82 FR 58232 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 3304
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 236 (December 11, 2017)
Federal Register Volume 82, Issue 236 (December 11, 2017)
| Page Range | 58232-58235 | |
| FR Document | 2017-26555 |
[Federal Register Volume 82, Number 236 (Monday, December 11, 2017)] [Notices] [Pages 58232-58235] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-26555] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82219; File No. SR-Phlx-2017-95] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 3304 December 5, 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 28, 2017, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities [[Page 58233]] 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 Substance of the Proposed Rule Change The Exchange proposes to add additional detail about the purposes for which Nasdaq PSX (``PSX'') uses securities information processor data pursuant to Rule 3304, and to make other technical corrections to that rule. 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 purpose of the proposed rule change is to add additional detail about the purposes for which the Exchange uses securities information processor (``SIP'') data pursuant to Rule 3304, and to make other technical corrections to that rule. Rule 3304 lists the proprietary and network processor feeds that are utilized for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions. The PSX trading system utilizes proprietary market data as the Primary Source of quotation data for the following markets that provide a reliable direct feed: Nasdaq, NYSE American, Nasdaq BX, CBOE EDGA, CBOE EDGX, CHX, NYSE, NYSE Arca, Nasdaq, Nasdaq PSX, CBOE BYX, and CBOE BZX.\3\ For each of these markets, the Exchange uses SIP data as the Secondary Source of quotation data.\4\ --------------------------------------------------------------------------- \3\ Several of the exchanges mentioned in this filing have been renamed recently; the names used herein reflect the current names of the exchanges. This proposed rule change also includes amendments to reflect the new names for these exchanges. \4\ SIP data is used as the Primary Source for NYSE National, FINRA ADF, and IEX. There is no Secondary Source for these markets. --------------------------------------------------------------------------- Generally, Rule 3304 provides that the Primary Source of data is used for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions, unless it is delayed by a configurable amount compared to the Secondary Source of data. While this is true for quotation data used by the trading system for the handling, routing, and execution of orders, and also regulatory compliance processes related to those functions, including, for example, determination of trade-throughs under Rule 611 of Regulation NMS, the Exchange uses SIP data for certain trade and administrative messages. For example, the Exchange uses SIP data for limit-up limit-down price bands, market-wide circuit breaker decline and status messages, Regulation SHO state messages, trading state messages (i.e., halts and resumes), and trade messages (i.e., last sale). As described in more detail below, with the exception of last sale information, these messages originate from the SIP, and are often not available on the direct feeds. To mitigate risks associated with a potential SIP outage, however, where the information is available on a direct feed from one or more exchanges, the Exchange uses such direct feed data solely as a backup to the SIP data. The Exchange therefore proposes to amend Rule 3304 to provide that the PSX System consumes quotation data from the listed proprietary and network processor feeds for the handling, routing, and execution of orders, as well as for the regulatory compliance processes related to those functions.\5\ Furthermore, with the proposed changes, Rule 3304 will provide that the SIP is the Primary Source of certain trade and administrative messages such as limit-up limit-down price bands, market-wide circuit breaker decline and status messages, Regulation SHO state messages, halts and resumes, and last sale information, and that, where available, the direct feeds are the Secondary Source of such information. For the reasons discussed in this filing, the Exchange believes that it is appropriate to use the SIP as the Primary Source of data for these trade and administrative messages. Limit-up limit down price bands, for instance, are not available on any of the direct feeds used by the Exchange as these bands are calculated and disseminated by the SIP pursuant to the Plan to Address Extraordinary Market Volatility. Similarly, market-wide circuit breaker decline and status messages, Regulation SHO state messages, and trading state messages are available on some but not other direct feeds. Again, the SIP is responsible for calculating any decline in the S&P 500 Index and disseminating halt messages for the market-wide circuit breaker, and also for disseminating other halts, resumes, and Regulation SHO state messages. In addition, the Exchange's trading system consumes last sale information from the SIP, which is used for the limited purpose of determining when the Exchange can open securities after an IPO.\6\ Although last sale information is disseminated on proprietary market data feeds, this information is typically included in a different market data product than the Exchange uses for quotation data, and the Exchange's trading system therefore also consumes last sale information from the SIP for the limited purpose described above. --------------------------------------------------------------------------- \5\ The Exchange notes that the rule language currently provides that the Exchange ``utilizes'' these feeds. As a non-substantive change, the Exchange is changing this word to ``consumes'' as this word fits better with language being added to the rule. \6\ The Exchange waits for a last sale from the listing market prior to starting the Exchange's opening process following an IPO on another market. --------------------------------------------------------------------------- Finally, the Exchange proposes to make additional technical amendments to Rule 3304. Specifically, several of the exchanges and direct market data feeds described in the rule have been renamed since the Exchange adopted the rule. The Exchange therefore propose to: (1) Rename the exchanges described in the rule so that the exchanges are identified by their new names,\7\ and (2) replace the names of the individual direct feeds with a generic notation that the ``Direct Feed'' is used to avoid the need for future updates every time an exchange changes the name of its proprietary market data offerings. These changes are technical amendments and will have no impact on the operation of the Exchange or its use of the identified market data feeds. --------------------------------------------------------------------------- \7\ The new names of each of the exchanges described in Rule 3304 are used earlier in this filing. See notes 4-5 supra and accompanying text. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal 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 promote just and equitable principles of trade, to remove impediments to and [[Page 58234]] perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change removes impediments to and perfects the mechanism of a free and open market and protects investors and the public interest because it provides additional transparency around the purposes for which the Exchange uses SIP data. The proposed rule change does not change the operation of the Exchange or its use of data feeds; rather it clarifies the Exchange's rules with regard to information consumed from the SIP. Specifically, the proposed rule change indicates that the Exchange uses SIP data for certain administrative messages, including, limit-up limit-down price bands, market-wide circuit breaker decline and status messages, Regulation SHO state messages, and trading state messages (i.e., halts and resumes), as well as trade messages (i.e., last sale). At least one other exchange uses SIP data for these purposes, while continuing to use the direct feeds for quotation data where the direct feeds often offer reduced latency.\10\ --------------------------------------------------------------------------- \10\ See IEX Rule 11.410(a)(3). --------------------------------------------------------------------------- The Exchange believes that it is appropriate to use SIP data as the primary source for administrative messages that originate from the SIP and may or may not be available on particular proprietary market data feeds. Although quote data used for the handling, routing, and execution of orders is typically available with a lower latency over the direct feeds, the same is not true for the administrative messages described above that originate from the SIP and are re-disseminated (or not disseminated at all) by the various direct feeds. The Exchange therefore believes that it is consistent with the public interest and protection of investors to get this information directly from the SIP, i.e., the official source of the information, rather than indirectly from proprietary market data feeds that may or may not redistribute such information. Furthermore, with respect to last sale information, such information is used by the trading system for the limited purposes described in this filing, and is not typically available on the direct feeds that the Exchange uses for quotation data. The Exchange therefore also believes that it is appropriate to get last sale information from the SIP. Where the information described in this filing is available on a direct feed, however, direct feed data will be used in the event failover is necessary, thereby adding redundancy and mitigating risks associated with a potential SIP outage. The proposed rule change also makes certain technical amendments to Rule 3304, including updating the names of exchanges that have been renamed since the adoption of this rule. The Exchange believes that it is consistent with the public interest and the protection of investors to update the names of the exchanges listed in Rule 3304 as this change will make it easier for market participants to identify the exchanges for which the Exchange uses the direct feed and/or SIP for the purposes described in the rule. Furthermore, the proposed rule change replaces the names of the direct feeds with a generic notation that the ``Direct Feed'' is used. The Exchange believes that this change is consistent with the protection of investors and the public interest as the exchanges may change the names of their data feeds periodically, resulting in the list being out of date. Rather than update the list every time a market changes the names of their proprietary market data products, the Exchange believes that it is preferable to simply explain that the direct feed is used. Several other exchanges also similarly note that the direct feed is used rather than spelling out the names of each feed.\11\ --------------------------------------------------------------------------- \11\ See e.g. IEX Rule 11.410(a); CBOE BZX Rule 11.26. --------------------------------------------------------------------------- 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 change is not designed to address any competitive issue but rather would provide members and other market participants with information about the purposes for which the Exchange uses SIP data, and make other technical corrections to Rule 3304. No changes to the Exchange's trading or other systems are being introduced with the proposed rule change, and the Exchange believes that the proposed changes will increase transparency around the operation of the Exchange and its use of market data feeds without any significant impact on competition. 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 \12\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\13\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A)(iii). \13\ 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, 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \14\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \15\ 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 asked the Commission to waive the 30-day operative delay so that the proposal may become operative upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow the Exchange to clarify the purposes for which the Exchange uses SIP data and avoid potential confusion among market participants. Accordingly, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\16\ --------------------------------------------------------------------------- \14\ 17 CFR 240.19b-4(f)(6). \15\ 17 CFR 240.19b-4(f)(6)(iii). \16\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (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. [[Page 58235]] 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-Phlx-2017-95 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-Phlx-2017-95. 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-Phlx-2017-95 and should be submitted on or before January 2, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-26555 Filed 12-8-17; 8:45 am] BILLING CODE 8011-01-P
![58232 Federal Register / Vol. 82, No. 236 / Monday, December 11, 2017 / Notices
standards for the payment, clearing, and First, the Commission believes that are consistent with the Covered Clearing
settlement activities of designated OCC’s proposal to implement the Agency Standards, specifically Rule
clearing entities engaged in designated SWIFT messaging network as the 17Ad–22(e)(22) under the Exchange
activities for which the Commission is primary means of transmitting cash Act.25 Rule 17Ad–22(e)(22) requires
the supervisory agency. Section 805(b) settlement instructions between OCC each covered clearing agency to
of the Act 21 provides the following and each Clearing Bank is consistent establish, implement, maintain, and
objectives and principles for the with promoting safety and soundness. enforce written policies and procedures
Commission’s risk-management The Commission agrees with OCC’s reasonably designed to, ‘‘use, or at a
standards prescribed under Section analysis that usage of the SWIFT minimum, accommodate, relevant
805(a): messaging network would mitigate risks internationally accepted communication
• To promote robust risk that arise in the existing cash settlement procedures and standards in order to
management; process due to manual processing steps facilitate efficient payment, clearing,
• To promote safety and soundness; and inconsistent practices across OCC’s and settlement.’’ 26 In adopting this
• To reduce systemic risks; and Clearing Banks. By having an automated requirement, the Commission stated
• To support the stability of the and standardized process that sends that, ‘‘[r]elevant internationally
broader financial system. automatic messages without requiring accepted communication procedures
Section 805(c) provides, in addition, Clearing Bank staff members to log into and standards could include messaging
that the Commission’s risk-management OCS to manually accept or reject standards such as SWIFT, FIX and
standards may address such areas as settlement instructions, the Commission FpML.’’ 27 Accordingly, the Commission
risk-management and default policies further believes the proposal would believes that the proposals to expand
and procedures, among others areas.22 enhance the resiliency, efficiency, and the usage of the SWIFT messaging
The Commission has adopted risk- consistency of OCC’s cash settlement network and standardize the CSPAs
management standards under Section process. The Commission therefore with each Clearing Bank pursuant to the
805(a)(2) of the Act and the Exchange believes this specific proposal is SWIFT messaging network
Act (the ‘‘Clearing Agency Rules’’).23 consistent with promoting safety and implementation are consistent with
The Clearing Agency Rules require each soundness. Rule 17Ad–22(e)(22) under the
covered clearing agency, among other Second, the Commission believes that Exchange Act.
things, to establish, implement, OCC’s proposal to update, enhance and
maintain, and enforce written policies standardize a uniform set of CSPAs IV. Conclusion
and procedures that are reasonably between OCC and each Clearing Bank It is therefore noticed, pursuant to
designed to meet certain minimum would promote robust risk management. Section 806(e)(1)(G) of the Payment,
requirements for operations and risk- Specifically, the Commission believes Clearing and Settlement Supervision
management practices on an ongoing that this proposal will reduce the risk of Act,28 that the Commission does not
basis. As such, it is appropriate for the settlement delay or error that may arise object to Advance Notice (SR–OCC–
Commission to review advance notices due to each Clearing Bank operating 2017–805) and that OCC is authorized
for consistency with the objectives and according to disparate CSPA terms and to implement the proposed change.
principles for risk-management requirements. The Commission
By the Commission.
standards described in Section 805(b) of therefore believes this specific proposal
is consistent with promoting robust risk Eduardo A. Aleman,
the Act and the Clearing Agency Rules.
management. Assistant Secretary.
A. Consistency With Section 805(b) of Consistent with the conclusions [FR Doc. 2017–26554 Filed 12–8–17; 8:45 am]
the Payment, Clearing and Settlement discussed above, the Commission also BILLING CODE P
Supervision Act believes that OCC’s proposal is
The Commission believes each consistent with supporting the broader
proposal in OCC’s Advance Notice is stability of the financial system. SECURITIES AND EXCHANGE
consistent with promoting robust risk Specifically, the Commission believes COMMISSION
management, promoting safety and that promoting the prompt and accurate [Release No. 34–82219; File No. SR–Phlx–
soundness, reducing systemic risks, and messaging between OCC and the 2017–95]
supporting the stability of the broader Clearing Banks would promote safety
financial system, the stated objectives and soundness of both OCC and Self-Regulatory Organizations; Nasdaq
and principles of Section 805(b) of the Clearing Banks. The reduction in errors PHLX LLC; Notice of Filing and
Act.24 and delays arising from the proposed Immediate Effectiveness of Proposed
implementation of SWIFT and more Rule Change To Amend Rule 3304
21 12 U.S.C. 5464(b). harmonized CSPAs would also enhance
22 12 U.S.C. 5464(c). the reliability and resilience of OCC’s December 5, 2017.
23 17 CFR 240.17Ad–22. See Securities Exchange
cash settlement process for Clearing Pursuant to Section 19(b)(1) of the
Act Release No. 68080 (October 22, 2012), 77 FR Members, thereby decreasing systemic Securities Exchange Act of 1934
66220 (November 2, 2012) (S7–08–11). See also (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Securities Exchange Act Release No. 78961 risks. Accordingly, the proposed
(September 28, 2016), 81 FR 70786 (October 13, changes would support the stability of notice is hereby given that on November
2016) (S7–03–14) (‘‘Covered Clearing Agency the broader financial system. Thus, the 28, 2017, Nasdaq PHLX LLC (‘‘Phlx’’ or
Standards’’). The Commission established an Commission believes that the proposals ‘‘Exchange’’) filed with the Securities
effective date of December 12, 2016, and a
contained in the Advance Notice are
daltland on DSKBBV9HB2PROD with NOTICES
compliance date of April 11, 2017, for the Covered 25 17
consistent with the stated objectives and CFR 240.17Ad–22(e)(22).
Clearing Agency Standards. On March 4, 2017, the 26 Id.
Commission granted covered clearing agencies a principles of Section 805(b) of the Act. 27 Securities Exchange Act Release No. 78961
temporary exemption from compliance with Rule
17Ad–22(e)(3)(ii) and certain requirements in Rules B. Consistency With Rule 17Ad– (September 28, 2016), 81 FR 70786, 70842 at n. 510
17Ad–22(e)(15)(i) and (ii) until December 31, 2017, (October 13, 2016).
22(e)(22) Under the Exchange Act 28 12 U.S.C. 5465(e)(1)(G).
subject to certain conditions. OCC is a ‘‘covered
clearing agency’’ as defined in Rule 17Ad–22(a)(5). The Commission further believes that 1 15 U.S.C. 78s(b)(1).
24 12 U.S.C. 5464(b). OCC’s proposals in the Advance Notice 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 236 / Monday, December 11, 2017 / Notices 58235
IV. Solicitation of Comments For the Commission, by the Division of places specified in Item IV below. The
Trading and Markets, pursuant to delegated Exchange has prepared summaries, set
Interested persons are invited to authority.17 forth in Sections A, B, and C below, of
submit written data, views, and Eduardo A. Aleman, the most significant parts of such
arguments concerning the foregoing, Assistant Secretary. statements.
including whether the proposed rule [FR Doc. 2017–26555 Filed 12–8–17; 8:45 am]
change is consistent with the Act. A. Self-Regulatory Organization’s
BILLING CODE 8011–01–P
Comments may be submitted by any of Statement of the Purpose of, and
the following methods: Statutory Basis for, the Proposed Rule
SECURITIES AND EXCHANGE Change
Electronic Comments
COMMISSION 1. Purpose
• Use the Commission’s Internet [Release No. 34–82216; File No. SR– The Exchange proposes to list and
comment form (http://www.sec.gov/ CboeBZX–2017–006] trade shares (‘‘Shares’’) of each series of
rules/sro.shtml); or the Cboe Vest S&P 500® Enhanced
• Send an email to rule-comments@ Self-Regulatory Organizations; Cboe Growth Strategy ETF (each a ‘‘Fund’’
sec.gov. Please include File Number SR– BZX Exchange, Inc.; Notice of Filing of and, collectively, the ‘‘Funds’’) under
a Proposed Rule Change To List and Rule 14.11(c)(3), which governs the
Phlx–2017–95 on the subject line.
Trade Shares of a Series of the Cboe listing and trading of Index Fund Shares
Paper Comments Vest S&P 500 Enhanced Growth based on equity securities indexes on
Strategy ETF Under the ETF Series the Exchange. In total, the Exchange is
• Send paper comments in triplicate Solutions Trust, Under Rule proposing to list and trade Shares of
to Secretary, Securities and Exchange 14.11(c)(3), Index Fund Shares twelve monthly series of the Cboe Vest
Commission, 100 F Street NE.,
December 5, 2017. S&P 500® Enhanced Growth Strategy
Washington, DC 20549–1090.
Pursuant to Section 19(b)(1) of the ETF. Each Fund will be an index-based
All submissions should refer to File Securities Exchange Act of 1934 exchange traded fund (‘‘ETF’’). The
Number SR–Phlx–2017–95. This file (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Funds will include the following: Cboe
number should be included on the notice is hereby given that on November Vest S&P 500® Enhanced Growth
subject line if email is used. To help the 21, 2017, Cboe BZX Exchange, Inc. Strategy (January) ETF; Cboe Vest S&P
Commission process and review your (‘‘Exchange’’ or ‘‘BZX’’) filed with the 500® Enhanced Growth Strategy
comments more efficiently, please use Securities and Exchange Commission (February) ETF; Cboe Vest S&P 500®
only one method. The Commission will (‘‘Commission’’) the proposed rule Enhanced Growth Strategy (March) ETF;
post all comments on the Commission’s change as described in Items I and II Cboe Vest S&P 500® Enhanced Growth
Internet Web site (http://www.sec.gov/ below, which Items have been prepared Strategy (April) ETF; Cboe Vest S&P
rules/sro.shtml). Copies of the by the Exchange. The Commission is 500® Enhanced Growth Strategy (May)
submission, all subsequent publishing this notice to solicit ETF; Cboe Vest S&P 500® Enhanced
amendments, all written statements comments on the proposed rule change Growth Strategy (June) ETF; Cboe Vest
with respect to the proposed rule from interested persons. S&P 500® Enhanced Growth Strategy
change that are filed with the (July) ETF; Cboe Vest S&P 500®
I. Self-Regulatory Organization’s Enhanced Growth Strategy (August)
Commission, and all written
communications relating to the
Statement of the Terms of Substance of ETF; Cboe Vest S&P 500® Enhanced
the Proposed Rule Change Growth Strategy (September) ETF; Cboe
proposed rule change between the
Commission and any person, other than The Exchange filed a proposal to list Vest S&P 500® Enhanced Growth
those that may be withheld from the and trade shares of a series of the Cboe Strategy (October) ETF; Cboe Vest S&P
public in accordance with the Vest S&P 500® Enhanced Growth 500® Enhanced Growth Strategy
Strategy ETF under the ETF Series (November) ETF; and Cboe Vest S&P
provisions of 5 U.S.C. 552, will be
Solutions Trust (the ‘‘Trust’’), under 500® Enhanced Growth Strategy
available for Web site viewing and
Rule 14.11(c)(3) (‘‘Index Fund Shares’’). (December) ETF. Each Fund will be
printing in the Commission’s Public
The text of the proposed rule change based on the Cboe S&P 500 Enhanced
Reference Room, 100 F Street NE.,
is available at the Exchange’s Web site Growth Index (Month) Series, where
Washington, DC 20549, on official
at www.markets.cboe.com, at the ‘‘Month’’ is the corresponding month
business days between the hours of associated with the roll date of the
10:00 a.m. and 3:00 p.m. Copies of the principal office of the Exchange, and at
the Commission’s Public Reference applicable Fund (each an ‘‘Index’’ and,
filing also will be available for collectively, the ‘‘Indexes’’).
Room.
inspection and copying at the principal The Shares will be offered by the
office of the Exchange. All comments II. Self-Regulatory Organization’s Trust, which was established as a
received will be posted without change. Statement of the Purpose of, and Delaware statutory trust on February 9,
Persons submitting comments are Statutory Basis for, the Proposed Rule 2012. The Trust is registered with the
cautioned that we do not redact or edit Change Commission as an open-end investment
personal identifying information from In its filing with the Commission, the company and has filed a registration
comment submissions. You should Exchange included statements statement on behalf of the Funds on
submit only information that you wish concerning the purpose of and basis for Form N–1A (‘‘Registration Statement’’)
daltland on DSKBBV9HB2PROD with NOTICES
to make available publicly. All the proposed rule change and discussed with the Commission.3 The Funds’
submissions should refer to File any comments it received on the
Number SR–Phlx–2017–95 and should proposed rule change. The text of these 3 See Registration Statement on Form N–1A for
be submitted on or before January 2, statements may be examined at the the Trust, dated October 27, 2017 (File Nos. 333–
2018. 179562 and 811–22668). The descriptions of the
Funds and the Shares contained herein are based,
1 15 U.S.C. 78s(b)(1). in part, on information in the Registration
17 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. Continued
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Document Created: 2017-12-09 01:49:47
Document Modified: 2017-12-09 01:49:47
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