82_FR_60672 82 FR 60429 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4120 (Limit Up-Limit Down Plan and Trading Halts) To Reduce the Length of the “Display-Only Period” for the Initial Pricing on Nasdaq of a Security That Is the Subject of an Initial Public Offering

82 FR 60429 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 4120 (Limit Up-Limit Down Plan and Trading Halts) To Reduce the Length of the “Display-Only Period” for the Initial Pricing on Nasdaq of a Security That Is the Subject of an Initial Public Offering

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 243 (December 20, 2017)

Page Range60429-60430
FR Document2017-27348

Federal Register, Volume 82 Issue 243 (Wednesday, December 20, 2017)
[Federal Register Volume 82, Number 243 (Wednesday, December 20, 2017)]
[Notices]
[Pages 60429-60430]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-27348]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82327; File No. SR-NASDAQ-2017-129]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Rule 4120 (Limit Up-Limit Down Plan and Trading Halts) To Reduce 
the Length of the ``Display-Only Period'' for the Initial Pricing on 
Nasdaq of a Security That Is the Subject of an Initial Public Offering

December 14, 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 December 8, 2017, The Nasdaq Stock Market LLC (``Nasdaq'' 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 4120 (Limit Up-Limit Down Plan 
and Trading Halts) \3\ to reduce the length of the ``Display-Only 
Period'' for the initial pricing on Nasdaq of a security that is the 
subject of an initial public offering (``IPO'').
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    \3\ References to rules are to Nasdaq rules, unless otherwise 
noted.
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    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaq.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
    The purpose of this proposal is to amend Rule 4120 (Limit Up-Limit 
Down Plan and Trading Halts) to reduce the length of the Display-Only 
Period for the initial pricing on Nasdaq of a security that is the 
subject of an IPO from 15 minutes to 10 minutes. In all other respects, 
the process for conducting the initial pricing of an IPO security will 
remain unchanged.
    Initial pricing of an IPO security on Nasdaq occurs by means of the 
IPO Halt Cross provided for in Rule 4753. Prior to the IPO Halt Cross, 
trading in the security is halted, pursuant to Rule 4120(a)(7), until 
such time as the conditions in Rule 4120(c)(8) are satisfied and Nasdaq 
releases the security for trading. Market participants may enter orders 
in the security for participation in the IPO Halt Cross beginning at 
4:00 a.m. As the scheduled time for the IPO Halt Cross approaches, the 
security enters a Display-Only Period during which indicative 
information about the potential outcome of the IPO Halt Cross is 
displayed to market participants and during which market participants 
may continue to enter orders.
    After the conclusion of the Display-Only Period, the security 
enters a ``Pre-Launch Period'' of indeterminate duration, during which 
indicative information continues to be disseminated.\4\ The Pre-Launch 
Period ends and the security is released for trading by Nasdaq when the 
conditions described in paragraphs (c)(8)(A)(i), (ii), and (iii) of 
Rule 4120 are all met:
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    \4\ Nasdaq Rule 4753(b)(1).
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     Nasdaq receives notice from the underwriter of the IPO 
that the security is ready to trade. The Nasdaq system then calculates 
the Current Reference Price at that time (the ``Expected Price'') and 
displays it to the underwriter. If the underwriter then approves 
proceeding, the Nasdaq system will conduct two pricing validation 
checks.
     First, the Nasdaq system must determine that all market 
orders will be executed in the IPO Halt Cross; and
     Second, if the actual price calculated by the IPO Halt 
Cross differs from the Expected Price by an amount in excess of a price 
band previously selected by the underwriter, the security will not be 
released for trading and the Pre-Launch Period will continue.

The failure to satisfy these conditions during the process to release 
the security for trading will result in a delay of the release for 
trading of the IPO security, and a continuation of the Pre-Launch 
Period, until all conditions have been satisfied. Market participants 
may continue to enter orders and order cancellations for participation 
in the IPO Halt Cross during the Pre-Launch Period up to the point that 
the IPO Halt Cross auction process commences.
    Based on feedback from underwriters participating in the IPO 
process, Nasdaq is proposing to reduce the time of the Display-Only 
Period from 15 minutes to 10 minutes. As discussed above, market 
participants may begin entering orders in an IPO security at 4:00 a.m., 
while the initial pricing of IPOs occurs no

[[Page 60430]]

earlier than 10 a.m. Thus, market participants have ample opportunity 
to enter order for participation in the IPO Halt Cross. Moreover, the 
IPO Halt Cross does not actually occur until the conditions described 
above, including a decision from the underwriter that the security is 
ready to commence trading, have been satisfied. The underwriter 
generally bases this decision upon a determination that expected 
trading interest with respect to the IPO Halt Cross has been entered 
and that the IPO Halt Cross will occur at a stable price and quantity 
consistent with the underwriter's expectations. In some IPOs, 
particularly smaller ones, this determination can be made relatively 
quickly after the commencement of the Display-Only Period, but Rule 
4120 does not allow the IPO Halt Cross to occur until after the end of 
the 15-minute Display-Only Period. Thus, shortening the Display-Only 
Period to 10 minutes will provide the underwriter with greater 
flexibility to initiate trading more quickly where circumstances 
warrant. On the other hand, since the IPO Halt Cross will not occur 
until all of the conditions provided for by the rule (including 
underwriter approval) are satisfied, the change will not prevent the 
continuation of a longer pre-IPO Halt Cross period if more time is 
needed to allow further order entry and greater price stability.
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. 
In particular, Nasdaq believes that the change will facilitate the 
commencement of orderly trading in securities that are the subject of 
an IPO, by providing the underwriter with greater flexibility to allow 
an earlier commencement of trading in cases, such as smaller IPOs, 
where an extended pre-Cross period is not required to allow order entry 
and the development of price stability. At the same time, the change 
will not constrain the underwriter from requiring a longer pre-Cross 
period in cases where extensive order entry is still occurring or where 
price stability has not yet developed.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. In particular, the Exchange 
believes that the change will enhance the competitiveness of its 
process for initial pricing of IPO securities without imposing any 
burdens on the ability of underwriters or other market participants to 
participate in that process.

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, the proposed rule 
change has become effective pursuant to Section 19(b)(3)(A) of the Act 
\7\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
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.
---------------------------------------------------------------------------

    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 change 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-NASDAQ-2017-129 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-NASDAQ-2017-129. 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 website (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 website 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-NASDAQ-2017-129 and should be submitted 
on or before January 10, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-27348 Filed 12-19-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                                         Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices                                            60429

                                                applicable investment objectives,                       (‘‘Act’’),1 and Rule 19b–4 thereunder,2               Cross provided for in Rule 4753. Prior
                                                policies and restrictions.                              notice is hereby given that on December               to the IPO Halt Cross, trading in the
                                                  2. An investor who purchases Units                    8, 2017, The Nasdaq Stock Market LLC                  security is halted, pursuant to Rule
                                                under the Exchange Option or Rollover                   (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the           4120(a)(7), until such time as the
                                                Option will pay a lower sales charge                    Securities and Exchange Commission                    conditions in Rule 4120(c)(8) are
                                                than that which would be paid for the                   (‘‘Commission’’) the proposed rule                    satisfied and Nasdaq releases the
                                                Units by a new investor.                                change as described in Items I and II,                security for trading. Market participants
                                                                                                        below, which Items have been prepared                 may enter orders in the security for
                                                  3. The prospectus of each Series
                                                                                                        by the Exchange. The Commission is                    participation in the IPO Halt Cross
                                                offering exchanges or rollovers and any
                                                                                                        publishing this notice to solicit                     beginning at 4:00 a.m. As the scheduled
                                                sales literature or advertising that
                                                                                                        comments on the proposed rule change                  time for the IPO Halt Cross approaches,
                                                mentions the existence of the Exchange
                                                                                                        from interested persons.                              the security enters a Display-Only
                                                Option or Rollover Option will disclose
                                                                                                                                                              Period during which indicative
                                                that the Exchange Option and the                        I. Self-Regulatory Organization’s
                                                                                                                                                              information about the potential outcome
                                                Rollover Option are subject to                          Statement of the Terms of Substance of                of the IPO Halt Cross is displayed to
                                                modification, termination or suspension                 the Proposed Rule Change                              market participants and during which
                                                without notice, except in certain limited                  The Exchange proposes to amend                     market participants may continue to
                                                cases.                                                  Rule 4120 (Limit Up-Limit Down Plan                   enter orders.
                                                  4. Any DSC imposed on a Series’                       and Trading Halts) 3 to reduce the length                After the conclusion of the Display-
                                                Units will comply with the                              of the ‘‘Display-Only Period’’ for the                Only Period, the security enters a ‘‘Pre-
                                                requirements of subparagraphs (1), (2)                  initial pricing on Nasdaq of a security               Launch Period’’ of indeterminate
                                                and (3) of rule 6c–10(a) under the Act.                 that is the subject of an initial public              duration, during which indicative
                                                  5. Each Series offering Units subject to              offering (‘‘IPO’’).                                   information continues to be
                                                a DSC will include in its prospectus the                   The text of the proposed rule change               disseminated.4 The Pre-Launch Period
                                                disclosure required by Form N–1A                        is available on the Exchange’s website at             ends and the security is released for
                                                relating to deferred sales charges                      http://nasdaq.cchwallstreet.com, at the               trading by Nasdaq when the conditions
                                                (modified as appropriate to reflect the                 principal office of the Exchange, and at              described in paragraphs (c)(8)(A)(i), (ii),
                                                differences between UITs and open-end                   the Commission’s Public Reference                     and (iii) of Rule 4120 are all met:
                                                management investment companies)                        Room.                                                    • Nasdaq receives notice from the
                                                and a schedule setting forth the number                                                                       underwriter of the IPO that the security
                                                                                                        II. Self-Regulatory Organization’s                    is ready to trade. The Nasdaq system
                                                and date of each Installment Payment.                   Statement of the Purpose of, and                      then calculates the Current Reference
                                                B. Net Worth Requirement                                Statutory Basis for, the Proposed Rule                Price at that time (the ‘‘Expected Price’’)
                                                                                                        Change                                                and displays it to the underwriter. If the
                                                  Applicants will comply in all respects
                                                with the requirements of rule 14a–3                        In its filing with the Commission, the             underwriter then approves proceeding,
                                                under the Act, except that the                          Exchange included statements                          the Nasdaq system will conduct two
                                                Structured Series will not restrict their               concerning the purpose of and basis for               pricing validation checks.
                                                portfolio investments to ‘‘eligible trust               the proposed rule change and discussed                   • First, the Nasdaq system must
                                                securities.’’                                           any comments it received on the                       determine that all market orders will be
                                                                                                        proposed rule change. The text of these               executed in the IPO Halt Cross; and
                                                  For the Commission, by the Division of                statements may be examined at the                        • Second, if the actual price
                                                Investment Management, under delegated                  places specified in Item IV below. The                calculated by the IPO Halt Cross differs
                                                authority.                                                                                                    from the Expected Price by an amount
                                                                                                        Exchange has prepared summaries, set
                                                Eduardo A. Aleman,                                      forth in sections A, B, and C below, of               in excess of a price band previously
                                                Assistant Secretary.                                    the most significant aspects of such                  selected by the underwriter, the security
                                                [FR Doc. 2017–27337 Filed 12–19–17; 8:45 am]            statements.                                           will not be released for trading and the
                                                BILLING CODE 8011–01–P                                                                                        Pre-Launch Period will continue.
                                                                                                        A. Self-Regulatory Organization’s
                                                                                                                                                              The failure to satisfy these conditions
                                                                                                        Statement of the Purpose of, and                      during the process to release the
                                                SECURITIES AND EXCHANGE                                 Statutory Basis for, the Proposed Rule                security for trading will result in a delay
                                                COMMISSION                                              Change                                                of the release for trading of the IPO
                                                                                                        1. Purpose                                            security, and a continuation of the Pre-
                                                [Release No. 34–82327; File No. SR–                        The purpose of this proposal is to                 Launch Period, until all conditions have
                                                NASDAQ–2017–129]
                                                                                                        amend Rule 4120 (Limit Up-Limit Down                  been satisfied. Market participants may
                                                                                                        Plan and Trading Halts) to reduce the                 continue to enter orders and order
                                                Self-Regulatory Organizations; The                                                                            cancellations for participation in the
                                                Nasdaq Stock Market LLC; Notice of                      length of the Display-Only Period for
                                                                                                        the initial pricing on Nasdaq of a                    IPO Halt Cross during the Pre-Launch
                                                Filing and Immediate Effectiveness of                                                                         Period up to the point that the IPO Halt
                                                Proposed Rule Change To Amend Rule                      security that is the subject of an IPO
                                                                                                        from 15 minutes to 10 minutes. In all                 Cross auction process commences.
                                                4120 (Limit Up-Limit Down Plan and                                                                               Based on feedback from underwriters
                                                Trading Halts) To Reduce the Length                     other respects, the process for
                                                                                                                                                              participating in the IPO process, Nasdaq
                                                of the ‘‘Display-Only Period’’ for the                  conducting the initial pricing of an IPO
sradovich on DSK3GMQ082PROD with NOTICES




                                                                                                                                                              is proposing to reduce the time of the
                                                Initial Pricing on Nasdaq of a Security                 security will remain unchanged.
                                                                                                           Initial pricing of an IPO security on              Display-Only Period from 15 minutes to
                                                That Is the Subject of an Initial Public                                                                      10 minutes. As discussed above, market
                                                                                                        Nasdaq occurs by means of the IPO Halt
                                                Offering                                                                                                      participants may begin entering orders
                                                                                                          1 15 U.S.C. 78s(b)(1).                              in an IPO security at 4:00 a.m., while
                                                December 14, 2017.
                                                                                                          2 17 CFR 240.19b–4.                                 the initial pricing of IPOs occurs no
                                                  Pursuant to Section 19(b)(1) of the                     3 References to rules are to Nasdaq rules, unless
                                                Securities Exchange Act of 1934                         otherwise noted.                                        4 Nasdaq   Rule 4753(b)(1).



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                                                60430                        Federal Register / Vol. 82, No. 243 / Wednesday, December 20, 2017 / Notices

                                                earlier than 10 a.m. Thus, market                          B. Self-Regulatory Organization’s                         Electronic Comments
                                                participants have ample opportunity to                     Statement on Burden on Competition
                                                enter order for participation in the IPO                                                                               • Use the Commission’s internet
                                                                                                             The Exchange does not believe that
                                                Halt Cross. Moreover, the IPO Halt Cross                                                                             comment form (http://www.sec.gov/
                                                                                                           the proposed rule change will impose
                                                does not actually occur until the                                                                                    rules/sro.shtml); or
                                                                                                           any burden on competition not
                                                conditions described above, including a                    necessary or appropriate in furtherance                     • Send an email to rule-comments@
                                                decision from the underwriter that the                     of the purposes of the Act. In particular,                sec.gov. Please include File Number SR–
                                                security is ready to commence trading,                     the Exchange believes that the change                     NASDAQ–2017–129 on the subject line.
                                                have been satisfied. The underwriter                       will enhance the competitiveness of its
                                                generally bases this decision upon a                                                                                 Paper Comments
                                                                                                           process for initial pricing of IPO
                                                determination that expected trading                        securities without imposing any                             • Send paper comments in triplicate
                                                interest with respect to the IPO Halt                      burdens on the ability of underwriters                    to Secretary, Securities and Exchange
                                                Cross has been entered and that the IPO                    or other market participants to
                                                Halt Cross will occur at a stable price                                                                              Commission, 100 F Street NE,
                                                                                                           participate in that process.                              Washington, DC 20549–1090.
                                                and quantity consistent with the
                                                underwriter’s expectations. In some                        C. Self-Regulatory Organization’s
                                                                                                                                                                     All submissions should refer to File
                                                IPOs, particularly smaller ones, this                      Statement on Comments on the
                                                                                                                                                                     Number SR–NASDAQ–2017–129. This
                                                determination can be made relatively                       Proposed Rule Change Received From
                                                                                                           Members, Participants, or Others                          file number should be included on the
                                                quickly after the commencement of the                                                                                subject line if email is used. To help the
                                                Display-Only Period, but Rule 4120                           No written comments were either                         Commission process and review your
                                                does not allow the IPO Halt Cross to                       solicited or received.                                    comments more efficiently, please use
                                                occur until after the end of the 15-                       III. Date of Effectiveness of the                         only one method. The Commission will
                                                minute Display-Only Period. Thus,                          Proposed Rule Change and Timing for                       post all comments on the Commission’s
                                                shortening the Display-Only Period to                      Commission Action                                         internet website (http://www.sec.gov/
                                                10 minutes will provide the underwriter
                                                                                                              Because the foregoing proposed rule                    rules/sro.shtml). Copies of the
                                                with greater flexibility to initiate trading
                                                                                                           change does not: (i) Significantly affect                 submission, all subsequent
                                                more quickly where circumstances
                                                warrant. On the other hand, since the                      the protection of investors or the public                 amendments, all written statements
                                                IPO Halt Cross will not occur until all                    interest; (ii) impose any significant                     with respect to the proposed rule
                                                of the conditions provided for by the                      burden on competition; and (iii) become                   change that are filed with the
                                                rule (including underwriter approval)                      operative for 30 days from the date on                    Commission, and all written
                                                are satisfied, the change will not prevent                 which it was filed, or such shorter time                  communications relating to the
                                                the continuation of a longer pre-IPO                       as the Commission may designate, the                      proposed rule change between the
                                                Halt Cross period if more time is needed                   proposed rule change has become                           Commission and any person, other than
                                                to allow further order entry and greater                   effective pursuant to Section 19(b)(3)(A)                 those that may be withheld from the
                                                price stability.                                           of the Act 7 and subparagraph (f)(6) of                   public in accordance with the
                                                                                                           Rule 19b–4 thereunder.8                                   provisions of 5 U.S.C. 552, will be
                                                2. Statutory Basis                                            At any time within 60 days of the                      available for website viewing and
                                                                                                           filing of the proposed rule change, the
                                                   The Exchange believes that its                                                                                    printing in the Commission’s Public
                                                                                                           Commission summarily may
                                                proposal is consistent with Section 6(b)                   temporarily suspend such rule change if                   Reference Room, 100 F Street NE,
                                                of the Act,5 in general, and furthers the                  it appears to the Commission that such                    Washington, DC 20549, on official
                                                objectives of Section 6(b)(5) of the Act,6                 action is: (i) Necessary or appropriate in                business days between the hours of
                                                in particular, in that it is designed to                   the public interest; (ii) for the protection              10:00 a.m. and 3:00 p.m. Copies of the
                                                promote just and equitable principles of                   of investors; or (iii) otherwise in                       filing also will be available for
                                                trade, to remove impediments to and                        furtherance of the purposes of the Act.                   inspection and copying at the principal
                                                perfect the mechanism of a free and                        If the Commission takes such action, the                  office of the Exchange. All comments
                                                open market and a national market                          Commission shall institute proceedings                    received will be posted without change.
                                                system, and, in general to protect                         to determine whether the proposed rule                    Persons submitting comments are
                                                investors and the public interest. In                      change should be approved or                              cautioned that we do not redact or edit
                                                particular, Nasdaq believes that the                       disapproved.                                              personal identifying information from
                                                change will facilitate the                                                                                           comment submissions. You should
                                                commencement of orderly trading in                         IV. Solicitation of Comments
                                                                                                                                                                     submit only information that you wish
                                                securities that are the subject of an IPO,                   Interested persons are invited to                       to make available publicly. All
                                                by providing the underwriter with                          submit written data, views, and                           submissions should refer to File
                                                greater flexibility to allow an earlier                    arguments concerning the foregoing,
                                                                                                                                                                     Number SR–NASDAQ–2017–129 and
                                                commencement of trading in cases, such                     including whether the proposed rule
                                                                                                                                                                     should be submitted on or before
                                                as smaller IPOs, where an extended pre-                    change is consistent with the Act.
                                                Cross period is not required to allow                      Comments may be submitted by any of                       January 10, 2018.
                                                order entry and the development of                         the following methods:                                      For the Commission, by the Division of
                                                price stability. At the same time, the                                                                               Trading and Markets, pursuant to delegated
                                                change will not constrain the                                7 15  U.S.C. 78s(b)(3)(A)(iii).                         authority.9
sradovich on DSK3GMQ082PROD with NOTICES




                                                                                                             8 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                                underwriter from requiring a longer pre-                                                                             Eduardo A. Aleman,
                                                                                                           4(f)(6)(iii) requires a self-regulatory organization to
                                                Cross period in cases where extensive                      give the Commission written notice of its intent to       Assistant Secretary.
                                                order entry is still occurring or where                    file the proposed rule change, along with a brief         [FR Doc. 2017–27348 Filed 12–19–17; 8:45 am]
                                                price stability has not yet developed.                     description and the text of the proposed rule
                                                                                                           change, at least five business days prior to the date     BILLING CODE 8011–01–P
                                                                                                           of filing of the proposed rule change, or such
                                                  5 15   U.S.C. 78f(b).                                    shorter time as designated by the Commission. The
                                                  6 15   U.S.C. 78f(b)(5).                                 Exchange has satisfied this requirement.                    9 17   CFR 200.30–3(a)(12).



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Document Created: 2018-10-25 10:55:34
Document Modified: 2018-10-25 10:55:34
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 60429 

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