83 FR 18108 - Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to Amendments to the ICC Operational Risk Management Framework
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 80 (April 25, 2018)
Federal Register Volume 83, Issue 80 (April 25, 2018)
| Page Range | 18108-18110 | |
| FR Document | 2018-08617 |
[Federal Register Volume 83, Number 80 (Wednesday, April 25, 2018)] [Notices] [Pages 18108-18110] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-08617] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83071; File No. SR-ICC-2018-003] Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to Amendments to the ICC Operational Risk Management Framework April 19, 2018. I. Introduction On February 23, 2018, ICE Clear Credit LLC (``ICC'') 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 update the ICC Operational Risk Management Framework (``Framework''). The proposed rule change was published for comment in the Federal Register on March 7, 2018.\3\ The Commission did not receive comments regarding the proposed rule change. For the reasons discussed below, the Commission is approving the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Securities Exchange Act Release No. 82798 (March 1, 2018), 83 FR 9786 (March 7, 2018) (SR-ICC-2018-003) (``Notice''). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The Framework details ICC's program of operational risk assessment and oversight.\4\ The proposed rule change would modify the Framework to remove the role of the Operational Risk Manager (``ORM'') and assign several of its responsibilities to the ICE, Inc. Enterprise Risk Management Chief Risk Officer for North American Clearing Houses (``ERM'').\5\ The ORM was an ICC employee responsible for implementing the Framework across ICC, and reported directly to ICC's Chief Compliance Officer. The ERM, in contrast, is an ICE, Inc. employee and is responsible for the ICE, Inc. Enterprise Risk Management Department's (``ERM Department'') coverage of ICC,\6\ which provides the oversight and framework for identifying, assessing, managing, monitoring, and reporting on risk across the ICE, Inc. organization as a whole.\7\ Going forward, responsibility for overseeing the management of the Framework will rest with the ERM, in conjunction with the ICC Compliance Committee.\8\ --------------------------------------------------------------------------- \4\ Notice, 83 FR at 9787. Capitalized terms used herein but not otherwise defined have the meaning set forth in the ICE Clear Europe rulebook, which is available at https://www.theice.com/clear-europe/regulation#rulebook. \5\ Id. \6\ Id. \7\ Id. \8\ Id. --------------------------------------------------------------------------- The proposed rule change would remove from the risk assessment process all references to the ORM and assign to the ERM the ORM's responsibilities under the identify, monitor, mitigate, and report components of the Operational Risk Lifecycle.\9\ Similarly, the proposed rule change would remove from the performance objective setting and monitoring process all references to the ORM and assign to ICC Systems Operations and the ERM the ORM's responsibilities under the mitigate and report components of the Operational Risk Lifecycle.\10\ The proposed rule change would eliminate the ORM's responsibilities related to business continuity planning (``BCP'') and disaster recovery (``DR'') from the ``Business Continuity Planning and Disaster Recovery'' risk focus area and reassign those responsibilities to ICC, the ICC BCP and DR Oversight Committee, and the ICC Compliance Committee.\11\ Finally, the proposed rule change would remove from the ``New Products, Processes and Initiatives'' risk focus area reference to the ORM's role on the ICC New Initiative Approval Committee and note that the ERM conducts post-implementation reviews of new initiatives.\12\ --------------------------------------------------------------------------- \9\ Id. ICC's operational risk program is framed by an Operational Risk Lifecycle, the goal of which is to actively identify, assess, monitor, mitigate, and report on all plausible sources of operational risk. See Securities Exchange Act Release No. 77769 (May 5, 2016), 81 FR 29312 (May 11, 2016) (SR-ICC-2016-003) (describing the Framework). \10\ Notice, 83 FR at 9787. \11\ Id. \12\ Id. --------------------------------------------------------------------------- The proposed rule change would revise the ``Vendor Assessment'' risk focus area of the Framework to clarify that the ICC BCP and DR Oversight Committee will replace the ORM in performing the following functions: (1) Reviewing and recommending that the ICC Compliance Committee approve the inventory of critical vendors and (2) conducting a service provider risk assessment for each critical vendor.\13\ The proposed rule change would also add to the Framework procedures for the assessment process of critical vendors.\14\ --------------------------------------------------------------------------- \13\ Id. \14\ Id. --------------------------------------------------------------------------- The proposed rule change would modify the ``ICE Information Security'' risk focus area of the Framework to refer to the ICE Information Security Department's overall governing document and to reflect changes to the membership of the Department's governance committee.\15\ --------------------------------------------------------------------------- \15\ Notice, 83 FR at 9787. --------------------------------------------------------------------------- Finally, the proposed rule change would make clarifying edits to the Framework to reflect current practices and other non-material changes.\16\ For example, the proposed rule change would make minor grammatical and structural changes to the Framework and update the appendix to more clearly summarize and describe the regulatory requirements and industry guidance to which ICC is subject.\17\ --------------------------------------------------------------------------- \16\ Id. \17\ Id. at 9787-9788. --------------------------------------------------------------------------- [[Page 18109]] III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization.\18\ For the reasons given below, the Commission finds that the proposal is consistent with Section 17A(b)(3)(F) of the Act \19\ and Rules 17Ad-22(d)(4) and 17Ad-22(d)(8) thereunder.\20\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(2)(C). \19\ 15 U.S.C. 78q-1(b)(3)(F). \20\ 17 CFR 240.17Ad-22(d)(4) and (8). --------------------------------------------------------------------------- A. Consistency With Section 17A(b)(3)(F) of the Act Section 17A(b)(3)(F) of the Act requires, among other things, that the rules of a registered clearing agency be designed to promote the prompt and accurate clearance and settlement of securities transactions, assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible and, in general, to protect investors and the public interest.\21\ Sound policies, practices, and procedures with respect to assessment and oversight of operational risk are an important component of a registered clearing agency's ability to comply with these requirements because disruptions to clearing agency operations can impair the prompt and accurate clearance and settlement of securities transactions, safeguarding of securities and funds, and protection of investors and the public interest.\22\ --------------------------------------------------------------------------- \21\ 15 U.S.C. 78q-1(b)(3)(F). \22\ See Clearing Agency Standards, Securities Exchange Act Release No. 68080 (Oct. 22, 2012), 77 FR 66220, 66249 (Nov. 2, 2012) (noting that efforts to ``address risks posed by potential operational deficiencies to a clearing agency and its participants'' support ``the requirement in Section 17A of the Exchange Act that a clearing agency must be so organized and have the capacity to be able to facilitate prompt and accurate clearance and settlement''). --------------------------------------------------------------------------- The Commission believes the proposed rule change will enhance ICC's ability to control its operational risk, and consequently promote the prompt and accurate clearance and settlement of securities transactions, by ensuring that the Framework accurately reflects the current assignment of responsibilities among ICC and ICE, Inc. personnel. It also will add to the Framework procedures for the assessment of critical vendors, which will both increase ICC's ability to identify critical vendors and enable ICC to manage the risks posed by its critical vendors. Finally, by eliminating the ORM from, and incorporating the ERM Department into, the oversight process for the management of the Framework, the personnel overseeing the management of the Framework will no longer be limited to the ICC organization, but instead will have a broad view of how the Framework interacts with and is affected by the ICE, Inc. organization as a whole. This will, among other things, allow ICC to rely on the ERM Department in responding to broad risks that affect ICC as part of the larger ICE, Inc. organization while simultaneously focusing on operational risks unique to ICC. Taken together, the Commission believes these proposed changes will improve ICC's ability to assess and manage operational risks, including by identifying sources of operational risk and minimizing them through the development of appropriate systems, controls, and procedures, thereby enhancing ICC's ability to promote the prompt and accurate clearance and settlement of securities transactions, assure the safeguarding of securities and funds which are in the custody or control of ICC or for which it is responsible and, in general, protect investors and the public interest. Therefore, the Commission finds that the proposed rule change is designed to promote the prompt and accurate clearance and settlement of securities transactions, assure the safeguarding of securities and funds which are in the custody or control of ICC or for which it is responsible and, in general, protect investors and the public interest, consistent with Section 17A(b)(3)(F) of the Act.\23\ --------------------------------------------------------------------------- \23\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- B. Consistency With Rule 17Ad-22(d)(4) Rule 17Ad-22(d)(4) requires that a registered clearing agency that is not a covered clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to identify sources of operational risk and minimize them through the development of appropriate systems, controls, and procedures.\24\ As discussed in detail above in Section III.A, the proposed rule change will make a number of enhancements to the Framework that, taken together, will improve ICC's ability to assess and manage operational risks, including by identifying sources of operational risk and minimizing them through the development of appropriate systems, controls, and procedures. Accordingly, the Commission finds that the proposed rule change is reasonably designed to identify sources of operational risk and minimize them through the development of appropriate systems, controls, and procedures, consistent with Rule 17Ad-22(d)(4).\25\ --------------------------------------------------------------------------- \24\ 17 CFR 240.17Ad-22(d)(4). \25\ 17 CFR 240.17Ad-22(d)(4). --------------------------------------------------------------------------- C. Consistency With Rule 17Ad-22(d)(8) Rule 17Ad-22(d)(8) requires that a registered clearing agency that is not a covered clearing agency establish, implement, maintain and enforce written policies and procedures reasonably designed to have governance arrangements that are clear and transparent to fulfill the public interest requirements in Section 17A of the Act \26\ applicable to clearing agencies, to support the objectives of owners and participants, and to promote the effectiveness of the clearing agency's risk management procedures.\27\ By updating the Framework so that it identifies and refers to appropriate personnel and accurately reflects the assignment of responsibilities among ICC and ICE, Inc. personnel, the proposed rule change will ensure that ICC's governance of the Framework is clear, transparent, and documented accurately. Therefore, the Commission finds that the proposed rule change establishes governance arrangements that are clear and transparent to fulfill the public interest requirements of Section 17A of the Act \28\ applicable to clearing agencies and the objectives of participants and to promote the effectiveness of the clearing agency's risk management procedures, consistent with Rule 17Ad-22(d)(8).\29\ --------------------------------------------------------------------------- \26\ 15 U.S.C. 78q-1. \27\ 17 CFR 240.17Ad-22(d)(8). \28\ 15 U.S.C. 78q-1. \29\ 17 CFR 240.17Ad-22(d)(8). --------------------------------------------------------------------------- IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act \30\ and Rules 17Ad-22(d)(4) and (8) thereunder.\31\ --------------------------------------------------------------------------- \30\ 15 U.S.C. 78q-1. \31\ 17 CFR 240.17Ad-22(d)(4) and (8). --------------------------------------------------------------------------- It is therefore ordered pursuant to Section 19(b)(2) of the Act \32\ that the proposed rule change (SR-ICC-2018-003) be, and hereby is, approved.\33\ --------------------------------------------------------------------------- \32\ 15 U.S.C. 78s(b)(2). \33\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). [[Page 18110]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\34\ --------------------------------------------------------------------------- \34\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-08617 Filed 4-24-18; 8:45 am] BILLING CODE 8011-01-P
![18108 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices
subject line if email is used. To help the (‘‘Commission’’), pursuant to Section the proposed rule change would remove
Commission process and review your 19(b)(1) of the Securities Exchange Act from the performance objective setting
comments more efficiently, please use of 1934 (‘‘Act’’),1 and Rule 19b–4 and monitoring process all references to
only one method. The Commission will thereunder,2 a proposed rule change to the ORM and assign to ICC Systems
post all comments on the Commission’s update the ICC Operational Risk Operations and the ERM the ORM’s
internet website (http://www.sec.gov/ Management Framework responsibilities under the mitigate and
rules/sro.shtml). Copies of the (‘‘Framework’’). The proposed rule report components of the Operational
submission, all subsequent change was published for comment in Risk Lifecycle.10 The proposed rule
amendments, all written statements the Federal Register on March 7, 2018.3 change would eliminate the ORM’s
with respect to the proposed rule The Commission did not receive responsibilities related to business
change that are filed with the comments regarding the proposed rule continuity planning (‘‘BCP’’) and
Commission, and all written change. For the reasons discussed disaster recovery (‘‘DR’’) from the
communications relating to the below, the Commission is approving the ‘‘Business Continuity Planning and
proposed rule change between the proposed rule change. Disaster Recovery’’ risk focus area and
Commission and any person, other than reassign those responsibilities to ICC,
II. Description of the Proposed Rule
those that may be withheld from the the ICC BCP and DR Oversight
Change
public in accordance with the Committee, and the ICC Compliance
provisions of 5 U.S.C. 552, will be The Framework details ICC’s program Committee.11 Finally, the proposed rule
available for website viewing and of operational risk assessment and change would remove from the ‘‘New
printing in the Commission’s Public oversight.4 The proposed rule change Products, Processes and Initiatives’’ risk
Reference Section, 100 F Street NE, would modify the Framework to remove focus area reference to the ORM’s role
Washington, DC 20549, on official the role of the Operational Risk Manager on the ICC New Initiative Approval
business days between the hours of (‘‘ORM’’) and assign several of its Committee and note that the ERM
10:00 a.m. and 3:00 p.m. Copies of such responsibilities to the ICE, Inc. conducts post-implementation reviews
filings will also be available for Enterprise Risk Management Chief Risk of new initiatives.12
inspection and copying at the principal Officer for North American Clearing
Houses (‘‘ERM’’).5 The ORM was an ICC The proposed rule change would
office of ICE Clear Europe and on ICE
employee responsible for implementing revise the ‘‘Vendor Assessment’’ risk
Clear Europe’s website at https://
the Framework across ICC, and reported focus area of the Framework to clarify
www.theice.com/notices/Notices.shtml?
regulatoryFilings. directly to ICC’s Chief Compliance that the ICC BCP and DR Oversight
All comments received will be posted Officer. The ERM, in contrast, is an ICE, Committee will replace the ORM in
without change. Persons submitting Inc. employee and is responsible for the performing the following functions: (1)
comments are cautioned that we do not ICE, Inc. Enterprise Risk Management Reviewing and recommending that the
redact or edit personal identifying Department’s (‘‘ERM Department’’) ICC Compliance Committee approve the
information from comment submissions. coverage of ICC,6 which provides the inventory of critical vendors and (2)
You should submit only information oversight and framework for identifying, conducting a service provider risk
that you wish to make available assessing, managing, monitoring, and assessment for each critical vendor.13
publicly. All submissions should refer reporting on risk across the ICE, Inc. The proposed rule change would also
to File Number SR–ICEEU–2018–006 organization as a whole.7 Going add to the Framework procedures for
and should be submitted on or before forward, responsibility for overseeing the assessment process of critical
May 16, 2018. the management of the Framework will vendors.14
For the Commission, by the Division of rest with the ERM, in conjunction with The proposed rule change would
Trading and Markets, pursuant to delegated the ICC Compliance Committee.8 modify the ‘‘ICE Information Security’’
authority.6 The proposed rule change would risk focus area of the Framework to refer
Eduardo A. Aleman, remove from the risk assessment process to the ICE Information Security
Assistant Secretary. all references to the ORM and assign to Department’s overall governing
[FR Doc. 2018–08618 Filed 4–24–18; 8:45 am]
the ERM the ORM’s responsibilities document and to reflect changes to the
under the identify, monitor, mitigate, membership of the Department’s
BILLING CODE 8011–01–P
and report components of the governance committee.15
Operational Risk Lifecycle.9 Similarly, Finally, the proposed rule change
SECURITIES AND EXCHANGE 1 15
would make clarifying edits to the
U.S.C. 78s(b)(1).
COMMISSION 2 17
Framework to reflect current practices
CFR 240.19b–4.
[Release No. 34–83071; File No. SR–ICC– 3 Securities Exchange Act Release No. 82798 and other non-material changes.16 For
2018–003] (March 1, 2018), 83 FR 9786 (March 7, 2018) (SR– example, the proposed rule change
ICC–2018–003) (‘‘Notice’’). would make minor grammatical and
Self-Regulatory Organizations; ICE 4 Notice, 83 FR at 9787. Capitalized terms used
structural changes to the Framework
herein but not otherwise defined have the meaning and update the appendix to more clearly
Clear Credit LLC; Order Approving set forth in the ICE Clear Europe rulebook, which
Proposed Rule Change Relating to is available at https://www.theice.com/clear-europe/ summarize and describe the regulatory
Amendments to the ICC Operational regulation#rulebook. requirements and industry guidance to
Risk Management Framework 5 Id. which ICC is subject.17
6 Id.
sradovich on DSK3GMQ082PROD with NOTICES
April 19, 2018. 7 Id.
10 Notice, 83 FR at 9787.
8 Id.
I. Introduction 9 Id. ICC’s operational risk program is framed by
11 Id.
12 Id.
On February 23, 2018, ICE Clear an Operational Risk Lifecycle, the goal of which is 13 Id.
Credit LLC (‘‘ICC’’) filed with the to actively identify, assess, monitor, mitigate, and 14 Id.
report on all plausible sources of operational risk.
Securities and Exchange Commission See Securities Exchange Act Release No. 77769
15 Notice, 83 FR at 9787.
16 Id.
(May 5, 2016), 81 FR 29312 (May 11, 2016) (SR–
6 17 CFR 200.30–3(a)(12). ICC–2016–003) (describing the Framework). 17 Id. at 9787–9788.
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![18110 Federal Register / Vol. 83, No. 80 / Wednesday, April 25, 2018 / Notices
For the Commission, by the Division of the most significant aspects of such word ‘‘Exchange’’ for BX in various
Trading and Markets, pursuant to delegated statements. places will provide the Exchange
authority.34 flexibility to determine the most
Eduardo A. Aleman, A. Self-Regulatory Organization’s
appropriate department or individual
Assistant Secretary.
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule within the Exchange to oversee the
[FR Doc. 2018–08617 Filed 4–24–18; 8:45 am]
Change particular rule, and will also facilitate
BILLING CODE 8011–01–P the incorporation by reference of the
1. Purpose amended rule into the rules of BX’s
The Exchange proposes to correct affiliated exchanges in the future.4
SECURITIES AND EXCHANGE Chapter VIII, Exercises and Deliveries,
COMMISSION 2. Statutory Basis
Section 1, Exercise of Options Contracts,
to clarify the requirements for delivery The Exchange believes that its
[Release No. 34–83064; File No. SR–BX– of a Contrary Exercise Advice. Section proposal is consistent with Section 6(b)
2018–014] 1(b) currently provides that option of the Act,5 in general, and furthers the
holders desiring to exercise or not objectives of Section 6(b)(5) of the Act,6
Self-Regulatory Organizations; Nasdaq exercise expiring options must either (i) in particular, in that it is designed to
BX, Inc.; Notice of Filing and take no action and allow exercise promote just and equitable principles of
Immediate Effectiveness of Proposed determinations to be made in trade, to remove impediments to and
Rule Change Clarify the Requirements accordance with the Options Clearing perfect the mechanism of a free and
for Delivery of a Contrary Exercise Corporation’s Ex-by- Ex procedure open market and a national market
Advice where applicable, or (ii) submit a system, and, in general to protect
April 19, 2018. ‘‘Contrary Exercise Advice’’ to the investors and the public interest, by
Pursuant to Section 19(b)(1) of the Options Clearing Corporation through identifying the correct entity to which
Securities Exchange Act of 1934 the participant’s clearing firm. In actual option holders must deliver Contrary
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 practice, however, an option holder Exercise Advices and by substituting the
notice is hereby given that on April 9, delivers a Contrary Exchange Advice to word ‘‘Exchange’’ for BX in various
2018, Nasdaq BX, Inc. (‘‘BX’’ or the Exchange, not to the Options places which will enable the amended
Clearing Corporation. The Exchange rule to be incorporated by reference into
‘‘Exchange’’) filed with the Securities
therefore proposes to replace the words rules of affiliated exchanges in the
and Exchange Commission
‘‘Options Clearing Corporation through future, which should enhance the
(‘‘Commission’’) the proposed rule
the participants clearing firm’’ in ability of members of BX and affiliated
change as described in Items I, II, and
Section 1(b)(ii) with a reference to the exchanges to understand and comply
III below, which Items have been
Exchange and make similar, conforming with a uniform set of rules across the
prepared by the Exchange. The
changes to Section 1(e)(i). As amended, exchanges.
Commission is publishing this notice to
Section 1(b) would be consistent with
solicit comments on the proposed rule B. Self-Regulatory Organization’s
Nasdaq ISE Rule 1100(b) which directs
change from interested persons. Statement on Burden on Competition
option holders to submit Contrary
I. Self-Regulatory Organization’s Exercise Advices to the Exchange (not to
The Exchange does not believe that
Statement of the Terms of Substance of the Options Clearing Corporation).
the proposed rule change will impose
the Proposed Rule Change The Exchange proposes to further
replace the words ‘‘by the deadline any burden on competition not
The Exchange proposes to amend the specified in paragraph (d) below’’ with necessary or appropriate in furtherance
rules of the Exchange, at Chapter VIII, the words ‘‘as specified in paragraph (d) of the purposes of the Act. The
Exercises and Deliveries. below’’ given that paragraph (d) proposed rule changes will apply
The text of the proposed rule change contains a number of requirements equally to all option holders desiring to
is available on the Exchange’s website at associated with submission of Contrary exercise options under the BX rules.
http://nasdaqbx.cchwallstreet.com/, at Exercise Advices in addition to the Further, the proposed changes merely
the principal office of the Exchange, and deadline. As revised, Section (b)(ii) correct an incorrect reference to OCC
at the Commission’s Public Reference tracks the language of ISE Rule and conform the wording of the rule
Room. 1100(b)(ii) which permits an options more closely to that of a Nasdaq ISE rule
holder desiring to exercise or not for the sake of administrative
II. Self-Regulatory Organization’s
exercise expiring options to ‘‘submit a convenience. The Exchange does not
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule ‘‘Contrary Exercise Advice’’ to the
Exchange as specified in paragraph (d) in Section 2(a) and (b), of Chapter VIII. The
Change Exchange notes that Chapter 11, Exercises and
. . . .’’ (which, like the counterpart BX Deliveries, of the ISE Rulebook likewise uses the
In its filing with the Commission, the paragraph (d) rule, specifies various generic term ‘‘the Exchange’’ throughout that
Exchange included statements requirements associated with submitting chapter.
concerning the purpose of and basis for Contrary Exercise Advices). 4 Recently, the Exchange added a shell structure
the proposed rule change and discussed Finally, the Exchange proposes to to its Rulebook with the purpose of improving
any comments it received on the make a number of minor nonsubstantive efficiency and readability and to align its rules
proposed rule change. The text of these closer to those of its five sister exchanges, Nasdaq
revisions to Chapter VIII which are Stock Market LLC; Nasdaq PHLX LLC; Nasdaq ISE,
sradovich on DSK3GMQ082PROD with NOTICES
statements may be examined at the designed simply to facilitate LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC
places specified in Item IV below. The administration of the rules. References (‘‘Affiliated Exchanges’’). See Securities Exchange
Exchange has prepared summaries, set to ‘‘BX’’ and to ‘‘BX Regulation’’ are Act Release No. 82174 (November 29, 2017), 82 FR
forth in sections A, B, and C below, of 57492 (December 5, 2017) (SR–BX–2017–054). The
proposed to be replaced with references changes proposed herein are being made in
to ‘‘the Exchange.’’ 3 Substituting the connection with that effort, to align the BX rules
34 17 CFR 200.30–3(a)(12). with those of the Affiliated Exchanges more closely.
1 15 U.S.C. 78s(b)(1). 3 The changes are proposed to be made in Section 5 15 U.S.C. 78f(b).
2 17 CFR 240.19b–4. 1(b), (d), (e), (f), (g), (h), (i), (k) and (l), as well as 6 15 U.S.C. 78f(b)(5).
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Document Created: 2018-11-02 08:16:44
Document Modified: 2018-11-02 08:16:44
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 18108 |
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