82 FR 27748 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Continued Listing Standards for Exchange Traded Products
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 115 (June 16, 2017)
Federal Register Volume 82, Issue 115 (June 16, 2017)
| Page Range | 27748-27752 | |
| FR Document | 2017-12456 |
[Federal Register Volume 82, Number 115 (Friday, June 16, 2017)] [Notices] [Pages 27748-27752] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-12456] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80905; File No. SR-IEX-2017-14] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Continued Listing Standards for Exchange Traded Products June 12, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on June 5, 2017, the Investors Exchange LLC (``IEX'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (``Act''), and Rule 19b-4 thereunder, Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the Commission a proposed rule change to amend Chapter 16 of IEX Rules to add additional continued listing requirements for exchange traded products (``ETP'') listed under those rules, as well as a related amendment to IEX Rule 14.501 (Notification of Deficiency by IEX Regulation), and several clarifying and conforming changes to IEX Rules 14.101, 14.500, 14.501 and 14.505. The Exchange is also proposing various housekeeping changes throughout Chapter 16 for improved clarity. In addition, the Exchange is proposing to revise certain of the initial and continued listing standards applicable to Linked Securities and Index-Linked Exchangeable Notes in Rules 16.110 and 16.111 respectively. The Exchange has [[Page 27749]] designated this proposal as non-controversial and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act. The text of the proposed rule change is available at the Exchange's Web site at www.iextrading.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 self-regulatory organization 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 statement may be examined at the places specified in Item IV below. The self-regulatory organization 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 Exchange proposes to amend Chapter 16 of IEX Rules to add additional continued listing standards for products listed under those rules (i.e., ETPs), as well as a related amendment to IEX Rule 14.501 (Notification of Deficiency by IEX Regulation), and several clarifying and conforming changes to IEX Rules 14.101, 14.500, 14.501 and 14.505. The Exchange is also proposing various housekeeping changes throughout Chapter 16 (e.g., punctuation, formatting, capitalization and renumbering) for improved clarity. The Exchange does not currently list any ETPs.\4\ The proposed rule changes are based on substantially identical Nasdaq Stock Market (``Nasdaq'') rule changes that were recently approved by the Commission, or that have become effective.\5\ The listing rules, as amended by this proposed rule change, will become operative no later than October 1, 2017.\6\ --------------------------------------------------------------------------- \4\ In connection with IEX's Form 1 application for registration as a national securities exchange, the Commission approved rules applicable to the listing of ETPs on IEX. See Securities Exchange Act Release No. 78101 (June 17, 2016), 81 FR 41141 (June 23, 2016). These IEX rules are modelled on Nasdaq's rules applicable to the listing of ETPs on Nasdaq, except that IEX rules do not provide for the listing of currency warrants, alpha index securities and NextShares. Additionally, the continued listing requirements applicable to Managed Fund Shares under IEX Rule 16.135 are included in SR-IEX-2017-03 (See, Securities Exchange Act Release No. 80545 (April 27, 2017), 82 FR 20648 (May 3, 2017)). \5\ See, Securities Exchange Act Release No. 79784 (Jan. 12, 2017), 82 FR 6664 (January 19, 2017) (SR-NASDAQ-2016-135). See also, Securities Exchange Act Release No. 80210 (March 10, 2017), 82 FR 14094 (March 16, 2017) (SR-NASDAQ-2017-023). See also, SR-NASDAQ- 2017-040 filed with the Commission on May 3, 2017 for effectiveness pursuant to Section 19b(3)(A)(iii) of the Act and Rule 19b-4(f)(6) thereunder. \6\ The Exchange does not intend to list ETPs at this time or in the near future, but this date ensures the Exchange has sufficient time to meet its compliance obligations. --------------------------------------------------------------------------- In Nasdaq's recent Commission approved rule filing amending its ETP listing standards, Nasdaq noted that staff of the Commission's Division of Trading and Markets (``DTM'') requested that Nasdaq adopt certain additional continued listing standards for ETPs, citing their concern for potential manipulation of ETPs.\7\ As a result, the Nasdaq rule change, as well as the Exchange's rule changes proposed in this filing, reflect guidance provided by DTM that most initial listing standards, as well as certain representations included in Exchange rule filings under SEC Rule 19b-4 \8\ to list an ETP (``Exchange Rule Filing''), are also considered continued listing standards. The Exchange Rule Filing representations that will also be required to be maintained on a continuous basis include: (a) The description of the fund; (b) the fund's investment restrictions; and (c) the applicability of IEX listing rules specified in an Exchange Rule filing. --------------------------------------------------------------------------- \7\ See, Securities Exchange Act Release No. 79784 (Jan. 12, 2017), 82 FR 6664 (January 19, 2017) (SR-NASDAQ-2016-135). \8\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- The proposed rule changes would require that ETPs listed by the Exchange without an Exchange Rule Filing maintain the initial index or reference asset criteria on a continued basis. For example, in the case of a domestic equity index, these criteria generally include: (a) Stocks with 90% of the weight of the index must have a minimum market value of at least $75 million; (b) stocks with 70% of the weight of the index must have a minimum monthly trading volume of at least 250,000 shares; (c) the most heavily weighted component cannot exceed 30% of the index, and the five most heavily weighted stocks cannot exceed 65%; (d) there must be at least 13 stocks in the index; and (e) all securities in the index must be listed in the U.S. There are similar criteria for international indexes, fixed-income indexes and indexes with a combination of components. If an Exchange Rule Filing is made to list a specific ETP, the proposed rule change would require that the issuer of the security comply on a continuing basis with any statements or representations contained in the applicable rule proposal, including: (a) The description of the portfolio; (b) limitations on portfolio holdings or reference assets; and (c) the applicability of IEX listing rules specified in such Exchange Rule Filing. As proposed, the Exchange would initiate delisting proceedings for a product listed under Chapter 16 if any of its continued listing requirements (including those set forth in an IEX rule and those set forth in an Exchange Rule Filing) are not continuously maintained.\9\ --------------------------------------------------------------------------- \9\ Unlike failures to comply with other continued listing requirements, if there is an interruption to the dissemination of the reference asset, index, or intraday indicative values for a listed product, the Exchange would initiate delisting proceedings under the IEX Rule Series 14.500 only if the interruption persists past the trading day in which it occurred. See, e.g., proposed changes to Rules 16.105(a)(9)(B)(i)(d)-(e) and 16.105(b)(9)(B)(i)(d)-(e). --------------------------------------------------------------------------- The continued listing rules are also proposed to be amended to modify ETP compliance with the minimum 50 beneficial holder requirement for continued listing (the ``ETP Beneficial Holder Rule''). Specifically, the portion of the ETP Beneficial Holder Rule regarding when IEX would consider the suspension of trading following the initial twelve month period beginning upon the commencement of trading will be amended to delete the ``30 or more consecutive trading days'' requirement. IEX's other shareholder tests in the listing rules do not prescribe minimum time frames for compliance and the Exchange believes that more frequent review is not necessary to provide meaningful assurances of liquidity or trading interest. This modification will conform the ETP Beneficial Holder Rule to the other shareholder tests in the listing rules and remove references to a requirement that necessitates daily monitoring of shareholders. The IEX listing rules would also be modified to require that issuers of securities listed under Chapter 16 must notify the Exchange regarding instances of non-compliance. In addition, while any listed ETPs would be subject to the delisting process specified in IEX Rule Series 14.500, the rules would be clarified to make this explicit.\10\ Specifically, the Exchange proposes to make conforming and technical changes to Rules 14.500(a), 14.501(a) and (d), Supplementary Material .01 to Rule 14.501, and 14.505 to specify that the provisions therein relate to securities [[Page 27750]] listed under Chapter 16 as well as Chapter 14, and to make several technical and conforming changes. --------------------------------------------------------------------------- \10\ ETPs would also be subject to IEX Rule 11.280, which governs trading halts. --------------------------------------------------------------------------- The Rule Series 14.500 would also be clarified to make explicit that in cases where IEX Regulation has notified an ETP that it is deficient under one or more listing standards, the ETP may submit a plan to regain compliance as set forth under the Exchange's listing rules. In this regard, consistent with deficiencies from most other rules that allow issuers to submit a plan to regain compliance,\11\ IEX proposes to allow issuers of ETPs 45 calendar days to submit such a plan. IEX staff will review the plan and may grant a limited period of time for the ETP to regain compliance as permitted under the listing rules. If IEX staff does not accept the plan, IEX staff would issue a Delisting Determination, which the company could appeal to the Listings Review Committee pursuant to Rule 14.502. --------------------------------------------------------------------------- \11\ Pursuant to Rule 14.501, a company is provided 45 days to submit a plan to regain compliance with Rules 14.408((c) (Quorum), 14.411 (Review of Related Party Transactions), 14.412 (Shareholder Approval), 14.207(c)(3) (Auditor Registration), 14.208(a) (Direct Registration Program), 14.406 (Code of Conduct), 14.407(a)(4)(E) (Quorum of Limited Partnerships), 14.407(a)(4)(G) (Related Party Transactions of Limited Partnerships), 14.413 (Voting Rights), or 14.414 (Internal Audit Function). A company is generally provided 60 days to submit a plan to regain compliance with the requirement to timely file reports contained in Rule14.207(c)(1) or (2). --------------------------------------------------------------------------- In addition, proposed amendments to Rule 14.101 would specify that the Exchange's broad discretionary authority over the initial and continued listing of securities on the Exchange also applies to securities listed under Chapter 16 as well as under Chapter 14. Additionally, the Exchange proposes to make conforming and technical changes throughout Chapter 16 to maintain consistency in its rules. For example, the Exchange proposes to consistently use the language ``initiate delisting proceedings under the IEX Rule Series 14.500'' when describing the delisting process for a product that fails to meet continued listing requirements; \12\ consistently state in the Portfolio Depository Receipts and Index Fund Shares rules that, if the index that underlies a series of Portfolio Depository Receipts or Index Fund Shares is maintained by a broker-dealer or fund advisor, the index shall be calculated by a third party who is not a broker-dealer or fund advisor; \13\ and consistently reflect that delisting ``following the initial 12-month period following commencement of trading on IEX only applies to the record/beneficial holder, number of shares issued and outstanding, and the market value of shares issued and outstanding requirements.\14\ --------------------------------------------------------------------------- \12\ See, e.g., proposed changes to Rules 16.105(a)(9)(B)(i) and 16.105(b)(9)(B)(i). \13\ See proposed changes to Rules 16.105(a)(4)(B)(i), 16.105(a)(5)(A)(i), 16.105(b)(4)(B)(i), and 16.105(b)(5)(A)(i); see also Rule 16.105(a)(3)(B)(i) (currently stating that, for certain Portfolio Depository Receipts, ``[i]f the index is maintained by a broker-dealer or fund advisor . . . the index shall be calculated by a third party who is not a broker-dealer or fund advisor'') and 16.105(b)(3)(B)(i) (currently stating that, for certain Index Fund Shares, ``[i]f the index is maintained by a broker-dealer or fund advisor . . . the index shall be calculated by a third party who is not a broker-dealer or fund advisor''). \14\ See, e.g., proposed changes to Rule 16.111(d)(6)(B); see also, e.g., Rule 16.111(h)(4)(B)(i) (currently applying the 12-month threshold only to the record/beneficial holder, number of units issued and outstanding, and market value of units issued and outstanding requirements for Partnership Units). --------------------------------------------------------------------------- Further, references in the Chapter 16 continued listing standards that state that if the requirements set forth in that particular section are not continuously maintained constitute a reason for IEX to consider the suspension of trading, covers only listing criteria that are explicitly considered continued listing standards for that rule. Finally, the Exchange is proposing to revise certain of the initial and continued listing standards applicable to Linked Securities and Index-Linked Exchangeable Notes in Rules 16.110 and 16.111 respectively to conform to provisions in comparable Nasdaq rules. Specifically, the Exchange proposes to amend paragraph (e) of Rule 16.110 (Securities Linked to the Performance of Indexes and Commodities (Including Currencies)), which allows the listing of Linked Securities. In addition to providing that the relevant provisions are considered continued as well as initial listing standards (as discussed above generally) the proposed rule change will modify the specific provisions of Rule 16.110(e) to reflect a substantially identical change previously made by Nasdaq to Nasdaq Rule 5710(e).\15\ Rule 16.110 states that for the listing of a Linked Security, the issuer will be expected to have a minimum tangible net worth in excess of $250 million and income from continuing operations before income taxes of at least $1,200,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. As proposed, the income from continuing operations requirement would be deleted, and a parenthetical will be added following the existing minimum tangible net worth requirement to state that if the Linked Securities are fully and unconditionally guaranteed by an affiliate of the Company, IEX will rely on such affiliate's tangible net worth for purposes of this requirement. In addition, the Exchange proposes to add the following provisions that are substantively identical to provisions in Nasdaq Rule 5710(e). First, with respect to the alternative listing requirement, the original issue price of the Linked Securities, combined with all of the company's other Linked Securities listed on a national securities exchange or otherwise publicly traded in the United States, must not be greater than 25 percent of the company's tangible net worth at the time of issuance. Second, a parenthetical will be added following this provision to state that if the Linked Securities are fully and unconditionally guaranteed by an affiliate of the Company, IEX will apply the provisions of this paragraph to such affiliate instead of the Company and will include in its calculation all Linked Securities that are fully and unconditionally guaranteed by such affiliate. Third, as with the Nasdaq provision, a sentence at the end of this listing standard will state that Government issuers and supranational entities will be evaluated on a case-by-case basis. --------------------------------------------------------------------------- \15\ See Securities Exchange Act Release No. 80348 (March 30, 2017), 82 FR 16651 (April 5, 2017 (SR-NASDAQ-2017-032). --------------------------------------------------------------------------- With respect to Rule 16.111(a)(3) relating to the initial and continued listing standards applicable to Index-Linked Exchangeable Notes, the Exchange proposes to amend the rule to conform to current provisions of Nasdaq Rule 5711(a)(iii), as well as to provide that the relevant provisions are considered continued as well as initial listing standards (as discussed above generally). Currently, Rule 16.111(a)(3) provides for two alternative listing standards for Index-Linked Exchangeable Notes. Each alternative includes a requirement that the issuer of the Index-Linked Exchangeable Notes have annual income from continuing operations before income taxes of at least $1,200,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. The Exchange proposes to replace each such requirement with a requirement that the issuer of the Index-Linked Exchangeable Notes have income from continuing operations before income taxes substantially exceeding $1,000,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. As proposed, this provision is substantially identical to [[Page 27751]] corresponding provisions in Nasdaq Rule 5711(a)(iii).\16\ --------------------------------------------------------------------------- \16\ In relevant part, Nasdaq Rule 5711(a)(iii) provides that the issuer will be expected to ``substantially exceed the earnings requirements set forth in Nasdaq Rule 5405(b), which requires ``[a]nnual income from continuing operations before income taxes of at least $1,000,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.'' --------------------------------------------------------------------------- 2. Statutory Basis IEX believes that the proposed rule change is consistent with Section 6(b) \17\ of the Act in general, and furthers the objectives of Section 6(b)(5) of the Act,\18\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange notes that the changes proposed herein are substantially similar to Nasdaq rule changes approved by the Commission or that have become effective. IEX's listing rules for ETPs are also substantially similar to Nasdaq's listing rules for ETPs. Accordingly, the Exchange does not believe that the proposed rule change raises any new or novel issues and is consistent with the requirements of Section 6(b)(5) of the Act. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f. \18\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the Exchange believes that the proposed rule changes accomplish these objectives by enhancing the current continued listing standards, as well as by clarifying that most initial listing standards, as well as certain representations included in Exchange Rule Filings to list an ETP, would be considered continued listing standards. In approving comparable Nasdaq changes to its continued listing standards for ETPs, the Commission found that the proposal is consistent with the Act, noting the importance of continued listing criteria to the maintenance of fair and orderly markets. Specifically, the Commission stated that the proposal is designed to ensure that stocks with substantial market capitalization and trading volume account for a substantial portion of the weight of an index or portfolio underlying a listed ETP, provide transparency regarding the components of an index or portfolio underlying a listed ETP, ensure that there is adequate liquidity in a listed ETP itself, and provide timely and fair disclosure of useful information that may be necessary to price the listed ETP. Further, the Commission stated that the Nasdaq proposal would increase transparency regarding the process Nasdaq will follow if a listed product fails to meet its continued listing requirements. The Commission also stated that it does not believe Nasdaq's proposal raises any unique or novel regulatory issues.\19\ The Exchange believes that the same considerations support that the proposed rule change is consistent with the Act. --------------------------------------------------------------------------- \19\ See generally, Securities Exchange Act Release No. 79784 (Jan. 12, 2017), 82 FR 6664 (January 19, 2017) (SR-NASDAQ-2016-135). --------------------------------------------------------------------------- The continued listing rules will be amended to modify ETP compliance with the ETP Beneficial Holder Rule regarding when IEX would consider the suspension of trading following the initial twelve month period beginning upon commencement of trading by deleting the ``30 or more consecutive trading days'' requirement. The Exchange believes that this change serves 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 since it will conform the ETP Beneficial Holder Rule with the other shareholder tests in the listing rules and the Exchange believes that more frequent review is not necessary to provide meaningful assurances of liquidity or trading interest. Additionally, IEX listing rules will be modified to require that issuers of any securities to be listed under Chapter 16 must notify the Exchange regarding instances of non-compliance and to clarify that deficiencies will be subject to potential trade halts and the delisting process in the IEX Rule Series 14.500. The Exchange believes that these amendments will enhance IEX listing rules, thereby serving to improve the national market system and protect investors and the public interest. Further, IEX listing rules will be amended to clarify the applicability of the Exchange's broad discretionary authority over the initial and continued listing of securities on the Exchange to securities listed under Chapter 16 as well as under Chapter 14. The Exchange believes that these amendments will enhance IEX listing rules by clarifying the Exchange authority to make listing decisions consistent with the protection of investors and the public interest. In addition, the Exchange believes that the conforming, technical and housekeeping changes are designed to further the goals of the listing standards by providing clarity and consistency in the Exchange's rules. Finally, the Exchange believes that the changes to Rules 16.110 and 16.111 to conform to substantially identical Nasdaq rules are consistent with the protection of investors and the public interest since the applicable listing standards as revised will continue to provide a strong indication of the issuer's ability to make necessary payments on Linked Securities and Index-Linked Exchangeable Notes. Moreover, the conforming changes are substantially identical to Nasdaq rules that were approved by the Commission or that have become effective and therefore the Exchange does not believe that the proposed changes raise any new or novel issues not previously considered by the Commission. For these reasons, IEX believes that 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 IEX does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is based on substantially identical Nasdaq rules and is comparable to NYSE Arca rules, in each case based on DTM Staff guidance. Consequently, the Exchange believes the proposed rule changes will have no negative effect on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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 \20\ and Rule 19b- 4(f)(6) thereunder.\21\ --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A). \21\ 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. --------------------------------------------------------------------------- [[Page 27752]] 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-IEX-2017-14 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-IEX-2017-14. 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-IEX-2017-14 and should be submitted on or before July 7, 2017. --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-12456 Filed 6-15-17; 8:45 am] BILLING CODE 8011-01-P
![27748 Federal Register / Vol. 82, No. 115 / Friday, June 16, 2017 / Notices
options market to attract order volume IV. Solicitation of Comments For the Commission, by the Division of
away from larger competitors by Trading and Markets, pursuant to delegated
adopting an innovative pricing strategy, Interested persons are invited to authority.21
as evidenced by the volume thresholds submit written data, views, and Eduardo A. Aleman,
of the Program that represent fractions arguments concerning the foregoing, Assistant Secretary.
of 1% of OCC ADV. The Exchange notes including whether the proposed rule [FR Doc. 2017–12484 Filed 6–15–17; 8:45 am]
that if the Program resulted in a modest change is consistent with the Act. BILLING CODE 8011–01–P
percentage increase in the average daily Comments may be submitted by any of
trading volume in options executing on the following methods:
SECURITIES AND EXCHANGE
MIAX Options, while such percentage Electronic Comments COMMISSION
would represent a large volume increase
for MIAX Options, it would represent a • Use the Commission’s Internet [Release No. 34–80905; File No. SR–IEX–
minimal reduction in volume of its comment form (http://www.sec.gov/ 2017–14]
larger competitors in the industry. The rules/sro.shtml); or
Self-Regulatory Organizations;
Exchange believes that the Program will • Send an email to rule-comments@ Investors Exchange LLC; Notice of
help further competition, because sec.gov. Please include File Number SR– Filing and Immediate Effectiveness of
market participants will have yet MIAX–2017–28 on the subject line. Proposed Rule Change Related to
another option in determining where to Continued Listing Standards for
execute orders and post liquidity if they Paper Comments
Exchange Traded Products
factor the benefits of MIAX Options • Send paper comments in triplicate
equity participation into the June 12, 2017.
to Secretary, Securities and Exchange
determination. The Exchange notes that Pursuant to Section 19(b)(1) 1 of the
Commission, 100 F Street NE.,
other exchanges have engaged in the Securities Exchange Act of 1934 (the
Washington, DC 20549–1090.
practice of incentivizing increased order ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
flow in order to attract liquidity All submissions should refer to File notice is hereby given that, on June 5,
providers through equity sharing Number SR–MIAX–2017–28. This file 2017, the Investors Exchange LLC
arrangements.17 In addition, the number should be included on the (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Exchange previously adopted subject line if email is used. To help the Securities and Exchange Commission
substantially similar programs to Commission process and review your (the ‘‘Commission’’) the proposed rule
incentivize increased order flow in comments more efficiently, please use change as described in Items I and II
order to attract liquidity providers only one method. The Commission will below, which Items have been prepared
post all comments on the Commission’s by the self-regulatory organization. The
through an equity sharing
Internet Web site (http://www.sec.gov/ Commission is publishing this notice to
arrangement.18
rules/sro.shtml). Copies of the solicit comments on the proposed rule
C. Self-Regulatory Organization’s change from interested persons.
submission, all subsequent
Statement on Comments on the amendments, all written statements I. Self-Regulatory Organization’s
Proposed Rule Change Received From with respect to the proposed rule Statement of the Terms of Substance of
Members, Participants, or Others change that are filed with the the Proposed Rule Change
Written comments were neither Commission, and all written Pursuant to the provisions of Section
solicited nor received. communications relating to the 19(b)(1) under the Securities Exchange
proposed rule change between the Act of 1934 (‘‘Act’’), and Rule 19b–4
III. Date of Effectiveness of the Commission and any person, other than thereunder, Investors Exchange LLC
Proposed Rule Change and Timing for those that may be withheld from the (‘‘IEX’’ or ‘‘Exchange’’) is filing with the
Commission Action public in accordance with the Commission a proposed rule change to
provisions of 5 U.S.C. 552, will be amend Chapter 16 of IEX Rules to add
The foregoing rule change has become
available for Web site viewing and additional continued listing
effective pursuant to Section
printing in the Commission’s Public requirements for exchange traded
19(b)(3)(A)(ii) of the Act,19 and Rule
Reference Room, 100 F Street NE., products (‘‘ETP’’) listed under those
19b–4(f)(2) 20 thereunder. At any time rules, as well as a related amendment to
within 60 days of the filing of the Washington, DC 20549, on official
business days between the hours of IEX Rule 14.501 (Notification of
proposed rule change, the Commission Deficiency by IEX Regulation), and
summarily may temporarily suspend 10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for several clarifying and conforming
such rule change if it appears to the changes to IEX Rules 14.101, 14.500,
Commission that such action is inspection and copying at the principal
office of the Exchange. All comments 14.501 and 14.505. The Exchange is also
necessary or appropriate in the public proposing various housekeeping
interest, for the protection of investors, received will be posted without change;
changes throughout Chapter 16 for
or otherwise in furtherance of the the Commission does not edit personal
improved clarity. In addition, the
purposes of the Act. If the Commission identifying information from
Exchange is proposing to revise certain
takes such action, the Commission shall submissions. You should submit only of the initial and continued listing
information that you wish to make
sradovich on DSK3GMQ082PROD with NOTICES
institute proceedings to determine standards applicable to Linked
whether the proposed rule should be available publicly. Securities and Index-Linked
approved or disapproved. All submissions should refer to File Exchangeable Notes in Rules 16.110 and
Number SR–MIAX–2017–28 and should 16.111 respectively. The Exchange has
17 See supra note 11. be submitted on or before July 7, 2017.
18 See supra note 12. 1 15 U.S.C. 78s(b)(1).
19 15 U.S.C. 78s(b)(3)(A)(ii). 2 15 U.S.C. 78a.
20 17 CFR 240.19b–4(f)(2). 21 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
VerDate Sep<11>2014 17:12 Jun 15, 2017 Jkt 241001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\16JNN1.SGM 16JNN1](https://thefederalregister.org/doc/82_FR_27863/page/1.svg)
![27750 Federal Register / Vol. 82, No. 115 / Friday, June 16, 2017 / Notices
listed under Chapter 16 as well as consistently reflect that delisting guaranteed by an affiliate of the
Chapter 14, and to make several ‘‘following the initial 12-month period Company, IEX will rely on such
technical and conforming changes. following commencement of trading on affiliate’s tangible net worth for
The Rule Series 14.500 would also be IEX only applies to the record/beneficial purposes of this requirement. In
clarified to make explicit that in cases holder, number of shares issued and addition, the Exchange proposes to add
where IEX Regulation has notified an outstanding, and the market value of the following provisions that are
ETP that it is deficient under one or shares issued and outstanding substantively identical to provisions in
more listing standards, the ETP may requirements.14 Nasdaq Rule 5710(e). First, with respect
submit a plan to regain compliance as Further, references in the Chapter 16
to the alternative listing requirement,
set forth under the Exchange’s listing continued listing standards that state
the original issue price of the Linked
rules. In this regard, consistent with that if the requirements set forth in that
deficiencies from most other rules that particular section are not continuously Securities, combined with all of the
allow issuers to submit a plan to regain maintained constitute a reason for IEX company’s other Linked Securities
compliance,11 IEX proposes to allow to consider the suspension of trading, listed on a national securities exchange
issuers of ETPs 45 calendar days to covers only listing criteria that are or otherwise publicly traded in the
submit such a plan. IEX staff will review explicitly considered continued listing United States, must not be greater than
the plan and may grant a limited period standards for that rule. 25 percent of the company’s tangible net
of time for the ETP to regain compliance Finally, the Exchange is proposing to worth at the time of issuance. Second,
as permitted under the listing rules. If revise certain of the initial and a parenthetical will be added following
IEX staff does not accept the plan, IEX continued listing standards applicable this provision to state that if the Linked
staff would issue a Delisting to Linked Securities and Index-Linked Securities are fully and unconditionally
Determination, which the company Exchangeable Notes in Rules 16.110 and guaranteed by an affiliate of the
could appeal to the Listings Review 16.111 respectively to conform to Company, IEX will apply the provisions
Committee pursuant to Rule 14.502. provisions in comparable Nasdaq rules. of this paragraph to such affiliate
In addition, proposed amendments to Specifically, the Exchange proposes to instead of the Company and will
Rule 14.101 would specify that the amend paragraph (e) of Rule 16.110 include in its calculation all Linked
Exchange’s broad discretionary (Securities Linked to the Performance of
Securities that are fully and
authority over the initial and continued Indexes and Commodities (Including
unconditionally guaranteed by such
listing of securities on the Exchange also Currencies)), which allows the listing of
Linked Securities. In addition to affiliate. Third, as with the Nasdaq
applies to securities listed under
Chapter 16 as well as under Chapter 14. providing that the relevant provisions provision, a sentence at the end of this
Additionally, the Exchange proposes are considered continued as well as listing standard will state that
to make conforming and technical initial listing standards (as discussed Government issuers and supranational
changes throughout Chapter 16 to above generally) the proposed rule entities will be evaluated on a case-by-
maintain consistency in its rules. For change will modify the specific case basis.
example, the Exchange proposes to provisions of Rule 16.110(e) to reflect a With respect to Rule 16.111(a)(3)
consistently use the language ‘‘initiate substantially identical change relating to the initial and continued
delisting proceedings under the IEX previously made by Nasdaq to Nasdaq listing standards applicable to Index-
Rule Series 14.500’’ when describing the Rule 5710(e).15 Rule 16.110 states that Linked Exchangeable Notes, the
delisting process for a product that fails for the listing of a Linked Security, the Exchange proposes to amend the rule to
to meet continued listing issuer will be expected to have a conform to current provisions of Nasdaq
requirements; 12 consistently state in the minimum tangible net worth in excess
Rule 5711(a)(iii), as well as to provide
Portfolio Depository Receipts and Index of $250 million and income from
that the relevant provisions are
Fund Shares rules that, if the index that continuing operations before income
underlies a series of Portfolio taxes of at least $1,200,000 in the most considered continued as well as initial
Depository Receipts or Index Fund recently completed fiscal year or in two listing standards (as discussed above
Shares is maintained by a broker-dealer of the three most recently completed generally). Currently, Rule 16.111(a)(3)
or fund advisor, the index shall be fiscal years. As proposed, the income provides for two alternative listing
calculated by a third party who is not from continuing operations requirement standards for Index-Linked
a broker-dealer or fund advisor; 13 and would be deleted, and a parenthetical Exchangeable Notes. Each alternative
will be added following the existing includes a requirement that the issuer of
11 Pursuant to Rule 14.501, a company is minimum tangible net worth the Index-Linked Exchangeable Notes
provided 45 days to submit a plan to regain requirement to state that if the Linked have annual income from continuing
compliance with Rules 14.408((c) (Quorum), 14.411
(Review of Related Party Transactions), 14.412
Securities are fully and unconditionally operations before income taxes of at
(Shareholder Approval), 14.207(c)(3) (Auditor least $1,200,000 in the most recently
Registration), 14.208(a) (Direct Registration . . . the index shall be calculated by a third party completed fiscal year or in two of the
Program), 14.406 (Code of Conduct), 14.407(a)(4)(E) who is not a broker-dealer or fund advisor’’) and
(Quorum of Limited Partnerships), 14.407(a)(4)(G) 16.105(b)(3)(B)(i) (currently stating that, for certain
three most recently completed fiscal
(Related Party Transactions of Limited Index Fund Shares, ‘‘[i]f the index is maintained by years. The Exchange proposes to replace
Partnerships), 14.413 (Voting Rights), or 14.414 a broker-dealer or fund advisor . . . the index shall each such requirement with a
(Internal Audit Function). A company is generally be calculated by a third party who is not a broker-
dealer or fund advisor’’).
requirement that the issuer of the Index-
provided 60 days to submit a plan to regain
compliance with the requirement to timely file 14 See, e.g., proposed changes to Rule Linked Exchangeable Notes have
sradovich on DSK3GMQ082PROD with NOTICES
reports contained in Rule14.207(c)(1) or (2). 16.111(d)(6)(B); see also, e.g., Rule 16.111(h)(4)(B)(i) income from continuing operations
12 See, e.g., proposed changes to Rules (currently applying the 12-month threshold only to before income taxes substantially
16.105(a)(9)(B)(i) and 16.105(b)(9)(B)(i). the record/beneficial holder, number of units issued
13 See proposed changes to Rules and outstanding, and market value of units issued
exceeding $1,000,000 in the most
16.105(a)(4)(B)(i), 16.105(a)(5)(A)(i), and outstanding requirements for Partnership recently completed fiscal year or in two
16.105(b)(4)(B)(i), and 16.105(b)(5)(A)(i); see also Units). of the three most recently completed
Rule 16.105(a)(3)(B)(i) (currently stating that, for 15 See Securities Exchange Act Release No. 80348
fiscal years. As proposed, this provision
certain Portfolio Depository Receipts, ‘‘[i]f the index (March 30, 2017), 82 FR 16651 (April 5, 2017 (SR–
is maintained by a broker-dealer or fund advisor NASDAQ–2017–032). is substantially identical to
VerDate Sep<11>2014 17:12 Jun 15, 2017 Jkt 241001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\16JNN1.SGM 16JNN1](https://thefederalregister.org/doc/82_FR_27863/page/3.svg)
![Federal Register / Vol. 82, No. 115 / Friday, June 16, 2017 / Notices 27751
corresponding provisions in Nasdaq useful information that may be by providing clarity and consistency in
Rule 5711(a)(iii).16 necessary to price the listed ETP. the Exchange’s rules.
Further, the Commission stated that the Finally, the Exchange believes that
2. Statutory Basis the changes to Rules 16.110 and 16.111
Nasdaq proposal would increase
IEX believes that the proposed rule transparency regarding the process to conform to substantially identical
change is consistent with Section 6(b) 17 Nasdaq will follow if a listed product Nasdaq rules are consistent with the
of the Act in general, and furthers the fails to meet its continued listing protection of investors and the public
objectives of Section 6(b)(5) of the Act,18 requirements. The Commission also interest since the applicable listing
in particular, in that it is designed to stated that it does not believe Nasdaq’s standards as revised will continue to
prevent fraudulent and manipulative proposal raises any unique or novel provide a strong indication of the
acts and practices, to promote just and regulatory issues.19 The Exchange issuer’s ability to make necessary
equitable principles of trade, to foster believes that the same considerations payments on Linked Securities and
cooperation and coordination with support that the proposed rule change is Index-Linked Exchangeable Notes.
persons engaged in facilitating consistent with the Act. Moreover, the conforming changes are
transactions in securities, to remove The continued listing rules will be substantially identical to Nasdaq rules
impediments to and perfect the amended to modify ETP compliance that were approved by the Commission
mechanism of a free and open market with the ETP Beneficial Holder Rule or that have become effective and
and a national market system and, in regarding when IEX would consider the therefore the Exchange does not believe
general, to protect investors and the suspension of trading following the that the proposed changes raise any new
public interest. The Exchange notes that initial twelve month period beginning or novel issues not previously
the changes proposed herein are upon commencement of trading by considered by the Commission.
substantially similar to Nasdaq rule deleting the ‘‘30 or more consecutive For these reasons, IEX believes that
changes approved by the Commission or trading days’’ requirement. The the proposed rule change is consistent
that have become effective. IEX’s listing Exchange believes that this change with the requirements of Section 6(b)(5)
rules for ETPs are also substantially serves to remove impediments to and of the Act.
similar to Nasdaq’s listing rules for perfect the mechanism of a free and
B. Self-Regulatory Organization’s
ETPs. Accordingly, the Exchange does open market and a national market
Statement on Burden on Competition
not believe that the proposed rule system and, in general to protect
change raises any new or novel issues investors and the public interest since it IEX does not believe that the
and is consistent with the requirements will conform the ETP Beneficial Holder proposed rule change will result in any
of Section 6(b)(5) of the Act. Rule with the other shareholder tests in burden on competition that is not
Specifically, the Exchange believes the listing rules and the Exchange necessary or appropriate in furtherance
that the proposed rule changes believes that more frequent review is of the purposes of the Act. The
accomplish these objectives by not necessary to provide meaningful proposed rule change is based on
enhancing the current continued listing assurances of liquidity or trading substantially identical Nasdaq rules and
standards, as well as by clarifying that interest. is comparable to NYSE Arca rules, in
most initial listing standards, as well as Additionally, IEX listing rules will be each case based on DTM Staff guidance.
certain representations included in modified to require that issuers of any Consequently, the Exchange believes the
Exchange Rule Filings to list an ETP, securities to be listed under Chapter 16 proposed rule changes will have no
would be considered continued listing must notify the Exchange regarding negative effect on competition.
standards. In approving comparable instances of non-compliance and to C. Self-Regulatory Organization’s
Nasdaq changes to its continued listing clarify that deficiencies will be subject Statement on Comments on the
standards for ETPs, the Commission to potential trade halts and the delisting Proposed Rule Change Received From
found that the proposal is consistent process in the IEX Rule Series 14.500. Members, Participants, or Others
with the Act, noting the importance of The Exchange believes that these
continued listing criteria to the amendments will enhance IEX listing Written comments were neither
maintenance of fair and orderly markets. rules, thereby serving to improve the solicited nor received.
Specifically, the Commission stated that national market system and protect III. Date of Effectiveness of the
the proposal is designed to ensure that investors and the public interest. Proposed Rule Change and Timing for
stocks with substantial market Further, IEX listing rules will be Commission Action
capitalization and trading volume amended to clarify the applicability of
the Exchange’s broad discretionary Because the foregoing proposed rule
account for a substantial portion of the
authority over the initial and continued change does not: (i) Significantly affect
weight of an index or portfolio
listing of securities on the Exchange to the protection of investors or the public
underlying a listed ETP, provide
securities listed under Chapter 16 as interest; (ii) impose any significant
transparency regarding the components
well as under Chapter 14. The Exchange burden on competition; and (iii) become
of an index or portfolio underlying a
believes that these amendments will operative for 30 days from the date on
listed ETP, ensure that there is adequate
enhance IEX listing rules by clarifying which it was filed, or such shorter time
liquidity in a listed ETP itself, and
the Exchange authority to make listing as the Commission may designate, it has
provide timely and fair disclosure of
decisions consistent with the protection become effective pursuant to Section
16 In relevant part, Nasdaq Rule 5711(a)(iii) of investors and the public interest. 19(b)(3)(A) of the Act 20 and Rule 19b–
sradovich on DSK3GMQ082PROD with NOTICES
provides that the issuer will be expected to In addition, the Exchange believes 4(f)(6) thereunder.21
‘‘substantially exceed the earnings requirements set that the conforming, technical and
forth in Nasdaq Rule 5405(b), which requires 20 15U.S.C. 78s(b)(3)(A).
‘‘[a]nnual income from continuing operations before housekeeping changes are designed to 21 17CFR 240.19b–4(f)(6). As required under Rule
income taxes of at least $1,000,000 in the most further the goals of the listing standards 19b–4(f)(6)(iii), the Exchange provided the
recently completed fiscal year or in two of the three Commission with written notice of its intent to file
most recently completed fiscal years.’’ 19 See generally, Securities Exchange Act Release the proposed rule change, along with a brief
17 15 U.S.C. 78f.
No. 79784 (Jan. 12, 2017), 82 FR 6664 (January 19, description and the text of the proposed rule
18 15 U.S.C. 78f(b)(5). 2017) (SR–NASDAQ–2016–135). Continued
VerDate Sep<11>2014 17:12 Jun 15, 2017 Jkt 241001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\16JNN1.SGM 16JNN1](https://thefederalregister.org/doc/82_FR_27863/page/4.svg)
![27752 Federal Register / Vol. 82, No. 115 / Friday, June 16, 2017 / Notices
At any time within 60 days of the inspection and copying at the principal derived from a comprehensive or even
filing of the proposed rule change, the office of the Exchange. All comments a representative survey or study.
Commission summarily may received will be posted without change; Responses will not be kept
temporarily suspend such rule change if the Commission does not edit personal confidential. An agency may not
it appears to the Commission that such identifying information from conduct or sponsor, and a person is not
action is necessary or appropriate in the submissions. You should submit only required to respond to, a collection of
public interest, for the protection of information that you wish to make information unless it displays a
investors, or otherwise in furtherance of available publicly. All submissions currently valid OMB control number.
the purposes of the Act. If the should refer to File Number SR–IEX– The public may view the background
Commission takes such action, the 2017–14 and should be submitted on or documentation for this information
Commission shall institute proceedings before July 7, 2017. collection at the following Web site,
to determine whether the proposed rule For the Commission, by the Division of www.reginfo.gov. Comments should be
change should be approved or Trading and Markets, pursuant to delegated directed to: (i) Desk Officer for the
disapproved. authority.22 Securities and Exchange Commission,
Eduardo A. Aleman, Office of Information and Regulatory
IV. Solicitation of Comments Affairs, Office of Management and
Assistant Secretary.
Interested persons are invited to [FR Doc. 2017–12456 Filed 6–15–17; 8:45 am]
Budget, Room 10102, New Executive
submit written data, views and BILLING CODE 8011–01–P
Office Building, Washington, DC 20503,
arguments concerning the foregoing, or by sending an email to: Shagufta_
including whether the proposed rule Ahmed@omb.eop.gov; and (ii) Pamela
change is consistent with the Act. SECURITIES AND EXCHANGE Dyson, Director/Chief Information
Comments may be submitted by any of COMMISSION Officer, Securities and Exchange
the following methods: Commission, c/o Remi Pavlik-Simon,
Submission for OMB Review; 100 F Street NE., Washington, DC 20549
Electronic Comments
Comment Request or send an email to: PRA_Mailbox@
• Use the Commission’s Internet sec.gov. Comments must be submitted to
comment form (http://www.sec.gov/ Upon Written Request, Copies Available
OMB within 30 days of this notice.
rules/sro.shtml); or From: Securities and Exchange
Commission, Office of FOIA Services, Dated: June 13, 2017.
• Send an email to rule-comments@
100 F Street NE., Washington, DC Eduardo A. Aleman,
sec.gov. Please include File Number SR–
IEX–2017–14 on the subject line. 20549–0213 Assistant Secretary.
Extension: [FR Doc. 2017–12537 Filed 6–15–17; 8:45 am]
Paper Comments Rule 22d–1, SEC File No. 270–275, OMB BILLING CODE 8011–01–P
• Send paper comments in triplicate Control No. 3235–0310
to Secretary, Securities and Exchange Notice is hereby given that, pursuant
Commission, 100 F Street NE., to the Paperwork Reduction Act of 1995 SMALL BUSINESS ADMINISTRATION
Washington, DC 20549–1090. (‘‘Paperwork Reduction Act’’) (44 U.S.C. [Disaster Declaration #15163 and #15164;
All submissions should refer to File 3501–3520), the Securities and WISCONSIN Disaster #WI–00058]
Number SR–IEX–2017–14. This file Exchange Commission (the
number should be included on the ‘‘Commission’’) has submitted to the Administrative Declaration of a
subject line if email is used. To help the Office of Management and Budget Disaster for the State of Wisconsin
Commission process and review your (‘‘OMB’’) a request for extension of the
comments more efficiently, please use previously approved collection of AGENCY: U.S. Small Business
only one method. The Commission will information discussed below. Administration.
post all comments on the Commission’s Rule 22d–1 under the Investment ACTION: Notice.
Internet Web site (http://www.sec.gov/ Company Act of 1940 (the ‘‘1940 Act’’)
SUMMARY: This is a notice of an
rules/sro.shtml). Copies of the (17 CFR 270.22d–1) provides registered
investment companies that issue Administrative declaration of a disaster
submission, all subsequent for the State of Wisconsin dated 06/12/
amendments, all written statements redeemable securities (‘‘funds’’) an
exemption from section 22(d) of the 2017.
with respect to the proposed rule Incident: Tornado.
change that are filed with the 1940 Act (15 U.S.C. 80a–22(d)) to the Incident Period: 05/16/2017.
Commission, and all written extent necessary to permit scheduled
DATES: Effective 06/12/2017.
communications relating to the variations in or elimination of the sales
Physical Loan Application Deadline
proposed rule change between the load on fund securities for particular
Date: 08/11/2017.
Commission and any person, other than classes of investors or transactions, Economic Injury (EIDL) Loan
those that may be withheld from the provided certain conditions are met. Application Deadline Date: 03/12/2018.
public in accordance with the The rule imposes an annual burden per
ADDRESSES: Submit completed loan
provisions of 5 U.S.C. 552, will be series of a fund of approximately 15
minutes, so that the total annual burden applications to: U.S. Small Business
available for Web site viewing and Administration, Processing and
printing in the Commission’s Public for the approximately 4,509 series of
funds that might rely on the rule is Disbursement Center, 14925 Kingsport
Reference Room, 100 F Street NE., Road, Fort Worth, TX 76155.
sradovich on DSK3GMQ082PROD with NOTICES
Washington, DC 20549, on official estimated to be 1127.25 hours.
The estimate of average burden hours FOR FURTHER INFORMATION CONTACT: A.
business days between the hours of Escobar, Office of Disaster Assistance,
10:00 a.m. and 3:00 p.m. Copies of the is made solely for the purposes of the
Paperwork Reduction Act. The estimate U.S. Small Business Administration,
filing also will be available for 409 3rd Street SW., Suite 6050,
is based on communications with
industry representatives, and is not Washington, DC 20416, (202) 205–6734.
change, at least five business days prior to the date
of filing of the proposed rule change, or such SUPPLEMENTARY INFORMATION: Notice is
shorter time as designated by the Commission. 22 17 CFR 200.30–3(a)(12). hereby given that as a result of the
VerDate Sep<11>2014 17:12 Jun 15, 2017 Jkt 241001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\16JNN1.SGM 16JNN1](https://thefederalregister.org/doc/82_FR_27863/page/5.svg)
Document Created: 2017-06-16 00:52:08
Document Modified: 2017-06-16 00:52:08
| 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 27748 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR