82 FR 49914 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.152 To Add Provisions Related to Market Maker Withdrawals of Quotations in Securities Listed on the Investors Exchange
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 207 (October 27, 2017)
Federal Register Volume 82, Issue 207 (October 27, 2017)
| Page Range | 49914-49918 | |
| FR Document | 2017-23375 |
[Federal Register Volume 82, Number 207 (Friday, October 27, 2017)] [Notices] [Pages 49914-49918] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-23375] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81922; File No. SR-IEX-2017-37] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.152 To Add Provisions Related to Market Maker Withdrawals of Quotations in Securities Listed on the Investors Exchange October 23, 2017. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on October 19, 2017, the Investors Exchange LLC (``IEX'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the Commission a proposed rule change to amend Rule 11.152 to add provisions related to Market Maker withdrawals of quotations in securities listed on IEX, remove an incorrect cross reference in paragraph (c), and to correct a typographical error in a cross- reference in paragraph (d). The Exchange has designated this proposal as ``non-controversial'' and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act.\6\ The text of the proposed rule change is available at the Exchange's Web site at www.iextrading.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(1). \5\ 17 CFR 240.19b-4. \6\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- 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 self-regulatory organization included [[Page 49915]] 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 statement [sic] may be examined at the places specified in Item IV below. The self-regulatory organization 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 Background On June 17, 2016, the Commission granted IEX's application for registration as a national securities exchange under Section 6 of the Act including approval of rules applicable to the qualification, listing and delisting of companies on the Exchange. The Exchange plans to begin a listing program in the fourth quarter of 2017 and is proposing to amend Rule 11.152 to add provisions related to Market Maker withdrawals of quotations in securities listed on IEX. IEX Rules 11.150 through 11.154 contain provisions applicable to IEX Market Makers, including registration, quotation obligations, withdrawal of quotations, voluntary termination of registration, and suspension and termination of quotations. Pursuant to Rule 11.151 a Member registered as a Market Maker is required to maintain a two-sided quotation within the designated percentage of the National Best Bid (``NBB'') and National Best Offer (``NBO''),\7\ as appropriate. --------------------------------------------------------------------------- \7\ As defined by Regulation NMS Rule 600(b)(42). 17 CFR 242.600. --------------------------------------------------------------------------- IEX Rule 11.152 governs the requirements for a Market Maker to obtain excused withdrawal status thereby temporarily suspending its obligation to comply with the two-sided quotation obligation of Rule 11.151. Specifically, Rule 11.152 provides the ability for a Market Maker to obtain excused withdrawal status under the following circumstances:Systemic equipment problems--An IEX Market Maker that wishes to obtain excused withdrawal status based on a market maker's systemic equipment problems, such as defects in an IEX Market Maker's software or hardware systems or connectivity problems associated with the circuits connecting Exchange systems with the IEX Market Maker's systems, shall contact IEX Market Operations. IEX Market Operations may grant excused withdrawal status based on systemic equipment problems for up to five (5) business days, unless extended by IEX Market Operations. For securities listed on exchanges other than IEX--An IEX Market Maker that wishes to withdraw quotations shall contact IEX Regulation to obtain excused withdrawal status prior to withdrawing its quotations. Excused withdrawal status based on illness, vacations or physical circumstances beyond the Market Maker's control may be granted for up to five (5) business days, unless extended by IEX Regulation. Excused withdrawal status based on investment activity or advice of legal counsel, accompanied by a representation that the condition necessitating the withdrawal of quotations is not permanent in nature, may, upon written request, be granted for not more than sixty (60) days. The withdrawal of quotations because of pending news, a sudden influx of orders or price changes, or to effect transactions with competitors shall not normally constitute acceptable reasons for granting excused withdrawal status, unless IEX has initiated a trading halt for Market Makers in the security, pursuant to IEX Rule 11.280.\8\ --------------------------------------------------------------------------- \8\ Note, as described further below, the Exchange proposes to delete the final clause of this provision, which provides an exception for a trading halt initiated for Market Makers pursuant to IEX Rule 11.280. IEX Rule 11.280 (Limit Up-Limit Down Plan and Trading Halts), does not include a provision regarding a halt for Market Makers, and thus the cross-reference has no practical effect. --------------------------------------------------------------------------- Failure to maintain a clearing arrangement--Excused withdrawal status may be granted to an IEX Market Maker that fails to maintain a clearing arrangement with a registered clearing agency or with a Member of such an agency and is withdrawn from participation in the trade reporting service of the Exchange, thereby terminating its registration as an IEX Market Maker.\9\ --------------------------------------------------------------------------- \9\ However, if IEX finds that the IEX Market Maker's failure to maintain a clearing arrangement is voluntary, the withdrawal of quotations will be considered voluntary and unexcused. --------------------------------------------------------------------------- Other than for systemic equipment problems, a Market Maker that wishes to withdraw quotations in a security shall contact IEX Regulation to obtain excused withdrawal status prior to withdrawing its quotations. Withdrawals of quotations shall be granted by IEX Regulation only upon satisfying one of the conditions specified in Rule 11.152, as described above. Proposed Rule Change IEX proposes to amend paragraph (c) of Rule 11.152 to add provisions for a Market Maker to obtain excused withdrawal status for securities listed on IEX. As proposed, a Market Maker in a security listed on IEX may obtain excused withdrawal status, thereby temporarily suspending its obligation to comply with the two-sided quotation obligation of Rule 11.151, under the following circumstances: Circumstances beyond the Market Maker's control--Excused withdrawal status based on circumstances beyond the IEX Market Maker's control,\10\ other than systemic equipment problems, may be granted for up to five (5) business days, unless extended by IEX Regulation. --------------------------------------------------------------------------- \10\ Such circumstances would include, without limitation, unpredictable events such as jury duty, bomb threats or other physical security issues, the birth of a child, or sudden illness. --------------------------------------------------------------------------- Legal or regulatory requirements--Excused withdrawal status based on demonstrated legal or regulatory requirements,\11\ supported by appropriate documentation and accompanied by a representation that the condition necessitating the withdrawal of quotations is not permanent in nature, may, upon notification, be granted for not more than sixty (60) days (unless such request is required to be made pursuant to proposed amendments to paragraph (e) related to the Member that operates the Market Maker acting as a manager, distribution participant or affiliated purchaser of a distribution in the security for which it seeks excused withdrawal status). --------------------------------------------------------------------------- \11\ Such requirements would include, for example, possession of material nonpublic information regarding the security in question for which the Market Maker is seeking excused withdrawal status. --------------------------------------------------------------------------- Religious holidays--Excused withdrawal status based on religious holidays may be granted only if written notice is received by IEX one business day in advance and is approved by IEX. Vacation--Excused withdrawal status based on vacation may be granted only if: (A) The written request for withdrawal is received by IEX one business day in advance, and is approved by IEX; (B) The request includes a list of securities for which withdrawal is requested; and (C) The request is made by an IEX Market Maker that meets the definition of a ``Small Firm Member'' pursuant to Definition Y of the FINRA Restated Certification of Incorporation, even if the IEX Market Maker is not a FINRA member.\12\ --------------------------------------------------------------------------- \12\ In the event that FINRA's definition of a ``Small Firm Member'' is changed, IEX will file a rule change to address any such change in proposed Rule 11.152(c)(1)(C). --------------------------------------------------------------------------- As proposed, the withdrawal of quotations because of pending news, a sudden influx of orders or price [[Page 49916]] changes, or to effect transactions with competitors shall not constitute acceptable reasons for granting excused withdrawal status. The Exchange also proposes to amend paragraph (e) of Rule 11.152, which is currently reserved, to add provisions to provide that excused withdrawal status may be granted to an IEX Market Maker that is a distribution participant or an affiliated purchaser in order to comply with SEC Rule 101 or 104 under the Act. As proposed, such excused withdrawal status may be granted under the following conditions: Subparagraph (e)(1) of Rule 11.152 provides that a member acting as a manager (or in a similar capacity) of a distribution of a security that is a subject security or reference security under SEC Rule 101 and any member that is a distribution participant or an affiliated purchaser in such a distribution that does not have a manager shall provide written notice to IEX Regulation and the Market Regulation Department of FINRA no later than the business day prior to the first entire trading session of the one-day or five-day restricted period under SEC Rule 101, unless later notification is necessary under the specific circumstances. [cir] The notice required by subparagraph (e)(1) shall be provided by submitting a completed Underwriting Activity Report that includes a request on behalf of each IEX Market Maker that is a distribution participant or an affiliated purchaser to withdraw the IEX Market Maker's quotations and includes the contemplated date and time of the commencement of the restricted period. [cir] The managing underwriter shall advise each IEX Market Maker that it has been identified as a distribution participant or an affiliated purchaser to IEX Regulation and that its quotations will be automatically withdrawn, unless a market maker that is a distribution participant (or an affiliated purchaser of a distribution participant) notifies IEX Regulation as required by subparagraph (e)(2) of Rule 11.152 of its intention not to participate in the prospective distribution in order to avoid having its quotations withdrawn. Further, subparagraph (e)(3) provides that if an IEX Market Maker that is a distribution participant withdraws its quotations in an IEX-listed security in order to comply with any provision of SEC Rules 101 or 104 and promptly notifies IEX Regulation of its action, the withdrawal shall be deemed an excused withdrawal. In addition, subparagraph (e)(3) provides that nothing in the subparagraph shall prohibit IEX from taking such action as is necessary under the circumstances against a Member and its associated persons for failure to contact IEX Regulation to obtain an excused withdrawal as required by subparagraphs (a) and (e) of Rule 11.152. [cir] Subparagraph (e)(5) of Rule 11.152 provides that a member acting as a manager (or in a similar capacity of a distribution subject to subparagraph (e)(1)) of Rule 11.152 shall submit a request on the Underwriting Activity Report to IEX Regulation and the Market Regulation Department of FINRA to rescind the excused withdrawal status of distribution participants and affiliated purchasers, which request shall include the date and time of the pricing of the offering, the offering price, and the time the offering terminated, and, if not in writing, shall be confirmed in writing no later than the close of business the day the offering terminates. As noted above, the Exchange proposes to delete the final clause of the final sentence in Rule 11.152(c) (described above), which states that the withdrawal of quotations because of pending news, a sudden influx of orders or price changes, or to effect transactions with competitors shall not normally constitute acceptable reasons for granting excused withdrawal status, but provides an exception for a trading halt initiated for Market Makers pursuant to IEX Rule 11.280. IEX Rule 11.280 (Limit Up-Limit Down Plan and Trading Halts), does not include a provision granting the Exchange authority to halt trading for Market Makers, and thus the cross-reference has no practical effect.\13\ The Exchange further proposes to make a conforming change to the preceding clause of the final sentence in Rule 11.152(c), to remove the qualifying term ``normally'' with regard to the circumstances that will not constitute acceptable reasons for granting excused withdrawal status, because such qualification is no longer necessary or applicable after the Exchange removed the exception for a trading halt initiated for Market Makers, as described above. The proposed deletion is designed to avoid any potential confusion amongst market makers regarding the reasons the Exchange would find acceptable for granting excused withdrawal status, and make the Exchanges rules more clear, concise, and accurate. Moreover, pursuant to Rule 11.151(a)(2), in the event a security is subject to a trading halt, the Market Maker's pricing obligations are suspended, and do not re- commence until after the first regular way transaction on the primary listing market in the security following such halt, as reported by the responsible single plan processor. --------------------------------------------------------------------------- \13\ The Exchange notes that this provision was inadvertently included in the Exchange's original rule set, and is substantially similar to Nasdaq Rule 4619(c)(2), which provides an identical exception for a trading halt initiated for Nasdaq market makers pursuant to Nasdaq Rule 4120. --------------------------------------------------------------------------- Finally, IEX proposes to correct a typographical [sic] in a cross- reference in paragraph (d) of Rule 11.152. As described above, paragraph (d) provides that excused withdrawal status may be granted to an IEX Market Maker that fails to maintain a clearing arrangement with a registered clearing agency or with a Member of such an agency and is withdrawn from participation in the trade reporting service of the Exchange, thereby terminating its registration as an IEX Market Maker. Paragraph (d) also provides that if IEX finds that the Market Maker's failure to maintain a clearance arrangement is voluntary, the withdrawal of quotations will be considered voluntary and unexcused pursuant to Rule 2.190. However, the reference to Rule 2.190 is incorrect and should instead reference Rule 11.153 which provides that a Market Maker may voluntarily terminate its registration in a security by withdrawing its two-sided quotation from the Exchange, and also describes the timeframes for registration after such a termination, including in the case of failure to maintain a clearance arrangement. Rule 2.190 governs voluntary termination of rights as a Member, which is not relevant to the provisions of paragraph (d), which relate to treating a voluntary failure to maintain a clearance arrangement as a voluntary termination of Market Maker registration. Accordingly, the Exchange proposes to correct this typographical error. As proposed, the amendments to IEX Rule 11.152 would substantially conform the Rule to Nasdaq Stock Market LLC (``Nasdaq'') Rule 4619, with minor nonsubstantive differences in terminology. Further, the proposed changes to IEX Rule 11.152(e) do not include provisions for passive market making pursuant to Rule 103 of Regulation M, which only applies to Nasdaq registered market makers.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 242.103. --------------------------------------------------------------------------- 2. Statutory Basis IEX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act \15\ in general, and furthers the objectives of Section 6(b)(5) \16\ of the Act in particular, in that [[Page 49917]] it is designed to prevent fraudulent and manipulative acts and practices, 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. The Exchange believes that the proposed rule change supports these objectives because it is designed to provide appropriate, objective and transparent criteria for an IEX Market Maker in securities listed on IEX to withdraw its quotations and obtain excused withdrawal status. The Exchange further believes that the proposed rule change is consistent with the protection of investors and the public interest because the criteria to obtain excused withdrawal status accommodate legitimate issues that may be periodically encountered by IEX Market Makers that warrant an excused withdrawal, and are not designed to enable IEX Market Makers to avoid or circumvent their market making obligations through inappropriate excused withdrawals. The proposed changes to IEX Rule 11.152 are substantially similar to existing provisions of Nasdaq Rule 4619, subject to several minor differences described below. Thus, the Exchange does not believe that this rule change raises any new or novel issues not already considered by the Commission. Further, the Exchange believes that the proposed rule change is reasonable, equitable, and not unfairly discriminatory because all IEX Market Makers will be subject to the same requirements for excused withdrawals in securities listed on IEX. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f. \16\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the Exchange believes that it is consistent with the protection of investors and the public interest to allow a Market Maker to obtain excused withdrawal status based on circumstances outside the Market Maker's control for up to five business days, unless extended by IEX Regulation, to provide appropriate accommodation for unpredictable events such as jury duty, bomb threats or other physical security issues, the birth of a child, or sudden illness. While the Exchange anticipates that Market Makers will utilize automated algorithms and other systemic tools to comply with the applicable quoting requirements, such systemic tools nonetheless must be overseen by one or more individuals who may experience unpredictable events that require time off. The Exchange believes that the permitted time period of up to five business days, unless extended, is reasonable and comports with the length of time that unpredictable events generally last. The proposed amendments to Rule 11.152(c) in this regard are substantially identical to Nasdaq Rule 4619 (c) except for nonsubstantive terminology differences to refer to IEX rather than Nasdaq. The Exchange additionally believes that it is consistent with the protection of investors and the public interest to allow a Market Maker to obtain excused withdrawal status based on demonstrated legal or regulatory requirements, for not more than 60 days, as described in the Purpose section to provide appropriate relief when a Market Maker is prohibited from trading in a particular security, such as if a Market Maker is in possession of material nonpublic information regarding a security in which it is registered. The Exchange believes that 60 days is a reasonable amount of time for the legal or regulatory requirement to be resolved, and that if it persists beyond that time period it would be appropriate for the Market Maker to terminate its registration in the security in question. The proposed amendments to Rule 11.152(c) in this regard are substantially identical to Nasdaq Rule 4619(c) except for nonsubstantive terminology differences to refer to IEX rather than Nasdaq. The Exchange also believes that it is consistent with the protection of investors and the public interest to allow a Market Maker to obtain excused withdrawal status based on religious holidays to provide for such observances by the individual(s) overseeing Market Maker systemic tools in the case of religious holidays when IEX is open. The proposed amendments to Rule 11.152(c) in this regard are substantially identical to Nasdaq Rule 4619(c) except for nonsubstantive terminology differences to refer to IEX rather than Nasdaq. The Exchange further believes that it is consistent with the protection of investors and the public interest to allow a Market Maker to obtain excused withdrawal status based on vacation, but to limit such excused withdrawals to the circumstances described in the Purpose section, including that the Market Maker meets the definition of a FINRA Small Firm Member, even if the IEX Market Maker is not a FINRA member. The Exchange believes that Market Makers should generally be able to manage staff vacations so that it can oversee its market making activity, but recognizes that smaller firms may not have adequate staff in this regard. The Exchange notes that Nasdaq Rule 4619 provides similar relief for vacations, but limits such relief to a market maker with three or fewer Nasdaq level 3 terminals, which it believes is designed to similarly identify smaller firms. Since IEX Market Makers will not use Nasdaq terminals to connect to IEX, the Exchange believes that reference to the FINRA definition of a Small Member Firm is an appropriate alternative measure to account for smaller firms that serve as IEX Market Makers. Other than this difference, the proposed amendments to Rule 11.152(c) in this regard are substantially identical to Nasdaq Rule 4619(c) except for nonsubstantive terminology differences to refer to IEX rather than Nasdaq. Further, the Exchange believes that it is consistent with the protection of investors and the public interest to allow a Market Maker to obtain excused withdrawal status in order to comply with SEC Rule 101 or 104 under the Act on the conditions described in the Purpose section. The Exchange notes that Rules 101 and 104 are part of Regulation M, which governs the activities of underwriters, issuers, selling security holders, and others in connection with offerings of securities, and is intended to preclude manipulative conduct by persons with an interest in the outcome of an offering.\17\ The proposed amendments to IEX Rule 11.152(e) are designed to facilitate IEX Market Makers' compliance with SEC Rules 101 and 104 and support the objectives of Regulation M generally. The proposed changes to IEX Rule 11.152(e) in this regard are substantially identical to Nasdaq Rule 4619(e) except that they do not include provisions for passive market making pursuant to Rule 103 of Regulation M, which only applies to Nasdaq registered market makers, as discussed in the Purpose section. --------------------------------------------------------------------------- \17\ Securities Exchange Act Release No. 34-38067 (January 3, 1997), 62 FR 520 (File No. S7-11-96). --------------------------------------------------------------------------- In addition, the Exchange believes that it is consistent with the Act to delete the final clause of Rule 11.152(c), as well as the related qualifying language in the preceding clause, because the proposed deletion is designed to avoid any potential confusion amongst market makers regarding the reasons the Exchange would find acceptable for granting excused withdrawal status, and make the Exchanges rules more clear, concise, and accurate. Finally, the Exchange believes that it is consistent with the Act to correct the cross-reference typographical error in paragraph (d) of Rule 11.152 to promote clarity and consistency among market participants thereby facilitating investor protection and the public interest. The [[Page 49918]] corrected cross-reference is substantially identical to the cross reference in Nasdaq Rule 4619(d) to Nasdaq Rule 4620, which in turn is substantially identical to IEX Rule 11.153. B. Self-Regulatory Organization's Statement on Burden on Competition IEX does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is designed to provide appropriate, objective and transparent criteria for Market Maker excused withdrawals in securities listed on IEX. The Exchange does not believe that the proposed rule change will result in any burden on intramarket competition because all Market Makers will be subject to the same criteria. The Exchange also does not believe that the proposed rule change will result in any burden on intermarket competition, since Nasdaq has substantially similar criteria for excused withdrawals and other exchanges are free to adopt comparable criteria. The Exchange also believes that the proposed rule change will serve to promote clarity and consistency, as noted in the Statutory Basis section, thereby reducing burdens on competition and facilitating investor protection. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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 if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \18\ and Rule 19b-4(f)(6) thereunder.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A). \19\ 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) \20\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\21\ 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 immediately upon filing. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because the Exchange's proposed rule change will conform IEX's rules to a substantially similar provision in the rules of Nasdaq, and the Exchange's proposal does not raise any new or novel issues. Accordingly, the Commission hereby waives the 30-day operative delay requirement and designates the proposed rule change as operative upon filing.\22\ --------------------------------------------------------------------------- \20\ 17 CFR 240.19b-4(f)(6). \21\ 17 CFR 240.19b-4(f)(6)(iii). \22\ 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 Comments Use 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-IEX-2017-37 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-IEX-2017-37. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-IEX-2017-37, and should be submitted on or before November 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2017-23375 Filed 10-26-17; 8:45 am] BILLING CODE 8011-01-P
![49914 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices
designated this rule filing as non- Electronic Comments SECURITIES AND EXCHANGE
controversial. COMMISSION
• Use the Commission’s Internet
A proposed rule change filed under comment form (http://www.sec.gov/ [Release No. 34–81922; File No. SR–IEX–
Rule 19b–4(f)(6) 18 normally does not rules/sro.shtml); or 2017–37]
become operative prior to 30 days after
the date of the filing. However, Rule • Send an email to rule-comments@ Self-Regulatory Organizations;
19b–4(f)(6)(iii) 19 permits the sec.gov. Please include File Number SR– Investors Exchange LLC; Notice of
Commission to designate a shorter time BatsEDGX–2017–39 on the subject line. Filing and Immediate Effectiveness of
if such action is consistent with the Proposed Rule Change To Amend Rule
Paper Comments
protection of investors and the public 11.152 To Add Provisions Related to
interest. The Exchange has asked the • Send paper comments in triplicate Market Maker Withdrawals of
to Brent J. Fields, Secretary, Securities Quotations in Securities Listed on the
Commission to waive the 30-day
and Exchange Commission, 100 F Street Investors Exchange
operative delay so that the proposed
rule change may become operative NE., Washington, DC 20549–1090. October 23, 2017.
immediately upon filing. The Exchange All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
notes that the proposed rule change will Number SR–BatsEDGX–2017–39. This Securities Exchange Act of 1934 (the
promote consistency between the file number should be included on the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Exchange and CBOE Affiliated subject line if email is used. To help the notice is hereby given that, on October
Exchanges, and is part of a larger Commission process and review your 19, 2017, the Investors Exchange LLC
technology integration that will comments more efficiently, please use (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
ultimately reduce complexity for Users only one method. The Commission will Securities and Exchange Commission
of the Exchange that are also (the ‘‘Commission’’) the proposed rule
post all comments on the Commission’s
participants on other CBOE Affiliated change as described in Items I and II
Internet Web site (http://www.sec.gov/
Exchanges. below, which Items have been prepared
rules/sro.shtml). Copies of the
by the self-regulatory organization. The
The Commission believes that waiver submission, all subsequent Commission is publishing this notice to
of the 30-day operative delay is amendments, all written statements solicit comments on the proposed rule
consistent with the protection of with respect to the proposed rule change from interested persons.
investor and the public interest. The change that are filed with the
Commission notes that the proposed Commission, and all written I. Self-Regulatory Organization’s
rule change is based on rules of its communications relating to the Statement of the Terms of Substance of
affiliated exchanges, CBOE and C2, and proposed rule change between the the Proposed Rule Change
thus does not raise any new or novel Commission and any person, other than Pursuant to the provisions of Section
issues. Accordingly, the Commission those that may be withheld from the 19(b)(1) under the Securities Exchange
hereby waives the 30-day operative public in accordance with the Act of 1934 (‘‘Act’’),4 and Rule 19b–4
delay and designates the proposed rule provisions of 5 U.S.C. 552, will be thereunder,5 Investors Exchange LLC
change as operative upon filing.20 available for Web site viewing and (‘‘IEX’’ or ‘‘Exchange’’) is filing with the
At any time within 60 days of the printing in the Commission’s Public Commission a proposed rule change to
filing of the proposed rule change, the Reference Room, 100 F Street NE., amend Rule 11.152 to add provisions
Washington, DC 20549, on official related to Market Maker withdrawals of
Commission summarily may
business days between the hours of quotations in securities listed on IEX,
temporarily suspend such rule change if
10:00 a.m. and 3:00 p.m. Copies of the remove an incorrect cross reference in
it appears to the Commission that such
filing also will be available for paragraph (c), and to correct a
action is: (1) Necessary or appropriate in typographical error in a cross-reference
the public interest; (2) for the protection inspection and copying at the principal
in paragraph (d). The Exchange has
of investors; or (3) otherwise in office of the Exchange. All comments
designated this proposal as ‘‘non-
furtherance of the purposes of the Act. received will be posted without change.
controversial’’ and provided the
If the Commission takes such action, the Persons submitting comments are
Commission with the notice required by
Commission shall institute proceedings cautioned that we do not redact or edit Rule 19b–4(f)(6)(iii) under the Act.6 The
to determine whether the proposed rule personal identifying information from text of the proposed rule change is
should be approved or disapproved. comment submissions. You should available at the Exchange’s Web site at
submit only information that you wish www.iextrading.com, at the principal
IV. Solicitation of Comments to make available publicly. All office of the Exchange, and at the
Interested persons are invited to submissions should refer to File Commission’s Public Reference Room.
submit written data, views, and Number SR–BatsEDGX–2017–39 and
should be submitted on or before II. Self-Regulatory Organization’s
arguments concerning the foregoing, Statement of the Purpose of, and
including whether the proposed rule November 17, 2017.
Statutory Basis for, the Proposed Rule
change is consistent with the Act. For the Commission, by the Division of Change
Comments may be submitted by any of
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Trading and Markets, pursuant to delegated
the following methods: authority.21 In its filing with the Commission, the
self-regulatory organization included
Eduardo A. Aleman,
18 17 CFR 240.19b–4(f)(6). Assistant Secretary. 1 15 U.S.C. 78s(b)(1).
19 17 CFR 240.19b–4(f)(6)(iii).
20 For purposes only of waiving the 30-day
[FR Doc. 2017–23373 Filed 10–26–17; 8:45 am] 2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
operative delay, the Commission has also BILLING CODE 8011–01–P
4 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
5 17 CFR 240.19b–4.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 21 17 CFR 200.30–3(a)(12). 6 17 CFR 240.19b–4(f)(6)(iii).
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![Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices 49915
statements concerning the purpose of withdrawal status based on systemic Market Maker to obtain excused
and basis for the proposed rule change equipment problems for up to five (5) withdrawal status for securities listed
and discussed any comments it received business days, unless extended by IEX on IEX. As proposed, a Market Maker in
on the proposed rule change. The text Market Operations. a security listed on IEX may obtain
of these statement [sic] may be • For securities listed on exchanges excused withdrawal status, thereby
examined at the places specified in Item other than IEX—An IEX Market Maker temporarily suspending its obligation to
IV below. The self-regulatory that wishes to withdraw quotations comply with the two-sided quotation
organization has prepared summaries, shall contact IEX Regulation to obtain obligation of Rule 11.151, under the
set forth in Sections A, B, and C below, excused withdrawal status prior to following circumstances:
of the most significant aspects of such withdrawing its quotations. Excused • Circumstances beyond the Market
statements. withdrawal status based on illness, Maker’s control—Excused withdrawal
vacations or physical circumstances status based on circumstances beyond
A. Self-Regulatory Organization’s beyond the Market Maker’s control may the IEX Market Maker’s control,10 other
Statement of the Purpose of, and the be granted for up to five (5) business than systemic equipment problems, may
Statutory Basis for, the Proposed Rule days, unless extended by IEX be granted for up to five (5) business
Change Regulation. Excused withdrawal status days, unless extended by IEX
1. Purpose based on investment activity or advice Regulation.
of legal counsel, accompanied by a • Legal or regulatory requirements—
Background representation that the condition Excused withdrawal status based on
On June 17, 2016, the Commission necessitating the withdrawal of demonstrated legal or regulatory
granted IEX’s application for registration quotations is not permanent in nature, requirements,11 supported by
as a national securities exchange under may, upon written request, be granted appropriate documentation and
Section 6 of the Act including approval for not more than sixty (60) days. The accompanied by a representation that
of rules applicable to the qualification, withdrawal of quotations because of the condition necessitating the
listing and delisting of companies on pending news, a sudden influx of orders withdrawal of quotations is not
the Exchange. The Exchange plans to or price changes, or to effect permanent in nature, may, upon
begin a listing program in the fourth transactions with competitors shall not notification, be granted for not more
quarter of 2017 and is proposing to normally constitute acceptable reasons than sixty (60) days (unless such request
amend Rule 11.152 to add provisions for granting excused withdrawal status, is required to be made pursuant to
related to Market Maker withdrawals of unless IEX has initiated a trading halt proposed amendments to paragraph (e)
quotations in securities listed on IEX. for Market Makers in the security, related to the Member that operates the
IEX Rules 11.150 through 11.154 pursuant to IEX Rule 11.280.8 Market Maker acting as a manager,
contain provisions applicable to IEX • Failure to maintain a clearing distribution participant or affiliated
Market Makers, including registration, arrangement—Excused withdrawal purchaser of a distribution in the
quotation obligations, withdrawal of status may be granted to an IEX Market security for which it seeks excused
quotations, voluntary termination of Maker that fails to maintain a clearing withdrawal status).
registration, and suspension and arrangement with a registered clearing • Religious holidays—Excused
termination of quotations. Pursuant to agency or with a Member of such an withdrawal status based on religious
Rule 11.151 a Member registered as a agency and is withdrawn from holidays may be granted only if written
Market Maker is required to maintain a participation in the trade reporting notice is received by IEX one business
two-sided quotation within the service of the Exchange, thereby day in advance and is approved by IEX.
designated percentage of the National terminating its registration as an IEX • Vacation—Excused withdrawal
Best Bid (‘‘NBB’’) and National Best Market Maker.9 status based on vacation may be granted
Offer (‘‘NBO’’),7 as appropriate. Other than for systemic equipment only if: (A) The written request for
IEX Rule 11.152 governs the problems, a Market Maker that wishes to withdrawal is received by IEX one
requirements for a Market Maker to withdraw quotations in a security shall business day in advance, and is
obtain excused withdrawal status contact IEX Regulation to obtain approved by IEX; (B) The request
thereby temporarily suspending its excused withdrawal status prior to includes a list of securities for which
obligation to comply with the two-sided withdrawing its quotations. withdrawal is requested; and (C) The
quotation obligation of Rule 11.151. Withdrawals of quotations shall be request is made by an IEX Market Maker
Specifically, Rule 11.152 provides the granted by IEX Regulation only upon that meets the definition of a ‘‘Small
ability for a Market Maker to obtain satisfying one of the conditions Firm Member’’ pursuant to Definition Y
excused withdrawal status under the specified in Rule 11.152, as described of the FINRA Restated Certification of
following circumstances: above. Incorporation, even if the IEX Market
• Systemic equipment problems—An Maker is not a FINRA member.12
IEX Market Maker that wishes to obtain Proposed Rule Change As proposed, the withdrawal of
excused withdrawal status based on a IEX proposes to amend paragraph (c) quotations because of pending news, a
market maker’s systemic equipment of Rule 11.152 to add provisions for a sudden influx of orders or price
problems, such as defects in an IEX
8 Note, as described further below, the Exchange 10 Such circumstances would include, without
Market Maker’s software or hardware
limitation, unpredictable events such as jury duty,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
proposes to delete the final clause of this provision,
systems or connectivity problems which provides an exception for a trading halt bomb threats or other physical security issues, the
associated with the circuits connecting initiated for Market Makers pursuant to IEX Rule birth of a child, or sudden illness.
Exchange systems with the IEX Market 11.280. IEX Rule 11.280 (Limit Up-Limit Down Plan 11 Such requirements would include, for example,
Maker’s systems, shall contact IEX and Trading Halts), does not include a provision possession of material nonpublic information
regarding a halt for Market Makers, and thus the regarding the security in question for which the
Market Operations. IEX Market cross-reference has no practical effect. Market Maker is seeking excused withdrawal status.
Operations may grant excused 9 However, if IEX finds that the IEX Market 12 In the event that FINRA’s definition of a ‘‘Small
Maker’s failure to maintain a clearing arrangement Firm Member’’ is changed, IEX will file a rule
7 As defined by Regulation NMS Rule 600(b)(42). is voluntary, the withdrawal of quotations will be change to address any such change in proposed
17 CFR 242.600. considered voluntary and unexcused. Rule 11.152(c)(1)(C).
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![49916 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices
changes, or to effect transactions with the circumstances against a Member and event a security is subject to a trading
competitors shall not constitute its associated persons for failure to halt, the Market Maker’s pricing
acceptable reasons for granting excused contact IEX Regulation to obtain an obligations are suspended, and do not
withdrawal status. excused withdrawal as required by re-commence until after the first regular
The Exchange also proposes to amend subparagraphs (a) and (e) of Rule way transaction on the primary listing
paragraph (e) of Rule 11.152, which is 11.152. market in the security following such
currently reserved, to add provisions to Æ Subparagraph (e)(5) of Rule 11.152 halt, as reported by the responsible
provide that excused withdrawal status provides that a member acting as a single plan processor.
may be granted to an IEX Market Maker manager (or in a similar capacity of a Finally, IEX proposes to correct a
that is a distribution participant or an distribution subject to subparagraph typographical [sic] in a cross-reference
affiliated purchaser in order to comply (e)(1)) of Rule 11.152 shall submit a in paragraph (d) of Rule 11.152. As
with SEC Rule 101 or 104 under the Act. request on the Underwriting Activity described above, paragraph (d) provides
As proposed, such excused withdrawal Report to IEX Regulation and the Market that excused withdrawal status may be
status may be granted under the Regulation Department of FINRA to granted to an IEX Market Maker that
following conditions: rescind the excused withdrawal status fails to maintain a clearing arrangement
• Subparagraph (e)(1) of Rule 11.152 of distribution participants and with a registered clearing agency or with
provides that a member acting as a affiliated purchasers, which request a Member of such an agency and is
manager (or in a similar capacity) of a shall include the date and time of the withdrawn from participation in the
distribution of a security that is a pricing of the offering, the offering trade reporting service of the Exchange,
subject security or reference security price, and the time the offering thereby terminating its registration as an
under SEC Rule 101 and any member terminated, and, if not in writing, shall IEX Market Maker. Paragraph (d) also
that is a distribution participant or an be confirmed in writing no later than provides that if IEX finds that the
affiliated purchaser in such a the close of business the day the offering Market Maker’s failure to maintain a
distribution that does not have a terminates. clearance arrangement is voluntary, the
manager shall provide written notice to As noted above, the Exchange withdrawal of quotations will be
IEX Regulation and the Market proposes to delete the final clause of the considered voluntary and unexcused
Regulation Department of FINRA no final sentence in Rule 11.152(c) pursuant to Rule 2.190. However, the
later than the business day prior to the (described above), which states that the reference to Rule 2.190 is incorrect and
first entire trading session of the one- withdrawal of quotations because of should instead reference Rule 11.153
day or five-day restricted period under pending news, a sudden influx of orders which provides that a Market Maker
SEC Rule 101, unless later notification or price changes, or to effect may voluntarily terminate its
is necessary under the specific transactions with competitors shall not registration in a security by
circumstances. normally constitute acceptable reasons withdrawing its two-sided quotation
Æ The notice required by for granting excused withdrawal status, from the Exchange, and also describes
subparagraph (e)(1) shall be provided by but provides an exception for a trading the timeframes for registration after such
submitting a completed Underwriting halt initiated for Market Makers a termination, including in the case of
Activity Report that includes a request pursuant to IEX Rule 11.280. IEX Rule failure to maintain a clearance
on behalf of each IEX Market Maker that 11.280 (Limit Up-Limit Down Plan and arrangement. Rule 2.190 governs
is a distribution participant or an Trading Halts), does not include a voluntary termination of rights as a
affiliated purchaser to withdraw the IEX provision granting the Exchange Member, which is not relevant to the
Market Maker’s quotations and includes authority to halt trading for Market provisions of paragraph (d), which
the contemplated date and time of the Makers, and thus the cross-reference has relate to treating a voluntary failure to
commencement of the restricted period. no practical effect.13 The Exchange maintain a clearance arrangement as a
Æ The managing underwriter shall further proposes to make a conforming voluntary termination of Market Maker
advise each IEX Market Maker that it change to the preceding clause of the registration. Accordingly, the Exchange
has been identified as a distribution final sentence in Rule 11.152(c), to proposes to correct this typographical
participant or an affiliated purchaser to remove the qualifying term ‘‘normally’’ error.
IEX Regulation and that its quotations with regard to the circumstances that As proposed, the amendments to IEX
will be automatically withdrawn, unless will not constitute acceptable reasons Rule 11.152 would substantially
a market maker that is a distribution for granting excused withdrawal status, conform the Rule to Nasdaq Stock
participant (or an affiliated purchaser of because such qualification is no longer Market LLC (‘‘Nasdaq’’) Rule 4619, with
a distribution participant) notifies IEX necessary or applicable after the minor nonsubstantive differences in
Regulation as required by subparagraph Exchange removed the exception for a terminology. Further, the proposed
(e)(2) of Rule 11.152 of its intention not trading halt initiated for Market Makers, changes to IEX Rule 11.152(e) do not
to participate in the prospective as described above. The proposed include provisions for passive market
distribution in order to avoid having its deletion is designed to avoid any making pursuant to Rule 103 of
quotations withdrawn. Further, potential confusion amongst market Regulation M, which only applies to
subparagraph (e)(3) provides that if an makers regarding the reasons the Nasdaq registered market makers.14
IEX Market Maker that is a distribution Exchange would find acceptable for
participant withdraws its quotations in granting excused withdrawal status, and 2. Statutory Basis
asabaliauskas on DSKBBXCHB2PROD with NOTICES
an IEX-listed security in order to make the Exchanges rules more clear, IEX believes that the proposed rule
comply with any provision of SEC Rules concise, and accurate. Moreover, change is consistent with the provisions
101 or 104 and promptly notifies IEX pursuant to Rule 11.151(a)(2), in the of Section 6 of the Act 15 in general, and
Regulation of its action, the withdrawal furthers the objectives of Section
shall be deemed an excused withdrawal. 13 The Exchange notes that this provision was
6(b)(5) 16 of the Act in particular, in that
In addition, subparagraph (e)(3) inadvertently included in the Exchange’s original
rule set, and is substantially similar to Nasdaq Rule
provides that nothing in the 4619(c)(2), which provides an identical exception
14 17 CFR 242.103.
subparagraph shall prohibit IEX from for a trading halt initiated for Nasdaq market 15 15 U.S.C. 78f.
taking such action as is necessary under makers pursuant to Nasdaq Rule 4120. 16 15 U.S.C. 78f(b)(5).
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![49918 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices
corrected cross-reference is substantially A proposed rule change filed under All submissions should refer to File
identical to the cross reference in Rule 19b–4(f)(6) 20 normally does not Number SR–IEX–2017–37. This file
Nasdaq Rule 4619(d) to Nasdaq Rule become operative for 30 days after the number should be included on the
4620, which in turn is substantially date of filing. However, pursuant to subject line if email is used. To help the
identical to IEX Rule 11.153. Rule 19b–4(f)(6)(iii),21 the Commission Commission process and review your
B. Self-Regulatory Organization’s may designate a shorter time if such comments more efficiently, please use
Statement on Burden on Competition action is consistent with the protection only one method. The Commission will
of investors and the public interest. The post all comments on the Commission’s
IEX does not believe that the Exchange has asked the Commission to Internet Web site (http://www.sec.gov/
proposed rule change will result in any waive the 30-day operative delay so that rules/sro.shtml). Copies of the
burden on competition that is not the proposal may become operative submission, all subsequent
necessary or appropriate in furtherance immediately upon filing. The amendments, all written statements
of the purposes of the Act. The Commission believes that waiver of the with respect to the proposed rule
proposed rule change is designed to operative delay is consistent with the change that are filed with the
provide appropriate, objective and protection of investors and the public Commission, and all written
transparent criteria for Market Maker interest because the Exchange’s communications relating to the
excused withdrawals in securities listed proposed rule change will conform proposed rule change between the
on IEX. The Exchange does not believe IEX’s rules to a substantially similar Commission and any person, other than
that the proposed rule change will result provision in the rules of Nasdaq, and those that may be withheld from the
in any burden on intramarket the Exchange’s proposal does not raise public in accordance with the
competition because all Market Makers any new or novel issues. Accordingly, provisions of 5 U.S.C. 552, will be
will be subject to the same criteria. The the Commission hereby waives the 30- available for Web site viewing and
Exchange also does not believe that the day operative delay requirement and printing in the Commission’s Public
proposed rule change will result in any designates the proposed rule change as Reference Room, 100 F Street NE.,
burden on intermarket competition, operative upon filing.22 Washington, DC 20549, on official
since Nasdaq has substantially similar business days between the hours of
At any time within 60 days of the
criteria for excused withdrawals and 10:00 a.m. and 3:00 p.m. Copies of the
filing of the proposed rule change, the
other exchanges are free to adopt filing also will be available for
Commission summarily may
comparable criteria. The Exchange also inspection and copying at the principal
temporarily suspend such rule change if
believes that the proposed rule change
it appears to the Commission that such office of the Exchange. All comments
will serve to promote clarity and
action is necessary or appropriate in the received will be posted without change.
consistency, as noted in the Statutory
public interest, for the protection of Persons submitting comments are
Basis section, thereby reducing burdens
investors, or otherwise in furtherance of cautioned that we do not redact or edit
on competition and facilitating investor
the purposes of the Act. If the personal identifying information from
protection.
Commission takes such action, the comment submissions. You should
C. Self-Regulatory Organization’s Commission shall institute proceedings submit only information that you wish
Statement on Comments on the to determine whether the proposed rule to make available publicly. All
Proposed Rule Change Received From should be approved or disapproved. submissions should refer to File
Members, Participants, or Others Number SR–IEX–2017–37, and should
IV. Solicitation of Comments be submitted on or before November 17,
Written comments were neither
solicited nor received. Interested persons are invited to 2017.
submit written data, views, and For the Commission, by the Division of
III. Date of Effectiveness of the arguments concerning the foregoing, Trading and Markets, pursuant to delegated
Proposed Rule Change and Timing for including whether the proposed rule authority.23
Commission Action change is consistent with the Act. Eduardo A. Aleman,
Because the proposed rule change Comments may be submitted by any of Assistant Secretary.
does not (i) significantly affect the the following methods: [FR Doc. 2017–23375 Filed 10–26–17; 8:45 am]
protection of investors or the public
interest; (ii) impose any significant Electronic Comments BILLING CODE 8011–01–P
burden on competition; and (iii) become • 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 SOCIAL SECURITY ADMINISTRATION
as the Commission may designate if • Send an email to rule-comments@ [Docket No. SSA 2017–0010]
consistent with the protection of sec.gov. Please include File Number SR–
investors and the public interest, the IEX–2017–37 on the subject line. Privacy Act of 1974, as Amended;
proposed rule change has become Computer Matching Program (SSA/the
effective pursuant to Section 19(b)(3)(A) Paper Comments Department of Labor (DOL)—Match
of the Act 18 and Rule 19b–4(f)(6) • Send paper comments in triplicate Number 1003)
thereunder.19 to Secretary, Securities and Exchange AGENCY: Social Security Administration
Commission, 100 F Street NE.,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
18 15
(SSA).
U.S.C. 78s(b)(3)(A). Washington, DC 20549–1090.
19 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– ACTION: Notice of a renewal of an
4(f)(6)(iii) requires the Exchange to give the existing computer matching program
20 17 CFR 240.19b–4(f)(6).
Commission written notice of the Exchange’s intent that will expire on May 24, 2017.
21 17 CFR 240.19b–4(f)(6)(iii).
to file the proposed rule change, along with a brief
description and text of the proposed rule change, 22 For purposes only of waiving the 30-day
SUMMARY: In accordance with the
at least five business days prior to the date of filing operative delay, the Commission has also
of the proposed rule change, or such shorter time considered the proposed rule’s impact on provisions of the Privacy Act, as
as designated by the Commission. The Exchange efficiency, competition, and capital formation. See
has satisfied this requirement. 15 U.S.C. 78c(f). 23 17 CFR 200.30–3(a)(12).
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Document Created: 2017-10-27 02:06:20
Document Modified: 2017-10-27 02:06:20
| 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 49914 |
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