83 FR 30209 - Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Ninth Substantive Amendment to the Second Restatement of the CTA Plan and the Twenty-First Amendment to the Restated CQ Plan
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 124 (June 27, 2018)
Federal Register Volume 83, Issue 124 (June 27, 2018)
| Page Range | 30209-30210 | |
| FR Document | 2018-13766 |
[Federal Register Volume 83, Number 124 (Wednesday, June 27, 2018)] [Notices] [Pages 30209-30210] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-13766] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83492; File No. SR-CTA/CQ-2018-02] Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Ninth Substantive Amendment to the Second Restatement of the CTA Plan and the Twenty-First Amendment to the Restated CQ Plan June 21, 2018. Pursuant to Section 11A of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that on June 5, 2018, the Consolidated Tape Association (``CTA'') Plan participants (``Participants'') \3\ filed with the Securities and Exchange Commission (``Commission'') a proposal to amend the Second Restatement of the CTA Plan and the Restated Consolidated Quotation (``CQ'') Plan (``Plans'').\4\ These amendments represent the Twenty- Ninth Substantive Amendment to the CTA Plan and the Twenty-First Amendment to the CQ Plan (``Amendments''). The Amendments seek to effectuate changes that certain Participants have made to their names and addresses, as set forth in Sections [[Page 30210]] I(q), III(a), and VIII(a) of the CTA Plan and Section III(a) of the CQ Plan. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78k-1. \2\ 17 CFR 242.608. \3\ The Participants are: Cboe BYX Exchange, Inc.; Cboe BZX Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange, Inc.; Chicago Stock Exchange, Inc.; Financial Industry Regulatory Authority, Inc.; Investors Exchange LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC; Nasdaq PHLX LLC; The Nasdaq Stock Market LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE American LLC; and NYSE National, Inc. (collectively, the ``Participants''). \4\ See Securities Exchange Act Release Nos. 10787 (May 10, 1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan effective); 15009 (July 28, 1978), 43 FR 34851 (August 7, 1978) (temporarily authorizing the CQ Plan); and 16518 (January 22, 1980), 45 FR 6521 (January 28, 1980) (permanently authorizing the CQ Plan). The most recent restatement of both Plans was in 1995. The CTA Plan, pursuant to which markets collect and disseminate last sale price information for non-NASDAQ listed securities, is a ``transaction reporting plan'' under Rule 601 under the Act, 17 CFR 242.601, and a ``national market system plan'' under Rule 608 under the Act, 17 CFR 242.608. The CQ Plan, pursuant to which markets collect and disseminate bid/ask quotation information for listed securities, is a ``national market system plan'' under Rule 608 under the Act, 17 CFR 242.608. --------------------------------------------------------------------------- Pursuant to Rule 608(b)(3)(ii) under Regulation NMS,\5\ the Participants have designated the Amendments as concerned solely with the administration of the Plans and as ``Ministerial Amendments'' under both Section IV(b) of the CTA Plan and Section IV(c) of the CQ Plan. As a result, the Amendments were effective upon filing and were submitted by the Chairman of the Plan's Operating Committee. The Commission is publishing this notice to solicit comments from interested persons on the proposed Amendments. Set forth in Sections I and II is the statement of the purpose and summary of the Amendments, along with the information required by Rules 608(a) and 601(a) under the Act, prepared and submitted by the Participants to the Commission. --------------------------------------------------------------------------- \5\ 17 CFR 242.608(b)(3)(ii). --------------------------------------------------------------------------- I. Rule 608(a) A. Purpose of the Amendments The Amendments effectuate changes that certain Participants have made to their names and addresses, as set forth in Sections I(q), III(a), and VIII(a) of the CTA Plan and Section III(a) of the CQ Plan. B. Governing or Constituent Documents Not applicable. C. Implementation of the Amendments Because the Amendments constitute ``Ministerial Amendments'' under both Section IV(b) of the CTA Plan and Section IV(c) under the CQ Plan, the Chairman of the Plan's Operating Committee may submit the Amendments to the Commission on behalf of the Participants in the Plans. Because the Participants have designated the Amendments as concerned solely with the administration of the Plans, the Amendments become effective upon filing with the Commission. D. Development and Implementation Phases Not applicable. E. Analysis of Impact on Competition The Participants assert that the Amendments do not impose any burden on competition because they simply effectuate a change in the names and addresses of certain Participants. For the same reasons, the Participants do not believe that the Amendments introduce terms that are unreasonably discriminatory for purposes of Section 11A(c)(1)(D) of the Exchange Act. F. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. G. Approval by Sponsors in Accordance With Plan See Item I.C. above. H. Description of Operation of Facility Contemplated by the Proposed Amendments Not applicable. I. Terms and Conditions of Access Not applicable. J. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. K. Method and Frequency of Processor Evaluation Not applicable. L. Dispute Resolution Not applicable. II. Rule 601(a) A. Equity Securities for Which Transaction Reports Shall Be Required by the Plan Not applicable. B. Reporting Requirements Not applicable. C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information Not applicable. D. Manner of Consolidation Not applicable. E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports Not applicable. F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination Not applicable. G. Terms of Access to Transaction Reports Not applicable. H. Identification of Marketplace of Execution Not applicable. III. Solicitation of Comments The Commission seeks general comments on the Amendments. Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed Amendments are 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-CTA/CQ-2018-02 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-CTA/CQ-2018-02. 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 website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all written statements with respect to the proposed Amendments that are filed with the Commission, and all written communications relating to the proposed Amendments 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 website viewing and printing at the principal office of the Plans. 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-CTA/CQ-2018-02 and should be submitted on or before July 18, 2018. By the Commission. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-13766 Filed 6-26-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 124 / Wednesday, June 27, 2018 / Notices 30209
take place at negotiated prices, not at a the same for all purchases and For the Commission, by the Division of
current offering price described in a redemptions, and Deposit Instruments Investment Management, under delegated
Fund’s prospectus, and not at a price and Redemption Instruments will be authority.
based on NAV. Applicants state that (a) valued in the same manner as those Eduardo A. Aleman,
secondary market trading in shares does investment positions currently held by Assistant Secretary.
not involve a Fund as a party and will the Funds. Applicants also seek relief [FR Doc. 2018–13762 Filed 6–26–18; 8:45 am]
not result in dilution of an investment from the prohibitions on affiliated BILLING CODE 8011–01–P
in shares, and (b) to the extent different transactions in section 17(a) to permit a
prices exist during a given trading day, Fund to sell its shares to and redeem its
or from day to day, such variances occur shares from a Fund of Funds, and to SECURITIES AND EXCHANGE
as a result of third-party market forces, engage in the accompanying in-kind COMMISSION
such as supply and demand. Therefore, transactions with the Fund of Funds.3
[Release No. 34–83492; File No. SR–CTA/
applicants assert that secondary market The purchase of Creation Units by a CQ–2018–02]
transactions in shares will not lead to Fund of Funds directly from a Fund will
discrimination or preferential treatment be accomplished in accordance with the Consolidated Tape Association; Notice
among purchasers. Finally, applicants policies of the Fund of Funds and will of Filing and Immediate Effectiveness
represent that share market prices will be based on the NAVs of the Funds. of the Twenty-Ninth Substantive
be disciplined by arbitrage 9. Applicants also request relief to Amendment to the Second
opportunities, which should prevent permit a Feeder Fund to acquire shares Restatement of the CTA Plan and the
shares from trading at a material of another registered investment Twenty-First Amendment to the
discount or premium from NAV. company managed by the Adviser Restated CQ Plan
6. With respect to Funds that effect having substantially the same
creations and redemptions of Creation investment objectives as the Feeder June 21, 2018.
Units in kind and that are based on Fund (‘‘Master Fund’’) beyond the Pursuant to Section 11A of the
certain Underlying Indexes that include limitations in section 12(d)(1)(A) and Securities Exchange Act of 1934
foreign securities, applicants request permit the Master Fund, and any (‘‘Act’’),1 and Rule 608 thereunder,2
relief from the requirement imposed by principal underwriter for the Master notice is hereby given that on June 5,
section 22(e) in order to allow such Fund, to sell shares of the Master Fund 2018, the Consolidated Tape
Funds to pay redemption proceeds to the Feeder Fund beyond the Association (‘‘CTA’’) Plan participants
within fifteen calendar days following limitations in section 12(d)(1)(B). (‘‘Participants’’) 3 filed with the
the tender of Creation Units for 10. Section 6(c) of the Act permits the Securities and Exchange Commission
redemption. Applicants assert that the Commission to exempt any persons or (‘‘Commission’’) a proposal to amend
requested relief would not be transactions from any provision of the the Second Restatement of the CTA Plan
inconsistent with the spirit and intent of Act if such exemption is necessary or and the Restated Consolidated
section 22(e) to prevent unreasonable, appropriate in the public interest and Quotation (‘‘CQ’’) Plan (‘‘Plans’’).4
undisclosed or unforeseen delays in the consistent with the protection of These amendments represent the
actual payment of redemption proceeds. investors and the purposes fairly Twenty-Ninth Substantive Amendment
7. Applicants request an exemption to intended by the policy and provisions of to the CTA Plan and the Twenty-First
permit Funds of Funds to acquire Fund the Act. Section 12(d)(1)(J) of the Act Amendment to the CQ Plan
shares beyond the limits of section provides that the Commission may (‘‘Amendments’’). The Amendments
12(d)(1)(A) of the Act; and the Funds, exempt any person, security, or seek to effectuate changes that certain
and any principal underwriter for the transaction, or any class or classes of Participants have made to their names
Funds, and/or any broker or dealer persons, securities, or transactions, from and addresses, as set forth in Sections
registered under the Exchange Act, to any provision of section 12(d)(1) if the
sell shares to Funds of Funds beyond exemption is consistent with the public 1 15 U.S.C. 78k–1.
the limits of section 12(d)(1)(B) of the interest and the protection of investors. 2 17 CFR 242.608.
Act. The application’s terms and Section 17(b) of the Act authorizes the 3 The Participants are: Cboe BYX Exchange, Inc.;
conditions are designed to, among other Commission to grant an order Cboe BZX Exchange, Inc.; Cboe EDGA Exchange,
things, help prevent any potential (i) permitting a transaction otherwise Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange,
Inc.; Chicago Stock Exchange, Inc.; Financial
undue influence over a Fund through prohibited by section 17(a) if it finds Industry Regulatory Authority, Inc.; Investors
control or voting power, or in that (a) the terms of the proposed Exchange LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC;
connection with certain services, transaction are fair and reasonable and Nasdaq PHLX LLC; The Nasdaq Stock Market LLC;
transactions, and underwritings, (ii) do not involve overreaching on the part New York Stock Exchange LLC; NYSE Arca, Inc.;
NYSE American LLC; and NYSE National, Inc.
excessive layering of fees, and (iii) of any person concerned; (b) the (collectively, the ‘‘Participants’’).
overly complex fund structures, which proposed transaction is consistent with 4 See Securities Exchange Act Release Nos. 10787
are the concerns underlying the limits the policies of each registered (May 10, 1974), 39 FR 17799 (May 20, 1974)
in sections 12(d)(1)(A) and (B) of the investment company involved; and (c) (declaring the CTA Plan effective); 15009 (July 28,
Act. the proposed transaction is consistent 1978), 43 FR 34851 (August 7, 1978) (temporarily
authorizing the CQ Plan); and 16518 (January 22,
8. Applicants request an exemption with the general purposes of the Act. 1980), 45 FR 6521 (January 28, 1980) (permanently
from sections 17(a)(1) and 17(a)(2) of the authorizing the CQ Plan). The most recent
Act to permit persons that are Affiliated 3 The requested relief would apply to direct sales restatement of both Plans was in 1995. The CTA
Persons, or Second Tier Affiliates, of the of shares in Creation Units by a Fund to a Fund of Plan, pursuant to which markets collect and
daltland on DSKBBV9HB2PROD with NOTICES
Funds and redemptions of those shares. Applicants, disseminate last sale price information for non-
Funds, solely by virtue of certain moreover, are not seeking relief from section 17(a) NASDAQ listed securities, is a ‘‘transaction
ownership interests, to effectuate for, and the requested relief will not apply to, reporting plan’’ under Rule 601 under the Act, 17
purchases and redemptions in-kind. The transactions where a Fund could be deemed an CFR 242.601, and a ‘‘national market system plan’’
deposit procedures for in-kind Affiliated Person, or a Second-Tier Affiliate, of a under Rule 608 under the Act, 17 CFR 242.608. The
Fund of Funds because an Adviser or an entity CQ Plan, pursuant to which markets collect and
purchases of Creation Units and the controlling, controlled by or under common control disseminate bid/ask quotation information for listed
redemption procedures for in-kind with an Adviser provides investment advisory securities, is a ‘‘national market system plan’’ under
redemptions of Creation Units will be services to that Fund of Funds. Rule 608 under the Act, 17 CFR 242.608.
VerDate Sep<11>2014 16:58 Jun 26, 2018 Jkt 244001 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 E:\FR\FM\27JNN1.SGM 27JNN1](https://thefederalregister.org/doc/83_FR_30333/page/1.svg)
![30210 Federal Register / Vol. 83, No. 124 / Wednesday, June 27, 2018 / Notices
I(q), III(a), and VIII(a) of the CTA Plan discriminatory for purposes of Section Interested persons are invited to submit
and Section III(a) of the CQ Plan. 11A(c)(1)(D) of the Exchange Act. written data, views, and arguments
Pursuant to Rule 608(b)(3)(ii) under concerning the foregoing, including
F. Written Understanding or Agreements
Regulation NMS,5 the Participants have whether the proposed Amendments are
Relating to Interpretation of, or
designated the Amendments as consistent with the Act. Comments may
Participation in, Plan
concerned solely with the be submitted by any of the following
administration of the Plans and as Not applicable. methods:
‘‘Ministerial Amendments’’ under both G. Approval by Sponsors in Accordance
Section IV(b) of the CTA Plan and Electronic Comments
With Plan
Section IV(c) of the CQ Plan. As a result, • Use the Commission’s internet
the Amendments were effective upon See Item I.C. above.
comment form (http://www.sec.gov/
filing and were submitted by the H. Description of Operation of Facility rules/sro.shtml); or
Chairman of the Plan’s Operating Contemplated by the Proposed
Committee. The Commission is • Send an email to rule-comments@
Amendments
publishing this notice to solicit sec.gov. Please include File Number SR–
Not applicable. CTA/CQ–2018–02 on the subject line.
comments from interested persons on
the proposed Amendments. Set forth in I. Terms and Conditions of Access Paper Comments
Sections I and II is the statement of the Not applicable.
purpose and summary of the • Send paper comments in triplicate
Amendments, along with the J. Method of Determination and to Brent J. Fields, Secretary, Securities
information required by Rules 608(a) Imposition, and Amount of, Fees and and Exchange Commission, 100 F Street
and 601(a) under the Act, prepared and Charges NE, Washington, DC 20549–1090.
submitted by the Participants to the Not applicable.
Commission. All submissions should refer to File
K. Method and Frequency of Processor Number SR–CTA/CQ–2018–02. This file
I. Rule 608(a) Evaluation number should be included on the
A. Purpose of the Amendments subject line if email is used. To help the
Not applicable.
Commission process and review your
The Amendments effectuate changes L. Dispute Resolution comments more efficiently, please use
that certain Participants have made to only one method. The Commission will
Not applicable.
their names and addresses, as set forth post all comments on the Commission’s
in Sections I(q), III(a), and VIII(a) of the II. Rule 601(a) website (http://www.sec.gov/rules/
CTA Plan and Section III(a) of the CQ sro.shtml). Copies of the submission, all
A. Equity Securities for Which
Plan. written statements with respect to the
Transaction Reports Shall Be Required
B. Governing or Constituent Documents by the Plan proposed Amendments that are filed
with the Commission, and all written
Not applicable. Not applicable. communications relating to the
C. Implementation of the Amendments B. Reporting Requirements proposed Amendments between the
Commission and any person, other than
Because the Amendments constitute Not applicable.
those that may be withheld from the
‘‘Ministerial Amendments’’ under both C. Manner of Collecting, Processing, public in accordance with the
Section IV(b) of the CTA Plan and Sequencing, Making Available and provisions of 5 U.S.C. 552, will be
Section IV(c) under the CQ Plan, the Disseminating Last Sale Information available for website viewing and
Chairman of the Plan’s Operating
Not applicable. printing in the Commission’s Public
Committee may submit the
Reference Room, 100 F Street NE,
Amendments to the Commission on D. Manner of Consolidation Washington, DC 20549, on official
behalf of the Participants in the Plans.
Not applicable. business days between the hours of
Because the Participants have
10:00 a.m. and 3:00 p.m. Copies of the
designated the Amendments as E. Standards and Methods Ensuring filing also will be available for website
concerned solely with the Promptness, Accuracy and viewing and printing at the principal
administration of the Plans, the Completeness of Transaction Reports
Amendments become effective upon office of the Plans. All comments
Not applicable. received will be posted without change.
filing with the Commission.
F. Rules and Procedures Addressed to Persons submitting comments are
D. Development and Implementation cautioned that we do not redact or edit
Fraudulent or Manipulative
Phases personal identifying information from
Dissemination
Not applicable. comment submissions. You should
Not applicable. submit only information that you wish
E. Analysis of Impact on Competition G. Terms of Access to Transaction to make available publicly.
The Participants assert that the Reports All submissions should refer to File
Amendments do not impose any burden Not applicable. Number SR–CTA/CQ–2018–02 and
on competition because they simply should be submitted on or before July
daltland on DSKBBV9HB2PROD with NOTICES
effectuate a change in the names and H. Identification of Marketplace of 18, 2018.
addresses of certain Participants. For the Execution
By the Commission.
same reasons, the Participants do not Not applicable.
believe that the Amendments introduce Eduardo A. Aleman,
terms that are unreasonably III. Solicitation of Comments Assistant Secretary.
The Commission seeks general [FR Doc. 2018–13766 Filed 6–26–18; 8:45 am]
5 17 CFR 242.608(b)(3)(ii). comments on the Amendments. BILLING CODE 8011–01–P
VerDate Sep<11>2014 16:58 Jun 26, 2018 Jkt 244001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 E:\FR\FM\27JNN1.SGM 27JNN1](https://thefederalregister.org/doc/83_FR_30333/page/2.svg)
Document Created: 2018-11-06 09:52:33
Document Modified: 2018-11-06 09:52:33
| 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 30209 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR