82 FR 54455 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of Amendment No. 1 to Proposed Rule Change To Amend MSRB Rule G-34, on CUSIP Numbers, New Issue, and Market Information Requirements
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 221 (November 17, 2017)
Federal Register Volume 82, Issue 221 (November 17, 2017)
| Page Range | 54455-54457 | |
| FR Document | 2017-24928 |
[Federal Register Volume 82, Number 221 (Friday, November 17, 2017)] [Notices] [Pages 54455-54457] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-24928] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82053; File No. SR-MSRB-2017-06] Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing of Amendment No. 1 to Proposed Rule Change To Amend MSRB Rule G-34, on CUSIP Numbers, New Issue, and Market Information Requirements November 13, 2017. I. Introduction On August 30, 2017, the Municipal Securities Rulemaking Board (``MSRB'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange Act'' or ``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change consisting of amendments to Rule G-34 on CUSIP numbers, new issue, and market information requirements. The proposed rule change was published for comment in the Federal Register on September 18, 2017.\3\ The Commission received eleven comment letters on the proposal.\4\ On October 18, 2017, the MSRB granted an extension of time for the Commission to act on the filing until December 15, 2017. On November 7, 2017, the MSRB responded to the comments \5\ and filed Amendment No. 1 to the proposed rule change (``Amendment No. 1''). The text of Amendment No. 1 is available on the MSRB's Web site.\6\ The Commission is publishing this notice to solicit comments on Amendment No. 1 to the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Exchange Act Release No. 81595 (September 13, 2017), 82 FR 43587 (``Notice''). The comment period closed on October 10, 2017. \4\ See Letter to Secretary, Commission, from Leslie M. Norwood, Managing Director and Associate General Counsel, Securities Industry and Financial Markets Association (``SIFMA''), dated October 10, 2017; Letter to Secretary, Commission, from Susan Gaffney, Executive Director, National Association of Municipal Advisors (``NAMA''), dated October 10, 2017; Letter to Secretary, Commission, from Steve Apfelbacher, President, EHLERS Inc., dated October 10, 2017; Letter to Secretary, Commission, from Noreen P. White, Co-President, and Kim W. Whelan, Co-President, Acacia Financial Group, Inc., dated October 10, 2017; Letter to Secretary, Commission, from Cristeena G. Naser, Vice President and Senior Counsel, American Bankers Association (``ABA''), dated October 10, 2017; Letter to Secretary, Commission, from Michael G. Sudsina, President, Sudsina & Associates, LLC, dated October 10, 2017; Letter to Secretary, Commission, from Marianne F. Edmonds, Senior Managing Director, Public Resources Advisory Group (``PRAG''), dated October 10, 2017; Letter to Secretary, Commission, from Emily Swenson Brock, Director, Federal Liaison Center, Government Finance Officers Association (``GFOA''), dated October 10, 2017; Letter to Secretary, Commission, from Peter Warms, Senior Manager of Fixed Income, Entity, Regulatory Content and Symbology, Bloomberg L.P., dated October 10, 2017; Letter to Secretary, Commission, from Dennis Dix, Principal, DIXWORKS LLC, dated October 10, 2017; Letter to Secretary, Commission, from Stephan Wolf, CEO, Global Legal Entity Identifier Foundation (``GLEIF''), dated October 9, 2017. Staff from the Office of Municipal Securities discussed the proposed rule change with representatives from PFM Financial Advisors LLC and PFM Asset Management LLC on October 26, 2017. \5\ See Letter from Margaret R. Blake, Associate General Counsel, MSRB, to Secretary, SEC, dated November 7, 2017 (``MSRB Response Letter''), available at https://www.sec.gov/comments/sr-msrb-2017-06/msrb201706-2674227-161458.pdf. \6\ Amendment No. 1 is available at http://www.msrb.org/~/media/ Files/SEC-Filings/2017/MSRB-2017-06-A-1.ashx. --------------------------------------------------------------------------- II. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Amendment In response to concerns raised in the comments, the MSRB is proposing to amend proposed paragraph Rule G-34(a)(i)(F) of the proposed rule change to require dealers (and municipal advisors in a competitive sale) seeking to rely on the principles-based exception to reasonably believe the purchaser's present intent is to hold the municipal securities to maturity ``or earlier redemption or mandatory tender.'' \7\ The MSRB believes the proposed rule change should be amended to more accurately reflect the terms of direct purchase transactions including the potential for earlier redemption or mandatory tender.\8\ The MSRB is proposing this same amendment to the proposed principles-based exception for dealers from the depository eligibility requirements of the rule set forth in proposed subparagraph Rule G-34(a)(ii)(A)(3) for consistency.\9\ The MSRB stated that this provision would clarify that the depository eligibility requirements of Rule G-34(a)(ii)(A) do not apply to municipal securities included in the principles-based exception.\10\ --------------------------------------------------------------------------- \7\ See Amendment No. 1. \8\ Id. \9\ Id. \10\ Id. --------------------------------------------------------------------------- In response to concerns raised in the comments, the MSRB also is proposing amending the proposed rule change to [[Page 54456]] expand the principles-based exception in proposed paragraph Rule G- 34(a)(i)(F) to include cases where a municipal entity purchases the municipal securities with funds that are at least in part proceeds of the purchasing entity's issue of municipal obligations, or the municipal securities being purchased are used to fully or partially secure or pay the purchasing entity's issue of municipal obligations.\11\ The MSRB believes that certain sales of municipal securities to municipal entities should be excepted from the CUSIP number requirements for the same policy reasons underlying the principles-based exception for purchases by banks and their non-dealer control affiliates.\12\ In particular, the MSRB believes that where a municipal entity is purchasing municipal securities using funds that are at least in part proceeds of that purchasing entity's issuance of other municipal obligations, or where the municipal securities being purchased are used to fully or partially secure or pay the purchasing entity's issue of municipal obligations, there is a strong expectation that the purchase of the underlying municipal securities is intended to be held and not traded in the secondary market.\13\ As with the exception for dealers (or municipal advisors in a competitive sale) engaging in direct purchase transactions of new issue municipal securities to banks, the MSRB believes that requiring a CUSIP number in these scenarios would not serve the purposes of Rule G-34 to, among other things, improve efficiencies in the processing, receiving, delivering and safekeeping of municipal securities.\14\ The MSRB also believes that, just as in the case of purchases by banks and their non- dealer control affiliates, for a dealer (or municipal advisor in a competitive sale) to rely on the principles-based exception in this instance, it would be required to have a reasonable belief (e.g., by obtaining a written representation) that the purchasing municipal entity has the present intent to hold the municipal securities to maturity or earlier redemption or mandatory tender.\15\ The MSRB is also proposing this same amendment to the principles-based exception for dealers from the depository eligibility requirements of the rule set forth in subparagraph Rule G-34(a)(ii)(A).\16\ --------------------------------------------------------------------------- \11\ Id. \12\ Id. \13\ Id. \14\ Id. \15\ Id. \16\ Id. --------------------------------------------------------------------------- In response to comments that the principles-based exception should apply to all sales of municipal securities from one municipal entity to another where a dealer (or municipal advisor in a competitive sale) is engaged, the MSRB stated that it disagrees.\17\ The MSRB stated that the principles-based exception is meant to facilitate financings by permitting the underwriting of new issue municipal securities by dealers (or advising by municipal advisors in a competitive sale) without requiring application be made for a CUSIP number where such new issues are not intended to trade in the secondary market.\18\ However, the MSRB stated that it understands that a municipal entity purchasing municipal securities for investment purposes may find itself in need of liquidity and thus may look to resell those municipal securities into the secondary market.\19\ In this instance, the MSRB stated, the holder of the municipal securities may find itself unable to readily resell the municipal securities because there is no CUSIP number and, based on discussions with industry participants, the MSRB stated that it understands there is also no established process for obtaining a CUSIP number at that late stage for secondary market trading.\20\ The MSRB believes that by applying for the CUSIP number on the new issue up front, the dealer (or municipal advisor in a competitive sale) avoids these potential problems and ensures that this important aspect needed for secondary market trading is in place.\21\ As a result, the MSRB stated that it does not believe the principles-based exception should be expanded to create a generalized private placement exception for all sales of municipal securities to another municipal entity where a dealer (or a municipal advisor in a competitive sale) is engaged, but rather, should be limited as set forth above.\22\ --------------------------------------------------------------------------- \17\ Id. \18\ Id. \19\ Id. \20\ Id. \21\ Id. \22\ Id. --------------------------------------------------------------------------- The MSRB is proposing to make the proposed rule change effective six months after Commission approval and is requesting accelerated approval of Amendment No. 1.\23\ The MSRB believes the Commission has good cause, pursuant to Section 19(b)(2) of the Act, for granting accelerated approval of Amendment No. 1.\24\ The MSRB believes that the only substantive change to the proposed rule change is responsive to commenters and expands the application of the previously proposed principles-based exception to include sales of new issue municipal securities to municipal entities that are purchasing the underlying municipal securities with funds that are at least in part proceeds of the purchasing entity's issue of municipal obligations, or the municipal securities being purchased are used to fully or partially secure or pay the purchasing entity's issue of municipal obligations.\25\ The MSRB believes that the other amendment to the proposed rule change merely clarifies that in a direct purchase transaction there may be a redemption or mandatory tender that occurs prior to the municipal security's maturity.\26\ The MSRB also stated that, in light of one of the purposes of the principles-based exception in the proposed rule change--to allow dealers and municipal advisors to provide services without inhibiting their issuer clients' access to certain financings--the revisions are consistent with the proposed rule change and are unlikely to be controversial.\27\ --------------------------------------------------------------------------- \23\ Id. \24\ Id. \25\ Id. \26\ Id. \27\ Id. --------------------------------------------------------------------------- III. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the filing as amended by Amendment No. 1 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-MSRB-2017-06 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. All submissions should refer to File Number SR-MSRB-2017-06. 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 [[Page 54457]] 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 MSRB. 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-MSRB-2017-06 and should be submitted on or before December 1, 2017. --------------------------------------------------------------------------- \28\ 17 CFR 200.30-3(a)(12). For the Commission, pursuant to delegated authority.\28\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-24928 Filed 11-16-17; 8:45 am] BILLING CODE 8011-01-P
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IV. Solicitation of Comments For the Commission, by the Division of October 18, 2017, the MSRB granted an
Trading and Markets, pursuant to delegated extension of time for the Commission to
Interested persons are invited to authority.13 act on the filing until December 15,
submit written data, views and Eduardo A. Aleman, 2017. On November 7, 2017, the MSRB
arguments concerning the foregoing, Assistant Secretary. responded to the comments 5 and filed
including whether the proposed rule [FR Doc. 2017–24932 Filed 11–16–17; 8:45 am] Amendment No. 1 to the proposed rule
change is consistent with the Act. BILLING CODE 8011–01–P change (‘‘Amendment No. 1’’). The text
Comments may be submitted by any of of Amendment No. 1 is available on the
the following methods: MSRB’s Web site.6 The Commission is
SECURITIES AND EXCHANGE publishing this notice to solicit
Electronic Comments COMMISSION comments on Amendment No. 1 to the
• Use the Commission’s Internet [Release No. 34–82053; File No. SR–MSRB– proposed rule change from interested
comment form (http://www.sec.gov/ 2017–06] persons.
rules/sro.shtml); or II. Self-Regulatory Organization’s
Self-Regulatory Organizations; Statement of the Terms of Substance of
• Send an email to rule-comments@ Municipal Securities Rulemaking
sec.gov. Please include File No. SR– the Proposed Amendment
Board; Notice of Filing of Amendment
BatsEDGX–2017–47 on the subject line. No. 1 to Proposed Rule Change To In response to concerns raised in the
Amend MSRB Rule G–34, on CUSIP comments, the MSRB is proposing to
Paper Comments amend proposed paragraph Rule G–
Numbers, New Issue, and Market
• Send paper comments in triplicate Information Requirements 34(a)(i)(F) of the proposed rule change
to require dealers (and municipal
to Secretary, Securities and Exchange November 13, 2017. advisors in a competitive sale) seeking
Commission, 100 F Street NE.,
I. Introduction to rely on the principles-based
Washington, DC 20549–1090. exception to reasonably believe the
All submissions should refer to File No. On August 30, 2017, the Municipal purchaser’s present intent is to hold the
SR–BatsEDGX–2017–47. This file Securities Rulemaking Board (‘‘MSRB’’) municipal securities to maturity ‘‘or
filed with the Securities and Exchange earlier redemption or mandatory
number should be included on the
Commission (‘‘SEC’’ or ‘‘Commission’’), tender.’’ 7 The MSRB believes the
subject line if email is used. To help the
pursuant to Section 19(b)(1) of the proposed rule change should be
Commission process and review your
Securities Exchange Act of 1934 amended to more accurately reflect the
comments more efficiently, please use (‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule
only one method. The Commission will terms of direct purchase transactions
19b–4 thereunder,2 a proposed rule including the potential for earlier
post all comments on the Commission’s change consisting of amendments to redemption or mandatory tender.8 The
Internet Web site (http://www.sec.gov/ Rule G–34 on CUSIP numbers, new MSRB is proposing this same
rules/sro.shtml). Copies of the issue, and market information amendment to the proposed principles-
submission, all subsequent requirements. The proposed rule change based exception for dealers from the
amendments, all written statements was published for comment in the depository eligibility requirements of
with respect to the proposed rule Federal Register on September 18, the rule set forth in proposed
change that are filed with the 2017.3 The Commission received eleven subparagraph Rule G–34(a)(ii)(A)(3) for
Commission, and all written comment letters on the proposal.4 On consistency.9 The MSRB stated that this
communications relating to the provision would clarify that the
proposed rule change between the 13 17 CFR 200.30–3(a)(12). depository eligibility requirements of
1 15 U.S.C. 78s(b)(1).
Commission and any person, other than 2 17 CFR 240.19b–4.
Rule G–34(a)(ii)(A) do not apply to
those that may be withheld from the 3 Exchange Act Release No. 81595 (September 13,
municipal securities included in the
public in accordance with the 2017), 82 FR 43587 (‘‘Notice’’). The comment principles-based exception.10
provisions of 5 U.S.C. 552, will be period closed on October 10, 2017. In response to concerns raised in the
available for Web site viewing and 4 See Letter to Secretary, Commission, from Leslie comments, the MSRB also is proposing
printing in the Commission’s Public M. Norwood, Managing Director and Associate amending the proposed rule change to
General Counsel, Securities Industry and Financial
Reference Room, 100 F Street NE., Markets Association (‘‘SIFMA’’), dated October 10,
Income, Entity, Regulatory Content and Symbology,
Washington, DC 20549, on official 2017; Letter to Secretary, Commission, from Susan
Bloomberg L.P., dated October 10, 2017; Letter to
business days between the hours of Gaffney, Executive Director, National Association of
Secretary, Commission, from Dennis Dix, Principal,
Municipal Advisors (‘‘NAMA’’), dated October 10,
10:00 a.m. and 3:00 p.m. Copies of such DIXWORKS LLC, dated October 10, 2017; Letter to
2017; Letter to Secretary, Commission, from Steve
Secretary, Commission, from Stephan Wolf, CEO,
filing will also be available for Apfelbacher, President, EHLERS Inc., dated October
Global Legal Entity Identifier Foundation
inspection and copying at the principal 10, 2017; Letter to Secretary, Commission, from
(‘‘GLEIF’’), dated October 9, 2017. Staff from the
Noreen P. White, Co-President, and Kim W.
office of the Exchange. All comments Whelan, Co-President, Acacia Financial Group, Inc.,
Office of Municipal Securities discussed the
proposed rule change with representatives from
received will be posted without change. dated October 10, 2017; Letter to Secretary, PFM Financial Advisors LLC and PFM Asset
Persons submitting comments are Commission, from Cristeena G. Naser, Vice Management LLC on October 26, 2017.
President and Senior Counsel, American Bankers
cautioned that we do not redact or edit Association (‘‘ABA’’), dated October 10, 2017;
5 See Letter from Margaret R. Blake, Associate
personal identifying information from General Counsel, MSRB, to Secretary, SEC, dated
Letter to Secretary, Commission, from Michael G.
November 7, 2017 (‘‘MSRB Response Letter’’),
comment submissions. You should Sudsina, President, Sudsina & Associates, LLC,
sradovich on DSK3GMQ082PROD with NOTICES
available at https://www.sec.gov/comments/sr-msrb-
submit only information that you wish dated October 10, 2017; Letter to Secretary,
2017-06/msrb201706-2674227-161458.pdf.
Commission, from Marianne F. Edmonds, Senior
to make available publicly. All Managing Director, Public Resources Advisory
6 Amendment No. 1 is available at http://
submissions should refer to File No. www.msrb.org/∼/media/Files/SEC-Filings/2017/
Group (‘‘PRAG’’), dated October 10, 2017; Letter to
MSRB-2017-06-A-1.ashx.
SR–BatsEDGX–2017–47 and should be Secretary, Commission, from Emily Swenson Brock, 7 See Amendment No. 1.
Director, Federal Liaison Center, Government
submitted on or before December 8, Finance Officers Association (‘‘GFOA’’), dated
8 Id.
2017. October 10, 2017; Letter to Secretary, Commission, 9 Id.
from Peter Warms, Senior Manager of Fixed 10 Id.
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Commission, and all written I. Self-Regulatory Organization’s contributions, certain financial benefits
communications relating to the Statement of the Terms of Substance of are provided to a QMM with respect to
proposed rule change between the the Proposed Rule Change its order activity, as described under
Commission and any person, other than The Exchange proposes to (1) change Rule 7014(e). For example, Nasdaq will
those that may be withheld from the the volume requirement for purposes of provide QMMs a rebate per share
public in accordance with the determining eligibility for a transaction executed with respect to all other
provisions of 5 U.S.C. 552, will be fee under the Qualified Market Maker displayed orders (other than Designated
available for Web site viewing and Program; and (2) eliminate one of the Retail Orders, as defined in Rule 7018)
printing in the Commission’s Public tiers of the Nasdaq Growth Program. in securities priced at $1 or more per
Reference Room, 100 F Street NE., The text of the proposed rule change share that provide liquidity and were for
Washington, DC 20549 on official is available on the Exchange’s Web site securities listed on the New York Stock
business days between the hours of at http://nasdaq.cchwallstreet.com/, at Exchange LLC (‘‘NYSE’’), securities
the principal office of the Exchange, and listed on exchanges other than Nasdaq
10:00 a.m. and 3:00 p.m. Copies of the
at the Commission’s Public Reference and NYSE, or securities listed on
filing also will be available for
Room. Nasdaq.
inspection and copying at the principal Nasdaq also charges QMMs a lower
office of the MSRB. All comments II. Self-Regulatory Organization’s rate for executions of orders in
received will be posted without change. Statement of the Purpose of, and securities priced at $1 or more per share
Persons submitting comments are Statutory Basis for, the Proposed Rule that access liquidity on the Nasdaq
cautioned that we do not redact or edit Change Market Center.4 Under Rule 7014(e), the
personal identifying information from Exchange charges a QMM $0.0030 per
In its filing with the Commission, the
comment submissions. You should share executed for removing liquidity
Exchange included statements
submit only information that you wish on Nasdaq in Nasdaq-listed securities
concerning the purpose of and basis for
to make available publicly. All the proposed rule change and discussed priced at $1 or more. The Exchange also
submissions should refer to File any comments it received on the charges a QMM $0.00295 per share
Number SR–MSRB–2017–06 and should proposed rule change. The text of these executed for removing liquidity on
be submitted on or before December 1, statements may be examined at the Nasdaq in securities priced at $1 or
2017. places specified in Item IV below. The more per share that are listed on
Exchange has prepared summaries, set exchanges other than Nasdaq, if the
For the Commission, pursuant to delegated
forth in sections A, B, and C below, of QMM’s volume of liquidity added
authority.28
through one or more of its Nasdaq
Eduardo A. Aleman, the most significant aspects of such
Market Center MPIDs during the month
Assistant Secretary.
statements.
(as a percentage of Consolidated
[FR Doc. 2017–24928 Filed 11–16–17; 8:45 am] A. Self-Regulatory Organization’s Volume) is not less than 0.80%.5 For a
BILLING CODE 8011–01–P Statement of the Purpose of, and QMM that meets the criteria of Tier 2,6
Statutory Basis for, the Proposed Rule the Exchange assesses a charge of
Change $0.0029 per share executed for removing
SECURITIES AND EXCHANGE liquidity in securities priced at $1 or
1. Purpose
COMMISSION more per share listed on exchanges
The purpose of the proposed rule other than Nasdaq if the QMM has a
change is to amend the Exchange’s combined Consolidated Volume (adding
[Release No. 34–82062; File No. SR–
transaction fees at Rule 7014 to (1) and removing liquidity) of at least 3.7%.
NASDAQ–2017–119]
change the volume requirement for Nasdaq is now proposing to change
Self-Regulatory Organizations; The purposes of determining eligibility for a the volume threshold needed to qualify
Nasdaq Stock Market LLC; Notice of transaction fee under the Qualified for the transaction fee of $0.00295 per
Market Maker (‘‘QMM’’) Program; and share executed for non-Nasdaq-listed
Filing and Immediate Effectiveness of
(2) eliminate one of the tiers of the securities for removing liquidity on
Proposed Rule Change To Amend Rule
Nasdaq Growth Program. Nasdaq in securities priced at $1 or
7014 more. Currently, the QMM’s volume of
QMM Program
November 13, 2017. liquidity added through one or more of
A QMM is a member that makes a its Nasdaq Market Center MPIDs during
Pursuant to Section 19(b)(1) of the significant contribution to market
Securities Exchange Act of 1934 quality by providing liquidity at the 4 See Rule 7014(e).
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 national best bid and offer (‘‘NBBO’’) in 5 As set forth in Rule 7014(h), the term
notice is hereby given that on November a large number of stocks for a significant ‘‘Consolidated Volume’’ has the same meaning as
the term has under Rule 7018(a). That term is
1, 2017, The Nasdaq Stock Market LLC portion of the day.3 In addition, the defined in Rule 7018(a) to mean ‘‘the total
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the member must avoid imposing the consolidated volume reported to all consolidated
Securities and Exchange Commission burdens on Nasdaq and its market transaction reporting plans by all exchanges and
(‘‘SEC’’ or ‘‘Commission’’) the proposed trade reporting facilities during a month in equity
participants that may be associated with securities, excluding executed orders with a size of
rule change as described in Items I, II, excessive rates of entry of orders away less than one round lot. For purposes of calculating
and III below, which Items have been from the inside and/or order Consolidated Volume and the extent of a member’s
trading activity the date of the annual reconstitution
sradovich on DSK3GMQ082PROD with NOTICES
prepared by the Exchange. The cancellation. The designation reflects
of the Russell Investments Indexes shall be
Commission is publishing this notice to the QMM’s commitment to provide excluded from both total Consolidated Volume and
solicit comments on the proposed rule meaningful and consistent support to the member’s trading activity.’’
change from interested persons. market quality and price discovery by 6 As set forth in Rule 7014(e), the QMM Tier 2
extensive quoting at the NBBO in a large qualification criteria requires a QMM to execute
shares of liquidity provided in all securities through
28 17 CFR 200.30–3(a)(12). number of securities. In return for its one or more of its Nasdaq Market Center MPIDs that
1 15 U.S.C. 78s(b)(1). represent above 0.90% of Consolidated Volume
2 17 CFR 240.19b–4. 3 See Rule 7014(d). during the month.
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Document Created: 2017-11-17 05:14:59
Document Modified: 2017-11-17 05:14:59
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 54455 |
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