Federal Register / Vol. 82, No. 199 / Tuesday, October 17, 2017 / Notices 48287 

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)(2). 

5Each term not otherwise defined herein has its 

respective meaning as set forth in the Rules, ByLaws and Organization Certificate of DTC (the 

‘‘Rules’’), available at http://www.dtcc.com/legal/ 

rules-and-procedures.aspx, and the DTC 

Operational Arrangements (Necessary for Securities 

to Become and Remain Eligible for DTC Services) 

(‘‘OA’’), available at http://www.dtcc.com/∼/media/ 

Files/Downloads/legal/issue-eligibility/eligibility/ 

operational-arrangements.pdf. 

6Available at http://www.dtcc.com/∼/media/ 

Files/Downloads/legal/fee-guides/dtcfee

guide.pdf?la=en. 

7Supra note 6. 

8Only (i) Participants and (ii) underwriters with 

an approved correspondent relationship with a 

Participant, may request DTC eligibility for a new 

security being offered and distributed. It is therefore 

incumbent on an Issuer to have a relationship with 

an underwriter or other financial institution that is 

Continued 

Planned price adjustments. The 

Governors’ Decisions include an 

overview of the Postal Service’s planned 

price changes, which is summarized in 

the table below. 

TABLE I–1—PROPOSED PRICE

CHANGES

Product name 

Average 

price 

increase 

(percent) 

Domestic Competitive Products 

Priority Mail Express ..................... 3.9 

Retail ......................................... 3.9 

Commercial Base ...................... 3.7 

Commercial Plus ....................... 3.7 

Priority Mail ................................... 3.9 

Retail ......................................... 0.8 

Commercial Base ...................... 6.2 

Commercial Plus ....................... 6.1 

Parcel Select ................................ ................

Traditional ................................. 4.9 

Lightweight ................................ 7.0 

Parcel Return Service .................. 4.9 

Return Sectional Center Facility 5.2 

Return Delivery Unit .................. 4.6 

First-Class Package Service ........ ................

Commercial ............................... 3.9 

Retail ......................................... 14.5 

Retail Ground ............................... 3.9 

Domestic Extra Services 

Premium Forwarding Service Enrollment Fee .............................. 3.9 

Adult Signature Service ................ ................

Basic ......................................... 3.4 

Person-Specific ......................... 3.3 

Competitive Post Office Box ........ 6.5 

Package Intercept Service ........... 3.9 

International Competitive Products 

Global Express Guaranteed ......... 3.9 

Priority Mail Express International 3.9 

Priority Mail International .............. 3.9 

International Priority Airmail ......... 3.9 

International Priority Airmail MBags ...................................... 3.9 

International Surface Air Lift ......... 3.9 

International Surface Air Lift MBags ...................................... 3.9 

Airmail M-Bags ............................. 3.9 

First-Class Package International 

Service ...................................... 3.9 

International Ancillary Services and Special 

Services 

International Ancillary Services .... 3.9 

Source: See Governors’ Decision No. 16–8 

at 2–5; Governors’ Decision No. 16–10 at 1; 

Mail Classification Schedule sections 2105.6, 

2110.6, 2115.6, 2125.6, 2135.6, 2305.6, 

2315.6, 2335.6, and 2510.9.6. 

II. Initial Administrative Actions 

The Commission establishes Docket 

No. CP2018–8 to consider the Postal 

Service’s Notice. Interested persons may 

express views and offer comments on 

whether the planned changes are 

consistent with 39 U.S.C. 3632, 3633, 

and 3642, 39 CFR part 3015, and 39 CFR 

3020 subparts B and E. Comments are 

due no later than October 24, 2017. For 

specific details of the planned price 

changes, interested persons are 

encouraged to review the Notice, which 

is available on the Commission’s Web 

site, www.prc.gov. 

Pursuant to 39 U.S.C. 505, Curtis E. 

Kidd is appointed to serve as Public 

Representative to represent the interests 

of the general public in this docket. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

No. CP2018–8 to provide interested 

persons an opportunity to express views 

and offer comments on whether the 

planned changes are consistent with 39 

U.S.C. 3632, 3633, and 3642, 39 CFR 

part 3015, and 39 CFR 3020 subparts B 

and E. 

2. Comments are due no later than 

October 24, 2017. 

3. The Commission appoints Curtis E. 

Kidd to serve as Public Representative 

to represent the interests of the general 

public in this proceeding. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Stacy L. Ruble, 

Secretary. 

[FR Doc. 2017–22373 Filed 10–16–17; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81854; File No. SR–DTC– 

2017–019] 

Self-Regulatory Organizations; The 

Depository Trust Company; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Eliminate a 

Surcharge for Eligibility Requests 

Submitted to DTC Two Days Prior to 

Closing Date 

October 11, 2017. 

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 October 

2, 2017, The Depository Trust Company 

(‘‘DTC’’) 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 clearing 

agency. DTC filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(2) 

thereunder.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change 5 would 

revise the DTC Fee Schedule (‘‘Fee 

Schedule’’) 6 to eliminate a fee charged 

to Participants that submit an eligibility 

request or required offering documents 

for a new issue (‘‘Issue’’) of Securities 

two business days prior to the Closing 

Date (‘‘Two-Day Surcharge’’), as 

discussed below. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, the 

clearing agency 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 

clearing agency has prepared 

summaries, set forth in sections A, B, 

and C below, of the most significant 

aspects of such statements. 

(A) Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

1. Purpose 

Background 

The proposed rule change would 

revise the Fee Schedule 7 to eliminate 

the Two-Day Surcharge, as discussed 

below. 

Participants 8 are required to provide 

an eligibility request for specified 


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48288 Federal Register / Vol. 82, No. 199 / Tuesday, October 17, 2017 / Notices 

a Participant or is directly associated with a 

Participant that is willing to sponsor the eligibility 

process for the Issuer’s securities. See OA, supra 

note 5 at 1–2. 

9 ‘‘Issuer’’ is defined as an issuer of Securities 

deposited at DTC. See OA, supra note 5 at 1. 

10The eligibility request must contain the (i) 

identity of the lead underwriter, (ii) CUSIP 

number(s), (iii) principal/share amount, as 

applicable per CUSIP, and interest rates and 

maturity dates, as applicable per CUSIP. The 

preliminary offering document must be submitted 

and (e.g., official statement, prospectus, offering 

memorandum) provide relevant information 

necessary for DTC to process the Issue (e.g., Issuer 

name, description of the Security, denominations, 

name of the trustee, paying agent, transfer agent, 

and if applicable, other features of the Security, 

such as an early redemption). See Exhibit B of OA, 

supra note 5. 

11See OA, supra note 5 at 1–2. 

12See Exhibit B of OA, supra note 5. 

13See Fee Schedule, supra note 6 at 28. 

14 15 U.S.C. 78q–1(b)(3)(D). 

15 Id. 

16 17 CFR 240.17Ad–22(e)(23). 

17 15 U.S.C. 78s(b)(3)(A). 18 17 CFR 240.19b–4(f). 

Securities to DTC by the submission of 

all required ‘‘Issuer’’ 9 and securities 

data and all required offering 

documents,10 at a minimum, through 

the online Securities Origination, 

Underwriting and Reliable Corporate 

Action Environment (‘‘UW SOURCE’’) 

system for the Security to be considered 

for full service eligibility at DTC.11 In 

addition to meeting other requirements 

as set forth in the OA,12 a Participant 

that seeks to make a new Issue eligible 

for Deposit at DTC must submit the 

eligibility request and offering 

documentation described above through 

UW SOURCE at least six business days 

prior to the Closing Date. If the 

Participant submits the eligibility 

request or the required offering 

documentation for a new Issue within 

two days or less prior to the Closing 

Date, it will be subject to fees, referred 

to in the Fee Schedule as surcharges 

(‘‘Surcharges’’), as outlined in the DTC 

Fee Schedule: (a) The Two-Day 

Surcharge is $2,000 per Issue (b) the 

Surcharge for submission of an 

eligibility request or the required 

offering documentation one day prior to 

the Closing Date is $5,000 per Issue 

(‘‘One-Day Surcharge’’), and (c) the 

Surcharge for submission of an 

eligibility request or required the 

offering documentation on the Closing 

Date is $10,000 per Issue (‘‘Closing Date 

Surcharge’’).13 The Surcharges are 

designed to cover costs to DTC of 

providing expedited processing of the 

eligibility request. 

Proposed Rule Change 

After reviewing its cost structure 

relating to eligibility processing, DTC 

has determined that due to the 

development of enhanced systemic and 

processing efficiencies over time, the 

Two-Day Surcharge is no longer 

necessary to be charged in order to 

cover the cost of processing an 

eligibility request for a new Issue 

submitted two days prior to Closing 

Date. Therefore, DTC proposes to 

eliminate the Two-Day Surcharge and 

revise the Fee Schedule accordingly. 

The Closing Date and One-Day 

Surcharges would remain unchanged 

and continue to be charged to 

Participants to offset costs associated 

with more manually intensive 

processing associated with the timely 

processing of eligibility requests 

submitted on or one day before Closing 

Date, as applicable. 

Effective Date of Proposed Rule Change 

The proposed rule change would be 

effective on October 2, 2017. 

2. Statutory Basis 

Section 17A(b)(3)(D) of the Act 14

requires, in part, that the Rules provide 

for the equitable allocation of reasonable 

dues, fees, and other charges among its 

participants. DTC believes that the 

proposed rule change provides for the 

equitable allocation of fees charged to 

Participants, because elimination of the 

Two-Day Surcharge would apply to all 

Participants. In addition, DTC believes 

that the proposed change is reasonable, 

because the Two-Day Surcharge is no 

longer necessary to balance DTC 

revenue with its costs associated with 

processing of the applicable eligibility 

requests, as discussed above. Therefore, 

DTC believes that the proposed rule 

change is consistent with the 

requirements of Section 17A(b)(3)(D) of 

the Act.15

The proposed rule change is also 

designed to be consistent with Rule 

17Ad–22(e)(23) of the Act.16 Rule 

17Ad–22(e)(23) requires DTC, inter alia, 

to establish, implement, maintain and 

enforce written policies and procedures 

reasonably designed to provide 

sufficient information to enable 

participants to identify and evaluate the 

risks, fees, and other material costs they 

incur by participating in the covered 

clearing agency. The proposed rule 

change, as described above, would 

update the Fee Schedule to reflect the 

proposed elimination of the Two-Day 

Surcharge. As such, DTC believes that 

the proposed change would promote 

disclosure of relevant rules and material 

procedures and provide sufficient 

information to enable participants and 

other users of DTC’s services to evaluate 

fees and other material costs of utilizing 

DTC’s services, in accordance with the 

requirements of Rule 17Ad–22(e)(23), 

promulgated under the Act, cited above. 

(B) Clearing Agency’s Statement on 

Burden on Competition 

DTC does not believe that the 

proposed rule change would have any 

impact on competition, because the 

Two-Day Surcharge is a minimal 

amount and its elimination should not 

have a material effect on (i) a 

determination by an underwriter on 

whether to submit an eligibility request 

for a new Issue or (ii) costs incurred by 

Participants in using DTC’s eligibility 

services. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

DTC has not received or solicited any 

written comments relating to this 

proposal. DTC will notify the 

Commission of any written comments 

received by DTC. 

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 17 and paragraph (f) of Rule 

19b–4 thereunder.18 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. 

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 Submissions 

• 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– 

DTC–2017–019 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–DTC–2017–019. This file 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 199 / Tuesday, October 17, 2017 / Notices 48289 

19 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 81453 

(August 22, 2017), 82 FR 40816. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release Nos. 81498 

(August 30, 2017), 82 FR 42127 (September 6, 2017) 

(‘‘BYX Notice’’); 81497 (August 30, 2017), 82 FR 

42181 (September 6, 2017) (‘‘BZX Notice’’); 81496 

(August 30, 2017), 82 FR 42206 (September 6, 2017) 

(‘‘EDGA Notice’’); and 81503 (August 30, 2017), 82 

FR 42153 (September 6, 2017) (‘‘EDGX Notice,’’ and 

together with the BYX Notice, BZX Notice, and 

EDGA Notice, ‘‘Notices’’). 

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 20549–1090 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 DTC and on DTCC’s Web site 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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–DTC– 

2017–019 and should be submitted on 

or before November 7, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22391 Filed 10–16–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81848; File No. SR– 

NYSEArca–2017–88] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proposed Rule Change To List and 

Trade the Shares of the U.S. Equity 

Cumulative Dividends Fund—Series 

2027 and the U.S. Equity Ex-Dividend 

Fund—Series 2027 Under NYSE Arca 

Equities Rule 8.200, Commentary .02 

October 11, 2017. 

On August 8, 2017, NYSE Arca, Inc. 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to list and trade shares of the 

U.S. Equity Cumulative Dividends 

Fund—Series 2027 and the U.S. Equity 

Ex-Dividend Fund—Series 2027 under 

NYSE Arca Equities Rule 8.200, 

Commentary .02. The proposed rule 

change was published for comment in 

the Federal Register on August 28, 

2017.3 The Commission has received no 

comment letters on the proposed rule 

change. 

Section 19(b)(2) of the Act 4 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is October 12, 

2017. The Commission is extending this 

45-day time period. The Commission 

finds that it is appropriate to designate 

a longer period within which to take 

action on the proposed rule change so 

that it has sufficient time to consider the 

proposed rule change. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,5

designates November 26, 2017 as the 

date by which the Commission shall 

either approve or disapprove or institute 

proceedings to determine whether to 

disapprove the proposed rule change 

(File Number SR–NYSEArca–2017–88). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22386 Filed 10–16–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81849; File No. SR– 

BatsBYX–2017–19; SR–BatsBZX–2017–55; 

SR–BatsEDGA–2017–22; SR–BatsEDGX– 

2017–35] 

Self-Regulatory Organizations; Bats 

BYX Exchange, Inc.; Bats BZX 

Exchange, Inc.; Bats EDGA Exchange, 

Inc.; Bats EDGX Exchange, Inc.; Order 

Granting Approval of Proposed Rule 

Changes, as Modified by Amendments 

No. 1, To Harmonize the Corporate 

Governance Framework of Each 

Exchange With That of Chicago Board 

Options Exchange, Incorporated and 

C2 Options Exchange, Incorporated 

October 11, 2017. 

I. Introduction 

On August 23, 2017, each of Bats BYX 

Exchange, Inc. (‘‘BYX’’), Bats BZX 

Exchange, Inc. (‘‘BZX’’), Bats EDGA 

Exchange, Inc. (‘‘EDGA’’), and Bats 

EDGX Exchange, Inc. (‘‘EDGX’’) (each, 

an ‘‘Exchange’’ and collectively, 

‘‘Exchanges’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

align its corporate governance 

framework to the structure of other U.S. 

securities exchanges owned by its 

ultimate parent company, CBOE 

Holdings, Inc. (‘‘CBOE Holdings’’). On 

August 25, 2017, each of BYX, BZX, 

EDGA, and EDGX filed Amendment No. 

1 to its respective proposed rule change. 

The proposed rule changes, as modified 

by Amendments No. 1, were published 

for comment in the Federal Register on 

September 6, 2017.3 The Commission 

received no comments on the proposed 

rule changes. This order grants approval 

of the proposed rule changes, each as 

modified by its respective Amendment 

No. 1. 

II. Background 

On December 16, 2016, the 

Commission approved proposed rule 

changes relating to a corporate 

transaction (‘‘Transaction’’) in which 

CBOE Holdings became the ultimate 


sradovich on DSK3GMQ082PROD with NOTICES