82 FR 14041 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Harmonize Liability Caps and Related Reimbursement Requirements
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 50 (March 16, 2017)
Federal Register Volume 82, Issue 50 (March 16, 2017)
| Page Range | 14041-14043 | |
| FR Document | 2017-05219 |
[Federal Register Volume 82, Number 50 (Thursday, March 16, 2017)] [Notices] [Pages 14041-14043] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-05219] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80212; File No. SR-ISE-2017-18] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Harmonize Liability Caps and Related Reimbursement Requirements March 10, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 28, 2017, the International Securities Exchange, LLC (``ISE'' or ``Exchange'') 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 the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 705 (Limitation of Liability) to harmonize its liability caps and related reimbursement requirements with those of NASDAQ BX, Inc. (``BX''), NASDAQ PHLX LLC (``Phlx'') and NASDAQ Stock Market LLC (``NSM'' and together with BX and Phlx, the ``Nasdaq Exchanges''). The text of the proposed rule change is available on the Exchange's Web site at www.ise.com, at the principal office of the Exchange, 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 purpose of this proposed rule change is to amend Rule 705 (Limitation of Liability) to harmonize the Exchange's existing liability caps and related reimbursement requirements for claims under Rule 705(d) with the caps and requirements set forth in the rules of the Nasdaq Exchanges.\3\ The Exchange and its affiliates, ISE Gemini, LLC and ISE Mercury, LLC (together, the ``ISE Exchanges''), were recently acquired (the ``Acquisition'') by Nasdaq, Inc. (``HoldCo'').\4\ In the context of the Acquisition, the ISE Exchanges are working to align certain rules with rules of the Nasdaq Exchanges in order to provide consistent standards across the six exchanges operated by HoldCo (the ``HoldCo Affiliated Exchanges''). As part of this effort, the proposal set forth below harmonizes the Exchange's liability caps and the related reimbursement requirements with those of the Nasdaq Exchanges in order to provide uniform standards and requirements for users of the HoldCo Affiliated Exchanges.\5\ --------------------------------------------------------------------------- \3\ See BX Rule 4626(b) and Phlx Rule 1015. See also NSM Rule 4626(b). \4\ See Securities Exchange Act Release No. 78119 (June 21, 2016), 81 FR 41611 (June 27, 2016) (SR-ISE-2016-11; SR-ISEGemini- 2016-05; SR-ISEMercury-2016-10). \5\ ISE Gemini, LLC and ISE Mercury, LLC will each file a proposed rule change with the Commission to adopt similar requirements. --------------------------------------------------------------------------- Rule 705 in its current form generally states that the Exchange is not liable for any losses due to the Exchange's negligence or unintentional actions, but also provides in Rule 705(d) that notwithstanding this general limitation on liability, the Exchange may compensate its members for losses resulting directly from the malfunction of the Exchange's physical equipment, devices and/or programming. Subsections (d)(1)-(d)(3) of Rule 705 contains express conditions governing the voluntary payments made by the Exchange under these limited circumstances. Specifically, the Exchange's payments for any and all system failures on a single trading day are capped at $250,000 under subsection (d)(1). The rule text states that for the aggregate of all claims made by all market participants related to the use of the Exchange on a single trading day, the Exchange's payments shall not exceed $250,000. Subsection (d)(2) further provides that if the cumulative claims exceed the $250,000 cap, this [[Page 14042]] amount would be proportionally allocated among all such claims. Finally, subsection (d)(3) specifies that in order for a member to be eligible to receive payment under this Rule, claims for payment must be made in writing and submitted no later than the opening of trading on the next business day after the loss. Once in receipt of a claim, the Exchange is required to verify that: (i) A valid order was accepted into the Exchange's systems; and (ii) an Exchange system failure occurred during the execution or handling of that order. A system failure will be deemed to have occurred when there is a malfunction of the Exchange's physical systems, devices or software. The Exchange now proposes to amend the existing rule text in Rule 705(d) to adopt the same liability caps and reimbursement requirements as the Nasdaq Exchanges.\6\ Proposed Rule 705(d) would provide that the Exchange may, notwithstanding the general limitations on liability contained in Rule 705(a), compensate users of the Exchange for losses directly resulting from the actual failure of the System,\7\ or any other Exchange quotation, transaction reporting, execution, order routing or other systems or facility to correctly process an order, quote, message, or other data, provided that the Exchange has acknowledged receipt of the order, quote, message, or data. This limited exception in proposed Rule 705(d) would be subject to certain conditions and requirements contained in proposed subsections (d)(1)- (3). --------------------------------------------------------------------------- \6\ See note 4 above. \7\ ``System'' means the electronic system operated by the Exchange that receives and disseminates quotes, executes orders and reports transactions. See the Second Amended and Restated Constitution of ISE, Section 13.1(gg). --------------------------------------------------------------------------- Subsection (d)(1) proposes that the aggregate payments for all compensation claims made by all market participants related to the use of the Exchange during a single calendar month would not exceed the larger of $500,000, or the amount of the recovery obtained by the Exchange under any applicable insurance policy.\8\ Under this proposal, the Exchange will eliminate the existing $250,000 daily cap on liability and consider all such claims on a monthly basis, subject to proposed $500,000 monthly liability cap. Each Nasdaq Exchange currently analyzes total eligible liability claims on a per-month look-back basis. The Exchange's proposal to adopt an identical claims process, in effect, would allow ISE an increased capability to compensate a market participant up to the monthly cap of $500,000 even though the losses occurred on a single day or were across multiple days for a single participant. --------------------------------------------------------------------------- \8\ See BX Rule 4626(b)(1), Phlx Rule 1015(1), and NSM Rule 4626(b)(1) for substantially similar provisions. --------------------------------------------------------------------------- Proposed subsection (d)(2) specifies how the reimbursement funds would be allocated in the event all of the compensation claims submitted during a single calendar month exceed the $500,000 monthly cap. Specifically, if all of the claims arising out of the use of the Exchange cannot be fully satisfied because in the aggregate they exceed the limitations provided for in the Rule ($500,000), then the maximum permitted amount would be proportionally allocated among all such claims arising during a single calendar month.\9\ This is substantially similar to the existing process where the maximum amount is proportionally allocated among all such claims, except it would be for all claims arising during a one-month period under the proposed rule change rather than during a single trading day under the existing Rule. --------------------------------------------------------------------------- \9\ See BX Rule 4626(b)(2), Phlx Rule 1015(2), and NSM Rule 4626(b)(5) for substantially similar provisions. --------------------------------------------------------------------------- Finally, proposed subsection (d)(3) specifies the requirements and procedures applicable to the submission of reimbursement claims. Specifically, all claims for compensation must be submitted in writing no later than 12:00 p.m. ET on the next business day following the day on which the use of the Exchange gave rise to such claims.\10\ As such, the Exchange is proposing to extend the deadline to submit compensation claims from the opening of trading on the next business day to 12:00 p.m. ET. The Exchange believes that the extension of time to make such compensation claims increases the ability of market participants to submit claims in a timely manner. Proposed subsection (d)(3) also states that nothing in the Rule obligates the Exchange to seek recovery under any applicable insurance policy. If the Exchange does seek and receive an insurance recovery that is larger than $500,000, the amount of that recovery would limit the reimbursement funds available for the incident supporting the recovery to the greater recovery amount.\11\ --------------------------------------------------------------------------- \10\ See BX Rule 4626(b)(3) and Phlx Rule 1015(3) for substantially similar provisions. See also NSM Rule 4626(b)(6). \11\ There are no other practical differences between the Exchange's existing reimbursement rule and this proposal than as described above. Specifically these differences are: The liability caps (i.e. the greater of $500,000 or, if the Exchange opts to seek recovery, the recovery amount under any applicable insurance policy), the look-back analysis period of one month, and the later claims deadline of 12:00 p.m. ET. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\12\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\13\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The proposal supports this policy by establishing a fair and transparent process by which the Exchange can accommodate claims for reimbursement for the failure of specified systems in specified facilities and under specified conditions. The Exchange believes that its proposal to amend Rule 705(d) will continue to promote fairness in the marketplace in situations where one or more firm's claim results from a problem in a function performed by the Exchange's trading system that is solely the fault of the Exchange. As noted above, the proposal would allow the Exchange an increased capability to compensate a market participant up to the monthly cap of $500,000 even though the losses occurred on a single day or were across multiple days for a single participant. Furthermore, the proposed expansion of time to make such compensation claims would increase the ability of market participants to submit claims in a timely manner. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Lastly, the proposed rule change is intended to align the liability caps and compensation claims requirements with the caps and requirements currently provided by the Nasdaq Exchanges in order to provide consistent rules across the six HoldCo Affiliated Exchanges.\14\ Consistent rules, in turn, would simplify the regulatory requirements for members of the Exchange that are also participants on the Nasdaq Exchanges. The Exchange believes that the proposed rule change would provide greater harmonization among similar rules of the HoldCo Affiliated Exchanges, resulting in greater uniformity and more efficient regulatory compliance. As such, the proposed rule change would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national market system. --------------------------------------------------------------------------- \14\ See note 4 above. --------------------------------------------------------------------------- [[Page 14043]] 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 not necessary or appropriate in furtherance of the purposes of the Act because all members would be subject to the same liability caps and reimbursement requirements. The proposed rule change is designed to provide greater harmonization among similar rules across the six HoldCo Affiliated Exchanges, resulting in more efficient regulatory compliance for common members. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or 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)(iii) of the Act \15\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A)(iii). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- 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 CommentsUse 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-ISE-2017-18 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 20549-1090. All submissions should refer to File Number SR-ISE-2017-18. 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 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-ISE-2017-18, and should be submitted on or before April 6, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-05219 Filed 3-15-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices 14041
person, security or transaction, or any SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
class of persons, securities or COMMISSION Statement of the Purpose of, and
transactions, from any provisions of the Statutory Basis for, the Proposed Rule
Act, if and to the extent that such [Release No. 34–80212; File No. SR–ISE– Change
exemption is necessary or appropriate 2017–18] 1. Purpose
in the public interest and consistent
Self-Regulatory Organizations; The purpose of this proposed rule
with the protection of investors and the
International Securities Exchange, change is to amend Rule 705 (Limitation
purposes fairly intended by the policy
of Liability) to harmonize the
and provisions of the Act. Section 17(b) LLC; Notice of Filing and Immediate
Exchange’s existing liability caps and
of the Act authorizes the Commission to Effectiveness of Proposed Rule
related reimbursement requirements for
exempt a proposed transaction from Change To Harmonize Liability Caps
claims under Rule 705(d) with the caps
section 17(a) of the Act if evidence and Related Reimbursement
and requirements set forth in the rules
establishes that the terms of the Requirements
of the Nasdaq Exchanges.3 The
transaction, including the consideration March 10, 2017. Exchange and its affiliates, ISE Gemini,
to be paid or received, are reasonable LLC and ISE Mercury, LLC (together, the
and fair and do not involve Pursuant to Section 19(b)(1) of the ‘‘ISE Exchanges’’), were recently
overreaching on the part of any person Securities Exchange Act of 1934 (the acquired (the ‘‘Acquisition’’) by Nasdaq,
concerned, and the proposed ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Inc. (‘‘HoldCo’’).4 In the context of the
transaction is consistent with the notice is hereby given that on February Acquisition, the ISE Exchanges are
28, 2017, the International Securities working to align certain rules with rules
policies of the registered investment
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) of the Nasdaq Exchanges in order to
company and the general purposes of
filed with the Securities and Exchange provide consistent standards across the
the Act. Section 12(d)(1)(J) of the Act
Commission (‘‘SEC’’ or ‘‘Commission’’) six exchanges operated by HoldCo (the
provides that the Commission may the proposed rule change as described
exempt any person, security, or ‘‘HoldCo Affiliated Exchanges’’). As part
in Items I, II, and III below, which Items of this effort, the proposal set forth
transaction, or any class or classes of have been prepared by the Exchange.
persons, securities or transactions, from below harmonizes the Exchange’s
The Commission is publishing this liability caps and the related
any provision of section 12(d)(1) if the notice to solicit comments on the
exemption is consistent with the public reimbursement requirements with those
proposed rule change from interested of the Nasdaq Exchanges in order to
interest and the protection of investors. persons. provide uniform standards and
7. Applicants submit that for the I. Self-Regulatory Organization’s requirements for users of the HoldCo
reasons stated in the Reference Order: Statement of the Terms of Substance of Affiliated Exchanges.5
(1) With respect to the relief requested the Proposed Rule Change Rule 705 in its current form generally
pursuant to section 6(c) of the Act, the states that the Exchange is not liable for
relief is appropriate, in the public The Exchange proposes to amend any losses due to the Exchange’s
interest and consistent with the Rule 705 (Limitation of Liability) to negligence or unintentional actions, but
protection of investors and the purposes harmonize its liability caps and related also provides in Rule 705(d) that
fairly intended by the policy and reimbursement requirements with those notwithstanding this general limitation
provisions of the Act; (2) with respect to of NASDAQ BX, Inc. (‘‘BX’’), NASDAQ on liability, the Exchange may
the relief request pursuant to section PHLX LLC (‘‘Phlx’’) and NASDAQ Stock compensate its members for losses
17(b) of the Act, the proposed Market LLC (‘‘NSM’’ and together with resulting directly from the malfunction
transactions are reasonable and fair and BX and Phlx, the ‘‘Nasdaq Exchanges’’). of the Exchange’s physical equipment,
do not involve overreaching on the part The text of the proposed rule change devices and/or programming.
of any person concerned, are consistent is available on the Exchange’s Web site Subsections (d)(1)–(d)(3) of Rule 705
with the policies of each registered at www.ise.com, at the principal office contains express conditions governing
investment company concerned and of the Exchange, and at the the voluntary payments made by the
consistent with the general purposes of Commission’s Public Reference Room. Exchange under these limited
circumstances. Specifically, the
the Act; and (3) with respect to the relief II. Self-Regulatory Organization’s Exchange’s payments for any and all
requested pursuant to section 12(d)(1)(J) Statement of the Purpose of, and system failures on a single trading day
of the Act, the relief is consistent with Statutory Basis for, the Proposed Rule are capped at $250,000 under
the public interest and the protection of Change subsection (d)(1). The rule text states
investors. that for the aggregate of all claims made
In its filing with the Commission, the
By the Division of Investment by all market participants related to the
Exchange included statements
Management, pursuant to delegated use of the Exchange on a single trading
concerning the purpose of and basis for
authority. day, the Exchange’s payments shall not
the proposed rule change and discussed
Eduardo A. Aleman, exceed $250,000. Subsection (d)(2)
any comments it received on the
further provides that if the cumulative
Assistant Secretary. proposed rule change. The text of these
claims exceed the $250,000 cap, this
[FR Doc. 2017–05208 Filed 3–15–17; 8:45 am] statements may be examined at the
places specified in Item IV below. The
mstockstill on DSK3G9T082PROD with NOTICES
BILLING CODE 8011–01–P 3 See BX Rule 4626(b) and Phlx Rule 1015. See
Exchange has prepared summaries, set also NSM Rule 4626(b).
forth in sections A, B, and C below, of 4 See Securities Exchange Act Release No. 78119
the most significant aspects of such (June 21, 2016), 81 FR 41611 (June 27, 2016) (SR–
statements. ISE–2016–11; SR–ISEGemini–2016–05; SR–
ISEMercury–2016–10).
5 ISE Gemini, LLC and ISE Mercury, LLC will
1 15 U.S.C. 78s(b)(1). each file a proposed rule change with the
2 17 CFR 240.19b–4. Commission to adopt similar requirements.
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![Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices 14043
B. Self-Regulatory Organization’s Comments may be submitted by any of SECURITIES AND EXCHANGE
Statement on Burden on Competition the following methods: COMMISSION
The Exchange does not believe that Electronic Comments [Investment Company Act Release No. IC–
the proposed rule change will impose 32528; 812–14709]
any burden on competition not • Use the Commission’s Internet
necessary or appropriate in furtherance comment form (http://www.sec.gov/ Parker Global Strategies, LLC; Notice
of the purposes of the Act because all rules/sro.shtml); or of Application
members would be subject to the same • Send an email to rule-comments@ March 10, 2017.
liability caps and reimbursement sec.gov. Please include File Number SR– AGENCY: Securities and Exchange
requirements. The proposed rule change ISE–2017–18 on the subject line. Commission (‘‘Commission’’).
is designed to provide greater
ACTION: Notice of an application for an
harmonization among similar rules Paper Comments
order under section 6(c) of the
across the six HoldCo Affiliated
Exchanges, resulting in more efficient • Send paper comments in triplicate Investment Company Act of 1940 (the
to Brent J. Fields, Secretary, Securities ‘‘Act’’) for an exemption from sections
regulatory compliance for common
and Exchange Commission, 100 F Street 2(a)(32), 5(a)(1), 22(d), and 22(e) of the
members.
NE., Washington, DC 20549–1090. Act and rule 22c–1 under the Act, under
C. Self-Regulatory Organization’s sections 6(c) and 17(b) of the Act for an
Statement on Comments on the All submissions should refer to File exemption from sections 17(a)(1) and
Proposed Rule Change Received From Number SR–ISE–2017–18. This file 17(a)(2) of the Act, and under section
Members, Participants, or Others number should be included on the 12(d)(1)(J) for an exemption from
subject line if email is used. To help the sections 12(d)(1)(A) and 12(d)(1)(B) of
No written comments were either Commission process and review your the Act. The requested order would
solicited or received.
comments more efficiently, please use permit (a) index-based series of certain
III. Date of Effectiveness of the only one method. The Commission will open-end management investment
Proposed Rule Change and Timing for post all comments on the Commission’s companies (‘‘Funds’’) to issue shares
Commission Action Internet Web site (http://www.sec.gov/ redeemable in large aggregations only
rules/sro.shtml). Copies of the (‘‘Creation Units’’); (b) secondary market
Because the foregoing proposed rule
submission, all subsequent transactions in Fund shares to occur at
change does not: (i) Significantly affect
amendments, all written statements negotiated market prices rather than at
the protection of investors or the public
with respect to the proposed rule net asset value (‘‘NAV’’); (c) certain
interest; (ii) impose any significant
change that are filed with the Funds to pay redemption proceeds,
burden on competition; and (iii) become
Commission, and all written under certain circumstances, more than
operative for 30 days from the date on
communications relating to the seven days after the tender of shares for
which it was filed, or such shorter time
proposed rule change between the redemption; (d) certain affiliated
as the Commission may designate, it has
Commission and any person, other than persons of a Fund to deposit securities
become effective pursuant to Section
into, and receive securities from, the
19(b)(3)(A)(iii) of the Act 15 and those that may be withheld from the
Fund in connection with the purchase
subparagraph (f)(6) of Rule 19b–4 public in accordance with the
and redemption of Creation Units; and
thereunder.16 provisions of 5 U.S.C. 552, will be (e) certain registered management
At any time within 60 days of the available for Web site viewing and investment companies and unit
filing of the proposed rule change, the printing in the Commission’s Public investment trusts outside of the same
Commission summarily may Reference Room, 100 F Street NE., group of investment companies as the
temporarily suspend such rule change if Washington, DC 20549 on official Funds (‘‘Funds of Funds’’) to acquire
it appears to the Commission that such business days between the hours of shares of the Funds.
action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of such
the public interest; (ii) for the protection filing also will be available for APPLICANTS: Parker Global Strategies,
of investors; or (iii) otherwise in inspection and copying at the principal LLC (the ‘‘Initial Adviser’’), a
furtherance of the purposes of the Act. office of the Exchange. All comments Connecticut limited liability company
If the Commission takes such action, the received will be posted without change; that will be registered as an investment
Commission shall institute proceedings the Commission does not edit personal adviser under the Investment Advisers
to determine whether the proposed rule identifying information from Act of 1940, ETF Series Solutions (the
should be approved or disapproved. submissions. You should submit only ‘‘Trust’’), a Delaware statutory trust
IV. Solicitation of Comments information that you wish to make registered under the Act as an open-end
available publicly. All submissions management investment company with
Interested persons are invited to multiple series, and Quasar Distributors,
should refer to File Number SR–ISE–
submit written data, views, and LLC (the ‘‘Distributor’’), a Delaware
2017–18, and should be submitted on or
arguments concerning the foregoing, limited liability company and broker-
before April 6, 2017.
including whether the proposed rule dealer registered under the Securities
change is consistent with the Act. For the Commission, by the Division of Exchange Act of 1934 (‘‘Exchange Act’’).
Trading and Markets, pursuant to delegated
FILING DATES: The application was filed
mstockstill on DSK3G9T082PROD with NOTICES
15 15 U.S.C. 78s(b)(3)(A)(iii). authority.17
on October 20, 2016 and amended on
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Eduardo A. Aleman,
4(f)(6) requires a self-regulatory organization to give February 9, 2017.
the Commission written notice of its intent to file
Assistant Secretary. HEARING OR NOTIFICATION OF HEARING: An
the proposed rule change at least five business days [FR Doc. 2017–05219 Filed 3–15–17; 8:45 am] order granting the requested relief will
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
BILLING CODE 8011–01–P be issued unless the Commission orders
Commission. The Exchange has satisfied this a hearing. Interested persons may
requirement. 17 17 CFR 200.30–3(a)(12). request a hearing by writing to the
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Document Created: 2017-03-16 02:18:30
Document Modified: 2017-03-16 02:18:30
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 14041 |
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