82 FR 46581 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date for Certain Changes to the Rule 5700 Series and Rule 5810
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 192 (October 5, 2017)
Federal Register Volume 82, Issue 192 (October 5, 2017)
| Page Range | 46581-46583 | |
| FR Document | 2017-21408 |
[Federal Register Volume 82, Number 192 (Thursday, October 5, 2017)] [Notices] [Pages 46581-46583] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21408] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81773; File No. SR-NASDAQ-2017-101 Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date for Certain Changes to the Rule 5700 Series and Rule 5810 September 29, 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 September 27, 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 extend the date on which certain changes concerning the continued listing requirements for exchange-traded products (``ETPs'') in the Nasdaq Rule 5700 Series, as well as a related amendment to Nasdaq Rule 5810 (Notification of Deficiency by the Listing Qualifications Department), are implemented. The Exchange proposes to delay the implementation date of these changes until January 1, 2018. Given the scope of the proposed rule changes, the Exchange believes that this will ensure that ETP issuers have adequate time to finish developing and put into operation the new processes and systems necessitated by them. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose On September 30, 2016, the Exchange filed a proposed rule change, as subsequently amended by Amendments No. 1 and 2 thereto, and as supplemented by two clean-up filings \3\ (as amended and supplemented, collectively, the ``Proposed Rule Change''), to adopt certain changes to the Nasdaq Rule 5700 Series, as well as a related amendment to Nasdaq Rule [[Page 46582]] 5810 (Notification of Deficiency by the Listing Qualifications Department), to add additional continued listing standards for ETPs, as well as clarify the procedures that the Exchange will undertake when an ETP is noncompliant with applicable rules. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 79081 (Oct. 11, 2016), 81 FR 71548 (Oct. 17, 2016) (SR-NASDAQ-2016-135); see also Securities Exchange Act Release No. 80708 (May 17, 2017), 82 FR 23690 (May 23, 2017) (SR-NASDAQ-2017-040); see also Securities Exchange Act Release No. 80810 (May 30, 2017), 82 FR 26205 (June 6, 2017) (SR-NASDAQ-2017-052). --------------------------------------------------------------------------- On May 3, 2017, the Exchange filed to extend the implementation date from August 1, 2017 until October 1, 2017.\4\ The Exchange now proposes to extend the implementation date of the amendments specified in the Proposed Rule Change to January 1, 2018. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 80708 (May 17, 2017), 82 FR 23690 (May 23, 2017) (SR-NASDAQ-2017-040). --------------------------------------------------------------------------- Since the Proposed Rule Change was approved, the Exchange has engaged in extensive conversations with issuers of listed ETPs, industry advocacy groups and index providers to discuss the new rule requirements and offer guidance on rule interpretation and application.\5\ As a result of these conversations, ETP issuers have expressed concern about their ability to finish and to have in place systems and procedures to ensure compliance by the current October 1, 2017 implementation date. In particular, listed ETP issuers, and industry advocacy groups on their behalf, have explained that issuers will require time to design and test new compliance systems, as well as engage in discussions with third-party providers to source and track new data elements required for rule compliance.\6\ The Exchange's understanding is that some issuers have started to develop procedures, build systems and are testing new compliance systems. Also, that some issuers have begun discussions with third-party providers, including efforts to renegotiate existing license agreements. As of the date of this filing, issuers have said that they will not be ready by the current October 1, 2017 implementation date. --------------------------------------------------------------------------- \5\ In addition to submitting the index components to the Exchange on a quarterly basis, the Exchange believes that it would be appropriate for issuers to review the index components for compliance with the continued listing requirements in connection with index rebalances, reconstitutions, or other material changes to the index components. \6\ See, for example, Letter, dated July 11, 2017, from Dorothy Donohue, Acting General Counsel, Investment Company Institute to Brent J. Fields, Secretary, Securities and Exchange Commission, available at https://www.sec.gov/comments/sr-nasdaq-2016-135/nasdaq2016135-1846208-155175.pdf. --------------------------------------------------------------------------- In connection with the implementation of the new continued listing standards, Nasdaq has prepared a set of Frequently Asked Questions (``FAQs'') that address questions raised by issuers.\7\ Nasdaq is continuing to discuss the implementation of the continued listing standards with issuers and will continue to revise the FAQs where further interpretive guidance is necessary. Also, there are areas of interpretive guidance still being formulated. For example, interpretive guidance as to how issuers of exchange-traded funds (``ETFs'') should categorize securities into ``equity'' and ``fixed income'' buckets, particularly for assets like hybrid capital, preferred securities or convertible debt. Additionally, Nasdaq will maintain and continue communications with issuers during the implementation date extension period in order to understand the issuers' progress. --------------------------------------------------------------------------- \7\ See https://listingcenter.nasdaq.com/Material_Search.aspx?mcd=LQ&cid=142&sub_cid=&years=2017,2016,2015,2017,2016,2015,2014,2013,2012,2011,2010,2009,2008,2007,2006,2005,2004,2003,2002&criteria=1&materials. --------------------------------------------------------------------------- The Exchange believes it is appropriate to extend the implementation date of the Proposed Rule Change to January 1, 2018 to provide listed ETP issuers with the time needed to finish developing and testing their compliance procedures. In support of its proposal, the Exchange notes that the Proposed Rule Change imposes significant new compliance requirements on issuers that they have not been subject to previously. To meet these new requirements, issuers must develop additional internal systems, as well as coordinate with third-party service providers, such as index providers, to renegotiate existing license agreements and to develop procedures by which they can obtain essential data.\8\ --------------------------------------------------------------------------- \8\ It is the Exchange's understanding that issuers are updating and testing internal systems to process and monitor the index data for compliance with the new continued listing standards. --------------------------------------------------------------------------- Listed issuers have informed the Exchange that they are unable to complete this extensive project by the pending October 1, 2017 implementation date. The Exchange believes that it is critical for listed ETP issuers to have the appropriate procedures and systems in place to monitor and evidence ETP compliance with the new continued listing rules before such rules are implemented because this will help issuers preemptively identify issues and thereby avoid experiencing any disruptions in the trading of their products. Therefore, the Exchange proposes to extend the implementation date for the Proposed Rule Change until January 1, 2018. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\9\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\10\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and 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. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is consistent with the protection of investors because it will enable listed issuers to have the systems and procedures needed to monitor and evidence compliance with the Proposed Rule Change prior to such rule being implemented because this will help issuers preemptively identify issues and thereby avoid experiencing any disruptions in the trading of their products. Issuers are still conducting systems testing and further developing procedures. In addition, there are areas of interpretive guidance still being formulated as discussed previously in this filing. Additionally, Nasdaq will maintain and continue communications with issuers during the implementation date extension period in order to understand the issuers' progress. Providing listed issuers with additional time to ensure that they have adequate compliance systems in place furthers the protection of investors and the public interest because it will enhance investor confidence that listed issuers are complying with Exchange rules and because it will reassure investors that issuers can properly monitor and preemptively identify issues and thereby avoid experiencing any disruptions in the trading of the issuers' products. For these reasons, Nasdaq believes the proposed rule change is consistent with the requirements of Section 6(b)(5) of the Act. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange believes that the proposed rule change will facilitate listed issuer ability to monitor and evidence compliance with approved continued listing rules by providing [[Page 46583]] issuers with additional time to finish developing and testing their internal systems and procedures prior to the implementation date. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange received a copy of a letter from the Investment Company Institute, on behalf of listed ETP issuers, to the SEC.\11\ As described in Item 3 [sic], above, the Investment Company Institute detailed challenges that listed ETF issuers are facing in developing compliance systems to address the amendments contained in the Proposed Rule Change and have requested that the implementation date for such amendments be extended. --------------------------------------------------------------------------- \11\ See Footnote 6, supra. --------------------------------------------------------------------------- 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 and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \12\ 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \13\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4 (f)(6)(iii) \14\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission notes that waiver of the operative delay will allow the Exchange to immediately extend the implementation date of the Proposed Rule Change, and avoid the potential confusion and disruption that could result if the extension did not become operative until after October 1, 2017. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.\15\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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-NASDAQ-2017-101 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-2017-101. 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-2017-101 and should be submitted on or before October 26, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-21408 Filed 10-4-17; 8:45 am] BILLING CODE 8011-01-P
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C. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/ below, which Items have been prepared
Statement on Comments on the rules/sro.shtml). Copies of the by the Exchange. The Commission is
Proposed Rule Change Received From submission, all subsequent publishing this notice to solicit
Members, Participants, or Others amendments, all written statements comments on the proposed rule change
No written comments were solicited with respect to the proposed rule from interested persons.
or received with respect to the proposed change that are filed with the
I. Self-Regulatory Organization’s
rule change. Commission, and all written
Statement of the Terms of Substance of
communications relating to the
III. Date of Effectiveness of the the Proposed Rule Change
proposed rule change between the
Proposed Rule Change and Timing for Commission and any person, other than The Exchange proposes to extend the
Commission Action those that may be withheld from the date on which certain changes
The foregoing rule change is effective public in accordance with the concerning the continued listing
upon filing pursuant to Section provisions of 5 U.S.C. 552, will be requirements for exchange-traded
19(b)(3)(A) 13 of the Act and available for Web site viewing and products (‘‘ETPs’’) in the Nasdaq Rule
subparagraph (f)(2) of Rule 19b–4 14 printing in the Commission’s Public 5700 Series, as well as a related
thereunder, because it establishes a due, Reference Room, 100 F Street NE., amendment to Nasdaq Rule 5810
fee, or other charge imposed by the Washington, DC 20549, on official (Notification of Deficiency by the
Exchange. business days between the hours of Listing Qualifications Department), are
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the implemented.
filing of such proposed rule change, the filing also will be available for The Exchange proposes to delay the
Commission summarily may inspection and copying at the principal implementation date of these changes
temporarily suspend such rule change if office of the Exchange. All comments until January 1, 2018. Given the scope
it appears to the Commission that such received will be posted without change; of the proposed rule changes, the
action is necessary or appropriate in the the Commission does not edit personal Exchange believes that this will ensure
public interest, for the protection of identifying information from that ETP issuers have adequate time to
investors, or otherwise in furtherance of submissions. You should submit only finish developing and put into operation
the purposes of the Act. If the information that you wish to make the new processes and systems
Commission takes such action, the available publicly. All submissions necessitated by them.
Commission shall institute proceedings should refer to File Number SR– II. Self-Regulatory Organization’s
under Section 19(b)(2)(B) 15 of the Act to NYSEArca–2017–114, and should be Statement of the Purpose of, and
determine whether the proposed rule submitted on or before October 26, Statutory Basis for, the Proposed Rule
change should be approved or 2017. Change
disapproved. For the Commission, by the Division of In its filing with the Commission, the
Trading and Markets, pursuant to delegated
IV. Solicitation of Comments authority.16 Exchange included statements
Interested persons are invited to Eduardo A. Aleman,
concerning the purpose of and basis for
submit written data, views, and the proposed rule change and discussed
Assistant Secretary.
arguments concerning the foregoing, any comments it received on the
[FR Doc. 2017–21404 Filed 10–4–17; 8:45 am]
including whether the proposed rule proposed rule change. The text of these
BILLING CODE 8011–01–P statements may be examined at the
change is consistent with the Act.
Comments may be submitted by any of places specified in Item IV below. The
the following methods: Exchange has prepared summaries, set
SECURITIES AND EXCHANGE
forth in sections A, B, and C below, of
Electronic Comments COMMISSION
the most significant aspects of such
• Use the Commission’s Internet [Release No. 34–81773; File No. SR– statements.
NASDAQ–2017–101
comment form (http://www.sec.gov/ A. Self-Regulatory Organization’s
rules/sro.shtml); or Self-Regulatory Organizations; The Statement of the Purpose of, and
• Send an email to rule-comments@ NASDAQ Stock Market LLC; Notice of Statutory Basis for, the Proposed Rule
sec.gov. Please include File Number SR– Filing and Immediate Effectiveness of Change
NYSEArca–2017–114 on the subject Proposed Rule Change To Extend the
line. 1. Purpose
Implementation Date for Certain
Paper Comments Changes to the Rule 5700 Series and On September 30, 2016, the Exchange
Rule 5810 filed a proposed rule change, as
• Send paper comments in triplicate subsequently amended by Amendments
to Secretary, Securities and Exchange September 29, 2017. No. 1 and 2 thereto, and as
Commission, 100 F Street NE., Pursuant to Section 19(b)(1) of the supplemented by two clean-up filings 3
Washington, DC 20549–1090. Securities Exchange Act of 1934 (as amended and supplemented,
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2 collectively, the ‘‘Proposed Rule
Number SR–NYSEArca–2017–114. This notice is hereby given that on Change’’), to adopt certain changes to
file number should be included on the September 27, 2017, The NASDAQ the Nasdaq Rule 5700 Series, as well as
subject line if email is used. To help the Stock Market LLC (‘‘Nasdaq’’ or a related amendment to Nasdaq Rule
Commission process and review your ‘‘Exchange’’) filed with the Securities
ethrower on DSK3G9T082PROD with NOTICES
comments more efficiently, please use and Exchange Commission (‘‘SEC’’ or 3 See Securities Exchange Act Release No. 79081
only one method. The Commission will ‘‘Commission’’) the proposed rule (Oct. 11, 2016), 81 FR 71548 (Oct. 17, 2016) (SR–
post all comments on the Commission’s change as described in Items I and II NASDAQ–2016–135); see also Securities Exchange
Act Release No. 80708 (May 17, 2017), 82 FR 23690
(May 23, 2017) (SR–NASDAQ–2017–040); see also
13 15 U.S.C. 78s(b)(3)(A). 16 17 CFR 200.30–3(a)(12). Securities Exchange Act Release No. 80810 (May
14 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1). 30, 2017), 82 FR 26205 (June 6, 2017) (SR–
15 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4. NASDAQ–2017–052).
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![Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 46583
issuers with additional time to finish public interest. Therefore, the Reference Room, 100 F Street NE.,
developing and testing their internal Commission hereby waives the 30-day Washington, DC 20549 on official
systems and procedures prior to the operative delay and designates the business days between the hours of
implementation date. proposal operative upon filing.15 10:00 a.m. and 3:00 p.m. Copies of the
At any time within 60 days of the filing also will be available for
C. Self-Regulatory Organization’s
Statement on Comments on the filing of the proposed rule change, the inspection and copying at the principal
Proposed Rule Change Received From Commission summarily may office of the Exchange. All comments
Members, Participants, or Others temporarily suspend such rule change if received will be posted without change;
it appears to the Commission that such the Commission does not edit personal
The Exchange received a copy of a action is necessary or appropriate in the identifying information from
letter from the Investment Company public interest, for the protection of submissions. You should submit only
Institute, on behalf of listed ETP issuers, investors, or otherwise in furtherance of information that you wish to make
to the SEC.11 As described in Item 3 the purposes of the Act. If the available publicly. All submissions
[sic], above, the Investment Company Commission takes such action, the should refer to File Number SR–
Institute detailed challenges that listed Commission shall institute proceedings NASDAQ–2017–101 and should be
ETF issuers are facing in developing to determine whether the proposed rule submitted on or before October 26,
compliance systems to address the change should be approved or 2017.
amendments contained in the Proposed disapproved.
Rule Change and have requested that For the Commission, by the Division of
the implementation date for such IV. Solicitation of Comments Trading and Markets, pursuant to delegated
amendments be extended. Interested persons are invited to authority.16
submit written data, views, and Eduardo A. Aleman,
III. Date of Effectiveness of the
Proposed Rule Change and Timing for arguments concerning the foregoing, Assistant Secretary.
Commission Action including whether the proposed rule [FR Doc. 2017–21408 Filed 10–4–17; 8:45 am]
change is consistent with the Act. BILLING CODE 8011–01–P
Because the foregoing proposed rule
Comments may be submitted by any of
change does not: (i) Significantly affect
the following methods:
the protection of investors or the public
interest; (ii) impose any significant Electronic Comments SECURITIES AND EXCHANGE
burden on competition; and (iii) become COMMISSION
• Use the Commission’s Internet
operative for 30 days from the date on comment form (http://www.sec.gov/
which it was filed, or such shorter time rules/sro.shtml); or
[Release No. 34–81777; File No. SR–
as the Commission may designate, it has BatsBZX–2017–63]
• Send an email to rule-comments@
become effective pursuant to Section
sec.gov. Please include File Number SR– Self-Regulatory Organizations; Bats
19(b)(3)(A) of the Act and Rule 19b–
NASDAQ–2017–101 on the subject line. BZX Exchange, Inc.; Notice of Filing
4(f)(6) thereunder.12
A proposed rule change filed Paper Comments and Immediate Effectiveness of
pursuant to Rule 19b–4(f)(6) under the Proposed Rule Change To Extend the
• Send paper comments in triplicate
Act 13 normally does not become Implementation Date for Certain
to Secretary, Securities and Exchange
operative for 30 days after the date of its Changes to Exchange Rules 14.11 and
Commission, 100 F Street NE.,
filing. However, Rule 19b–4 (f)(6)(iii) 14 14.12
Washington, DC 20549–1090.
permits the Commission to designate a
shorter time if such action is consistent All submissions should refer to File September 29, 2017.
with the protection of investors and the Number SR–NASDAQ–2017–101. This Pursuant to Section 19(b)(1) of the
public interest. The Exchange has asked file number should be included on the Securities Exchange Act of 1934
the Commission to waive the 30-day subject line if email is used. To help the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
operative delay so that the proposal may Commission process and review your
notice is hereby given that on
become operative immediately upon comments more efficiently, please use
September 28, 2017, Bats BZX
filing. The Commission notes that only one method. The Commission will
Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’)
waiver of the operative delay will allow post all comments on the Commission’s
filed with the Securities and Exchange
the Exchange to immediately extend the Internet Web site (http://www.sec.gov/
Commission (‘‘Commission’’) the
implementation date of the Proposed rules/sro.shtml). Copies of the
proposed rule change as described in
Rule Change, and avoid the potential submission, all subsequent
Items I and II below, which Items have
confusion and disruption that could amendments, all written statements
been prepared by the Exchange. The
result if the extension did not become with respect to the proposed rule
Exchange has designated this proposal
operative until after October 1, 2017. change that are filed with the
as a ‘‘non-controversial’’ proposed rule
The Commission believes that waiver of Commission, and all written
communications relating to the change pursuant to Section 19(b)(3)(A)
the 30-day operative delay is consistent of the Act 3 and Rule 19b–4(f)(6)(iii)
with the protection of investors and the proposed rule change between the
Commission and any person, other than thereunder,4 which renders it effective
11 See those that may be withheld from the upon filing with the Commission. The
Footnote 6, supra.
12 17 CFR 240.19b–4(f)(6). As required under Rule public in accordance with the Commission is publishing this notice to
solicit comments on the proposed rule
ethrower on DSK3G9T082PROD with NOTICES
19b-4(f)(6)(iii), the Exchange provided the provisions of 5 U.S.C. 552, will be
Commission with written notice of its intent to file
available for Web site viewing and change from interested persons.
the proposed rule change, along with a brief
description and the text of the proposed rule printing in the Commission’s Public
16 17 CFR 200.30–3(a)(12).
change, at least five business days prior to the date
1 15 U.S.C. 78s(b)(1).
of filing of the proposed rule change, or such 15 Forpurposes only of waiving the 30-day
shorter time as designated by the Commission. 2 17 CFR 240.19b–4.
operative delay, the Commission has considered the
13 17 CFR 240.19b–4(f)(6). 3 15 U.S.C. 78s(b)(3)(A).
proposed rule’s impact on efficiency, competition,
14 17 CFR 240.19b–4(f)(6)(iii). and capital formation. See 15 U.S.C. 78c(f). 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2017-10-05 00:53:42
Document Modified: 2017-10-05 00:53:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 82 FR 46581 |
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