80 FR 68342 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Terminology in Nasdaq Rules 4120, 5615 and 5745 and IM-5615-4

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 213 (November 4, 2015)

Page Range		68342-68343
FR Document		2015-28021
Federal Register, Volume 80 Issue 213 (Wednesday, November 4, 2015)
[Federal Register Volume 80, Number 213 (Wednesday, November 4, 2015)]
[Notices]
[Pages 68342-68343]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-28021]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76297; File No. SR-NASDAQ-2015-121]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Terminology in Nasdaq Rules 4120, 5615 and 5745 and IM-5615-4

October 29, 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 October 21, 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 in Items I, 
II, and III below, which Items have been prepared by Nasdaq. 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.
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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 to replace the term 
``ETMF Shares'' with ``NextShares'' and to make appropriate conforming 
changes in terminology. Consistent with the proposed change in 
terminology in Nasdaq Rule 5745, the Exchange also proposes to make 
conforming changes in terminology to Nasdaq Rule 4120, Nasdaq Rule 
5615, and IM-5615-4.
    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 to replace 
references to ``ETMF Shares'' with ``NextShares,'' and to make 
conforming changes in terminology.\3\ As the marketplace for exchange-
traded managed funds has developed since the adoption of Nasdaq Rule 
5745, market participants have been utilizing the term NextShares 
instead of ETMF Shares. The Exchange seeks to align the terminology of 
its rules with marketplace practices to help avoid potential confusion 
in terminology for investors and market participants with respect to 
this new product.
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    \3\ 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).
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    Specifically, the Exchange would replace references in Nasdaq Rule 
5745 to ``ETMF Shares'' with ``NextShares'' and to ``ETMF'' with 
``NextShares Fund.'' The Exchange would make corresponding changes in 
terminology to other affected Nasdaq rules. The Exchange believes that 
these proposed changes are non-controversial and technical in nature, 
and are consistent with the Act.
2. Statutory Basis
    Nasdaq Exchange believes the proposed rule change is consistent 
with the Act and the rules and regulations thereunder, including the 
requirements

[[Page 68343]]

of Section 6(b) of the Act.\4\ In particular, the Exchange believes the 
proposed rule change is consistent with the Section 6(b)(5) \5\ 
requirements that the rules of an exchange be designed to promote just 
and equitable principles of trade, to prevent fraudulent and 
manipulative acts and practices, to foster cooperation and coordination 
with persons engaged in facilitating transactions in securities, to 
remove impediments to and to perfect the mechanism for a free and open 
market and a national market system, and, in general, to protect 
investors and the public interest. The Exchange believes that the 
change in terminology will protect investors and the public interest by 
eliminating potential confusion that may exist because of unnecessary 
differences in terminology between Nasdaq rules and the marketplace.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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    As noted, the Exchange believes that the changes proposed are non-
controversial and technical in nature.

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. The Exchange believes that 
the proposed rule change will help align rule terminology with the 
terminology utilized in the marketplace for these new products and be 
used uniformly.

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

    The proposed rule change is filed for immediate effectiveness 
pursuant to Section 19(b)(3)(A) \6\ of the Act and Rule 19b-4(f)(6) 
thereunder.\7\ The Exchange asserts that the 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 after its filing date, or such shorter 
time as the Commission may designate if consistent with the protection 
of investors and the public interest.
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative prior to 30 days after the date of filing. Rule 
19b-4(f)(6)(iii), however, permits the Commission to designate a 
shorter time if such action is consistent with the protection of 
investors and the public interest.
    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 [email protected]. Please include 
File Number SR-NASDAQ-2015-121 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-NASDAQ-2015-121. 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-NASDAQ-2015-
121, and should be submitted on or before November 25, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-28021 Filed 11-3-15; 8:45 am]
 BILLING CODE 8011-01-P
68342 Federal Register / Vol. 80, No. 213 / Wednesday, November 4, 2015 / Notices

subparagraph (f)(6) of Rule 19b–4 Reference Room, 100 F Street NE., in terminology to Nasdaq Rule 4120,
thereunder.26 Washington, DC 20549, on official Nasdaq Rule 5615, and IM–5615–4.
At any time within 60 days of the business days between the hours of The text of the proposed rule change
filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the is available at http://
Commission summarily may filing also will be available for nasdaq.cchwallstreet.com/, at Nasdaq’s
temporarily suspend such rule change if inspection and copying at the principal principal office, and at the
it appears to the Commission that such office of the Exchange. All comments Commission’s Public Reference Room.
action is: (i) Necessary or appropriate in received will be posted without change;
the public interest; (ii) for the protection the Commission does not edit personal II. Self-Regulatory Organization’s
of investors; or (iii) otherwise in identifying information from Statement of the Purpose of, and
furtherance of the purposes of the Act. submissions. You should submit only Statutory Basis for, the Proposed Rule
If the Commission takes such action, the information that you wish to make Change
Commission shall institute proceedings available publicly. In its filing with the Commission, the
to determine whether the proposed rule All submissions should refer to File Exchange included statements
should be approved or disapproved. Number SR–Phlx–2015–83 and should concerning the purpose of and basis for
be submitted on or before November 25, the proposed rule change and discussed
IV. Solicitation of Comments 2015. any comments it received on the
Interested persons are invited to For the Commission, by the Division of proposed rule change. The text of these
submit written data, views, and Trading and Markets, pursuant to delegated statements may be examined at the
arguments concerning the foregoing, authority.27 places specified in Item IV below. The
including whether the proposed rule Robert W. Errett, Exchange has prepared summaries, set
change is consistent with the Act. Deputy Secretary. forth in sections A, B, and C below, of
Comments may be submitted by any of [FR Doc. 2015–28020 Filed 11–3–15; 8:45 am] the most significant aspects of such
the following methods: BILLING CODE 8011–01–P statements.
Electronic Comments A. Self-Regulatory Organization’s
• Use the Commission’s Internet SECURITIES AND EXCHANGE Statement of the Purpose of, and
comment form (http://www.sec.gov/ COMMISSION Statutory Basis for, the Proposed Rule
rules/sro.shtml); or Change
• Send an email to rule-comments@ [Release No. 34–76297; File No. SR–
NASDAQ–2015–121] 1. Purpose
sec.gov. Please include File Number SR-
Phlx-2015–83 on the subject line. The Exchange proposes to amend
Self-Regulatory Organizations; The
Nasdaq Rule 5745 to replace references
Paper Comments NASDAQ Stock Market LLC; Notice of
to ‘‘ETMF Shares’’ with ‘‘NextShares,’’
Filing and Immediate Effectiveness of
• Send paper comments in triplicate and to make conforming changes in
Proposed Rule Change To Amend
to Brent J. Fields, Secretary, Securities terminology.3 As the marketplace for
Terminology in Nasdaq Rules 4120,
and Exchange Commission, 100 F Street exchange-traded managed funds has
5615 and 5745 and IM–5615–4
NE., Washington, DC 20549–1090. developed since the adoption of Nasdaq
All submissions should refer to File October 29, 2015. Rule 5745, market participants have
Number SR–Phlx–2015–83. This file Pursuant to Section 19(b)(1) of the been utilizing the term NextShares
number should be included on the Securities Exchange Act of 1934 instead of ETMF Shares. The Exchange
subject line if email is used. To help the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 seeks to align the terminology of its
Commission process and review your notice is hereby given that on October rules with marketplace practices to help
comments more efficiently, please use 21, 2015, The NASDAQ Stock Market avoid potential confusion in
only one method. The Commission will LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed terminology for investors and market
post all comments on the Commission’s with the Securities and Exchange participants with respect to this new
Internet Web site (http://www.sec.gov/ Commission (‘‘Commission’’) the product.
rules/sro.shtml). proposed rule change as described in in Specifically, the Exchange would
Copies of the submission, all Items I, II, and III below, which Items replace references in Nasdaq Rule 5745
subsequent amendments, all written have been prepared by Nasdaq. The to ‘‘ETMF Shares’’ with ‘‘NextShares’’
statements with respect to the proposed Commission is publishing this notice to and to ‘‘ETMF’’ with ‘‘NextShares
rule change that are filed with the solicit comments on the proposed rule Fund.’’ The Exchange would make
Commission, and all written change from interested persons. corresponding changes in terminology
communications relating to the to other affected Nasdaq rules. The
I. Self-Regulatory Organization’s
proposed rule change between the Exchange believes that these proposed
Statement of the Terms of the Substance
Commission and any person, other than changes are non-controversial and
of the Proposed Rule Change
those that may be withheld from the technical in nature, and are consistent
public in accordance with the The Exchange proposes to amend with the Act.
provisions of 5 U.S.C. 552, will be Nasdaq Rule 5745 to replace the term
available for Web site viewing and ‘‘ETMF Shares’’ with ‘‘NextShares’’ and 2. Statutory Basis
asabaliauskas on DSK5VPTVN1PROD with NOTICES

printing in the Commission’s Public to make appropriate conforming Nasdaq Exchange believes the
changes in terminology. Consistent with proposed rule change is consistent with
26 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– the proposed change in terminology in the Act and the rules and regulations
4(f)(6) requires a self-regulatory organization to give Nasdaq Rule 5745, the Exchange also thereunder, including the requirements
the Commission written notice of its intent to file proposes to make conforming changes
the proposed rule change at least five business days
prior to the date of filing of the proposed rule 3 The Commission approved Nasdaq Rule 5745 in
27 17 CFR 200.30–3(a)(12).
change, or such shorter time as designated by the Securities Exchange Act Release No. 34–73562
1 15 U.S.C. 78s(b)(1).
Commission. The Exchange has satisfied this (Nov. 7, 2014), 79 FR 68309 (Nov. 14, 2014) (SR–
requirement. 2 17 CFR 240.19b–4. NASDAQ–2014–020).

VerDate Sep<11>2014 17:00 Nov 03, 2015 Jkt 238001 PO 00000 Frm 00051 Fmt 4703 Sfmt 4703 E:\FR\FM\04NON1.SGM 04NON1
Federal Register / Vol. 80, No. 213 / Wednesday, November 4, 2015 / Notices 68343

of Section 6(b) of the Act.4 In particular, become operative prior to 30 days after filing also will be available for
the Exchange believes the proposed rule the date of filing. Rule 19b–4(f)(6)(iii), inspection and copying at the principal
change is consistent with the Section however, permits the Commission to offices of the Exchange. All comments
6(b)(5) 5 requirements that the rules of designate a shorter time if such action received will be posted without change;
an exchange be designed to promote just is consistent with the protection of the Commission does not edit personal
and equitable principles of trade, to investors and the public interest. identifying information from
prevent fraudulent and manipulative At any time within 60 days of the submissions. You should submit only
acts and practices, to foster cooperation filing of the proposed rule change, the information that you wish to make
and coordination with persons engaged Commission summarily may available publicly. All submissions
in facilitating transactions in securities, temporarily suspend such rule change if should refer to File Number SR–
to remove impediments to and to perfect it appears to the Commission that such NASDAQ–2015–121, and should be
the mechanism for a free and open action is: (i) Necessary or appropriate in submitted on or before November 25,
market and a national market system, the public interest; (ii) for the protection 2015.
and, in general, to protect investors and of investors; or (iii) otherwise in
For the Commission, by the Division of
the public interest. The Exchange furtherance of the purposes of the Act.
Trading and Markets, pursuant to delegated
believes that the change in terminology If the Commission takes such action, the
authority.8
will protect investors and the public Commission shall institute proceedings
interest by eliminating potential to determine whether the proposed rule Robert W. Errett,
confusion that may exist because of should be approved or disapproved. Deputy Secretary.
unnecessary differences in terminology IV. Solicitation of Comments
[FR Doc. 2015–28021 Filed 11–3–15; 8:45 am]
between Nasdaq rules and the BILLING CODE 8011–01–P
marketplace. Interested persons are invited to
As noted, the Exchange believes that submit written data, views, and
the changes proposed are non- arguments concerning the foregoing, SECURITIES AND EXCHANGE
controversial and technical in nature. including whether the proposed rule COMMISSION
change is consistent with the Act.
B. Self-Regulatory Organization’s Comments may be submitted by any of
Statement on Burden on Competition the following methods:
[Release No. 34–76300; File No. SR–C2–
2015–030]
The Exchange does not believe that
the proposed rule change will impose Electronic Comments
• Use the Commission’s Internet Self-Regulatory Organizations; C2
any burden on competition that is not
comment form (http://www.sec.gov/ Options Exchange, Incorporated;
necessary or appropriate in furtherance
rules/sro.shtml); or Notice of Filing and Immediate
of the purposes of the Act. The
• Send an email to rule-comments@ Effectiveness of a Proposed Rule
Exchange believes that the proposed
sec.gov. Please include File Number SR– Change Amending Rule 6.45 Relating
rule change will help align rule
NASDAQ–2015–121 on the subject line. to Disaster Recovery
terminology with the terminology
utilized in the marketplace for these Paper Comments October 29, 2015.
new products and be used uniformly.
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the
C. Self-Regulatory Organization’s to Secretary, Securities and Exchange Securities Exchange Act of 1934
Statement on Comments on the Commission, 100 F Street NE., (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Proposed Rule Change Received From Washington, DC 20549–1090. notice is hereby given that on October
Members, Participants, or Others All submissions should refer to File 28, 2015, C2 Options Exchange,
Written comments were neither Number SR–NASDAQ–2015–121. This Incorporated (‘‘Exchange’’ or ‘‘C2’’) filed
solicited nor received. file number should be included on the with the Securities and Exchange
subject line if email is used. To help the Commission (‘‘Commission’’) the
III. Date of Effectiveness of the proposed rule change as described in
Proposed Rule Change and Timing for Commission process and review your
comments more efficiently, please use Items I and II below, which Items have
Commission Action been prepared by the Exchange. The
only one method. The Commission will
The proposed rule change is filed for post all comments on the Commission’s Commission is publishing this notice to
immediate effectiveness pursuant to Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule
Section 19(b)(3)(A) 6 of the Act and Rule rules/sro.shtml). Copies of the change from interested persons.
19b–4(f)(6) thereunder.7 The Exchange submission, all subsequent
asserts that the proposed rule change I. Self-Regulatory Organization’s
amendments, all written statements Statement of the Terms of Substance of
does not (i) significantly affect the with respect to the proposed rule
protection of investors or the public the Proposed Rule Change
change that are filed with the
interest, (ii) impose any significant Commission, and all written The Exchange proposes to amend
burden on competition, and (iii) become communications relating to the Rule 6.45 relating to disaster recovery.
operative for 30 days after its filing date, proposed rule change between the The text of the proposed rule change is
or such shorter time as the Commission Commission and any person, other than available on the Exchange’s Web site
may designate if consistent with the those that may be withheld from the
asabaliauskas on DSK5VPTVN1PROD with NOTICES

(http://www.cboe.com/AboutCBOE/
protection of investors and the public public in accordance with the CBOELegalRegulatoryHome.aspx), at
interest. provisions of 5 U.S.C. 552, will be
A proposed rule change filed under the Exchange’s Office of the Secretary,
available for Web site viewing and and at the Commission’s Public
Rule 19b–4(f)(6) normally does not
printing in the Commission’s Public Reference Room.
4 15 U.S.C. 78f(b).
Reference Room, 100 F Street NE.,
5 15 U.S.C. 78f(b)(5). Washington, DC 20549 on official 8 17 CFR 200.30–3(a)(12).
6 15 U.S.C. 78s(b)(3)(A). business days between the hours of 1 15 U.S.C. 78s(b)(1).
7 17 CFR 240.19b–4(f)(6). 10:00 a.m. and 3:00 p.m. Copies of such 2 17 CFR 240.19b–4.

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Document Created: 2018-03-01 11:27:46
Document Modified: 2018-03-01 11:27:46
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 68342