82_FR_57724 82 FR 57492 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Shell Structure for the BX Rulebook

82 FR 57492 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Shell Structure for the BX Rulebook

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 232 (December 5, 2017)

Page Range57492-57494
FR Document2017-26128

Federal Register, Volume 82 Issue 232 (Tuesday, December 5, 2017)
[Federal Register Volume 82, Number 232 (Tuesday, December 5, 2017)]
[Notices]
[Pages 57492-57494]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-26128]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82174; File No. SR-BX-2017-054]


Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Adopt a Shell 
Structure for the BX Rulebook

November 29, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on November 17, 2017, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. The Commission is publishing this 
notice to solicit comments on the proposed rule change from interested 
persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to adopt a shell structure for the BX 
rulebook (``Rulebook'') as part of its initiative to structure its 
Rulebook.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqbx.cchwallstreet.com/, at the principal office 
of the Exchange, 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
    On March 9, 2016, Nasdaq, Inc. acquired the capital stock of U.S. 
Exchange Holdings, thereby indirectly acquiring all of the interests of 
the International Securities Exchange, LLC (now Nasdaq ISE, LLC), ISE 
Gemini, LLC (now Nasdaq GEMX, LLC) (``GEMX'') and ISE Mercury, LLC (now 
Nasdaq MRX, LLC) (``MRX'').\3\ The acquisition resulted in a total of 
six self-regulatory organization licenses for Nasdaq, Inc. which, in 
addition to the three aforementioned exchanges, also

[[Page 57493]]

include The Nasdaq Stock Market LLC (``Nasdaq''), Nasdaq PHLX LLC 
(``Phlx'') and BX (collectively, ``Nasdaq Entities'').
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 78119 (June 21, 
2016), 81 FR 41611 (June 27, 2016) (SR-ISE-2016-11; SR-ISE Gemini-
2016-05; SR-ISE Mercury-2016-10) (Order Granting Accelerated 
Approval of Proposed Rule Changes, Each as Modified by Amendment No. 
1 Thereto, Relating to a Corporate Transaction in Which Nasdaq, Inc. 
Will Become the Indirect Parent of ISE, ISE Gemini, and ISE 
Mercury).
---------------------------------------------------------------------------

    The Exchange is planning to conform the chapters of the various 
Nasdaq Entity rulebooks for efficiency, and conformity of certain 
Nasdaq Entity processes. The Exchange believes that aligning the rules 
of the Nasdaq Entities will assist market participants in navigating 
the various rulebooks. Specifically, the Exchange proposes to add a 
shell structure which would reside alongside the current rulebook. The 
proposed shell would outline the various chapters of the future 
rulebook and contains new chapter numbering. A similar shell would be 
filed to add the same structure to each of the other Nasdaq Entities. 
The proposed chapters would be similar for each shell filed for each of 
the Nasdaq Entities. In subsequent rule changes, each of the Nasdaq 
Entities would file rule changes to move their current rules into the 
various chapters of the proposed shells for all six markets and delete 
the migrated rule from the current location in the Rulebook.\4\ The 
proposed shell would contain a general rule section and product 
specific sections, in this case equities and options, which would 
encompass all the rules of the Exchange.
---------------------------------------------------------------------------

    \4\ When relocating the current rule text into the new shell, 
the Exchange shall not amend the rule text but simply move existing 
rule text.
---------------------------------------------------------------------------

    The Exchange believes this new structure would align the Nasdaq 
Entities' rulebooks for ease of use by Members, who are members of more 
than one Nasdaq Entity. This proposal would not amend the current 
Rulebook and is therefore not a substantive change. A Member would 
continue to be able to view the current Rulebook alongside the proposed 
reorganized Rulebook. Subsequent rule changes will be filed to move the 
rule text into the shell Rulebook.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\5\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest, 
by starting the process of organizing its rules in a manner which is 
clear and consistent across the Nasdaq Entities. The Exchange believes 
that coordinating the chapters of the rulebooks among the Nasdaq 
Entities will provide Members, who are members of more than one Nasdaq 
Entity, with consistency and ease of reference in locating rules.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposed changes do not 
impose a burden on competition because the proposed amendments are non-
substantive, are intended to start the process to organize the rules of 
the Exchange in a manner that will be more user-friendly to Nasdaq 
Entity members.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \7\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the 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.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days after the date of its filing. However, 
Rule 19b-4(f)(6)(iii) \9\ permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Exchange has requested that the Commission 
waive the 30-day operative delay so that the proposed rule change will 
become operative upon filing. The Exchange states that such waiver will 
enable the Exchange to start the process to reorganize the rulebooks of 
the Nasdaq Entities. The Commission believes that waiver of the 30-day 
operative delay is consistent with the protection of investors and the 
public interest because the proposal does not raise any novel issues 
and waiver will allow the Exchange to begin the reorganization of its 
Rulebook without delay. Therefore, the Commission hereby waives the 
operative delay and designates the proposed rule change operative upon 
filing.\10\
---------------------------------------------------------------------------

    \9\ 17 CFR 240.19b-4(f)(6)(iii).
    \10\ For purposes only of waiving the 30-day operative delay, 
the Commission also has 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: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic 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-BX-2017-054 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-BX-2017-054. 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

[[Page 57494]]

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-BX-
2017-054, and should be submitted on or before December 26, 2017.
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-26128 Filed 12-4-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                57492                       Federal Register / Vol. 82, No. 232 / Tuesday, December 5, 2017 / Notices

                                                concern market dominant product(s),                     Commission a USPS Request to Add                        17, 2017, Nasdaq BX, Inc. (‘‘BX’’ or
                                                applicable statutory and regulatory                     Priority Mail Contract 379 to                           ‘‘Exchange’’) filed with the Securities
                                                requirements include 39 U.S.C. 3622, 39                 Competitive Product List. Documents                     and Exchange Commission
                                                U.S.C. 3642, 39 CFR part 3010, and 39                   are available at www.prc.gov, Docket                    (‘‘Commission’’) the proposed rule
                                                CFR part 3020, subpart B. For request(s)                Nos. MC2018–36, CP2018–66.                              change as described in Items I and II
                                                that the Postal Service states concern                                                                          below, which Items have been prepared
                                                                                                        Elizabeth A. Reed,
                                                competitive product(s), applicable                                                                              by the Exchange. The Commission is
                                                statutory and regulatory requirements                   Attorney, Corporate and Postal Business Law.            publishing this notice to solicit
                                                include 39 U.S.C. 3632, 39 U.S.C. 3633,                 [FR Doc. 2017–26118 Filed 12–4–17; 8:45 am]             comments on the proposed rule change
                                                39 U.S.C. 3642, 39 CFR part 3015, and                   BILLING CODE 7710–12–P                                  from interested persons.
                                                39 CFR part 3020, subpart B. Comment
                                                                                                                                                                I. Self-Regulatory Organization’s
                                                deadline(s) for each request appear in
                                                                                                        POSTAL SERVICE                                          Statement of the Terms of the Substance
                                                section II.
                                                                                                                                                                of the Proposed Rule Change
                                                II. Docketed Proceeding(s)                              Product Change—Priority Mail and                           The Exchange proposes to adopt a
                                                   1. Docket No(s).: MC2018–36 and                      First-Class Package Service                             shell structure for the BX rulebook
                                                CP2018–66; Filing Title: USPS Request                   Negotiated Service Agreement                            (‘‘Rulebook’’) as part of its initiative to
                                                to Add Priority Mail Contract 379 to                    AGENCY: Postal ServiceTM.                               structure its Rulebook.
                                                Competitive Product List and Notice of                                                                             The text of the proposed rule change
                                                                                                        ACTION: Notice.
                                                Filing Materials Under Seal; Filing                                                                             is available on the Exchange’s Web site
                                                Acceptance Date: November 29, 2017;                     SUMMARY:    The Postal Service gives                    at http://nasdaqbx.cchwallstreet.com/,
                                                Filing Authority: 39 U.S.C. 3642 and 39                 notice of filing a request with the Postal              at the principal office of the Exchange,
                                                CFR 3020.30 et seq.; Public                             Regulatory Commission to add a                          and at the Commission’s Public
                                                Representative: Timothy J. Schwuchow;                   domestic shipping services contract to                  Reference Room.
                                                Comments Due: December 7, 2017.                         the list of Negotiated Service                          II. Self-Regulatory Organization’s
                                                   2. Docket No(s).: MC2018–37 and                      Agreements in the Mail Classification                   Statement of the Purpose of, and
                                                CP2018–67; Filing Title: USPS Request                   Schedule’s Competitive Products List.                   Statutory Basis for, the Proposed Rule
                                                to Add Priority Mail & First-Class                      DATES: Date of notice required under 39                 Change
                                                Package Service Contract 63 to                          U.S.C. 3642(d)(1): December 5, 2017.
                                                Competitive Product List and Notice of                                                                             In its filing with the Commission, the
                                                                                                        FOR FURTHER INFORMATION CONTACT:                        Exchange included statements
                                                Filing Materials Under Seal; Filing
                                                Acceptance Date: November 29, 2017;                     Elizabeth A. Reed, 202–268–3179.                        concerning the purpose of and basis for
                                                Filing Authority: 39 U.S.C. 3642 and 39                 SUPPLEMENTARY INFORMATION: The                          the proposed rule change and discussed
                                                CFR 3020.30 et seq.; Public                             United States Postal Service® hereby                    any comments it received on the
                                                Representative: Timothy J. Schwuchow;                   gives notice that, pursuant to 39 U.S.C.                proposed rule change. The text of these
                                                Comments Due: December 7, 2017.                         3642 and 3632(b)(3), on November 29,                    statements may be examined at the
                                                   This notice will be published in the                 2017, it filed with the Postal Regulatory               places specified in Item IV below. The
                                                Federal Register.                                       Commission a USPS Request to Add                        Exchange has prepared summaries, set
                                                                                                        Priority Mail & First-Class Package                     forth in sections A, B, and C below, of
                                                Stacy L. Ruble,                                         Service Contract 63 to Competitive                      the most significant aspects of such
                                                Secretary.                                              Product List. Documents are available at                statements.
                                                [FR Doc. 2017–26198 Filed 12–4–17; 8:45 am]             www.prc.gov, Docket Nos. MC2018–37,
                                                                                                                                                                A. Self-Regulatory Organization’s
                                                BILLING CODE 7710–FW–P                                  CP2018–67.
                                                                                                                                                                Statement of the Purpose of, and
                                                                                                        Elizabeth A. Reed,                                      Statutory Basis for, the Proposed Rule
                                                                                                        Attorney, Corporate and Postal Business Law.            Change
                                                POSTAL SERVICE
                                                                                                        [FR Doc. 2017–26119 Filed 12–4–17; 8:45 am]             1. Purpose
                                                Product Change—Priority Mail                            BILLING CODE 7710–12–P
                                                                                                                                                                   On March 9, 2016, Nasdaq, Inc.
                                                Negotiated Service Agreement                                                                                    acquired the capital stock of U.S.
                                                AGENCY:   Postal ServiceTM.                                                                                     Exchange Holdings, thereby indirectly
                                                                                                        SECURITIES AND EXCHANGE                                 acquiring all of the interests of the
                                                ACTION:   Notice.                                       COMMISSION                                              International Securities Exchange, LLC
                                                SUMMARY:    The Postal Service gives                    [Release No. 34–82174; File No. SR–BX–                  (now Nasdaq ISE, LLC), ISE Gemini,
                                                notice of filing a request with the Postal              2017–054]                                               LLC (now Nasdaq GEMX, LLC)
                                                Regulatory Commission to add a                                                                                  (‘‘GEMX’’) and ISE Mercury, LLC (now
                                                domestic shipping services contract to                  Self-Regulatory Organizations; Nasdaq                   Nasdaq MRX, LLC) (‘‘MRX’’).3 The
                                                the list of Negotiated Service                          BX, Inc.; Notice of Filing and                          acquisition resulted in a total of six self-
                                                Agreements in the Mail Classification                   Immediate Effectiveness of Proposed                     regulatory organization licenses for
                                                Schedule’s Competitive Products List.                   Rule Change To Adopt a Shell                            Nasdaq, Inc. which, in addition to the
                                                DATES: Date of notice required under 39                 Structure for the BX Rulebook                           three aforementioned exchanges, also
                                                U.S.C. 3642(d)(1): December 5, 2017.
sradovich on DSK3GMQ082PROD with NOTICES




                                                                                                        November 29, 2017.                                         3 See Securities Exchange Act Release No. 78119
                                                FOR FURTHER INFORMATION CONTACT:                           Pursuant to Section 19(b)(1) of the                  (June 21, 2016), 81 FR 41611 (June 27, 2016) (SR–
                                                Elizabeth A. Reed, 202–268–3179.                        Securities Exchange Act of 1934                         ISE–2016–11; SR–ISE Gemini–2016–05; SR–ISE
                                                SUPPLEMENTARY INFORMATION: The                          (‘‘Act’’),1 and Rule 19b–4 thereunder,2                 Mercury–2016–10) (Order Granting Accelerated
                                                United States Postal Service® hereby                    notice is hereby given that on November                 Approval of Proposed Rule Changes, Each as
                                                                                                                                                                Modified by Amendment No. 1 Thereto, Relating to
                                                gives notice that, pursuant to 39 U.S.C.                                                                        a Corporate Transaction in Which Nasdaq, Inc. Will
                                                3642 and 3632(b)(3), on November 29,                      1 15   U.S.C. 78s(b)(1).                              Become the Indirect Parent of ISE, ISE Gemini, and
                                                2017, it filed with the Postal Regulatory                 2 17   CFR 240.19b–4.                                 ISE Mercury).



                                           VerDate Sep<11>2014   18:13 Dec 04, 2017   Jkt 244001   PO 00000   Frm 00070     Fmt 4703   Sfmt 4703   E:\FR\FM\05DEN1.SGM   05DEN1


                                                                            Federal Register / Vol. 82, No. 232 / Tuesday, December 5, 2017 / Notices                                                      57493

                                                include The Nasdaq Stock Market LLC                     The Exchange believes that coordinating                 believes that waiver of the 30-day
                                                (‘‘Nasdaq’’), Nasdaq PHLX LLC (‘‘Phlx’’)                the chapters of the rulebooks among the                 operative delay is consistent with the
                                                and BX (collectively, ‘‘Nasdaq                          Nasdaq Entities will provide Members,                   protection of investors and the public
                                                Entities’’).                                            who are members of more than one                        interest because the proposal does not
                                                   The Exchange is planning to conform                  Nasdaq Entity, with consistency and                     raise any novel issues and waiver will
                                                the chapters of the various Nasdaq                      ease of reference in locating rules.                    allow the Exchange to begin the
                                                Entity rulebooks for efficiency, and                                                                            reorganization of its Rulebook without
                                                                                                        B. Self-Regulatory Organization’s
                                                conformity of certain Nasdaq Entity                                                                             delay. Therefore, the Commission
                                                                                                        Statement on Burden on Competition
                                                processes. The Exchange believes that                                                                           hereby waives the operative delay and
                                                aligning the rules of the Nasdaq Entities                 The Exchange does not believe that                    designates the proposed rule change
                                                will assist market participants in                      the proposed rule change will impose                    operative upon filing.10
                                                navigating the various rulebooks.                       any burden on competition not                              At any time within 60 days of the
                                                Specifically, the Exchange proposes to                  necessary or appropriate in furtherance                 filing of the proposed rule change, the
                                                add a shell structure which would                       of the purposes of the Act. The                         Commission summarily may
                                                reside alongside the current rulebook.                  proposed changes do not impose a                        temporarily suspend such rule change if
                                                The proposed shell would outline the                    burden on competition because the                       it appears to the Commission that such
                                                various chapters of the future rulebook                 proposed amendments are non-                            action is: (i) Necessary or appropriate in
                                                and contains new chapter numbering. A                   substantive, are intended to start the                  the public interest; (ii) for the protection
                                                similar shell would be filed to add the                 process to organize the rules of the                    of investors; or (iii) otherwise in
                                                same structure to each of the other                     Exchange in a manner that will be more                  furtherance of the purposes of the Act.
                                                Nasdaq Entities. The proposed chapters                  user-friendly to Nasdaq Entity members.                 If the Commission takes such action, the
                                                would be similar for each shell filed for               C. Self-Regulatory Organization’s                       Commission shall institute proceedings
                                                each of the Nasdaq Entities. In                         Statement on Comments on the                            to determine whether the proposed rule
                                                subsequent rule changes, each of the                    Proposed Rule Change Received From                      should be approved or disapproved.
                                                Nasdaq Entities would file rule changes                 Members, Participants, or Others                        IV. Solicitation of Comments
                                                to move their current rules into the                      No written comments were either                         Interested persons are invited to
                                                various chapters of the proposed shells                 solicited or received.                                  submit written data, views, and
                                                for all six markets and delete the
                                                                                                        III. Date of Effectiveness of the                       arguments concerning the foregoing,
                                                migrated rule from the current location
                                                                                                        Proposed Rule Change and Timing for                     including whether the proposed rule
                                                in the Rulebook.4 The proposed shell
                                                                                                        Commission Action                                       change is consistent with the Act.
                                                would contain a general rule section                                                                            Comments may be submitted by any of
                                                and product specific sections, in this                     Because the foregoing proposed rule                  the following methods:
                                                case equities and options, which would                  change does not: (i) Significantly affect
                                                encompass all the rules of the Exchange.                the protection of investors or the public               Electronic Comments
                                                   The Exchange believes this new                       interest; (ii) impose any significant                     • Use the Commission’s Internet
                                                structure would align the Nasdaq                        burden on competition; and (iii) become                 comment form (http://www.sec.gov/
                                                Entities’ rulebooks for ease of use by                  operative for 30 days from the date on                  rules/sro.shtml); or
                                                Members, who are members of more                        which it was filed, or such shorter time                  • Send an email to rule-comments@
                                                than one Nasdaq Entity. This proposal                   as the Commission may designate, it has                 sec.gov. Please include File Number SR–
                                                would not amend the current Rulebook                    become effective pursuant to Section                    BX–2017–054 on the subject line.
                                                and is therefore not a substantive                      19(b)(3)(A)(iii) of the Act 7 and
                                                change. A Member would continue to be                                                                           Paper Comments
                                                                                                        subparagraph (f)(6) of Rule 19b–4
                                                able to view the current Rulebook                       thereunder.8                                              • Send paper comments in triplicate
                                                alongside the proposed reorganized                         A proposed rule change filed under                   to Secretary, Securities and Exchange
                                                Rulebook. Subsequent rule changes will                  Rule 19b–4(f)(6) normally does not                      Commission, 100 F Street NE.,
                                                be filed to move the rule text into the                 become operative for 30 days after the                  Washington, DC 20549–1090.
                                                shell Rulebook.                                         date of its filing. However, Rule                       All submissions should refer to File
                                                                                                        19b–4(f)(6)(iii) 9 permits the                          Number SR–BX–2017–054. This file
                                                2. Statutory Basis                                      Commission to designate a shorter time                  number should be included on the
                                                   The Exchange believes that its                       if such action is consistent with the                   subject line if email is used. To help the
                                                proposal is consistent with Section 6(b)                protection of investors and the public                  Commission process and review your
                                                of the Act,5 in general, and furthers the               interest. The Exchange has requested                    comments more efficiently, please use
                                                objectives of Section 6(b)(5) of the Act,6              that the Commission waive the 30-day                    only one method. The Commission will
                                                in particular, in that it is designed to                operative delay so that the proposed                    post all comments on the Commission’s
                                                promote just and equitable principles of                rule change will become operative upon                  Internet Web site (http://www.sec.gov/
                                                trade, to remove impediments to and                     filing. The Exchange states that such                   rules/sro.shtml). Copies of the
                                                perfect the mechanism of a free and                     waiver will enable the Exchange to start                submission, all subsequent
                                                open market and a national market                       the process to reorganize the rulebooks                 amendments, all written statements
                                                system, and, in general to protect                      of the Nasdaq Entities. The Commission                  with respect to the proposed rule
                                                investors and the public interest, by                                                                           change that are filed with the
                                                starting the process of organizing its                    7 15  U.S.C. 78s(b)(3)(A)(iii).                       Commission, and all written
sradovich on DSK3GMQ082PROD with NOTICES




                                                                                                          8 17  CFR 240.19b–4(f)(6). As required under Rule
                                                rules in a manner which is clear and                                                                            communications relating to the
                                                                                                        19b–4(f)(6)(iii), the Exchange provided the
                                                consistent across the Nasdaq Entities.                  Commission with written notice of its intent to file    proposed rule change between the
                                                                                                        the proposed rule change, along with a brief
                                                  4 When relocating the current rule text into the
                                                                                                        description and the text of the proposed rule              10 For purposes only of waiving the 30-day
                                                new shell, the Exchange shall not amend the rule        change, at least five business days prior to the date   operative delay, the Commission also has
                                                text but simply move existing rule text.                of filing of the proposed rule change, or such          considered the proposed rule’s impact on
                                                  5 15 U.S.C. 78f(b).                                   shorter time as designated by the Commission.           efficiency, competition, and capital formation. See
                                                  6 15 U.S.C. 78f(b)(5).                                  9 17 CFR 240.19b–4(f)(6)(iii).                        15 U.S.C. 78c(f).



                                           VerDate Sep<11>2014   18:13 Dec 04, 2017   Jkt 244001   PO 00000   Frm 00071   Fmt 4703   Sfmt 4703   E:\FR\FM\05DEN1.SGM    05DEN1


                                                57494                       Federal Register / Vol. 82, No. 232 / Tuesday, December 5, 2017 / Notices

                                                Commission and any person, other than                   I. Self-Regulatory Organization’s                     Specifically, the Exchange proposes to
                                                those that may be withheld from the                     Statement of the Terms of the Substance               add a shell structure which would
                                                public in accordance with the                           of the Proposed Rule Change                           reside alongside the current rulebook.
                                                provisions of 5 U.S.C. 552, will be                        The Exchange proposes to adopt a                   The proposed shell would outline the
                                                available for Web site viewing and                      shell structure for the Nasdaq rulebook               various chapters of the future rulebook
                                                printing in the Commission’s Public                     (‘‘Rulebook’’) as part of its initiative to           and contains new chapter numbering. A
                                                Reference Room, 100 F Street NE.,                       structure its Rulebook.                               similar shell would be filed to add the
                                                Washington, DC 20549 on official                           The text of the proposed rule change               same structure to each of the other
                                                business days between the hours of                      is available on the Exchange’s Web site               Nasdaq Entities. The proposed chapters
                                                                                                        at http://nasdaq.cchwallstreet.                       would be similar for each shell filed for
                                                10:00 a.m. and 3:00 p.m. Copies of the
                                                                                                        com, at the principal office of the                   each of the Nasdaq Entities. In
                                                filing also will be available for
                                                                                                        Exchange, and at the Commission’s                     subsequent rule changes, each of the
                                                inspection and copying at the principal                                                                       Nasdaq Entities would file rule changes
                                                office of the Exchange. All comments                    Public Reference Room.
                                                                                                                                                              to move their current rules into the
                                                received will be posted without change.                 II. Self-Regulatory Organization’s                    various chapters of the proposed shells
                                                Persons submitting comments are                         Statement of the Purpose of, and                      for all six markets and delete the
                                                cautioned that we do not redact or edit                 Statutory Basis for, the Proposed Rule                migrated rule from the current location
                                                personal identifying information from                   Change                                                in the Rulebook.4 The proposed shell
                                                comment submissions. You should                            In its filing with the Commission, the             would contain a general rule section
                                                submit only information that you wish                   Exchange included statements                          and product specific sections, in this
                                                to make available publicly. All                         concerning the purpose of and basis for               case equities and options, which would
                                                submissions should refer to File                        the proposed rule change and discussed                encompass all the rules of the Exchange.
                                                Number SR–BX–2017–054, and should                       any comments it received on the                          The Exchange believes this new
                                                be submitted on or before December 26,                  proposed rule change. The text of these               structure would align the Nasdaq
                                                2017.                                                   statements may be examined at the                     Entities’ rulebooks for ease of use by
                                                                                                        places specified in Item IV below. The                Members, who are members of more
                                                  For the Commission, by the Division of                                                                      than one Nasdaq Entity. This proposal
                                                Trading and Markets, pursuant to delegated
                                                                                                        Exchange has prepared summaries, set
                                                                                                        forth in sections A, B, and C below, of               would not amend the current Rulebook
                                                authority.11                                                                                                  and is therefore not a substantive
                                                                                                        the most significant aspects of such
                                                Eduardo A. Aleman,                                      statements.                                           change. A Member would continue to be
                                                Assistant Secretary.                                                                                          able to view the current Rulebook
                                                [FR Doc. 2017–26128 Filed 12–4–17; 8:45 am]
                                                                                                        A. Self-Regulatory Organization’s                     alongside the proposed reorganized
                                                                                                        Statement of the Purpose of, and                      Rulebook. Subsequent rule changes will
                                                BILLING CODE 8011–01–P
                                                                                                        Statutory Basis for, the Proposed Rule                be filed to move the rule text into the
                                                                                                        Change                                                shell Rulebook.
                                                SECURITIES AND EXCHANGE                                 1. Purpose                                            2. Statutory Basis
                                                COMMISSION                                                 On March 9, 2016, Nasdaq, Inc.                        The Exchange believes that its
                                                                                                        acquired the capital stock of U.S.                    proposal is consistent with Section 6(b)
                                                [Release No. 34–82175; File No. SR–                     Exchange Holdings, thereby indirectly                 of the Act,5 in general, and furthers the
                                                NASDAQ–2017–125]                                        acquiring all of the interests of the                 objectives of Section 6(b)(5) of the Act,6
                                                                                                        International Securities Exchange, LLC                in particular, in that it is designed to
                                                Self-Regulatory Organizations; The                      (now Nasdaq ISE, LLC), ISE Gemini,                    promote just and equitable principles of
                                                Nasdaq Stock Market LLC; Notice of                      LLC (now Nasdaq GEMX, LLC)                            trade, to remove impediments to and
                                                Filing and Immediate Effectiveness of                   (‘‘GEMX’’) and ISE Mercury, LLC (now                  perfect the mechanism of a free and
                                                Proposed Rule Change To Adopt a                         Nasdaq MRX, LLC) (‘‘MRX’’).3 The                      open market and a national market
                                                Shell Structure for the Nasdaq                          acquisition resulted in a total of six self-          system, and, in general to protect
                                                Rulebook                                                regulatory organization licenses for                  investors and the public interest, by
                                                                                                        Nasdaq, Inc. which, in addition to the                starting the process of organizing its
                                                November 29, 2017.                                      three aforementioned exchanges, also                  rules in a manner which is clear and
                                                   Pursuant to Section 19(b)(1) of the                  include Nasdaq, Nasdaq PHLX LLC                       consistent across the Nasdaq Entities.
                                                Securities Exchange Act of 1934                         (‘‘Phlx’’) and Nasdaq BX, Inc. (‘‘BX’’)               The Exchange believes that coordinating
                                                (‘‘Act’’),1 and Rule 19b–4 thereunder,2                 (collectively, ‘‘Nasdaq Entities’’).                  the chapters of the rulebooks among the
                                                                                                           The Exchange is planning to conform                Nasdaq Entities will provide Members,
                                                notice is hereby given that on November
                                                                                                        the chapters of the various Nasdaq                    who are members of more than one
                                                17, 2017, The Nasdaq Stock Market LLC                   Entity rulebooks for efficiency, and
                                                (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the                                                                   Nasdaq Entity, with consistency and
                                                                                                        conformity of certain Nasdaq Entity                   ease of reference in locating rules.
                                                Securities and Exchange Commission                      processes. The Exchange believes that
                                                (‘‘Commission’’) the proposed rule                      aligning the rules of the Nasdaq Entities             B. Self-Regulatory Organization’s
                                                change as described in Items I and II                   will assist market participants in                    Statement on Burden on Competition
                                                below, which Items have been prepared                   navigating the various rulebooks.                       The Exchange does not believe that
                                                by the Exchange. The Commission is                                                                            the proposed rule change will impose
sradovich on DSK3GMQ082PROD with NOTICES




                                                publishing this notice to solicit                          3 See Securities Exchange Act Release No. 78119
                                                                                                                                                              any burden on competition not
                                                comments on the proposed rule change                    (June 21, 2016), 81 FR 41611 (June 27, 2016) (SR–
                                                                                                                                                              necessary or appropriate in furtherance
                                                                                                        ISE–2016–11; SR–ISE Gemini–2016–05; SR–ISE
                                                from interested persons.                                Mercury–2016–10) (Order Granting Accelerated
                                                                                                                                                                4 When relocating the current rule text into the
                                                                                                        Approval of Proposed Rule Changes, Each as
                                                                                                        Modified by Amendment No. 1 Thereto, Relating to      new shell, the Exchange shall not amend the rule
                                                  11 17 CFR 200.30–3(a)(12).
                                                                                                        a Corporate Transaction in Which Nasdaq, Inc. Will    text but simply move existing rule text.
                                                  1 15 U.S.C. 78s(b)(1).                                                                                        5 15 U.S.C. 78f(b).
                                                                                                        Become the Indirect Parent of ISE, ISE Gemini, and
                                                  2 17 CFR 240.19b–4.                                   ISE Mercury).                                           6 15 U.S.C. 78f(b)(5).




                                           VerDate Sep<11>2014   18:13 Dec 04, 2017   Jkt 244001   PO 00000   Frm 00072   Fmt 4703   Sfmt 4703   E:\FR\FM\05DEN1.SGM   05DEN1



Document Created: 2017-12-04 23:45:26
Document Modified: 2017-12-04 23:45:26
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 57492 

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR