80 FR 54349 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Nasdaq Rule 5745

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 174 (September 9, 2015)

Page Range		54349-54351
FR Document		2015-22606

Federal Register, Volume 80 Issue 174 (Wednesday, September 9, 2015)

[Federal Register Volume 80, Number 174 (Wednesday, September 9, 2015)]
[Notices]
[Pages 54349-54351]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-22606]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75815; File No. SR-NASDAQ-2015-103]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Nasdaq Rule 5745

September 2, 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 August 31, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, and
II below, which Items have been prepared by Nasdaq. The Exchange filed
the proposal as a ``non-controversial'' proposed rule change pursuant
to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6)

[[Page 54350]]

thereunder.\4\ The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

The Exchange proposes to amend Nasdaq Rule 5745 entitled
``Exchange-Traded Managed Fund Shares'' in connection with a type of
open-end management investment company registered under the Investment
Company Act of 1940, as amended (``1940 Act''), called an Exchange-
Traded Managed Fund (``ETMF''). The shares of an ETMF are collectively
referred to herein as ``ETMF Shares'' or ``Shares.''
The Exchange has designated that the amendments be operative on
October 1, 2015 so that they are in place by the expected launch of the
initial ETMFs on that date.
The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, 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 Nasdaq Rule 5745 in connection with
the trading of ETMF Shares.\5\ Specifically, the Exchange proposes to
add to Nasdaq Rule 5745 subsections (b)(6), (b)(6)(A) and (b)(6)(B) to
clarify that all order attributes (``Order Attributes''), as described
in Nasdaq Rule 4703, are applicable to ETMF Shares other than for
certain exceptions. The first exception is that any order \6\ with
respect to ETMF Shares received with a routing instruction (as defined
in Nasdaq Rule 4758) prior to the opening trading in the applicable
ETMF security will be automatically canceled and returned. Since ETMFs
are not permitted to trade prior to 9:30 a.m. (Eastern Time), the
Exchange believes that allowing routing to occur only during Regular
Market Session \7\ through 4:00 p.m. (Eastern Time) is the best way to
eliminate any possible confusion regarding system availability for
trading ETMFs.
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\5\ The Commission approved Nasdaq Rule 5745 in Securities
Exchange Act Release No. 34-73562 (Nov. 7, 2014), 79 FR 68309 (Nov.
14, 2014) (SR-NASDAQ-2014-020).
\6\ See Nasdaq Rule 4701(e).
\7\ Nasdaq Rule 4120(b)(4)(D) defines the Regular Market Session
as the trading session from 9:30 a.m. to 4:00 p.m. or 4:15 p.m. ETMF
Shares will trade until 4:00 p.m.
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The other exception is that certain Time-in-Force Order Attributes,
as defined in Nasdaq Rule 4703, are not applicable to orders in ETMF
securities. These include orders designated to deactivate one year
after entry and referred to as a ``Good-till-Cancelled'' or ``GTC''
Orders.\8\ If a GTC Order is designated as eligible for execution
during Market Hours only, it may be referred to as having a Time-in-
Force of ``Market Hours Good-till-Cancelled'' or ``MGTC''.\9\ If a GTC
is designated as eligible for execution during System Hours, it may be
referred to as having a Time-in-Force of ``System Hours Good-till-
Cancelled'' or ``SGTC''.\10\ GTC, MGTC and SGTC Order Attributes should
not be used with ETMF Share orders for the following reasons.
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\8\ See Nasdaq Rule 4703(a)(3).
\9\ Id.
\10\ Id.
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ETMF Shares will trade on Nasdaq using a new trading protocol
called ``NAV-Based Trading.'' In NAV-Based Trading, all bids, offers
and execution prices will be expressed as a premium/discount (which may
be zero) to the ETMF's next-determined NAV (e.g., NAV-$0.01;
NAV+$0.01). An ETMF's next-determined NAV will be represented at the
beginning of each trading day by a proxy price of 100.00. An ETMF's NAV
will be determined each business day, normally no later than 6:45 p.m.
Eastern Time. At this time, the day's premiums/discounts associated
with the day's transactions will be applied to the day's NAV to create
the final transaction price. Trade executions using NAV-Based Trading
will be binding at the time orders are matched on Nasdaq's facilities,
with the transaction prices contingent upon the determination of the
ETMF's NAV at the end of the business day.
As such, GTC, MGTC and SGTC Order Attributes that allow an order to
be activated or deactivated in a manner that is inconsistent with a
standard trading day create a possibility for error and confusion. The
daily price function and format of order entry, in premium or discount
to the NAV, which is characteristic of NAV-Based Trading, represent the
value a participant is willing to purchase or sell an ETMF. Since a
GTC, MGTC or SGTC Order Attribute allows for an order to deactivate
after the day it was entered, the price at which it is entered in
premium or discount would not represent the same value for an order on
a subsequent day where the value of NAV may have changed significantly
from the time it was entered.
Instead of modifying and limiting each applicable Order Attribute
that allows for orders to be either activated or deactivated during a
time when ETMF's are not permitted to trade, the Exchange believe it is
in the best interests of Exchange members to allow the use of only
those Order Attributes that pertain to orders that expire during a
standard trading day. The Exchange believes that this approach both
simplifies and clarifies the treatment of Order Attributes.
Additionally, since trading in ETMF Shares will occur only during
the regular trading hours of between 9:30 a.m. and 4 p.m. (Eastern
Time),\11\ any orders for ETMF Shares submitted to the Exchange prior
to market open will not be accepted. Also, orders received after market
close will be rejected. All orders to buy or sell ETMF Share that are
not executed on the day the order is submitted would be automatically
cancelled as of the close of trading on such day.
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\11\ See Nasdaq Rule 5745(b)(2).
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2. Statutory Basis
Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act \12\ in general and Section 6(b)(5) of the Act \13\ 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, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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The Exchange is proposing to clarify Nasdaq Rule 5745 by adding
subsections (b)(6), (b)(6)(A) and (b)(6)(B) to clarify that all Order
Attributes (as described in Nasdaq Rule 4703) are applicable to ETMF
Shares other than

[[Page 54351]]

for certain exceptions, including that any order \14\ received with a
routing instruction (as defined in Nasdaq Rule 4758) prior to the
opening of trading in the ETMF security will be automatically canceled
and returned. Also, the proposed rule seeks to clarify that certain
Time-in-Force Order Attributes (as defined in Nasdaq Rule 4703) are not
applicable for ETMF securities and include the following orders: GTC,
MGTC, and SGTC Orders.\15\
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\14\ See Nasdaq Rule 4701(e).
\15\ See Nasdaq Rule 4703(a)(3).
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The Exchange believes that, because this proposed rule change
clarifies for all market participants exactly what types of Order
Attributes are permissible for ETMF Shares and thereby reduces possible
confusion in the trading of ETMF Shares, it will facilitate
transactions in securities, remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, help to protect investors and the public interest. The
proposed rule change is not designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
For the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.\16\
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\16\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange 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 Exchange
believes that the proposed rule change will assist in the introduction
of ETMFs through clarifying for all market participants exactly what
types of Order Attributes are permissible for ETMF Shares and will
reduce possible confusion in the trading of ETMF Shares.

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 and Rule 19b-
4(f)(6) thereunder.\17\
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\17\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \18\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii)\19\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest.
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\18\ 17 CFR 240.19b-4(f)(6).
\19\ 17 CFR 240.19b-4(f)(6)(iii).
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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 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-NASDAQ-2015-103 on the subject line.

Paper Comments

Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1001.

All submissions should refer to File Number SR-NASDAQ-2015-103. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of Nasdaq. 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-NASDAQ-2015-103, and
should be submitted on or before September 30, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-22606 Filed 9-8-15; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 174 / Wednesday, September 9, 2015 / Notices 54349

or more venues. In fact, this reality is noted by Chair White, and thereby with respect to the proposed rule
recognized by the QCT exemption itself removes impediments and perfects the change that are filed with the
through the timing requirement of ‘‘at or mechanisms of a free and open Commission, and all written
near the same time,’’ which does not market.129 communications relating to the
note a specific time requirement.125 proposed rule change between the
SNAP is also consistent with Rule 201 C. Self-Regulatory Organization’s
Commission and any person, other than
of Regulation SHO or applicable Statement on Comments on the
those that may be withheld from the
exemptive relief.126 Specifically, SNAP Proposed Rule Change Received From
public in accordance with the
Eligible Orders marked Sell Short in a Members, Participants, or Others
provisions of 5 U.S.C. 552, will be
covered security subject to the short sale No written comments were solicited available for Web site viewing and
price test restriction will never be or received with respect to the proposed printing in the Commission’s Public
permitted to execute at prices at or rule change. Reference Room, 100 F Street NE.,
below the NBB ascertained from the Washington, DC 20549 on official
III. Date of Effectiveness of the
market snapshot taken pursuant to business days between the hours of
Proposed Rule Change and Timing for
proposed Article 18, Rule 1(b)(2)(E). For 10:00 a.m. and 3:00 p.m. Copies of such
Commission Action
SNAP Eligible Orders marked Sell Short filing also will be available for
with a limit price at one minimum price Within 45 days of the date of inspection and copying at the principal
increment above the NBB ascertained publication of this notice in the Federal offices of the Exchange. All comments
from the market snapshot taken Register or within such longer period received will be posted without change;
pursuant to proposed Article 18, Rule up to 90 days (i) as the Commission may the Commission does not edit personal
1(b)(2)(E) or higher, such orders would designate if it finds such longer period identifying information from
simply be ranked on the SNAP CHX to be appropriate and publishes its submissions. You should submit only
book at its limit price. However, for reasons for so finding or (ii) as to which information that you wish to make
SNAP Eligible Orders marked Sell Short the self-regulatory organization available publicly. All submissions
with a limit price at or below the NBB consents, the Commission will: should refer to File Number SR–CHX–
ascertained from the market snapshot A. By order approve or disapprove the 2015–03, and should be submitted on or
taken pursuant to proposed Article 18, proposed rule change, or before September 24, 2015.
Rule 1(b)(2)(E), the Matching System B. Institute proceedings to determine
whether the proposed rule change For the Commission, by the Division of
would reprice such orders to one Trading and Markets, pursuant to delegated
minimum price increment above that should be disapproved. authority.130
NBB and rank such orders on the SNAP IV. Solicitation of Comments Robert W. Errett,
CHX book at the new higher price.127 Deputy Secretary.
Thus, if the SNAP Price is ultimately Interested persons are invited to
determined to be at or below the NBB submit written data, views, and [FR Doc. 2015–22607 Filed 9–8–15; 8:45 am]

ascertained from the market snapshot arguments concerning Amendment No. BILLING CODE 8011–01–P

taken pursuant to proposed Article 18, 1, including whether the proposed rule
Rule 1(b)(2)(E), during a short sale price change as modified by Amendment No.
1, is consistent with the Act. Comments SECURITIES AND EXCHANGE
test restriction, this ranking COMMISSION
methodology would ensure that SNAP may be submitted by any of the
Eligible Orders marked Sell Short would following methods:
[Release No. 34–75815; File No. SR–
not participate in the SNAP execution, Electronic Comments NASDAQ–2015–103]
as such orders would never have an
• Use the Commission’s Internet Self-Regulatory Organizations; The
executable price lower than one
comment form (http://www.sec.gov/ NASDAQ Stock Market LLC; Notice of
minimum price increment above the
rules/sro.shtml); or Filing and Immediate Effectiveness of
NBB ascertained from the market
• Send an email to rule-comments@ Proposed Rule Change To Amend
snapshot taken pursuant to proposed
sec.gov. Please include File Number SR– Nasdaq Rule 5745
Article 18, Rule 1(b)(2)(E).128
CHX–2015–03 on the subject line.
B. Self-Regulatory Organization’s September 2, 2015.
Paper Comments
Statement on Burden on Competition Pursuant to Section 19(b)(1) of the
• Send paper comments in triplicate Securities Exchange Act of 1934
The Exchange does not believe that
to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2
the proposed rule change will impose
Commission, 100 F Street NE., notice is hereby given that on August
any burden on competition that is not
Washington, DC 20549–1090. 31, 2015, The NASDAQ Stock Market
necessary or appropriate in furtherance
of the purposes of the Act. To the All submissions should refer to File LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed
contrary, the Exchange believes that any Number SR–CHX–2015–03. This file with the Securities and Exchange
burden on competition is necessary and number should be included on the Commission (‘‘Commission’’) the
appropriate in furtherance of the subject line if email is used. To help the proposed rule change as described in
purposes of section 6(b)(5) of the Act Commission process and review your Items I, and II below, which Items have
because SNAP is an initiative that seeks comments more efficiently, please use been prepared by Nasdaq. The Exchange
to deemphasize speed as a key to only one method. The Commission will filed the proposal as a ‘‘non-
trading success in order to further serve post all comments on the Commission’s controversial’’ proposed rule change
Lhorne on DSK5TPTVN1PROD with NOTICES

the interests of investors, as recently Internet Web site (http://www.sec.gov/ pursuant to Section 19(b)(3)(A)(iii) of
rules/sro.shtml). Copies of the the Act 3 and Rule 19b–4(f)(6)
125 See id (emphasis added). submission, all subsequent
126 See supra note 10. amendments, all written statements 130 17CFR 200.30–3(a)(12).
127 See proposed CHX Article 20, Rule 1 15 U.S.C. 78s(b)(1).
8(d)(4)(B)(i). 129 See supra note 7; see also supra Statutory 2 17 CFR 240.19b–4.
128 See proposed CHX Article 18, Rule 1(b)(4)(A). Basis. 3 15 U.S.C. 78s(b)(3)(A)(iii).

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Federal Register / Vol. 80, No. 174 / Wednesday, September 9, 2015 / Notices 54351

for certain exceptions, including that which it was filed, or such shorter time rules/sro.shtml). Copies of the
any order 14 received with a routing as the Commission may designate, it has submission, all subsequent
instruction (as defined in Nasdaq Rule become effective pursuant to Section amendments, all written statements
4758) prior to the opening of trading in 19(b)(3)(A) of the Act and Rule 19b– with respect to the proposed rule
the ETMF security will be automatically 4(f)(6) thereunder.17 change that are filed with the
canceled and returned. Also, the A proposed rule change filed Commission, and all written
proposed rule seeks to clarify that pursuant to Rule 19b–4(f)(6) under the communications relating to the
certain Time-in-Force Order Attributes Act 18 normally does not become proposed rule change between the
(as defined in Nasdaq Rule 4703) are not operative for 30 days after the date of its Commission and any person, other than
applicable for ETMF securities and filing. However, Rule 19b–4(f)(6)(iii)19 those that may be withheld from the
include the following orders: GTC, permits the Commission to designate a public in accordance with the
MGTC, and SGTC Orders.15 shorter time if such action is consistent provisions of 5 U.S.C. 552, will be
The Exchange believes that, because with the protection of investors and the available for Web site viewing and
this proposed rule change clarifies for public interest. printing in the Commission’s Public
all market participants exactly what At any time within 60 days of the Reference Room, 100 F Street NE.,
types of Order Attributes are filing of the proposed rule change, the Washington, DC 20549 on official
permissible for ETMF Shares and Commission summarily may business days between the hours of
thereby reduces possible confusion in temporarily suspend such rule change if 10:00 a.m. and 3:00 p.m. Copies of such
the trading of ETMF Shares, it will it appears to the Commission that such filing also will be available for
facilitate transactions in securities, action is necessary or appropriate in the inspection and copying at the principal
remove impediments to and perfect the public interest, for the protection of office of Nasdaq. All comments received
mechanism of a free and open market investors, or otherwise in furtherance of will be posted without change; the
and a national market system, and, in the purposes of the Act. If the Commission does not edit personal
general, help to protect investors and Commission takes such action, the identifying information from
the public interest. The proposed rule Commission shall institute proceedings submissions. You should submit only
change is not designed to permit unfair to determine whether the proposed rule information that you wish to make
discrimination between customers, should be approved or disapproved. available publicly.
issuers, brokers, or dealers. All submissions should refer to File
For the above reasons, Nasdaq IV. Solicitation of Comments Number SR–NASDAQ–2015–103, and
believes the proposed rule change is Interested persons are invited to should be submitted on or before
consistent with the requirements of submit written data, views, and September 30, 2015.
Section 6(b)(5) of the Act.16 arguments concerning the foregoing, For the Commission, by the Division of
including whether the proposed rule Trading and Markets, pursuant to delegated
B. Self-Regulatory Organization’s authority.20
change is consistent with the Act.
Statement on Burden on Competition Robert W. Errett,
Comments may be submitted by any of
The Exchange does not believe that the following methods: Deputy Secretary.
the proposed rule change will result in [FR Doc. 2015–22606 Filed 9–8–15; 8:45 am]
any burden on competition that is not Electronic Comments
BILLING CODE 8011–01–P
necessary or appropriate in furtherance • Use the Commission’s Internet
of the purposes of the Act. The comment form (http://www.sec.gov/
Exchange believes that the proposed rules/sro.shtml); or SECURITIES AND EXCHANGE
rule change will assist in the • Send an email to rule-comments@ COMMISSION
introduction of ETMFs through sec.gov. Please include File Number SR–
[Release No. 34–75817; File No. SR–
clarifying for all market participants NASDAQ–2015–103 on the subject line. NASDAQ–2015–075]
exactly what types of Order Attributes
Paper Comments
are permissible for ETMF Shares and Self-Regulatory Organizations; The
will reduce possible confusion in the • Send paper comments in triplicate NASDAQ Stock Market LLC; Notice of
trading of ETMF Shares. to Brent J. Fields, Secretary, Securities Designation of a Longer Period for
and Exchange Commission, 100 F Street Commission Action on Proposed Rule
C. Self-Regulatory Organization’s NE., Washington, DC 20549–1001.
Statement on Comments on the Change Relating to the Listing and
Proposed Rule Change Received From All submissions should refer to File Trading of Shares of the First Trust SSI
Members, Participants, or Others Number SR–NASDAQ–2015–103. This Strategic Convertible Securities ETF of
file number should be included on the First Trust Exchange-Traded Fund IV
Written comments were neither subject line if email is used. To help the
solicited nor received. September 2, 2015.
Commission process and review your
comments more efficiently, please use On July 2, 2015, the NASDAQ Stock
III. Date of Effectiveness of the Market LLC filed with the Securities
Proposed Rule Change and Timing for only one method. The Commission will
post all comments on the Commission’s and Exchange Commission
Commission Action (‘‘Commission’’), pursuant to Section
Internet Web site (http://www.sec.gov/
Because the foregoing proposed rule 19(b)(1) of the Securities Exchange Act
change does not: (i) Significantly affect 17 17 CFR 240.19b–4(f)(6). As required under Rule of 1934 (‘‘Act’’) 1 and Rule 19b–4
the protection of investors or the public 19b–4(f)(6)(iii), the Exchange provided the thereunder,2 a proposed rule change to
Lhorne on DSK5TPTVN1PROD with NOTICES

interest; (ii) impose any significant Commission with written notice of its intent to file list and trade the shares of the First
burden on competition; and (iii) become the proposed rule change, along with a brief Trust SSI Strategic Convertible
description and the text of the proposed rule
operative for 30 days from the date on change, at least five business days prior to the date Securities ETF of First Trust Exchange-
of filing of the proposed rule change, or such
14 See Nasdaq Rule 4701(e). shorter time as designated by the Commission. 20 17 CFR 200.30–3(a)(12).
15 See Nasdaq Rule 4703(a)(3). 18 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
16 15 U.S.C. 78f(b)(5). 19 17 CFR 240.19b–4(f)(6)(iii). 2 17 CFR 240.19b–4.

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Document Created: 2015-12-15 09:53:38
Document Modified: 2015-12-15 09:53:38

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 54349