83 FR 36638 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Rule Concerning Handling of No Bid Options and To Clarify the Operation of Chapter V, Section 3, Entitled “Trading Halts”
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 146 (July 30, 2018)
Federal Register Volume 83, Issue 146 (July 30, 2018)
| Page Range | 36638-36640 | |
| FR Document | 2018-16165 |
[Federal Register Volume 83, Number 146 (Monday, July 30, 2018)] [Notices] [Pages 36638-36640] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-16165] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83700; File No. SR-BX-2018-033] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Rule Concerning Handling of No Bid Options and To Clarify the Operation of Chapter V, Section 3, Entitled ``Trading Halts'' July 24, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 13, 2018 Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Chapter V, Section 3, entitled ``Trading Halts'' and Chapter VI, Section 6, entitled ``Acceptance of Quotes and Orders.'' The text of the proposed rule change is available on the Exchange's website at http://nasdaqbx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. [[Page 36639]] 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 Chapter V, Section 3, entitled ``Trading Halts'' to add more specificity concerning auctions during a trading halt and remove unnecessary rule text. The Exchange proposes to adopt a zero bid options rule on BX within Chapter VI, Section 6, entitled ``Acceptance of Quotes and Orders.'' Each proposal is described in more detail below. Chapter V, Section 3 The Exchange proposes to amend Chapter V, Section 3(a)(vi)(B) to add a sentence which provides, ``Auction orders and responses are rejected during a halt.'' The Exchange notes that today, during a trading halt, the Exchange does not commence an auction. This proposed rule text will make clear how auction orders and auction responses are handled during a trading halt. The Exchange proposes to amend Chapter V, Section 3(b), which currently provides, ``In the event BX Regulation determines to halt trading, all trading in the effected class or classes of options shall be halted. BX Options shall disseminate through its trading facilities and over OPRA a symbol with respect to such class or classes of options indicating that trading has been halted, and a record of the time and duration of the halt shall be made available to vendors.'' The Exchange proposes to remove the words ``such class or'' in both places from this sentence because the Exchange only disseminates over OPRA a symbol with respect to classes of options to indicate a trading halt. Today, the Exchange halts symbol by symbol; all classes or every option would be halted. By amending this rule, the Exchange will add more transparency as to how it determines to halt trading and disseminates information regarding trading halts. Chapter VI, Section 6 Today, the Exchange does not have a rule for the handling of options with no bid or zero bid options. The Exchange's handling of zero bid options on BX is identical to the manner in which zero bid is handled on Phlx.\3\ The Exchange proposes to add this new rule to Chapter VI, Section 6(a)(3). The new rule would provide, ``In the case where the bid price for any options contract is $0.00, a market order accepted into the System to sell that series shall be considered a limit order to sell at a price equal to the minimum trading increment as defined in Chapter VI, Section 5. Orders will be placed on the limit order book in the order in which they were received by the System. With respect to market orders to sell which are submitted prior to the Opening and persist after the Opening, those orders are posted at a price equal to the minimum trading increment as defined in Chapter VI, Section 5.'' --------------------------------------------------------------------------- \3\ See Phlx Rule 1035. --------------------------------------------------------------------------- The Exchange intends to accept and convert market orders to sell allowing them an equal opportunity to trade if interest should arrive in the case of a no bid option. The Exchange notes that the orders would rest on the Order Book at the minimum price increment. The Exchange notes market orders ``accepted into the System'' would be converted to account for market orders that may not be accepted into the System due to Limit Up-Limit Down restrictions, which may prevent the market order from being accepted.\4\ Only after acceptance into the System will market orders be treated as a sell limit order at a price equal to the minimum trading increment. --------------------------------------------------------------------------- \4\ The Limit Up-Limit Down requirements must be met first before the proposed rule would apply. --------------------------------------------------------------------------- Further, the Exchange proposes to add rule text, which provides ``Orders will be placed on the limit order book in the order in which they were received by the System.'' \5\ The Exchange proposes to note that with respect to market orders to sell in zero bid options, which are submitted prior to the Opening Process \6\ and persist after the Opening Process, those orders are posted at a price equal to the minimum trading increment as defined in Chapter VI, Section 5.\7\ The Exchange's proposed rule will provide market participants with greater insight into the handling of orders where there is a zero bid. The Exchange believes that this proposed amendment will accurately describe the manner in which a zero-bid options series operates within the System both before and after the Opening Process. --------------------------------------------------------------------------- \5\ The time of receipt for an order is the time such message is processed by the System. \6\ The Exchange's Opening Process is described within Chapter VI, Section 8. \7\ Chapter VI, Section 5, entitled ``Minimum Increments'' provides for the minimum increments of trading. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934,\8\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\9\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism for a free and open market and a national market system, and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Chapter V, Section 3 The Exchange is providing greater transparency as to the manner in which auctions are handled during a trading halt and the manner in which the Exchange determines to halt trading and disseminates information over OPRA during a trading halt. The Exchange believes that this rule text is consistent with the Act and the protection of investors and the public interest because it brings greater clarity to the manner in which trading halts function and what type of information is provided during a halt. Chapter VI, Section 6 The Exchange's proposal to adopt a zero bid rule is consistent with the Act and designed to promote just and equitable principles of trade and to protect investors and the public interest by adopting text which describes the handling of zero-bid options. The Exchange is treating all market orders to sell in zero bid options in the same fashion by converting all those orders, provided that the Exchange's disseminated bid price in such option is zero for an option listed only on the Exchange or, for an option listed on multiple exchanges and the disseminated NBBO includes a bid price of zero in the series. Market orders to sell in zero bid options will be placed on the limit order book in the order in which they were received by the System. The Exchange desires to prevent members from submitting market orders to sell in no bid series, which would execute at a price of $0.00. The Exchange believes that the proposed rule will achieve this objective and continue to permit the Exchange to execute orders within its System at prices that reflect some value. Adding rule text regarding market orders to sell in zero bid options submitted prior to the Opening Process and persisting after the Opening Process is consistent with the Act because it provides more transparency as to the operation of this rule and as to how those market orders to sell in zero bid options will be handled by the System. Further, the Exchange believes that memorializing its current practice within the rule text will bring more clarity to the manner in which the zero bid rule operates to the benefits of all market participants. [[Page 36640]] B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\10\ 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. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Chapter V, Section 3 The Exchange's proposal to amend Chapter V, Section 3(a)(vi)(B) to make clear how auction orders and auction responses are handled during a trading halt and amend Chapter V, Section 3 to more specifically describe how the Exchange determines to halt trading as well as the information disseminated during a trading halt do not impose an undue burden on competition because the amendments add more transparency to the trading halt rule. Chapter VI, Section 6 The Exchange's proposal to adopt a zero bid options rule does not impose an undue burden on competition because the proposed rule change will continue to apply uniformly for all market participants who enter market orders to sell into the System when there is a zero-bid options. 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 The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \11\ and Rule 19b-4(f)(6) thereunder.\12\ 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 for 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 \13\ and Rule 19b- 4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A)(iii). \12\ 17 CFR 240.19b-4(f)(6). \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\16\ 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 proposed rule change may become operative immediately. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because the proposal raises no novel issues. Specifically, as the Exchange noted in its proposal, the provisions on the handling of zero bid options are the same as Rule 1035 of Nasdaq PHLX LLC and the changes to the trading halt rules clarify that the Exchange rejects auction orders and responses during a trading halt, which is consistent with the fact that the Exchange does not commence auctions during trading halts. Further, the proposal conforms a minor reference in the trading halt rules to better reflect the fact that the Exchange halts trading on a symbol-by- symbol basis. For these reasons, the Commission hereby waives the 30- day operative delay and designates the proposal operative upon filing.\17\ --------------------------------------------------------------------------- \15\ Id. \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ For purposes only of waiving the 30-day operative delay, the Commission 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 [email protected]. Please include File Number SR-BX-2018-033 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-BX-2018-033. 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 offices 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-BX-2018-033, and should be submitted on or before August 20, 2018. --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12), (59). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-16165 Filed 7-27-18; 8:45 am] BILLING CODE 8011-01-P
![36638 Federal Register / Vol. 83, No. 146 / Monday, July 30, 2018 / Notices
timely basis, and its use of intraday (iii) a daily minimum liquidity buffer; SECURITIES AND EXCHANGE
liquidity. and (iv) required cash collateral. The COMMISSION
Moreover, by using the liquidity ratio Framework would describe how these
to determine in advance the liquidity metrics would be calculated for each [Release No. 34–83700; File No. SR–BX–
needs of LCH SA arising from the day over a maximum of a 5 day liquidity 2018–033]
default of at least two clearing group period and how the liquidity coverage
members to which LCH SA has the ratio, monthly rolling average liquidity Self-Regulatory Organizations; Nasdaq
largest exposures during the 5 days buffer, and daily minimum liquidity BX, Inc.; Notice of Filing and
following default, the Commission buffer would be reported to LCH SA Immediate Effectiveness of Proposed
believes the Framework would enhance senior management daily. Rule Change To Adopt a Rule
LCH SA’s ability to determine whether
it has sufficient resources to meet its The Commission believes that the Concerning Handling of No Bid
liquidity needs should such a default metrics provided by the Framework Options and To Clarify the Operation
occur. The Commission believes that would help LCH SA determine the of Chapter V, Section 3, Entitled
this would, in turn, enable LCH SA to amount and regularly test the ‘‘Trading Halts’’
avoid any potential disruptions to its sufficiency of LCH SA’s liquid
resources. The Commission believes July 24, 2018.
operations caused by such liquidity
needs arising from such a default. The that the liquidity coverage ratio, for Pursuant to Section 19(b)(1) of the
Commission therefore believes that the example, would provide LCH SA senior Securities Exchange Act of 1934
Framework would enable LCH SA to management a view to LCH SA’s (‘‘Act’’),1 and Rule 19b–4 thereunder,2
maintain sufficient liquid resources to liquidity needs in stressed conditions notice is hereby given that on July 13,
effect settlement of its payment arising from a default of at least two 2018 Nasdaq BX, Inc. (‘‘BX’’ or
obligations under a wide range of clearing group members to which LCH ‘‘Exchange’’) filed with the Securities
foreseeable stress scenarios, including SA has the largest exposures. As and Exchange Commission (‘‘SEC’’ or
the default of the participant family that discussed above, the Framework would ‘‘Commission’’) the proposed rule
would generate the largest aggregate require the calculation and reporting of change as described in Items I and II
payment obligation for LCH SA in the liquidity coverage ratio daily. The below, which Items have been prepared
extreme but plausible market Commission believes the other metrics by the Exchange. The Commission is
conditions. described above would similarly test, publishing this notice to solicit
Therefore, for the above reasons the and provide LCH SA senior comments on the proposed rule change
Commission finds that the proposed management insight regarding, the from interested persons.
rule change is consistent with Rule sufficiency of LCH SA’s liquid
17Ad–22(e)(7)(i).36 resources. I. Self-Regulatory Organization’s
C. Consistency With Rule 17Ad– Statement of the Terms of Substance of
For the above reasons, the
22(e)(7)(vi) of the Act Commission therefore finds that the the Proposed Rule Change
Rule 17Ad–22(e)(7)(vi) requires that proposed rule change is consistent with The Exchange proposes to amend
LCH SA establish, implement, maintain Rule 17Ad–22(e)(7)(vi).39 Chapter V, Section 3, entitled ‘‘Trading
and enforce written policies and III. Conclusion Halts’’ and Chapter VI, Section 6,
procedures reasonably designed to entitled ‘‘Acceptance of Quotes and
effectively measure, monitor, and On the basis of the foregoing, the Orders.’’
manage the liquidity risk that arises in Commission finds that the proposed The text of the proposed rule change
or is borne by LCH SA, including rule change is consistent with the is available on the Exchange’s website at
measuring, monitoring, and managing requirements of the Act, and in
its settlement and funding flows on an http://nasdaqbx.cchwallstreet.com/, at
particular, Section 17A(b)(3)(F) of the the principal office of the Exchange, and
ongoing and timely basis, and its use of Act 40 and Rules 17Ad–22(e)(7)(i) and
intraday liquidity by determining the at the Commission’s Public Reference
(vi) thereunder.41
amount and regularly testing the Room.
It is therefore ordered pursuant to
sufficiency of the liquid resources held II. Self-Regulatory Organization’s
Section 19(b)(2) of the Act that the
for purposes of meeting the minimum Statement of the Purpose of, and
liquid resource requirement under Rule proposed rule change (SR–LCH SA–
2018–003) be, and hereby is, Statutory Basis for, the Proposed Rule
17Ad–22(e)(7)(i) 37 by, among other Change
things, conducting stress testing of its approved.42
liquidity resources at least once each For the Commission by the Division of In its filing with the Commission, the
day using standard and predetermined Trading and Markets, pursuant to delegated Exchange included statements
parameters and assumptions.38 authority.43 concerning the purpose of and basis for
As discussed above, the Framework Eduardo A. Aleman, the proposed rule change and discussed
would describe the metrics LCH SA Assistant Secretary. any comments it received on the
would use to quantify its liquidity proposed rule change. The text of these
[FR Doc. 2018–16168 Filed 7–27–18; 8:45 am]
needs, and the tests and reports LCH SA statements may be examined at the
BILLING CODE 8011–01–P
would use to confirm that its sources of
places specified in Item IV below. The
liquidity can satisfy those liquidity
daltland on DSKBBV9HB2PROD with NOTICES
39 17
CFR 240.17Ad–22(e)(7)(vi). Exchange has prepared summaries, set
needs. These metrics would include: (i)
40 15
U.S.C. 78q–1(b)(3)(F). forth in sections A, B, and C below, of
The liquidity coverage ratio; (ii) a
monthly rolling average liquidity buffer;
41 17 CFR 240.17Ad–22(e)(7)(i), (vi). the most significant aspects of such
42 In approving the proposed rule change, the
statements.
Commission considered the proposal’s impacts on
36 17 CFR 240.17Ad–22(e)(7)(i). efficiency, competition, and capital formation. 15
37 17 1 15 U.S.C. 78s(b)(1).
CFR 240.17Ad–22(e)(7)(i). U.S.C. 78c(f).
38 17 CFR 240.17Ad–22(e)(7)(vi). 43 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![36640 Federal Register / Vol. 83, No. 146 / Monday, July 30, 2018 / Notices
B. Self-Regulatory Organization’s A proposed rule change filed under • Send an email to rule-comments@
Statement on Burden on Competition Rule 19b–4(f)(6) 15 normally does not sec.gov. Please include File Number SR–
become operative prior to 30 days after BX–2018–033 on the subject line.
In accordance with Section 6(b)(8) of
the date of the filing. However, pursuant
the Act,10 the Exchange does not believe Paper Comments
to Rule 19b–4(f)(6)(iii),16 the
that the proposed rule change will
Commission may designate a shorter • Send paper comments in triplicate
impose any burden on intermarket or time if such action is consistent with the
intra-market competition that is not to Secretary, Securities and Exchange
protection of investors and the public
necessary or appropriate in furtherance Commission, 100 F Street NE,
interest. The Exchange has asked the
of the purposes of the Act. Commission to waive the 30-day Washington, DC 20549–1090.
Chapter V, Section 3 operative delay so that the proposed All submissions should refer to File
rule change may become operative Number SR–BX–2018–033. This file
The Exchange’s proposal to amend immediately. The Commission believes
Chapter V, Section 3(a)(vi)(B) to make number should be included on the
that waiving the 30-day operative delay subject line if email is used. To help the
clear how auction orders and auction is consistent with the protection of
responses are handled during a trading Commission process and review your
investors and the public interest comments more efficiently, please use
halt and amend Chapter V, Section 3 to because the proposal raises no novel
more specifically describe how the only one method. The Commission will
issues. Specifically, as the Exchange
Exchange determines to halt trading as post all comments on the Commission’s
noted in its proposal, the provisions on
well as the information disseminated internet website (http://www.sec.gov/
the handling of zero bid options are the
during a trading halt do not impose an same as Rule 1035 of Nasdaq PHLX LLC rules/sro.shtml). Copies of the
undue burden on competition because and the changes to the trading halt rules submission, all subsequent
the amendments add more transparency clarify that the Exchange rejects auction amendments, all written statements
to the trading halt rule. orders and responses during a trading with respect to the proposed rule
halt, which is consistent with the fact change that are filed with the
Chapter VI, Section 6
that the Exchange does not commence Commission, and all written
The Exchange’s proposal to adopt a auctions during trading halts. Further, communications relating to the
zero bid options rule does not impose the proposal conforms a minor reference proposed rule change between the
an undue burden on competition in the trading halt rules to better reflect Commission and any person, other than
because the proposed rule change will the fact that the Exchange halts trading those that may be withheld from the
continue to apply uniformly for all on a symbol-by-symbol basis. For these public in accordance with the
market participants who enter market reasons, the Commission hereby waives provisions of 5 U.S.C. 552, will be
orders to sell into the System when the 30-day operative delay and available for website viewing and
there is a zero-bid options. designates the proposal operative upon printing in the Commission’s Public
C. Self-Regulatory Organization’s filing.17 Reference Room, 100 F Street NE,
Statement on Comments on the At any time within 60 days of the Washington, DC 20549 on official
Proposed Rule Change Received From filing of the proposed rule change, the
business days between the hours of
Members, Participants, or Others Commission summarily may
10:00 a.m. and 3:00 p.m. Copies of the
temporarily suspend such rule change if
No written comments were either it appears to the Commission that such filing also will be available for
solicited or received. action is necessary or appropriate in the inspection and copying at the principal
public interest, for the protection of offices of the Exchange. All comments
III. Date of Effectiveness of the received will be posted without change.
investors, or otherwise in furtherance of
Proposed Rule Change and Timing for Persons submitting comments are
the purposes of the Act. If the
Commission Action cautioned that we do not redact or edit
Commission takes such action, the
The Exchange has filed the proposed Commission shall institute proceedings personal identifying information from
rule change pursuant to Section to determine whether the proposed rule comment submissions. You should
19(b)(3)(A)(iii) of the Act 11 and Rule change should be approved or submit only information that you wish
19b–4(f)(6) thereunder.12 Because the disapproved. to make available publicly. All
proposed rule change does not: (i) IV. Solicitation of Comments submissions should refer to File
Significantly affect the protection of Number SR–BX–2018–033, and should
investors or the public interest; (ii) Interested persons are invited to be submitted on or before August 20,
impose any significant burden on submit written data, views, and 2018.
competition; and (iii) become operative arguments concerning the foregoing,
including whether the proposed rule For the Commission, by the Division of
for 30 days from the date on which it
change is consistent with the Act. Trading and Markets, pursuant to delegated
was filed, or such shorter time as the
Comments may be submitted by any of authority.18
Commission may designate, if
consistent with the protection of the following methods: Eduardo A. Aleman,
investors and the public interest, the Assistant Secretary.
Electronic Comments
proposed rule change has become [FR Doc. 2018–16165 Filed 7–27–18; 8:45 am]
effective pursuant to Section 19(b)(3)(A) • Use the Commission’s internet
BILLING CODE 8011–01–P
of the Act 13 and Rule 19b–4(f)(6) comment form (http://www.sec.gov/
daltland on DSKBBV9HB2PROD with NOTICES
rules/sro.shtml); or
thereunder.14
15 Id.
10 15 U.S.C. 78f(b)(8). 16 17
CFR 240.19b–4(f)(6)(iii).
11 15 U.S.C. 78s(b)(3)(A)(iii).
17 For
purposes only of waiving the 30-day
12 17 CFR 240.19b–4(f)(6).
operative delay, the Commission has considered the
13 15 U.S.C. 78s(b)(3)(A).
proposed rule’s impact on efficiency, competition,
14 17 CFR 240.19b–4(f)(6). and capital formation. See 15 U.S.C. 78c(f). 18 17 CFR 200.30–3(a)(12), (59).
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Document Created: 2018-07-28 01:44:40
Document Modified: 2018-07-28 01:44:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 36638 |
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