFR 1.95 and 501.8.

Otto G. Matheke III,
Director, Office of Vehicle Safety Compliance.
[FR Doc. 2020-01829 Filed 1-30-20; 8:45 am]
 BILLING CODE 4910-59-P