83 FR 29594 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Exchange's Rules Pertaining to Co-Location and Direct Connectivity
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 122 (June 25, 2018)
Federal Register Volume 83, Issue 122 (June 25, 2018)
| Page Range | 29594-29596 | |
| FR Document | 2018-13506 |
[Federal Register Volume 83, Number 122 (Monday, June 25, 2018)] [Notices] [Pages 29594-29596] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13506] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83465; File No. SR-Phlx-2018-46] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Exchange's Rules Pertaining to Co-Location and Direct Connectivity June 19, 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 June 5, 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 relocate the Exchange's rules pertaining to co-location and direct connectivity, which are presently at Sections X and XI of the Exchange's Pricing Schedule, to the Exchange's new rulebook shell, entitled ``General Equity and Options Rules,'' at new General 8 (``Connectivity''), Sections 1 and 2, respectively. 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 [[Page 29595]] proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to relocate its rules governing co-location and direct connectivity services, which presently comprise Sections X and XI of the Exchange's Pricing Schedule, respectively. The Exchange proposes to establish, within its new rulebook shell,\3\ a new General 8 heading, entitled ``Connectivity,'' to renumber Section X as Section 1 thereunder, and to renumber Section XI as Section 2 thereunder. The Exchange furthermore proposes to amend Sections VIII and XIII of the Pricing Schedule to update cross references therein to Sections X and XI. It corrects spelling errors in the existing text. The Exchange also proposes to update internal cross-references in the renumbered Rules. --------------------------------------------------------------------------- \3\ Recently, the Exchange added a shell structure to its Rulebook with the purpose of improving efficiency and readability and to align its rules closer to those of its five sister exchanges: The Nasdaq Stock Exchange, LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC (together with Phlx, the ``Affiliated Exchanges''). See Securities Exchange Act Release No. 82169 (November 29, 2017), 82 FR 57508 (December 5, 2017) (SR-Phlx- 2017-97). --------------------------------------------------------------------------- The Exchange considers it appropriate to relocate these Rules to better organize its Rulebook. The other Affiliated Exchanges intend to propose similar reorganizations of their co-location and direct connectivity rules so that these rules will be harmonized among all of the Affiliated Exchanges. The relocation of the co-location and direct connectivity rules is part of the Exchange's continued effort to promote efficiency and conformity of its processes with those of its Affiliated Exchanges. The Exchange believes that moving the co-location and direct connectivity rules to their new location will facilitate the use of the Rulebook by Members of the Exchange who are members of other Affiliated Exchanges. Moreover, the proposed changes are of a non-substantive nature and will not amend the relocated rules other than to update their numbers and make conforming cross-reference changes. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\4\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\5\ 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 improving the way its Rulebook is organized, providing ease of reference in locating co-location and direct connectivity rules, and harmonizing the Exchange's Rules with those of the other Affiliated Exchanges. As previously stated, the proposed Rule relocation is non- substantive. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 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 intermarket or intra-market competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed changes do not impose a burden on competition because, as previously stated, they (i) are of a non-substantive nature, (ii) are intended to harmonize the Exchange's rules with those of its Affiliated Exchanges, and (iii) are intended to organize the Rulebook in a way that it will ease the Members' navigation and reading of the rules across the Affiliated Exchanges. 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 \6\ and Rule 19b- 4(f)(6) thereunder.\7\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 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 \8\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \9\ 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. The proposed rule change merely relocates the Exchange's co-location and direct connectivity rules, updates rule cross-references, and corrects spelling errors. Accordingly, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest and hereby waives the operative delay and designates the proposed rule change operative upon filing.\10\ --------------------------------------------------------------------------- \8\ 17 CFR 240.19b-4(f)(6). \9\ 17 CFR 240.19b-4(f)(6)(iii). \10\ 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, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-Phlx-2018-46 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange [[Page 29596]] Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2018-46. 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-2018-46, and should be submitted on or before July 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13506 Filed 6-22-18; 8:45 am] BILLING CODE 8011-01-P
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III. Date of Effectiveness of the IV. Solicitation of Comments For the Commission, by the Division of
Proposed Rule Change and Timing for Trading and Markets, pursuant to delegated
Commission Action Interested persons are invited to authority.13
submit written data, views, and Eduardo A. Aleman,
Because the foregoing proposed rule
arguments concerning the foregoing, Assistant Secretary.
change does not: (i) Significantly affect
including whether the proposed rule [FR Doc. 2018–13507 Filed 6–22–18; 8:45 am]
the protection of investors or the public
interest; (ii) impose any significant change is consistent with the Act. BILLING CODE 8011–01–P
burden on competition; and (iii) become Comments may be submitted by any of
operative for 30 days from the date on the following methods:
which it was filed, or such shorter time SECURITIES AND EXCHANGE
Electronic Comments COMMISSION
as the Commission may designate, it has
become effective pursuant to Section • Use the Commission’s internet [Release No. 34–83465; File No. SR–Phlx–
19(b)(3)(A) of the Act 7 and Rule 19b– comment form (http://www.sec.gov/ 2018–46]
4(f)(6) thereunder.8 rules/sro.shtml); or
A proposed rule change filed Self-Regulatory Organizations; Nasdaq
• Send an email to rule-comments@ PHLX LLC; Notice of Filing and
pursuant to Rule 19b–4(f)(6) under the
sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed
Act 9 normally does not become
NASDAQ–2018–045 on the subject line. Rule Change To Relocate the
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 10 Paper Comments Exchange’s Rules Pertaining to Co-
permits the Commission to designate a Location and Direct Connectivity
shorter time if such action is consistent • Send paper comments in triplicate
June 19, 2018.
with the protection of investors and the to Secretary, Securities and Exchange
Commission, 100 F Street NE, Pursuant to Section 19(b)(1) of the
public interest. The Exchange has
Washington, DC 20549–1090. Securities Exchange Act of 1934
requested that the Commission waive
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
the 30-day operative delay so that the
All submissions should refer to File notice is hereby given that on June 5,
proposed rule change may become
Number SR–NASDAQ–2018–045. This 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
operative upon filing. The proposed rule
file number should be included on the ‘‘Exchange’’) filed with the Securities
change merely relocates the Exchange’s
subject line if email is used. To help the and Exchange Commission
co-location and direct connectivity
Commission process and review your (‘‘Commission’’) the proposed rule
rules, updates rule cross-references, and
comments more efficiently, please use change as described in Items I and II
removes expired waiver language.11
only one method. The Commission will below, which Items have been prepared
Accordingly, the Commission believes
post all comments on the Commission’s by the Exchange. The Commission is
that waiver of the 30-day operative
internet website (http://www.sec.gov/ publishing this notice to solicit
delay is consistent with the protection
rules/sro.shtml). Copies of the comments on the proposed rule change
of investors and the public interest and
submission, all subsequent from interested persons.
hereby waives the operative delay and
designates the proposed rule change amendments, all written statements I. Self-Regulatory Organization’s
operative upon filing.12 with respect to the proposed rule Statement of the Terms of Substance of
At any time within 60 days of the change that are filed with the the Proposed Rule Change
filing of the proposed rule change, the Commission, and all written The Exchange proposes to relocate the
Commission summarily may communications relating to the Exchange’s rules pertaining to co-
temporarily suspend such rule change if proposed rule change between the location and direct connectivity, which
it appears to the Commission that such Commission and any person, other than are presently at Sections X and XI of the
action is necessary or appropriate in the those that may be withheld from the Exchange’s Pricing Schedule, to the
public interest, for the protection of public in accordance with the Exchange’s new rulebook shell, entitled
investors, or otherwise in furtherance of provisions of 5 U.S.C. 552, will be ‘‘General Equity and Options Rules,’’ at
the purposes of the Act. If the available for website viewing and new General 8 (‘‘Connectivity’’),
Commission takes such action, the printing in the Commission’s Public Sections 1 and 2, respectively.
Commission shall institute proceedings The text of the proposed rule change
Reference Room, 100 F Street NE,
to determine whether the proposed rule is available on the Exchange’s website at
Washington, DC 20549 on official
change should be approved or http://nasdaqphlx.cchwallstreet.com/,
business days between the hours of
disapproved. at the principal office of the Exchange,
10:00 a.m. and 3:00 p.m. Copies of the
7 15 filing also will be available for and at the Commission’s Public
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– inspection and copying at the principal Reference Room.
4(f)(6)(iii) requires a self-regulatory organization to office of the Exchange. All comments II. Self-Regulatory Organization’s
give the Commission written notice of its intent to received will be posted without change.
file the proposed rule change, along with a brief Statement of the Purpose of, and
description and text of the proposed rule change, Persons submitting comments are Statutory Basis for, the Proposed Rule
at least five business days prior to the date of filing cautioned that we do not redact or edit Change
of the proposed rule change, or such shorter time personal identifying information from
as designated by the Commission. The Exchange In its filing with the Commission, the
has satisfied this requirement. comment submissions. You should Exchange included statements
amozie on DSK3GDR082PROD with NOTICES1
9 17 CFR 240.19b–4(f)(6). submit only information that you wish concerning the purpose of and basis for
10 17 CFR 240.19b–4(f)(6)(iii). to make available publicly. All the proposed rule change and discussed
11 See supra note 4.
submissions should refer to File any comments it received on the
12 For purposes only of waiving the 30-day
Number SR–NASDAQ–2018–045, and
operative delay, the Commission also has
considered the proposed rule’s impact on should be submitted on or before July 13 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See 16, 2018. 1 15 U.S.C. 78s(b)(1).
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.
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Commission, 100 F Street NE, exchange pursuant to section 11 of the LLP, 901 New York Avenue NW,
Washington, DC 20549–1090. Investment Company Act of 1940, as Washington, DC 20001.
All submissions should refer to File amended (the ‘‘1940 Act’’). Applicants FOR FURTHER INFORMATION CONTACT:
Number SR-Phlx-2018–46. This file request an order approving the terms of James D. McGinnis, Senior Counsel, at
number should be included on the certain offers of exchange between (202) 551–3025, or Parisa Haghshenas,
subject line if email is used. To help the certain separate accounts supporting Branch Chief, at (202) 551–6723
Commission process and review your variable annuity contracts and certain (Division of Investment Management,
comments more efficiently, please use registered open-end management Chief Counsel’s Office).
only one method. The Commission will investment companies. SUPPLEMENTARY INFORMATION: The
post all comments on the Commission’s APPLICANTS: AXA Equitable Life following is a summary of the
internet website (http://www.sec.gov/ Insurance Company (‘‘AXA Equitable’’), application. The complete application
rules/sro.shtml). Copies of the a New York stock life insurance may be obtained via the Commission’s
submission, all subsequent company; Separate Account A of AXA website by searching for the file
amendments, all written statements Equitable Life Insurance Company number, or an applicant using the
with respect to the proposed rule (‘‘Separate Account A’’), registered Company name box, at http://
change that are filed with the under the 1940 Act as a unit investment www.sec.gov/search/search.htm or by
Commission, and all written trust and a ‘‘separate account’’ as calling (202) 551–8090.
communications relating to the defined in section 2(a)(37) of the 1940
proposed rule change between the Act; AXA Advisors, LLC (‘‘AXA Summary of the Application
Commission and any person, other than Advisors’’); AXA Distributors, LLC 1. Applicants seek an order on behalf
those that may be withheld from the (‘‘AXA Distributors’’); ALPS of AXA Equitable and any current or
public in accordance with the Distributors, Inc. (‘‘ALPS Distributors’’); future affiliated life insurance company
provisions of 5 U.S.C. 552, will be and AllianceBernstein Investments, Inc. (each, an ‘‘Insurance Company’’ and,
available for website viewing and (‘‘ABI’’ and, together with AXA collectively, the ‘‘Insurance
printing in the Commission’s Public Equitable, Separate Account A, AXA Companies’’), Separate Account A and
Reference Room, 100 F Street NE, Advisors, AXA Distributors, ALPS any current or future separate account of
Washington, DC 20549 on official Distributors, and ABI, the an Insurance Company (each, a
business days between the hours of ‘‘Applicants’’).1 ‘‘Separate Account’’ and, collectively,
10:00 a.m. and 3:00 p.m. Copies of the FILING DATES: The application was filed the ‘‘Separate Accounts’’), and AXA
filing also will be available for on January 10, 2017, and amended on Advisors, AXA Distributors, ALPS
inspection and copying at the principal June 23, 2017; November 21, 2017; and Distributors, ABI, and any current or
office of the Exchange. All comments April 10, 2018. future broker-dealer serving as principal
received will be posted without change. HEARING OR NOTIFICATION OF HEARING: An
underwriter of variable annuity
Persons submitting comments are order granting the application will be contracts issued by an Insurance
cautioned that we do not redact or edit issued unless the Commission orders a Company or registered open-end
personal identifying information from hearing. Interested persons may request management investment companies
comment submissions. You should a hearing by writing to the advised by an affiliate of an Insurance
submit only information that you wish Commission’s Secretary and serving the Company.
to make available publicly. All Applicants with a copy of the request, 2. Separate Account A is registered
submissions should refer to File personally or by mail. Hearing requests under the 1940 Act as a unit investment
Number SR–Phlx–2018–46, and should should be received by the Commission trust for the purpose of funding certain
be submitted on or before July 16, 2018. by 5:30 p.m. on Monday, July 16, 2018 variable annuity contracts issued by
For the Commission, by the Division of and should be accompanied by proof of AXA Equitable (any such contract and
Trading and Markets, pursuant to delegated service on the Applicants, in the form any other current or future variable
authority.11 of an affidavit or, for lawyers, a annuity contract issued by an Insurance
Eduardo A. Aleman, certificate of service. Pursuant to rule 0– Company that is funded by a Separate
Assistant Secretary. 5 under the 1940 Act, hearing requests Account is hereinafter referred to as a
[FR Doc. 2018–13506 Filed 6–22–18; 8:45 am] should state the nature of the writer’s ‘‘Contract’’ and collectively, the
interest, any facts bearing upon the ‘‘Contracts’’). Security interests under
BILLING CODE 8011–01–P
desirability of a hearing on the matter, the Contracts have been registered
the reason for the request, and the issues under the Securities Act of 1933. The
SECURITIES AND EXCHANGE contested. Persons who wish to be Contracts currently offer various
COMMISSION notified of a hearing may request subaccounts of Separate Account A,
notification by writing to the each of which invests exclusively in a
[Investment Company Act Release No. single corresponding portfolio of EQ
33126; 812–14734] Commission’s Secretary.
Advisors Trust or AXA Premier VIP
ADDRESSES: Secretary, U.S. Securities
Trust (together, the ‘‘Affiliated Trusts’’)
AXA Equitable Life Insurance and Exchange Commission, 100 F Street or certain unaffiliated trusts (the
Company, et al. NE, Washington, DC 20549–1090. ‘‘Unaffiliated Trusts’’ and collectively
Applicants: Shane Daly, AXA Equitable with the Affiliated Trusts, the ‘‘Trusts’’).
June 19, 2018.
Life Insurance Company, 1290 Avenue The Trusts are registered under the 1940
AGENCY: Securities and Exchange
amozie on DSK3GDR082PROD with NOTICES1
of the Americas, New York, NY 10104; Act as open-end management
Commission (‘‘Commission’’).
and Christopher E. Palmer, Esq., and investment companies with multiple
ACTION: Notice. Andrew L. Zutz, Esq., Goodwin Proctor separate series or portfolios. The
Notice of Application for an order 1 Each of AXA Advisors, AXA Distributors, ALPS
Contracts may offer additional
approving the terms of certain offers of Distributors, and ABI are registered with the
subaccounts of Separate Account A or
Commission as broker-dealers and are members of any other Separate Account in the
11 17 CFR 200.30–3(a)(12). the Financial Industry Regulatory Authority. future, each of which may invest in any
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Document Created: 2018-06-23 02:29:08
Document Modified: 2018-06-23 02:29:08
| 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 29594 |
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