83 FR 25068 - Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Memorialize Its Order and Execution Information Into ISE Rule 718, Entitled “Data Feeds”
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 105 (May 31, 2018)
Federal Register Volume 83, Issue 105 (May 31, 2018)
| Page Range | 25068-25071 | |
| FR Document | 2018-11613 |
[Federal Register Volume 83, Number 105 (Thursday, May 31, 2018)] [Notices] [Pages 25068-25071] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11613] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83323; File No. SR-ISE-2018-47] Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Memorialize Its Order and Execution Information Into ISE Rule 718, Entitled ``Data Feeds'' May 24, 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 May 14, 2018, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to memorialize its order and execution information into ISE Rule 718, entitled ``Data Feeds.'' 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. [[Page 25069]] A. Self-Regulatory Organization's Statement of the Purpose of and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to add order and execution information into ISE Rule 718, entitled ``Data Feeds.'' The Exchange proposes to rename this rule ``Data Feeds and Trade Information.'' The Exchange also proposes to amend Rule 100 to add definitions. ISE Rule 718(a) The Exchange proposes to amend the Nasdaq ISE Top Quote Feed. The Exchange stated in that description that this feed calculates and disseminates ISE's best bid and offer position, with aggregated size (including total size in aggregate, for Public Customer \3\ size in the aggregate and Priority Customer \4\ size in the aggregate), based on displayable order and quote interest in the System. The Exchange proposes to amend this rule text to instead provide, ``this feed calculates and disseminates ISE's best bid and offer position, with aggregated size (including total size in aggregate, for Professional Order \5\ size in the aggregate and Priority Customer Order size in the aggregate), based on displayable order and quote interest in the System.'' The Exchange intended to specify that Professional Orders and Priority Customer Orders are segregated and aggregated. The Public Customer definition is too broad because it includes a portion of Priority Customer, which was already specified within the description. The Exchange proposes to remove Public Customer and replace it with Professional Order to be more specific and amend Priority Customer to Priority Customer Order to reference the types of orders that are aggregated to conform the rule text. --------------------------------------------------------------------------- \3\ The term ``Public Customer'' means a person or entity that is not a broker or dealer in securities. See Rule 100(a)(42). \4\ The term ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). See 100(a)(41A). The term ``Priority Customer Order'' means an order for the account of a Priority Customer. See Rule 100(a)(41B). \5\ The term ``Professional Order'' means an order that is for the account of a person or entity that is not a Priority Customer. See Rule 100(a)(41C). --------------------------------------------------------------------------- ISE Rule 718(b) The Exchange proposes to adopt a new ISE Rule 718(b) and memorialize the following order and execution information, which was discussed in other rule filings by the Exchange: (i) Clearing Trade Information or ``CTI''; and (ii) FIX DROP.\6\ The Exchange is also adding a description for TradeInfo. The TradeInfo user interface is being offered today on ISE at no cost. --------------------------------------------------------------------------- \6\ See Securities Exchange Act Release No. 82568 (January 29, 2018), 83 FR 4086 (January 23, 2018) (SR-ISE-2018-07) (``Prior Filing''). --------------------------------------------------------------------------- The Exchange notes that while CTI and FIX Drop information are accessible through a port, TradeInfo is an interface. The Exchange notes this distinction to make clear the manner of delivery for each of these information types. CTI The Exchange stated in its Prior Filing that ``CTI is a real-time clearing trade message that is sent to a Member after an execution has occurred and contains trade details. The message containing the trade details is also simultaneously sent to The Options Clearing Corporation. The information includes, among other things, the following: (i) The Clearing Member Trade Agreement or ``CMTA'' or The Options Clearing Corporation or ``OCC'' number; (ii) Exchange badge or house number; (iii) the Exchange internal firm identifier; and (iv) an indicator which will distinguish electronic and non-electronically delivered orders; (v) liquidity indicators and transaction type for billing purposes; (vi) capacity.''\7\ --------------------------------------------------------------------------- \7\ Id. --------------------------------------------------------------------------- The Exchange is proposing to amend the CTI description and memorialize it within ISE Rule 718(b)(1). The Exchange proposes to eliminate the sentence which states, ``The message containing the trade details is also simultaneously sent to The Options Clearing Corporation.'' The Exchange's System sends clearing information to OCC for each transaction. This sentence does not add information that is useful or relevant and therefore the Exchange proposes to remove it. The Exchange also proposes to delete the words ``an indicator which will distinguish electronic and non-electronically delivered orders.'' The only method on ISE to deliver an order is electronically. The Exchange proposes to adopt definitions for ``account number,'' \8\ ``badge,'' \9\ and ``mnemonic'' \10\ to be utilized within the CTI description and uniformly throughout the Rulebook. The Exchange proposes to renumber Rule 100 to accommodate the new definitions. The Exchange is reserving 2 numbers for future use of other definitions. The Exchange proposes to replace the phrase in Rule 718(b)(1) subsection (ii) from previously filed Exchange badge or house number to proposed definitions for badge or mnemonic. The Exchange proposes to replace the phrase in Rule 718(b)(1) subsection (iii) from Exchange internal firm identifier to proposed definition for account number. The Exchange proposes to expand on Rule 718(b)(1) subsection (iv) by replacing the phrase ``an indicator which will distinguish electronic and non-electronically delivered orders'' with ``information which identifies the transaction type (e.g. auction type) for billing purposes.'' Finally, the Exchange is adding an ``and'' before Rule 718(b)(1) subsection (v) capacity'' and changing the wording to ``market participant capacity.'' The Exchange has renumbered the CTI subsections to account for the language that was removed from the description. Finally, the Exchange is making a grammatical change and adding parenthesis around defined terms. The Exchange is expressing more specifically the type of data contained in CTI. --------------------------------------------------------------------------- \8\ An ``account number'' shall mean a number assigned to a Member. Members may have more than one account number. See proposed Rule 100(a)(1). \9\ A ``badge'' shall mean an account number with a letter suffix assigned to Market Makers. A Market Maker account may be associated with multiple badges. See proposed Rule 100(a)(5). \10\ A ``mnemonic'' shall mean an acronym comprised of letters and/or numbers assigned to Electronic Access Members. An Electronic Access Member account may be associated with multiple mnemonics. See proposed Rule 100(a)(34). --------------------------------------------------------------------------- FIX DROP The Exchange stated in its Prior Filing that ``FIX DROP provides real-time order and execution update is a message that is sent to a Member after an order been received/modified or an execution has occurred and contains trade details. The information includes, among other things, the following: (1) Executions; (2) cancellations; (3) modifications to an existing order; and (4) busts or post-trade corrections.'' \11\ --------------------------------------------------------------------------- \11\ See note 6. --------------------------------------------------------------------------- The Exchange proposes to memorialize FIX DROP within ISE Rule 718(b)(3). The Exchange notes that at the end of the first sentence of the description it is adding ``specific to that Member'' to make clear that FIX DROP only provides a Member its specific trade information. Also, an ``and'' is included before new (iv) as the numbers have been changed to roman numerals and the Exchange is proposing grammatical changes. TradeInfo The Exchange proposes to establish its TradeInfo offering at ISE Rule 718(b)(2). TradeInfo, a user interface, permits a Member to: (i) Search all orders submitted in a particular security or all orders of a particular type, [[Page 25070]] regardless of their status (open, canceled, executed, etc.); (ii) view orders and executions; and (iii) download orders and executions for recordkeeping purposes. TradeInfo users may also cancel open orders at the order, port or firm mnemonic level through TradeInfo. TradeInfo is offered today to Members on ISE at no cost. The Exchange considers it appropriate to establish and memorialize the order and execution information available on ISE within a rule so that Members may understand the trade information which is available on the Exchange as it pertains to a firm's trading information. This data is available to all Members and is specific to a Member's transactions on ISE. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\12\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\13\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest, by providing greater transparency as to the order and execution information offered on ISE. Each proposal is described in more detail below. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- ISE Rule 718(a) The Exchange's proposal to amend the Nasdaq ISE Top Quote Feed to specify that Professional Orders and Priority Customer Orders are segregated and aggregated is consistent with the protection of investors and the public interest because the Exchange is correcting the categories of orders, which are segregated and aggregated. The Public Customer definition is too broad because it includes a portion of Priority Customer, which was already specified within the description. The Exchange proposes to remove Public Customer and replace it with Professional Order to be more specific and amend Priority Customer to Priority Customer Order to reference the types of orders that are aggregated to conform the rule text. The Exchange believes that this amendment will bring more transparency to the information within the feed. ISE Rule 718(b) The Exchange believes that memorializing CTI and FIX DROP within a rule will provide Members with transparency as to the order and information offerings available on ISE specific to their trading on ISE. The Exchange notes that CTI and FIX DROP were described in a Prior Filing while TradeInfo's description is new. The Exchange's proposal to establish TradeInfo is consistent with the Act because the Exchange is detailing the contents of this offering as well as providing transparency as to the availability of TradeInfo. The Exchange believes that offering Members TradeInfo, which allows Members to view executions as well as other capabilities with respect to order management, enhances the ability of a Member to manage its orders. The Exchange believes that providing Members with tools to manage orders is consistent with the Act and serves to protect investors and the public interest. Further, the Exchange believes that this proposal is consistent with the Act because TradeInfo provides information regarding information available to market participants, specifically with respect to trades they execute on ISE. The information is available to all Members. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\14\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intra-market competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange's proposal does not impose an undue burden on competition, rather the Exchange is seeking to provide greater transparency within its rules with respect to the Nasdaq ISE Top Quote Feed as well as order and execution information offered on ISE. The information is available to all Members. Specifically, TradeInfo is available to any Member that requests this service. The TradeInfo product will provide a Member information regarding that Member's executions. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \15\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A)(iii). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and 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. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \17\ normally does not become operative prior to 30 days after the date of the filing. However, Rule 19b-4(f)(6)(iii) \18\ permits the Commission to 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 proposed rule change may become effective and operative immediately upon filing. The Exchange states that waiver of the operative delay will allow the Exchange to correct the Nasdaq ISE Top Quote Feed and update its rules immediately regarding order and execution information offered on ISE. The Exchange further states that it believes the waiver will further the protection of investors and the public interest because it will provide greater transparency as to the Nasdaq ISE Top Quote Feed as well as trade detail available to market participants. Further, the Exchange states that memorializing TradeInfo will provide Members with greater information concerning a Member's executions on ISE and make its availability transparent. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change as operative upon filing.\19\ --------------------------------------------------------------------------- \17\ 17 CFR 240.19b-4(f)(6). \18\ 17 CFR 240.19b-4(f)(6)(iii). \19\ 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). --------------------------------------------------------------------------- [[Page 25071]] 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 [email protected]. Please include File Number SR-ISE-2018-47 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-2018-47. 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-2018-47 and should be submitted on or before June 21, 2018. --------------------------------------------------------------------------- \20\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\20\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-11613 Filed 5-30-18; 8:45 am] BILLING CODE 8011-01-P
![25068 Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
revised the estimated time required to may already be subject to similar Dated: May 24, 2018.
develop and update a plan for workforce recordkeeping requirements as principal Eduardo A. Aleman,
inclusion of minorities and women contractors. Consequently, we believe Assistant Secretary.
since the last approval of this that any additional requirements [FR Doc. 2018–11595 Filed 5–30–18; 8:45 am]
information collection. Based on imposed on subcontractors would not BILLING CODE 8011–01–P
OMWI’s review of the plans and other significantly add to the burden
documentation submitted by contractors estimates discussed above.
with fewer than 50 employees to SECURITIES AND EXCHANGE
demonstrate compliance with the Estimate of Reporting Burden: With
COMMISSION
Contract Standard, we believe such respect to the reporting burden, we
contractors would require estimate that it would take all [Release No. 34–83323; File No. SR–ISE–
approximately 25 percent of the hours contractors on average approximately 2018–47]
that contractors of similar size spend on one hour to retrieve and submit to the
developing the written programs OMWI Director the documentation Self-Regulatory Organizations; Nasdaq
required under the E.O. 11246 specified in the proposed Contract ISE, LLC; Notice of Filing and
regulations. Accordingly, we estimate Standard. We expect to request Immediate Effectiveness of Proposed
that contractors would spend about 18 documentation from up to 100 Rule Change To Memorialize Its Order
hours of employee resources to develop contractors each year and therefore we and Execution Information Into ISE
a plan for workforce inclusion of estimate the total annual reporting Rule 718, Entitled ‘‘Data Feeds’’
minorities and women. This one-time burden to be 100 hours. May 24, 2018.
implementation burden annualized On March 19, 2018, the Commission Pursuant to Section 19(b)(1) of the
would be 450 hours. After the initial published a notice in the Federal Securities Exchange Act of 1934
development, we estimate that each Register (83 FR 12042) of its intention (‘‘Act’’),1 and Rule 19b–4 thereunder,2
contractor with fewer than 50 notice is hereby given that on May 14,
to request an extension of this currently
employees would spend approximately 2018, Nasdaq ISE, LLC (‘‘ISE’’ or
approved collection of information, and
8 hours each year updating and ‘‘Exchange’’) filed with the Securities
allowed the public 60 days to submit
maintaining its plan for workforce and Exchange Commission
inclusion of minorities and women. The comments. The Commission received no
comments. (‘‘Commission’’) the proposed rule
Commission estimates that the change as described in Items I and II
annualized recurring burden associated Written comments continue to be
below, which Items have been prepared
with the information collection would invited on: (a) Whether this collection of by the Exchange. The Commission is
be 375 hours. Thus, the Commission information is necessary for the proper publishing this notice to solicit
estimates the annual recordkeeping performance of the functions of the comments on the proposed rule change
burden for such contractors would total agency, including whether the from interested persons.
825 hours. information will have practical utility;
The Contract Standard requires (b) the accuracy of the agency’s estimate I. Self-Regulatory Organization’s
contractors to maintain information of the burden imposed by the collection Statement of the Terms of Substance of
about covered subcontractors’ of information; (c) ways to enhance the the Proposed Rule Change
ownership status, workforce quality, utility, and clarity of the The Exchange proposes to
demographics, and workforce inclusion information collected; and (d) ways to memorialize its order and execution
plans. Contractors would request this minimize the burden of the collection of information into ISE Rule 718, entitled
information from their covered information on respondents, including ‘‘Data Feeds.’’
subcontractors, who would have an through the use of automated collection The text of the proposed rule change
obligation to keep workforce techniques or other forms of information is available on the Exchange’s website at
demographic data and maintain plans http://ise.cchwallstreet.com/, at the
technology.
for workforce inclusion of minorities principal office of the Exchange, and at
and women because the Contract The public may view the background
the Commission’s Public Reference
Standard is included in their documentation for this information
Room.
subcontracts. Based on data describing collection at the following website,
recent Commission subcontractor www.reginfo.gov. Comments should be II. Self-Regulatory Organization’s
activity, we believe that few directed to: (i) Desk Officer for the Statement of the Purpose of, and
subcontractors will have subcontracts Securities and Exchange Commission, Statutory Basis for, the Proposed Rule
for services with a dollar value of Office of Information and Regulatory Change
$100,000 or more under Commission Affairs, Office of Management and In its filing with the Commission, the
service contracts.9 These subcontractors Budget, Room 10102, New Executive Exchange included statements
Office Building, Washington, DC 20503, concerning the purpose of and basis for
the regulations implementing E.O. 11246. We or by sending an email to: Shagufta_ the proposed rule change and discussed
understand the quantitative analyses prescribed by
the Executive Order regulations at 41 CFR part 60–
Ahmed@omb.eop.gov; and (ii) Pamela any comments it received on the
2 are a time-consuming aspect of the written Dyson, Director/Chief Information proposed rule change. The text of these
program development. As there is no requirement Officer, Securities and Exchange statements may be examined at the
to perform these types of quantitative analyses in Commission, c/o Remi Pavlik-Simon, places specified in Item IV below. The
amozie on DSK3GDR082PROD with NOTICES1
connection with the plan for workforce inclusion of
minorities and women under the Contract Standard, 100 F Street NE, Washington, DC 20549 Exchange has prepared summaries, set
we believe the plan for workforce inclusion will or send an email to: PRA_Mailbox@ forth in sections A, B, and C below, of
take substantially fewer hours to develop. The sec.gov. Comments must be submitted to the most significant aspects of such
Supporting Statement is available at reginfo.gov. statements.
9 A search of subcontract awards on the
OMB within 30 days of this notice.
usaspending.gov website showed that three
1 15 U.S.C. 78s(b)(1).
subcontractors in FY 2016 and six subcontractors in data on subcontract awards available at http://
FY 2017 had subcontracts of $100,000 or more. See usaspending.gov. 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices 25071
At any time within 60 days of the received will be posted without change. service on the applicants, in the form of
filing of the proposed rule change, the Persons submitting comments are an affidavit, or, for lawyers, a certificate
Commission summarily may cautioned that we do not redact or edit of service. Pursuant to rule 0–5 under
temporarily suspend such rule change if personal identifying information from the Act, hearing requests should state
it appears to the Commission that such comment submissions. You should the nature of the writer’s interest, any
action is: (i) Necessary or appropriate in submit only information that you wish facts bearing upon the desirability of a
the public interest; (ii) for the protection to make available publicly. All hearing on the matter, the reason for the
of investors; or (iii) otherwise in submissions should refer to File request, and the issues contested.
furtherance of the purposes of the Act. Number SR–ISE–2018–47 and should be Persons who wish to be notified of a
If the Commission takes such action, the submitted on or before June 21, 2018. hearing may request notification by
Commission shall institute proceedings For the Commission, by the Division of writing to the Commission’s Secretary.
to determine whether the proposed rule Trading and Markets, pursuant to delegated ADDRESSES: Secretary, U.S. Securities
should be approved or disapproved. authority.20 and Exchange Commission, 100 F Street
IV. Solicitation of Comments Eduardo A. Aleman, NE, Washington, DC 20549–1090;
Assistant Secretary. Applicants: 60 State Street, Boston, MA
Interested persons are invited to 02109–1820.
[FR Doc. 2018–11613 Filed 5–30–18; 8:45 am]
submit written data, views, and
BILLING CODE 8011–01–P FOR FURTHER INFORMATION CONTACT:
arguments concerning the foregoing,
Jennifer O. Palmer, Senior Counsel, at
including whether the proposed rule
(202) 551–5786, or Nadya Roytblat,
change is consistent with the Act. SECURITIES AND EXCHANGE Assistant Chief Counsel, at (202) 551–
Comments may be submitted by any of COMMISSION 6825 (Division of Investment
the following methods:
[Investment Company Act Release No. Management, Chief Counsel’s Office).
Electronic Comments 33108; File No. 812–14662] SUPPLEMENTARY INFORMATION: The
• Use the Commission’s internet following is a summary of the
comment form (http://www.sec.gov/ Pioneer ILS Interval Fund and Amundi application. The complete application
rules/sro.shtml); or Pioneer Asset Management, Inc.; may be obtained via the Commission’s
• Send an email to rule-comments@ Notice of Application website by searching for the file
sec.gov. Please include File Number SR– number, or for an applicant using the
May 24, 2018
ISE–2018–47 on the subject line. Company name box, at http://
AGENCY: Securities and Exchange
www.sec.gov/search/search.htm or by
Paper Comments Commission (‘‘Commission’’).
calling (202) 551–8090.
• Send paper comments in triplicate ACTION: Notice of an application under
to Secretary, Securities and Exchange section 6(c) of the Investment Company Applicants’ Representations
Commission, 100 F Street NE, Act of 1940 (the ‘‘Act’’) for an 1. The Fund is a Delaware statutory
Washington, DC 20549–1090. exemption from sections 18(a)(2), 18(c) trust that is registered under the Act as
All submissions should refer to File and 18(i) of the Act, under sections 6(c) a non-diversified, closed-end
Number SR–ISE–2018–47. This file and 23(c) of the Act for an exemption management investment company. The
number should be included on the from rule 23c–3 under the Act, and for Fund’s investment objective is total
subject line if email is used. To help the an order pursuant to section 17(d) of the return. The Fund normally invests at
Commission process and review your Act and rule 17d–1 under the Act. least 80% of its net assets (plus the
comments more efficiently, please use amount of borrowings, if any, for
SUMMARY OF APPLICATION: Applicants investment purposes) in insurance-
only one method. The Commission will request an order to permit certain
post all comments on the Commission’s linked securities (‘‘ILS’’). Derivative
registered closed-end management instruments that provide exposure to
internet website (http://www.sec.gov/ investment companies to issue multiple
rules/sro.shtml). Copies of the ILS or have similar economic
classes of shares and to impose asset- characteristics may be used to satisfy
submission, all subsequent based distribution and/or service fees
amendments, all written statements the Fund’s 80% policy.
and early withdrawal charges (‘‘EWCs’’). 2. The Adviser is a Delaware
with respect to the proposed rule
APPLICANTS: Pioneer ILS Interval Fund corporation and is registered as an
change that are filed with the
Commission, and all written (the ‘‘Fund’’) and Amundi Pioneer Asset investment adviser under the
communications relating to the Management, Inc. (the ‘‘Adviser’’). Investment Advisers Act of 1940. The
proposed rule change between the FILING DATES: The application was filed Adviser is an indirect, wholly-owned
Commission and any person, other than on June 10, 2016 and amended on subsidiary of Amundi and Amundi’s
those that may be withheld from the December 14, 2016, September 28, 2017, wholly-owned subsidiary, Amundi
public in accordance with the and May 15, 2018. USA, Inc. Amundi, an asset manager
provisions of 5 U.S.C. 552, will be HEARING OR NOTIFICATION OF HEARING: An headquartered in Paris, France, acquired
available for website viewing and order granting the requested relief will the Adviser on July 3, 2017. The
printing in the Commission’s Public be issued unless the Commission orders Adviser serves as investment adviser to
Reference Room, 100 F Street NE, a hearing. Interested persons may the Fund.
Washington, DC 20549, on official request a hearing by writing to the 3. The applicants seek an order to
business days between the hours of Commission’s Secretary and serving permit the Fund to issue multiple
amozie on DSK3GDR082PROD with NOTICES1
10:00 a.m. and 3:00 p.m. Copies of the applicants with a copy of the request, classes of shares, each having its own
filing also will be available for personally or by mail. Hearing requests fee and expense structure, and to
inspection and copying at the principal should be received by the Commission impose asset-based distribution and/or
office of the Exchange. All comments by 5:30 p.m. on June 18, 2018, and service fees and EWCs.
should be accompanied by proof of 4. Applicants request that the order
efficiency, competition, and capital formation. See also apply to any continuously-offered
15 U.S.C. 78c(f). 20 17 CFR 200.30–3(a)(12). registered closed-end management
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Document Created: 2018-05-31 00:48:26
Document Modified: 2018-05-31 00:48:26
| Category | Regulatory Information | |
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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