19378 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 

9 15 U.S.C. 78s(b)(3)(A). 

10 17 CFR 240.19b–4(f)(6). 

11 15 U.S.C. 78s(b)(3)(A). 

12 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. 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(7). 

2 7 U.S.C. 7a–2(c). 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest. 

In particular, the Exchange believes 

that the deletion of Rule 2.50 is 

appropriate because it is obsolete now 

that CBSX no longer owns or is 

affiliated with NSX. Additionally, if the 

current rule text language remains, 

confusion could arise as to whether or 

not NSX is still a wholly owned 

subsidiary of CBSX. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CBOE does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the proposed 

rule change imposes any burden on 

intramarket competition because it 

applies to all market participants. 

Additionally, the Exchange does not 

believe the proposed rule change will 

impose any burden on intermarket 

competition as it is merely attempting to 

delete Rule 2.50 in its entirety as the 

rule text is no longer relevant because 

CBSX no longer owns or is affiliated 

with NSX. The Exchange does not 

propose any substantive changes to the 

Exchange’s operations or its rules that 

the Exchange believes could have any 

impact on competition (intermarket or 

intramarket). 

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 written comments on the 

proposed rule changes submitted in this 

filing. 

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 9 and Rule 

19b–4(f)(6) thereunder.10 Because the 

foregoing proposed rule change does 

not: (1) Significantly affect the 

protection of investors or the public 

interest; (2) impose any significant 

burden on competition; and (3) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 11 and Rule 19b– 

4(f)(6) 12 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–2015–033 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–2015–033. 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 

10:00 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-–033 and should be submitted on 

or before May 1, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08199 Filed 4–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74652; File No. SR–CFE– 

2015–003] 

Self-Regulatory Organizations; CBOE 

Futures Exchange, LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change Proposed 

Rule Change Regarding Open Interest 

Reporting 

April 6, 2015. 

Pursuant to Section 19(b)(7) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 notice is hereby given that on 

March 23, 2015 CBOE Futures 

Exchange, LLC (‘‘CFE’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change described in 

Items I, II, and III below, which Items 

have been prepared by CFE. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. CFE 

also has filed this proposed rule change 

with the Commodity Futures Trading 

Commission (‘‘CFTC’’). CFE filed a 

written certification with the CFTC 

under Section 5c(c) of the Commodity 

Exchange Act (‘‘CEA’’) 2 on March 20, 

2015. 

I. Self-Regulatory Organization’s 

Description of the Proposed Rule 

Change 

The Exchange proposes to amend its 

rules related to open interest reporting. 

The scope of this filing is limited solely 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 19379 

3CFE Rule 121 defines ‘‘Clearing Member’’ to 

mean a member of OCC that is a CFE TPH and that 

is authorized under OCC Rules to clear trades in 

any or all contracts. 

4See CFTC, Div. of Mkt. Oversight, Rule 

Enforcement Review of ICE Futures U.S. at pp. 9, 

32 (July 22, 2014), available at http://www.cftc.gov/ 

ucm/groups/public/@iodcms/documents/file/

rericefutures072214.pdf. 

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

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78f(b)(7). 

to the application of the rule 

amendments to security futures traded 

on CFE. The only security futures 

currently traded on CFE are traded 

under Chapter 16 of CFE’s Rulebook 

which is applicable to Individual Stock 

Based and Exchange-Traded Fund 

Based Volatility Index security futures. 

The text of the proposed rule change is 

attached as Exhibit 4 to the filing but is 

not attached to the publication of this 

notice. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, CFE 

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. CFE 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 purpose of the proposed CFE rule 

amendments included as part of this 

rule change is to add CFE Rule 410A 

(Reporting Open Interest to the Clearing 

Corporation) to make clear that all CFE 

clearing members 3 must report open 

interest information to The Options 

Clearing Corporation (‘‘OCC’’) in 

conformance with OCC rules. The rule 

amendments included as part of this 

rule change are to apply to all products 

traded on CFE, including both nonsecurity futures and security futures. 

CFE has contracted with and uses 

OCC for clearing and settlement services 

for all transactions conducted on the 

Exchange. CFE clearing members are 

required by OCC Rule 401, 

Interpretation and Policy .01 to submit 

gross position adjustment information to 

OCC as necessary to identify the actual 

open interest in clearing member 

accounts at the end of each trading day 

based upon the day’s trading activity 

and any applicable rules of an exchange. 

Clearing members are not required to 

provide this information for market 

maker accounts at OCC or when a 

futures exchange like CFE identifies a 

transaction as opening or closing in 

matching trade information that the 

exchange provides to OCC. 

The amendments make clear that CFE 

clearing members must report gross 

position adjustment information to OCC 

to the extent required by, and in 

accordance with, OCC rules by 

including this requirement in new CFE 

Rule 410A. The amendments also 

provide that gross position adjustment 

information is not required to be 

reported to OCC pursuant to Rule 410A 

for market maker accounts at OCC or for 

transactions with respect to which a 

CFE Trading Privilege Holder (‘‘TPH’’) 

has designated as part of the applicable 

order submission to CFE whether the 

transaction is opening or closing. These 

two exceptions exist because in each 

case OCC will already have this 

information and thus does not need to 

receive it from clearing members. 

Specifically, with respect to the second 

exception, when a TPH submits an 

order to CFE’s trading system, the TPH 

may choose to designate the transaction 

as opening or closing, though this field 

is not required. CFE provides such 

opening and closing designations by its 

TPHs to OCC, and OCC will then know 

that it does not need to receive this 

information regarding the order from the 

applicable clearing member. 

By adding Rule 410A to the CFE 

Rulebook, the amendments make clear 

that a failure to report open interest 

information pursuant to OCC rules is an 

independent violation of CFE rules. 

These amendments are based upon a 

recommendation by the CFTC Division 

of Market Oversight in a recent rule 

enforcement review of the market 

surveillance program of ICE Futures 

U.S., Inc.4

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,5 in general, and 

furthers the objectives of Sections 

6(b)(5) 6 and 6(b)(7) 7 in particular in 

that it is 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 

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, and 

• to provide a fair procedure for the 

disciplining of members. 

The Exchange believes that the 

proposed rule change will strengthen its 

ability to carry out its responsibilities as 

a self-regulatory organization by 

clarifying that CFE clearing members 

must report gross position adjustment 

information to OCC to the extent 

required by, and in accordance with, 

OCC rules by including this requirement 

in new CFE Rule 410A. The proposed 

rule change also provides that that gross 

position adjustment information is not 

required to be reported to OCC pursuant 

to Rule 410A for market maker accounts 

at OCC or for transactions with respect 

to which a TPH has designated as part 

of the applicable order submission to 

CFE whether the transaction is opening 

or closing. This change will strengthen 

CFE’s regulatory and disciplinary 

program as well as serve as an effective 

deterrent to potential conduct that 

violates OCC’s open interest reporting 

rule by making clear that a failure to 

report open interest information 

pursuant to OCC rules is an 

independent violation of CFE rules. CFE 

additionally believes that this change 

enables CFE to conform with recent 

guidance issued by the CFTC’s Division 

of Market Oversight.

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

CFE does not believe that the 

proposed rule change will impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act, in that the rule 

change will enhance CFE’s ability to 

carry out its responsibilities as a selfregulatory organization. The Exchange 

believes that the proposed rule change 

is equitable and not unfairly 

discriminatory because the clarification 

of CFE clearing members’ responsibility 

to report open interest to OCC in 

conformance with OCC rules would 

apply equally to all parties that are 

subject to the applicable requirements. 

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 proposed rule change will 

become effective on April 3, 2015. 

mstockstill on DSK4VPTVN1PROD with NOTICES

19380 Federal Register / Vol. 80, No. 69 / Friday, April 10, 2015 / Notices 

8 15 U.S.C. 78s(b)(1). 9 17 CFR 200.30–3(a)(73). 

1Each Adviser will be registered as an investment 

adviser under the Advisers Act. 

At any time within 60 days of the date 

of effectiveness of the proposed rule 

change, the Commission, after 

consultation with the CFTC, may 

summarily abrogate the proposed rule 

change and require that the proposed 

rule change be refiled in accordance 

with the provisions of Section 19(b)(1) 

of the Act.8

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– 

CFE–2015–003 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–CFE–2015–003. 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 

offices 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–CFE– 

2015–003, and should be submitted on 

or before May 1, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08200 Filed 4–9–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

31547; 812–14400] 

Van Eck Associates Corporation, et al.; 

Notice of Application 

April 6, 2015. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application under 

section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from rule 12d1–2(a) under the Act. 

Summary of Application: Applicants 

request an order to permit open-end 

management investment companies 

relying on rule 12d1–2 under the Act to 

invest in certain financial instruments. 

Applicants: Van Eck Associates 

Corporation (the ‘‘VEAC’’), Van Eck 

Securities Corporation (‘‘VESC’’), 

Market Vectors ETF Trust (‘‘MV Trust’’), 

Van Eck VIP Trust (‘‘VIP Trust’’) and 

Van Eck Funds (‘‘VE Funds’’ and, 

together with MV Trust and VIP Trust, 

the ‘‘Trusts’’). 

Filing Date: The application was filed 

on December 18, 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 May 1, 2015, and 

should be accompanied by proof of 

service on applicants, in the form of an 

affidavit or, for lawyers, a certificate of 

service. Pursuant to rule 0–5 under the 

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 who wish to be notified of a 

hearing may request notification by 

writing to the Commission’s Secretary. 

ADDRESSES: Secretary, Securities and 

Exchange Commission, 100 F Street NE., 

Washington, DC 20549–1090; 

Applicants: Johnathan R. Simon, Van 

Eck Associates Corporation, 335 

Madison Avenue, New York, NY 10017. 

FOR FURTHER INFORMATION CONTACT: 

Emerson S. Davis, Senior Counsel, at 

(202) 551–6868, or Daniele Marchesani, 

Branch Chief, at (202) 551–6821 

(Division of Investment Management, 

Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

Web site by searching for the file 

number, or for an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Applicants’ Representations 

1. Van Eck Funds is organized as a 

Massachusetts business trust and is 

registered under the Act as an open-end 

management investment company. Van 

Eck Funds is a trust which currently 

consists of eight Funds (as defined 

below), each with its own investment 

objective and policies. VIP Trust is a 

Massachusetts business trust and is 

registered under the Act as an open-end 

management investment company. VIP 

Trust currently consists of six Funds, 

each with its own investment objective 

and policies. MV Trust is a Delaware 

statutory trust and is registered under 

the Act as an open-end management 

investment company. MV Trust 

currently consists of 60 Funds, each 

with its own investment objective and 

policies. 

2. VEAC is registered as an 

investment adviser under the 

Investment Advisers Act of 1940 (the 

‘‘Advisers Act’’). VEAC currently is the 

investment adviser to the Trusts. VESC, 

a broker-dealer registered under the 

Securities Exchange Act of 1934, as 

amended (‘‘Exchange Act’’), serves as 

the principal underwriter for the Trusts. 

3. Applicants request an exemption to 

the extent necessary to permit any 

existing or future series of the Trusts 

and any other registered open-end 

management investment company or 

series thereof that: (a) Is advised by 

VEAC or any investment adviser 

controlling, controlled by, or under 

common control with VEAC (any such 

adviser or VEAC, the ‘‘Adviser’’); 1 (b) is 

in the same group of investment 

companies as defined in section 

12(d)(1)(G) of the Act as the Trusts; (c) 

invests in other registered open-end 

mstockstill on DSK4VPTVN1PROD with NOTICES