82 FR 26205 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 5735

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 107 (June 6, 2017)

Page Range		26205-26206
FR Document		2017-11505
Federal Register, Volume 82 Issue 107 (Tuesday, June 6, 2017)
[Federal Register Volume 82, Number 107 (Tuesday, June 6, 2017)]
[Notices]
[Pages 26205-26206]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-11505]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80810; File No. SR-NASDAQ-2017-052]


 Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Rule 5735

May 30, 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 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 correct rule language added by a previous 
filing \3\ that, in part, amended Nasdaq Rule 5735 (Managed Fund 
Shares).
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    \3\ See Securities Exchange Act Release No. 80708 (May 17, 
2017), 82 FR 23690 (May 23, 2017) (SR-NASDAQ-2017-040).
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    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 
``Initial Filing'') to amend, among other things, the continued listing 
requirements for exchange-traded products (``ETPs'') in the Nasdaq Rule 
5700 Series.\4\ Subsequently, the Exchange submitted a filing \5\ (the 
``Subsequent Filing'') containing a number of housekeeping and 
conforming changes to the Initial Filing. The proposed amendment makes 
a correction to language added as part of the Subsequent Filing.
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    \4\ See Securities Exchange Act Release No. 79784 (Jan. 12, 
2017), 82 FR 6664 (Jan. 19, 2017) (SR-NASDAQ-2016-135).
    \5\ Supra note 3.
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    Specifically, the Exchange proposes to correct under the 
applicability section of Nasdaq Rule 5735(b)(1) (Managed Fund Shares) 
\6\ that any of the statements or representations regarding not just 
the description of the portfolio, but also of reference assets, among 
other things, will constitute continued listing requirements for 
listing of shares. This correction will result in the language 
mirroring that added by the Subsequent Filing in the initial and 
continued listing requirements section of Nasdaq Rule 5735 \7\ as 
intended.
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    \6\ See Nasdaq Rule 5735(b)(1).
    \7\ See Nasdaq Rule 5735(d)(2)(C)(iv).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\8\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\9\ 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.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change to correct 
Nasdaq Rule 5735(b)(1) to require that any of the statements or 
representations regarding not just the description of the portfolio, 
but also of reference assets, will constitute continued listing 
requirements for listing of shares will provide clarity and accurately 
reflect the intent of the rule to the benefit of investors and the 
public interest.
    For these reasons, Nasdaq believes the proposed rule change is 
consistent with the requirements of Section 6(b)(5) of the Act.

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 amended. The Exchange 
believes that the proposed rule change may enhance competition since it 
corrects and makes more consistent the applicability of listing 
requirements for ETPs.

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) \10\ of the Act and Rule 19b-
4(f)(6) thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(A).
    \11\ 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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    The Exchange has asked the Commission to waive the 30-day operative 
delay, making this proposal operative upon filing. The Commission 
believes that waiver of the operative delay is consistent with the 
protection of investors and the public interest. The proposal will 
modify Nasdaq Rule 5735(b)(1) to provide that any of the statements or 
representations regarding not just the description of the portfolio, 
but also the description of reference assets, among other things, 
constitute continued listing requirements for Managed Fund Shares. This 
aligns the

[[Page 26206]]

requirements in Nasdaq Rule 5735(b)(1) with the requirements in Nasdaq 
Rule 5735(d)(2)(C)(iv) \12\ and ensures that the listing requirements 
for Managed Fund Shares are consistent across the Exchange's rules, 
reducing potential investor confusion. Therefore, the Commission 
designates the proposed rule change to be operative upon filing.\13\
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    \12\ See Securities Exchange Act Release No. 79784, supra note 
4.
    \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). The Commission notes that the changes in the Subsequent 
Filing become operative on October 1, 2017. See Securities Exchange 
Act Release No. 80708, supra note 3, at 23691. Since this filing 
proposes to modify rule text in the Subsequent Filing, the change 
proposed herein will also be operative October 1, 2017.
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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-2017-052 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-2017-052. 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-2017-052 and should 
be submitted on or before June 27, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-11505 Filed 6-5-17; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 82, No. 107 / Tuesday, June 6, 2017 / Notices 26205

should submit only information that concerning the purpose of and basis for not just the description of the portfolio,
you wish to make available publicly. the proposed rule change and discussed but also of reference assets, will
All submissions should refer to File any comments it received on the constitute continued listing
Number SR–GEMX–2017–21 and proposed rule change. The text of these requirements for listing of shares will
should be submitted on or before June statements may be examined at the provide clarity and accurately reflect the
27, 2017. places specified in Item IV below. The intent of the rule to the benefit of
For the Commission, by the Division of Exchange has prepared summaries, set investors and the public interest.
Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of For these reasons, Nasdaq believes the
authority.9 the most significant aspects of such proposed rule change is consistent with
Eduardo A. Aleman, statements. the requirements of Section 6(b)(5) of
the Act.
Assistant Secretary. A. Self-Regulatory Organization’s
[FR Doc. 2017–11610 Filed 6–5–17; 8:45 am] Statement of the Purpose of, and B. Self-Regulatory Organization’s
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule Statement on Burden on Competition
Change The Exchange does not believe that
1. Purpose the proposed rule change will impose
SECURITIES AND EXCHANGE any burden on competition not
COMMISSION Earlier this year, the Commission necessary or appropriate in furtherance
[Release No. 34–80810; File No. SR–
approved a Nasdaq filing (the ‘‘Initial of the purposes of the Act, as amended.
NASDAQ–2017–052] Filing’’) to amend, among other things, The Exchange believes that the
the continued listing requirements for proposed rule change may enhance
Self-Regulatory Organizations; The exchange-traded products (‘‘ETPs’’) in competition since it corrects and makes
NASDAQ Stock Market LLC; Notice of the Nasdaq Rule 5700 Series.4 more consistent the applicability of
Filing and Immediate Effectiveness of Subsequently, the Exchange submitted a listing requirements for ETPs.
Proposed Rule Change To Amend Rule filing 5 (the ‘‘Subsequent Filing’’)
containing a number of housekeeping C. Self-Regulatory Organization’s
5735
and conforming changes to the Initial Statement on Comments on the
May 30, 2017. Filing. The proposed amendment makes Proposed Rule Change Received From
Pursuant to Section 19(b)(1) of the a correction to language added as part Members, Participants, or Others
Securities Exchange Act of 1934 of the Subsequent Filing. No written comments were either
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Specifically, the Exchange proposes to solicited or received.
notice is hereby given that on May 24, correct under the applicability section
2017, The NASDAQ Stock Market LLC III. Date of Effectiveness of the
of Nasdaq Rule 5735(b)(1) (Managed Proposed Rule Change and Timing for
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Fund Shares) 6 that any of the
Securities and Exchange Commission Commission Action
statements or representations regarding
(‘‘Commission’’) the proposed rule not just the description of the portfolio, Because the foregoing proposed rule
change as described in Items I and II but also of reference assets, among other change does not: (i) Significantly affect
below, which Items have been prepared things, will constitute continued listing the protection of investors or the public
by the Exchange. The Commission is requirements for listing of shares. This interest; (ii) impose any significant
publishing this notice to solicit correction will result in the language burden on competition; and (iii) become
comments on the proposed rule change mirroring that added by the Subsequent operative for 30 days from the date on
from interested persons. Filing in the initial and continued which it was filed, or such shorter time
listing requirements section of Nasdaq as the Commission may designate, it has
I. Self-Regulatory Organization’s become effective pursuant to Section
Statement of the Terms of Substance of Rule 5735 7 as intended.
19(b)(3)(A) 10 of the Act and Rule 19b–
the Proposed Rule Change 2. Statutory Basis 4(f)(6) thereunder.11
The Exchange proposes to correct rule The Exchange believes that its The Exchange has asked the
language added by a previous filing 3 proposal is consistent with Section 6(b) Commission to waive the 30-day
that, in part, amended Nasdaq Rule of the Act,8 in general, and furthers the operative delay, making this proposal
5735 (Managed Fund Shares). objectives of Section 6(b)(5) of the Act,9 operative upon filing. The Commission
The text of the proposed rule change in particular, in that it is designed to believes that waiver of the operative
is available on the Exchange’s Web site promote just and equitable principles of delay is consistent with the protection
at http://nasdaq.cchwallstreet.com, at trade, to remove impediments to and of investors and the public interest. The
the principal office of the Exchange, and perfect the mechanism of a free and proposal will modify Nasdaq Rule
at the Commission’s Public Reference open market and a national market 5735(b)(1) to provide that any of the
Room. system, and, in general to protect statements or representations regarding
investors and the public interest. not just the description of the portfolio,
II. Self-Regulatory Organization’s but also the description of reference
Statement of the Purpose of, and The Exchange believes that the
proposed rule change to correct Nasdaq assets, among other things, constitute
Statutory Basis for, the Proposed Rule continued listing requirements for
Change Rule 5735(b)(1) to require that any of the
statements or representations regarding Managed Fund Shares. This aligns the
In its filing with the Commission, the
mstockstill on DSK30JT082PROD with NOTICES

10 15 U.S.C. 78s(b)(3)(A).
Exchange included statements 4 See Securities Exchange Act Release No. 79784
11 17 CFR 240.19b–4(f)(6). As required under Rule
(Jan. 12, 2017), 82 FR 6664 (Jan. 19, 2017) (SR–
9 17 NASDAQ–2016–135). 19b–4(f)(6)(iii), the Exchange provided the
CFR 200.30–3(a)(12). Commission with written notice of its intent to file
1 15 5 Supra note 3.
U.S.C. 78s(b)(1). the proposed rule change, along with a brief
2 17 CFR 240.19b–4. 6 See Nasdaq Rule 5735(b)(1).
description and the text of the proposed rule
3 See Securities Exchange Act Release No. 80708 7 See Nasdaq Rule 5735(d)(2)(C)(iv).
change, at least five business days prior to the date
8 15 U.S.C. 78f(b).
(May 17, 2017), 82 FR 23690 (May 23, 2017) (SR– of filing of the proposed rule change, or such
NASDAQ–2017–040). 9 15 U.S.C. 78f(b)(5). shorter time as designated by the Commission.

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26206 Federal Register / Vol. 82, No. 107 / Tuesday, June 6, 2017 / Notices

requirements in Nasdaq Rule 5735(b)(1) amendments, all written statements significance. The objects are imported
with the requirements in Nasdaq Rule with respect to the proposed rule pursuant to loan agreements with the
5735(d)(2)(C)(iv) 12 and ensures that the change that are filed with the foreign owners or custodians. I also
listing requirements for Managed Fund Commission, and all written determine that the exhibition or display
Shares are consistent across the communications relating to the of the exhibit objects at the Solomon R.
Exchange’s rules, reducing potential proposed rule change between the Guggenheim Museum, New York, New
investor confusion. Therefore, the Commission and any person, other than York, from on or about June 30, 2017,
Commission designates the proposed those that may be withheld from the until on or about October 4, 2017, and
rule change to be operative upon public in accordance with the at possible additional exhibitions or
filing.13 provisions of 5 U.S.C. 552, will be venues yet to be determined, is in the
At any time within 60 days of the available for Web site viewing and national interest. I have ordered that
filing of the proposed rule change, the printing in the Commission’s Public Public Notice of these Determinations
Commission summarily may Reference Room, 100 F Street NE., be published in the Federal Register.
temporarily suspend such rule change if Washington, DC 20549, on official FOR FURTHER INFORMATION CONTACT: For
it appears to the Commission that such business days between the hours of further information, including a list of
action is: (i) Necessary or appropriate in 10:00 a.m. and 3:00 p.m. Copies of such the imported objects, contact the Office
the public interest; (ii) for the protection filing also will be available for of Public Diplomacy and Public Affairs
of investors; or (iii) otherwise in inspection and copying at the principal in the Office of the Legal Adviser, U.S.
furtherance of the purposes of the Act. office of the Exchange. All comments Department of State (telephone: 202–
If the Commission takes such action, the received will be posted without change; 632–6471; email: section2459@
Commission shall institute proceedings the Commission does not edit personal state.gov). The mailing address is U.S.
to determine whether the proposed rule identifying information from Department of State, L/PD, SA–5, Suite
should be approved or disapproved. submissions. You should submit only 5H03, Washington, DC 20522–0505.
Solicitation of Comments information that you wish to make
Alyson Grunder,
available publicly. All submissions
Interested persons are invited to should refer to File Number SR– Deputy Assistant Secretary for Policy, Bureau
submit written data, views, and of Educational and Cultural Affairs,
NASDAQ–2017–052 and should be
arguments concerning the foregoing, Department of State.
submitted on or before June 27, 2017.
including whether the proposed rule [FR Doc. 2017–11645 Filed 6–5–17; 8:45 am]
For the Commission, by the Division of
change is consistent with the Act. Trading and Markets, pursuant to delegated
BILLING CODE 4710–05–P
Comments may be submitted by any of authority.14
the following methods: Eduardo A. Aleman, DEPARTMENT OF STATE
Electronic Comments Assistant Secretary.
[Public Notice: 10024]
• Use the Commission’s Internet [FR Doc. 2017–11505 Filed 6–5–17; 8:45 am]
comment form (http://www.sec.gov/ BILLING CODE 8011–01–P Notice of Determinations; Culturally
rules/sro.shtml); or Significant Objects Imported for
• Send an email to rule-comments@ Exhibition Determinations: ‘‘Cristóbal
sec.gov. Please include File Number SR– DEPARTMENT OF STATE de Villalpando: Mexican Painter of the
NASDAQ–2017–052 on the subject line. [Public Notice: 10023] Baroque’’ Exhibition
Paper Comments SUMMARY: Notice is hereby given of the
Notice of Determinations; Culturally
• Send paper comments in triplicate Significant Objects Imported for
following determinations: Pursuant to
to Brent J. Fields, Secretary, Securities the authority vested in me by the Act of
Exhibition Determinations: ‘‘Mystical
and Exchange Commission, 100 F Street October 19, 1965 (79 Stat. 985; 22 U.S.C.
Symbolism: The Salon de la
NE., Washington, DC 20549–1090. 2459), E.O. 12047 of March 27, 1978, the
Rose+Croix in Paris, 1892–1897’’
All submissions should refer to File Foreign Affairs Reform and
Exhibition
Number SR–NASDAQ–2017–052. This Restructuring Act of 1998 (112 Stat.
file number should be included on the SUMMARY: Notice is hereby given of the 2681, et seq.; 22 U.S.C. 6501 note, et
subject line if email is used. To help the following determinations: Pursuant to seq.), Delegation of Authority No. 234 of
Commission process and review your the authority vested in me by the Act of October 1, 1999, Delegation of Authority
comments more efficiently, please use October 19, 1965 (79 Stat. 985; 22 U.S.C. No. 236–3 of August 28, 2000 (and, as
only one method. The Commission will 2459), E.O. 12047 of March 27, 1978, the appropriate, Delegation of Authority No.
post all comments on the Commission’s Foreign Affairs Reform and 257–1 of December 11, 2015), I hereby
Internet Web site (http://www.sec.gov/ Restructuring Act of 1998 (112 Stat. determine that certain objects to be
rules/sro.shtml). Copies of the 2681, et seq.; 22 U.S.C. 6501 note, et included in the exhibition ‘‘Cristóbal de
submission, all subsequent seq.), Delegation of Authority No. 234 of Villalpando: Mexican Painter of the
October 1, 1999, Delegation of Authority Baroque,’’ imported from abroad for
12 See Securities Exchange Act Release No. 79784, No. 236–3 of August 28, 2000 (and, as temporary exhibition within the United
supra note 4. appropriate, Delegation of Authority No. States, are of cultural significance. The
13 For purposes only of waiving the 30-day
257–1 of December 11, 2015), I hereby objects are imported pursuant to loan
operative delay, the Commission has considered the determine that certain objects to be agreements with the foreign owners or
mstockstill on DSK30JT082PROD with NOTICES

proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f). The included in the exhibition ‘‘Mystical custodians. I also determine that the
Commission notes that the changes in the Symbolism: The Salon de la Rose+Croix exhibition or display of the exhibit
Subsequent Filing become operative on October 1, in Paris, 1892–1897’’ imported from objects at The Metropolitan Museum of
2017. See Securities Exchange Act Release No. abroad for temporary exhibition within Art, New York, New York, from on or
80708, supra note 3, at 23691. Since this filing
proposes to modify rule text in the Subsequent the United States, are of cultural about July 17, 2017, until on or about
Filing, the change proposed herein will also be October 15, 2017, and at possible
operative October 1, 2017. 14 17 CFR 200.30–3(a)(12). additional exhibitions or venues yet to

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Document Created: 2017-06-06 06:21:48
Document Modified: 2017-06-06 06:21:48
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 26205