83 FR 32162 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend BZX Rule 14.8, General Listings Requirements-Tier I

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 133 (July 11, 2018)

Page Range		32162-32164
FR Document		2018-14788
Federal Register, Volume 83 Issue 133 (Wednesday, July 11, 2018)
[Federal Register Volume 83, Number 133 (Wednesday, July 11, 2018)]
[Notices]
[Pages 32162-32164]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-14788]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83596; File No. SR-CboeBZX-2018-047]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing of a Proposed Rule Change To Amend BZX Rule 14.8, General 
Listings Requirements--Tier I

July 5, 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 21, 2018, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') 
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.
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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 filed a proposal to amend the listing rules under Rule 
14.8, titled ``General Listing Requirements--Tier I,'' in order to 
adopt listing standards for closed-end funds.
    The text of the proposed rule change is available at the Exchange's 
website at www.markets.cboe.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant parts 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 amend its listing rules in Rule 14.8 in 
order to add listing standards applicable to Closed-End Funds \3\ based 
on existing criteria applicable to Closed-End Funds listed on NYSE 
American LLC (``NYSE American'').\4\ Specifically, the Exchange is 
proposing to add new paragraphs (e) and (i) under Rule 14.8 related to 
the initial and continued listing requirements for Closed-End Funds, 
respectively, as well as to make certain corresponding changes.
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    \3\ As defined in proposed Rule 14.8(a), the term Closed-End 
Fund means a Closed-End Management Investment Company registered 
under the Investment Company Act of 1940.
    \4\ The Exchange notes that the proposed quantitative rules are 
substantively identical to the listing standards applicable to 
Closed-End Funds on NYSE American. Specifically, the proposed 
quantitative rules are substantively identical to the following 
sections in the NYSE American Company Guide: 101(g), 102(a), and 
1003(b)(v).
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Initial Listing
    As proposed, a Closed-End Fund must meet the initial listing 
requirements for either an individual Closed-End Fund (the ``Individual 
CEF Standard'') or a Group \5\ of Closed-End Funds (the ``Group CEF 
Standard''), as provided below, before being listed on the Exchange. 
The Individual CEF Standard requires: (a) A public distribution (which 
includes both shareholders of record and beneficial holders, but 
excludes the holdings of officers, directors, controlling shareholders, 
and other concentrated (i.e. 10% or greater), affiliated or family 
holdings (``Public Shareholders'')) (a ``Public Distribution'') of (i) 
at least 500,000 shares where there are at least 800 Public 
Shareholders, except that companies that are not banks whose securities 
are concentrated in a limited geographical area, or whose securities 
are largely held in block by institutional investors, are normally not 
considered eligible for listing unless the Public Distribution 
appreciably exceeds 500,000 shares; \6\ or (ii) at least 1,000,000 
shares where there are at least 400 Public Shareholders; (b) a Public 
Distribution with a Market Value or net assets of at least $20 million; 
(c) a minimum bid price of at least $4 per share; and (d) at least 
three registered and active Market Makers. The Group CEF Standard 
requires that a Closed-End Fund which is part of a Group be subject to 
the following criteria: (a) The Group has a Public Distribution with a 
Market Value or net assets of at least $75 million; (b) the Closed-End 
Funds in the Group have a Public Distribution with an average Market 
Value or average net assets of at least $15 million; (c) each Closed-
End Fund in the Group has a Public Distribution with a Market Value or 
net assets of at least $10 million; and (d) each Closed-End Fund in the 
Group has: (i) A Public Distribution of: (a) At least 500,000 shares 
where there are at least 800 Public Shareholders, except that companies 
that are not banks whose securities are concentrated in a limited 
geographical area, or whose securities are largely held in block by 
institutional investors, are normally not considered eligible for 
listing unless the Public Distribution appreciably exceeds 500,000 
shares; or (b) at least 1,000,000 shares where there are at least 400 
Public Shareholders; (ii) a minimum bid price of at least $4 per share; 
and (iii) at least three registered and active Market Makers.
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    \5\ As defined in proposed Rule 14.8(e)(2), a ``Group'' is a 
group of Closed-End Funds which are or will be listed on the 
Exchange, and which are managed by a common investment adviser or 
investment advisers who are ``affiliated persons'' as defined in 
Section 2(a)(3) of the Investment Company Act of 1940 as amended. 
Section 2(a)(3) of the Investment Company Act of 1940 defines 
affiliated person of another person as ``(A) any person directly or 
indirectly owning, controlling, or holding with power to vote, 5 per 
centum or more of the outstanding voting securities of such other 
person; (B) any person 5 per centum or more of whose outstanding 
voting securities are directly or indirectly owned, controlled, or 
held with power to vote, by such other person; (C) any person 
directly or indirectly controlling, controlled by, or under common 
control with, such other person; (D) any officer, director, partner, 
copartner, or employee of such other person; (E) if such other 
person is an investment company, any investment adviser thereof or 
any member of an advisory board thereof; and (F) if such other 
person is an unincorporated investment company not having a board of 
directors, the depositor thereof.''
    \6\ The Exchange notes that where the Public Distribution 
appreciably exceeds 500,000 shares for companies that are not banks 
whose securities are concentrated in a limited geographical area, or 
whose securities are largely held in block by institutional 
investors, the 800 Public Shareholders requirement would also apply.
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Continued Listing
    As proposed, The Exchange will consider the suspension of trading 
in and will initiate delisting proceedings (and are not eligible to 
follow the cure procedures outlined in Rule 14.12) for a Closed-End 
Fund where: (a) The Market Value of the Public Distribution and net 
assets each are less than $5,000,000 for

[[Page 32163]]

more than 60 consecutive days; (b) the Closed-End Fund no longer 
qualifies as a closed-end fund under the Investment Company Act of 1940 
(unless the resultant entity otherwise qualifies for listing); or (c) 
it appears that the extent of Public Distribution, the Market Value of 
such Public Distribution, or net assets of such Public Distribution has 
become so reduced as to make further dealings on the Exchange 
inadvisable. Any failure to meet any of the continued listing 
requirements will subject the applicable Closed-End Fund to delisting 
proceedings in accordance with the provisions set forth in Rule 14.12.
Trading Rules
    Closed-End Funds are equity securities, thus rendering trading in 
Closed-End Funds subject to the Exchange's existing rules governing the 
trading of equity securities. The Exchange will allow trading in 
Closed-End Funds from 8:00 a.m. until 5:00 p.m. Eastern Time and the 
Exchange has appropriate rules to facilitate such transactions during 
all trading sessions. As provided in Rule 11.11(a), the minimum price 
variation for quoting and entry of orders in Closed-End Funds traded on 
the Exchange will be $0.01, with the exception of securities that are 
priced less than $1.00, for which the minimum price variation for 
quoting and order entry will be $0.0001.
Trading Halts
    With respect to trading halts, the Exchange may consider all 
relevant factors in exercising its discretion to halt or suspend 
trading in a Closed-End Fund. The Exchange will halt trading in a 
Closed-End Fund under the conditions specified in Rule 11.18. Trading 
may be halted because of market conditions or for reasons that, in the 
view of the Exchange, make trading in the Shares inadvisable. These 
include whether unusual conditions or circumstances detrimental to the 
maintenance of a fair and orderly market are present.
Surveillance
    The Exchange believes that its surveillance procedures are adequate 
to properly monitor the trading of Closed-End Funds on the Exchange 
during all trading sessions and to deter and detect violations of 
Exchange rules and the applicable federal securities laws. Trading of 
Closed-End Funds through the Exchange will be subject to the Exchange's 
surveillance procedures for ETPs.
Governance
    Any Closed-End Funds listed on the Exchange will be subject to the 
governance requirements in Rule 14.10 applicable to all management 
investment companies listed on the Exchange, including Closed-End 
Funds, except as provided in the exceptions to certain governance 
requirements for management investment companies as provided under Rule 
14.10(e)(1)(E) and Interpretation and Policy .13 of Rule 14.10(e). The 
Exchange notes that its governance requirements for Closed-End Funds 
are substantially similar to those applicable to Closed-End Funds 
listed on NYSE American.
Other Changes
    The Exchange is also proposing to make certain renumbering changes 
to Rule 14.8 in order to accommodate the other proposed rule changes 
described herein.
Listing Fees
    The Exchange plans to separately submit a proposal to amend Rule 
14.13 related to listing fees in order to implement fees applicable to 
Closed-End Funds prior to this proposal becoming operational.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section 
6(b) of the Act \7\ in general and Section 6(b)(5) of the Act \8\ 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, and to 
remove impediments to and perfect the mechanism of a free and open 
market and a national market system. The Exchange believes that the 
proposed rules will facilitate the listing and trading of additional 
types of exchange-traded products on the Exchange that will enhance 
competition among market participants, to the benefit of investors and 
the marketplace. In addition, the listing and trading criteria set 
forth in the proposed rules are intended to protect investors and the 
public interest.
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    \7\ 15 U.S.C. 78f.
    \8\ 15 U.S.C. 78f(b)(5).
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    As noted above, the Exchange's proposed quantitative and 
qualitative listing requirements related to Closed-End Funds are 
substantively identical to those of NYSE American and, as such, the 
proposed rule change is consistent with the protection of investors and 
the public interest. Additionally, the proposal is designed to prevent 
fraudulent and manipulative acts and practices, as any Closed-End Funds 
listed on the Exchange will be required to meet these proposed new 
rules related to initial and continued listing and will be subject to 
existing Exchange trading rules, trading halts, governance, and 
surveillance procedures, as set forth above.
    The proposal is also designed to promote just and equitable 
principles of trade by way of the proposed initial and continued 
listing standards, which is further bolstered by the requirement that 
any failure to meet any of the continued listing requirements will 
subject the applicable Closed-End Fund to delisting proceedings in 
accordance with the provisions set forth in Rule 14.12. These 
requirements, together with the applicable Exchange equity trading 
rules (which will apply to Closed-End Funds listed under the proposed 
criteria), ensure that no investor would have an unfair advantage over 
another respecting the trading of Closed-End Funds. On the contrary, 
all investors will have the same access to trading in Closed-End Funds 
listed on the Exchange, as is the case for all other products listed 
and/or traded on the Exchange, all to the benefit of public customers 
and the marketplace as a whole.
    On the whole, the proposed rule change is designed to perfect the 
mechanism of a free and open market and, in general, to protect 
investors and the public interest in that it will facilitate the 
listing and trading of an additional product type on the Exchange that 
will enhance competition among market participants, to the benefit of 
investors and the marketplace.
    For the above reasons, the Exchange believes that the proposed rule 
change is consistent with the requirements of Section 6(b)(5) of the 
Act.

(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, as amended. Instead, the 
proposal is a competitive one which would facilitate the listing and 
trading of Closed-End Funds on the Exchange, which the Exchange 
believes will enhance competition among exchanges that list Closed-End 
Funds, to the benefit of investors, issuers, and the marketplace 
generally.

[[Page 32164]]

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

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period up to 90 days (i) as the 
Commission may designate if it finds such longer period to be 
appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove such proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule 
change should be 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 Comments

     Use 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-CboeBZX-2018-047 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-CboeBZX-2018-047. 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 will also 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-CboeBZX-2018-047 and should be submitted 
on or before August 1, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14788 Filed 7-10-18; 8:45 am]
 BILLING CODE 8011-01-P
Federal Register / Vol. 83, No. 133 / Wednesday, July 11, 2018 / Notices 32163

more than 60 consecutive days; (b) the governance requirements in Rule 14.10 listed on the Exchange will be required
Closed-End Fund no longer qualifies as applicable to all management to meet these proposed new rules
a closed-end fund under the Investment investment companies listed on the related to initial and continued listing
Company Act of 1940 (unless the Exchange, including Closed-End Funds, and will be subject to existing Exchange
resultant entity otherwise qualifies for except as provided in the exceptions to trading rules, trading halts, governance,
listing); or (c) it appears that the extent certain governance requirements for and surveillance procedures, as set forth
of Public Distribution, the Market Value management investment companies as above.
of such Public Distribution, or net assets provided under Rule 14.10(e)(1)(E) and
of such Public Distribution has become Interpretation and Policy .13 of Rule The proposal is also designed to
so reduced as to make further dealings 14.10(e). The Exchange notes that its promote just and equitable principles of
on the Exchange inadvisable. Any governance requirements for Closed-End trade by way of the proposed initial and
failure to meet any of the continued Funds are substantially similar to those continued listing standards, which is
listing requirements will subject the applicable to Closed-End Funds listed further bolstered by the requirement
applicable Closed-End Fund to delisting on NYSE American. that any failure to meet any of the
proceedings in accordance with the continued listing requirements will
Other Changes subject the applicable Closed-End Fund
provisions set forth in Rule 14.12.
The Exchange is also proposing to to delisting proceedings in accordance
Trading Rules make certain renumbering changes to with the provisions set forth in Rule
Closed-End Funds are equity Rule 14.8 in order to accommodate the 14.12. These requirements, together
securities, thus rendering trading in other proposed rule changes described with the applicable Exchange equity
Closed-End Funds subject to the herein. trading rules (which will apply to
Exchange’s existing rules governing the Closed-End Funds listed under the
Listing Fees
trading of equity securities. The proposed criteria), ensure that no
Exchange will allow trading in Closed- The Exchange plans to separately
submit a proposal to amend Rule 14.13 investor would have an unfair
End Funds from 8:00 a.m. until 5:00 advantage over another respecting the
p.m. Eastern Time and the Exchange has related to listing fees in order to
implement fees applicable to Closed- trading of Closed-End Funds. On the
appropriate rules to facilitate such
End Funds prior to this proposal contrary, all investors will have the
transactions during all trading sessions.
becoming operational. same access to trading in Closed-End
As provided in Rule 11.11(a), the
minimum price variation for quoting Funds listed on the Exchange, as is the
2. Statutory Basis case for all other products listed and/or
and entry of orders in Closed-End Funds
traded on the Exchange will be $0.01, The Exchange believes that the traded on the Exchange, all to the
with the exception of securities that are proposal is consistent with Section 6(b) benefit of public customers and the
priced less than $1.00, for which the of the Act 7 in general and Section marketplace as a whole.
minimum price variation for quoting 6(b)(5) of the Act 8 in particular in that On the whole, the proposed rule
and order entry will be $0.0001. it is designed to prevent fraudulent and
change is designed to perfect the
manipulative acts and practices, to
Trading Halts mechanism of a free and open market
promote just and equitable principles of
and, in general, to protect investors and
With respect to trading halts, the trade, to foster cooperation and
coordination with persons engaged in the public interest in that it will
Exchange may consider all relevant
facilitating transactions in securities, facilitate the listing and trading of an
factors in exercising its discretion to
and to remove impediments to and additional product type on the
halt or suspend trading in a Closed-End
perfect the mechanism of a free and Exchange that will enhance competition
Fund. The Exchange will halt trading in
a Closed-End Fund under the conditions open market and a national market among market participants, to the
specified in Rule 11.18. Trading may be system. The Exchange believes that the benefit of investors and the marketplace.
halted because of market conditions or proposed rules will facilitate the listing For the above reasons, the Exchange
for reasons that, in the view of the and trading of additional types of believes that the proposed rule change
Exchange, make trading in the Shares exchange-traded products on the is consistent with the requirements of
inadvisable. These include whether Exchange that will enhance competition Section 6(b)(5) of the Act.
unusual conditions or circumstances among market participants, to the
detrimental to the maintenance of a fair benefit of investors and the marketplace. (B) Self-Regulatory Organization’s
and orderly market are present. In addition, the listing and trading Statement on Burden on Competition
criteria set forth in the proposed rules
Surveillance are intended to protect investors and the The Exchange does not believe that
The Exchange believes that its public interest. the proposed rule change will impose
surveillance procedures are adequate to As noted above, the Exchange’s any burden on competition not
properly monitor the trading of Closed- proposed quantitative and qualitative necessary or appropriate in furtherance
End Funds on the Exchange during all listing requirements related to Closed- of the purposes of the Act, as amended.
trading sessions and to deter and detect End Funds are substantively identical to Instead, the proposal is a competitive
violations of Exchange rules and the those of NYSE American and, as such, one which would facilitate the listing
applicable federal securities laws. the proposed rule change is consistent and trading of Closed-End Funds on the
Trading of Closed-End Funds through with the protection of investors and the Exchange, which the Exchange believes
daltland on DSKBBV9HB2PROD with NOTICES

the Exchange will be subject to the public interest. Additionally, the will enhance competition among
Exchange’s surveillance procedures for proposal is designed to prevent exchanges that list Closed-End Funds, to
ETPs. fraudulent and manipulative acts and the benefit of investors, issuers, and the
practices, as any Closed-End Funds marketplace generally.
Governance
Any Closed-End Funds listed on the 7 15 U.S.C. 78f.
Exchange will be subject to the 8 15 U.S.C. 78f(b)(5).

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32164 Federal Register / Vol. 83, No. 133 / Wednesday, July 11, 2018 / Notices

(C) Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be solicit comments on the proposed rule
Statement on Comments on the available for website viewing and change from interested persons.
Proposed Rule Change Received From printing in the Commission’s Public
Members, Participants or Others Reference Room, 100 F Street NE, I. Self-Regulatory Organization’s
Washington, DC 20549, on official Statement of the Terms of Substance of
The Exchange has neither solicited the Proposed Rule Change
nor received written comments on the business days between the hours of
proposed rule change. 10:00 a.m. and 3:00 p.m. Copies of the The Exchange filed a proposal to
filing will also be available for amend the fees applicable to securities
III. Date of Effectiveness of the inspection and copying at the principal listed on the Exchange, which are set
Proposed Rule Change and Timing for office of the Exchange. All comments forth in BZX Rule 14.13.
Commission Action received will be posted without change.
Persons submitting comments are The text of the proposed rule change
Within 45 days of the date of is available at the Exchange’s website at
publication of this notice in the Federal cautioned that we do not redact or edit
personal identifying information from www.markets.cboe.com, at the principal
Register or within such longer period office of the Exchange, and at the
up to 90 days (i) as the Commission may comment submissions. You should
submit only information that you wish Commission’s Public Reference Room.
designate if it finds such longer period
to be appropriate and publishes its to make available publicly. All II. Self-Regulatory Organization’s
reasons for so finding or (ii) as to which submissions should refer to File Statement of the Purpose of, and
the self-regulatory organization Number SR–CboeBZX–2018–047 and Statutory Basis for, the Proposed Rule
consents, the Commission will: should be submitted on or before Change
(A) By order approve or disapprove August 1, 2018.
such proposed rule change, or For the Commission, by the Division of In its filing with the Commission, the
(B) institute proceedings to determine Trading and Markets, pursuant to delegated Exchange included statements
whether the proposed rule change authority.9 concerning the purpose of and basis for
should be disapproved. Eduardo A. Aleman, the proposed rule change and discussed
Assistant Secretary. any comments it received on the
IV. Solicitation of Comments proposed rule change. The text of these
[FR Doc. 2018–14788 Filed 7–10–18; 8:45 am]
Interested persons are invited to BILLING CODE 8011–01–P
statements may be examined at the
submit written data, views and places specified in Item IV below. The
arguments concerning the foregoing, Exchange has prepared summaries, set
including whether the proposed rule SECURITIES AND EXCHANGE forth in Sections A, B, and C below, of
change is consistent with the Act. COMMISSION the most significant parts of such
Comments may be submitted by any of statements.
the following methods: [Release No. 34–83597; File No. SR–
CboeBZX–2018–046] (A) Self-Regulatory Organization’s
Electronic Comments Statement of the Purpose of, and
• Use the Commission’s internet Self-Regulatory Organizations; Cboe Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ BZX Exchange, Inc.; Notice of Filing Change
rules/sro.shtml); or and Immediate Effectiveness of a
1. Purpose
• Send an email to rule-comments@ Proposed Rule Change To Amend BZX
sec.gov. Please include File Number SR– Rule 14.13, Company Listing Fees On August 30, 2011, the Exchange
CboeBZX–2018–047 on the subject line. July 5, 2018.
received approval of rules applicable to
the qualification, listing, and delisting
Paper Comments Pursuant to Section 19(b)(1) of the
of companies on the Exchange,5 which
Securities Exchange Act of 1934 (the
• Send paper comments in triplicate it modified on February 8, 2012 in order
‘‘Act’’),1 and Rule 19b–4 thereunder,2
to Secretary, Securities and Exchange to adopt pricing for the listing of
notice is hereby given that on June 21,
Commission, 100 F Street NE, exchange traded products (‘‘ETPs’’) 6 on
2018, Cboe BZX Exchange, Inc. (the
Washington, DC 20549–1090. the Exchange.7 On July 3, 2017, the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
All submissions should refer to File Exchange made certain changes to Rule
Securities and Exchange Commission
Number SR–CboeBZX–2018–047. This 14.13 such that there were no entry fees
(‘‘Commission’’) the proposed rule
file number should be included on the or annual fees for ETPs listed on the
change as described in Items I, II and III
subject line if email is used. To help the Exchange.8 The Exchange is proposing
below, which Items have been prepared
Commission process and review your to amend Rule 14.13 in order to charge
by the Exchange. The Exchange has
comments more efficiently, please use an entry fee for ETPs that are not
designated the proposed rule change as
only one method. The Commission will Generically-Listed ETPs, as defined
one establishing or changing a member
post all comments on the Commission’s below and to add annual listing fees for
due, fee, or other charge imposed by the
internet website (http://www.sec.gov/ ETPs listed on the Exchange.
Exchange under Section 19(b)(3)(A)(ii)
rules/sro.shtml). Copies of the of the Act 3 and Rule 19b–4(f)(2)
submission, all subsequent thereunder,4 which renders the
5 See Securities Exchange Act Release No. 65225

amendments, all written statements (August 30, 2011), 76 FR 55148 (September 6, 2011)
proposed rule change effective upon (SR–BATS–2011–018).
with respect to the proposed rule filing with the Commission. The
daltland on DSKBBV9HB2PROD with NOTICES

6 As defined in Rule 11.8(e)(1)(A), the term ‘‘ETP’’
change that are filed with the Commission is publishing this notice to means any security listed pursuant to Exchange
Commission, and all written Rule 14.11.
communications relating to the 9 17 CFR 200.30–3(a)(12).
7 See Securities Exchange Act Release No. 66422

proposed rule change between the (February 17, 2012), 77 FR 11179 (February 24,
1 15 U.S.C. 78s(b)(1). 2012) (SR–BATS–2012–010).
Commission and any person, other than 2 17 CFR 240.19b–4. 8 See Securities Exchange Act Release No. 81152
those that may be withheld from the 3 15 U.S.C. 78s(b)(3)(A)(ii).
(July 14, 2017), 82 FR 33525 (July 20, 2017) (SR–
public in accordance with the 4 17 CFR 240.19b–4(f)(2). BatsBZX–2017–45).

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Document Created: 2018-07-10 23:53:52
Document Modified: 2018-07-10 23:53:52
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 32162