Document ID: SEC-2015-1876-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Chicago Board Options Exchange, Inc.
Posted Date: 2015-11-10T05:00Z

[Federal Register Volume 80, Number 217 (Tuesday, November 10, 2015)]
[Notices]
[Pages 69760-69761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-28515]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76352; File No. SR-CBOE-2015-093]

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

November 4, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on October 30, 2015, Chicago Board Options Exchange, Incorporated 
(the ``Exchange'' or ``CBOE'') 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 
Exchange. The Commission is publishing this notice to solicit comments 
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend the Fees Schedule relating to 
Continuing Education Fees. 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 the Fees Schedule.\3\ Specifically, 
the Exchange proposes to make changes to the Continuing Education Fees 
section of the Fees Schedule to provide that continuing education for 
all registration except the Series 56 will be $55 if conducted via Web-
delivery. Continuing education for all registration except the Series 
56 will remain $100 if conducted at a testing center.
---------------------------------------------------------------------------

    \3\ The Exchange initially filed the proposed fee change on 
October 2, 2015 (SR-CBOE-2015-086). On October 9, 2015, the Exchange 
withdrew SR-CBOE-2015-086.
---------------------------------------------------------------------------

    On August 8, 2015, the Securities and Exchange Commission approved 
SR-FINRA-2015-015 relating proposed changes to FINRA Rule 1250 to 
provide a Web-based delivery method for completing the Regulatory 
Element of the continuing education requirements.\4\ Pursuant to the 
rule change, effective October 1, 2015, the Regulatory Element of the 
Continuing Education Programs for the S106 for Investment Company and 
Variable Contracts Representatives, the S201 for Registered Principals 
and Supervisors, and the S901 for Operations Professionals will be 
administered through Web-based delivery or such other technological 
manner and format as specified by FINRA. The Regulatory Element of 
these Continuing Education Programs will continue to be offered at 
testing centers until no later than six months after January 4, 
2016.\5\ Pursuant to the Approval Order to SR-FINRA-2015-015, the fee 
for test-center delivery of the Regulatory Element of the S106, S201, 
and S901 Continuing Education Programs will continue to be $100 per 
session through no later than six months after January 4, 2016 when the 
programs will no longer be offered at testing centers. The fee for Web-
based delivery of the Regulatory Elements of the S106, S201, and S901 
Continuing Education Programs, however, will be $55.
---------------------------------------------------------------------------

    \4\ See Securities Exchange Act Release No. 75581 (July 31, 
2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule 
Change to Provide a Web-based Delivery Method for Completing the 
Regulatory Element of the Continuing Education Requirements) (SR-
FINRA-2015-015).
    \5\ Test-center delivery of the Regulatory Element will be 
phased out by no later than six months after January 4, 2016. See 
Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 
47018 (August 6, 2015) (Order Approving a Proposed Rule Change To 
Provide a Web-Based Delivery Method for Completing the Regulatory 
Element of the Continuing Education) (SR-FINRA-2015-015).
---------------------------------------------------------------------------

    The Exchange currently utilizes FINRA's Continuing Education 
Programs for its own continuing education requirements. Consistent with 
SR-FINRA-2015-015, the Exchange recently filed SR-CBOE-2015-084 \6\ 
relating to continuing education. In that filing, the Exchange proposed 
to follow the changes set forth in SR-FINRA-2015-015 with respect to 
Web-based delivery of the Regulatory Element of the Continuing 
Education Programs for the S106 for Investment Company and Variable 
Contracts Representatives, the S201 for Registered Principals and 
Supervisors, and the S901 for Operations Professionals. Consistent with 
SR-CBOE-2015-084, this proposed rule change, proposes to amend the Fees 
Schedule to provide that effective immediately, the fee for Web-based 
delivery of the Regulatory Elements of the S106, S201, and S901 
Continuing Education Programs will be $55. The fee for test-center 
delivery of the Regulatory Element of the S106, S201, and S901 
Continuing Education Programs will continue to be $100 per session 
until test-center delivery of the Regulatory Element is phased out and 
the programs are no longer offered at testing centers. At that time, 
the Exchange will file another fee filing to remove the test center 
option for delivery of the Regulatory Element from the Fees Schedule.
---------------------------------------------------------------------------

    \6\ Available at http://www.cboe.com/publish/RuleFilingsSEC/SR-CBOE-2015-084.pdf
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
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

[[Page 69761]]

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 the Section 
6(b)(5) \9\ requirement that the rules of an exchange not be designed 
to permit unfair discrimination between customers, issuers, brokers, or 
dealers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
    \9\ Id.
---------------------------------------------------------------------------

    In particular, the Web-based delivery method for continuing 
education is in the interest of investors and free and open markets. In 
general, Web-based delivery will remove time parameters that exist with 
respect to taking continuing education at testing centers. Having 
additional time to take continuing education may result in better 
learning outcomes, which should enhance investor protection. In 
addition, the option to have Web-based delivery of the Regulatory 
Element of the S106, S201, and S901 Continuing Education Programs at a 
reduced cost lowers barriers to entry and removes impediments to a free 
and open market and national market system by making it easier and less 
costly for Trading Permit Holders to participate in the market. 
Accordingly, the Exchange believes that Web-based delivery of the 
Regulatory Element of the S106, S201, and S901 Continuing Education 
Programs and reducing the costs of continuing education in general are 
goals that are consistent with the Act.

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

    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. As FINRA has stated, the 
proposed rule change is specifically intended to reduce the burdens of 
continuing education on market participants while preserving the 
integrity of the S106, S201, and S901 Continuing Education Programs. In 
general, reduction in cost and removal of barriers to entry encourages 
competition among market participants, particularly in situations where 
such rules are employed universally across the markets. By bringing the 
Exchange's fees structure in line with that of FINRA, the Exchange 
believes it is removing impediments to free and open markets and 
encouraging competition between the Exchange and other markets that use 
the S106, S201, and S901 Continuing Education Programs. Accordingly, 
the Exchange further believes that the proposed rule change will 
relieve burdens on, and otherwise promote competition.

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 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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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-2015-093 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-2015-093. 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-CBOE-2015-093, 
and should be submitted on or before December 1, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-28515 Filed 11-9-15; 8:45 am]
 BILLING CODE 8011-01-P