82 FR 18504 - Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the DTC Rules in Order to Enhance Transparency With Regard to Application Criteria and Participation Requirements for Applicants and Participants
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 74 (April 19, 2017)
Federal Register Volume 82, Issue 74 (April 19, 2017)
| Page Range | 18504-18507 | |
| FR Document | 2017-07875 |
[Federal Register Volume 82, Number 74 (Wednesday, April 19, 2017)] [Notices] [Pages 18504-18507] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-07875] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80454; File No. SR-DTC-2017-006] Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the DTC Rules in Order to Enhance Transparency With Regard to Application Criteria and Participation Requirements for Applicants and Participants April 13, 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 April 7, 2017, The Depository Trust Company (``DTC'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the clearing [[Page 18505]] agency. DTC filed the proposed rule change pursuant to Section 19(b)(3)(A) \3\ of the Act and Rule 19b-4(f)(1) \4\ thereunder. The proposed rule change was effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(1). --------------------------------------------------------------------------- I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change would amend the Rules, By-Laws and Organization Certificate of DTC (``Rules'') \5\ to expressly set forth in the Rules (i) the existing applicable minimum financial resource requirements that any applicant to become a Participant (``Applicant'') that is a U.S. bank, trust company or registered broker-dealer must respectively meet in order to qualify to become a Participant and, once admitted, continue as a Participant in good standing \6\ and (ii) the existing requirement that each Applicant that is a U.S. entity must provide a legal opinion as part of its application to become a Participant, as discussed below. --------------------------------------------------------------------------- \5\ Available at http://www.dtcc.com/legal/rules-and-procedures. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to such terms in the Rules. \6\ A U.S. bank or trust company that otherwise meets the application criteria and participation requirements established by DTC pursuant to the Rules is qualified to become a Participant pursuant to Section 1(d) of Rule 3. A U.S. broker dealer that otherwise meets the application criteria and participation requirements pursuant to the Rules is qualified to become a Participant pursuant to Section 1(h)(ii) of Rule 3. See Rule 3, supra note 5. --------------------------------------------------------------------------- II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the clearing agency 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 clearing agency has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. (A) Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose Pursuant to Rule 2,\7\ DTC has established application criteria and participation requirements for Applicants and Participants related to financial resources, creditworthiness and operational capability.\8\ These requirements are designed to manage the risks a Participant presents to DTC or to its membership, while facilitating fair and open access by market participants.\9\ The proposed rule change would amend the Rules to enhance transparency with respect to certain existing application criteria and participation requirements, specifically, (i) the minimum financial resource requirements for Applicants and Participants that are either U.S. banks, trust companies or registered broker-dealers and (ii) the requirement for Applicants that are U.S. entities to provide a legal opinion, as discussed below. --------------------------------------------------------------------------- \7\ Rule 2, supra note 5. \8\ See also Disclosure under the Principles for Financial Market Infrastructures (``PFMI''), available at http://www.dtcc.com/ ~/media/Files/Downloads/legal/policy-and-compliance/ DTC_Disclosure_Framework.pdf at 100-104 (Describing DTC access and participation requirements). \9\ Rule 17 Ad-22(e)(18) under the Act, provides that each covered clearing agency shall establish, implement, maintain and enforce written policies and procedures reasonably designed to, as applicable, ``establish objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access by direct and, where relevant, indirect participants and other financial market utilities, require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the clearing agency, and monitor compliance with such participation requirements on an ongoing basis.'' 17 CFR 240.17Ad-22(e)(18). (The Commission adopted amendments to Rule 17Ad-22, including the addition of new section 17Ad-22(e), on September 28, 2016. See Securities Exchange Act Release No. 78961 (September 28, 2016), 81 FR 70786 (October 13, 2016) (S7-03-14). DTC is a ``covered clearing agency'' as defined in Rule 17Ad-22(a)(5), and must comply with new section (e) (including subsection (e)(18) described above) of Rule 17Ad-22 by April 11, 2017.) --------------------------------------------------------------------------- Minimum Financial Requirements Rule 2 requires each Applicant or Participant to demonstrate that it has sufficient financial ability to meet its anticipated obligations to DTC.\10\ In this regard, DTC sets financial requirements for establishing and continuing participation that are based on the type of legal entity and the types of services that the entity will use at DTC. Currently, among other requirements, a registered broker dealer must have a minimum of $500,000 in excess net capital over its regulatory net capital requirement,\11\ and a U.S. bank or trust company must have more than $2 million in equity capital \12\ (collectively, ``Minimum Financial Requirements''), to become, and continue in good standing as, a Participant.\13\ The Minimum Financial Requirements are currently disclosed in the PFMI and in a list of DTC application requirements that is made available to all Applicants (``Onboarding Requirements''). In order to increase transparency with regard to its application and participation requirements, DTC proposes to amend the Rules by adding the Minimum Financial Requirements for Applicants and Participants that are (i) U.S. broker-dealers or (ii) U.S. banks or trust companies to Section 1 of the Policy Statement.\14\ --------------------------------------------------------------------------- \10\ Rule 2, supra note 5. \11\ For this purpose, the broker dealer's minimum regulatory net capital requirement is the greater of (i) the amount imposed on it pursuant to Rule 15c3-1 under the Act, 17 CFR 240.15c3-1, and (ii) such higher amount imposed by the broker-dealer's designated examining authority, as named by the Commission pursuant to Rule 17d-1 under the Act, 17 CFR 240.17d-1. \12\ For this purpose, equity capital has the meaning as defined on the form of Consolidated Report of Condition and Income and related instructions maintained by the Federal Financial Institutions Examination Council (FFIEC), available at https://www.ffiec.gov/pdf/FFIEC_forms/FFIEC031_201612_f.pdf and https://www.ffiec.gov/pdf/FFIEC_forms/FFIEC031_FFIEC041_201609_i.pdf, respectively. \13\ Not including non-U.S. Participants, whose minimum financial resource requirements are set forth in the Policy Statement on the Admission of Participants (``Policy Statement''), See Policy Statement, supra note 5 at 122, most Applicants and Participants are (i) U.S. broker dealers or (ii) U.S. banks or trust companies. Since U.S. broker dealers and U.S. banks and trust companies are subject to standard regulatory capital requirements, DTC has determined that setting the Minimum Financial Requirements based on applicable regulatory requirements is a practical method for determining whether such entities have sufficient financial ability to meet their obligations to DTC. For other Applicants and Participants, DTC reviews any appropriate financial information or reports available with respect to that entity to determine whether it maintains sufficient financial ability to meet its obligations under the Rules. \14\ See Policy Statement, supra note 5 at 121. --------------------------------------------------------------------------- Legal Opinion Requirement Each Applicant enters into a Participant's Agreement (``Agreement''), pursuant which the Applicant agrees, inter alia, that the DTC Rules shall be a part of the terms and conditions of every contract or transaction that it may make or have with DTC. DTC requires that all Applicants provide an opinion of counsel that provides DTC with comfort as to the valid authorization, execution and delivery of the Agreement by an Applicant and, as applicable, the enforceability of the Agreement under applicable state and federal laws (``Legal Opinion Requirement''). Except with respect to [[Page 18506]] non-U.S. Applicants,\15\ the Legal Opinion Requirement is not currently expressly set forth in the Rules.\16\ To enhance transparency with regard to the Legal Opinion Requirement, DTC proposes to amend the Rules to add the Legal Opinion Requirement for U.S. Applicants to the Policy Statement. --------------------------------------------------------------------------- \15\ Id at 122. \16\ The Legal Opinion Requirement is set forth in the Onboarding Requirements. --------------------------------------------------------------------------- Proposed Changes to Rules Text Pursuant to the proposed rule change, DTC would (i) amend the text of Section 1 of the Policy Statement to add the existing (A) Minimum Financial Requirements and (B) Legal Opinion Requirement that pertains to U.S. Applicants, as discussed above, and (ii) add a cross-reference within Rule 2 to the requirements that would be added to the Policy Statement. Effective Date of Proposed Rule Change The proposed rule change would become effective immediately upon filing with the Commission. 2. Statutory Basis Section 17A(b)(3)(F) of the Act, requires, inter alia, that the Rules promote the prompt and accurate clearance and settlement of securities transactions.\17\ The proposed rule change would provide transparency in the Rules regarding existing participation requirements that Applicants and Participants must meet for access to DTC's services, including but not limited to participation in its settlement service, by (i) adding the Minimum Financial Requirements and the Legal Opinion Requirement to the Policy Statement and (ii) adding a cross- reference within Rule 2 to the Policy Statement, as discussed above. Collectively, the proposed changes would enhance the transparency and clarity of the Rules, which would enable stakeholders to readily understand DTC's access requirements. Therefore, by providing stakeholders with enhanced transparency and clarity with regard to existing participation requirements that Applicants and Participants must meet for access to DTC's services, including but not limited to participation in its settlement service, DTC believes that the proposed rule changes would promote the prompt and accurate clearance and settlement of securities transactions consistent with Section 17A(b)(3)(F) of the Act. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- Rule 17Ad-22(d)(2) under the Act requires a clearing agency to establish, implement, maintain and enforce written policies and procedures reasonably designed to, as applicable, require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the clearing agency; have procedures in place to monitor that participation requirements are met on an ongoing basis; and have participation requirements that are objective and publicly disclosed, and permit fair and open access.\18\ As mentioned above, the proposed rule change would provide transparency in the Rules regarding existing DTC participation requirements by (i) adding the Minimum Financial Requirements and the Legal Opinion Requirement to the Policy Statement and (ii) adding a cross-reference within Rule 2 to the Policy Statement, as discussed above. Therefore, by providing stakeholders with greater transparency with regard to existing participation requirements by providing an additional source of public disclosure in this regard through the Policy Statement, DTC believes that the proposed rule change is consistent with Rule 17Ad- 22(d)(2) promulgated under the Act cited above. --------------------------------------------------------------------------- \18\ 17 CFR 240.17Ad-22(d)(2). --------------------------------------------------------------------------- The proposed rule change is also designed to be consistent with Rule 17Ad-22(e)(18) of the Act, which was recently adopted by the Commission.\19\ Rule 17Ad-22(e)(18) will require DTC, inter alia, to establish, implement, maintain and enforce written policies and procedures reasonably designed to, as applicable, establish objective, risk-based, and publicly disclosed criteria for participation, which permit fair and open access by direct and, where relevant, indirect participants and other financial market utilities, require participants to have sufficient financial resources and robust operational capacity to meet obligations arising from participation in the clearing agency, and monitor compliance with such participation requirements on an ongoing basis. As mentioned above, the proposed rule change would provide transparency in the Rules regarding existing DTC participation requirements by (i) adding the Minimum Financial Requirements and the Legal Opinion Requirement to the Policy Statement and (ii) adding a cross-reference within Rule 2 to the Policy Statement, as discussed above. Therefore, by providing stakeholders with greater transparency with regard to existing participation requirements by providing an additional source of public disclosure in this regard through the Policy Statement, DTC believes that the proposed rule change is consistent with Rule 17Ad-22(e)(18) promulgated under the Act cited above. --------------------------------------------------------------------------- \19\ 17 CFR 240.17Ad-22(e)(18). As mentioned above, the Commission adopted amendments to Rule 17Ad-22, including the addition of new subsection 17Ad-22(e), on September 28, 2016. See Securities Exchange Act Release No. 78961 (September 28, 2016), 81 FR 70786 (October 13, 2016) (S7-03-14). DTC is a ``covered clearing agency'' as defined by new Rule 17Ad-22(a)(5) and must comply with new subsection (e) of Rule 17Ad-22 by April 11, 2017. Id. --------------------------------------------------------------------------- (B) Clearing Agency's Statement on Burden on Competition DTC does not believe that the proposed rule change would have any impact on competition because the proposed change expressly reflects existing application criteria and participation requirements applicable to all Applicants and Participants. (C) Clearing Agency's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others DTC has not solicited and does not intend to solicit comments regarding the proposed rule change. DTC has not received any unsolicited written comments from interested parties. To the extent DTC receives written comments on the proposed rule change, DTC will forward such comments to the Commission. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) \20\ of the Act and paragraph (f) of Rule 19b-4 \21\ thereunder. 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. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A). \21\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- 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 [[Page 18507]] Send an email to rule-comments@sec.gov. Please include File Number SR-DTC-2017-006 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-DTC-2017-006. 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 the filing also will be available for inspection and copying at the principal office of DTC and on DTCC's Web site (http://dtcc.com/legal/sec-rule-filings.aspx). 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-DTC-2017-006 and should be submitted on or before May 10, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2017-07875 Filed 4-18-17; 8:45 am] BILLING CODE 8011-01-P
![18504 Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices
Section 6(b) of the Exchange Act,7 in C. Self-Regulatory Organization’s rules/sro.shtml). Copies of the
general, and furthers the objectives of Statement on Comments on the submission, all subsequent
Sections 6(b)(4) 8 of the Exchange Act, Proposed Rule Change Received From amendments, all written statements
in particular, in that it is designed to Members, Participants, or Others with respect to the proposed rule
provide for the equitable allocation of No written comments were solicited change that are filed with the
reasonable dues, fees, and other charges or received with respect to the proposed Commission, and all written
and is not designed to permit unfair rule change. communications relating to the
discrimination among its members and proposed rule change between the
III. Date of Effectiveness of the Commission and any person, other than
issuers and other persons using its
Proposed Rule Change and Timing for those that may be withheld from the
facilities. The Exchange also believes
Commission Action public in accordance with the
that the proposed rule change is
consistent with Section 6(b)(5) of the The foregoing rule change is effective provisions of 5 U.S.C. 552, will be
upon filing pursuant to Section available for Web site viewing and
Exchange Act, in particular in that it is
19(b)(3)(A) 9 of the Act and printing in the Commission’s Public
designed to promote just and equitable
subparagraph (f)(2) of Rule 19b–4 10 Reference Room, 100 F Street NE.,
principles of trade, to foster cooperation Washington, DC 20549 on official
and coordination with persons engaged thereunder, because it establishes a due,
fee, or other charge imposed by the business days between the hours of
in regulating, clearing, settling, 10:00 a.m. and 3:00 p.m. Copies of the
processing information with respect to, Exchange.
At any time within 60 days of the filing also will be available for
and facilitating transactions in inspection and copying at the principal
filing of such proposed rule change, the
securities, to remove impediments to Commission summarily may office of the Exchange. All comments
and perfect the mechanism of a free and temporarily suspend such rule change if received will be posted without change;
open market and a national market it appears to the Commission that such the Commission does not edit personal
system, and, in general, to protect action is necessary or appropriate in the identifying information from
investors and the public interest. public interest, for the protection of submissions. You should submit only
The Exchange believes that the investors, or otherwise in furtherance of information that you wish to make
proposed rule change is consistent with the purposes of the Act. If the available publicly. All submissions
Sections 6(b)(4) and 6(b)(5) of the Commission takes such action, the should refer to File Number SR–NYSE–
Exchange Act in that it represents an Commission shall institute proceedings 2017–14 and should be submitted on or
equitable allocation of fees and does not under Section 19(b)(2)(B) 11 of the Act to before May 10, 2017.
unfairly discriminate among listed determine whether the proposed rule For the Commission, by the Division of
companies. In particular, the Exchange change should be approved or Trading and Markets, pursuant to delegated
disapproved. authority.12
notes that the proposed amendment is
Brent J. Fields,
not unfairly discriminatory as IV. Solicitation of Comments
Acquisition Companies frequently have Secretary.
Interested persons are invited to [FR Doc. 2017–07876 Filed 4–18–17; 8:45 am]
a much shorter period of listing on the
submit written data, views, and
Exchange than operating companies. It BILLING CODE 8011–01–P
arguments concerning the foregoing,
is not unfairly discriminatory to exempt
including whether the proposed rule
Acquisition Companies from the Initial change is consistent with the Act. SECURITIES AND EXCHANGE
Application Fee because the Initial Comments may be submitted by any of COMMISSION
Application Fee would represent a the following methods:
significantly larger percentage of the [Release No. 34–80454; File No. SR–DTC–
initial listing fees payable by an Electronic Comments 2017–006]
Acquisition Company upon listing and • Use the Commission’s Internet Self-Regulatory Organizations; The
Acquisition Companies are more likely comment form (http://www.sec.gov/ Depository Trust Company; Notice of
than operating companies to successful rules/sro.shtml); or Filing and Immediate Effectiveness of
complete their IPO so the Exchange is • Send an email to rule-comments@ a Proposed Rule Change To Modify the
less likely to forego revenue if they do sec.gov. Please include File Number SR– DTC Rules in Order to Enhance
not pay the Initial Application Fee. NYSE–2017–14 on the subject line. Transparency With Regard to
B. Self-Regulatory Organization’s Paper Comments Application Criteria and Participation
Statement on Burden on Competition • Send paper comments in triplicate Requirements for Applicants and
to Brent J. Fields, Secretary, Securities Participants
The Exchange does not believe that and Exchange Commission, 100 F Street April 13, 2017.
the proposed rule change will impose NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
any burden on competition that is not All submissions should refer to File Securities Exchange Act of 1934
necessary or appropriate in furtherance Number SR–NYSE–2017–14. This file (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
of the purposes of the Act. The number should be included on the notice is hereby given that on April 7,
proposed rule change is designed to subject line if email is used. To help the 2017, The Depository Trust Company
adopt reduced initial listing fees for Commission process and review your (‘‘DTC’’) filed with the Securities and
Acquisition Companies and will
jstallworth on DSK7TPTVN1PROD with NOTICES
comments more efficiently, please use Exchange Commission (‘‘Commission’’)
therefore increase the competition for only one method. The Commission will the proposed rule change as described
the listing of those companies by post all comments on the Commission’s in Items I, II and III below, which Items
making the NYSE a more attractive Internet Web site (http://www.sec.gov/ have been prepared by the clearing
listing venue for them.
9 15 U.S.C. 78s(b)(3)(A). 12 17 CFR 200.30–3(a)(12).
7 15 U.S.C. 78f(b). 10 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1).
8 15 U.S.C. 78f(b)(4). 11 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 74 / Wednesday, April 19, 2017 / Notices 18507
• Send an email to rule-comments@ SECURITIES AND EXCHANGE on the proposed rule change. The text
sec.gov. Please include File Number SR– COMMISSION of these statements may be examined at
DTC–2017–006 on the subject line. the places specified in Item IV below.
[Release No. 34–80453; File No. SR–IEX–
2017–09] The self-regulatory organization has
Paper Comments
prepared summaries, set forth in
• Send paper comments in triplicate Self-Regulatory Organizations; Sections A, B, and C below, of the most
to Secretary, Securities and Exchange Investors Exchange LLC; Notice of significant aspects of such statements.
Commission, 100 F Street NE., Filing and Immediate Effectiveness of
A. Self-Regulatory Organization’s
Washington, DC 20549. Proposed Rule Change To Specify the
Statement of the Purpose of, and the
Required Forms of Listing Application,
All submissions should refer to File Agreement and Other Documentation Statutory Basis for, the Proposed Rule
Number SR-DTC–2017–006. This file Change
number should be included on the April 13, 2017.
1. Purpose
subject line if email is used. To help the Pursuant to Section 19(b)(1) 1 of the
Commission process and review your Securities Exchange Act of 1934 (the On June 17, 2016 the Commission
comments more efficiently, please use ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 granted IEX’s application for registration
only one method. The Commission will notice is hereby given that, on April 3, as a national securities exchange under
post all comments on the Commission’s 2017, the Investors Exchange LLC Section 6 of the Act including approval
Internet Web site (http://www.sec.gov/ (‘‘IEX’’ or the ‘‘Exchange’’) filed with the of rules applicable to the qualification,
rules/sro.shtml). Copies of the Securities and Exchange Commission listing and delisting of companies on
(the ‘‘Commission’’) the proposed rule the Exchange.7 The Exchange plans to
submission, all subsequent
change as described in Items I and II begin a listing program in 2017 and is
amendments, all written statements
below, which Items have been prepared proposing to adopt listing applications
with respect to the proposed rule by the self-regulatory organization. The
change that are filed with the and forms applicable to companies
Commission is publishing this notice to
Commission, and all written applying for listing or listed on the
solicit comments on the proposed rule
communications relating to the Exchange in this proposed rule change.
change from interested persons.
proposed rule change between the As proposed, the listing forms are
Commission and any person, other than I. Self-Regulatory Organization’s substantially similar to those currently
those that may be withheld from the Statement of the Terms of Substance of in use by the Nasdaq Stock Exchange
public in accordance with the the Proposed Rule Change LLC (‘‘Nasdaq’’), with certain
provisions of 5 U.S.C. 552, will be Pursuant to the provisions of Section differences as described herein.8
available for Web site viewing and 19(b)(1) under the Securities Exchange The Exchange proposes to specify the
printing in the Commission’s Public Act of 1934 (‘‘Act’’),4 and Rule 19b–4 required forms of listing application,
Reference Room, 100 F Street NE., thereunder,5 Investors Exchange LLC listing agreement and other
Washington, DC 20549 on official (‘‘IEX’’ or ‘‘Exchange’’) is filing with the documentation that listing applicants
business days between the hours of Commission a proposed rule change to and listed companies must execute or
10:00 a.m. and 3:00 p.m. Copies of the specify the required forms of listing complete (as applicable) as a
filing also will be available for application, listing agreement and other prerequisite for initial and ongoing
inspection and copying at the principal documentation that listed companies listing on the Exchange, as applicable
office of DTC and on DTCC’s Web site must execute or complete (as (collectively, ‘‘listing documentation’’).
(http://dtcc.com/legal/sec-rule- applicable) as a prerequisite for listing All listing documentation will be
filings.aspx). All comments received on the Exchange. The Exchange has available on the Exchange’s Web site
designated this proposal as non- (www.iextrading.com). In the event that
will be posted without change; the
controversial and provided the in the future the Exchange makes any
Commission does not edit personal
Commission with the notice required by substantive changes (including changes
identifying information from
Rule 19b–4(f)(6)(iii) under the Act.6 to the rights, duties, or obligations of a
submissions. You should submit only The text of the proposed rule change
information that you wish to make listed company or listing applicant or
is available at the Exchange’s Web site the Exchange, or that would otherwise
available publicly. at www.iextrading.com, at the principal require a rule filing) to such documents,
All submissions should refer to File office of the Exchange, and at the it will submit a rule filing in accordance
Number SR–DTC–2017–006 and should Commission’s Public Reference Room. with Rule 19b–4.9
be submitted on or before May 10, 2017. II. Self-Regulatory Organization’s
For the Commission, by the Division of Statement of the Purpose of, and the 7 See Securities Exchange Act Release No. 34–
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule 78101 (June 17, 2016), 81 FR 41141 (June 23, 2016)
authority.22 (File No. 10–222).
Change 8 Nasdaq’s listing applications and forms are
Brent J. Fields, In its filing with the Commission, the available at: https://listingcenter.nasdaq.com/
Secretary. self-regulatory organization included Forms_Preview.aspx. In connection with IEX’s
Form 1 application for registration as a national
[FR Doc. 2017–07875 Filed 4–18–17; 8:45 am] statements concerning the purpose of securities exchange, the Commission approved
BILLING CODE 8011–01–P and basis for the proposed rule change rules applicable to the qualification, listing and
jstallworth on DSK7TPTVN1PROD with NOTICES
and discussed any comments it received delisting of companies on IEX. See Securities
Exchange Act Release No. 78101 (June 17, 2016), 81
1 15 FR 41141 (June 23, 2016) (File No. 10–222). These
U.S.C. 78s(b)(1).
2 15
rules are modelled on Nasdaq’s rules applicable to
U.S.C. 78a. the qualification, listing and delisting of companies
3 17 CFR 240.19b–4.
on Nasdaq.
4 15 U.S.C. 78s(b)(1). 9 The Exchange will not submit a rule filing if the
5 17 CRF 240.19b–4.
changes made to a document are solely
22 17 CFR 200.30–3(a)(12). 6 17 CFR 240.19b–4(f)(6)(iii). typographical or stylistic in nature.
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Document Created: 2018-11-14 09:43:55
Document Modified: 2018-11-14 09:43:55
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| FR Citation | 82 FR 18504 |
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