82 FR 47780 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Waive Nasdaq's Entry Fee When a New Entity Lists in Connection With Certain Transactions Between Two or More Nasdaq-Listed Companies
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 197 (October 13, 2017)
Federal Register Volume 82, Issue 197 (October 13, 2017)
| Page Range | 47780-47782 | |
| FR Document | 2017-22159 |
[Federal Register Volume 82, Number 197 (Friday, October 13, 2017)] [Notices] [Pages 47780-47782] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-22159] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81837; File No. SR-NASDAQ-2017-096] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Waive Nasdaq's Entry Fee When a New Entity Lists in Connection With Certain Transactions Between Two or More Nasdaq-Listed Companies October 6, 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 26, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or the ``Exchange'') filed with the Securities and Exchange Commission (``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 waive Nasdaq's Entry Fee when a new entity lists in connection with a transaction between two or more Nasdaq- listed companies (or involving assets from such companies), where at least one of the Nasdaq-listed companies ceases to be separately listed. The text of the proposed rule change is set forth below. Proposed new language is italicized; deleted text is in brackets. * * * * * 5910. The Nasdaq Global Market (including the Nasdaq Global Select Market) (a) Entry Fee (1)-(6) No change. (7) The fees described in this Rule 5910(a) shall not be applicable with respect to any securities that: (i) No change. (ii) are listed on the New York Stock Exchange and Nasdaq, if the issuer of such securities ceases to maintain their listing on the New York Stock Exchange and the securities instead are designated as national market securities under Rule 5220; [or] (iii) are listed on another national securities exchange but not listed on [[Page 47781]] Nasdaq, if the issuer of such securities is acquired by an unlisted company and, in connection with the acquisition, the unlisted company lists exclusively on the Nasdaq Global Market; or (iv) are listed on Nasdaq by a newly formed Company resulting from a transaction between two or more Nasdaq-listed Companies (or involving assets from such Companies), where at least one of the Nasdaq-listed Companies ceases to be separately listed. (8)-(11) No change. (b)-(f) No change. * * * * * 5920. The Nasdaq Capital Market (a) Entry Fee (1)-(6) No change. (7) The fees described in this Rule 5920(a) shall not be applicable with respect to any securities that: (i) No change. (ii) are listed on the New York Stock Exchange and Nasdaq, if the issuer of such securities ceases to maintain their listing on the New York Stock Exchange and the securities instead are designated under the plan applicable to Nasdaq Capital Market securities; [or] (iii) are listed on another national securities exchange, if the issuer of such securities is acquired by an unlisted company and, in connection with the acquisition, the unlisted company lists exclusively on the Nasdaq Capital Market; or (iv) are listed on Nasdaq by a newly formed Company resulting from a transaction between two or more Nasdaq-listed Companies (or involving assets from such Companies), where at least one of the Nasdaq-listed Companies ceases to be separately listed. (8)-(11) No change. (b)-(e) No change. * * * * * 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 purpose of the proposed rule change is to adopt a waiver of Nasdaq's entry fee for a newly formed company resulting from a transaction between two or more Nasdaq-listed companies (or involving assets from such companies), where at least one of the Nasdaq-listed companies ceases to be separately listed. Nasdaq charges most newly listing companies an entry fee, but excludes certain new listings from that fee where it believes it is equitable to do so. For example, Nasdaq does not charge an entry fee for companies that transfer from another national securities exchange given that these companies had previously paid an entry fee to that other exchange and to encourage companies to switch their listing to Nasdaq.\3\ In addition, Nasdaq does not charge an entry fee for a previously unlisted company that lists in connection with a transaction whereby it acquires a company listed on another national securities exchange because this situation is similar to a company switching its listing.\4\ --------------------------------------------------------------------------- \3\ Nasdaq Rules 5910(a)(7)(i) and 5920(a)(7)(i). \4\ Nasdaq Rules 5910(a)(7)(iii) and 5920(a)(7)(iii). --------------------------------------------------------------------------- Nasdaq now proposes to exclude an additional category of companies from the entry fee: Newly formed companies resulting from a transaction between two or more Nasdaq-listed companies (or involving assets from such companies) where at least one of the Nasdaq-listed companies ceases to be separately listed. In such a case, while there may technically be a new legal entity created and listed for the first time, at least one of the companies ceases to be separately listed and so Nasdaq believes it is equitable to treat the new combined company as succeeding to that listing, which has already been subject to the applicable entry fees. In addition, given that all companies involved in the transaction are already listed on Nasdaq, the Exchange's regulatory staff will already be familiar with the companies and the transaction and the companies will be familiar with the Exchange's rules, which will result in a reduced burden on staff to review the new company than would otherwise be the case. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\5\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- As a preliminary matter, Nasdaq competes for listings with other national securities exchanges and companies can easily choose to list on, or transfer to, those alternative venues. As a result, the fees Nasdaq can charge listed companies are constrained by the fees charged by its competitors and Nasdaq cannot charge prices in a manner that would be unreasonable, inequitable, or unfairly discriminatory. Nasdaq believes that the proposed waiver of Nasdaq's entry fee for a newly formed company resulting from a transaction between two or more Nasdaq-listed companies (or involving assets from such companies), where at least one of the Nasdaq-listed companies ceases to be separately listed, is reasonable and not unfairly discriminatory because it recognizes that the new combined company is essentially succeeding to the listing of the company that ceases to be separately listed in the transaction, which has already been subject to the applicable entry fees. In addition, given that all companies involved in the transaction are already listed on Nasdaq, the Exchange's regulatory staff will already be familiar with the companies and the transaction and the companies will be familiar with the Exchange's rules, which will result in a reduced burden on staff to review the new company than would otherwise be the case. These are non-discriminatory reasons to waive the fee for this situation. Nasdaq also notes that the proposed waiver would be applied in the same manner to all similarly situated companies. Nasdaq also believes that the proposed waiver is not unfairly discriminatory in that it will encourage the new company to remain listed on Nasdaq at a time when the company is undergoing a change and may otherwise consider alternative listing venues. This competitive dynamic provides an additional reason as to why it is appropriate to distinguish companies in this situation from other new listings. Finally, Nasdaq believes that the proposed fees are consistent with the investor protection objectives of Section [[Page 47782]] 6(b)(5) of the Act \7\ in that they are designed to promote just and equitable principles of trade, to remove impediments to a free and open market and national market system, and in general to protect investors and the public interest. Specifically, the amount of revenue forgone by this limited waiver of Nasdaq's entry fee is not substantial, and may result in more companies remaining listed on Nasdaq in connection with such transactions, thereby increasing the resources available for Nasdaq's listing compliance program, which helps to assure that listing standards are properly enforced and investors are protected. Consequently, Nasdaq believes that the potential loss of revenue from this change will not hinder its ability to fulfill its regulatory responsibilities. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition Nasdaq does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The market for listing services is extremely competitive and listed companies may freely choose alternative venues based on the aggregate fees assessed, and the value provided by each listing. In such an environment, Nasdaq must continually adjust its fees to remain competitive with other exchanges. Because other listing venues are similarly free to modify their own fees in response, Nasdaq believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\8\ --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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 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-2017-096 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-2017-096. 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 such 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-2017-096, and should be submitted on or before November 3, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-22159 Filed 10-12-17; 8:45 am] BILLING CODE 8011-01-P
![47780 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices
to negotiated service agreement(s). The seq.; Public Representative: Michael L. SECURITIES AND EXCHANGE
request(s) may propose the addition or Leibert; Comments Due: October 17, COMMISSION
removal of a negotiated service 2017.
[Release No. 34–81837; File No. SR–
agreement from the market dominant or 3. Docket No(s).: MC2018–5 and NASDAQ–2017–096]
the competitive product list, or the
CP2018–7; Filing Title: Request of the
modification of an existing product Self-Regulatory Organizations; The
United States Postal Service to add
currently appearing on the market NASDAQ Stock Market LLC; Notice of
dominant or the competitive product Priority Mail Contract 368 to
Competitive Product List and Notice of Filing and Immediate Effectiveness of
list. Proposed Rule Change To Waive
Section II identifies the docket Filing (Under Seal) of Unredacted
Nasdaq’s Entry Fee When a New Entity
number(s) associated with each Postal Governors’ Decision. Contract, and
Lists in Connection With Certain
Service request, the title of each Postal Supporting Data; Filing Acceptance
Transactions Between Two or More
Service request, the request’s acceptance Date: October 6, 2017; Filing Authority: Nasdaq-Listed Companies
date, and the authority cited by the 39 U.S.C. 3642 and 39 CFR 3020.30 et
Postal Service for each request. For each seq.; Public Representative: Michael L. October 6, 2017.
request, the Commission appoints an Leibert; Comments Due: October 17, Pursuant to Section 19(b)(1) of the
officer of the Commission to represent 2017. Securities Exchange Act of 1934
the interests of the general public in the (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
This notice will be published in the
proceeding, pursuant to 39 U.S.C. 505 notice is hereby given that on
Federal Register. September 26, 2017, The NASDAQ
(Public Representative). Section II also
establishes comment deadline(s) Stacy L. Ruble, Stock Market LLC (‘‘Nasdaq’’ or the
pertaining to each request. Secretary. ‘‘Exchange’’) filed with the Securities
The public portions of the Postal and Exchange Commission
[FR Doc. 2017–22226 Filed 10–12–17; 8:45 am]
Service’s request(s) can be accessed via (‘‘Commission’’) the proposed rule
BILLING CODE 7710–FW–P
the Commission’s Web site (http:// change as described in Items I, II, and
www.prc.gov). Non-public portions of III below, which Items have been
the Postal Service’s request(s), if any, prepared by the Exchange. The
can be accessed through compliance Commission is publishing this notice to
with the requirements of 39 CFR POSTAL SERVICE solicit comments on the proposed rule
3007.40. change from interested persons.
The Commission invites comments on Product Change—Priority Mail
whether the Postal Service’s request(s) Negotiated Service Agreement I. Self-Regulatory Organization’s
in the captioned docket(s) are consistent Statement of the Terms of Substance of
with the policies of title 39. For AGENCY: Postal ServiceTM. the Proposed Rule Change
request(s) that the Postal Service states ACTION: Notice. The Exchange proposes to waive
concern market dominant product(s), Nasdaq’s Entry Fee when a new entity
applicable statutory and regulatory SUMMARY: The Postal Service gives lists in connection with a transaction
requirements include 39 U.S.C. 3622, 39 notice of filing a request with the Postal between two or more Nasdaq-listed
U.S.C. 3642, 39 CFR part 3010, and 39 Regulatory Commission to add a companies (or involving assets from
CFR part 3020, subpart B. For request(s) such companies), where at least one of
domestic shipping services contract to
that the Postal Service states concern the Nasdaq-listed companies ceases to
the list of Negotiated Service
competitive product(s), applicable be separately listed.
Agreements in the Mail Classification The text of the proposed rule change
statutory and regulatory requirements
Schedule’s Competitive Products List. is set forth below. Proposed new
include 39 U.S.C. 3632, 39 U.S.C. 3633,
39 U.S.C. 3642, 39 CFR part 3015, and DATES: Date of notice: October 13, 2017. language is italicized; deleted text is in
39 CFR part 3020, subpart B. Comment brackets.
FOR FURTHER INFORMATION CONTACT:
deadline(s) for each request appear in * * * * *
section II. Elizabeth A. Reed, 202–268–3179.
5910. The Nasdaq Global Market
II. Docketed Proceeding(s) SUPPLEMENTARY INFORMATION: The (including the Nasdaq Global Select
United States Postal Service®
hereby Market)
1. Docket No(s).: CP2017–213; Filing gives notice that, pursuant to 39 U.S.C.
Title: Notice of the United States Postal 3642 and 3632(b)(3), on October 6, 2017, (a) Entry Fee
Service of Filing a Modification to a (1)–(6) No change.
it filed with the Postal Regulatory
Global Expedited Package Services 7 (7) The fees described in this Rule
Commission a Request of the United
Negotiated Service Agreement; Filing 5910(a) shall not be applicable with
States Postal Service to Add Priority
Acceptance Date: October 6, 2017; respect to any securities that:
Filing Authority: 39 CFR 3015.5; Public Mail Contract 368 to Competitive
Product List. Documents are available at (i) No change.
Representative: Kenneth R. Moeller; (ii) are listed on the New York Stock
Comments Due: October 17, 2017. www.prc.gov, Docket Nos. MC2018–5,
Exchange and Nasdaq, if the issuer of
2. Docket No(s).: MC2018–4 and CP2018–7. such securities ceases to maintain their
asabaliauskas on DSKBBXCHB2PROD with NOTICES
CP2018–6; Filing Title: Request of the Elizabeth A. Reed, listing on the New York Stock Exchange
United States Postal Service to add and the securities instead are designated
Attorney, Corporate and Postal Business Law.
Priority Mail Contract 367 to as national market securities under Rule
[FR Doc. 2017–22038 Filed 10–12–17; 8:45 am]
Competitive Product List and Notice of 5220; [or]
Filing (Under Seal) of Unredacted BILLING CODE 7710–12–P
(iii) are listed on another national
Governors’ Decision. Contract, and securities exchange but not listed on
Supporting Data; Filing Acceptance
Date: October 6, 2017; Filing Authority: 1 15 U.S.C. 78s(b)(1).
39 U.S.C. 3642 and 39 CFR 3020.30 et 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 47781
Nasdaq, if the issuer of such securities A. Self-Regulatory Organization’s of the Act,5 in general, and furthers the
is acquired by an unlisted company and, Statement of the Purpose of, and the objectives of Sections 6(b)(4) and 6(b)(5)
in connection with the acquisition, the Statutory Basis for, the Proposed Rule of the Act,6 in particular, in that it
unlisted company lists exclusively on Change provides for the equitable allocation of
the Nasdaq Global Market; or reasonable dues, fees and other charges
1. Purpose
(iv) are listed on Nasdaq by a newly among members and issuers and other
formed Company resulting from a The purpose of the proposed rule persons using any facility, and is not
transaction between two or more change is to adopt a waiver of Nasdaq’s designed to permit unfair
Nasdaq-listed Companies (or involving entry fee for a newly formed company discrimination between customers,
assets from such Companies), where at resulting from a transaction between issuers, brokers, or dealers.
least one of the Nasdaq-listed two or more Nasdaq-listed companies As a preliminary matter, Nasdaq
Companies ceases to be separately (or involving assets from such competes for listings with other national
listed. companies), where at least one of the securities exchanges and companies can
(8)–(11) No change. Nasdaq-listed companies ceases to be easily choose to list on, or transfer to,
(b)–(f) No change. separately listed. those alternative venues. As a result, the
Nasdaq charges most newly listing fees Nasdaq can charge listed companies
* * * * * are constrained by the fees charged by
companies an entry fee, but excludes
5920. The Nasdaq Capital Market certain new listings from that fee where its competitors and Nasdaq cannot
it believes it is equitable to do so. For charge prices in a manner that would be
(a) Entry Fee
example, Nasdaq does not charge an unreasonable, inequitable, or unfairly
(1)–(6) No change. entry fee for companies that transfer discriminatory.
(7) The fees described in this Rule from another national securities Nasdaq believes that the proposed
5920(a) shall not be applicable with exchange given that these companies waiver of Nasdaq’s entry fee for a newly
respect to any securities that: had previously paid an entry fee to that formed company resulting from a
(i) No change. other exchange and to encourage transaction between two or more
(ii) are listed on the New York Stock companies to switch their listing to Nasdaq-listed companies (or involving
Exchange and Nasdaq, if the issuer of Nasdaq.3 In addition, Nasdaq does not assets from such companies), where at
such securities ceases to maintain their charge an entry fee for a previously least one of the Nasdaq-listed
listing on the New York Stock Exchange unlisted company that lists in companies ceases to be separately listed,
and the securities instead are designated connection with a transaction whereby is reasonable and not unfairly
under the plan applicable to Nasdaq it acquires a company listed on another discriminatory because it recognizes
Capital Market securities; [or] national securities exchange because that the new combined company is
this situation is similar to a company essentially succeeding to the listing of
(iii) are listed on another national
switching its listing.4 the company that ceases to be separately
securities exchange, if the issuer of such
Nasdaq now proposes to exclude an listed in the transaction, which has
securities is acquired by an unlisted
additional category of companies from already been subject to the applicable
company and, in connection with the
the entry fee: Newly formed companies entry fees. In addition, given that all
acquisition, the unlisted company lists
resulting from a transaction between companies involved in the transaction
exclusively on the Nasdaq Capital
two or more Nasdaq-listed companies are already listed on Nasdaq, the
Market; or
(or involving assets from such Exchange’s regulatory staff will already
(iv) are listed on Nasdaq by a newly be familiar with the companies and the
companies) where at least one of the
formed Company resulting from a transaction and the companies will be
Nasdaq-listed companies ceases to be
transaction between two or more familiar with the Exchange’s rules,
separately listed. In such a case, while
Nasdaq-listed Companies (or involving which will result in a reduced burden
there may technically be a new legal
assets from such Companies), where at on staff to review the new company
entity created and listed for the first
least one of the Nasdaq-listed than would otherwise be the case. These
time, at least one of the companies
Companies ceases to be separately are non-discriminatory reasons to waive
ceases to be separately listed and so
listed. the fee for this situation. Nasdaq also
Nasdaq believes it is equitable to treat
(8)–(11) No change. the new combined company as notes that the proposed waiver would
(b)–(e) No change. succeeding to that listing, which has be applied in the same manner to all
* * * * * already been subject to the applicable similarly situated companies.
entry fees. In addition, given that all Nasdaq also believes that the
II. Self-Regulatory Organization’s
companies involved in the transaction proposed waiver is not unfairly
Statement of the Purpose of, and
are already listed on Nasdaq, the discriminatory in that it will encourage
Statutory Basis for, the Proposed Rule
Exchange’s regulatory staff will already the new company to remain listed on
Change
be familiar with the companies and the Nasdaq at a time when the company is
In its filing with the Commission, the transaction and the companies will be undergoing a change and may otherwise
Exchange included statements familiar with the Exchange’s rules, consider alternative listing venues. This
concerning the purpose of and basis for which will result in a reduced burden competitive dynamic provides an
additional reason as to why it is
asabaliauskas on DSKBBXCHB2PROD with NOTICES
the proposed rule change and discussed on staff to review the new company
any comments it received on the than would otherwise be the case. appropriate to distinguish companies in
proposed rule change. The text of these this situation from other new listings.
2. Statutory Basis
statements may be examined at the Finally, Nasdaq believes that the
places specified in Item IV below. The The Exchange believes that its proposed fees are consistent with the
Exchange has prepared summaries, set proposal is consistent with Section 6(b) investor protection objectives of Section
forth in sections A, B, and C below, of
the most significant aspects of such 3 Nasdaq Rules 5910(a)(7)(i) and 5920(a)(7)(i). 5 15 U.S.C. 78f(b).
statements. 4 Nasdaq Rules 5910(a)(7)(iii) and 5920(a)(7)(iii). 6 15 U.S.C. 78f(b)(4) and (5).
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![47782 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices
6(b)(5) of the Act 7 in that they are furtherance of the purposes of the Act. For the Commission, by the Division of
designed to promote just and equitable If the Commission takes such action, the Trading and Markets, pursuant to delegated
principles of trade, to remove Commission shall institute proceedings authority.9
impediments to a free and open market to determine whether the proposed rule Eduardo A. Aleman,
and national market system, and in should be approved or disapproved. Assistant Secretary.
general to protect investors and the [FR Doc. 2017–22159 Filed 10–12–17; 8:45 am]
IV. Solicitation of Comments
public interest. Specifically, the amount BILLING CODE 8011–01–P
of revenue forgone by this limited Interested persons are invited to
waiver of Nasdaq’s entry fee is not submit written data, views, and
substantial, and may result in more arguments concerning the foregoing, SECURITIES AND EXCHANGE
companies remaining listed on Nasdaq including whether the proposed rule COMMISSION
in connection with such transactions, change is consistent with the Act.
[Release No. 34–81836; File No. SR–C2–
thereby increasing the resources Comments may be submitted by any of 2017–026]
available for Nasdaq’s listing the following methods:
compliance program, which helps to Electronic Comments Self-Regulatory Organizations; C2
assure that listing standards are Options Exchange, Incorporated;
properly enforced and investors are • Use the Commission’s Internet Notice of Filing and Immediate
protected. Consequently, Nasdaq comment form (http://www.sec.gov/ Effectiveness of a Proposed Rule
believes that the potential loss of rules/sro.shtml); or Change To Amend the Fees Schedule
revenue from this change will not • Send an email to rule-comments@
hinder its ability to fulfill its regulatory sec.gov. Please include File Number SR– October 6, 2017.
responsibilities. NASDAQ–2017–096 on the subject line. Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
B. Self-Regulatory Organization’s Paper Comments
‘‘Act’’),1 and Rule 19b–4 thereunder,2
Statement on Burden on Competition • Send paper comments in triplicate notice is hereby given that on
Nasdaq does not believe that the to Brent J. Fields, Secretary, Securities September 21, 2017, C2 Options
proposed rule change will impose any and Exchange Commission, 100 F Street Exchange, Incorporated (the ‘‘Exchange’’
burden on competition that is not NE., Washington, DC 20549–1090. or ‘‘C2’’) filed with the Securities and
necessary or appropriate in furtherance All submissions should refer to File Exchange Commission (the
of the purposes of the Act. The market Number SR–NASDAQ–2017–096. This ‘‘Commission’’) the proposed rule
for listing services is extremely file number should be included on the change as described in Items I and II,
competitive and listed companies may subject line if email is used. To help the below, which Items have been prepared
freely choose alternative venues based Commission process and review your by the Exchange. The Exchange filed the
on the aggregate fees assessed, and the comments more efficiently, please use proposal as a ‘‘non-controversial’’
value provided by each listing. In such only one method. The Commission will proposed rule change pursuant to
an environment, Nasdaq must post all comments on the Commission’s Section 19(b)(3)(A)(iii) of the Act 3 and
continually adjust its fees to remain Internet Web site (http://www.sec.gov/ Rule 19b–4(f)(6) thereunder.4 The
competitive with other exchanges. rules/sro.shtml). Copies of the Commission is publishing this notice to
Because other listing venues are submission, all subsequent solicit comments on the proposed rule
similarly free to modify their own fees amendments, all written statements change from interested persons.
in response, Nasdaq believes that the with respect to the proposed rule I. Self-Regulatory Organization’s
degree to which fee changes in this change that are filed with the Statement of the Terms of Substance of
market may impose any burden on Commission, and all written the Proposed Rule Change
competition is extremely limited. communications relating to the
proposed rule change between the The Exchange proposes to amend its
C. Self-Regulatory Organization’s
Commission and any person, other than Fees Schedule to correct an inadvertent
Statement on Comments on the
those that may be withheld from the marking error made to the Exhibit 5 in
Proposed Rule Change Received From
public in accordance with the a previous rule filing.
Members, Participants, or Others
provisions of 5 U.S.C. 552, will be The text of the proposed rule change
No written comments were either available for Web site viewing and is also available on the Exchange’s Web
solicited or received. printing in the Commission’s Public site (http://www.cboe.com/AboutCBOE/
III. Date of Effectiveness of the Reference Room, 100 F Street NE., CBOELegalRegulatoryHome.aspx), at
Proposed Rule Change and Timing for Washington, DC 20549 on official the Exchange’s Office of the Secretary,
Commission Action business days between the hours of and at the Commission’s Public
10:00 a.m. and 3:00 p.m. Copies of such Reference Room.
The foregoing rule change has become
effective pursuant to Section filing also will be available for II. Self-Regulatory Organization’s
19(b)(3)(A)(ii) of the Act.8 inspection and copying at the principal Statement of the Purpose of, and
At any time within 60 days of the office of the Exchange. All comments Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the received will be posted without change; Change
the Commission does not edit personal
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Commission summarily may In its filing with the Commission, the
temporarily suspend such rule change if identifying information from
submissions. You should submit only Exchange included statements
it appears to the Commission that such concerning the purpose of and basis for
action is: (i) Necessary or appropriate in information that you wish to make
the public interest; (ii) for the protection available publicly. All submissions 9 17 CFR 200.30–3(a)(12).
of investors; or (iii) otherwise in should refer to File Number SR– 1 15 U.S.C. 78s(b)(1).
NASDAQ–2017–096, and should be 2 17 CFR 240.19b–4.
7 15 U.S.C. 78f(b)(5). submitted on or before November 3, 3 15 U.S.C. 78s(b)(3)(A)(iii).
8 15 U.S.C. 78s(b)(3)(A)(ii). 2017. 4 17 CFR 240.19b–4(f)(6).
VerDate Sep<11>2014 18:05 Oct 12, 2017 Jkt 244001 PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM 13OCN1](https://thefederalregister.org/doc/82_FR_47977/page/3.svg)
Document Created: 2017-10-13 04:33:56
Document Modified: 2017-10-13 04:33:56
| 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 47780 |
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