82 FR 47063 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Obsolete Text From Options Regulatory Fee Rule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 194 (October 10, 2017)
Federal Register Volume 82, Issue 194 (October 10, 2017)
| Page Range | 47063-47064 | |
| FR Document | 2017-21672 |
[Federal Register Volume 82, Number 194 (Tuesday, October 10, 2017)] [Notices] [Pages 47063-47064] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21672] [[Page 47063]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81805; File No. SR-NASDAQ-2017-099] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Obsolete Text From Options Regulatory Fee Rule October 3, 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 25, 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, II, and III, 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 remove obsolete rule text from Chapter XV, Section 5, entitled ``NASDAQ Options Regulatory Fee.'' The text of the proposed rule change is set forth below. Proposed deletions are enclosed in [brackets]. * * * * * NASDAQ Stock Market Rules * * * * * Options Rules * * * * * Chapter XV Options Pricing * * * * * Sec. 5 NASDAQ Options Regulatory Fee NOM Participants will be assessed an Options Regulatory Fee of [$0.0021 per contract side. Effective August 1, 2017, the ORF shall be ]$0.0027 per contract side. The Options Regulatory Fee (``ORF'') is assessed by NOM to each NOM Participant for options transactions cleared by OCC in the Customer range where: (1) The execution occurs on NOM or (2) the execution occurs on another exchange and is cleared by a NOM Participant. The ORF is collected by OCC on behalf of NOM from (1) NOM clearing members for all Customer transactions they clear or (2) non-members for all Customer transactions they clear that were executed on NOM. NOM uses reports from OCC when assessing and collecting ORF. The Exchange will notify Participants via an Options Trader Alert of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change. NOM Participants who do not transact an equities business on the NASDAQ Stock Market LLC in a calendar year will receive a refund of the fees specified in Rule 7003(b) upon written notification to the Exchange along with documentation evidencing that no equities business was conducted on The NASDAQ Stock Market for that calendar year. The Exchange will accept refund requests up until sixty (60) days after the end of the calendar year. * * * * * 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 The Exchange recently amended its Options Regulatory Fee or ``ORF'' at Chapter XV, Section 5.\3\ At that time the rule text reflected the current fee and the proposed amendment which took effect on August 1, 2017. For clarity and ease of reference, the Exchange proposes to remove the outdated reference to the prior ORF. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 81344 (August 8, 2017), 82 FR 37955 (August 14, 2017) (SR-NASDAQ-2017-68). --------------------------------------------------------------------------- This rule change is non-substantive and merely serves to update the rule text. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\4\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\5\ 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, by removing obsolete rule text. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange proposes to remove outdated references to ORF prior to August 1, 2017. The Exchange believes this rule change will provide clarity and ease of reference when Participants review the ORF rule. 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. The proposed change is a non- substantive amendment to remove obsolete rule text. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \6\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\7\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A)(iii). \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings [[Page 47064]] 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-2017-099 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2017-099. 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-2017-099 and should be submitted on or before October 31, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2017-21672 Filed 10-6-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices 47063
SECURITIES AND EXCHANGE transactions they clear or (2) non- objectives of Section 6(b)(5) of the Act,5
COMMISSION members for all Customer transactions in particular, in that it is designed to
they clear that were executed on NOM. promote just and equitable principles of
[Release No. 34–81805; File No. SR–
NOM uses reports from OCC when trade, to remove impediments to and
NASDAQ–2017–099]
assessing and collecting ORF. The perfect the mechanism of a free and
Self-Regulatory Organizations; The Exchange will notify Participants via an open market and a national market
NASDAQ Stock Market LLC; Notice of Options Trader Alert of any change in system, and, in general to protect
Filing and Immediate Effectiveness of the amount of the fee at least 30 investors and the public interest, by
Proposed Rule Change To Remove calendar days prior to the effective date removing obsolete rule text.
Obsolete Text From Options of the change. The Exchange proposes to remove
Regulatory Fee Rule NOM Participants who do not transact outdated references to ORF prior to
an equities business on the NASDAQ August 1, 2017. The Exchange believes
October 3, 2017. Stock Market LLC in a calendar year this rule change will provide clarity and
Pursuant to Section 19(b)(1) of the will receive a refund of the fees ease of reference when Participants
Securities Exchange Act of 1934 specified in Rule 7003(b) upon written review the ORF rule.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 notification to the Exchange along with B. Self-Regulatory Organization’s
notice is hereby given that on documentation evidencing that no Statement on Burden on Competition
September 25, 2017, The NASDAQ equities business was conducted on The
Stock Market LLC (‘‘Nasdaq’’ or The Exchange does not believe that
NASDAQ Stock Market for that calendar
‘‘Exchange’’) filed with the Securities the proposed rule change will impose
year. The Exchange will accept refund
and Exchange Commission (‘‘SEC’’ or any burden on competition not
requests up until sixty (60) days after
‘‘Commission’’) the proposed rule necessary or appropriate in furtherance
the end of the calendar year.
change as described in Items I, II, and of the purposes of the Act. The
* * * * * proposed change is a non-substantive
III, below, which Items have been
prepared by the Exchange. The II. Self-Regulatory Organization’s amendment to remove obsolete rule
Commission is publishing this notice to Statement of the Purpose of, and text.
solicit comments on the proposed rule Statutory Basis for, the Proposed Rule C. Self-Regulatory Organization’s
change from interested persons. Change Statement on Comments on the
I. Self-Regulatory Organization’s In its filing with the Commission, the Proposed Rule Change Received From
Statement of the Terms of Substance of Exchange included statements Members, Participants, or Others
the Proposed Rule Change concerning the purpose of and basis for No written comments were either
the proposed rule change and discussed solicited or received.
The Exchange proposes to remove any comments it received on the
obsolete rule text from Chapter XV, proposed rule change. The text of these III. Date of Effectiveness of the
Section 5, entitled ‘‘NASDAQ Options statements may be examined at the Proposed Rule Change and Timing for
Regulatory Fee.’’ places specified in Item IV below. The Commission Action
The text of the proposed rule change Because the foregoing proposed rule
Exchange has prepared summaries, set
is set forth below. Proposed deletions change does not: (i) Significantly affect
forth in sections A, B, and C below, of
are enclosed in [brackets]. the protection of investors or the public
the most significant aspects of such
* * * * * statements. interest; (ii) impose any significant
NASDAQ Stock Market Rules burden on competition; and (iii) become
A. Self-Regulatory Organization’s operative for 30 days from the date on
* * * * * Statement of the Purpose of, and which it was filed, or such shorter time
Statutory Basis for, the Proposed Rule as the Commission may designate, it has
Options Rules Change become effective pursuant to Section
* * * * * 19(b)(3)(A)(iii) of the Act 6 and
1. Purpose
Chapter XV Options Pricing subparagraph (f)(6) of Rule 19b–4
The Exchange recently amended its thereunder.7
* * * * * Options Regulatory Fee or ‘‘ORF’’ at At any time within 60 days of the
Chapter XV, Section 5.3 At that time the filing of the proposed rule change, the
Sec. 5 NASDAQ Options Regulatory Fee
rule text reflected the current fee and Commission summarily may
NOM Participants will be assessed an the proposed amendment which took temporarily suspend such rule change if
Options Regulatory Fee of [$0.0021 per effect on August 1, 2017. For clarity and it appears to the Commission that such
contract side. ease of reference, the Exchange proposes action is: (i) Necessary or appropriate in
Effective August 1, 2017, the ORF to remove the outdated reference to the the public interest; (ii) for the protection
shall be ]$0.0027 per contract side. prior ORF. of investors; or (iii) otherwise in
The Options Regulatory Fee (‘‘ORF’’) This rule change is non-substantive furtherance of the purposes of the Act.
is assessed by NOM to each NOM and merely serves to update the rule If the Commission takes such action, the
Participant for options transactions text. Commission shall institute proceedings
cleared by OCC in the Customer range
where: (1) The execution occurs on 2. Statutory Basis 5 15 U.S.C. 78f(b)(5).
sradovich on DSK3GMQ082PROD with NOTICES
NOM or (2) the execution occurs on The Exchange believes that its 6 15 U.S.C. 78s(b)(3)(A)(iii).
another exchange and is cleared by a proposal is consistent with Section 6(b) 7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
NOM Participant. The ORF is collected of the Act,4 in general, and furthers the 4(f)(6) requires a self-regulatory organization to give
by OCC on behalf of NOM from (1) the Commission written notice of its intent to file
the proposed rule change at least five business days
NOM clearing members for all Customer 3 See Securities Exchange Act Release No. 81344
prior to the date of filing of the proposed rule
(August 8, 2017), 82 FR 37955 (August 14, 2017) change, or such shorter time as designated by the
1 15 U.S.C. 78s(b)(1). (SR–NASDAQ–2017–68). Commission. The Exchange has satisfied this
2 17 CFR 240.19b–4. 4 15 U.S.C. 78f(b). requirement.
VerDate Sep<11>2014 17:26 Oct 06, 2017 Jkt 244001 PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 E:\FR\FM\10OCN1.SGM 10OCN1](https://thefederalregister.org/doc/82_FR_47257/page/1.svg)
![47064 Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices
to determine whether the proposed rule For the Commission, by the Division of for options transactions cleared by OCC
should be approved or disapproved. Trading and Markets, pursuant to delegated in the Customer range where: (1) The
authority.8 execution occurs on BX or (2) the
IV. Solicitation of Comments Robert W. Errett, execution occurs on another exchange
Interested persons are invited to Deputy Secretary. and is cleared by a BX Participant. The
submit written data, views, and [FR Doc. 2017–21672 Filed 10–6–17; 8:45 am] ORF is collected by OCC on behalf of
arguments concerning the foregoing, BILLING CODE 8011–01–P BX from (1) BX clearing members for all
Customer transactions they clear or (2)
including whether the proposed rule
non-members for all Customer
change is consistent with the Act.
SECURITIES AND EXCHANGE transactions they clear that were
Comments may be submitted by any of executed on BX. BX uses reports from
COMMISSION
the following methods: OCC when assessing and collecting
[Release No. 34–81804; File No. SR–BX–
Electronic Comments 2017–040] ORF. The Exchange will notify
Participants via an Options Trader Alert
• Use the Commission’s Internet Self-Regulatory Organizations; of any change in the amount of the fee
comment form (http://www.sec.gov/ NASDAQ BX, Inc.; Notice of Filing and at least 30 calendar days prior to the
rules/sro.shtml); or Immediate Effectiveness of Proposed effective date of the change.
• Send an email to rule-comments@ Rule Change To Remove Obsolete Text * * * * *
sec.gov. Please include File Number SR– From Options Regulatory Fee Rule
II. Self-Regulatory Organization’s
NASDAQ–2017–099 on the subject line. October 3, 2017. Statement of the Purpose of, and
Paper Comments Pursuant to Section 19(b)(1) of the Statutory Basis for, the Proposed Rule
Securities Exchange Act of 1934 Change
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 In its filing with the Commission, the
to Brent J. Fields, Secretary, Securities notice is hereby given that on Exchange included statements
and Exchange Commission, 100 F Street September 25, 2017, NASDAQ BX, Inc. concerning the purpose of and basis for
NE., Washington, DC 20549–1090. (‘‘BX’’ or ‘‘Exchange’’) filed with the the proposed rule change and discussed
All submissions should refer to File Securities and Exchange Commission any comments it received on the
Number SR–NASDAQ–2017–099. This (‘‘SEC’’ or ‘‘Commission’’) the proposed proposed rule change. The text of these
rule change as described in Items I, II, statements may be examined at the
file number should be included on the
and III, below, which Items have been places specified in Item IV below. The
subject line if email is used. To help the
prepared by the Exchange. The Exchange has prepared summaries, set
Commission process and review your
Commission is publishing this notice to forth in sections A, B, and C below, of
comments more efficiently, please use
solicit comments on the proposed rule the most significant aspects of such
only one method. The Commission will change from interested persons. statements.
post all comments on the Commission’s
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s A. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the Statement of the Terms of Substance of Statement of the Purpose of, and
submission, all subsequent the Proposed Rule Change Statutory Basis for, the Proposed Rule
amendments, all written statements The Exchange proposes to remove Change
with respect to the proposed rule obsolete rule text from Chapter XV, 1. Purpose
change that are filed with the Section 5, entitled ‘‘BX Options
Commission, and all written The Exchange recently amended its
Regulatory Fee.’’
communications relating to the Options Regulatory Fee or ‘‘ORF’’ at
The text of the proposed rule change
proposed rule change between the Chapter XV, Section 5.3 At that time the
is set forth below. Proposed deletions
Commission and any person, other than rule text reflected the current fee and
are enclosed in [brackets].
those that may be withheld from the the proposed amendment which took
* * * * * effect on August 1, 2017. For clarity and
public in accordance with the
Rules of NASDAQ BX ease of reference, the Exchange proposes
provisions of 5 U.S.C. 552, will be
to remove the outdated reference to the
available for Web site viewing and * * * * * prior ORF.
printing in the Commission’s Public This rule change is non-substantive
Reference Room, 100 F Street NE., Options Rules
and merely serves to update the rule
Washington, DC 20549, on official * * * * * text.
business days between the hours of Chapter XV Options Pricing
10:00 a.m. and 3:00 p.m. Copies of the 2. Statutory Basis
filing also will be available for * * * * * The Exchange believes that its
inspection and copying at the principal Sec. 5 BX Options Regulatory Fee proposal is consistent with Section 6(b)
office of the Exchange. All comments of the Act,4 in general, and furthers the
received will be posted without change; BX Participants will be assessed an objectives of Section 6(b)(5) of the Act,5
the Commission does not edit personal Options Regulatory Fee of [$0.0004 per in particular, in that it is designed to
identifying information from contract side. promote just and equitable principles of
sradovich on DSK3GMQ082PROD with NOTICES
submissions. You should submit only Effective August 1, 2017, the ORF trade, to remove impediments to and
information that you wish to make shall be ]$0.0005 per contract side. perfect the mechanism of a free and
The Options Regulatory Fee (‘‘ORF’’)
available publicly. All submissions
is assessed by BX to each BX Participant
should refer to File Number SR– 3 See Securities Exchange Act Release No. 81341
(August 14, 2017), 82 FR 37946 (August 8, 2017)
NASDAQ–2017–099 and should be 8 17 CFR 200.30–3(a)(12). (SR–BX–2017–032).
submitted on or before October 31, 1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
2017. 2 17 CFR 240.19b–4. 5 15 U.S.C. 78f(b)(5).
VerDate Sep<11>2014 17:26 Oct 06, 2017 Jkt 244001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\10OCN1.SGM 10OCN1](https://thefederalregister.org/doc/82_FR_47257/page/2.svg)
Document Created: 2017-10-07 10:32:05
Document Modified: 2017-10-07 10:32:05
| 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 47063 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR