82 FR 17714 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date of Its Functionality Relating to Midpoint Peg Post-Only Orders and Orders With Midpoint Pegging
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 69 (April 12, 2017)
Federal Register Volume 82, Issue 69 (April 12, 2017)
| Page Range | 17714-17716 | |
| FR Document | 2017-07308 |
[Federal Register Volume 82, Number 69 (Wednesday, April 12, 2017)] [Notices] [Pages 17714-17716] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-07308] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80391; File No. SR-NASDAQ-2017-034] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date of Its Functionality Relating to Midpoint Peg Post-Only Orders and Orders With Midpoint Pegging April 6, 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 March 31, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``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. --------------------------------------------------------------------------- \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 extend the implementation date of its functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging. There is no rule text for this proposed rule change. 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 Nasdaq is filing this proposal to extend the implementation date of its functionality relating to Midpoint Peg [[Page 17715]] Post-Only Orders and Orders with Midpoint Pegging. The functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging was approved by the SEC on November 10, 2016.\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 79290 (November 10, 2016), 81 FR 81184 (November 17, 2016) (SR-NASDAQ-2016-111). --------------------------------------------------------------------------- Nasdaq proposed to amend Rule 4702 (Order Types) to change its Midpoint Peg Post-Only Order, so that, if the NBBO is crossed, any existing Midpoint Peg Post-Only Order would be cancelled and any new Midpoint Peg Post-Only Order would be rejected. Similarly, Nasdaq proposed to amend Rule 4703 (Order Attributes) so that, if the Inside Bid and Inside Offer are crossed, any existing Order with Midpoint Pegging would be cancelled and any new Order with Midpoint Pegging would be rejected.\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 79290 (November 10, 2016), 81 FR 81184 (November 17, 2016) (SR-NASDAQ-2016-111). --------------------------------------------------------------------------- Nasdaq initially proposed to implement this new functionality on November 21, 2016.\5\ However, Nasdaq decided to delay the implementation of this new functionality to provide additional time for systems testing to no later than March 31, 2017.\6\ --------------------------------------------------------------------------- \5\ See Equity Trader Alert #2016-291. \6\ See Securities Exchange Act Release No. 80045 (February 15, 2017), 82 FR 11389 (February 22, 2017) (SR-NASDAQ-2017-013). --------------------------------------------------------------------------- Nasdaq has now determined to delay the implementation of the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging to no later than May 31, 2017 to allow additional time for systems testing. Nasdaq will announce the new implementation date by an Equity Trader Alert, which shall be issued prior to the implementation date. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\7\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\8\ 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 purpose of this proposal is to inform the SEC and market participants of the new implementation date for the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging. This functionality was previously proposed in a rule filing that was submitted to the SEC, and this proposal does not change the substance of this functionality. Nasdaq is delaying the implementation date of this functionality to provide for further systems testing prior to implementing this functionality. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. As noted above, the purpose of this proposal is to extend the implementation date for the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging so that Nasdaq may perform additional systems testing prior to implementing this functionality. 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) of the Act and Rule 19b- 4(f)(6) thereunder.\9\ --------------------------------------------------------------------------- \9\ 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \10\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange previously announced that it would implement the functionality relating to Midpoint Peg Post-Only Orders and Orders with Midpoint Pegging no later than March 31, 2017.\12\ The Exchange now proposes to delay the implementation date to no later than May 31, 2017. Waiver of the 30-day operative delay would allow the Exchange to immediately extend the implementation date and provide additional time for systems testing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\13\ --------------------------------------------------------------------------- \10\ 17 CFR 240.19b-4(f)(6). \11\ 17 CFR 240.19b-4(f)(6)(iii). \12\ See supra note 6. \13\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 change 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-NASDAQ-2017-034 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-2017-034. 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 [[Page 17716]] 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 the 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-2017-034 and should be submitted on or before May 3, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-07308 Filed 4-11-17; 8:45 am] BILLING CODE 8011-01-P
![17714 Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Notices
which must be filed with the connection with business combination SECURITIES AND EXCHANGE
Commission pursuant to Rule 17d–2 transactions. The purpose of the rule is COMMISSION
under the Act.17 to permit more oral and written
[Release No. 34–80391; File No. SR–
IV. Conclusion communications with shareholders NASDAQ–2017–034]
about tender offers, mergers and other
This Order gives effect to the Plan business combination transactions on a Self-Regulatory Organizations; The
filed with the Commission in File No. more timely basis, so long as the written NASDAQ Stock Market LLC; Notice of
4–709. The Parties shall notify all Filing and Immediate Effectiveness of
communications are filed on the date of
members affected by the Plan of their Proposed Rule Change To Extend the
first use. Approximately 7,160 issuers
rights and obligations under the Plan. Implementation Date of Its
It is therefore ordered, pursuant to file communications under Rule 425 at
an estimated 0.25 hours per response for Functionality Relating to Midpoint Peg
Section 17(d) of the Act, that the Plan Post-Only Orders and Orders With
in File No. 4–709, between FINRA and a total of 1,790 annual burden hours
(0.25 hours per response × 7,160 Midpoint Pegging
BOX, filed pursuant to Rule 17d–2
under the Act, is approved and declared responses). April 6, 2017.
effective. Written comments are invited on: (a) Pursuant to Section 19(b)(1) of the
It is further ordered, that BOX is Whether the collection of information is Securities Exchange Act of 1934
relieved of those responsibilities necessary for the proper performance of (‘‘Act’’),1 and Rule 19b–4 thereunder,2
allocated to FINRA under the Plan in the functions of the agency, including notice is hereby given that on March 31,
File No. 4–709. whether the information will have 2017, The NASDAQ Stock Market LLC
For the Commission, by the Division of practical utility; (b) the accuracy of the (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Trading and Markets, pursuant to delegated agency’s estimate of the burden imposed Securities and Exchange Commission
authority.18 (‘‘SEC’’ or ‘‘Commission’’) the proposed
by the collection of information; (c)
rule change as described in Items I and
ways to enhance the quality, utility, and
Eduardo A. Aleman, II below, which Items have been
clarity of the information collected; and prepared by the Exchange. The
Assistant Secretary. (d) ways to minimize the burden of the
[FR Doc. 2017–07311 Filed 4–11–17; 8:45 am] Commission is publishing this notice to
collection of information on solicit comments on the proposed rule
BILLING CODE 8011–01–P respondents, including through the use change from interested persons.
of automated collection techniques or
other forms of information technology. I. Self-Regulatory Organization’s
SECURITIES AND EXCHANGE Statement of the Terms of Substance of
COMMISSION Consideration will be given to
comments and suggestions submitted in the Proposed Rule Change
Proposed Collection; Comment writing within 60 days of this The Exchange proposes to extend the
Request publication. implementation date of its functionality
relating to Midpoint Peg Post-Only
Upon Written Request Copies Available An agency may not conduct or
Orders and Orders with Midpoint
From: Securities and Exchange sponsor, and a person is not required to Pegging.
Commission, Office of FOIA Services, respond to, a collection of information There is no rule text for this proposed
100 F Street NE., Washington, DC unless it displays a currently valid rule change.
20549–2736 control number.
II. Self-Regulatory Organization’s
Extension: Please direct your written comment to Statement of the Purpose of, and
Rule 425, [OMB Control No. 3235–0521, Pamela Dyson, Director/Chief Statutory Basis for, the Proposed Rule
SEC File No. 270–462] Information Officer, Securities and Change
Notice is hereby given, that pursuant Exchange Commission, c/o Remi Pavlik-
In its filing with the Commission, the
to the Paperwork Reduction Act of 1995 Simon, 100 F Street NE., Washington,
Exchange included statements
(44 U.S.C. 3501 et seq.), the Securities DC 20549 or send an email to: PRA_
concerning the purpose of and basis for
and Exchange Commission Mailbox@sec.gov.
the proposed rule change and discussed
(‘‘Commission’’) is soliciting comments Dated: April 6, 2017. any comments it received on the
on the collection of information proposed rule change. The text of these
Eduardo A. Aleman,
summarized below. The Commission statements may be examined at the
plans to submit this existing collection Assistant Secretary.
[FR Doc. 2017–07301 Filed 4–11–17; 8:45 am]
places specified in Item IV below. The
of information to the Office of Exchange has prepared summaries, set
Management and Budget for extension BILLING CODE 8011–01–P
forth in sections A, B, and C below, of
and approval. the most significant aspects of such
Rule 425 (17 CFR 230.425) under the
statements.
Securities Act of 1933 (15 U.S.C. 77a et
seq.) requires the filing of certain A. Self-Regulatory Organization’s
prospectuses and communications Statement of the Purpose of, and
under Rule 135 (17 CFR 230.135) and Statutory Basis for, the Proposed Rule
Rule 165 (17 CFR 230.165) in Change
mstockstill on DSK30JT082PROD with NOTICES
17 The Commission also notes that the addition to
1. Purpose
or deletion from the Certification of any federal Nasdaq is filing this proposal to
securities laws, rules, and regulations for which extend the implementation date of its
FINRA would bear responsibility under the Plan for
examining, and enforcing compliance by, Dual functionality relating to Midpoint Peg
Members, also would constitute an amendment to
the Plan. 1 15 U.S.C. 78s(b)(1).
18 17 CFR 200.30–3(a)(34). 2 17 CFR 240.19b–4.
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![17716 Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Notices
change that are filed with the SUPPLEMENTARY INFORMATION: Notice is hereby determine that the person known
Commission, and all written hereby given that as a result of the as Abu Anas al-Ghandour, also known
communications relating to the Administrator’s disaster declaration, as Ahmed Ghandour, also known as
proposed rule change between the applications for disaster loans may be Ahmad Ghandour, also known as
Commission and any person, other than filed at the address listed above or other Ahmad Naji al-Ghandur, also known as
those that may be withheld from the locally announced locations. Abu-Anas, committed, or poses a
public in accordance with the The following areas have been significant risk of committing, acts of
provisions of 5 U.S.C. 552, will be determined to be adversely affected by terrorism that threaten the security of
available for Web site viewing and the disaster: U.S. nationals or the national security,
printing in the Commission’s Public Primary Counties: Municipality of foreign policy, or economy of the United
Reference Room, 100 F Street NE., Anchorage States.
Washington, DC 20549, on official Contiguous Counties: Consistent with the determination in
business days between the hours of Alaska, Chugach REAA, Kenai section 10 of Executive Order 13224 that
10:00 a.m. and 3:00 p.m. Copies of the Peninsula Borough, Matanuska- prior notice to persons determined to be
filing also will be available for Susitna Borough subject to the Order who might have a
inspection and copying at the principal The Interest Rates are: constitutional presence in the United
office of the Exchange. All comments States would render ineffectual the
received will be posted without change; Percent blocking and other measures authorized
the Commission does not edit personal in the Order because of the ability to
For Physical Damage: transfer funds instantaneously, I
identifying information from Homeowners With Credit Avail-
submissions. You should submit only able Elsewhere ...................... 3.750
determine that no prior notice needs to
information that you wish to make Homeowners Without Credit be provided to any person subject to this
available publicly. All submissions Available Elsewhere .............. 1.875 determination who might have a
should refer to File Number SR– Businesses With Credit Avail- constitutional presence in the United
NASDAQ–2017–034 and should be able Elsewhere ...................... 6.300 States, because to do so would render
submitted on or before May 3, 2017. Businesses Without Credit ineffectual the measures authorized in
Available Elsewhere .............. 3.150 the Order.
For the Commission, by the Division of Non–Profit Organizations With
Trading and Markets, pursuant to delegated This notice shall be published in the
Credit Available Elsewhere ... 2.500 Federal Register.
authority.14 Non–Profit Organizations With-
Eduardo A. Aleman, out Credit Available Else- Rex W. Tillerson,
Assistant Secretary. where ..................................... 2.500 Secretary of State.
[FR Doc. 2017–07308 Filed 4–11–17; 8:45 am] For Economic Injury: [FR Doc. 2017–07405 Filed 4–11–17; 8:45 am]
Businesses & Small Agricultural
BILLING CODE 8011–01–P BILLING CODE 4710–AD–P
Cooperatives Without Credit
Available Elsewhere .............. 3.150
Non–Profit Organizations With-
SMALL BUSINESS ADMINISTRATION out Credit Available Else- DEPARTMENT OF STATE
where ..................................... 2.500 [Public Notice: 9957]
[Disaster Declaration #15102 and #15103]
Alaska Disaster #AK–00036 The number assigned to this disaster Notice of Determinations; Culturally
for physical damage is 15102 5 and for Significant Objects Imported for
AGENCY: U.S. Small Business economic injury is 15103 0. Exhibition Determinations: ‘‘Keir
Administration. The State which received an EIDL Collection of Art of the Islamic World’’
ACTION: Notice. Declaration # is ALASKA Exhibitions
Catalog of Federal Domestic Assistance
SUMMARY: This is a notice of an Number 59008) Notice is hereby given of the
Administrative declaration of a disaster following determinations: Pursuant to
for the State of Alaska dated 04/04/ Dated: April 4, 2017. the authority vested in me by the Act of
2017. Linda E. McMahon, October 19, 1965 (79 Stat. 985; 22 U.S.C.
Incident: Royal Suite Lodge Administrator. 2459), E.O. 12047 of March 27, 1978, the
Apartment Complex Fire. [FR Doc. 2017–07295 Filed 4–11–17; 8:45 am] Foreign Affairs Reform and
Incident Period: 02/15/2017. BILLING CODE 8025–01–P Restructuring Act of 1998 (112 Stat.
Effective Date: 04/04/2017. 2681, et seq.; 22 U.S.C. 6501 note, et
Physical Loan Application Deadline seq.), Delegation of Authority No. 234 of
Date: 06/05/2017. DEPARTMENT OF STATE October 1, 1999, Delegation of Authority
Economic Injury (Eidl) Loan No. 236–3 of August 28, 2000 (and, as
Application Deadline Date: 01/04/2018. [Public Notice: 9959] appropriate, Delegation of Authority No.
ADDRESSES: Submit completed loan 257–1 of December 11, 2015), I hereby
E.O. 13224 Designation of Abu Anas al-
applications to: U.S. Small Business determine that certain objects to be
Ghandour, aka Ahmed Ghandour, aka
Administration, Processing And included in multiple exhibitions of the
Ahmad Ghandour, aka Ahmad Naji al-
Disbursement Center, 14925 Kingsport Keir Collection of Art of the Islamic
Ghandur, aka Abu-Anas, as a Specially
Road, Fort Worth, TX 76155. World, imported from abroad for
mstockstill on DSK30JT082PROD with NOTICES
Designated Global Terrorist
FOR FURTHER INFORMATION CONTACT: A. temporary exhibition within the United
Escobar, Office of Disaster Assistance, Acting under the authority of and in States, are of cultural significance. The
U.S. Small Business Administration, accordance with section 1(b) of objects are imported pursuant to a loan
409 3rd Street SW., Suite 6050, Executive Order 13224 of September 23, agreement with the foreign owner or
Washington, DC 20416. 2001, as amended by Executive Order custodian. I also determine that the
13268 of July 2, 2002, and Executive exhibition or display of the exhibit
14 17 CFR 200.30–3(a)(12). Order 13284 of January 23, 2003, I objects at the Dallas Museum of Art,
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Document Created: 2017-04-12 00:22:52
Document Modified: 2017-04-12 00:22:52
| 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 17714 |
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