Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 14187 

13See e.g., PHLX Pricing, Section II, Multiply 

Listed Options Fees. 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12). 

1 15 U.S.C.78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

is not necessary or appropriate in 

furtherance of the purposes of the Act, 

because it applies to all Trading Permit 

Holders. The Exchange believes this 

proposal will not cause an unnecessary 

burden on intermarket competition 

because the electronic non-Penny Pilot 

transaction fee and fee amount is similar 

to fees assessed at other exchanges.13

Additionally, the proposal relating to 

the FBW2 fee waivers only affect trading 

on 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 14 and paragraph (f) of Rule 

19b–4 15 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. 

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 rule-comments@

sec.gov. Please include File Number SR– 

CBOE–2015–025 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CBOE–2015–025. 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– 

2015–025 and should be submitted on 

or before April 8, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–06109 Filed 3–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74492 ; File No. SR– 

NYSEArca–2015–13] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Amending the NYSE Arca 

Options Fee Schedule Relating to 

Market Maker Posting Credit Tiers 

March 12, 2015. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on March 2, 

2015, NYSE Arca, Inc. (the ‘‘Exchange’’ 

or ‘‘NYSE Arca’’) 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 self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’) relating to Market Maker 

Posting Credit Tiers. The Exchange 

proposes to implement the fee change 

effective March 2, 2015. The text of the 

proposed rule change is available on the 

Exchange’s Web site at www.nyse.com, 

at the principal office of the Exchange, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization 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. 

mstockstill on DSK4VPTVN1PROD with NOTICES

14188 Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 

4 15 U.S.C. 78f(b). 

5 15 U.S.C. 78f(b)(4) and (5). 

6See, e.g., BATS Options Exchange fee schedule, 

available at, http://www.batsoptions.com/support/

fee_schedule/ (providing a ($0.42) credit for certain 

market maker volume); NASDAQ Options Market 

fee schedule, available at, http://www.nasdaq

trader.com/Micro.aspx?id=optionsPricing (same). 7 15 U.S.C. 78f(b)(8). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to create 

an additional Market Maker Monthly 

Posting Credit Super Tier (‘‘Super Tier 

II’’) for Executions in Penny Pilot Issues 

and SPY. The Exchange proposes to 

implement the fee change effective 

March 2, 2015. 

Currently, the Exchange has a Base 

Posting Credit rate, and two additional 

tiers with higher credit rates for Market 

Makers that meet certain volume 

criteria, as outlined in the table below. 

MARKET MAKER MONTHLY POSTING CREDIT SUPER TIER AND QUALIFICATIONS FOR EXECUTIONS IN PENNY PILOT ISSUES

AND SPY 8

Tier Qualification basis (average electronic executions per day) Credit applied to posted 

electronic market maker 

executions in penny pilot 

issues (except SPY) 

Credit applied to posted 

electronic market maker 

executions in SPY 

Base .................. ............................................ .................................................................. ($0.28) ($0.28) 

Select Tier ........ 30,000 Contracts from Market Maker Posted Orders 

in All Issues.

.................................................................. (0.32) (0.32) 

Super Tier ......... 80,000 Contracts from Market Maker Posted Orders 

in All Issues, or 

200,000 Contracts Combined from all orders in Penny Pilot Issues, all account 

types, with at least 100,000 Contracts 

from Posted Orders in Penny Pilot 

Issues*.

(0.37) (0.39) 

*Includes transaction volume from the Market Maker’s affiliates. 

The Exchange is proposing to add 

another tier, Super Tier II, to provide an 

incentive for increased Market Maker 

activity on the Exchange. 

As with the Super Tier, the proposed 

Super Tier II qualification would be 

200,000 contracts, but only contracts 

traded for the account of a Market 

Maker would count and at least 110,000 

of those contracts would have to be from 

Posted Orders or quotes from both 

Penny Pilot and non-Penny Pilot issues. 

Unlike Super Tier, contract volume 

from a Market Maker’s affiliate would 

not be counted for determining whether 

a member qualified for fees in Super 

Tier II. Market Makers who meet the 

threshold for Super Tier II would 

receive a credit of $0.42 applied to 

Posted Electronic Market Maker 

executions in Penny Pilot issues, 

including SPY. 

In addition, the Exchange proposes to 

make a non-substantive change to the 

title of the table to more accurately 

reflect its contents, such that it reads: 

‘‘MARKET MAKER MONTHLY 

POSTING CREDIT TIERS AND 

QUALIFICATIONS FOR EXECUTIONS 

IN PENNY PILOT ISSUES AND SPY.’’ 

The Exchange is not proposing any 

other modifications to the Market Maker 

Posting Credits at this time. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,4 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,5 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes that the 

proposed change is reasonable because 

adding a new Super Tier II would 

encourage Market Makers to post greater 

volumes in all issues, including nonPenny Pilot issues, in order to qualify 

for the Super Tier II credit of $0.42. The 

proposed change is also reasonable 

because it is designed to attract higher 

volumes of Market Maker Posted Orders 

to the Exchange, which would benefit 

all market participants by offering 

greater price discovery, increased 

transparency and trading opportunities 

on the Exchange. Encouraging Market 

Makers to send higher volumes of orders 

to the Exchange would also contribute 

to the Exchange’s depth of book as well 

as to the top of book liquidity. 

The Exchange also believes that the 

proposed credits are reasonable because 

they are within a range of similar credits 

available on other option exchanges.6

The Exchange believes that the 

proposed change is equitable and not 

unfairly discriminatory because it 

would apply to all Market Makers on an 

equal and non-discriminatory basis. The 

Exchange further believes that the 

proposed change is equitable and not 

unfairly discriminatory because it is 

reasonably related to the value to the 

Exchange’s market quality associated 

with higher volumes in Market Maker 

Posted Orders, including both Penny 

Pilot issues and non-Penny Pilot issues. 

The Exchange believes the nonsubstantive change to the title of the 

table would benefit all market 

participants as it would add clarity to 

the fee schedule. 

For these reasons, the Exchange 

believes that the proposal is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,7 the Exchange does not believe 

that the proposed rule change will 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

Instead, the Exchange believes that the 

proposed change would continue to 

encourage competition, including by 

attracting additional liquidity to the 

Exchange, which would continue to 

make the Exchange a more competitive 

venue for, among other things, order 

execution and price discovery. The 

Exchange does not believe that the 

proposed change will impair the ability 

of Market Makers or competing order 

execution venues to maintain their 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 52 / Wednesday, March 18, 2015 / Notices 14189 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(2). 

10 15 U.S.C. 78s(b)(2)(B). 11 17 CFR 200.30–3(a)(12). 

competitive standing in the financial 

markets. 

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues. In such an 

environment, the Exchange must 

continually review, and consider 

adjusting, its fees and credits to remain 

competitive with other exchanges. For 

the reasons described above, the 

Exchange believes that the proposed 

rule change reflects this competitive 

environment. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) of the Act 8 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder,9 because it establishes a 

due, fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) of the Act 10 to 

determine whether the proposed rule 

change should be approved or 

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 rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2015–13 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549. 

All submissions should refer to File 

Number SR–NYSEArca–2015–13. 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 such 

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– 

NYSEArca–2015–13 and should be 

submitted on or before April 8, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–06125 Filed 3–17–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IA–4046/803–00224] 

T. Rowe Price Associates, Inc. and T. 

Rowe Price International Ltd; Notice of 

Application 

March 12, 2015. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of application for an 

exemptive order under Section 206A of 

the Investment Advisers Act of 1940 

(the ‘‘Advisers Act’’) and Rule 206(4)– 

5(e) thereunder. 

Applicant: T. Rowe Price Associates, 

Inc. (‘‘TRPA’’) and T. Rowe Price 

International Ltd (‘‘TRPIL’’ and, together 

with TRPA, the ‘‘Advisers’’ or the 

‘‘Applicants’’). 

Relevant Advisers Act Sections: 

Exemption requested under Section 

206A of the Advisers Act and Rule 

206(4)–5(e) thereunder from Rule 

206(4)–5(a)(1) under the Advisers Act. 

Summary of Application: The 

Applicants request that the Commission 

issue an order under Section 206A of 

the Advisers Act and Rule 206(4)–5(e) 

thereunder exempting them from Rule 

206(4)–5(a)(1) under the Advisers Act to 

permit Applicants to receive 

compensation from certain government 

entities for investment advisory services 

provided to the government entities 

within the two-year period following a 

contribution by a covered associate of 

the Applicants to an official of the 

government entities. 

DATES: Filing Dates: The application was 

filed on May 6, 2014, and an amended 

and restated application was filed on 

October 29, 2014. 

Hearing or Notification of Hearing: An 

order granting the application will be 

issued unless the Commission orders a 

hearing. Interested persons may request 

a hearing by writing to the 

Commission’s Secretary and serving 

Applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on April 6, 2015, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit or, for lawyers, a 

certificate of service. Pursuant to Rule 

0–5 under the Advisers Act, hearing 

requests should state the nature of the 

writer’s interest, any facts bearing upon 

the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons may 

request notification of a hearing by 

writing to the Commission’s Secretary. 

ADDRESSES: Brent J. Fields, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. Applicants, TRPA and 

TRPIL, T. Rowe Price Associates, Inc., 

100 East Pratt Street, Baltimore, 

Maryland 21202. 

FOR FURTHER INFORMATION CONTACT: Kyle 

R. Ahlgren, Senior Counsel, or Melissa 

R. Harke, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

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