82 FR 55896 - Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend MIAX Options Rule 612, Aggregate Risk Manager (“ARM”)

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 225 (November 24, 2017)

Page Range		55896-55898
FR Document		2017-25355

Federal Register, Volume 82 Issue 225 (Friday, November 24, 2017)

[Federal Register Volume 82, Number 225 (Friday, November 24, 2017)]
[Notices]
[Pages 55896-55898]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-25355]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82111; File No. SR-MIAX-2017-47]

Self-Regulatory Organizations; Miami International Securities
Exchange, LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend MIAX Options Rule 612, Aggregate Risk
Manager (``ARM'')

November 17, 2017.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on November 14, 2017, Miami International
Securities Exchange, LLC (``MIAX Options'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') a proposed rule
change as described in Items I, II, and III below, which Items have
been prepared by the Exchange. The Commission is publishing this notice
to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

The Exchange is filing a proposal to amend Exchange Rule 612,
Aggregate Risk Manager (``ARM'').
The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/rule-filings, at MIAX's
principal office, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
The Exchange proposes to amend Exchange Rule 612, Aggregate Risk
Manager (``ARM''), subsection (b)(1) Aggregate Risk Manager, and
Interpretations and Policies .01, to make non-substantive technical
changes to add additional detail to the rule text, all existing
Exchange functionality discussed in this proposal will remain intact.
Exchange Rule 612(b)(1) provides that the System \3\ will engage
the Aggregate Risk Manager in a particular option class when the
counting program has determined that a Market Maker \4\ has traded
during the specified time period

[[Page 55897]]

a number of contracts equal to or above their Allowable Engagement
Percentage.\5\ Further, the rule provides that the Aggregate Risk
Manager will then automatically remove the Market Maker's quotations
from the Exchange's disseminated quotation in all series of that
particular option class until the Market Maker sends a notification to
the System of the intent to reengage quoting and submits a new revised
quotation.\6\
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\3\ The term ``System'' means the automated trading system used
by the Exchange for the trading of securities. See Exchange Rule
100.
\4\ The term ``Market Makers'' refers to ``Lead Market Makers'',
``Primary Lead Market Makers'' and ``Registered Market Makers''
collectively. See Exchange Rule 100.
\5\ See Exchange Rule 612(b)(2).
\6\ See Exchange Rule 612(b)(1).
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The Exchange proposes to amend the second sentence of the rule to
provide that, ``[t]he Aggregate Risk Manager will then automatically
remove the Market Maker's Standard quotations and Day eQuotes from the
Exchange's disseminated quotation . . . .'' Exchange Rule 100 provides
that, ``the term `quote' or `quotation' means a bid or offer entered by
a Market Maker that is firm and may update the Market Maker's previous
quote, if any. The Rules of the Exchange provide for the use of
different types of quotes, including Standard quotes and eQuotes, as
more fully described in Rule 517.'' \7\ The Exchange believes that
adding additional detail to the current rule text to identify which
specific types of quotes are being removed adds clarity and precision
to the rule text.
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\7\ See Exchange Rule 100.
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The Exchange also proposes to amend Interpretations and Policies
.01 to add additional detail and specificity to the rule text.
Currently, the rule provides that, ``[t]he System does not include
contracts traded through the use of an eQuote that is not a Day eQuote
in the counting program for purposes of this Rule. eQuotes will remain
in the System available for trading when the Aggregate Risk Manager is
engaged.'' The Exchange proposes to amend the second sentence such that
it reads, ``eQuotes, other than Day eQuotes, will remain in the System
available for trading and may continue to be submitted to the Exchange
when the Aggregate Risk Manager is engaged.'' The Exchange believes
that this proposed change more clearly articulates that eQuotes both
(i) remain in the System, and (ii) may continue to be submitted to the
System to facilitate trading, while the Aggregate Risk Manager is
engaged. The Exchange believes the proposed changes add additional
detail and clarity in describing existing Exchange functionality.
2. Statutory Basis
The Exchange believes that its proposed rule change is consistent
with Section 6(b) of the Act \8\ in general, and furthers the
objectives of Section 6(b)(5) of the Act \9\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in, securities, to remove impediments to and
perfect the mechanisms of a free and open market and a national market
system and, in general, to protect investors and the public interest.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed changes promote just and
equitable principles of trade, remove impediments to and perfect the
mechanism of a free and open market and a national market system
because they provide additional detail and clarity concerning how Day
eQuotes and eQuotes are handled when the Aggregate Risk Manager is
engaged. Clarifying that eQuotes remain in the System available for
trading and may continue to be submitted to the Exchange while the
Aggregate Risk Manager is engaged benefits Members and investors by
providing increased transparency of Exchange functionality. The
Exchange notes that the proposed changes are non-substantive and do not
affect current Exchange functionality in any way.
The Exchange believes the proposed changes promote just and
equitable principles of trade, remove impediments to and perfect the
mechanism of a free and open market and a national market system
because they seek to improve the accuracy of the Exchange's rules. In
particular, the Exchange believes that including additional detail
describing existing Exchange functionality in the Exchange's rules will
provide greater clarity to Members \10\ and the public regarding the
Exchange's Rules, and it is in the public interest for rules to be
accurate and concise so as to eliminate the potential for confusion.
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\10\ The term ``Member'' means an individual or organization
approved to exercise the trading rights associated with a Trading
Permit. Members are deemed ``members'' under the Exchange Act. See
Exchange Rule 100.
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B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule changes
are not designed to address any competitive issues but rather are
designed to add additional clarity and detail to the Exchange's rules.
The Exchange does not believe that the proposed rule changes will
impose any burden on inter-market competition as the Rules apply
equally to all Exchange Members.

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 foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\
thereunder.
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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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

[[Page 55898]]

Send an email to rule-comments@sec.gov. Please include
File Number SR-MIAX-2017-47 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-MIAX-2017-47. 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-MIAX-2017-47 and should be
submitted on or before December 15, 2017.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25355 Filed 11-22-17; 8:45 am]
BILLING CODE 8011-01-P

55896 Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices

B. Self-Regulatory Organization’s Commission process and review your (‘‘MIAX Options’’ or ‘‘Exchange’’) filed
Statement on Burden on Competition comments more efficiently, please use with the Securities and Exchange
The Exchange does not believe that only one method. The Commission will Commission (‘‘Commission’’) a
the proposed rule change will impose post all comments on the Commission’s proposed rule change as described in
any burden on competition that is not Internet Web site (http://www.sec.gov/ Items I, II, and III below, which Items
necessary or appropriate in furtherance rules/sro.shtml). Copies of the have been prepared by the Exchange.
of the purposes of the Act. As discussed submission, all subsequent The Commission is publishing this
above, the proposed change simply amendments, all written statements notice to solicit comments on the
aligns the eligible order size for the with respect to the proposed rule proposed rule change from interested
Floor Broker guarantee with that of change that are filed with the persons.
another exchange with a trading floor. Commission, and all written
I. Self-Regulatory Organization’s
As such, the proposed change will allow communications relating to the
Statement of the Terms of Substance of
the Exchange to compete with other proposed rule change between the
the Proposed Rule Change
Commission and any person, other than
options exchanges currently offering a The Exchange is filing a proposal to
those that may be withheld from the
reduced eligible order size with regard amend Exchange Rule 612, Aggregate
public in accordance with the
to the Floor Broker guarantee. Risk Manager (‘‘ARM’’).
provisions of 5 U.S.C. 552, will be
C. Self-Regulatory Organization’s available for Web site viewing and The text of the proposed rule change
Statement on Comments on the printing in the Commission’s Public is available on the Exchange’s Web site
Proposed Rule Change Received From Reference Room, 100 F Street NE., at http://www.miaxoptions.com/rule-
Members, Participants, or Others Washington, DC 20549 on official filings, at MIAX’s principal office, and
business days between the hours of at the Commission’s Public Reference
The Exchange has neither solicited Room.
nor received comments on the proposed 10:00 a.m. and 3:00 p.m. Copies of the
rule change. filing also will be available for II. Self-Regulatory Organization’s
inspection and copying at the principal Statement of the Purpose of, and
III. Date of Effectiveness of the office of the Exchange. All comments Statutory Basis for, the Proposed Rule
Proposed Rule Change and Timing for received will be posted without change. Change
Commission Action Persons submitting comments are
cautioned that we do not redact or edit In its filing with the Commission, the
Within 45 days of the date of Exchange included statements
publication of this notice in the Federal personal identifying information from
comment submissions. You should concerning the purpose of and basis for
Register or within such longer period the proposed rule change and discussed
up to 90 days (i) as the Commission may submit only information that you wish
to make available publicly. All any comments it received on the
designate if it finds such longer period proposed rule change. The text of these
to be appropriate and publishes its submissions should refer to File
Number SR–BOX–2017–33 and should statements may be examined at the
reasons for so finding or (ii) as to which places specified in Item IV below. The
the self-regulatory organization be submitted on or before December 15,
2017. Exchange has prepared summaries, set
consents, the Commission will: forth in sections A, B, and C below, of
(A) By order approve or disapprove For the Commission, by the Division of the most significant aspects of such
the proposed rule change, or Trading and Markets, pursuant to delegated statements.
(B) institute proceedings to determine authority.8
whether the proposed rule change Eduardo A. Aleman, A. Self-Regulatory Organization’s
should be disapproved. Assistant Secretary. Statement of the Purpose of, and
[FR Doc. 2017–25356 Filed 11–22–17; 8:45 am] Statutory Basis for, the Proposed Rule
IV. Solicitation of Comments Change
BILLING CODE 8011–01–P
Interested persons are invited to
submit written data, views and 1. Purpose
arguments concerning the foregoing, SECURITIES AND EXCHANGE The Exchange proposes to amend
including whether the proposed rule COMMISSION Exchange Rule 612, Aggregate Risk
change is consistent with the Act. Manager (‘‘ARM’’), subsection (b)(1)
Comments may be submitted by any of [Release No. 34–82111; File No. SR–MIAX– Aggregate Risk Manager, and
2017–47] Interpretations and Policies .01, to make
the following methods:
non-substantive technical changes to
Electronic Comments Self-Regulatory Organizations; Miami
add additional detail to the rule text, all
• Use the Commission’s Internet International Securities Exchange,
existing Exchange functionality
LLC; Notice of Filing and Immediate
comment form (http://www.sec.gov/ discussed in this proposal will remain
Effectiveness of a Proposed Rule
rules/sro.shtml); or intact.
• Send an email to rule-comments@ Change To Amend MIAX Options Rule
Exchange Rule 612(b)(1) provides that
sec.gov. Please include File Number SR– 612, Aggregate Risk Manager (‘‘ARM’’)
the System 3 will engage the Aggregate
BOX–2017–33 on the subject line. November 17, 2017. Risk Manager in a particular option
Paper Comments Pursuant to the provisions of Section class when the counting program has
19(b)(1) of the Securities Exchange Act determined that a Market Maker 4 has
• Send paper comments in triplicate
sradovich on DSK3GMQ082PROD with NOTICES

of 1934 (‘‘Act’’) 1 and Rule 19b–4 traded during the specified time period
to Secretary, Securities and Exchange thereunder,2 notice is hereby given that
Commission, 100 F Street NE., on November 14, 2017, Miami 3 The term ‘‘System’’ means the automated

Washington, DC 20549–1090. International Securities Exchange, LLC trading system used by the Exchange for the trading
All submissions should refer to File of securities. See Exchange Rule 100.
4 The term ‘‘Market Makers’’ refers to ‘‘Lead
Number SR–BOX–2017–33. This file 8 17 CFR 200.30–3(a)(12). Market Makers’’, ‘‘Primary Lead Market Makers’’
number should be included on the 1 15 U.S.C. 78s(b)(1). and ‘‘Registered Market Makers’’ collectively. See
subject line if email is used. To help the 2 17 CFR 240.19b–4. Exchange Rule 100.

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Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices 55897

a number of contracts equal to or above Section 6(b) of the Act 8 in general, and proposed rule changes are not designed
their Allowable Engagement furthers the objectives of Section 6(b)(5) to address any competitive issues but
Percentage.5 Further, the rule provides of the Act 9 in particular, in that it is rather are designed to add additional
that the Aggregate Risk Manager will designed to prevent fraudulent and clarity and detail to the Exchange’s
then automatically remove the Market manipulative acts and practices, to rules.
Maker’s quotations from the Exchange’s promote just and equitable principles of The Exchange does not believe that
disseminated quotation in all series of trade, to foster cooperation and the proposed rule changes will impose
that particular option class until the coordination with persons engaged in any burden on inter-market competition
Market Maker sends a notification to the regulating, clearing, settling, processing as the Rules apply equally to all
System of the intent to reengage quoting information with respect to, and Exchange Members.
and submits a new revised quotation.6 facilitating transactions in, securities, to
remove impediments to and perfect the C. Self-Regulatory Organization’s
The Exchange proposes to amend the
mechanisms of a free and open market Statement on Comments on the
second sentence of the rule to provide
and a national market system and, in Proposed Rule Change Received From
that, ‘‘[t]he Aggregate Risk Manager will
general, to protect investors and the Members, Participants, or Others
then automatically remove the Market
Maker’s Standard quotations and Day public interest. Written comments were neither
eQuotes from the Exchange’s The Exchange believes the proposed
solicited nor received.
disseminated quotation . . . .’’ changes promote just and equitable
Exchange Rule 100 provides that, ‘‘the principles of trade, remove III. Date of Effectiveness of the
term ‘quote’ or ‘quotation’ means a bid impediments to and perfect the Proposed Rule Change and Timing for
or offer entered by a Market Maker that mechanism of a free and open market Commission Action
is firm and may update the Market and a national market system because
they provide additional detail and Because the foregoing proposed rule
Maker’s previous quote, if any. The change does not: (i) Significantly affect
Rules of the Exchange provide for the clarity concerning how Day eQuotes and
eQuotes are handled when the the protection of investors or the public
use of different types of quotes, interest; (ii) impose any significant
Aggregate Risk Manager is engaged.
including Standard quotes and eQuotes, burden on competition; and (iii) become
Clarifying that eQuotes remain in the
as more fully described in Rule 517.’’ 7 operative for 30 days after the date of
System available for trading and may
The Exchange believes that adding the filing, or such shorter time as the
continue to be submitted to the
additional detail to the current rule text Commission may designate, it has
Exchange while the Aggregate Risk
to identify which specific types of become effective pursuant to 19(b)(3)(A)
Manager is engaged benefits Members
quotes are being removed adds clarity of the Act 11 and Rule 19b–4(f)(6) 12
and investors by providing increased
and precision to the rule text. thereunder.
transparency of Exchange functionality.
The Exchange also proposes to amend The Exchange notes that the proposed At any time within 60 days of the
Interpretations and Policies .01 to add changes are non-substantive and do not filing of the proposed rule change, the
additional detail and specificity to the affect current Exchange functionality in Commission summarily may
rule text. Currently, the rule provides any way. temporarily suspend such rule change if
that, ‘‘[t]he System does not include The Exchange believes the proposed it appears to the Commission that such
contracts traded through the use of an changes promote just and equitable action is necessary or appropriate in the
eQuote that is not a Day eQuote in the principles of trade, remove public interest, for the protection of
counting program for purposes of this impediments to and perfect the investors, or otherwise in furtherance of
Rule. eQuotes will remain in the System mechanism of a free and open market the purposes of the Act. If the
available for trading when the Aggregate and a national market system because Commission takes such action, the
Risk Manager is engaged.’’ The they seek to improve the accuracy of the Commission shall institute proceedings
Exchange proposes to amend the second Exchange’s rules. In particular, the to determine whether the proposed rule
sentence such that it reads, ‘‘eQuotes, Exchange believes that including should be approved or disapproved.
other than Day eQuotes, will remain in additional detail describing existing
the System available for trading and IV. Solicitation of Comments
Exchange functionality in the
may continue to be submitted to the Exchange’s rules will provide greater Interested persons are invited to
Exchange when the Aggregate Risk clarity to Members 10 and the public submit written data, views, and
Manager is engaged.’’ The Exchange regarding the Exchange’s Rules, and it is arguments concerning the foregoing,
believes that this proposed change more in the public interest for rules to be including whether the proposed rule
clearly articulates that eQuotes both (i) accurate and concise so as to eliminate change is consistent with the Act.
remain in the System, and (ii) may the potential for confusion. Comments may be submitted by any of
continue to be submitted to the System the following methods:
to facilitate trading, while the Aggregate B. Self-Regulatory Organization’s
Risk Manager is engaged. The Exchange Statement on Burden on Competition Electronic Comments
believes the proposed changes add The Exchange does not believe that • Use the Commission’s Internet
additional detail and clarity in the proposed rule change will impose comment form (http://www.sec.gov/
describing existing Exchange any burden on competition that is not rules/sro.shtml); or
functionality. necessary or appropriate in furtherance
sradovich on DSK3GMQ082PROD with NOTICES

of the purposes of the Act. The
2. Statutory Basis 11 15 U.S.C. 78s(b)(3)(A).
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
The Exchange believes that its 8 15U.S.C. 78f(b). 4(f)(6) requires a self-regulatory organization to give
9 15U.S.C. 78f(b)(5).
proposed rule change is consistent with the Commission written notice of its intent to file
10 The term ‘‘Member’’ means an individual or the proposed rule change at least five business days
organization approved to exercise the trading rights prior to the date of filing of the proposed rule
5 See Exchange Rule 612(b)(2). associated with a Trading Permit. Members are change, or such shorter time as designated by the
6 See Exchange Rule 612(b)(1). deemed ‘‘members’’ under the Exchange Act. See Commission. The Exchange has satisfied this
7 See Exchange Rule 100. Exchange Rule 100. requirement.

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55898 Federal Register / Vol. 82, No. 225 / Friday, November 24, 2017 / Notices

• Send an email to rule-comments@ SECURITIES AND EXCHANGE trade pursuant to unlisted trading
sec.gov. Please include File Number SR– COMMISSION privileges (‘‘UTP’’), ‘‘Commodity-Based
MIAX–2017–47 on the subject line. Trust Shares.’’ 4 The Exchange proposes
[Release No. 34–82116; File No. SR–
NYSEArca–2017–131]
to list and trade shares of the Trust
Paper Comments pursuant to NYSE Arca Rule 8.201–E,
• Send paper comments in triplicate Self-Regulatory Organizations; NYSE defined herein and in the Proxy Circular
Arca, Inc.; Notice of Filing of Proposed (defined below) as ‘‘Units.’’ The Units
to Secretary, Securities and Exchange
Rule Change To List and Trade Shares will be issued in connection with a plan
Commission, 100 F Street NE.,
of the Sprott Physical Gold and Silver of arrangement under the Alberta
Washington, DC 20549–1090. Business Corporations Act
Trust Under NYSE Arca Rule 8.201–E
All submissions should refer to File (‘‘Arrangement’’) involving Sprott Inc.
Number SR–MIAX–2017–47. This file November 17, 2017. (‘‘Sprott’’), the Trust, Central Fund of
number should be included on the Pursuant to Section 19(b)(1) 1 of the Canada Limited (‘‘CFCL’’) and its
subject line if email is used. To help the Securities Exchange Act of 1934 (the shareholders, The Central Group Alberta
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Ltd. (‘‘CGAL’’) and its shareholders and
Commission process and review your
notice is hereby given that, on 2070140 Alberta Ltd. (‘‘2070140’’) as
comments more efficiently, please use
November 9, 2017, NYSE Arca, Inc. (the described in ‘‘Description of the
only one method. The Commission will ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with Arrangement’’ below.
post all comments on the Commission’s the Securities and Exchange Sprott Asset Management LP will be
Internet Web site (http://www.sec.gov/ Commission (the ‘‘Commission’’) the the sponsor and manager of the Trust
rules/sro.shtml). Copies of the proposed rule change as described in (‘‘Manager’’).5 RBC Investor Services
submission, all subsequent Items I, II, and III below, which Items Trust (‘‘RBC’’) will be the trustee and
amendments, all written statements have been prepared by the self- valuation agent of the Trust (‘‘Trustee’’
with respect to the proposed rule regulatory organization. The or ‘‘Valuation Agent,’’ as the case may
change that are filed with the Commission is publishing this notice to be) 6 and the custodian of the Trust’s
Commission, and all written solicit comments on the proposed rule assets other than physical gold and
communications relating to the change from interested persons. silver bullion (‘‘Non-Gold and Silver
proposed rule change between the I. Self-Regulatory Organization’s Custodian’’).7 The Trust will appoint a
Commission and any person, other than Statement of the Terms of Substance of
those that may be withheld from the the Proposed Rule Change
4 Commodity-Based Trust Shares are securities

issued by a trust that represent investors’ discrete
public in accordance with the identifiable and undivided beneficial ownership
provisions of 5 U.S.C. 552, will be The Exchange proposes to list and
interest in the commodities deposited into the
trade shares of the following under
available for Web site viewing and Trust.
NYSE Arca Rule 8.201–E: Sprott 5 The Manager is a limited partnership formed
printing in the Commission’s Public
Physical Gold and Silver Trust and organized under the laws of the Province of
Reference Room, 100 F Street NE., (‘‘Trust’’). The proposed change is Ontario, Canada, and acts as manager of the Trust
Washington, DC 20549, on official available on the Exchange’s Web site at pursuant to the trust agreement and the
business days between the hours of management agreement. The Manager will be
www.nyse.com, at the principal office of responsible for the day-to-day activities and
10:00 a.m. and 3:00 p.m. Copies of the the Exchange, and at the Commission’s administration of the Trust. The Manager will
filing also will be available for Public Reference Room. manage and direct the business and affairs of the
inspection and copying at the principal Trust. Additional details regarding the Manager are
office of the Exchange. All comments II. Self-Regulatory Organization’s set forth in the Proxy Circular. The Manager has
Statement of the Purpose of, and adopted a policy pursuant to which any entity or
received will be posted without change. account that is: (a) Managed; or (b) for whom
Persons submitting comments are Statutory Basis for, the Proposed Rule investment decisions are made, directly or
Change indirectly, by a person that is involved in the
cautioned that we do not redact or edit
decision-making process of, or has non-public
personal identifying information from In its filing with the Commission, the information about, follow-on offerings of the Trust
comment submissions. You should self-regulatory organization included is prohibited from investing in the Trust, and no
submit only information that you wish statements concerning the purpose of, such decision-making person is permitted to invest
and basis for, the proposed rule change in the Trust for that decision-making person’s
to make available publicly. All benefit, directly or indirectly.
submissions should refer to File and discussed any comments it received 6 RBC is a trust company existing under the laws

Number SR–MIAX–2017–47 and should on the proposed rule change. The text of Canada. RBC is affiliated with a broker-dealer.
be submitted on or before December 15, of those statements may be examined at RBC will represent to the Exchange that it has put
the places specified in Item IV below. in place and will maintain the appropriate
2017. information barriers and controls between itself and
The Exchange has prepared summaries,
For the Commission, by the Division of the broker-dealer affiliate so that the broker-dealer
set forth in sections A, B, and C below, affiliate will not have access to information
Trading and Markets, pursuant to delegated of the most significant parts of such concerning the composition and/or changes to the
authority.13 statements. Trust’s holdings that are not available on the Trust’s
Eduardo A. Aleman, Web site. The Trustee will hold title to the Trust’s
A. Self-Regulatory Organization’s assets on behalf of the unitholders of the Trust
Assistant Secretary. Statement of the Purpose of, and the (‘‘Unitholders’’) and will have exclusive authority
[FR Doc. 2017–25355 Filed 11–22–17; 8:45 am] over the assets and affairs of the Trust. The Trustee
Statutory Basis for, the Proposed Rule has a fiduciary responsibility to act in the best
BILLING CODE 8011–01–P Change interest of the Unitholders. Additional details
sradovich on DSK3GMQ082PROD with NOTICES

regarding the Trustee are set forth in the Proxy
1. Purpose Circular.
Under NYSE Arca Rule 8.201–E, the 7 According to the Proxy Circular, the Non-Gold

Exchange may propose to list and/or and Silver Custodian will be responsible for the
safekeeping of all of the assets of the Trust
delivered to it and will act as the custodian of such
1 15 U.S.C.78s(b)(1). assets. The Manager, in accordance with applicable
2 15 U.S.C. 78a. law and with the consent of the Trustee, will have
13 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. the authority to change the custodial arrangement

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Document Created: 2017-11-22 23:34:09
Document Modified: 2017-11-22 23:34:09

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 55896