82 FR 57495 - Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Shell Structure for the MRX Rulebook
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 232 (December 5, 2017)
Federal Register Volume 82, Issue 232 (December 5, 2017)
| Page Range | 57495-57497 | |
| FR Document | 2017-26126 |
[Federal Register Volume 82, Number 232 (Tuesday, December 5, 2017)] [Notices] [Pages 57495-57497] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-26126] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82172; File No. SR-MRX-2017-26] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Shell Structure for the MRX 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 MRX, LLC (``MRX'' 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 MRX 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://nasdaqmrx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. [[Page 57496]] 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) and ISE Mercury, LLC (now 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 include The Nasdaq Stock Market LLC (``Nasdaq''), Nasdaq PHLX LLC (``Phlx'') and Nasdaq BX, Inc. (``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 section, in this case 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 [[Page 57497]] the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-MRX-2017-26 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-MRX-2017-26. 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-MRX-2017-26, and should be submitted on or before December 26, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-26126 Filed 12-4-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 232 / Tuesday, December 5, 2017 / Notices 57495
of the purposes of the Act. The At any time within 60 days of the office of the Exchange. All comments
proposed changes do not impose a filing of the proposed rule change, the received will be posted without change.
burden on competition because the Commission summarily may Persons submitting comments are
proposed amendments are non- temporarily suspend such rule change if cautioned that we do not redact or edit
substantive, are intended to start the it appears to the Commission that such personal identifying information from
process to organize the rules of the action is: (i) Necessary or appropriate in comment submissions. You should
Exchange in a manner that will be more the public interest; (ii) for the protection submit only information that you wish
user-friendly to Nasdaq Entity members. of investors; or (iii) otherwise in to make available publicly. All
C. Self-Regulatory Organization’s furtherance of the purposes of the Act. submissions should refer to File
Statement on Comments on the If the Commission takes such action, the Number SR–NASDAQ–2017–125, and
Proposed Rule Change Received From Commission shall institute proceedings should be submitted on or before
Members, Participants, or Others to determine whether the proposed rule December 26, 2017.
should be approved or disapproved.
No written comments were either For the Commission, by the Division of
solicited or received. IV. Solicitation of Comments Trading and Markets, pursuant to delegated
Interested persons are invited to authority.11
III. Date of Effectiveness of the
submit written data, views, and Eduardo A. Aleman,
Proposed Rule Change and Timing for
Commission Action arguments concerning the foregoing, Assistant Secretary.
including whether the proposed rule [FR Doc. 2017–26129 Filed 12–4–17; 8:45 am]
Because the foregoing proposed rule change is consistent with the Act.
change does not: (i) Significantly affect BILLING CODE 8011–01–P
Comments may be submitted by any of
the protection of investors or the public the following methods:
interest; (ii) impose any significant
burden on competition; and (iii) become Electronic Comments SECURITIES AND EXCHANGE
operative for 30 days from the date on COMMISSION
• Use the Commission’s Internet
which it was filed, or such shorter time comment form (http://www.sec.gov/
as the Commission may designate, it has rules/sro.shtml); or [Release No. 34–82172; File No. SR–MRX–
become effective pursuant to Section • Send an email to rule-comments@ 2017–26]
19(b)(3)(A)(iii) of the Act 7 and sec.gov. Please include File Number SR–
subparagraph (f)(6) of Rule 19b–4 NASDAQ–2017–125 on the subject line. Self-Regulatory Organizations; Nasdaq
thereunder.8 MRX, LLC; Notice of Filing and
A proposed rule change filed under Paper Comments Immediate Effectiveness of Proposed
Rule 19b–4(f)(6) normally does not • Send paper comments in triplicate Rule Change To Adopt a Shell
become operative for 30 days after the to Secretary, Securities and Exchange Structure for the MRX Rulebook
date of its filing. However, Rule 19b– Commission, 100 F Street NE.,
4(f)(6)(iii) 9 permits the Commission to November 29, 2017.
Washington, DC 20549–1090.
designate a shorter time if such action All submissions should refer to File Pursuant to Section 19(b)(1) of the
is consistent with the protection of Number SR–NASDAQ–2017–125. This Securities Exchange Act of 1934
investors and the public interest. The file number should be included on the (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Exchange has requested that the subject line if email is used. To help the notice is hereby given that on November
Commission waive the 30-day operative Commission process and review your 17, 2017, Nasdaq MRX, LLC (‘‘MRX’’ or
delay so that the proposed rule change comments more efficiently, please use ‘‘Exchange’’) filed with the Securities
will become operative upon filing. The only one method. The Commission will and Exchange Commission
Exchange states that such waiver will post all comments on the Commission’s (‘‘Commission’’) the proposed rule
enable the Exchange to start the process Internet Web site (http://www.sec.gov/ change as described in Items I and II
to reorganize the rulebooks of the rules/sro.shtml). Copies of the below, which Items have been prepared
Nasdaq Entities. The Commission submission, all subsequent by the Exchange. The Commission is
believes that waiver of the 30-day amendments, all written statements publishing this notice to solicit
operative delay is consistent with the with respect to the proposed rule comments on the proposed rule change
protection of investors and the public change that are filed with the from interested persons.
interest because the proposal does not Commission, and all written
raise any novel issues and waiver will I. Self-Regulatory Organization’s
communications relating to the
allow the Exchange to begin the Statement of the Terms of the Substance
proposed rule change between the
reorganization of its Rulebook without of the Proposed Rule Change
Commission and any person, other than
delay. Therefore, the Commission those that may be withheld from the
hereby waives the operative delay and The Exchange proposes to adopt a
public in accordance with the shell structure for the MRX rulebook
designates the proposed rule change provisions of 5 U.S.C. 552, will be
operative upon filing.10 (‘‘Rulebook’’) as part of its initiative to
available for Web site viewing and structure its Rulebook.
7 15 U.S.C. 78s(b)(3)(A)(iii).
printing in the Commission’s Public
Reference Room, 100 F Street NE., The text of the proposed rule change
8 17 CFR 240.19b–4(f)(6). As required under Rule
Washington, DC 20549 on official is available on the Exchange’s Web site
19b–4(f)(6)(iii), the Exchange provided the
sradovich on DSK3GMQ082PROD with NOTICES
Commission with written notice of its intent to file business days between the hours of at http://nasdaqmrx.cchwallstreet.com/,
the proposed rule change, along with a brief 10:00 a.m. and 3:00 p.m. Copies of the at the principal office of the Exchange,
description and the text of the proposed rule
filing also will be available for and at the Commission’s Public
change, at least five business days prior to the date Reference Room.
of filing of the proposed rule change, or such inspection and copying at the principal
shorter time as designated by the Commission.
9 17 CFR 240.19b–4(f)(6)(iii). 11 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
10 For purposes only of waiving the 30-day 1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
operative delay, the Commission also has 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 232 / Tuesday, December 5, 2017 / Notices 57497
the public interest; (ii) for the protection be submitted on or before December 26, Section 19(b)(2) of the Act 5 provides
of investors; or (iii) otherwise in 2017. that, within 45 days of the publication
furtherance of the purposes of the Act. For the Commission, by the Division of of notice of the filing of a proposed rule
If the Commission takes such action, the Trading and Markets, pursuant to delegated change, or within such longer period up
Commission shall institute proceedings authority.11 to 90 days as the Commission may
to determine whether the proposed rule Eduardo A. Aleman, designate if it finds such longer period
should be approved or disapproved. Assistant Secretary. to be appropriate and publishes its
IV. Solicitation of Comments [FR Doc. 2017–26126 Filed 12–4–17; 8:45 am] reasons for so finding or as to which the
BILLING CODE 8011–01–P
self-regulatory organization consents,
Interested persons are invited to the Commission shall either approve the
submit written data, views, and proposed rule change, disapprove the
arguments concerning the foregoing, proposed rule change, or institute
SECURITIES AND EXCHANGE
including whether the proposed rule proceedings to determine whether the
COMMISSION
change is consistent with the Act. proposed rule change should be
Comments may be submitted by any of [Release No. 34–82176; File No. SR– disapproved. The 45th day after
the following methods: NYSEArca–2017–87]
publication of the notice for this
Electronic Comments Self-Regulatory Organizations; NYSE proposed rule change is November 30,
2017. The Commission is extending this
• Use the Commission’s Internet Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action 45-day time period.
comment form (http://www.sec.gov/
on a Proposed Rule Change, as The Commission finds that it is
rules/sro.shtml); or
• Send an email to rule-comments@ Modified by Amendment No. 2, To List appropriate to designate a longer period
sec.gov. Please include File Number SR– and Trade Shares of the JPMorgan within which to take action on the
MRX–2017–26 on the subject line. Long/Short ETF Under NYSE Arca Rule proposed rule change so that it has
8.600–E sufficient time to consider the proposed
Paper Comments rule change, as modified by Amendment
• Send paper comments in triplicate November 29, 2017. No. 2. Accordingly, the Commission,
to Secretary, Securities and Exchange On September 26, 2017, NYSE Arca, pursuant to Section 19(b)(2) of the Act,6
Commission, 100 F Street NE., Inc. (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed designates January 14, 2018, as the date
Washington, DC 20549–1090. with the Securities and Exchange by which the Commission shall either
All submissions should refer to File Commission (‘‘Commission’’), pursuant approve or disapprove, or institute
Number SR–MRX–2017–26. This file to Section 19(b)(1) of the Securities proceedings to determine whether to
number should be included on the Exchange Act of 1934 (‘‘Act’’) 1 and Rule disapprove, the proposed rule change
subject line if email is used. To help the 19b–4 thereunder,2 a proposed rule (File Number SR–NYSEArca-2017–87),
Commission process and review your change to list and trade shares as modified by Amendment No. 2.
comments more efficiently, please use (‘‘Shares’’) of the JPMorgan Long/Short
For the Commission, by the Division of
only one method. The Commission will ETF (‘‘Fund’’) under NYSE Arca Rule Trading and Markets, pursuant to delegated
post all comments on the Commission’s 8.600–E. The proposed rule change was authority.7
Internet Web site (http://www.sec.gov/ published for comment in the Federal Eduardo A. Aleman,
rules/sro.shtml). Copies of the Register on October 16, 2017.3 On
Assistant Secretary.
submission, all subsequent November 17, 2017, the Exchange filed
[FR Doc. 2017–26130 Filed 12–4–17; 8:45 am]
amendments, all written statements Amendment No. 1 to the proposed rule
BILLING CODE 8011–01–P
with respect to the proposed rule change, which amended and superseded
change that are filed with the the proposed rule change as originally
Commission, and all written filed. On November 27, 2017, the
SECURITIES AND EXCHANGE
communications relating to the Exchange filed Amendment No. 2 to the
COMMISSION
proposed rule change between the proposed rule change, which amended
Commission and any person, other than and superseded the proposed rule [Release No. 34–82166; File No. SR–
those that may be withheld from the change as modified by Amendment No. NYSEArca–2017–90]
public in accordance with the 1.4 The Commission has received no
provisions of 5 U.S.C. 552, will be comments on the proposed rule change. Self-Regulatory Organizations; NYSE
available for Web site viewing and Arca, Inc.; Order Approving a
printing in the Commission’s Public
11 17 CFR 200.30–3(a)(12). Proposed Rule Change, as Modified by
Reference Room, 100 F Street NE.,
1 15 U.S.C. 78s(b)(1). Amendment No. 2, To List and Trade
2 17 CFR 240.19b–4.
Washington, DC 20549 on official Shares of the Hartford Municipal
3 See Securities Exchange Act Release No. 81842
business days between the hours of Opportunities ETF Under NYSE Arca
(October 10, 2017), 82 FR 48127.
10:00 a.m. and 3:00 p.m. Copies of the 4 In Amendment No. 2, the Exchange: (1) Changed Rule 8.600–E
filing also will be available for the name of the Fund; (2) moved cash and cash
equivalents from the ‘‘other investments’’ category
November 29, 2017.
inspection and copying at the principal to the ‘‘principal investments’’ category; (3)
office of the Exchange. All comments I. Introduction
specified that no more than 10% of the equity
received will be posted without change. weight of the Fund’s portfolio will be invested in On August 17, 2017, NYSE Arca, Inc.
Persons submitting comments are non-exchange-traded American Depositary
sradovich on DSK3GMQ082PROD with NOTICES
(‘‘Exchange’’) filed with the Securities
Receipts; (4) provided additional information
cautioned that we do not redact or edit regarding the Fund’s holding of over-the-counter and Exchange Commission
personal identifying information from contingent value rights; (5) provided additional (‘‘Commission’’), pursuant to Section
comment submissions. You should information regarding the availability of 19(b)(1) of the Securities Exchange Act
submit only information that you wish information for the Shares; and (6) made other
clarifications, corrections, and technical changes.
to make available publicly. All Amendment No. 2 is available at https://
5 15 U.S.C. 78s(b)(2).
submissions should refer to File www.sec.gov/comments/sr-nysearca-2017-87/ 6 Id.
Number SR–MRX–2017–26, and should nysearca201787-2724825-161541.pdf. 7 17 CFR 200.30–3(a)(31).
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Document Created: 2017-12-04 23:44:43
Document Modified: 2017-12-04 23:44:43
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 57495 |
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