83 FR 15881 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend ISE Rules 700, 2008, and 2009

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 71 (April 12, 2018)

Page Range		15881-15883
FR Document		2018-07526
Federal Register, Volume 83 Issue 71 (Thursday, April 12, 2018)
[Federal Register Volume 83, Number 71 (Thursday, April 12, 2018)]
[Notices]
[Pages 15881-15883]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-07526]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83006; File No. SR-ISE-2018-30]


Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend ISE Rules 
700, 2008, and 2009

April 6, 2018.
    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 March 29, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``SEC'' or ``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 ISE Rules 700, Days and Hours of 
Business, at Section (c); 2008, Days and Hours of Business; and 2009, 
Terms of Index Option Contracts, Supplementary Material .07, 
Nonstandard Expirations Pilot Program.
    The text of the proposed rule change is available on the Exchange's 
website at http://ise.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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this rule filing is to establish that transactions 
in expiring p.m.-settled broad-based index options, including Weekly 
Expirations and End of Month (``EOM'') options, may be effected on the 
Exchange only until 4:00 p.m. (Eastern Time) on the last trading 
day.\3\ The terms of p.m.-settled broad-based index options specify 
that their exercise settlement value is based on the index value 
derived from the closing prices of component stocks.
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    \3\ The listing and trading of p.m.-settled options on broad-
based indexes with nonstandard expiration dates, including Weekly 
Expirations and EOM options, has been approved by the Commission on 
a pilot basis for an initial period of twelve months expiring on 
February 1, 2019 (the ``Nonstandard Expirations Pilot Program'' or 
``Pilot Program''). See Supplementary Material .07 of Rule 2009 and 
Securities Exchange Act Release No. 82612 (February 1, 2018), 83 FR 
5470 (February 7, 2018) (SR-ISE-2017-111). To date, no Weekly 
Expirations or EOM options have been listed on the Exchange.
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    Currently, ISE Rule 700(c) provides that broad-based index options 
may trade until 4:15 p.m. each business day. The Exchange now proposes 
to add language to Rule 700(c) to establish that on the last trading 
day transactions in expiring p.m.-settled broad-based index options may 
be effected on the Exchange between the hours of 9:30 a.m. (Eastern 
Time) and 4:00 p.m. (Eastern Time). The same new language is proposed 
to be added to Rules 2008, Trading Sessions, and 2009, Terms of Index 
Option Contracts, at Supplementary Material .07(d), Weekly Expirations 
and EOM Trading Hours. The proposed new language is substantively 
identical to language in Rule 24.9(e), Weekly Expirations and

[[Page 15882]]

EOM Trading Hours on the Last Trading Day, of the Cboe Exchange, Inc. 
(CBOE). The 4:00 p.m. close of trading would apply only on the last 
trading day of the expiring p.m.-settled options.
    As CBOE explained in the proposed rule change adopting current CBOE 
Rule 24.9(e), Weekly Expirations and EOM options which are p.m.-settled 
are priced in the market based on corresponding futures values. On the 
last day of trading, the closing prices of the component stocks (which 
are used to derive the exercise settlement value) are known at 4:00 
p.m. (Eastern Time) (or soon after) when the equity markets close. 
Despite the fact that the exercise settlement value is fixed at or soon 
after 4:00 p.m. (Eastern Time), if trading in expiring Weekly 
Expirations and EOMs were to continue for an additional fifteen minutes 
until 4:15 p.m. (Eastern Time) they would not be priced on 
corresponding futures values, but rather the known cash value. At the 
same time, the prices of non-expiring Weekly Expiration and EOM series 
would continue to move and be priced in response to changes in 
corresponding futures prices. Because of the potential pricing 
divergence that could occur between 4:00 and 4:15 p.m. on the final 
trading day in expiring Weekly Expirations and EOMs (e.g., switch from 
pricing off of futures to cash), the Exchange believes that, in order 
to mitigate potential investor confusion, it is appropriate to cease 
trading in expiring Weekly Expirations and EOMs at 4:00 p.m. on the 
last day of trading.\4\
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    \4\ See Securities Exchange Act Release No. 64243 (April 7, 
2011), 76 FR 20771 (April 13, 2011) (SR-CBOE-2011-038) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Regarding 
Close of Trading Hours for Expiring End of Week and End of Month 
Expirations).
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    Because the potential pricing divergence issue applies to all ISE-
listed p.m.-settled options, including but not limited to the Weekly 
Expiration and EOM series listed on ISE, the Exchange proposes to add 
the exception providing for a 4:00 close of trading on the last trading 
day before expiration to ISE's Rule 700(c) which sets forth the trading 
hours for all broad-based index options, and Rule 2008, Trading 
Sessions, in addition to Rule 2009, Supplementary Material .07(d).
    Thus, as revised, Rule 700(c) would provide that options on a 
broad-based index, as defined in ISE Rule 2001, may be traded on the 
Exchange until 4:15 p.m. each business day, except that that on the 
last trading day, transactions in expiring p.m.-settled broad-based 
index options may be effected on the Exchange between the hours of 9:30 
a.m. (Eastern Time) and 4:00 p.m. (Eastern Time). The exception would 
also be added to Rule 2008(a) which currently provides, in relevant 
part, that except as otherwise provided in Rule 2008 or under unusual 
conditions as may be determined by the President or his designee, 
transactions in index options may be effected on the Exchange between 
the hours of 9:30 a.m. (Eastern Time) and 4:15 p.m. (Eastern Time). 
Finally, the same change would be made to Supplementary Material .07(d) 
of Rule 2009, which currently provides that transactions in Weekly 
Expirations and EOMs may be effected on the Exchange between the hours 
of 9:30 a.m. (Eastern Time) and 4:15 p.m. (Eastern Time).
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\5\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest, 
by conforming the trading hours on the last trading day of Weekly 
Expiration and EOM options to the trading hours on CBOE. The existence 
of dissimilar closing times applicable to different options exchanges 
would likely lead to confusion for options investors and broker-
dealers. Additionally, preventing continued trading on a p.m.-settled 
broad-based index option after the exercise settlement value has been 
fixed eliminates potential confusion and thereby protects investors and 
the public interest. The Exchange notes that p.m.-settled options on 
the S&P 500 index and on p.m.-settled XSP [sic] options cease trading 
at 4:00 p.m. Eastern Time on the last day of trading pursuant to CBOE 
Rule 24.6, Days and Hours of Business, Interpretations and Policies 
.04.
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    \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. Specifically, the Exchange does 
not believe the proposal will impose any burden on intramarket 
competition as all market participants will be treated in the same 
manner with respect to trading hours of expiring p.m.-settled broad-
based index options.

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 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 if consistent with the protection of investors 
and the public interest, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-4(f)(6) 
thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally 
does not become operative for 30 days after the date of filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\10\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest as it will allow the 
Exchange to immediately conform the trading hours on the final trading 
day in expiring p.m.-settled broad-based index options to those of 
another exchange, eliminate a potential source of confusion on the part 
of the investing public, as well as avoid potential pricing divergence 
difficulties that could occur between 4:00 and 4:15 p.m. (Eastern 
Time). The Exchange's proposal does not raise new issues. Accordingly, 
the Commission hereby waives the 30-day operative delay requirement and 
designates the

[[Page 15883]]

proposed rule change as operative upon filing.\11\
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    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    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 necessary or 
appropriate in the public interest, for the protection of investors, or 
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 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-ISE-2018-30 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-ISE-2018-30. 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-ISE-2018-30, and should be submitted on 
or before May 3, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-07526 Filed 4-11-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 71 / Thursday, April 12, 2018 / Notices 15881

Capital Market, and impose a deadline days from that date, and June 8, 2018 is principal office of the Exchange, and at
to demonstrate compliance with initial 240 days from that date. the Commission’s Public Reference
listing requirements on all Nasdaq The Commission finds it appropriate Room.
Markets to within 30 days following to designate a longer period within
II. Self-Regulatory Organization’s
each business combination. The which to issue an order approving or
Statement of the Purpose of, and
proposed rule change was published for disapproving the proposed rule change
Statutory Basis for, the Proposed Rule
comment in the Federal Register on so that it has sufficient time to consider
Change
October 11, 2017.3 In response, the the proposed rule change and the
Commission received six comments on comment letters. Accordingly, the In its filing with the Commission, the
the proposal.4 On November 22, 2017, Commission, pursuant to Section Exchange included statements
the Commission extended the time 19(b)(2) of the Act,9 designates June 8, concerning the purpose of and basis for
period within which to approve the 2018, as the date by which the the proposed rule change and discussed
proposed rule change, disapprove the Commission shall either approve or any comments it received on the
proposed rule change, or institute disapprove the proposed rule change proposed rule change. The text of these
proceedings to determine whether to (File No. SR–NASDAQ–2017–087). statements may be examined at the
approve or disapprove the proposed places specified in Item IV below. The
For the Commission, by the Division of
rule change to January 9, 2018.5 The Trading and Markets, pursuant to delegated
Exchange has prepared summaries, set
Commission issued an order instituting authority.10 forth in sections A, B, and C below, of
proceedings under Section 19(b)(2)(B) of Eduardo A. Aleman, the most significant aspects of such
the Act to determine whether to approve statements.
Assistant Secretary.
or disapprove the proposed rule change [FR Doc. 2018–07528 Filed 4–11–18; 8:45 am] A. Self-Regulatory Organization’s
on January 9, 2018 (‘‘OIP’’).6 The BILLING CODE 8011–01–P Statement of the Purpose of, and the
Commission received three additional Statutory Basis for, the Proposed Rule
comments in response to the OIP, Change
including a comment letter from SECURITIES AND EXCHANGE
Nasdaq.7 1. Purpose
COMMISSION
Section 19(b)(2) of the Act 8 provides The purpose of this rule filing is to
[Release No. 34–83006; File No. SR–ISE– establish that transactions in expiring
that, after initiating disapproval 2018–30]
proceedings, the Commission shall issue p.m.-settled broad-based index options,
an order approving or disapproving the Self-Regulatory Organizations; Nasdaq including Weekly Expirations and End
proposed rule change not later than 180 ISE, LLC; Notice of Filing and of Month (‘‘EOM’’) options, may be
days after the date of publication of Immediate Effectiveness of Proposed effected on the Exchange only until 4:00
notice of filing of the proposed rule Rule Change To Amend ISE Rules 700, p.m. (Eastern Time) on the last trading
change. The Commission may, however, 2008, and 2009 day.3 The terms of p.m.-settled broad-
extend the period for issuing an order based index options specify that their
approving or disapproving the proposed April 6, 2018. exercise settlement value is based on the
rule change by not more than 60 days Pursuant to Section 19(b)(1) of the index value derived from the closing
if the Commission determines that a Securities Exchange Act of 1934 prices of component stocks.
longer period is appropriate and (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Currently, ISE Rule 700(c) provides
publishes the reasons for such notice is hereby given that on March 29, that broad-based index options may
determination. The proposed rule 2018, Nasdaq ISE, LLC (‘‘ISE’’ or trade until 4:15 p.m. each business day.
change was published for notice and ‘‘Exchange’’) filed with the Securities The Exchange now proposes to add
comment in the Federal Register on and Exchange Commission (‘‘SEC’’ or language to Rule 700(c) to establish that
October 11, 2017. April 9, 2018 is 180 ‘‘Commission’’) the proposed rule on the last trading day transactions in
change as described in Items I and II, expiring p.m.-settled broad-based index
3 See Securities Exchange Act Release No. 81816 below, which Items have been prepared options may be effected on the
(October 4, 2017), 82 FR 47269 (October 11, 2017) by the Exchange. The Commission is Exchange between the hours of 9:30
(‘‘Notice’’). publishing this notice to solicit a.m. (Eastern Time) and 4:00 p.m.
4 See Letters to Brent J. Fields, Secretary,
comments on the proposed rule change (Eastern Time). The same new language
Commission, from Jeffrey M. Solomon, Chief is proposed to be added to Rules 2008,
Executive Officer, Cowen and Company, LLC, dated
from interested persons.
October 19, 2017; Jeffrey P. Mahoney, General Trading Sessions, and 2009, Terms of
I. Self-Regulatory Organization’s Index Option Contracts, at
Counsel, Council of Institutional Investors, dated
October 25, 2017; Sean Davy, Managing Director, Statement of the Terms of Substance of Supplementary Material .07(d), Weekly
Capital Markets Division, SIFMA, dated October 31, the Proposed Rule Change Expirations and EOM Trading Hours.
2017; Akin Gump Strauss Hauer & Feld LLP, dated
November 1, 2017; Steven Levine, Chief Executive
The Exchange proposes to amend ISE The proposed new language is
Officer, EarlyBirdCapital, Inc., dated November 3, Rules 700, Days and Hours of Business, substantively identical to language in
2017; and Christian O. Nagler and David A. Curtiss, at Section (c); 2008, Days and Hours of Rule 24.9(e), Weekly Expirations and
Kirkland & Ellis LLP, dated November 9, 2017. Business; and 2009, Terms of Index
5 See Securities Exchange Act Release No. 82142
Option Contracts, Supplementary 3 The listing and trading of p.m.-settled options
(November 22, 2017), 82 FR 56293 (November 28, on broad-based indexes with nonstandard
2017). Material .07, Nonstandard Expirations
expiration dates, including Weekly Expirations and
6 See Securities Exchange Act Release No. 82478 Pilot Program. EOM options, has been approved by the
sradovich on DSK3GMQ082PROD with NOTICES

(January 9, 2018), 83 FR 2278 (January 16, 2018). The text of the proposed rule change Commission on a pilot basis for an initial period of
7 See Letters to Brent J. Fields, Secretary,
is available on the Exchange’s website at twelve months expiring on February 1, 2019 (the
Commission, from Jeffrey P. Mahoney, General http://ise.cchwallstreet.com/, at the ‘‘Nonstandard Expirations Pilot Program’’ or ‘‘Pilot
Counsel, Council of Institutional Investors, dated Program’’). See Supplementary Material .07 of Rule
January 25, 2018; Paul D. Tropp, Freshfields 2009 and Securities Exchange Act Release No.
9 Id.
Bruckhaus Deringer US LLP, dated January 30, 82612 (February 1, 2018), 83 FR 5470 (February 7,
10 17 CFR 200.30–3(a)(31).
2018; and Arnold Golub, Deputy General Counsel, 2018) (SR–ISE–2017–111). To date, no Weekly
Nasdaq, dated February 23, 2018. 1 15 U.S.C. 78s(b)(1). Expirations or EOM options have been listed on the
8 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. Exchange.

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Federal Register / Vol. 83, No. 71 / Thursday, April 12, 2018 / Notices 15883

proposed rule change as operative upon 10:00 a.m. and 3:00 p.m. Copies of the has received no comments on the
filing.11 filing also will be available for proposed rule change. This order
At any time within 60 days of the inspection and copying at the principal institutes proceedings under Section
filing of the proposed rule change, the office of the Exchange. All comments 19(b)(2)(B) of the Act 6 to determine
Commission summarily may received will be posted without change. whether to approve or disapprove the
temporarily suspend such rule change if Persons submitting comments are proposed rule change.
it appears to the Commission that such cautioned that we do not redact or edit
action is necessary or appropriate in the I. Summary of the Exchange’s
personal identifying information from Description of the Proposed Rule
public interest, for the protection of comment submissions. You should
investors, or otherwise in furtherance of Change 7
submit only information that you wish
the purposes of the Act. If the to make available publicly. All The Exchange proposes to list and
Commission takes such action, the submissions should refer to File trade Shares of the Fund under Nasdaq
Commission shall institute proceedings Number SR–ISE–2018–30, and should Rule 5735, which governs the listing
to determine whether the proposed rule be submitted on or before May 3, 2018. and trading of Managed Fund Shares on
should be approved or disapproved. the Exchange. The Shares will be
For the Commission, by the Division of offered by the Trust, which is registered
IV. Solicitation of Comments Trading and Markets, pursuant to delegated
with the Commission as an investment
authority.12
Interested persons are invited to company under the Investment
submit written data, views, and Eduardo A. Aleman,
Company Act of 1940 (‘‘1940 Act’’). The
arguments concerning the foregoing, Assistant Secretary. Fund will be a series of the Trust.8
including whether the proposed rule [FR Doc. 2018–07526 Filed 4–11–18; 8:45 am] Legg Mason Partners Fund Advisor,
change is consistent with the Act. BILLING CODE 8011–01–P LLC will be the investment manager
Comments may be submitted by any of (‘‘Manager’’) to the Fund. Western Asset
the following methods: Management Company will serve as the
SECURITIES AND EXCHANGE sub-adviser to the Fund (‘‘Sub-Adviser’’)
Electronic Comments COMMISSION and Western Asset Management
• Use the Commission’s internet Company Limited in London, Western
[Release No. 34–83007; File No. SR–
comment form (http://www.sec.gov/ NASDAQ–2017–128] Asset Management Company Pte. Ltd. in
rules/sro.shtml); or Singapore, and Western Asset
• Send an email to rule-comments@ Self-Regulatory Organizations; The Management Company Ltd in Japan will
sec.gov. Please include File Number SR– Nasdaq Stock Market LLC; Order each serve as sub-sub-advisers to the
ISE–2018–30 on the subject line. Instituting Proceedings To Determine Fund (collectively, ‘‘Sub-Sub-Advisers’’
Paper Comments Whether To Approve or Disapprove a and each, a ‘‘Sub-Sub-Adviser’’).9 Legg
Proposed Rule Change To List and Mason Investor Services, LLC
• Send paper comments in triplicate (‘‘Distributor’’) will be the distributor of
Trade Shares of the Western Asset
to Secretary, Securities and Exchange the Fund’s Shares. The Manager, each of
Total Return ETF
Commission, 100 F Street NE, the Sub-Advisers, and the Distributor
Washington, DC 20549–1090. April 6, 2018. are wholly-owned subsidiaries of Legg
All submissions should refer to File On December 20, 2017, The Nasdaq Mason, Inc. (‘‘Legg Mason’’). The
Number SR–ISE–2018–30. This file Stock Market LLC (‘‘Nasdaq’’) filed with Exchange states that an entity that is not
number should be included on the the Securities and Exchange affiliated with Legg Mason, and which
subject line if email is used. To help the Commission (‘‘Commission’’), pursuant is named in the Registration Statement,
Commission process and review your to Section 19(b)(1) of the Securities will act as the administrator, accounting
comments more efficiently, please use Exchange Act of 1934 (‘‘Act’’) 1 and Rule agent, custodian, and transfer agent to
only one method. The Commission will 19b–4 thereunder,2 a proposed rule the Fund.10
post all comments on the Commission’s change to list and trade shares
internet website (http://www.sec.gov/ (‘‘Shares’’) of the Western Asset Total designated April 9, 2018, as the date by which the
rules/sro.shtml). Copies of the Return ETF (‘‘Fund’’), a series of Legg Commission shall approve or disapprove, or
submission, all subsequent institute proceedings to determine whether to
Mason ETF Investment Trust (‘‘Trust’’), disapprove, the proposed rule change.
amendments, all written statements under Nasdaq Rule 5735 (Managed 6 15 U.S.C. 78s(b)(2)(B).
with respect to the proposed rule Fund Shares). The proposed rule change 7 For a complete description of the Exchange’s
change that are filed with the was published for comment in the proposal, see the Notice, supra note 3.
Commission, and all written Federal Register on January 9, 2018.3 8 The Trust filed a registration statement on Form

communications relating to the On February 21, 2018, pursuant to N–1A with the Commission with respect to the
Fund but withdrew it on February 14, 2018. See
proposed rule change between the Section 19(b)(2) of the Act,4 the Post-Effective Amendment No. 27 to the
Commission and any person, other than Commission designated a longer period Registration Statement on Form N–1A for the Trust
those that may be withheld from the within which to approve the proposed (File Nos. 333–206784 and 811–23096) as filed on
public in accordance with the August 8, 2017 (‘‘Registration Statement’’) and
rule change, disapprove the proposed Request for Withdrawal of Post-Effective
provisions of 5 U.S.C. 552, will be rule change, or institute proceedings to Amendments Nos. 27, 31, 33, 35, 36 and 38 to the
available for website viewing and determine whether to disapprove the Trust’s Registration Statement filed on Form N–1A
printing in the Commission’s Public proposed rule change.5 The Commission as filed on February 14, 2018.
9 References to ‘‘Sub-Adviser’’ or ‘‘Sub-Advisers’’
Reference Room, 100 F Street NE,
sradovich on DSK3GMQ082PROD with NOTICES

hereinafter include the Sub-Adviser and each
Washington, DC 20549, on official 12 17 CFR 200.30–3(a)(12).
applicable Sub-Sub-Adviser.
business days between the hours of 1 15 U.S.C. 78s(b)(1). 10 According to the Exchange, none of the
2 17 CFR 240.19b–4.
Manager or any of the Sub-Advisers is a broker-
11 For purposes only of waiving the 30-day 3 See Securities Exchange Act Release No. 82439
dealer, but each is affiliated with the Distributor, a
operative delay, the Commission has also (Jan. 3, 2018), 83 FR 1062 (‘‘Notice’’). broker-dealer. The Exchange states that each of the
4 15 U.S.C. 78s(b)(2).
considered the proposed rule’s impact on Manager and the Sub-Advisers has implemented
efficiency, competition, and capital formation. See 5 See Securities Exchange Act Release No. 82757, and will maintain a fire wall with respect to its
15 U.S.C. 78c(f). 83 FR 8532 (Feb. 27, 2018). The Commission Continued

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Document Created: 2018-11-02 08:15:27
Document Modified: 2018-11-02 08:15:27
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 15881