83 FR 30792 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 510 To Extend the Penny Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 126 (June 29, 2018)

Page Range		30792-30793
FR Document		2018-13983
Federal Register, Volume 83 Issue 126 (Friday, June 29, 2018)
[Federal Register Volume 83, Number 126 (Friday, June 29, 2018)]
[Notices]
[Pages 30792-30793]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13983]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83517; File No. SR-PEARL-2018-14]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange 
Rule 510 To Extend the Penny Pilot Program

June 25, 2018.
    Pursuant to the provisions of 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 18, 2018, MIAX PEARL, LLC (``MIAX PEARL'' 
or ``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') a 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange is filing a proposal to amend Rule 510, 
Interpretations and Policies .01, to extend the pilot program for the 
quoting and trading of certain options in pennies.
    The text of the proposed rule change is available on the Exchange's 
website at http://www.miaxoptions.com/rule-filings/pearl, at MIAX 
PEARL's principal office, 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.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange is a participant in an industry-wide pilot program 
that provides for the quoting and trading of certain option classes in 
penny increments (the ``Penny Pilot Program'' or ``Program''). The 
Penny Pilot Program allows the quoting and trading of certain option 
classes in minimum increments of $0.01 for all series in such option 
classes with a price of less than $3.00; and in minimum increments of 
$0.05 for all series in such option classes with a price of $3.00 or 
higher. Options overlying the PowerShares QQQ^TM (``QQQ''), 
SPDR[reg] S&P 500[reg] ETF (``SPY''), and iShares[reg] Russell 2000 ETF 
(``IWM''), however, are quoted and traded in minimum increments of 
$0.01 for all series regardless of the price. The Penny Pilot Program 
was initiated at the then existing option exchanges in January 2007 \3\ 
and currently includes more than 300 of the most active option classes. 
The Penny Pilot Program is currently scheduled to expire on June 30, 
2018.\4\ The purpose of the proposed rule change is to extend the Penny 
Pilot Program in its current format through December 31, 2018.
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    \3\ See Securities Exchange Act Release Nos. 55154 (January 23, 
2007), 72 FR 4743 (February 1, 2007) (SR-CBOE-2006-92); 55161 
(January 24, 2007), 72 FR 4754 (February 1, 2007) (SR-ISE-2006-62); 
54886 (December 6, 2006), 71 FR 74979 (December 13, 2006) (SR-Phlx-
2006-74); 54590 (October 12, 2006), 71 FR 61525 (October 18, 2006) 
(SR-NYSEArca-2006-73); and 54741 (November 9, 2006), 71 FR 67176 
(November 20, 2006) (SR-Amex-2006-106).
    \4\ See Securities Exchange Act Release No. 82391 (December 22, 
2017), 82 FR 61622 (December 28, 2017) (SR-PEARL-2017-39) (extending 
the Penny Pilot Program from December 31, 2017 to June 30, 2018).
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    In addition to the extension of the Penny Pilot Program through 
December 31, 2018, the Exchange proposes to extend one other date in 
the Rule. Currently, Interpretations and Policies .01 states that the 
Exchange will replace any Penny Pilot issues that have been delisted 
with the next most actively traded multiply listed option classes that 
are not yet included in the Penny Pilot Program, and that the 
replacement issues will be selected based on trading activity in the 
previous six months. Such option classes will be added to the Penny 
Pilot Program on the second trading day following January 1, 2018.\5\ 
Because this date has expired and the Exchange intends to continue this 
practice for the duration of the Penny Pilot Program, the Exchange is 
proposing to amend the Rule to reflect that such option classes will be 
added to the Penny Pilot Program on the second trading day following 
July 1, 2018.
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    \5\ The month immediately preceding a replacement class's 
addition to the Pilot Program (i.e., June) is not used for purposes 
of the six-month analysis. For example, a replacement added on the 
second trading day following July 1, 2018, will be identified based 
on trading activity from December 1, 2017, through May 31, 2018.
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    The purpose of this provision is to reflect the new date on which 
replacement issues may be added to the Penny Pilot Program.
2. Statutory Basis
    The Exchange believes that its proposed rule change is consistent 
with Section 6(b) of the Act \6\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act \7\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanisms of a free and open market and a national market system and, 
in general, to protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    In particular, the proposed rule change, which extends the Penny 
Pilot Program for six months, allows the Exchange to continue to 
participate in a program that has been viewed as beneficial to traders, 
investors and public customers and viewed as successful by the other 
options exchanges participating in it.

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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. Specifically, the Exchange 
believes that, by extending the expiration of the Pilot Program, the 
proposed rule change will allow for further analysis of the Penny Pilot 
Program and a determination of how the Program should be structured in 
the future. In doing so, the proposed rule change will also serve to 
promote regulatory clarity and consistency, thereby reducing burdens on 
the marketplace, facilitating investor

[[Page 30793]]

protection, and fostering a competitive environment. In addition, 
consistent with previous practices, the Exchange believes the other 
options exchanges will be filing similar extensions of the Penny Pilot 
Program.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
Because the 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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally 
does not become operative prior to 30 days after the date of the 
filing.\11\ However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the 
Commission may 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 proposal may become operative immediately upon filing. The 
Commission believes that waiving the 30-day operative delay is 
consistent with the protection of investors and the public interest 
because doing so will allow the Pilot Program to continue without 
interruption in a manner that is consistent with the Commission's prior 
approval of the extension and expansion of the Pilot Program and will 
allow the Exchange and the Commission additional time to analyze the 
impact of the Pilot Program.\13\ Accordingly, the Commission designates 
the proposed rule change as operative upon filing with the 
Commission.\14\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change along with a 
brief description and the 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 pre-filing requirement.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ See Securities Exchange Act Release No. 61061 (November 24, 
2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44).
    \14\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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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 Comments

     Use 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-PEARL-2018-14 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-PEARL-2018-14. 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-PEARL-2018-14 and 
should be submitted on or before July 20, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13983 Filed 6-28-18; 8:45 am]
 BILLING CODE 8011-01-P
30792 Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices

For the Commission, by the Division of forth in sections A, B, and C below, of trading day following January 1, 2018.5
Trading and Markets, pursuant to delegated the most significant aspects of such Because this date has expired and the
authority.11 statements. Exchange intends to continue this
Eduardo A. Aleman, practice for the duration of the Penny
Assistant Secretary. A. Self-Regulatory Organization’s Pilot Program, the Exchange is
[FR Doc. 2018–13975 Filed 6–28–18; 8:45 am]
Statement of the Purpose of, and proposing to amend the Rule to reflect
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule that such option classes will be added
Change to the Penny Pilot Program on the
1. Purpose second trading day following July 1,
SECURITIES AND EXCHANGE 2018.
COMMISSION The Exchange is a participant in an The purpose of this provision is to
[Release No. 34–83517; File No. SR– industry-wide pilot program that reflect the new date on which
PEARL–2018–14] provides for the quoting and trading of replacement issues may be added to the
certain option classes in penny Penny Pilot Program.
Self-Regulatory Organizations; MIAX increments (the ‘‘Penny Pilot Program’’ 2. Statutory Basis
PEARL, LLC; Notice of Filing and or ‘‘Program’’). The Penny Pilot Program
Immediate Effectiveness of a Proposed allows the quoting and trading of certain The Exchange believes that its
Rule Change To Amend Exchange option classes in minimum increments proposed rule change is consistent with
Rule 510 To Extend the Penny Pilot of $0.01 for all series in such option Section 6(b) of the Act 6 in general, and
Program classes with a price of less than $3.00; furthers the objectives of Section 6(b)(5)
and in minimum increments of $0.05 for of the Act 7 in particular, in that it is
June 25, 2018. designed to prevent fraudulent and
all series in such option classes with a
Pursuant to the provisions of Section price of $3.00 or higher. Options manipulative acts and practices, to
19(b)(1) of the Securities Exchange Act overlying the PowerShares QQQTM promote just and equitable principles of
of 1934 (‘‘Act’’) 1 and Rule 19b–4 trade, to foster cooperation and
(‘‘QQQ’’), SPDR® S&P 500® ETF
thereunder,2 notice is hereby given that coordination with persons engaged in
(‘‘SPY’’), and iShares® Russell 2000
on June 18, 2018, MIAX PEARL, LLC facilitating transactions in securities, to
ETF (‘‘IWM’’), however, are quoted and
(‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed remove impediments to and perfect the
traded in minimum increments of $0.01
with the Securities and Exchange mechanisms of a free and open market
for all series regardless of the price. The
Commission (‘‘Commission’’) a and a national market system and, in
Penny Pilot Program was initiated at the
proposed rule change as described in general, to protect investors and the
then existing option exchanges in
Items I and II below, which Items have public interest.
January 2007 3 and currently includes
been prepared by the Exchange. The In particular, the proposed rule
more than 300 of the most active option
Commission is publishing this notice to change, which extends the Penny Pilot
solicit comments on the proposed rule classes. The Penny Pilot Program is
Program for six months, allows the
change from interested persons. currently scheduled to expire on June
Exchange to continue to participate in a
30, 2018.4 The purpose of the proposed
program that has been viewed as
I. Self-Regulatory Organization’s rule change is to extend the Penny Pilot
beneficial to traders, investors and
Statement of the Terms of Substance of Program in its current format through public customers and viewed as
the Proposed Rule Change December 31, 2018. successful by the other options
The Exchange is filing a proposal to In addition to the extension of the exchanges participating in it.
amend Rule 510, Interpretations and Penny Pilot Program through December
Policies .01, to extend the pilot program 31, 2018, the Exchange proposes to B. Self-Regulatory Organization’s
for the quoting and trading of certain extend one other date in the Rule. Statement on Burden on Competition
options in pennies. Currently, Interpretations and Policies The Exchange does not believe that
The text of the proposed rule change .01 states that the Exchange will replace the proposed rule change will impose
is available on the Exchange’s website at any Penny Pilot issues that have been any burden on competition that is not
http://www.miaxoptions.com/rule- delisted with the next most actively necessary or appropriate in furtherance
filings/pearl, at MIAX PEARL’s traded multiply listed option classes of the purposes of the Act. Specifically,
principal office, and at the that are not yet included in the Penny the Exchange believes that, by extending
Commission’s Public Reference Room. Pilot Program, and that the replacement the expiration of the Pilot Program, the
II. Self-Regulatory Organization’s issues will be selected based on trading proposed rule change will allow for
Statement of the Purpose of, and activity in the previous six months. further analysis of the Penny Pilot
Statutory Basis for, the Proposed Rule Such option classes will be added to the Program and a determination of how the
Change Penny Pilot Program on the second Program should be structured in the
future. In doing so, the proposed rule
In its filing with the Commission, the 3 See Securities Exchange Act Release Nos. 55154 change will also serve to promote
Exchange included statements (January 23, 2007), 72 FR 4743 (February 1, 2007) regulatory clarity and consistency,
concerning the purpose of and basis for (SR–CBOE–2006–92); 55161 (January 24, 2007), 72 thereby reducing burdens on the
the proposed rule change and discussed FR 4754 (February 1, 2007) (SR–ISE–2006–62);
54886 (December 6, 2006), 71 FR 74979 (December
marketplace, facilitating investor
any comments it received on the 13, 2006) (SR–Phlx–2006–74); 54590 (October 12,
sradovich on DSK3GMQ082PROD with NOTICES

proposed rule change. The text of these 2006), 71 FR 61525 (October 18, 2006) (SR– 5 The month immediately preceding a

statements may be examined at the NYSEArca–2006–73); and 54741 (November 9, replacement class’s addition to the Pilot Program
places specified in Item IV below. The 2006), 71 FR 67176 (November 20, 2006) (SR– (i.e., June) is not used for purposes of the six-month
Amex–2006–106). analysis. For example, a replacement added on the
Exchange has prepared summaries, set 4 See Securities Exchange Act Release No. 82391 second trading day following July 1, 2018, will be
(December 22, 2017), 82 FR 61622 (December 28, identified based on trading activity from December
11 17 CFR 200.30–3(a)(57). 1, 2017, through May 31, 2018.
2017) (SR–PEARL–2017–39) (extending the Penny
1 15 U.S.C. 78s(b)(1). 6 15 U.S.C. 78f(b).
Pilot Program from December 31, 2017 to June 30,
2 17 CFR 240.19b–4. 2018). 7 15 U.S.C. 78f(b)(5).

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Federal Register / Vol. 83, No. 126 / Friday, June 29, 2018 / Notices 30793

protection, and fostering a competitive Exchange and the Commission proposed rule change between the
environment. In addition, consistent additional time to analyze the impact of Commission and any person, other than
with previous practices, the Exchange the Pilot Program.13 Accordingly, the those that may be withheld from the
believes the other options exchanges Commission designates the proposed public in accordance with the
will be filing similar extensions of the rule change as operative upon filing provisions of 5 U.S.C. 552, will be
Penny Pilot Program. with the Commission.14 available for website viewing and
At any time within 60 days of the printing in the Commission’s Public
C. Self-Regulatory Organization’s
filing of such proposed rule change, the Reference Room, 100 F Street NE,
Statement on Comments on the
Proposed Rule Change Received From Commission summarily may Washington, DC 20549, on official
Members, Participants, or Others temporarily suspend such rule change if business days between the hours of
it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the
Written comments were neither action is necessary or appropriate in the filing also will be available for
solicited nor received. public interest, for the protection of inspection and copying at the principal
III. Date of Effectiveness of the investors, or otherwise in furtherance of office of the Exchange. All comments
Proposed Rule Change and Timing for the purposes of the Act. If the received will be posted without change.
Commission Action Commission takes such action, the Persons submitting comments are
Commission shall institute proceedings cautioned that we do not redact or edit
The Exchange has filed the proposed
under Section 19(b)(2)(B) 15 of the Act to personal identifying information from
rule change pursuant to Section
determine whether the proposed rule comment submissions. You should
19(b)(3)(A)(iii) of the Act 8 and Rule
change should be approved or submit only information that you wish
19b–4(f)(6) thereunder.9 Because the
disapproved. to make available publicly.
proposed rule change does not: (i)
Significantly affect the protection of All submissions should refer to File
IV. Solicitation of Comments
investors or the public interest; (ii) Number SR–PEARL–2018–14 and
Interested persons are invited to should be submitted on or before July
impose any significant burden on submit written data, views, and
competition; and (iii) become operative 20, 2018.
arguments concerning the foregoing,
prior to 30 days from the date on which For the Commission, by the Division of
including whether the proposed rule Trading and Markets, pursuant to delegated
it was filed, or such shorter time as the change is consistent with the Act.
Commission may designate, if authority.16
Comments may be submitted by any of Eduardo A. Aleman,
consistent with the protection of the following methods:
investors and the public interest, the Assistant Secretary.
proposed rule change has become Electronic Comments [FR Doc. 2018–13983 Filed 6–28–18; 8:45 am]
effective pursuant to Section 19(b)(3)(A) • Use the Commission’s internet BILLING CODE 8011–01–P
of the Act and Rule 19b–4(f)(6)(iii) comment form (http://www.sec.gov/
thereunder. rules/sro.shtml); or
A proposed rule change filed under • Send an email to rule-comments@ SECURITIES AND EXCHANGE
Rule 19b–4(f)(6) 10 normally does not sec.gov. Please include File Number SR– COMMISSION
become operative prior to 30 days after PEARL–2018–14 on the subject line.
the date of the filing.11 However, [Release No. 34–83512; File No. SR–
pursuant to Rule 19b–4(f)(6)(iii),12 the Paper Comments NYSEArca–2018–48]
Commission may designate a shorter • Send paper comments in triplicate Self-Regulatory Organizations; NYSE
time if such action is consistent with the to Secretary, Securities and Exchange Arca Inc.; Notice of Filing and
protection of investors and the public Commission, 100 F Street NE, Immediate Effectiveness of Proposed
interest. The Exchange has asked the Washington, DC 20549–1090. Rule Change To Amend Commentary
Commission to waive the 30-day All submissions should refer to File .02 to Rule 6.72–O in Order To Extend
operative delay so that the proposal may Number SR–PEARL–2018–14. This file the Penny Pilot in Options Classes in
become operative immediately upon number should be included on the Certain Issues Through December 31,
filing. The Commission believes that subject line if email is used. To help the 2018
waiving the 30-day operative delay is Commission process and review your
consistent with the protection of comments more efficiently, please use June 25, 2018.
investors and the public interest only one method. The Commission will Pursuant to Section 19(b)(1) 1 of the
because doing so will allow the Pilot post all comments on the Commission’s Securities Exchange Act of 1934 (the
Program to continue without internet website (http://www.sec.gov/ ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
interruption in a manner that is rules/sro.shtml). notice is hereby given that on June 21,
consistent with the Commission’s prior Copies of the submission, all 2018, NYSE Arca Inc. (the ‘‘Exchange’’
approval of the extension and expansion subsequent amendments, all written or ‘‘NYSE Arca’’) filed with the
of the Pilot Program and will allow the statements with respect to the proposed Securities and Exchange Commission
rule change that are filed with the (the ‘‘Commission’’) the proposed rule
8 15 U.S.C. 78s(b)(3)(A)(iii).
Commission, and all written change as described in Items I and II
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6). communications relating to the below, which Items have been prepared
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
by the self-regulatory organization. The
sradovich on DSK3GMQ082PROD with NOTICES

4(f)(6)(iii) requires the Exchange to give the 13 See Securities Exchange Act Release No. 61061 Commission is publishing this notice to
Commission written notice of the Exchange’s intent (November 24, 2009), 74 FR 62857 (December 1, solicit comments on the proposed rule
to file the proposed rule change along with a brief 2009) (SR–NYSEArca–2009–44). change from interested persons.
description and the text of the proposed rule 14 For purposes only of waiving the operative

change, at least five business days prior to the date delay for this proposal, the Commission has
16 17 CFR 200.30–3(a)(12).
of filing of the proposed rule change, or such considered the proposed rule’s impact on
1 15 U.S.C.78s(b)(1).
shorter time as designated by the Commission. The efficiency, competition, and capital formation. See
Exchange has satisfied this pre-filing requirement. 15 U.S.C. 78c(f). 2 15 U.S.C. 78a.
12 17 CFR 240.19b–4(f)(6)(iii). 15 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4.

VerDate Sep<11>2014 17:58 Jun 28, 2018 Jkt 244001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\29JNN1.SGM 29JNN1
Document Created: 2018-06-29 01:13:05
Document Modified: 2018-06-29 01:13:05
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 30792