80_FR_46780 80 FR 46630 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Update Rule Cross-References and Make Non-Substantive Technical Changes to Certain FINRA Rules

80 FR 46630 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Update Rule Cross-References and Make Non-Substantive Technical Changes to Certain FINRA Rules

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 150 (August 5, 2015)

Page Range46630-46631
FR Document2015-19130

Federal Register, Volume 80 Issue 150 (Wednesday, August 5, 2015)
[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)]
[Notices]
[Pages 46630-46631]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-19130]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75560; File No. SR-FINRA-2015-027]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a 
Proposed Rule Change to Update Rule Cross-References and Make Non-
Substantive Technical Changes to Certain FINRA Rules

July 30, 2015.
    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 July 22, 2015, Financial Industry Regulatory Authority, Inc. 
(``FINRA'') filed with the Securities and Exchange Commission (``SEC'' 
or ``Commission'') the proposed rule change as described in Items I, 
II, and III below, which Items have been prepared by FINRA. FINRA has 
designated the proposed rule change as constituting a ``non-
controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under 
the Act,\3\ which renders the proposal effective upon receipt of this 
filing by the Commission. 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.
    \3\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

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

    FINRA is proposing to update cross-references and make other non-
substantive changes within FINRA rules, primarily as the result of 
approval of new consolidated FINRA rules.
    The text of the proposed rule change is available on FINRA's Web 
site at http://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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
    FINRA is in the process of developing a consolidated rulebook 
(``Consolidated FINRA Rulebook'').\4\ That process involves FINRA 
submitting to the Commission for approval a series of proposed rule 
changes over time to adopt rules in the Consolidated FINRA Rulebook. 
The phased adoption and implementation of those rules necessitates 
periodic amendments to update rule cross-references and other non-
substantive changes in the Consolidated FINRA Rulebook.
---------------------------------------------------------------------------

    \4\ The current FINRA rulebook consists of (1) FINRA Rules; (2) 
NASD Rules; and (3) rules incorporated from NYSE (``Incorporated 
NYSE Rules'') (together, the NASD Rules and Incorporated NYSE Rules 
are referred to as the ``Transitional Rulebook''). While the NASD 
Rules generally apply to all FINRA members, the Incorporated NYSE 
Rules apply only to those members of FINRA that are also members of 
the NYSE (``Dual Members''). The FINRA Rules apply to all FINRA 
members, unless such rules have a more limited application by their 
terms. For more information about the rulebook consolidation 
process, see Information Notice, March 12, 2008 (Rulebook 
Consolidation Process).
---------------------------------------------------------------------------

    The proposed rule change would make such changes, as well as other 
non-substantive changes unrelated to the adoption of rules in the 
Consolidated FINRA Rulebook.
    First, the proposed rule change would update rule cross-references 
to reflect the adoption of new consolidated rules regarding payments to 
unregistered persons. On December 30, 2014, the SEC approved a proposed 
rule change to adopt new FINRA Rules 0190 (Effective Date of 
Revocation, Cancellation, Expulsion, Suspension or Resignation) and 
2040 (Payments to Unregistered Persons). As part of that proposed rule 
change, FINRA adopted the requirements of NASD IM-2420-1(a) (Non-
members of the Association), as FINRA Rule 0190. FINRA also deleted in 
their entirety NASD Rule 1060(b), NASD Rule 2410, NASD Rule 2420, NASD 
IM-2420-1, NASD IM-2420-2, Incorporated NYSE Rule 353, and Incorporated 
NYSE Rule Interpretations 345(a)(i)/01 through/03.\5\ The new rules 
will be implemented on August 24, 2015. As such, the proposed rule 
change would update references to new Rule 0190 in FINRA Rule 6630 
(Applicability of FINRA Rules to Securities Previously Designated as 
PORTAL Securities).
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 73954 (December 30, 
2014, 80 FR 553 (January 6, 2015) (Order Approving File No. SR-
FINRA-2014-037).
---------------------------------------------------------------------------

    Second, the proposed rule change would make technical changes to 
FINRA Rules 6282.03, 6380A.03, 6380B.03, and 6720(c)(1) (Alternative 
Trading Systems) to reflect FINRA Manual style convention changes.
    Finally, FINRA is proposing to make non-substantive changes to 
FINRA Rule 9217 (Violations Appropriate for Disposition Under Plan 
Pursuant to SEA Rule 19d-1(c)(2)) to update cross-references resulting 
from previous amendments to the Municipal Securities Rulemaking Board 
(``MSRB'') Rules A-12, A-14, G-3, G-38, and G-40.\6\ FINRA also is 
proposing to update the cross-

[[Page 46631]]

references in Sections 4 (Fees) and 12 (Application and Annual Fees for 
Member Firms with Statutorily Disqualified Individuals) of Schedule A 
to the FINRA By-Laws to reflect the renumbering of the Rule 9640 Series 
as the 9520 Series pursuant to SR-NASD-97-28.\7\
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 52278 (August 17, 
2005), 70 FR 49342 (August 23, 2005) (Order Approving File No. SR-
MSRB-2005-04) (Deleted MSRB Rule G-38); Securities Exchange Act 
Release No. 71616 (February 26, 2014), 79 FR 12254 (March 4, 2014) 
(Order Approving File No. SR-MSRB-2013-09) (Deleted MSRB Rules A-14 
and G-40, and incorporated the provisions of these rules into Rule 
A-12); and Securities Exchange Act Release No. 74384 (February 26, 
2015), 80 FR 11706 (March 4, 2015) (Order Approving File No. SR-
MSRB-2014-08) (Renumbeed MSRB Rule G-3(h) as G-3(i)).
    \7\ See Securities Exchange Act Release No. 38908 (August 7, 
1997), 62 FR 43385 (August 13, 1997) (Order Approving File No. SR-
NASD-97-28).
---------------------------------------------------------------------------

    FINRA has filed the proposed rule change for immediate 
effectiveness. The implementation date for the proposed rule change 
will be August 24, 2015, to coincide with the implementation date of 
FINRA Rule 0190.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the 
provisions of Section 15A(b)(6) of the Act,\8\ which requires, among 
other things, that FINRA rules must be designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, and, in general, to protect investors and the 
public interest. FINRA believes the proposed rule change will provide 
greater clarity to members and the public regarding FINRA's rules.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78o-3(b)(6).
---------------------------------------------------------------------------

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

    FINRA does not believe that the proposed rule change will result in 
any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed rule change brings 
clarity and consistency to FINRA rules without adding any burden on 
firms.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
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 \9\ and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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: (i) 
necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule 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-FINRA-2015-027 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-FINRA-2015-027. 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 FINRA. 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-FINRA-2015-027, and should 
be submitted on or before August 26, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19130 Filed 8-4-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                    46630                      Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices

                                                    only one method. The Commission will                    rule change as described in Items I, II,              adopt rules in the Consolidated FINRA
                                                    post all comments on the Commission’s                   and III below, which Items have been                  Rulebook. The phased adoption and
                                                    Internet Web site (http://www.sec.gov/                  prepared by FINRA. FINRA has                          implementation of those rules
                                                    rules/sro.shtml). Copies of the                         designated the proposed rule change as                necessitates periodic amendments to
                                                    submission, all subsequent                              constituting a ‘‘non-controversial’’ rule             update rule cross-references and other
                                                    amendments, all written statements                      change under paragraph (f)(6) of Rule                 non-substantive changes in the
                                                    with respect to the proposed rule                       19b–4 under the Act,3 which renders                   Consolidated FINRA Rulebook.
                                                    change that are filed with the                          the proposal effective upon receipt of                  The proposed rule change would
                                                    Commission, and all written                             this filing by the Commission. The                    make such changes, as well as other
                                                    communications relating to the                          Commission is publishing this notice to               non-substantive changes unrelated to
                                                    proposed rule change between the                        solicit comments on the proposed rule                 the adoption of rules in the
                                                    Commission and any person, other than                   change from interested persons.                       Consolidated FINRA Rulebook.
                                                    those that may be withheld from the                                                                             First, the proposed rule change would
                                                    public in accordance with the                           I. Self-Regulatory Organization’s                     update rule cross-references to reflect
                                                    provisions of 5 U.S.C. 552, will be                     Statement of the Terms of the Substance               the adoption of new consolidated rules
                                                    available for Web site viewing and                      of the Proposed Rule Change                           regarding payments to unregistered
                                                    printing in the Commission’s Public                        FINRA is proposing to update cross-                persons. On December 30, 2014, the SEC
                                                    Reference Room, 100 F Street NE.,                       references and make other non-                        approved a proposed rule change to
                                                    Washington, DC 20549, on official                       substantive changes within FINRA                      adopt new FINRA Rules 0190 (Effective
                                                    business days between the hours of                      rules, primarily as the result of approval            Date of Revocation, Cancellation,
                                                    10:00 a.m. and 3:00 p.m. Copies of the                  of new consolidated FINRA rules.                      Expulsion, Suspension or Resignation)
                                                    filing also will be available for                          The text of the proposed rule change               and 2040 (Payments to Unregistered
                                                    inspection and copying at the principal                 is available on FINRA’s Web site at                   Persons). As part of that proposed rule
                                                    office of NYSE. All comments received                   http://www.finra.org, at the principal                change, FINRA adopted the
                                                    will be posted without change; the                      office of FINRA and at the                            requirements of NASD IM–2420–1(a)
                                                    Commission does not edit personal                       Commission’s Public Reference Room.                   (Non-members of the Association), as
                                                    identifying information from                                                                                  FINRA Rule 0190. FINRA also deleted
                                                    submissions. You should submit only                     II. Self-Regulatory Organization’s                    in their entirety NASD Rule 1060(b),
                                                    information that you wish to make                       Statement of the Purpose of, and                      NASD Rule 2410, NASD Rule 2420,
                                                    available publicly. All submissions                     Statutory Basis for, the Proposed Rule                NASD IM–2420–1, NASD IM–2420–2,
                                                    should refer to File Number SR–NYSE–                    Change                                                Incorporated NYSE Rule 353, and
                                                    2015–31 and should be submitted on or                     In its filing with the Commission,                  Incorporated NYSE Rule Interpretations
                                                    before August 26, 2015.                                 FINRA included statements concerning                  345(a)(i)/01 through/03.5 The new rules
                                                      For the Commission, by the Division of                the purpose of and basis for the                      will be implemented on August 24,
                                                    Trading and Markets, pursuant to delegated              proposed rule change and discussed any                2015. As such, the proposed rule change
                                                    authority.11                                            comments it received on the proposed                  would update references to new Rule
                                                    Robert W. Errett,                                       rule change. The text of these statements             0190 in FINRA Rule 6630 (Applicability
                                                    Deputy Secretary.                                       may be examined at the places specified               of FINRA Rules to Securities Previously
                                                                                                            in Item IV below. FINRA has prepared                  Designated as PORTAL Securities).
                                                    [FR Doc. 2015–19126 Filed 8–4–15; 8:45 am]
                                                                                                            summaries, set forth in sections A, B,                  Second, the proposed rule change
                                                    BILLING CODE 8011–01–P
                                                                                                            and C below, of the most significant                  would make technical changes to
                                                                                                            aspects of such statements.                           FINRA Rules 6282.03, 6380A.03,
                                                                                                                                                                  6380B.03, and 6720(c)(1) (Alternative
                                                    SECURITIES AND EXCHANGE                                 A. Self-Regulatory Organization’s                     Trading Systems) to reflect FINRA
                                                    COMMISSION                                              Statement of the Purpose of, and                      Manual style convention changes.
                                                    [Release No. 34–75560; File No. SR–FINRA–               Statutory Basis for, the Proposed Rule                  Finally, FINRA is proposing to make
                                                    2015–027]                                               Change                                                non-substantive changes to FINRA Rule
                                                                                                                                                                  9217 (Violations Appropriate for
                                                    Self-Regulatory Organizations;                          1. Purpose                                            Disposition Under Plan Pursuant to SEA
                                                    Financial Industry Regulatory                             FINRA is in the process of developing               Rule 19d–1(c)(2)) to update cross-
                                                    Authority, Inc.; Notice of Filing and                   a consolidated rulebook (‘‘Consolidated               references resulting from previous
                                                    Immediate Effectiveness of a Proposed                   FINRA Rulebook’’).4 That process                      amendments to the Municipal Securities
                                                    Rule Change to Update Rule Cross-                       involves FINRA submitting to the                      Rulemaking Board (‘‘MSRB’’) Rules A–
                                                    References and Make Non-Substantive                     Commission for approval a series of                   12, A–14, G–3, G–38, and G–40.6 FINRA
                                                    Technical Changes to Certain FINRA                      proposed rule changes over time to                    also is proposing to update the cross-
                                                    Rules
                                                                                                              3 17  CFR 240.19b–4(f)(6).                            5 See Securities Exchange Act Release No. 73954
                                                    July 30, 2015.                                            4 The  current FINRA rulebook consists of (1)       (December 30, 2014, 80 FR 553 (January 6, 2015)
                                                       Pursuant to Section 19(b)(1) of the                  FINRA Rules; (2) NASD Rules; and (3) rules            (Order Approving File No. SR–FINRA–2014–037).
                                                    Securities Exchange Act of 1934                         incorporated from NYSE (‘‘Incorporated NYSE             6 See Securities Exchange Act Release No. 52278

                                                    (‘‘Act’’)1 and Rule 19b–4 thereunder,2                  Rules’’) (together, the NASD Rules and Incorporated   (August 17, 2005), 70 FR 49342 (August 23, 2005)
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                    notice is hereby given that on July 22,                 NYSE Rules are referred to as the ‘‘Transitional      (Order Approving File No. SR–MSRB–2005–04)
                                                                                                            Rulebook’’). While the NASD Rules generally apply     (Deleted MSRB Rule G–38); Securities Exchange
                                                    2015, Financial Industry Regulatory                     to all FINRA members, the Incorporated NYSE           Act Release No. 71616 (February 26, 2014), 79 FR
                                                    Authority, Inc. (‘‘FINRA’’) filed with the              Rules apply only to those members of FINRA that       12254 (March 4, 2014) (Order Approving File No.
                                                    Securities and Exchange Commission                      are also members of the NYSE (‘‘Dual Members’’).      SR–MSRB–2013–09) (Deleted MSRB Rules A–14
                                                    (‘‘SEC’’ or ‘‘Commission’’) the proposed                The FINRA Rules apply to all FINRA members,           and G–40, and incorporated the provisions of these
                                                                                                            unless such rules have a more limited application     rules into Rule A–12); and Securities Exchange Act
                                                                                                            by their terms. For more information about the        Release No. 74384 (February 26, 2015), 80 FR 11706
                                                      11 17 CFR 200.30–3(a)(12).                            rulebook consolidation process, see Information       (March 4, 2015) (Order Approving File No. SR–
                                                      1 15 U.S.C. 78s(b)(1).                                Notice, March 12, 2008 (Rulebook Consolidation        MSRB–2014–08) (Renumbeed MSRB Rule G–3(h) as
                                                      2 17 CFR 240.19b–4.                                   Process).                                             G–3(i)).



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                                                                               Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices                                                  46631

                                                    references in Sections 4 (Fees) and 12                     At any time within 60 days of the                  submissions. You should submit only
                                                    (Application and Annual Fees for                        filing of the proposed rule change, the               information that you wish to make
                                                    Member Firms with Statutorily                           Commission summarily may                              available publicly. All submissions
                                                    Disqualified Individuals) of Schedule A                 temporarily suspend such rule change if               should refer to File Number SR–FINRA–
                                                    to the FINRA By-Laws to reflect the                     it appears to the Commission that such                2015–027, and should be submitted on
                                                    renumbering of the Rule 9640 Series as                  action is: (i) necessary or appropriate in            or before August 26, 2015.
                                                    the 9520 Series pursuant to SR–NASD–                    the public interest; (ii) for the protection            For the Commission, by the Division of
                                                    97–28.7                                                 of investors; or (iii) otherwise in                   Trading and Markets, pursuant to delegated
                                                      FINRA has filed the proposed rule                     furtherance of the purposes of the Act.               authority.11
                                                    change for immediate effectiveness. The                 If the Commission takes such action, the              Robert W. Errett,
                                                    implementation date for the proposed                    Commission shall institute proceedings                Deputy Secretary.
                                                    rule change will be August 24, 2015, to                 to determine whether the proposed rule
                                                                                                                                                                  [FR Doc. 2015–19130 Filed 8–4–15; 8:45 am]
                                                    coincide with the implementation date                   should be approved or disapproved.
                                                                                                                                                                  BILLING CODE 8011–01–P
                                                    of FINRA Rule 0190.                                     IV. Solicitation of Comments
                                                    2. Statutory Basis                                        Interested persons are invited to
                                                                                                            submit written data, views, and                       SECURITIES AND EXCHANGE
                                                      FINRA believes that the proposed rule                                                                       COMMISSION
                                                    change is consistent with the provisions                arguments concerning the foregoing,
                                                    of Section 15A(b)(6) of the Act,8 which                 including whether the proposed rule
                                                    requires, among other things, that                      change is consistent with the Act.                    [Release No. 34–75555; File No. SR–
                                                                                                            Comments may be submitted by any of                   NASDAQ–2015–085]
                                                    FINRA rules must be designed to
                                                    prevent fraudulent and manipulative                     the following methods:
                                                                                                                                                                  Self-Regulatory Organizations; The
                                                    acts and practices, to promote just and                 Electronic Comments                                   NASDAQ Stock Market LLC; Notice of
                                                    equitable principles of trade, and, in                    • Use the Commission’s Internet                     Filing of Proposed Rule Change
                                                    general, to protect investors and the                   comment form (http://www.sec.gov/                     Relating to the Listing and Trading of
                                                    public interest. FINRA believes the                     rules/sro.shtml); or                                  the Shares of the PowerShares High
                                                    proposed rule change will provide                         • Send an email to rule-comments@                   Income Downside Hedged Portfolio a
                                                    greater clarity to members and the                      sec.gov. Please include File Number SR–               series of the PowerShares Actively
                                                    public regarding FINRA’s rules.                         FINRA–2015–027 on the subject line.                   Managed Exchange-Traded Fund Trust
                                                    B. Self-Regulatory Organization’s                       Paper Comments                                        July 30, 2015.
                                                    Statement on Burden on Competition
                                                                                                               • Send paper comments in triplicate                   Pursuant to Section 19(b)(1) of the
                                                      FINRA does not believe that the                       to Secretary, Securities and Exchange                 Securities Exchange Act of 1934
                                                    proposed rule change will result in any                 Commission, 100 F Street NE.,                         (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                    burden on competition that is not                       Washington, DC 20549–1090.                            notice is hereby given that on July 28,
                                                    necessary or appropriate in furtherance                 All submissions should refer to File                  2015, The NASDAQ Stock Market LLC
                                                    of the purposes of the Act. The                         Number SR–FINRA–2015–027. This file                   (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed with
                                                    proposed rule change brings clarity and                 number should be included on the                      the Securities and Exchange
                                                    consistency to FINRA rules without                      subject line if email is used. To help the            Commission (‘‘Commission’’) the
                                                    adding any burden on firms.                             Commission process and review your                    proposed rule change as described in in
                                                    C. Self-Regulatory Organization’s                       comments more efficiently, please use                 Items I and II below, which Items have
                                                    Statement on Comments on the                            only one method. The Commission will                  been prepared by Nasdaq. The
                                                    Proposed Rule Change Received From                      post all comments on the Commission’s                 Commission is publishing this notice to
                                                    Members, Participants, or Others                        Internet Web site (http://www.sec.gov/                solicit comments on the proposed rule
                                                                                                            rules/sro.shtml). Copies of the                       change from interested persons.
                                                      Written comments were neither                         submission, all subsequent
                                                    solicited nor received.                                                                                       I. Self-Regulatory Organization’s
                                                                                                            amendments, all written statements                    Statement of the Terms of Substance of
                                                    III. Date of Effectiveness of the                       with respect to the proposed rule                     the Proposed Rule Change
                                                    Proposed Rule Change and Timing for                     change that are filed with the
                                                    Commission Action                                       Commission, and all written                              Nasdaq proposes to list and trade the
                                                                                                            communications relating to the                        common shares of beneficial interest of
                                                      Because the foregoing proposed rule                   proposed rule change between the                      the PowerShares High Income
                                                    change does not: (i) Significantly affect               Commission and any person, other than                 Downside Hedged Portfolio (the
                                                    the protection of investors or the public               those that may be withheld from the                   ‘‘Fund’’), a series of the PowerShares
                                                    interest; (ii) impose any significant                   public in accordance with the                         Actively Managed Exchange-Traded
                                                    burden on competition; and (iii) become                 provisions of 5 U.S.C. 552, will be                   Fund Trust (the ‘‘Trust’’), under Nasdaq
                                                    operative for 30 days from the date on                  available for Web site viewing and                    Rule 5735 (‘‘Rule 5735’’). The common
                                                    which it was filed, or such shorter time                printing in the Commission’s Public                   shares of beneficial interest of the Fund
                                                    as the Commission may designate, it has                 Reference Room, 100 F Street NE.,                     are referred to herein as the ‘‘Shares.’’
                                                    become effective pursuant to Section                    Washington, DC 20549 on official
asabaliauskas on DSK5VPTVN1PROD with NOTICES




                                                                                                                                                                     The text of the proposed rule change
                                                    19(b)(3)(A) of the Act 9 and Rule 19b–                  business days between the hours of                    is available at http://
                                                    4(f)(6) thereunder.10                                   10:00 a.m. and 3:00 p.m. Copies of such               nasdaq.cchwallstreet.com/, at Nasdaq’s
                                                                                                            filing also will be available for                     principal office, and at the
                                                      7 See Securities Exchange Act Release No. 38908
                                                                                                            inspection and copying at the principal               Commission’s Public Reference Room.
                                                    (August 7, 1997), 62 FR 43385 (August 13, 1997)
                                                    (Order Approving File No. SR–NASD–97–28).               offices of FINRA. All comments
                                                      8 15 U.S.C. 78o–3(b)(6).                              received will be posted without change;                 11 17 CFR 200.30–3(a)(12).
                                                      9 15 U.S.C. 78s(b)(3)(A).                             the Commission does not edit personal                   1 15 U.S.C. 78s(b)(1).
                                                      10 17 CFR 240.19b–4(f)(6).                            identifying information from                            2 17 CFR 240.19b–4.




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Document Created: 2018-02-23 10:53:13
Document Modified: 2018-02-23 10:53:13
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 46630 

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