82 FR 40604 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Address the Application of Rule 11140 in Connection With the Implementation of the Shortened Settlement Cycle (T+2) on September 5, 2017
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 164 (August 25, 2017)
Federal Register Volume 82, Issue 164 (August 25, 2017)
| Page Range | 40604-40606 | |
| FR Document | 2017-17999 |
[Federal Register Volume 82, Number 164 (Friday, August 25, 2017)] [Notices] [Pages 40604-40606] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-17999] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81446; File No. SR-NASDAQ-2017-084] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Address the Application of Rule 11140 in Connection With the Implementation of the Shortened Settlement Cycle (T+2) on September 5, 2017 August 21, 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 August 18, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to address the application of Rule 11140 as it relates to [[Page 40605]] the ex-dividend date in connection with the implementation of the T+2 settlement cycle on September 5, 2017. No change to the text of Rule 11140 is required by this proposal. 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to address the application of Rule 11140 (Transactions in Securities ``Ex-Dividend,'' ``Ex-Rights'' or ``Ex- Warrants'') as it relates to the ex-dividend date in connection with the implementation of the trade date plus two business days (T+2) settlement cycle on September 5, 2017. On September 28, 2016, following a recommendation by the securities industry, the Commission proposed amending Exchange Act Rule 15c6-1(a) \3\ to shorten the standard settlement cycle for most broker-dealer transactions from trade date plus three business days (T+3) to T+2.\4\ The rationale for this proposal was that the shorter settlement cycle would reduce the risks that arise from the value and number of unsettled securities transactions prior to the completion of settlement, including credit, market, and liquidity risk directly faced by U.S. market participants.\5\ The SEC adopted the proposed changes to Rule 15c6-1(a) on March 22, 2017.\6\ --------------------------------------------------------------------------- \3\ 17 CFR 240.15c6-1(a). \4\ See Securities Exchange Act Release No. 78962 (September 28, 2016), 81 FR 69240 (October 5, 2016) (Amendment to Securities Transaction Settlement Cycle) (File No. S7-22-16). \5\ Id. \6\ See Securities Exchange Act Release No. 80295 (March 22, 2017), 82 FR 15564 (March 29, 2017) (File No. S7-22-16). --------------------------------------------------------------------------- In connection with the amendments to Rule 15c6-1(a) and the adoption of the shortened settlement cycle, Nasdaq submitted a proposed rule change implementing the new settlement cycle and making corresponding changes to its applicable rules, including Rule 11140(b).\7\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 79687 (December 23, 2016), 81 FR 96545 (December 30, 2016) (Order approving SR-NASDAQ- 2016-183). --------------------------------------------------------------------------- The industry and self-regulatory organizations (``SROs''), including The Depository Trust Company (``DTC''), which processes corporate action events, have raised concern that the September 5, 2017 industry-wide transition date from T+3 to T+2 will result in September 7, 2017 being a ``double'' settlement date for trades that occur on September 1, 2017 (under T+3 and reflecting the Labor Day holiday on September 4, 2017) and trades that occur on September 5, 2017 (under T+2), which generally will result in investors who trade on either date being deemed a record holder of September 7, 2017. In order to avoid confusion about the proper settlement date and to coordinate with other SROs, Nasdaq and the other SROs have agreed that no securities will be ex-dividend on September 5, 2017. The Exchange is therefore now proposing to address the application of Rule 11140(b) as it relates to the ex-dividend date in connection with the implementation of the T+2 settlement cycle on September 5, 2017. The ex-dividend date is the date on which a security is first traded without the right to receive a distribution of cash, stock or warrants. Rule 11140(b)(1) establishes the ``ex-dividend date'' for ``normal'' distributions of cash, stock or warrants. The rule provides that, in respect to cash dividends or distributions, or stock dividends, and the issuance or distribution of warrants, which are less than 25% of the value of the subject security, if the definitive information is received sufficiently in advance of the record date,\8\ the date designated as the ``ex-dividend date'' shall be the second business day preceding the record date if the record date falls on a business day, or the third business day preceding the record date if the record date falls on a day designated by Nasdaq Regulation as a non-delivery date. --------------------------------------------------------------------------- \8\ The record date is ``the date fixed by the trustee, registrar, paying agent or issuer for the purpose of determining the holders of equity securities, bonds, similar evidences of indebtedness or unit investment trust securities entitled to receive dividends, interest or principal payments or any other distributions.'' See Rule 11120(e). --------------------------------------------------------------------------- Rule 11140(b)(2) establishes the ex-dividend date with respect to ``large'' distributions, e.g., cash dividends or distributions, stock dividends and/or splits, and the distribution of warrants, which are 25% or greater of the value of the subject security. In this case, the ex-dividend date is the first business day following the payable date.\9\ --------------------------------------------------------------------------- \9\ The payable date is the date on which a declared stock dividend is scheduled to be paid. --------------------------------------------------------------------------- Consistent with the compliance date of the amendments to Rule 15c6- 1(a), the securities industry has adopted Tuesday, September 5, 2017 as the implementation date of the T+2 settlement cycle.\10\ With the implementation of the T+2 settlement cycle, the ex-dividend date for ``normal'' distributions pursuant to Rule 11140(b)(1) will be the first business day before the record date.\11\ Accordingly, Nasdaq proposes to interpret Rule 11140(b)(1) so that the first record date to which this new ex-dividend date rationale will be applied will be Thursday, September 7, 2017. During the implementation of the T+2 settlement cycle, the ``regular'' ex-dividend dates will be as follows: --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 80295 (March 22, 2017), 82 FR 15564 (March 29, 2017) (File No. S7-22-16). \11\ See Securities Exchange Act Release No. 79687 (December 23, 2016), 81 FR 96545 (December 30, 2016). Record Date 9/1/2017 Ex date 8/30/2017 Record Date 9/5/2017 Ex date 8/31/2017 Record Date 9/6/2017 Ex date 9/1/2017 Record Date 9/7/2017 Ex date 9/6/2017 \12\ --------------------------------------------------------------------------- \12\ September 4, 2017 is Labor Day and not a business day. As described above, the ex-dividend date for ``large'' distributions under Rule 11140(b) is the first business day following the payable date. This provision was not amended in connection with the adoption of the T+2 settlement cycle. In order to ensure that no securities will be ex-dividend on September 5, 2017 for purposes of ``large'' distributions, Nasdaq similarly proposes to interpret Rule 11140(b) so that, if an issuer sets September 1, 2017 as the payment date for a large distribution, the ex-dividend date would be September 6, 2017, not September 5, 2017. Nasdaq notes that it previously issued an Issuer Alert addressing the application of the T+2 implementation date on Rule 11140(b).\13\ --------------------------------------------------------------------------- \13\ See Nasdaq Issuer Alert 2017-001 (Changes to Ex-dividend Procedures Effective September 5, 2017 to Accommodate T+2 Settlement), available at http://nasdaq.cchwallstreet.com/nasdaq/pdf/nasdaq-issalerts/2017/2017-001.pdf. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\14\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\15\ [[Page 40606]] 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. In the interest of minimizing potential confusion about proper settlement in connection with the implementation of the T+2 settlement cycle on September 5, 2017, the SROs have agreed that no securities will be ex-dividend on September 5, 2017. This proposal is consistent with the Act because it interprets the application of Rule 11140(b) on September 5, 2017 so that neither ``normal'' nor ``large'' distributions will be ex-divided on that date, thereby interpreting the application of the Rule on that date while minimizing the possibility of additional operational complexity and potential confusion about settlement that could occur if the rule were interpreted differently. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 noted above, the SROs, including DTC, have collectively agreed that no securities will be ex- dividend on September 5, 2017 in order to minimize confusion about proper settlement. Accordingly, the proposed rule change interprets the application of Rule 11140(b) on September 5, 2017 so that neither ``normal'' nor ``large'' distributions will be ex-divided on that date. 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 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, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of the Exchange's intent to file the proposed rule change, along with a brief description and 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\19\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. The Exchange has stated that the purpose of the proposed rule change is to minimize confusion about proper settlement that may arise during the transition to the T+2 settlement cycle on September 5, 2017. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest to avoid the confusion that could arise in connection with the transition to the T+2 settlement cycle on September 5, 2017, if normal or large distributions were to be ex- dividend on that date. Accordingly, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing.\20\ --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6). \19\ 17 CFR 240.19b-4(f)(6)(iii). \20\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is 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 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-NASDAQ-2017-084 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-NASDAQ-2017-084. 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-NASDAQ-2017-084, and should be submitted on or before September 15, 2017. --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ Robert W. Errett, Deputy Secretary. [FR Doc. 2017-17999 Filed 8-24-17; 8:45 am] BILLING CODE 8011-01-P
![40604 Federal Register / Vol. 82, No. 164 / Friday, August 25, 2017 / Notices
6. Pending Projects. Service request, the title of each Postal Competitive Product List and Notice of
CONTACT PERSON FOR MORE INFORMATION: Service request, the request’s acceptance Filing (Under Seal) of Unredacted
Information on the meeting may be date, and the authority cited by the Governors’ Decision, Contract, and
obtained from Catherine F. I. Andrade at Postal Service for each request. For each Supporting Data; Filing Acceptance
(202) 336–8768, or via email at request, the Commission appoints an Date: August 18, 2017; Filing Authority:
Catherine.Andrade@opic.gov. officer of the Commission to represent 39 U.S.C. 3642 and 39 CFR 3020.30;
the interests of the general public in the Public Representative: Christopher C.
Dated: August 22, 2017.
proceeding, pursuant to 39 U.S.C. 505 Mohr; Comments Due: August 28, 2017.
Catherine Andrade, (Public Representative). Section II also 4. Docket No(s).: MC2017–177 and
Corporate Secretary, Overseas Private establishes comment deadline(s) CP2017–278; Filing Title: Request of the
Investment Corporation. pertaining to each request. United States Postal Service to Add
[FR Doc. 2017–18143 Filed 8–23–17; 11:15 am] The public portions of the Postal Priority Mail Express, Priority Mail &
BILLING CODE 3210–01–P Service’s request(s) can be accessed via First-Class Package Service Contract 22
the Commission’s Web site (http:// to Competitive Product List and Notice
www.prc.gov). Non-public portions of of Filing (Under Seal) of Unredacted
POSTAL REGULATORY COMMISSION the Postal Service’s request(s), if any, Governors’ Decision, Contract, and
can be accessed through compliance Supporting Data; Filing Acceptance
[Docket Nos. MC2017–174 and CP2017–275;
with the requirements of 39 CFR Date: August 18, 2017; Filing Authority:
MC2017–175 and CP2017–276; MC2017–176
and CP2017–277; MC2017–177 and CP2017– 3007.40. 39 U.S.C. 3642 and 39 CFR 3020.30;
278] The Commission invites comments on Public Representative: Christopher C.
whether the Postal Service’s request(s) Mohr; Comments Due: August 28, 2017.
New Postal Products in the captioned docket(s) are consistent This notice will be published in the
with the policies of title 39. For Federal Register.
AGENCY: Postal Regulatory Commission. request(s) that the Postal Service states
ACTION: Notice. concern market dominant product(s), Stacy L. Ruble,
applicable statutory and regulatory Secretary.
SUMMARY: The Commission is noticing a requirements include 39 U.S.C. 3622, 39 [FR Doc. 2017–17981 Filed 8–24–17; 8:45 am]
recent Postal Service filing for the U.S.C. 3642, 39 CFR part 3010, and 39 BILLING CODE 7710–FW–P
Commission’s consideration concerning CFR part 3020, subpart B. For request(s)
negotiated service agreements. This that the Postal Service states concern
notice informs the public of the filing, competitive product(s), applicable SECURITIES AND EXCHANGE
invites public comment, and takes other statutory and regulatory requirements COMMISSION
administrative steps. include 39 U.S.C. 3632, 39 U.S.C. 3633,
DATES: Comments are due: August 28, 39 U.S.C. 3642, 39 CFR part 3015, and [Release No. 34–81446; File No. SR–
NASDAQ–2017–084]
2017. 39 CFR part 3020, subpart B. Comment
ADDRESSES: Submit comments deadline(s) for each request appear in Self-Regulatory Organizations; The
electronically via the Commission’s section II. NASDAQ Stock Market LLC; Notice of
Filing Online system at http:// II. Docketed Proceeding(s) Filing and Immediate Effectiveness of
www.prc.gov. Those who cannot submit Proposed Rule Change To Address the
1. Docket No(s).: MC2017–174 and
comments electronically should contact Application of Rule 11140 in
CP2017–275; Filing Title: Request of the
the person identified in the FOR FURTHER Connection With the Implementation of
United States Postal Service to Add
INFORMATION CONTACT section by the Shortened Settlement Cycle (T+2)
Priority Mail & First-Class Package
telephone for advice on filing on September 5, 2017
Service Contract 52 to Competitive
alternatives.
Product List and Notice of Filing (Under August 21, 2017.
FOR FURTHER INFORMATION CONTACT: Seal) of Unredacted Governors’ Pursuant to Section 19(b)(1) of the
David A. Trissell, General Counsel, at Decision, Contract, and Supporting Securities Exchange Act of 1934
202–789–6820. Data; Filing Acceptance Date: August (‘‘Act’’),1 and Rule 19b–4 thereunder,2
SUPPLEMENTARY INFORMATION: 18, 2017; Filing Authority: 39 U.S.C. notice is hereby given that on August
3642 and 39 CFR 3020.30; Public 18, 2017, The NASDAQ Stock Market
Table of Contents Representative: Kenneth R. Moeller; LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed
I. Introduction Comments Due: August 28, 2017. with the Securities and Exchange
II. Docketed Proceeding(s) 2. Docket No(s).: MC2017–175 and Commission (‘‘SEC’’ or ‘‘Commission’’)
CP2017–276; Filing Title: Request of the the proposed rule change as described
I. Introduction
United States Postal Service to Add in Items I and II, below, which Items
The Commission gives notice that the Priority Mail & First-Class Package have been prepared by the Exchange.
Postal Service filed request(s) for the Service Contract 53 to Competitive The Commission is publishing this
Commission to consider matters related Product List and Notice of Filing (Under notice to solicit comments on the
to negotiated service agreement(s). The Seal) of Unredacted Governors’ proposed rule change from interested
request(s) may propose the addition or Decision, Contract, and Supporting persons.
removal of a negotiated service Data; Filing Acceptance Date: August
agreement from the market dominant or I. Self-Regulatory Organization’s
sradovich on DSK3GMQ082PROD with NOTICES
18, 2017; Filing Authority: 39 U.S.C.
the competitive product list, or the 3642 and 39 CFR 3020.30; Public Statement of the Terms of Substance of
modification of an existing product Representative: Kenneth R. Moeller; the Proposed Rule Change
currently appearing on the market Comments Due: August 28, 2017. The Exchange proposes to address the
dominant or the competitive product 3. Docket No(s).: MC2017–176 and application of Rule 11140 as it relates to
list. CP2017–277; Filing Title: Request of the
Section II identifies the docket United States Postal Service to Add 1 15 U.S.C. 78s(b)(1).
number(s) associated with each Postal Priority Mail Contract 342 to 2 17 CFR 240.19b–4.
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![40606 Federal Register / Vol. 82, No. 164 / Friday, August 25, 2017 / Notices
in particular, in that it is designed to of the Act 16 and Rule 19b–4(f)(6) Electronic Comments
promote just and equitable principles of thereunder.17
trade, to remove impediments to and A proposed rule change filed under • Use the Commission’s Internet
perfect the mechanism of a free and Rule 19b–4(f)(6) 18 normally does not comment form (http://www.sec.gov/
open market and a national market become operative for 30 days after the rules/sro.shtml); or
system, and, in general to protect date of filing. However, pursuant to • Send an email to rule-comments@
investors and the public interest. In the Rule 19b–4(f)(6)(iii),19 the Commission sec.gov. Please include File Number SR–
interest of minimizing potential may designate a shorter time if such NASDAQ–2017–084 on the subject line.
action is consistent with the protection
confusion about proper settlement in
of investors and the public interest. The Paper Comments
connection with the implementation of
Exchange has asked the Commission to
the T+2 settlement cycle on September waive the 30-day operative delay so that • Send paper comments in triplicate
5, 2017, the SROs have agreed that no the proposal may become operative to Secretary, Securities and Exchange
securities will be ex-dividend on upon filing. The Exchange has stated Commission, 100 F Street NE.,
September 5, 2017. This proposal is that the purpose of the proposed rule Washington, DC 20549–1090.
consistent with the Act because it change is to minimize confusion about All submissions should refer to File
interprets the application of Rule proper settlement that may arise during Number SR–NASDAQ–2017–084. This
11140(b) on September 5, 2017 so that the transition to the T+2 settlement
file number should be included on the
neither ‘‘normal’’ nor ‘‘large’’ cycle on September 5, 2017. The
subject line if email is used. To help the
distributions will be ex-divided on that Commission believes that waiving the
30-day operative delay is consistent Commission process and review your
date, thereby interpreting the
with the protection of investors and the comments more efficiently, please use
application of the Rule on that date
public interest to avoid the confusion only one method. The Commission will
while minimizing the possibility of
that could arise in connection with the post all comments on the Commission’s
additional operational complexity and
transition to the T+2 settlement cycle on Internet Web site (http://www.sec.gov/
potential confusion about settlement
September 5, 2017, if normal or large rules/sro.shtml). Copies of the
that could occur if the rule were
distributions were to be ex-dividend on submission, all subsequent
interpreted differently.
that date. Accordingly, the Commission amendments, all written statements
B. Self-Regulatory Organization’s hereby waives the 30-day operative with respect to the proposed rule
Statement on Burden on Competition delay requirement and designates the change that are filed with the
proposed rule change as operative upon Commission, and all written
The Exchange does not believe that filing.20 communications relating to the
the proposed rule change will impose At any time within 60 days of the proposed rule change between the
any burden on competition not filing of the proposed rule change, the Commission and any person, other than
necessary or appropriate in furtherance Commission summarily may those that may be withheld from the
of the purposes of the Act. As noted temporarily suspend such rule change if public in accordance with the
above, the SROs, including DTC, have it appears to the Commission that such provisions of 5 U.S.C. 552, will be
collectively agreed that no securities action is necessary or appropriate in the
available for Web site viewing and
will be ex-dividend on September 5, public interest, for the protection of
investors, or otherwise in furtherance of printing in the Commission’s Public
2017 in order to minimize confusion Reference Room, 100 F Street NE.,
about proper settlement. Accordingly, the purposes of the Act. If the
Commission takes such action, the Washington, DC 20549, on official
the proposed rule change interprets the business days between the hours of
application of Rule 11140(b) on Commission shall institute proceedings
to determine whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the
September 5, 2017 so that neither filing also will be available for
should be approved or disapproved.
‘‘normal’’ nor ‘‘large’’ distributions will inspection and copying at the principal
be ex-divided on that date. IV. Solicitation of Comments office of the Exchange. All comments
C. Self-Regulatory Organization’s Interested persons are invited to received will be posted without change;
Statement on Comments on the submit written data, views, and the Commission does not edit personal
Proposed Rule Change Received From arguments concerning the foregoing, identifying information from
Members, Participants, or Others including whether the proposed rule submissions. You should submit only
change is consistent with the Act. information that you wish to make
No written comments were either Comments may be submitted by any of available publicly. All submissions
solicited or received. the following methods: should refer to File Number SR–
III. Date of Effectiveness of the 16 15
NASDAQ–2017–084, and should be
U.S.C. 78s(b)(3)(A).
Proposed Rule Change and Timing for 17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– submitted on or before September 15,
Commission Action 4(f)(6)(iii) requires the Exchange to give the 2017.
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief For the Commission, by the Division of
Because the proposed rule change description and text of the proposed rule change, Trading and Markets, pursuant to delegated
does not (i) significantly affect the at least five business days prior to the date of filing authority.21
protection of investors or the public of the proposed rule change, or such shorter time
sradovich on DSK3GMQ082PROD with NOTICES
as designated by the Commission. The Exchange Robert W. Errett,
interest; (ii) impose any significant
has satisfied this requirement. Deputy Secretary.
burden on competition; and (iii) become 18 17 CFR 240.19b–4(f)(6).
[FR Doc. 2017–17999 Filed 8–24–17; 8:45 am]
operative for 30 days from the date on 19 17 CFR 240.19b–4(f)(6)(iii).
which it was filed, or such shorter time 20 For purposes only of waiving the 30-day BILLING CODE 8011–01–P
as the Commission may designate, the operative delay, the Commission has also
considered the proposed rule’s impact on
proposed rule change has become efficiency, competition, and capital formation. See
effective pursuant to Section 19(b)(3)(A) 15 U.S.C. 78c(f). 21 17 CFR 200.30–3(a)(12).
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Document Created: 2018-10-24 12:41:11
Document Modified: 2018-10-24 12:41:11
| 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 40604 |
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