83 FR 25095 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Risk Protections
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 105 (May 31, 2018)
Federal Register Volume 83, Issue 105 (May 31, 2018)
| Page Range | 25095-25097 | |
| FR Document | 2018-11612 |
[Federal Register Volume 83, Number 105 (Thursday, May 31, 2018)] [Notices] [Pages 25095-25097] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-11612] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83322; File No. SR-Phlx-2018-41] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Related to Risk Protections 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 16, 2018, Nasdaq PHLX LLC (``Phlx'' 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 amend Rule 1095, entitled ``Automated Removal of Quotes'' and Rule 1099, entitled ``Order Protections.'' The text of the proposed rule change is available on the Exchange's website at http://nasdaqphlx.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 [[Page 25096]] the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rule change is to amend Rule 1099, entitled ``Order Protections'' and reorganize the Rulebook. The Exchange proposes to rename Rule 1099 ``Risk Protections'' and relocate all the risk protections into a single rule. The Exchange also proposes to categorize the risk protections as order protections, order and quote protections or Specialist \3\ and Registered Options Trader \4\ protections. The Exchange believes that reorganizing the various risk protection rules into a single rule and providing labels for the different types of protections will provide an easy reference for market participants. The Exchange is not amending the text of the existing rules, rather the Exchange proposes to reletter and renumber the rule as well to provide a more organized structure. The Exchange believes that categorizing the various protections provides more information to market participants as to each of the risk protections. --------------------------------------------------------------------------- \3\ A Specialist is an Exchange member who is registered as an options Specialist. See Phlx Rule 1020(a). \4\ Rule 1014(b) defines a ROT as ``a regular member or a foreign currency options participant of the Exchange located on the trading floor who has received permission from the Exchange to trade in options for his own account.'' For purposes of Rule 1014, the term ``ROT'' shall include a Streaming Quote Trader and a Remote Streaming Quote Trader, as defined in Rule 1014. --------------------------------------------------------------------------- Order Price Protection The Exchange proposes to relocate Order Price Protection from Rule 1099(c) to proposed Rule 1099(a)(1) under the title of order protections. Market Order Spread Protection The Exchange proposes to relocate Market Order Spread Protection from Rule 1099(d) to proposed Rule 1099(a)(2) under the title of order protections. Acceptable Trade Range The Exchange proposes to renumber the Acceptable Trade Protection rule text as Rule 1099(b)(1) under the title for order and quote protections. Anti-Internalization The Exchange proposes to renumber the Anti-Internalization rule from Rule Rule [sic] 1099(b) to 1099(c)(1) under the title Specialist and Registered Options Traders protections. Automated Removal of Quotes and Orders The Exchange proposes to relocate the Automated Removal of Quotes rule from Rule 1095 to Rule 1099(c)(2) under the title Specialist and Registered Options Traders protections. The Exchange proposes to reserve Rule 1095. 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 grouping the various risk protections into a single rule for ease of reference and adding headers to the rule to make clear whether the risk protection is an order, quote or order protection or a protection applicable to Specialists and Registered Options Traders. The Exchange believes the reorganization of the existing rule and relocation of various rules into Rule 1099 is a non-substantive rule change. The Exchange believes that this rule change is consistent with the protection of investors and the public interest because it will bring greater transparency to the protections offered on Phlx. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. The proposal does not impose an intra-market burden on competition with respect to the reorganization and relocation of the various rules into Rule 1099 because the various risk protections will continue to apply uniformly to all market participants. 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) of the Act\7\ and Rule 19b- 4(f)(6) thereunder.\8\ --------------------------------------------------------------------------- \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 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 pursuant to Rule 19b-4(f)(6) under the Act \9\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \10\ 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 requested that the Commission waive the 30-day operative delay so that the proposed rule change may become operative upon filing. Waiver of the operative delay would allow the Exchange to reorganize its rules without delay to provide market participants with a single point of reference for the risk protections offered by the Exchange. Therefore, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\11\ --------------------------------------------------------------------------- \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 also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is 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 change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, [[Page 25097]] 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-Phlx-2018-41 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-Phlx-2018-41. 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-Phlx-2018-41, and should be submitted on or before June 21, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-11612 Filed 5-30-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices 25095
C. Self-Regulatory Organization’s arguments concerning the foregoing, For the Commission, by the Division
Statement on Comments on the including whether the proposed rule of Trading and Markets, pursuant to
Proposed Rule Change Received From change is consistent with the Act. delegated authority.15
Members, Participants, or Others. Comments may be submitted by any of Eduardo A. Aleman,
No written comments were solicited the following methods: Assistant Secretary.
or received with respect to the proposed Electronic Comments [FR Doc. 2018–11610 Filed 5–30–18; 8:45 am]
rule change.
BILLING CODE 8011–01–P
III. Date of Effectiveness of the • Use the Commission’s internet
Proposed Rule Change and Timing for comment form (http://www.sec.gov/
Commission Action rules/sro.shtml); or SECURITIES AND EXCHANGE
Because the proposed rule change • Send an email to rule-comments@ COMMISSION
does not: (i) Significantly affect the sec.gov. Please include File Number SR– [Release No. 34–83322; File No. SR–Phlx–
protection of investors or the public NYSEArca–2018–35 on the subject line. 2018–41]
interest; (ii) impose any significant Paper Comments
burden on competition; or (iii) become Self-Regulatory Organizations; Nasdaq
operative prior to 30 days from the date • Send paper comments in triplicate PHLX LLC; Notice of Filing and
on which it was filed, or such shorter to Secretary, Securities and Exchange Immediate Effectiveness of Proposed
time as the Commission may designate, Commission, 100 F Street NE, Rule Change Related to Risk
it has become effective pursuant to Washington, DC 20549–1090. Protections
Section 19(b)(3)(A) of the Act 12 and May 24, 2018
Rule 19b–4(f)(6) thereunder.13 All submissions should refer to File
Number SR–NYSEArca–2018–35. This Pursuant to Section 19(b)(1) of the
The Exchange has asked the
file number should be included on the Securities Exchange Act of 1934
Commission to waive the 30-day
subject line if email is used. To help the (‘‘Act’’),1 and Rule 19b-4 thereunder,2
operative delay so that the proposal may
Commission process and review your notice is hereby given that on May 16,
become operative immediately upon
2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
filing. Because the vote on the comments more efficiently, please use
‘‘Exchange’’) filed with the Securities
Reorganization will occur before the end only one method. The Commission will
and Exchange Commission
of the operative delay, waiver of the post all comments on the Commission’s
(‘‘Commission’’) the proposed rule
operative delay would allow the internet website (http://www.sec.gov/ change as described in Items I and II
Exchange to begin implementing the rules/sro.shtml). Copies of the below, which Items have been prepared
two organizational and administrative submission, all subsequent by the Exchange. The Commission is
changes described above to immediately amendments, all written statements publishing this notice to solicit
upon shareholder approval of the with respect to the proposed rule comments on the proposed rule change
Reorganization. The Commission change that are filed with the from interested persons.
believes that waiver of the 30-day Commission, and all written
operative delay is consistent with the communications relating to the I. Self-Regulatory Organization’s
protection of investors and the public proposed rule change between the Statement of the Terms of Substance of
interest and hereby waives the 30-day the Proposed Rule Change
Commission and any person, other than
operative delay and designates the The Exchange proposes to amend
those that may be withheld from the
proposed rule change to be operative Rule 1095, entitled ‘‘Automated
upon filing.14 public in accordance with the
provisions of 5 U.S.C. 552, will be Removal of Quotes’’ and Rule 1099,
At any time within 60 days of the
available for website viewing and entitled ‘‘Order Protections.’’
filing of the proposed rule change, the
printing in the Commission’s Public The text of the proposed rule change
Commission summarily may
Reference Room, 100 F Street NE, is available on the Exchange’s website at
temporarily suspend such rule change if
Washington, DC 20549 on official http://nasdaqphlx.cchwallstreet.com/,
it appears to the Commission that such
business days between the hours of at the principal office of the Exchange,
action is necessary or appropriate in the
10:00 a.m. and 3:00 p.m. Copies of the and at the Commission’s Public
public interest, for the protection of
filing also will be available for Reference Room.
investors, or otherwise in furtherance of
the purposes of the Act. inspection and copying at the principal II. Self-Regulatory Organization’s
office of the Exchange. All comments Statement of the Purpose of, and
IV. Solicitation of Comments
received will be posted without change. Statutory Basis for, the Proposed Rule
Interested persons are invited to Persons submitting comments are Change
submit written data, views, and cautioned that we do not redact or edit In its filing with the Commission, the
12 15
personal identifying information from Exchange included statements
U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
comment submissions. You should concerning the purpose of and basis for
4(f)(6)(iii) requires a self-regulatory organization to submit only information that you wish the proposed rule change and discussed
give the Commission written notice of its intent to to make available publicly. All any comments it received on the
file the proposed rule change, along with a brief submissions should refer to File proposed rule change. The text of these
description and text of the proposed rule change,
Number SR–NYSEArca–2018–35 and statements may be examined at the
amozie on DSK3GDR082PROD with NOTICES1
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time should be submitted on or before June places specified in Item IV below. The
as designated by the Commission. The Exchange 21, 2018. Exchange has prepared summaries, set
has satisfied this requirement. forth in sections A, B, and C below, of
14 For purposes only of waiving the 30-day
operative delay, the Commission has also
15 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 17:46 May 30, 2018 Jkt 241001 PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 E:\FR\FM\31MYN1.SGM 31MYN1](https://thefederalregister.org/doc/83_FR_25200/page/1.svg)
![25096 Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
the most significant aspects of such Automated Removal of Quotes and the protection of investors or the public
statements. Orders interest; (ii) impose any significant
The Exchange proposes to relocate the burden on competition; and (iii) become
A. Self-Regulatory Organization’s
Automated Removal of Quotes rule from operative for 30 days from the date on
Statement of the Purpose of, and
Rule 1095 to Rule 1099(c)(2) under the which it was filed, or such shorter time
Statutory Basis for, the Proposed Rule
title Specialist and Registered Options as the Commission may designate, it has
Change
Traders protections. The Exchange become effective pursuant to Section
1. Purpose proposes to reserve Rule 1095. 19(b)(3)(A) of the Act7 and Rule 19b–
The purpose of the proposed rule 4(f)(6) thereunder.8
2. Statutory Basis A proposed rule change filed
change is to amend Rule 1099, entitled
‘‘Order Protections’’ and reorganize the The Exchange believes that its pursuant to Rule 19b–4(f)(6) under the
Rulebook. The Exchange proposes to proposal is consistent with Section 6(b) Act 9 normally does not become
rename Rule 1099 ‘‘Risk Protections’’ of the Act,5 in general, and furthers the operative for 30 days after the date of its
and relocate all the risk protections into objectives of Section 6(b)(5) of the Act,6 filing. However, Rule 19b–4(f)(6)(iii) 10
a single rule. The Exchange also in particular, in that it is designed to permits the Commission to designate a
proposes to categorize the risk promote just and equitable principles of shorter time if such action is consistent
protections as order protections, order trade, to remove impediments to and with the protection of investors and the
and quote protections or Specialist 3 and perfect the mechanism of a free and public interest. The Exchange has
Registered Options Trader 4 protections. open market and a national market requested that the Commission waive
The Exchange believes that reorganizing system, and, in general to protect the 30-day operative delay so that the
the various risk protection rules into a investors and the public interest, by proposed rule change may become
single rule and providing labels for the grouping the various risk protections operative upon filing. Waiver of the
different types of protections will into a single rule for ease of reference operative delay would allow the
provide an easy reference for market and adding headers to the rule to make Exchange to reorganize its rules without
participants. The Exchange is not clear whether the risk protection is an delay to provide market participants
amending the text of the existing rules, order, quote or order protection or a with a single point of reference for the
rather the Exchange proposes to reletter protection applicable to Specialists and risk protections offered by the
and renumber the rule as well to Registered Options Traders. The Exchange. Therefore, the Commission
provide a more organized structure. The Exchange believes the reorganization of believes that waiver of the 30-day
Exchange believes that categorizing the the existing rule and relocation of operative delay is consistent with the
various protections provides more various rules into Rule 1099 is a non- protection of investors and the public
information to market participants as to substantive rule change. The Exchange interest. Accordingly, the Commission
each of the risk protections. believes that this rule change is hereby waives the operative delay and
consistent with the protection of designates the proposed rule change
Order Price Protection operative upon filing.11
investors and the public interest
The Exchange proposes to relocate because it will bring greater At any time within 60 days of the
Order Price Protection from Rule transparency to the protections offered filing of the proposed rule change, the
1099(c) to proposed Rule 1099(a)(1) Commission summarily may
on Phlx.
under the title of order protections. temporarily suspend such rule change if
B. Self-Regulatory Organization’s it appears to the Commission that such
Market Order Spread Protection Statement on Burden on Competition action is necessary or appropriate in the
The Exchange proposes to relocate The Exchange does not believe that public interest, for the protection of
Market Order Spread Protection from the proposed rule change will impose investors, or otherwise in furtherance of
Rule 1099(d) to proposed Rule any burden on competition not the purposes of the Act. If the
1099(a)(2) under the title of order necessary or appropriate in furtherance Commission takes such action, the
protections. of the purposes of the Act. The proposal Commission shall institute proceedings
does not impose an intra-market burden to determine whether the proposed rule
Acceptable Trade Range change should be approved or
on competition with respect to the
The Exchange proposes to renumber reorganization and relocation of the disapproved.
the Acceptable Trade Protection rule various rules into Rule 1099 because the IV. Solicitation of Comments
text as Rule 1099(b)(1) under the title for various risk protections will continue to
order and quote protections. Interested persons are invited to
apply uniformly to all market submit written data, views, and
Anti-Internalization participants. arguments concerning the foregoing,
The Exchange proposes to renumber C. Self-Regulatory Organization’s
the Anti-Internalization rule from Rule Statement on Comments on the 7 15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
Rule [sic] 1099(b) to 1099(c)(1) under Proposed Rule Change Received From
4(f)(6)(iii) requires a self-regulatory organization to
the title Specialist and Registered Members, Participants, or Others give the Commission written notice of its intent to
Options Traders protections. No written comments were either file the proposed rule change, along with a brief
description and text of the proposed rule change,
3 A Specialist is an Exchange member who is
solicited or received. at least five business days prior to the date of filing
registered as an options Specialist. See Phlx Rule III. Date of Effectiveness of the of the proposed rule change, or such shorter time
amozie on DSK3GDR082PROD with NOTICES1
1020(a). as designated by the Commission. The Exchange
4 Rule 1014(b) defines a ROT as ‘‘a regular
Proposed Rule Change and Timing for has satisfied this requirement.
member or a foreign currency options participant of
Commission Action 9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
the Exchange located on the trading floor who has Because the foregoing proposed rule
received permission from the Exchange to trade in 11 For purposes only of waiving the 30-day
options for his own account.’’ For purposes of Rule
change does not: (i) Significantly affect operative delay, the Commission also has
1014, the term ‘‘ROT’’ shall include a Streaming considered the proposed rule’s impact on
5 15 U.S.C. 78f(b).
Quote Trader and a Remote Streaming Quote efficiency, competition, and capital formation. See
Trader, as defined in Rule 1014. 6 15 U.S.C. 78f(b)(5). 15 U.S.C. 78c(f).
VerDate Sep<11>2014 17:46 May 30, 2018 Jkt 241001 PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 E:\FR\FM\31MYN1.SGM 31MYN1](https://thefederalregister.org/doc/83_FR_25200/page/2.svg)
![Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices 25097
including whether the proposed rule SECURITIES AND EXCHANGE change as modified by Amendment
change is consistent with the Act. COMMISSION No. 1.
Comments may be submitted by any of
II. Description of the Proposal 6
the following methods: [Release No. 34–83319; File No. SR–
NYSEArca–2018–15] The Trust is registered under the 1940
Electronic Comments Act.7 The Shares 8 are listed and traded
• Use the Commission’s internet Self-Regulatory Organizations; NYSE on the Exchange under Commentary .01
comment form (http://www.sec.gov/ Arca, Inc.; Order Approving a to NYSE Arca Rule 8.600–E,9 which
rules/sro.shtml); or Proposed Rule Change, As Modified by provides generic criteria applicable to
• Send an email to rule-comments@ Amendment No. 1 Thereto, To the listing and trading of Managed Fund
sec.gov. Please include File Number SR– Continue Listing and Trading Shares Shares.10 However, the Fund intends to
Phlx–2018–41 on the subject line. of the PGIM Ultra Short Bond ETF change its investment strategy such that
Under NYSE Arca Rule 8.600–E the Shares would no longer qualify for
Paper Comments generic listing on the Exchange.
• Send paper comments in triplicate May 24, 2018. Specifically, the Fund’s portfolio would
to Secretary, Securities and Exchange I. Introduction continue to satisfy all of the generic
Commission, 100 F Street NE, listing requirements except that:
Washington, DC 20549–1090. On March 6, 2018, NYSE Arca, Inc. • Investments in non-agency, non-
All submissions should refer to File (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed government sponsored entity and
Number SR–Phlx–2018–41. This file with the Securities and Exchange privately issued mortgage-related and
number should be included on the Commission (‘‘Commission’’), pursuant other asset-backed securities (‘‘Private
subject line if email is used. To help the to Section 19(b)(1) of the Securities ABS/MBS’’) may account for up to 20%
Commission process and review your Exchange Act of 1934 (‘‘Act’’) 1 and Rule of the total assets of the Fund (rather
comments more efficiently, please use 19b–4 thereunder,2 a proposed rule than 20% of the weight of the fixed
only one method. The Commission will change to list and trade shares income portion of the portfolio, as
post all comments on the Commission’s (‘‘Shares’’) of the PGIM Ultra Short required under Commentary .01(b)(5));
internet website (http://www.sec.gov/ Bond ETF (‘‘Fund’’), a series of PGIM • fixed income securities that do not
rules/sro.shtml). Copies of the ETF Trust (‘‘Trust’’), under NYSE Arca meet any of the criteria in Commentary
submission, all subsequent Rule 8.600–E. The proposed rule change .01(b)(4) will not exceed 10% of the
amendments, all written statements was published for comment in the total assets of the Fund (rather than
with respect to the proposed rule Federal Register on March 23, 2018.3
change that are filed with the On April 25, 2018, the Exchange filed 6 Additional information regarding, among other
Amendment No. 1 to the proposal, things, the Shares, the Fund, its investment
Commission, and all written objective, its permitted investments, its investment
communications relating to the which replaced and superseded the strategies and methodology, its investment
proposed rule change between the proposed rule change in its entirety.4 restrictions, its investment adviser and subadviser,
Commission and any person, other than On May 4, 2018, the Commission its fees, its creation and redemption procedures,
extended the time the Commission availability of information, trading rules and halts,
those that may be withheld from the and surveillance procedures can be found in
public in accordance with the designated a longer period within which Amendment No. 1 and in the Registration
provisions of 5 U.S.C. 552, will be to approve the proposed rule change, Statement. See Amendment No. 1, supra note 4,
available for website viewing and disapprove the proposed rule change, or and Registration Statement, infra note 7,
institute proceedings to determine respectively.
printing in the Commission’s Public 7 On January 8, 2018, the Trust filed with the
Reference Room, 100 F Street NE, whether to disapprove the proposed Commission its registration statement on Form N–
Washington, DC 20549 on official rule change.5 The Commission has 1A under the Securities Act of 1933 (15 U.S.C. 77a),
business days between the hours of received no comments on the proposal. and under the 1940 Act relating to the Fund (File
This order approves the proposed rule Nos. 333–222469 and 811–23324) (‘‘Registration
10:00 a.m. and 3:00 p.m. Copies of the Statement’’). The Commission has issued an order
filing also will be available for granting certain exemptive relief to the Trust under
1 15 U.S.C. 78s(b)(1).
inspection and copying at the principal the 1940 Act. See Investment Company Act Release
2 17 CFR 240.19b–4. No. 31095 (Jun. 24, 2014) (File No. 812–14267).
office of the Exchange. All comments 3 See Securities Exchange Act Release No. 82899 8 The Exchange deems the Shares to be equity
received will be posted without change. (Mar. 19, 2018), 83 FR 12824. securities, thus rendering trading in the Shares
Persons submitting comments are 4 In Amendment No. 1, the Exchange: (1) subject to the Exchange’s existing rules governing
cautioned that we do not redact or edit Provided additional information regarding certain the trading of equity securities.
personal identifying information from of the Fund’s permitted investments; (2) clarified 9 The Shares commenced trading on the Exchange
comment submissions. You should that the Fund may invest up to 25% of its total on April 10, 2018. See Amendment No. 1, supra
assets in the Affiliated Short Term Bond Fund note 4, at 3, n.1.
submit only information that you wish Shares (defined below) and 10% of its total assets 10 A Managed Fund Share is a security that: (1)
to make available publicly. All in other non-exchange-traded open-end Represents an interest in a registered investment
submissions should refer to File management investment company securities; (3) company (‘‘Investment Company’’) organized as an
Number SR–Phlx–2018–41, and should described the availability of price information for open-end management investment company or
certain of the Fund’s permitted investments; and (4) similar entity, that invests in a portfolio of
be submitted on or before June 21, 2018. made changes of a technical nature. Amendment securities selected by the Investment Company’s
For the Commission, by the Division No. 1 is not subject to notice and comment because investment adviser consistent with the Investment
of Trading and Markets, pursuant to it does not materially alter the substance of the Company’s investment objectives and policies; (b)
proposed rule change or raise unique or novel is issued in a specified aggregate minimum number
delegated authority.12
amozie on DSK3GDR082PROD with NOTICES1
regulatory issues. Amendment No. 1 is available at: in return for a deposit of a specified portfolio of
Eduardo A. Aleman, https://www.sec.gov/comments/sr-nysearca-2018- securities and/or a cash amount with a value equal
15/nysearca201815-3510337-162292.pdf. to the next determined net asset value; and (c) when
Assistant Secretary. 5 See Exchange Act Release No. 83174, 83 FR aggregated in the same specified minimum number,
[FR Doc. 2018–11612 Filed 5–30–18; 8:45 am] 21794 (May 10, 2018). The Commission designated may be redeemed at a holder’s request, which
BILLING CODE 8011–01–P
June 21, 2018, as the date by which the Commission holder will be paid a specified portfolio of
shall approve or disapprove, or institute securities and/or cash with a value equal to the next
proceedings to determine whether to disapprove, determined net asset value. See NYSE Arca Rule
12 17 CFR 200.30–3(a)(12). the proposed rule change. 8.600–E(c)(1).
VerDate Sep<11>2014 17:46 May 30, 2018 Jkt 241001 PO 00000 Frm 00132 Fmt 4703 Sfmt 4703 E:\FR\FM\31MYN1.SGM 31MYN1](https://thefederalregister.org/doc/83_FR_25200/page/3.svg)
Document Created: 2018-05-31 00:49:02
Document Modified: 2018-05-31 00:49:02
| 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 25095 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR