82 FR 32737 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, Relating to the First Trust Municipal High Income ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 135 (July 17, 2017)

Page Range		32737-32737
FR Document		2017-14893

Federal Register, Volume 82 Issue 135 (Monday, July 17, 2017)

[Federal Register Volume 82, Number 135 (Monday, July 17, 2017)]
[Notices]
[Page 32737]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-14893]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81123; File No. SR-NASDAQ-2017-038]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change, as Modified by Amendment No. 1, Relating to the 
First Trust Municipal High Income ETF

July 11, 2017.
    On May 16, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change relating to the First Trust Municipal High Income 
ETF (``Fund'') of First Trust Exchange-Traded Fund III, the shares of 
which have been approved by the Commission for listing and trading 
under Nasdaq Rule 5735. The proposed rule change was published for 
comment in the Federal Register on June 2, 2017.\3\ On July 10, 2017, 
the Exchange filed Amendment No. 1 to the proposed rule change.\4\ The 
Commission has received no comment letters on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80802 (May 26, 
2017), 82 FR 25648 (June 2, 2017).
    \4\ In Amendment No. 1, which amended and replaced the proposed 
rule change in its entirety, Nasdaq (a) deleted references to the 
``Liquidity Rule,'' and (b) made certain changes to the percentages 
to the Fund's investments in Municipal Securities that are, at the 
time of investment, rated investment grade and below investment 
grade. Because Amendment No. 1 does not materially alter the 
substance of the proposed rule change or raise unique or novel 
regulatory issues, Amendment No. 1 is not subject to notice and 
comment. Amendment No. 1 to the proposed rule change is available 
at: https://www.sec.gov/comments/sr-nasdaq-2017-038/nasdaq2017038-1841718-155073.pdf.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is July 17, 2017. The Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates August 31, 2017, as the date by which the Commission 
shall either approve or disapprove or institute proceedings to 
determine whether to disapprove the proposed rule change (File Number 
SR-NASDAQ-2017-038).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-14893 Filed 7-14-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 135 / Monday, July 17, 2017 / Notices 32737

available publicly. All submissions change, or within such longer period up notice to solicit comments on the
should refer to File Number SR– to 90 days as the Commission may proposed rule change from interested
NASDAQ–2017–062 and should be designate if it finds such longer period persons.
submitted on or before August 7, 2017. to be appropriate and publishes its
reasons for so finding or as to which the I. Self-Regulatory Organization’s
For the Commission, by the Division of
self-regulatory organization consents, Statement of the Terms of Substance of
Trading and Markets, pursuant to delegated
authority.20 the Commission shall either approve the the Proposed Rule Change
Jill M. Peterson, proposed rule change, disapprove the
The Exchange is filing a proposal to
Assistant Secretary. proposed rule change, or institute
amend Exchange Rule 524, Reporting of
[FR Doc. 2017–14890 Filed 7–14–17; 8:45 am]
proceedings to determine whether the
proposed rule change should be Matched Trades to Clearing
BILLING CODE 8011–01–P
disapproved. The 45th day after Corporation.
publication of the notice for this The text of the proposed rule change
SECURITIES AND EXCHANGE proposed rule change is July 17, 2017. is available on the Exchange’s Web site
COMMISSION The Commission is extending this 45- at http://www.miaxoptions.com/rule-
day time period. filings/pearl at MIAX PEARL’s principal
[Release No. 34–81123; File No. SR– The Commission finds that it is office, and at the Commission’s Public
NASDAQ–2017–038] appropriate to designate a longer period Reference Room.
within which to take action on the
Self-Regulatory Organizations; The II. Self-Regulatory Organization’s
proposed rule change so that it has
NASDAQ Stock Market LLC; Notice of Statement of the Purpose of, and
sufficient time to consider the proposed
Designation of a Longer Period for Statutory Basis for, the Proposed Rule
rule change. Accordingly, the
Commission Action on a Proposed Change
Commission, pursuant to Section
Rule Change, as Modified by
19(b)(2) of the Act,6 designates August
Amendment No. 1, Relating to the First In its filing with the Commission, the
31, 2017, as the date by which the
Trust Municipal High Income ETF Exchange included statements
Commission shall either approve or
July 11, 2017. disapprove or institute proceedings to concerning the purpose of and basis for
On May 16, 2017, The NASDAQ determine whether to disapprove the the proposed rule change and discussed
Stock Market LLC (‘‘Nasdaq’’ or proposed rule change (File Number SR– any comments it received on the
‘‘Exchange’’) filed with the Securities NASDAQ–2017–038). proposed rule change. The text of these
and Exchange Commission statements may be examined at the
For the Commission, by the Division of
(‘‘Commission’’), pursuant to Section Trading and Markets, pursuant to delegated places specified in Item IV below. The
19(b)(1) of the Securities Exchange Act authority.7 Exchange has prepared summaries, set
of 1934 (‘‘Act’’) 1 and Rule 19b–4 Jill M. Peterson, forth in sections A, B, and C below, of
thereunder,2 a proposed rule change Assistant Secretary. the most significant aspects of such
relating to the First Trust Municipal [FR Doc. 2017–14893 Filed 7–14–17; 8:45 am]
statements.
High Income ETF (‘‘Fund’’) of First BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
Trust Exchange-Traded Fund III, the
Statement of the Purpose of, and the
shares of which have been approved by
Statutory Basis for, the Proposed Rule
the Commission for listing and trading SECURITIES AND EXCHANGE
under Nasdaq Rule 5735. The proposed Change
COMMISSION
rule change was published for comment 1. Purpose
in the Federal Register on June 2, 2017.3 [Release No. 34–81119; File No. SR–
PEARL–2017–31] The Exchange proposes to amend
On July 10, 2017, the Exchange filed
Amendment No. 1 to the proposed rule Self-Regulatory Organizations; MIAX Exchange Rule 524, Reporting of
change.4 The Commission has received PEARL, LLC; Notice of Filing and Matched Trades to Clearing
no comment letters on the proposed rule Immediate Effectiveness of a Proposed Corporation, to adopt Interpretations
change. Rule Change To Amend MIAX PEARL and Policies .01, to state that post-trade
Section 19(b)(2) of the Act 5 provides Rule 524, Reporting of Matched Trades adjustments that do not affect the
that, within 45 days of the publication to Clearing Corporation contractual terms of a trade are to be
of notice of the filing of a proposed rule performed by the Exchange Member 3
July 11, 2017. via an Exchange approved electronic
20 17 CFR 200.30–3(a)(12). Pursuant to the provisions of Section interface. The Exchange will notify
1 15 U.S.C. 78s(b)(1).
19(b)(1) of the Securities Exchange Act Members of the approved electronic
2 17 CFR 240.19b–4.
of 1934 (‘‘Act’’) 1 and Rule 19b–4 interface via Regulatory Circular. The
3 See Securities Exchange Act Release No. 80802

(May 26, 2017), 82 FR 25648 (June 2, 2017).
thereunder,2 notice is hereby given that, Exchange notes that an identical filing
4 In Amendment No. 1, which amended and on June 28, 2017, MIAX PEARL, LLC has been submitted by its affiliate,
replaced the proposed rule change in its entirety, (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed MIAX Options. In order to ensure
Nasdaq (a) deleted references to the ‘‘Liquidity with the Securities and Exchange consistent operation of both MIAX
Rule,’’ and (b) made certain changes to the Commission (‘‘Commission’’) a PEARL and MIAX Options through
asabaliauskas on DSKBBXCHB2PROD with NOTICES

percentages to the Fund’s investments in Municipal
Securities that are, at the time of investment, rated proposed rule change as described in having consistent rules, the Exchange
investment grade and below investment grade. Items I, II, and III below, which Items proposes to amend MIAX PEARL Rule
Because Amendment No. 1 does not materially alter have been prepared by the Exchange. 524 as described below.
the substance of the proposed rule change or raise The Commission is publishing this
unique or novel regulatory issues, Amendment No.
1 is not subject to notice and comment. Amendment 3 The term ‘‘Member’’ means an individual or
6 Id.
No. 1 to the proposed rule change is available at: organization approved to exercise the trading rights
7 17 CFR 200.30–3(a)(31).
https://www.sec.gov/comments/sr-nasdaq-2017- associate with a Trading Permit. Members are
038/nasdaq2017038-1841718-155073.pdf. 1 15 U.S.C. 78s (b)(1). deemed ‘‘members’’ under the Exchange Act. See
5 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. Exchange Rule 100.

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Document Created: 2017-07-15 03:45:55
Document Modified: 2017-07-15 03:45:55

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 32737