83 FR 11283 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delist the Shares of the iShares Edge U.S. Fixed Income Balanced Risk ETF From Listing Pursuant to Rule 14.11(i) and Approval Orders Issued by the Commission as a Series of Managed Fund Shares, and To Re-List Pursuant to Rule 14.11(c)(4) as a Series of Index Fund Shares
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 50 (March 14, 2018)
Federal Register Volume 83, Issue 50 (March 14, 2018)
| Page Range | 11283-11286 | |
| FR Document | 2018-05161 |
[Federal Register Volume 83, Number 50 (Wednesday, March 14, 2018)] [Notices] [Pages 11283-11286] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-05161] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82844; File No. SR-CboeBZX-2018-016] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delist the Shares of the iShares Edge U.S. Fixed Income Balanced Risk ETF From Listing Pursuant to Rule 14.11(i) and Approval Orders Issued by the Commission as a Series of Managed Fund Shares, and To Re-List Pursuant to Rule 14.11(c)(4) as a Series of Index Fund Shares March 9, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 28, 2018, Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule [[Page 11284]] change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it effective upon filing with the Commission. 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. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to delist the shares of the iShares Edge U.S. Fixed Income Balanced Risk ETF (the ``Fund'') from listing pursuant to Rule 14.11(i) and approval orders issued by the Commission as a series of Managed Fund Shares, and to re-list pursuant to Rule 14.11(c)(4) as a series of Index Fund Shares. The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to delist the shares of the Fund (the ``Shares'') from listing pursuant to an approval order issued by the Commission under Rule 14.11(i) related to Managed Fund Shares and re- listing pursuant to Rule 14.11(c)(4) related to Index Fund Shares \5\ based on Fixed Income Securities.6 7 The Exchange is submitting this proposal because the index that the Fund proposes to track meets all of the generic listing standards of Rule 14.11(c)(4)(B)(i) except that the Index includes exposure to U.S. Treasury futures contracts, which are not contemplated as Index constituents under Rule 14.11(c). --------------------------------------------------------------------------- \5\ As provided in Rule 14.11(c)(1)(A)(i), the term ``Index Fund Share'' means a security that is issued by an open-end management investment company based on a portfolio of stocks or fixed income securities or a combination thereof, that seeks to provide investment results that correspond generally to the price and yield performance or total return performance of a specified foreign or domestic stock index, fixed income securities index, or combination thereof. \6\ The Exchange notes that all necessary steps to delist and re-list the Fund have been taken, including but not limited to: (1) filing an information statement and prospectus on Form N-14 with the SEC that notified shareholders of the reorganization and specifically of the background and reasons for the reorganization, the financial highlights of the Fund, the principal investment risks, shareholder rights and obligations and the form of the Agreement and Plan of Reorganization; and (2) obtaining the board approval for the reorganization. \7\ As defined in Rule 14.11(c)(4), ``Fixed Income Securities'' are debt securities that are notes, bonds, debentures or evidence of indebtedness that include, but are not limited to U.S. Department of Treasury securities, government-sponsored entity securities (``GSE Securities''), municipal securities, trust preferred securities, supranational debt and debt of a foreign country or subdivision thereof. --------------------------------------------------------------------------- The Shares began trading on the Exchange on February 26, 2015 after the Commission issued an order \8\ approving the listing and trading of the Shares on the Exchange,\9\ which included a number of Continued Listing Representations.\10\ At that time, the Exchange was required to file separate proposals under Section 19(b) of the Act before the listing of any funds listed pursuant to Rule 14.11(i) (``Managed Fund Shares''). While the Shares would be listed as a series of Index Fund Shares instead of Managed Fund Shares, the Fund's holdings will continue meet the applicable Continued Listing Representations from the Order, except that the Fund plans to track the investment results of an index, specifically the Bloomberg Barclays U.S. Fixed Income Balanced Risk Index (the ``Index'').\11\ --------------------------------------------------------------------------- \8\ See Securities Exchange Act Release No. 74297 (February 18, 2015), 80 FR 9788 (February 24, 2015) (SR-BATS-2014-056) (the ``Order''). \9\ The Order states that ``the Fund is an actively-managed fund that does not seek to replicate the performance of a specified index.'' \10\ As defined in Rule 14.11(a), ``Continued Listing Representations'' means any of the statements or representations regarding the index composition, the description of the portfolio or reference assets, limitations on portfolio holdings or reference assets, dissemination and availability of index, reference asset, and intraday indicative values (as applicable), or the applicability of Exchange listing rules specified in any filing to list a series of Other Securities. \11\ The Index measures the performance of the corporate and mortgage portion of the Bloomberg Barclays U.S. Universal Index (the ``Parent Index'') while targeting an equal allocation between interest rate and credit spread risk. --------------------------------------------------------------------------- The Index uses a rules-based approach to calculate an equal volatility-weighted allocation to each of five segments of the Parent Index: (1) Investment-grade corporate bonds 1-5 year; (2) investment- grade corporate bonds 5-10 year; (3) high yield corporate bonds rated BB or higher; (4) high yield corporate bonds rated below BB; and (5) U.S. agency mortgage-backed securities. Segments with lower credit spread volatility receive a higher weighting, and segments with higher credit spread volatility receive a lower weighting, with the result that the contribution of each segment to overall credit spread volatility is approximately equal. The Index adjusts interest rate risk so that it equals credit spread risk by adding either long positions in U.S. Treasury bonds or short positions in U.S. Treasury futures. The Index meets all of the generic listing standards of Rule 14.11(c)(4)(B)(i) except that the Index includes exposure to U.S. Treasury futures contracts. The Index also meets all of the generic listing standards applicable to Managed Fund Shares under Rule 14.11(i), including the exposure to U.S. Treasury futures contracts. The Index also meets the Continued Listing Representations from the Order related to portfolio holdings. As noted above, the Exchange is submitting this proposal because the Index contains futures contracts (U.S. Treasury futures contracts) in a manner permitted pursuant to the Order, but for which Rule 14.11(c) does not currently contemplate. All U.S. Treasury futures contracts held by the Fund will trade on markets that are a member of the Intermarket Surveillance Group (``ISG'') or affiliated with a member of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement.\12\ --------------------------------------------------------------------------- \12\ For a list of the current members and affiliate members of ISG, see www.isgportal.com. The Exchange notes that not all components of the Fund's holdings may trade on markets that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. --------------------------------------------------------------------------- Based on the foregoing, the Exchange believes that the proposal is non-controversial and should be effective upon filing. Specifically, because: (i) The Index meets the generic listing standards applicable to Index Fund Shares except the portion of the Index that includes exposure to U.S. Treasury futures contracts, which are not contemplated as Index constituents under Rule 14.11(c); (ii) the Index would meet the generic listing standards for Managed Fund Shares under Rule 14.11(i)(4)(C), including the exposure to U.S. Treasury futures contracts under [[Page 11285]] Rule 14.11(i)(4)(C)(iv); \13\ (iii) the Index would meet all of the Continued Listing Representations, which formed the basis for the Commission's approval in the Order; \14\ (iv) all of the U.S. Treasury futures contracts included in the Index will be traded on markets that are a member of ISG or affiliated with a member of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement; and (v) the Index is largely a memorialization of the strategy previously employed by the Fund and the de-listing and re- listing is a technical matter of form without substantive change. --------------------------------------------------------------------------- \13\ The Exchange believes that, while there are certain differences between Index Fund Shares and Managed Fund Shares, the policy considerations underpinning the approval of the generic listing standards for Managed Fund Shares, particularly related to a portfolio's holdings in listed derivatives, are identical between Managed Fund Shares and Index Fund Shares, and, as such, an index underlying a series of Index Fund Shares that holds derivatives in a manner compliant with Rule 14.11(i)(4)(C)(iv) does not raise any issues that have not previously been contemplated by the Commission. See Securities Exchange Act Release No. 78396 (July 22, 2016), 81 FR 49698 (July 28, 2016) (SR-BATS-2015-100). \14\ As originally approved by the Commission for the listing and trading of the Fund as a series of Managed Fund Shares, the Commission determined in the Order that the proposal was consistent with the Act, stating that ``the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act, which requires, among other things, that the Exchange's rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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.'' --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposal is consistent with Section 6(b) of the Act \15\ in general and Section 6(b)(5) of the Act \16\ in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. Specifically, the Exchange believes that the proposal is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78f. \16\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Index meets all of the generic listing standards of Rule 14.11(c)(4)(B)(i) except that the Index includes exposure to U.S. Treasury futures contracts. The Index also meets all of the generic listing standards applicable to Managed Fund Shares under Rule 14.11(i), including the exposure to U.S. Treasury futures contracts. The Index also meets the Continued Listing Representations from the Order related to portfolio holdings. As noted above, the Exchange is submitting this proposal because the Index contains futures contracts (U.S. Treasury futures contracts) in a manner permitted pursuant to the Order, but for which Rule 14.11(c) does not currently contemplate. All U.S. Treasury futures contracts held by the Fund will trade on markets that are a member of ISG or affiliated with a member of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. Based on the foregoing, the Exchange believes that the proposal is non-controversial and should be effective upon filing. Specifically, because: (i) The Index meets the generic listing standards applicable to Index Fund Shares except the portion of the Index that includes exposure to U.S. Treasury futures contracts, which are not contemplated as Index constituents under Rule 14.11(c); (ii) the Index would meet the generic listing standards for Managed Fund Shares under Rule 14.11(i)(4)(C), including the exposure to U.S. Treasury futures contracts under Rule 14.11(i)(4)(C)(iv); \17\ (iii) the Index would meet all of the Continued Listing Representations, which formed the basis for the Commission's approval in the Order; \18\ (iv) all of the U.S. Treasury futures contracts included in the Index will be traded on markets that are a member of ISG or affiliated with a member of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement; and (v) the Index is largely a memorialization of the strategy previously employed by the Fund and the de-listing and re- listing is a technical matter of form without substantive change. --------------------------------------------------------------------------- \17\ The Exchange believes that, while there are certain differences between Index Fund Shares and Managed Fund Shares, the policy considerations underpinning the approval of the generic listing standards for Managed Fund Shares, particularly related to a portfolio's holdings in listed derivatives, are identical between Managed Fund Shares and Index Fund Shares, and, as such, an index underlying a series of Index Fund Shares that holds derivatives in a manner compliant with Rule 14.11(i)(4)(C)(iv) does not raise any issues that have not previously been contemplated by the Commission. See Securities Exchange Act Release No. 78396 (July 22, 2016), 81 FR 49698 (July 28, 2016) (SR-BATS-2015-100). \18\ As originally approved by the Commission for the listing and trading of the Fund as a series of Managed Fund Shares, the Commission determined in the Order that the proposal was consistent with the Act, stating that ``the Commission finds that the proposed rule change is consistent with Section 6(b)(5) of the Act, which requires, among other things, that the Exchange's rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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.'' --------------------------------------------------------------------------- As such, the Exchange believes that the proposal is designed to prevent fraudulent and manipulative acts and practices, 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 because there are no substantive issues raised by this proposal that were not otherwise addressed by the Order. 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 purpose of the Act. The Exchange believes that the proposal to allow the Fund to be listed on the Exchange pursuant to the generic listing standards under Rule 14.11(i)(4)(C) will have no impact on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on the proposed rule change. 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 \19\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\20\ --------------------------------------------------------------------------- \19\ 15 U.S.C. 78s(b)(3)(A)(iii). \20\ 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 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. --------------------------------------------------------------------------- [[Page 11286]] A proposed rule change filed under Rule 19b-4(f)(6) \21\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\22\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requests that the Commission waive the 30-day operative delay to allow the Shares to immediately be listed and traded on the Exchange pursuant to Rule 14.11(c)(4) instead of Rule 14.11(i). The Exchange represents that the Index would meet the generic listing standards for Managed Fund Shares under Rule 14.11(i)(4)(C), including the exposure to U.S. Treasury futures contracts under Rule 14.11(i)(4)(C)(iv) \23\ and the Index would meet all of the Continued Listing Representations, which formed the basis for the Commission's approval in the Order.\24\ The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\25\ --------------------------------------------------------------------------- \21\ 17 CFR 240.19b-4(f)(6). \22\ 17 CFR 240.19b-4(f)(6)(iii). \23\ See supra text accompanying note 17. \24\ See supra text accompanying note 18. \25\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-CboeBZX-2018-016 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-CboeBZX-2018-016. 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-CboeBZX-2018-016, and should be submitted on or before April 4, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-05161 Filed 3-13-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 50 / Wednesday, March 14, 2018 / Notices 11283
that the exceptions detailed in Rule with the protection of investors and the amendments, all written statements
15010(b) apply to Trading Floor public interest because the proposed with respect to the proposed rule
transactions. As mentioned above, other rule change is designed to provide change that are filed with the
options exchanges with open out-cry clarity and transparency to BOX Commission, and all written
trading floors have issued Regulatory Participants with regard to QOO Orders communications relating to the
Circulars addressing the Linkage Plan on the Trading Floor and their proposed rule change between the
and how it relates to their respective relationship to the Linkage Plan. The Commission and any person, other than
trading floor rules. As such, the Commission also notes that the those that may be withheld from the
Exchange does not believe that the proposed rule change is consistent with public in accordance with the
proposed rule change will impose any the practices of other options exchanges, provisions of 5 U.S.C. 552, will be
burden on competition not necessary or which are set forth in regulatory available for website viewing and
appropriate in furtherance of the circulars.17 Accordingly, the printing in the Commission’s Public
purposes of the Act. Commission hereby waives the Reference Room, 100 F Street NE,
operative delay and designates the Washington, DC 20549, on official
C. Self-Regulatory Organization’s
proposal operative upon filing.18 business days between the hours of
Statement on Comments on the At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the
Proposed Rule Change Received From filing of the proposed rule change, the filing also will be available for
Members, Participants, or Others Commission summarily may inspection and copying at the principal
The Exchange has neither solicited temporarily suspend such rule change if office of the Exchange. All comments
nor received comments on the proposed it appears to the Commission that such received will be posted without change.
rule change. action is necessary or appropriate in the Persons submitting comments are
III. Date of Effectiveness of the public interest, for the protection of cautioned that we do not redact or edit
Proposed Rule Change and Timing for investors, or otherwise in furtherance of personal identifying information from
Commission Action the purposes of the Act. If the comment submissions. You should
Commission takes such action, the submit only information that you wish
Because the foregoing proposed rule Commission shall institute proceedings to make available publicly. All
change does not: (i) Significantly affect to determine whether the proposed rule submissions should refer to File
the protection of investors or the public change should be approved or Number SR–BOX–2018–08 and should
interest; (ii) impose any significant disapproved. be submitted on or before April 4, 2018.
burden on competition; and (iii) become
operative for 30 days from the date on IV. Solicitation of Comments For the Commission, by the Division of
Trading and Markets, pursuant to delegated
which it was filed, or such shorter time Interested persons are invited to authority.19
as the Commission may designate, the submit written data, views and Eduardo A. Aleman,
proposed rule change has become arguments concerning the foregoing, Assistant Secretary.
effective pursuant to Section 19(b)(3)(A) including whether the proposed rule
of the Act 13 and Rule 19b–4(f)(6) [FR Doc. 2018–05162 Filed 3–13–18; 8:45 am]
change is consistent with the Act.
thereunder.14 Comments may be submitted by any of BILLING CODE 8011–01–P
A proposed rule change filed the following methods:
pursuant to Rule 19b–4(f)(6) under the
Act 15 normally does not become Electronic Comments SECURITIES AND EXCHANGE
operative for 30 days after the date of its • Use the Commission’s internet COMMISSION
filing. However, Rule 19b–4(f)(6)(iii) 16 comment form (http://www.sec.gov/ [Release No. 34–82844; File No. SR–
permits the Commission to designate a rules/sro.shtml); or CboeBZX–2018–016]
shorter time if such action is consistent • Send an email to rule-comments@
with the protection of investors and the sec.gov. Please include File Number SR– Self-Regulatory Organizations; Cboe
public interest. The Exchange has asked BOX–2018–08 on the subject line. BZX Exchange, Inc.; Notice of Filing
the Commission to waive the 30-day and Immediate Effectiveness of a
operative delay so that the proposal may Paper Comments Proposed Rule Change To Delist the
become operative immediately upon • Send paper comments in triplicate Shares of the iShares Edge U.S. Fixed
filing. The Exchange notes that waiver to Secretary, Securities and Exchange Income Balanced Risk ETF From
of the operative delay would allow it to Commission, 100 F Street NE, Listing Pursuant to Rule 14.11(i) and
implement the proposal immediately Washington, DC 20549–1090. Approval Orders Issued by the
and eliminate the potential for All submissions should refer to File Commission as a Series of Managed
confusion with regard to QOO Orders Number SR–BOX–2018–08. This file Fund Shares, and To Re-List Pursuant
on the Trading Floor and their number should be included on the to Rule 14.11(c)(4) as a Series of Index
relationship to the Linkage Plan. The subject line if email is used. To help the Fund Shares
Commission believes that waiving the Commission process and review your March 9, 2018.
30-day operative delay is consistent comments more efficiently, please use Pursuant to Section 19(b)(1) of the
only one method. The Commission will Securities Exchange Act of 1934 (the
13 15 U.S.C. 78s(b)(3)(A). post all comments on the Commission’s ‘‘Act’’),1 and Rule 19b-4 thereunder,2
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– internet website (http://www.sec.gov/ notice is hereby given that on February
4(f)(6) requires a self-regulatory organization to give
rules/sro.shtml). Copies of the 28, 2018, Cboe BZX Exchange, Inc. (the
daltland on DSKBBV9HB2PROD with NOTICES
the Commission written notice of its intent to file
the proposed rule change, along with a brief submission, all subsequent ‘‘Exchange’’ or ‘‘BZX’’) filed with the
description and the text of the proposed rule Securities and Exchange Commission
change, at least five business days prior to the date 17 See supra note 10.
of filing of the proposed rule change, or such 18 For
(the ‘‘Commission’’) the proposed rule
purposes only of waiving the 30-day
shorter time as designated by the Commission. The operative delay, the Commission has also
Exchange has satisfied this requirement. considered the proposed rule’s impact on
19 17 CFR 200.30–3(a)(12).
15 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
16 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 18:17 Mar 13, 2018 Jkt 244001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 E:\FR\FM\14MRN1.SGM 14MRN1](https://thefederalregister.org/doc/83_FR_11333/page/1.svg)
![11286 Federal Register / Vol. 83, No. 50 / Wednesday, March 14, 2018 / Notices
A proposed rule change filed under Paper Comments 90025, a Federal Licensee under the
Rule 19b–4(f)(6) 21 normally does not • Send paper comments in triplicate Small Business Investment Act of 1958,
become operative prior to 30 days after to Secretary, Securities and Exchange as amended (‘‘the Act’’), in connection
the date of the filing. However, pursuant Commission, 100 F Street NE, with the financing of a small concern,
to Rule 19b–4(f)(6)(iii),22 the Washington, DC 20549–1090. has sought an exemption under Section
Commission may designate a shorter 312 of the Act and Section 107.730,
All submissions should refer to File
time if such action is consistent with the Financings which Constitute Conflicts
Number SR–CboeBZX–2018–016. This
protection of investors and the public of Interest of the Small Business
file number should be included on the
interest. The Exchange requests that the Administration (‘‘SBA’’) Rules and
subject line if email is used. To help the
Commission waive the 30-day operative Regulations (13 CFR 107.730). Caltius
Commission process and review your
delay to allow the Shares to Partners V (SBIC), L.P. proposes to
comments more efficiently, please use
immediately be listed and traded on the provide senior subordinated loan
Exchange pursuant to Rule 14.11(c)(4) only one method. The Commission will
post all comments on the Commission’s financing to Emerging Acquisitions, LLC
instead of Rule 14.11(i). The Exchange d/b/a Bulk Handling Systems, 3592
represents that the Index would meet internet website (http://www.sec.gov/
rules/sro.shtml). Copies of the West 5th Avenue, Eugene, OR 97402
the generic listing standards for (‘‘BHS’’).
Managed Fund Shares under Rule submission, all subsequent
The financing is brought within the
14.11(i)(4)(C), including the exposure to amendments, all written statements
purview of § 107.730(a) and (d) of the
U.S. Treasury futures contracts under with respect to the proposed rule
Regulations because Caltius Equity
Rule 14.11(i)(4)(C)(iv) 23 and the Index change that are filed with the
Partners III, L.P. an Associate of Caltius
would meet all of the Continued Listing Commission, and all written
Partners V (SBIC), L.P., owns more than
Representations, which formed the basis communications relating to the
ten percent of BHS, and therefore this
for the Commission’s approval in the proposed rule change between the
transaction is considered a financing of
Order.24 The Commission believes that Commission and any person, other than
an Associate requiring prior SBA
waiving the 30-day operative delay is those that may be withheld from the
approval.
consistent with the protection of public in accordance with the
Notice is hereby given that any
investors and the public interest. provisions of 5 U.S.C. 552, will be
interested person may submit written
Accordingly, the Commission hereby available for website viewing and
comments on the transaction, within
waives the 30-day operative delay and printing in the Commission’s Public
fifteen days of the date of this
designates the proposed rule change Reference Room, 100 F Street NE,
publication, to the Associate
operative upon filing.25 Washington, DC 20549 on official
Administrator for Investment, U.S.
At any time within 60 days of the business days between the hours of
Small Business Administration, 409
filing of the proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the
Third Street SW, Washington, DC
Commission summarily may filing also will be available for
20416.
temporarily suspend such rule change if inspection and copying at the principal
office of the Exchange. All comments Dated: February 27, 2018.
it appears to the Commission that such
received will be posted without change. A. Joseph Shepard,
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection Persons submitting comments are Associate Administrator, Office of Investment
cautioned that we do not redact or edit and Innovation.
of investors; or (iii) otherwise in
furtherance of the purposes of the Act. personal identifying information from [FR Doc. 2018–05134 Filed 3–13–18; 8:45 am]
If the Commission takes such action, the comment submissions. You should BILLING CODE P
Commission shall institute proceedings submit only information that you wish
to determine whether the proposed rule to make available publicly. All
should be approved or disapproved. submissions should refer to File DEPARTMENT OF TRANSPORTATION
Number SR–CboeBZX–2018–016, and
IV. Solicitation of Comments should be submitted on or before April Maritime Administration
Interested persons are invited to 4, 2018. [Docket No. MARAD–2018 0030]
submit written data, views, and For the Commission, by the Division of
arguments concerning the foregoing, Trading and Markets, pursuant to delegated Requested Administrative Waiver of
including whether the proposed rule authority.26 the Coastwise Trade Laws: Vessel
change is consistent with the Act. Eduardo A. Aleman, CHASING SUMMER; Invitation for
Comments may be submitted by any of Assistant Secretary. Public Comments
the following methods: [FR Doc. 2018–05161 Filed 3–13–18; 8:45 am]
AGENCY: Maritime Administration,
Electronic Comments BILLING CODE 8011–01–P
Department of Transportation.
• Use the Commission’s internet ACTION: Notice.
comment form (http://www.sec.gov/
rules/sro.shtml); or SMALL BUSINESS ADMINISTRATION SUMMARY: The Secretary of
• Send an email to rule-comments@ Transportation, as represented by the
Caltius Partners V (SBIC), L.P. License Maritime Administration (MARAD), is
sec.gov. Please include File Number SR–
No. 09/09–0482; Notice Seeking authorized to grant waivers of the U.S.-
CboeBZX–2018–016 on the subject line.
Exemption Under Section 312 of the build requirement of the coastwise laws
daltland on DSKBBV9HB2PROD with NOTICES
21 17
Small Business Investment Act, under certain circumstances. A request
CFR 240.19b–4(f)(6).
22 17 CFR 240.19b–4(f)(6)(iii).
Conflicts of Interest for such a waiver has been received by
23 See supra text accompanying note 17.
Notice is hereby given that Caltius MARAD. The vessel, and a brief
24 See supra text accompanying note 18.
Partners V (SBIC), L.P., 11766 Wilshire description of the proposed service, is
25 For purposes only of waiving the 30-day
Blvd., Suite 850, Los Angeles, CA listed below.
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition, DATES: Submit comments on or before
and capital formation. See 15 U.S.C. 78c(f). 26 17 CFR 200.30–3(a)(12). April 13, 2018.
VerDate Sep<11>2014 18:17 Mar 13, 2018 Jkt 244001 PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 E:\FR\FM\14MRN1.SGM 14MRN1](https://thefederalregister.org/doc/83_FR_11333/page/4.svg)
Document Created: 2018-03-14 01:06:20
Document Modified: 2018-03-14 01:06:20
| 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 11283 |
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