83 FR 10934 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Adopt a New NYSE Arca Rule 8.900-E and To List and Trade Shares of the Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF Under Proposed NYSE Arca Equities Rule 8.900-E
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 49 (March 13, 2018)
Federal Register Volume 83, Issue 49 (March 13, 2018)
| Page Range | 10934-10935 | |
| FR Document | 2018-04965 |
[Federal Register Volume 83, Number 49 (Tuesday, March 13, 2018)] [Notices] [Pages 10934-10935] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-04965] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82824; File No. SR-NYSEArca-2018-04] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Adopt a New NYSE Arca Rule 8.900-E and To List and Trade Shares of the Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF Under Proposed NYSE Arca Equities Rule 8.900-E March 7, 2018. On January 8, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to adopt new NYSE Arca Rule 8.900-E to permit it to list and trade Managed Portfolio Shares. The [[Page 10935]] Exchange also proposed to list and trade shares of Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF under proposed NYSE Arca Rule 8.900-E. The proposed rule change was published for comment in the Federal Register on January 26, 2018.\3\ The Commission has received five comment letters on the proposed rule change.\4\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 82549 (January 19, 2018), 83 FR 3846. \4\ See letters from: (1) Terence W. Norman, Founder, Blue Tractor Group, LLC, dated February 6, 2018; (2) Simon P. Goulet, Co- Founder, Blue Tractor Group, LLC, dated February 13, 2018; (3) Todd J. Broms, Chief Executive Officer, Broms & Company LLC, dated February 16, 2018; (4) Kevin S. Haeberle, Associate Professor of Law, William & Mary Law School, dated February 16, 2018; and (5) Gary L. Gastineau, President, ETF Consultants.com, Inc., dated March 6, 2018. The comment letters are available at https://www.sec.gov/comments/sr-nysearca-2018-04/nysearca201804.htm. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \5\ provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is March 12, 2018. The Commission is extending this 45-day time period. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comment letters. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\6\ designates April 26, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File Number SR-NYSEArca-2018-04). --------------------------------------------------------------------------- \6\ Id. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-04965 Filed 3-12-18; 8:45 am] BILLING CODE 8011-01-P
![10934 Federal Register / Vol. 83, No. 49 / Tuesday, March 13, 2018 / Notices
because neither Pricing Program has a burden on competition among market with respect to the proposed rule
been effective to the extent intended. In participants because the impact of the change that are filed with the
addition, improvements to the proposal will apply equally to all Commission, and all written
implementation of the LULD Plan have members that presently qualify for the communications relating to the
made the LULD Pricing Program programs. proposed rule change between the
unnecessary. Furthermore, the Exchange Commission and any person, other than
has limited resources available to it to C. Self-Regulatory Organization’s those that may be withheld from the
devote to the operation of special Statement on Comments on the public in accordance with the
pricing programs and as such, it is Proposed Rule Change Received From provisions of 5 U.S.C. 552, will be
equitable to allocate those resources to Members, Participants, or Others available for website viewing and
those programs that are effective and No written comments were either printing in the Commission’s Public
away from those programs that are solicited or received. Reference Room, 100 F Street NE,
ineffective. The proposals are equitable Washington, DC 20549 on official
III. Date of Effectiveness of the
and not unfairly discriminatory because business days between the hours of
Proposed Rule Change and Timing for
the elimination of the SCIP and the 10:00 a.m. and 3:00 p.m. Copies of the
Commission Action
LULD Pricing Program will apply filing also will be available for
uniformly to all similarly situated The foregoing rule change has become inspection and copying at the principal
members. effective pursuant to Section office of the Exchange. All comments
19(b)(3)(A)(ii) of the Act.5 received will be posted without change.
B. Self-Regulatory Organization’s At any time within 60 days of the Persons submitting comments are
Statement on Burden on Competition filing of the proposed rule change, the cautioned that we do not redact or edit
The Exchange does not believe that Commission summarily may personal identifying information from
the proposed rule change will impose temporarily suspend such rule change if comment submissions. You should
any burden on competition not it appears to the Commission that such submit only information that you wish
necessary or appropriate in furtherance action is: (i) Necessary or appropriate in to make available publicly. All
of the purposes of the Act. In terms of the public interest; (ii) for the protection submissions should refer to File
inter-market competition, the Exchange of investors; or (iii) otherwise in Number SR–NASDAQ–2018–017, and
notes that it operates in a highly furtherance of the purposes of the Act. should be submitted on or before April
competitive market in which market If the Commission takes such action, the 3, 2018.
participants can readily favor competing Commission shall institute proceedings For the Commission, by the Division of
venues if they deem fee levels at a to determine whether the proposed rule Trading and Markets, pursuant to delegated
particular venue to be excessive, or should be approved or disapproved. authority.6
rebate opportunities available at other Eduardo A. Aleman,
venues to be more favorable. In such an IV. Solicitation of Comments
Assistant Secretary.
environment, the Exchange must Interested persons are invited to
[FR Doc. 2018–04963 Filed 3–12–18; 8:45 am]
continually adjust its fees to remain submit written data, views, and
BILLING CODE 8011–01–P
competitive with other exchanges and arguments concerning the foregoing,
with alternative trading systems that including whether the proposed rule
have been exempted from compliance change is consistent with the Act.
SECURITIES AND EXCHANGE
with the statutory standards applicable Comments may be submitted by any of COMMISSION
to exchanges. Because competitors are the following methods:
free to modify their own fees in [Release No. 34–82824; File No. SR–
Electronic Comments NYSEArca–2018–04]
response, and because market
participants may readily adjust their • Use the Commission’s internet
order routing practices, the Exchange comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE
believes that the degree to which fee rules/sro.shtml); or Arca, Inc.; Notice of Designation of a
changes in this market may impose any • Send an email to rule-comments@ Longer Period for Commission Action
burden on competition is extremely sec.gov. Please include File Number SR– on a Proposed Rule Change To Adopt
limited. NASDAQ–2018–017 on the subject line. a New NYSE Arca Rule 8.900–E and To
In this instance, the proposed List and Trade Shares of the Royce
Paper Comments Pennsylvania ETF, Royce Premier ETF,
elimination of the SCIP and the LULD
Pricing Program will not impose a • Send paper comments in triplicate and Royce Total Return ETF Under
burden on competition because the to Secretary, Securities and Exchange Proposed NYSE Arca Equities Rule
Exchange’s execution services are Commission, 100 F Street NE, 8.900–E
completely voluntary and subject to Washington, DC 20549–1090. March 7, 2018.
extensive competition both from other All submissions should refer to File On January 8, 2018, NYSE Arca, Inc.
exchanges and from off-exchange Number SR–NASDAQ–2018–017. This (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
venues. In sum, if the changes proposed file number should be included on the with the Securities and Exchange
herein are unattractive to market subject line if email is used. To help the Commission (‘‘Commission’’), pursuant
participants, it is likely that the Commission process and review your to Section 19(b)(1) of the Securities
Exchange will lose market share as a comments more efficiently, please use Exchange Act of 1934 (‘‘Act’’) 1 and Rule
result. Accordingly, the Exchange does only one method. The Commission will 19b–4 thereunder,2 a proposed rule
amozie on DSK30RV082PROD with NOTICES
not believe that the proposed changes post all comments on the Commission’s change to adopt new NYSE Arca Rule
will impair the ability of members or internet website (http://www.sec.gov/ 8.900–E to permit it to list and trade
competing order execution venues to rules/sro.shtml). Copies of the Managed Portfolio Shares. The
maintain their competitive standing in submission, all subsequent
the financial markets. Further, the amendments, all written statements 6 17 CFR 200.30–3(a)(12).
Exchange does not believe that 1 15 U.S.C. 78s(b)(1).
elimination of the programs will impose 5 15 U.S.C. 78s(b)(3)(A)(ii). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 83, No. 49 / Tuesday, March 13, 2018 / Notices 10935
Exchange also proposed to list and trade SECURITIES AND EXCHANGE (‘‘MPID’’) 3 fees that are assessed by the
shares of Royce Pennsylvania ETF, COMMISSION Exchange on an Electronic Exchange
Royce Premier ETF, and Royce Total Member (‘‘EEM’’) 4 per month. The
[Release No. 34–82823; File No. SR–MIAX–
Return ETF under proposed NYSE Arca 2018–09]
Exchange is not proposing any new fees;
Rule 8.900–E. The proposed rule change the Exchange is simply proposing to
was published for comment in the Self-Regulatory Organizations; Miami introduce a monthly cap on certain
Federal Register on January 26, 2018.3 International Securities Exchange, existing fees.
The Commission has received five LLC; Notice of Filing and Immediate The amount of MPID fees assessed by
comment letters on the proposed rule Effectiveness of a Proposed Rule the Exchange on a particular EEM in a
change.4 Change To Amend Its Fee Schedule particular month is based on the
number of MPIDs assigned to the
Section 19(b)(2) of the Act 5 provides March 7, 2018. particular EEM in the System 5 in a
that, within 45 days of the publication Pursuant to the provisions of Section given month, for each month the
of notice of the filing of a proposed rule 19(b)(1) of the Securities Exchange Act Member 6 is credentialed to use such
change, or within such longer period up of 1934 (‘‘Act’’),1 and Rule 19b–4 MPID in the production environment.7
to 90 days as the Commission may thereunder,2 notice is hereby given that EEMs request MPID assignments from
designate if it finds such longer period on March 1, 2018, Miami International the Exchange. EEMs are assessed a
to be appropriate and publishes its Securities Exchange LLC (‘‘MIAX monthly MPID fee of $200.00 for the
reasons for so finding or as to which the Options’’ or ‘‘Exchange’’) filed with the first MPID assigned, $100.00 each for
self-regulatory organization consents, Securities and Exchange Commission the second through fifth MPID assigned,
the Commission shall either approve the (‘‘Commission’’) a proposed rule change and $50.00 each for the sixth MPID and
proposed rule change, disapprove the as described in Items I, II, and III below, any additional MPIDs assigned. The
proposed rule change, or institute which Items have been prepared by the Exchange assesses MPID fees in order to
proceedings to determine whether the Exchange. The Commission is cover the administrative costs it incurs
proposed rule change should be publishing this notice to solicit in assigning and managing these
comments on the proposed rule change identifiers for each EEM.
disapproved. The 45th day after
from interested persons. The Exchange now proposes to cap
publication of the notice for this
proposed rule change is March 12, 2018. I. Self-Regulatory Organization’s MPID fees at $1,000.00 per month per
The Commission is extending this 45- Statement of the Terms of Substance of EEM, regardless the actual number of
day time period. the Proposed Rule Change MPIDs assigned to such EEM. As a
The Exchange is filing a proposal to practical matter, using the current fee
The Commission finds that it is
amend the MIAX Options Fee Schedule table in Section 5e) of the Fee Schedule,
appropriate to designate a longer period the 14th MPID assigned to an EEM and
within which to take action on the (the ‘‘Fee Schedule’’).
The text of the proposed rule change each MPID thereafter would not incur
proposed rule change so that it has an additional MPID fee, as the EEM
sufficient time to consider the proposed is available on the Exchange’s website at
http://www.miaxoptions.com/rule- would reach the cap of $1,000.00 after
rule change and the comment letters. assignment of the 13th MPID for that
Accordingly, the Commission, pursuant filings, at MIAX’s principal office, and
at the Commission’s Public Reference month.
to Section 19(b)(2) of the Act,6 The Exchange believes that
Room.
designates April 26, 2018, as the date by establishing a monthly cap on MPID
which the Commission shall either II. Self-Regulatory Organization’s fees will give Members greater
approve or disapprove, or institute Statement of the Purpose of, and flexibility to accommodate their varying
proceedings to determine whether to Statutory Basis for, the Proposed Rule business models and customer
disapprove, the proposed rule change Change configurations, as many Members often
(File Number SR–NYSEArca–2018–04). In its filing with the Commission, the request multiple MPIDs from the
For the Commission, by the Division of Exchange included statements Exchange, and the Exchange does not
Trading and Markets, pursuant to delegated concerning the purpose of and basis for want MPID costs to serve as a barrier for
authority.7 the proposed rule change and discussed requesting multiple MPIDs. The
Eduardo A. Aleman, any comments it received on the Exchange notes that several other
proposed rule change. The text of these
Assistant Secretary.
statements may be examined at the 3 An MPID is a code used in the MIAX Options
[FR Doc. 2018–04965 Filed 3–12–18; 8:45 am] places specified in Item IV below. The system to identify the participant to MIAX Options
and to the participant’s Clearing Member respecting
BILLING CODE 8011–01–P Exchange has prepared summaries, set trades executed on MIAX Options. Participants may
forth in sections A, B, and C below, of use more than one MPID.
3 See Securities Exchange Act Release No. 82549
the most significant aspects of such 4 The term ‘‘Electronic Exchange Member’’ or
(January 19, 2018), 83 FR 3846. statements. ‘‘EEM’’ means the holder of a Trading Permit who
4 See letters from: (1) Terence W. Norman, is a Member representing as agent Public Customer
Founder, Blue Tractor Group, LLC, dated February A. Self-Regulatory Organization’s Orders or Non-Customer Orders on the Exchange
6, 2018; (2) Simon P. Goulet, Co-Founder, Blue Statement of the Purpose of, and and those non-Market Maker Members conducting
Tractor Group, LLC, dated February 13, 2018; (3) proprietary trading. See Exchange Rule 100.
Todd J. Broms, Chief Executive Officer, Broms & Statutory Basis for, the Proposed Rule 5 The term ‘‘System’’ means the automated
Company LLC, dated February 16, 2018; (4) Kevin Change trading system used by the Exchange for the trading
S. Haeberle, Associate Professor of Law, William & of securities. See Exchange Rule 100.
amozie on DSK30RV082PROD with NOTICES
Mary Law School, dated February 16, 2018; and (5) 1. Purpose 6 The term ‘‘Member’’ means an individual or
Gary L. Gastineau, President, ETF Consultants.com, The Exchange proposes to amend its organization approved to exercise the trading rights
Inc., dated March 6, 2018. The comment letters are associated with a Trading Permit. Members are
available at https://www.sec.gov/comments/sr- Fee Schedule to introduce a cap on the
deemed ‘‘members’’ under the Exchange Act. See
nysearca-2018-04/nysearca201804.htm. amount of Member Participant Identifier Exchange Rule 100.
5 15 U.S.C. 78s(b)(2). 7 See Securities Exchange Act Release No. 68645
6 Id. 1 15 U.S.C. 78s(b)(1). (January 14, 2013), 78 FR 4175 (January 18, 2013)
7 17 CFR 200.30–3(a)(31). 2 17 CFR 240.19b–4. (SR–MIAX–2012–05).
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Document Created: 2018-03-13 01:56:40
Document Modified: 2018-03-13 01:56:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 10934 |
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