82 FR 24761 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Opening Process
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 102 (May 30, 2017)
Federal Register Volume 82, Issue 102 (May 30, 2017)
| Page Range | 24761-24763 | |
| FR Document | 2017-10984 |
[Federal Register Volume 82, Number 102 (Tuesday, May 30, 2017)] [Notices] [Pages 24761-24763] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-10984] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80751; File No. SR-ISE-2017-41] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Opening Process May 23, 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 May 10, 2017, Nasdaq ISE, LLC (``ISE'' 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. --------------------------------------------------------------------------- \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 the trading hours and Opening Process of Foreign Currency Index options and also amend a reference to All-or-None Orders. 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 rule change is to amend: (i) The trading hours, including during the Opening Process, of Foreign Currency Index options; and (ii) a specific rule text reference in Rule 701 related to All-or-None Orders. Foreign Currency Options ISE Rule 2008, ``Trading Sessions,'' among other things, governs transactions in Foreign Currency Index options. The rule provides that such product may be effected on the Exchange between the hours of 7:30 a.m. Eastern Time and 4:15 p.m. Eastern Time. ISE Rule 2210, ``Trading Sessions,'' notes that ``[e]xcept as otherwise provided in this Rule [2210] or under unusual conditions as may be determined by an Exchange official or his designee, transactions in foreign currency options may be effected on the Exchange between the hours of 7:30 a.m. and 4:15 p.m. Eastern time, except on the last day of trading during expiration week, in which case trading shall cease at 12.00 p.m. Eastern time.'' At this time, the Exchange proposes to amend ISE Rules 2008 and 2010 so that Foreign Currency Index options will start trading at 9:30 AM Eastern Time instead of 7:30 a.m. Eastern Time. The purpose of this rule change is to conform the start time for the trading of Foreign Currency Options to that of other products. Likewise, ISE Rule 701, ``Opening,'' which was recently approved,\3\ provides that Market Maker Valid Width Quotes and Opening Sweeps received starting at 9:25 a.m. Eastern Time, or 7:25 a.m. [[Page 24762]] Eastern Time for U.S. dollar-settled foreign currency options, will be included in the Opening Process. Orders entered at any time before an option series opens are included in the Opening Process. The current Opening Process rule states that the submission of Valid Width Quotes and Opening Sweeps for U.S. dollar-settled foreign currency options may begin at 7:25 a.m. Eastern Time to tie the option Opening Process to quoting in the underlying security; \4\ it presumes that option quotes submitted before any indicative quotes have been disseminated for the underlying security may not be reliable or intentional. The Exchange proposes to amend ISE Rule 701 so that the Opening Process for foreign currency options would initiate on or after 9:30 a.m. Eastern Time and the Market Maker Valid Width Quotes and Opening Sweeps would be considered for the Opening Process starting at 9:25 a.m. Eastern Time for foreign currency options. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 80225; (March 13, 2017), 82 FR 14243 (March 17, 2017) (SR-ISE-2017-02) (Order Approving Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Exchange Opening Process). \4\ The underlying security can also be an index. --------------------------------------------------------------------------- All-or-None Orders The Exchange also proposes to amend ISE Rule 701 to remove a specific reference to the manner in which All-or-None Orders will be treated in the Opening Process. The Exchange recently filed a proposed rule change to amend All-or-None Orders.\5\ The Exchange amended Rule 715(c) to provide that an All-or-None Order may only be entered into the System with a time-in-force designation of Immediate-or-Cancel \6\ Order in connection with the Exchange's technology migration to INET. At the time that SR-ISE-2017-02 was filed, All-or-None Orders were not restricted and could trade as a limit or market order to be executed in its entirety or not at all. With this amendment, an All-or-None Order would not persist in the Order Book and would therefore be treated the same as any other Immediate or Cancel Order. The carve out specified in Rule 701(j)(6)(i) is unnecessary since an All-or-None Order would be executed immediately or cancel similar to other orders which trade in the same manner. The Exchange believes removing this reference will eliminate confusion. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 80432 (April 11, 2017), 82 FR 18191 (April 17, 2017) (SR-ISE-2017-03) (Order Approving Proposed Rule Change, as Modified by Amendment No. 1, to Amend Various Rules in Connection with a System Migration to Nasdaq INET Technology). \6\ An Immediate-or-Cancel Order is a limit order that is to be executed in whole or in part upon receipt. Any portion not so executed is to be treated as cancelled. --------------------------------------------------------------------------- Implementation Both SR-ISE-2017-02 and SR-ISE-2017-03 will be implemented in Q2 2017 in connection with a system migration to INET. The migration will be on a symbol by symbol basis, and the Exchange will issue an alert to Members to provide notification of the symbols that will migrate and the relevant dates. The Exchange proposes these amendments to be operative on the same dates as symbols migrate to INET. 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 for the reasons stated below. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Foreign Currency Options The Exchange believes that the proposed rule change is consistent with the Act in that it will remove impediments to and perfect the mechanism of a free and open market and a national market system, to initiate the Opening Process for foreign currency options at 9:30 a.m. Eastern Time and accept Market Maker Valid Width Quotes and Opening Sweeps at 9:25 a.m. Eastern Time for foreign currency options similar to the manner in which other options trade today. Today, on NASDAQ PHLX, LLC (``Phlx''), foreign currency options trade similar to other options.\9\ The Exchange believes that conforming the Opening Process and trading hours for foreign currency options to that of other options will conform the trading rules so all products would trade during the same session. The Exchange believes trading all options on the same Opening Process schedule promotes just and equitable principles of trade because all options will continue to be available to participants for trading on ISE. --------------------------------------------------------------------------- \9\ See Phlx Rules 1014 and 1017. On Phlx, the Specialist assigned in a particular U.S. dollar-settled FCO must enter a Valid Width Quote not later than 30 seconds after the announced market opening. Also, on Phlx, the Opening Process for an option series will be conducted within two minutes of market opening in the case of U.S. dollar-settled FCO or such shorter time as determined by the Exchange and disseminated to membership on the Exchange's Web site. --------------------------------------------------------------------------- All-or-None Orders The Exchange believes that it is consistent with the Act to remove an unnecessary and confusing reference to Rule 701 in connection with All-or-None Orders, since these orders will now immediately trade or cancel. The Exchange originally made clear the manner in which All-or- None Orders would trade in the Opening Process because this order type trades differently as compared to other order types. That distinction has become unnecessary because All-or-None Orders trade the same as other Immediate or Cancel Orders. By updating the rule to remove an unnecessary distinction will protect investors and the public interest by clarifying the rule. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any undue burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposal does not change the intense competition that exists among the options markets for options business including with respect to transacting foreign currency options. In addition, all market participants submitting All-or-None Orders in the Opening Process will receive similar treatment with respect to those orders. 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 \10\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 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. --------------------------------------------------------------------------- [[Page 24763]] A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \12\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \13\ 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 Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow the Exchange to implement the proposed rule change in coordination with a symbol by symbol transition to the INET technology in the second quarter of 2017. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\14\ --------------------------------------------------------------------------- \12\ 17 CFR 240.19b-4(f)(6). \13\ 17 CFR 240.19b-4(f)(6)(iii). \14\ For purposes only of waiving the 30-day operative delay, the Commission has also 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: (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-2017-41 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2017-41. 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 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-2017-41 and should be submitted on or before June 20, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-10984 Filed 5-26-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 102 / Tuesday, May 30, 2017 / Notices 24761
through a change in values, net assets, and the rules and regulations II. Self-Regulatory Organization’s
or other circumstances, more than 15% thereunder applicable to a national Statement of the Purpose of, and
of the Fund’s net assets are held in securities exchange. Statutory Basis for, the Proposed Rule
illiquid assets. Change
(16) The Fund’s investments in IV. Conclusion
In its filing with the Commission, the
derivative instruments will be Exchange included statements
It is therefore ordered, pursuant to
consistent with the Fund’s investment concerning the purpose of and basis for
Section 19(b)(2) of the Act,47 that the
objectives and the 1940 Act and will not the proposed rule change and discussed
proposed rule change (SR–NASDAQ–
be used to seek to achieve a multiple or any comments it received on the
2017–033), as modified by Amendments
inverse multiple of the Fund’s broad- proposed rule change. The text of these
based securities market index (as No. 1 and 2, be, and it hereby is,
approved. statements may be examined at the
defined in Form N–1A). places specified in Item IV below. The
(17) A minimum of 100,000 Shares For the Commission, by the Division of
Exchange has prepared summaries, set
will be outstanding at the Trading and Markets, pursuant to delegated
forth in sections A, B, and C below, of
commencement of trading on the authority.48
the most significant aspects of such
Exchange. Eduardo A. Aleman, statements.
The Exchange represents that all
Assistant Secretary.
statements and representations made in A. Self-Regulatory Organization’s
[FR Doc. 2017–10973 Filed 5–26–17; 8:45 am]
the filing regarding (a) the description of Statement of the Purpose of, and
the portfolio or reference assets, (b) BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
limitations on portfolio holdings or Change
reference assets, (c) dissemination and
SECURITIES AND EXCHANGE 1. Purpose
availability of the reference asset or
intraday indicative values, or (d) the COMMISSION The purpose of this rule change is to
applicability of Exchange listing rules amend: (i) The trading hours, including
shall constitute continued listing [Release No. 34–80751; File No. SR–ISE– during the Opening Process, of Foreign
requirements for listing the Shares on 2017–41] Currency Index options; and (ii) a
the Exchange. In addition, the issuer has specific rule text reference in Rule 701
represented to the Exchange that it will Self-Regulatory Organizations; Nasdaq related to All-or-None Orders.
advise the Exchange of any failure by ISE, LLC; Notice of Filing and
Foreign Currency Options
the Fund to comply with the continued Immediate Effectiveness of Proposed
listing requirements, and, pursuant to Rule Change Regarding the Opening ISE Rule 2008, ‘‘Trading Sessions,’’
its obligations under Section 19(g)(1) of Process among other things, governs
the Act, the Exchange will monitor for transactions in Foreign Currency Index
compliance with the continued listing May 23, 2017. options. The rule provides that such
requirements.44 If the Fund is not in Pursuant to Section 19(b)(1) of the product may be effected on the
compliance with the applicable listing Securities Exchange Act of 1934 Exchange between the hours of 7:30
requirements, the Exchange will (‘‘Act’’),1 and Rule 19b–4 thereunder,2 a.m. Eastern Time and 4:15 p.m. Eastern
commence delisting procedures under notice is hereby given that on May 10, Time. ISE Rule 2210, ‘‘Trading
the Nasdaq 5800 Series. 2017, Nasdaq ISE, LLC (‘‘ISE’’ or Sessions,’’ notes that ‘‘[e]xcept as
This order is based on all of the ‘‘Exchange’’) filed with the Securities otherwise provided in this Rule [2210]
Exchange’s representations, including and Exchange Commission or under unusual conditions as may be
those set forth above and in (‘‘Commission’’) the proposed rule determined by an Exchange official or
Amendments No. 1 and 2. The change as described in Items I and II his designee, transactions in foreign
Commission notes that the Fund and the below, which Items have been prepared currency options may be effected on the
Shares must comply with the by the Exchange. The Commission is Exchange between the hours of 7:30
requirements of Nasdaq Rule 5735 for a.m. and 4:15 p.m. Eastern time, except
publishing this notice to solicit
the Shares to be listed and traded on the on the last day of trading during
comments on the proposed rule change
Exchange. expiration week, in which case trading
from interested persons.
For the foregoing reasons, the shall cease at 12.00 p.m. Eastern time.’’
Commission finds that the proposed I. Self-Regulatory Organization’s At this time, the Exchange proposes to
rule change, as modified by Statement of the Terms of Substance of amend ISE Rules 2008 and 2010 so that
Amendments No. 1 and 2, is consistent the Proposed Rule Change Foreign Currency Index options will
with Section 6(b)(5) of the Act 45 and start trading at 9:30 AM Eastern Time
Section 11A(a)(1)(C)(iii) of the Act 46 The Exchange proposes to amend the instead of 7:30 a.m. Eastern Time. The
trading hours and Opening Process of purpose of this rule change is to
44 The Commission notes that certain other Foreign Currency Index options and conform the start time for the trading of
proposals for the listing and trading of Managed also amend a reference to All-or-None Foreign Currency Options to that of
Fund Shares include a representation that the
exchange will ‘‘surveil’’ for compliance with the
Orders. other products.
continued listing requirements. See, e.g., Securities The text of the proposed rule change Likewise, ISE Rule 701, ‘‘Opening,’’
Exchange Act Release No. 77499 (April 1, 2016), 81
is available on the Exchange’s Web site which was recently approved,3 provides
FR 20428 (April 7, 2016) (SR–BATS–2016–04). In that Market Maker Valid Width Quotes
sradovich on DSK3GMQ082PROD with NOTICES
the context of this representation, it is the at www.ise.com, at the principal office
Commission’s view that ‘‘monitor’’ and ‘‘surveil’’ of the Exchange, and at the and Opening Sweeps received starting
both mean ongoing oversight of a fund’s compliance Commission’s Public Reference Room. at 9:25 a.m. Eastern Time, or 7:25 a.m.
with the continued listing requirements. Therefore,
the Commission does not view ‘‘monitor’’ as a more 3 See Securities Exchange Act Release No. 80225;
47 Id.
or less stringent obligation than ‘‘surveil’’ with (March 13, 2017), 82 FR 14243 (March 17, 2017)
respect to the continued listing requirements. 48 17 CFR 200.30–3(a)(12). (SR–ISE–2017–02) (Order Approving Proposed Rule
45 15 U.S.C. 78f(b)(5). 1 15 U.S.C. 78s(b)(1). Change, as Modified by Amendment No. 1, To
46 15 U.S.C. 78k–1(a)(1)(C)(iii). 2 17 CFR 240.19b–4. Amend the Exchange Opening Process).
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![Federal Register / Vol. 82, No. 102 / Tuesday, May 30, 2017 / Notices 24763
A proposed rule change filed number should be included on the SECURITIES AND EXCHANGE
pursuant to Rule 19b–4(f)(6) under the subject line if email is used. To help the COMMISSION
Act 12 normally does not become Commission process and review your
[Release No. 34–80746; File No. SR–
operative for 30 days after the date of its comments more efficiently, please use NYSEMKT–2016–103]
filing. However, Rule 19b–4(f)(6)(iii) 13 only one method. The Commission will
permits the Commission to designate a post all comments on the Commission’s Self-Regulatory Organizations; NYSE
shorter time if such action is consistent Internet Web site (http://www.sec.gov/ MKT LLC; Notice of Designation of a
with the protection of investors and the rules/sro.shtml). Copies of the Longer Period for Commission Action
public interest. The Exchange has asked submission, all subsequent on Proceedings To Determine Whether
the Commission to waive the 30-day To Approve or Disapprove a Proposed
amendments, all written statements
operative delay so that the proposal may Rule Change, as Modified by
with respect to the proposed rule
become operative immediately upon Amendments No. 1 and 2, Allowing the
filing. The Commission believes that change that are filed with the
Commission, and all written Exchange To Trade, Pursuant to
waiving the 30-day operative delay is Unlisted Trading Privileges, Any NMS
consistent with the protection of communications relating to the
Stock Listed on Another National
investors and the public interest as it proposed rule change between the
Securities Exchange; Establishing
will allow the Exchange to implement Commission and any person, other than
Rules for the Trading Pursuant to UTP
the proposed rule change in those that may be withheld from the of Exchange-Traded Products; and
coordination with a symbol by symbol public in accordance with the Adopting New Equity Trading Rules
transition to the INET technology in the provisions of 5 U.S.C. 552, will be Relating to Trading Halts of Securities
second quarter of 2017. Accordingly, the available for Web site viewing and Traded Pursuant to UTP on the Pillar
Commission hereby waives the printing in the Commission’s Public Platform
operative delay and designates the Reference Room, 100 F Street NE.,
proposal operative upon filing.14 Washington, DC 20549, on official May 23, 2017.
At any time within 60 days of the business days between the hours of On November 17, 2016, NYSE MKT
filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the LLC (‘‘Exchange’’) filed with the
Commission summarily may filing also will be available for Securities and Exchange Commission
temporarily suspend such rule change if inspection and copying at the principal (‘‘Commission’’), pursuant to Section
it appears to the Commission that such 19(b)(1) of the Securities Exchange Act
office of the Exchange. All comments
action is: (i) Necessary or appropriate in of 1934 (‘‘Act’’) 1 and Rule 19b–4
received will be posted without change; thereunder,2 a proposed rule change to
the public interest; (ii) for the protection the Commission does not edit personal
of investors; or (iii) otherwise in (1) allow the Exchange to trade,
identifying information from pursuant to unlisted trading privileges
furtherance of the purposes of the Act. submissions. You should submit only
If the Commission takes such action, the (‘‘UTP’’), any NMS Stock listed on
information that you wish to make another national securities exchange; (2)
Commission shall institute proceedings
available publicly. All submissions establish rules for the trading pursuant
to determine whether the proposed rule
should be approved or disapproved. should refer to File Number SR–ISE– to UTP of exchange-traded products;
2017–41 and should be submitted on or and (3) adopt new equity trading rules
IV. Solicitation of Comments before June 20, 2017. relating to trading halts of securities
Interested persons are invited to For the Commission, by the Division of traded pursuant to UTP on the Pillar
submit written data, views, and Trading and Markets, pursuant to delegated platform. The proposed rule change was
arguments concerning the foregoing, authority.15 published for comment in the Federal
including whether the proposed rule Register on December 1, 2016.3 On
Eduardo A. Aleman,
change is consistent with the Act. January 4, 2017, pursuant to Section
Assistant Secretary. 19(b)(2) of the Act,4 the Commission
Comments may be submitted by any of
[FR Doc. 2017–10984 Filed 5–26–17; 8:45 am] designated a longer period within which
the following methods:
BILLING CODE 8011–01–P to approve the proposed rule change,
Electronic Comments disapprove the proposed rule change, or
• Use the Commission’s Internet institute proceedings to determine
comment form (http://www.sec.gov/ whether to disapprove the proposed
rules/sro.shtml); or rule change.5 On February 24, 2017, the
• Send an email to rule-comments@ Commission instituted proceedings
sec.gov. Please include File Number SR– under Section 19(b)(2)(B) of the Act 6 to
ISE–2017–41 on the subject line. determine whether to approve or
Paper Comments disapprove the proposed rule change.7
• Send paper comments in triplicate 1 15 U.S.C. 78s(b)(1).
to Secretary, Securities and Exchange 2 17 CFR 240.19b–4.
Commission, 100 F Street NE., 3 See Securities Exchange Act Release No. 79400
Washington, DC 20549–1090. (Nov. 25, 2016), 81 FR 86750.
4 15 U.S.C. 78s(b)(2).
All submissions should refer to File 5 See Securities Exchange Act Release No. 79738,
sradovich on DSK3GMQ082PROD with NOTICES
Number SR–ISE–2017–41. This file 82 FR 3068 (Jan. 10, 2017).
6 15 U.S.C. 78s(b)(2)(B).
12 17 CFR 240.19b–4(f)(6). 7 See Securities Exchange Act Release No. 80097,
13 17 CFR 240.19b–4(f)(6)(iii). 82 FR 12251 (Mar. 1, 2017). Specifically, the
14 For purposes only of waiving the 30-day Commission instituted proceedings to allow for
operative delay, the Commission has also additional analysis of the proposed rule change’s
considered the proposed rule’s impact on consistency with Section 6(b)(5) of the Act, which
efficiency, competition, and capital formation. See requires, among other things, that the rules of a
15 U.S.C. 78c(f). 15 17 CFR 200.30–3(a)(12). Continued
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Document Created: 2018-11-08 08:54:16
Document Modified: 2018-11-08 08:54:16
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 24761 |
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