82 FR 14094 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Continued Listing Requirements for Exchange-Traded Products

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 50 (March 16, 2017)

Page Range		14094-14095
FR Document		2017-05217
Federal Register, Volume 82 Issue 50 (Thursday, March 16, 2017)
[Federal Register Volume 82, Number 50 (Thursday, March 16, 2017)]
[Notices]
[Pages 14094-14095]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-05217]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80210; File No. SR-NASDAQ-2017-023]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend the Continued Listing Requirements for Exchange-Traded Products

March 10, 2017.
    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 February 24, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``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 the Exchange. 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 Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Nasdaq Rules 5705 and 5735 to 
reinsert a word that is in the current rule language for these rules, 
but would otherwise be deleted once SR-NASDAQ-2016-135 goes into effect 
later this year.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaq.cchwallstreet.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
    Earlier this year, the Commission approved a Nasdaq filing (the 
``Prior Filing'') to amend the continued listing requirements for 
exchange-traded products (``ETPs'').\3\ The Exchange now proposes to 
make a minor amendment to Nasdaq Rules 5705(a) and (b), as well as 
Nasdaq Rule 5735, to reinsert a word inadvertently deleted by the Prior 
Filing and that is in the current rule language for these rules, but 
would otherwise be deleted once the Prior Filing goes into effect later 
this year.
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    \3\ See Securities Exchange Act Release No. 79784 (Jan. 12, 
2017), 82 FR 6664 (Jan. 19, 2017) (SR-NASDAQ-2016-135) (the ``Prior 
Filing'').
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    Under the fixed income section for Portfolio Depository Receipts 
(Nasdaq Rule 5705(a)), Index Fund Shares (Nasdaq Rule 5705(b)), and 
Managed Fund Shares (Nasdaq Rule 5735(b)) the word ``original'' has 
been reinserted. Specifically, the word ``original'' has been 
reinserted, respectively, into the following sentences: ``Components 
that in aggregate account for at least 75% of the weight of the index 
or portfolio must have a minimum original principal amount outstanding 
of $100 million or more;'' in the case of Nasdaq Rules 5705(a) and 
5705(b); and ``Components that in the aggregate account for at least 
75% of the fixed income weight of the portfolio each shall have a 
minimum original principal amount outstanding of $100 million or 
more;'' in the case of Nasdaq Rule 5735(b).
    Adding the word ``original'' back into the above sentences and into 
the designated rules properly reflects the intended meaning of the 
sentence and is in keeping with the language as it was initially 
adopted.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\4\ in general and with 
Section 6(b)(5) of the Act,\5\ 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 regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in

[[Page 14095]]

general, to protect investors and the public interest.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change will provide 
clarity and accurately reflect the intent of the rules amended herein 
to the benefit of investors and the public interest by correcting an 
error caused by the inadvertent deletion of a word in the Prior Filing 
in Nasdaq Rules 5705(a) and (b) and 5735(b).

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, as amended. The 
proposed rule change simply corrects an inadvertent deletion made in 
the Prior Filing to the rules amended herein. For this reason, Nasdaq 
does not believe that the proposed rule change will result in any 
burden on competition.

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) \6\ of the Act and Rule 19b-
4(f)(6) thereunder.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 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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    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.

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-2017-023 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-NASDAQ-2017-023. 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-NASDAQ-2017-023 and should 
be submitted on or before April 6, 2017.
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    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-05217 Filed 3-15-17; 8:45 am]
 BILLING CODE 8011-01-P
14094 Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices

including whether the proposal is SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
consistent with the Act. Comments may COMMISSION Statement of the Purpose of, and
be submitted by any of the following Statutory Basis for, the Proposed Rule
methods: [Release No. 34–80210; File No. SR– Change
Electronic Comments NASDAQ–2017–023] 1. Purpose
Earlier this year, the Commission
• Use the Commission’s Internet Self-Regulatory Organizations; The
approved a Nasdaq filing (the ‘‘Prior
comment form (http://www.sec.gov/ NASDAQ Stock Market LLC; Notice of
Filing’’) to amend the continued listing
rules/sro.shtml); or Filing and Immediate Effectiveness of requirements for exchange-traded
• Send an email to rule-comments@ Proposed Rule Change To Amend the products (‘‘ETPs’’).3 The Exchange now
sec.gov. Please include File No. SR– Continued Listing Requirements for proposes to make a minor amendment
BatsEDGX–2017–13 on the subject line. Exchange-Traded Products to Nasdaq Rules 5705(a) and (b), as well
Paper Comments March 10, 2017.
as Nasdaq Rule 5735, to reinsert a word
inadvertently deleted by the Prior Filing
• Send paper comments in triplicate Pursuant to Section 19(b)(1) of the and that is in the current rule language
to Secretary, Securities and Exchange Securities Exchange Act of 1934 for these rules, but would otherwise be
Commission, 100 F Street NE., (‘‘Act’’),1 and Rule 19b–4 thereunder,2 deleted once the Prior Filing goes into
Washington, DC 20549–1090. notice is hereby given that on February effect later this year.
24, 2017, The NASDAQ Stock Market Under the fixed income section for
All submissions should refer to File No. LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed Portfolio Depository Receipts (Nasdaq
SR–BatsEDGX–2017–13. This file with the Securities and Exchange Rule 5705(a)), Index Fund Shares
number should be included on the (Nasdaq Rule 5705(b)), and Managed
Commission (‘‘Commission’’) the
subject line if email is used. To help the Fund Shares (Nasdaq Rule 5735(b)) the
proposed rule change as described in
Commission process and review your word ‘‘original’’ has been reinserted.
Items I and II below, which Items have
comments more efficiently, please use Specifically, the word ‘‘original’’ has
only one method. The Commission will been prepared by the Exchange. The
been reinserted, respectively, into the
post all comments on the Commission’s Commission is publishing this notice to
following sentences: ‘‘Components that
Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule
in aggregate account for at least 75% of
rules/sro.shtml). Copies of the change from interested persons. the weight of the index or portfolio must
submission, all subsequent I. Self-Regulatory Organization’s have a minimum original principal
amendments, all written statements Statement of the Terms of Substance of amount outstanding of $100 million or
with respect to the proposed rule the Proposed Rule Change more;’’ in the case of Nasdaq Rules
change that are filed with the 5705(a) and 5705(b); and ‘‘Components
Commission, and all written The Exchange proposes to amend that in the aggregate account for at least
communications relating to the Nasdaq Rules 5705 and 5735 to reinsert 75% of the fixed income weight of the
proposed rule change between the a word that is in the current rule portfolio each shall have a minimum
Commission and any person, other than language for these rules, but would original principal amount outstanding
those that may be withheld from the otherwise be deleted once SR– of $100 million or more;’’ in the case of
public in accordance with the NASDAQ–2016–135 goes into effect Nasdaq Rule 5735(b).
provisions of 5 U.S.C. 552, will be later this year. Adding the word ‘‘original’’ back into
available for Web site viewing and the above sentences and into the
printing in the Commission’s Public The text of the proposed rule change designated rules properly reflects the
Reference Room, 100 F Street NE., is available on the Exchange’s Web site intended meaning of the sentence and is
Washington, DC 20549, on official at http://nasdaq.cchwallstreet.com, at in keeping with the language as it was
business days between the hours of the principal office of the Exchange, and initially adopted.
10:00 a.m. and 3:00 p.m. Copies of such at the Commission’s Public Reference
2. Statutory Basis
filing will also be available for Room.
inspection and copying at the principal The Exchange believes that the
II. Self-Regulatory Organization’s proposed rule change is consistent with
office of the Exchange. All comments
Statement of the Purpose of, and the provisions of Section 6 of the Act,4
received will be posted without change;
Statutory Basis for, the Proposed Rule in general and with Section 6(b)(5) of
the Commission does not edit personal
identifying information from Change the Act,5 in particular in that it is
submissions. You should submit only designed to prevent fraudulent and
In its filing with the Commission, the manipulative acts and practices, to
information that you wish to make Exchange included statements
available publicly. All submissions promote just and equitable principles of
concerning the purpose of and basis for trade, to foster cooperation and
should refer to File No. SR–BatsEDGX– the proposed rule change and discussed
2017–13 and should be submitted on or coordination with persons engaged in
any comments it received on the regulating, clearing, settling, processing
before April 6, 2017.
proposed rule change. The text of these information with respect to, and
For the Commission, by the Division of statements may be examined at the facilitating transactions in securities, to
Trading and Markets, pursuant to delegated places specified in Item IV below. The remove impediments to and perfect the
mstockstill on DSK3G9T082PROD with NOTICES

authority.21 Exchange has prepared summaries, set mechanism of a free and open market
Eduardo A. Aleman, forth in sections A, B, and C below, of and a national market system, and, in
Assistant Secretary. the most significant aspects of such
3 See Securities Exchange Act Release No. 79784
[FR Doc. 2017–05215 Filed 3–15–17; 8:45 am] statements.
(Jan. 12, 2017), 82 FR 6664 (Jan. 19, 2017) (SR–
BILLING CODE 8011–01–P
NASDAQ–2016–135) (the ‘‘Prior Filing’’).
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f.
21 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 82, No. 50 / Thursday, March 16, 2017 / Notices 14095

general, to protect investors and the Solicitation of Comments For the Commission, by the Division of
public interest. Trading and Markets, pursuant to delegated
The Exchange believes that the Interested persons are invited to authority.8
proposed rule change will provide submit written data, views, and Eduardo A. Aleman,
clarity and accurately reflect the intent arguments concerning the foregoing, Assistant Secretary.
of the rules amended herein to the including whether the proposed rule [FR Doc. 2017–05217 Filed 3–15–17; 8:45 am]
benefit of investors and the public change is consistent with the Act. BILLING CODE 8011–01–P
interest by correcting an error caused by Comments may be submitted by any of
the inadvertent deletion of a word in the the following methods:
Prior Filing in Nasdaq Rules 5705(a) and SECURITIES AND EXCHANGE
(b) and 5735(b). Electronic Comments COMMISSION
B. Self-Regulatory Organization’s • Use the Commission’s Internet
Proposed Collection; Comment
Statement on Burden on Competition comment form (http://www.sec.gov/ Request
The Exchange does not believe that rules/sro.shtml); or
the proposed rule change will result in • Send an email to rule-comments@ Upon Written Request Copies Available
any burden on competition that is not sec.gov. Please include File Number SR– From: Securities and Exchange
necessary or appropriate in furtherance NASDAQ–2017–023 on the subject line. Commission, Office of FOIA Services,
of the purposes of the Act, as amended. 100 F Street NE., Washington, DC
The proposed rule change simply Paper Comments 20549–2736.
corrects an inadvertent deletion made in
• Send paper comments in triplicate Extension:
the Prior Filing to the rules amended Form 144, OMB Control No. 3235–0101,
to Brent J. Fields, Secretary, Securities
herein. For this reason, Nasdaq does not SEC File No. 270–112
believe that the proposed rule change and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090. Notice is hereby given that, pursuant
will result in any burden on
to the Paperwork Reduction Act of 1995
competition. All submissions should refer to File (44 U.S.C. 3501 et seq.), the Securities
C. Self-Regulatory Organization’s Number SR–NASDAQ–2017–023. This and Exchange Commission
Statement on Comments on the file number should be included on the (‘‘Commission’’) is soliciting comments
Proposed Rule Change Received From subject line if email is used. To help the on the collection of information
Members, Participants, or Others Commission process and review your summarized below. The Commission
No written comments were either comments more efficiently, please use plans to submit this existing collection
solicited or received. only one method. The Commission will of information to the Office of
post all comments on the Commission’s Management and Budget for extension
III. Date of Effectiveness of the Internet Web site (http://www.sec.gov/ and approval.
Proposed Rule Change and Timing for rules/sro.shtml). Copies of the Form 144 (17 CFR 239.144) is used to
Commission Action submission, all subsequent report the sale of securities during any
Because the foregoing proposed rule amendments, all written statements three-month period that exceeds 5,000
change does not: (i) Significantly affect with respect to the proposed rule shares or other units or has an aggregate
the protection of investors or the public change that are filed with the sales price that does not exceed $50,000.
interest; (ii) impose any significant Commission, and all written Under Sections 2(a)(11), 4(a)(1), 4a(2),
burden on competition; and (iii) become communications relating to the 4(a)(4) and 19(a) of the Securities Act of
operative for 30 days from the date on proposed rule change between the 1933 (15 U.S.C. 77b(a)(11), 77d(a)(1),
which it was filed, or such shorter time Commission and any person, other than 77d(a)(2), 77d(a)(4) and 77s (a)) and
as the Commission may designate, it has those that may be withheld from the Rule 144 (17 CFR 230.144) there under,
become effective pursuant to Section the Commission is authorize to solicit
public in accordance with the
19(b)(3)(A) 6 of the Act and Rule 19b– the information required to be supplied
provisions of 5 U.S.C. 552, will be
4(f)(6) thereunder.7 by Form 144. Form 144 takes
At any time within 60 days of the available for Web site viewing and
approximately 1 burden hour per
filing of the proposed rule change, the printing in the Commission’s Public
response and is filed by 400
Commission summarily may Reference Room, 100 F Street NE.,
respondents for a total of 400 total
temporarily suspend such rule change if Washington, DC 20549, on official
burden hours.
it appears to the Commission that such business days between the hours of
Written comments are invited on: (a)
action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of such
Whether this proposed collection of
the public interest; (ii) for the protection filing also will be available for information is necessary for the proper
of investors; or (iii) otherwise in inspection and copying at the principal performance of the functions of the
furtherance of the purposes of the Act. office of the Exchange. All comments agency, including whether the
If the Commission takes such action, the received will be posted without change; information will have practical utility;
Commission shall institute proceedings the Commission does not edit personal (b) the accuracy of the agency’s estimate
to determine whether the proposed rule identifying information from of the burden imposed by the collection
should be approved or disapproved. submissions. You should submit only of information; (c) ways to enhance the
information that you wish to make quality, utility, and clarity of the
mstockstill on DSK3G9T082PROD with NOTICES

6 15 U.S.C. 78s(b)(3)(A).
7 17
available publicly. All submissions information collected; and (d) ways to
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the should refer to File Number SR– minimize the burden of the collections
Commission with written notice of its intent to file NASDAQ–2017–023 and should be of information on respondents,
the proposed rule change, along with a brief submitted on or before April 6, 2017. including through the use of automated
description and the text of the proposed rule
change, at least five business days prior to the date
collection techniques or other forms of
of filing of the proposed rule change, or such information technology. Consideration
shorter time as designated by the Commission. 8 17 CFR 200.30–3(a)(12). will be given to comments and

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Document Created: 2017-03-16 02:18:26
Document Modified: 2017-03-16 02:18:26
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		82 FR 14094