83 FR 46766 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.23E, Obligations of Market Makers
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 179 (September 14, 2018)
Federal Register Volume 83, Issue 179 (September 14, 2018)
| Page Range | 46766-46768 | |
| FR Document | 2018-19970 |
[Federal Register Volume 83, Number 179 (Friday, September 14, 2018)] [Notices] [Pages 46766-46768] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-19970] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84069; File No. SR-NYSEAMER-2018-43] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.23E, Obligations of Market Makers September 10, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on August 28, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE American'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 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 Rule 7.23E, Obligations of Market Makers. The proposed rule change is available on the Exchange's website at www.nyse.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 self-regulatory organization 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 those 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to codify existing practice by harmonizing Rule 7.23E, Obligations of Market Makers, with similar rules of its affiliates, the New York Stock Exchange, Inc. (``NYSE''),\4\ NYSE Arca, Inc. (``NYSE Arca''),\5\ and NYSE National LLC (``NYSE National'') \6\. Specifically, the Exchange proposes to add language to paragraphs (a)(1)(B)(iii) and (iv) of Exchange Rule 7.23E to state that for purposes of each paragraph, rights and warrants will be considered Tier 2 NMS Stocks. This text was inadvertently not included in each paragraph when Exchange Rule 7.23E was first adopted.\7\ --------------------------------------------------------------------------- \4\ See NYSE Rule 104(a)(1)(B)(iii) and (iv). \5\ See NYSE Arca Rule 7.23-E(a)(1)(B)(iii) and (iv). \6\ See NYSE National Rule 7.23(a)(1)(B)(iii) and (iv). \7\ See Securities Exchange Act Release No. 80577 (May 2, 2017), 82 FR 21446 (May 8, 2017) (SR-NYSEMKT-2017-04). --------------------------------------------------------------------------- In sum, Exchange Rule 7.23E(a)(1) sets forth the two-side quoting obligations of market makers and requires that the price of the bid (offer) interest shall be not more than the Designated Percentage away from the then current National Best Bid (Offer), or if no National Best Bid (Offer), not more than the Designated Percentage away from the last reported sale from the responsible single plan processor. In the event that the National Best Bid (Offer) (or if no National Best Bid (Offer), the last reported sale) increases (decreases) to a level that would cause the bid (offer) interest of the Two-Sided Obligation to be more than the Defined Limit away from the National Best Bid (Offer) (or if no National Best Bid (Offer), the last reported sale) or if the bid (offer) is executed or cancelled, the Market Maker shall enter new bid (offer) interest at a price not more than the Designated Percentage away from the then current National Best Bid (Offer) (or if no National Best Bid (Offer), the last reported sale), or identify to the Exchange current resting interest that satisfies the Two-Sided Obligation. Exchange Rules 7.23E(a)(1)(B)(iii) and (iv) include definitions for the terms ``Designated Percentage'' and ``Defined Limit.'' Pursuant to paragraph (a)(1)(B)(iii) of Exchange Rule 7.23E, the ``Designated Percentage'' shall be 8% for Tier 1 NMS Stocks under the Limit Up-Limit Down Plan (``Tier 1 NMS Stocks''), 28% for Tier 2 NMS Stocks under the Limit Up-Limit Down Plan (``Tier 2 NMS Stocks'') with a price equal to or greater than $1.00, and 30% for Tier 2 NMS Stocks with a price lower than $1.00, except that between 9:30 a.m. and 9:45 a.m. Eastern Time and between 3:35 p.m. Eastern Time and the close of Core Trading Hours, the Designated Percentage shall be 20% for Tier 1 NMS Stocks, 28% for Tier 2 NMS Stocks with a price equal to or greater than $1.00, and 30% for Tier 2 NMS Stocks with a price lower than $1.00. Pursuant to paragraph (a)(1)(B)(iv) of Exchange Rule 7.23E, the ``Defined Limit'' shall be 9.5% for Tier 1 NMS Stocks, 29.5% for Tier 2 NMS Stocks with a price equal to or greater than $1.00, and 31.5% for Tier 2 NMS Stocks with a price lower than $1.00, except that between 9:30 a.m. and 9:45 a.m. Eastern Time and between 3:35 p.m. Eastern Time and the close of Core Trading Hours, the Defined Limit shall be 21.5% for Tier 1 NMS Stocks, 29.5% for Tier 2 NMS Stocks with a price equal to or greater than $1.00, and 31.5% for Tier 2 NMS Stocks with a price lower than $1.00. [[Page 46767]] The Exchange proposes to add the following sentence to the end of subparagraphs (a)(1)(B)(iii) and (iv) of Exchange Rule 7.23E: For purposes of this paragraph, rights and warrants will be considered Tier 2 NMS Stocks. Because rights and warrants are not subject to the Limit Up-Limit Down Plan, but are subject to market maker quoting requirements, the Exchange proposes to provide that for purposes of Rule 7.23E(a)(1)(B)(iii) and (iv), rights and warrants would be considered Tier 2 NMS Stocks. This sentence is included in similar rules of the Exchange's affiliates, NYSE,\8\ NYSE Arca,\9\ and NYSE National \10\ and was inadvertently not included when Exchange Rule 7.23E was first adopted.\11\ --------------------------------------------------------------------------- \8\ See NYSE Rule 104(a)(1)(B)(iii) and (iv). \9\ See NYSE Arca Rule 7.23-E(a)(1)(B)(iii) and (iv). \10\ See NYSE National Rule 7.23(a)(1)(B)(iii) and (iv). \11\ See supra note 7. --------------------------------------------------------------------------- 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\12\ in general, and furthers the objectives of Section 6(b)(5),\13\ in particular, because 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 mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. The proposed rule change would further harmonize the definition of the terms ``Designated Percentage'' and ``Defined Limit'' under Exchange Rule 7.23E(a)(1)(B) with the definition of those same terms under the rules of its affiliates \14\ by inserting language that was inadvertently excluded when Exchange Rule 7.23E was adopted. The proposed rule change should, therefore, provide for consistency among similar rules of the Exchange and its affiliates, thereby removing impediments to, and perfecting the mechanism of, a free and open market and a national market system and, in general, protecting investors and the public interest. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). \14\ See supra notes 4, 5, and 6. --------------------------------------------------------------------------- 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. The Exchange believes that the proposed rule change would not have any impact on competition since it simply seeks to further harmonize the text of Exchange Rule 7.23E(a)(1)(B) with the rules of its affiliates \15\ by inserting language that was inadvertently excluded when Exchange Rule 7.23E was adopted. --------------------------------------------------------------------------- \15\ Id. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. 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 \16\ and Rule 19b-4(f)(6) thereunder.\17\ Because the foregoing proposed rule 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, provided that the self-regulatory organization has given the Commission written notice of its intent to file 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,\18\ the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \19\ and Rule 19b-4(f)(6) thereunder.\20\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(iii). \17\ 17 CFR 240.19b-4(f)(6). \18\ The Exchange has satisfied this requirement. \19\ 15 U.S.C. 78s(b)(3)(A). \20\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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) \21\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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-NYSEAMER-2018-43 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEAMER-2018-43. 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-NYSEAMER-2018-43 and should be submitted on or before October 5, 2018. [[Page 46768]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\22\ --------------------------------------------------------------------------- \22\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-19970 Filed 9-13-18; 8:45 am] BILLING CODE 8011-01-P
![46766 Federal Register / Vol. 83, No. 179 / Friday, September 14, 2018 / Notices
ADAMS
Date Title accession No.
2/14/2018 .......... Letter from Exelon to NRC titled ‘‘Certification of Permanent Cessation of Power Operations for Oyster ML18045A084
Creek Nuclear Generating Station’’.
5/21/2018 .......... Letter from Exelon to NRC titled ‘‘Oyster Creek Nuclear Generating Station—Post-Shutdown Decommis- ML18141A775
sioning Activities Report’’.
12/1974 ............. Final Environmental Statement for Oyster Creek Nuclear Generating Station ................................................ ML072200150
1/2007 ............... NUREG–1437, Supplement 28, ‘‘Generic Environmental Impact Statement for License Renewal of Nuclear ML070100234
Plants: Regarding Oyster Creek Nuclear Generating Station,’’ Volumes 1 and 2. ML070100258
Dated at Rockville, Maryland, this 10th day II. Self-Regulatory Organization’s the event that the National Best Bid
of September 2018. Statement of the Purpose of, and (Offer) (or if no National Best Bid
For the Nuclear Regulatory Commission. Statutory Basis for, the Proposed Rule (Offer), the last reported sale) increases
John G. Lamb, Change (decreases) to a level that would cause
Senior Project Manager, Special Projects and In its filing with the Commission, the the bid (offer) interest of the Two-Sided
Process Branch, Division of Operating Reactor self-regulatory organization included Obligation to be more than the Defined
Licensing, Office of Nuclear Reactor statements concerning the purpose of, Limit away from the National Best Bid
Regulation. and basis for, the proposed rule change (Offer) (or if no National Best Bid
[FR Doc. 2018–19976 Filed 9–13–18; 8:45 am] and discussed any comments it received (Offer), the last reported sale) or if the
BILLING CODE 7590–01–P on the proposed rule change. The text bid (offer) is executed or cancelled, the
of those statements may be examined at Market Maker shall enter new bid (offer)
the places specified in Item IV below. interest at a price not more than the
The Exchange has prepared summaries, Designated Percentage away from the
SECURITIES AND EXCHANGE set forth in sections A, B, and C below, then current National Best Bid (Offer)
COMMISSION of the most significant parts of such (or if no National Best Bid (Offer), the
statements. last reported sale), or identify to the
Exchange current resting interest that
[Release No. 34–84069; File No. SR– A. Self-Regulatory Organization’s satisfies the Two-Sided Obligation.
NYSEAMER–2018–43] Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Exchange Rules 7.23E(a)(1)(B)(iii) and
Self-Regulatory Organizations; NYSE Change (iv) include definitions for the terms
American LLC; Notice of Filing and ‘‘Designated Percentage’’ and ‘‘Defined
Immediate Effectiveness of Proposed 1. Purpose Limit.’’ Pursuant to paragraph
Rule Change To Amend Rule 7.23E, The Exchange proposes to codify (a)(1)(B)(iii) of Exchange Rule 7.23E, the
Obligations of Market Makers existing practice by harmonizing Rule ‘‘Designated Percentage’’ shall be 8% for
7.23E, Obligations of Market Makers, Tier 1 NMS Stocks under the Limit Up-
September 10, 2018. Limit Down Plan (‘‘Tier 1 NMS
with similar rules of its affiliates, the
Pursuant to Section 19(b)(1) 1 of the New York Stock Exchange, Inc. Stocks’’), 28% for Tier 2 NMS Stocks
Securities Exchange Act of 1934 (the (‘‘NYSE’’),4 NYSE Arca, Inc. (‘‘NYSE under the Limit Up-Limit Down Plan
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Arca’’),5 and NYSE National LLC (‘‘Tier 2 NMS Stocks’’) with a price
notice is hereby given that on August (‘‘NYSE National’’) 6. Specifically, the equal to or greater than $1.00, and 30%
28, 2018, NYSE American LLC (the Exchange proposes to add language to for Tier 2 NMS Stocks with a price
‘‘Exchange’’ or ‘‘NYSE American’’) filed paragraphs (a)(1)(B)(iii) and (iv) of lower than $1.00, except that between
with the Securities and Exchange Exchange Rule 7.23E to state that for 9:30 a.m. and 9:45 a.m. Eastern Time
Commission (the ‘‘Commission’’) the purposes of each paragraph, rights and and between 3:35 p.m. Eastern Time
proposed rule change as described in warrants will be considered Tier 2 NMS and the close of Core Trading Hours, the
Items I and II below, which Items have Stocks. This text was inadvertently not Designated Percentage shall be 20% for
been prepared by the self-regulatory included in each paragraph when Tier 1 NMS Stocks, 28% for Tier 2 NMS
organization. The Commission is Exchange Rule 7.23E was first adopted.7 Stocks with a price equal to or greater
publishing this notice to solicit In sum, Exchange Rule 7.23E(a)(1) than $1.00, and 30% for Tier 2 NMS
comments on the proposed rule change sets forth the two-side quoting Stocks with a price lower than $1.00.
from interested persons. obligations of market makers and Pursuant to paragraph (a)(1)(B)(iv) of
I. Self-Regulatory Organization’s requires that the price of the bid (offer) Exchange Rule 7.23E, the ‘‘Defined
Statement of the Terms of Substance of interest shall be not more than the Limit’’ shall be 9.5% for Tier 1 NMS
the Proposed Rule Change Designated Percentage away from the Stocks, 29.5% for Tier 2 NMS Stocks
then current National Best Bid (Offer), with a price equal to or greater than
The Exchange proposes to amend or if no National Best Bid (Offer), not $1.00, and 31.5% for Tier 2 NMS Stocks
Rule 7.23E, Obligations of Market more than the Designated Percentage with a price lower than $1.00, except
Makers. The proposed rule change is away from the last reported sale from that between 9:30 a.m. and 9:45 a.m.
available on the Exchange’s website at the responsible single plan processor. In Eastern Time and between 3:35 p.m.
daltland on DSKBBV9HB2PROD with NOTICES
www.nyse.com, at the principal office of Eastern Time and the close of Core
the Exchange, and at the Commission’s 4 See NYSE Rule 104(a)(1)(B)(iii) and (iv). Trading Hours, the Defined Limit shall
5 See NYSE Arca Rule 7.23–E(a)(1)(B)(iii) and (iv).
Public Reference Room. be 21.5% for Tier 1 NMS Stocks, 29.5%
6 See NYSE National Rule 7.23(a)(1)(B)(iii) and
for Tier 2 NMS Stocks with a price
(iv).
1 15 U.S.C. 78s(b)(1). 7 See Securities Exchange Act Release No. 80577 equal to or greater than $1.00, and
2 15 U.S.C. 78a. (May 2, 2017), 82 FR 21446 (May 8, 2017) (SR– 31.5% for Tier 2 NMS Stocks with a
3 17 CFR 240.19b–4. NYSEMKT–2017–04). price lower than $1.00.
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![46768 Federal Register / Vol. 83, No. 179 / Friday, September 14, 2018 / Notices
For the Commission, by the Division of certain names or titles; a discussion open-end management investment
Trading and Markets, pursuant to delegated regarding the Commission’s proposed company with multiple series, and
authority.22 Form CRS Relationship Summary, Wealthn LLC (the ‘‘Initial Adviser’’), a
Eduardo A. Aleman, including effective disclosure and Delaware limited liability company,
Assistant Secretary. design. which will register as an investment
[FR Doc. 2018–19970 Filed 9–13–18; 8:45 am] CONTACT PERSON FOR MORE INFORMATION: adviser under the Investment Advisers
BILLING CODE 8011–01–P For further information, please contact Act of 1940.
Brent J. Fields from the Office of the FILING DATES: The application was filed
Secretary at (202) 551–5400. on June 11, 2018 and amended on
SECURITIES AND EXCHANGE August 15, 2018.
Dated: September 12, 2018.
COMMISSION
Brent J. Fields, HEARING OR NOTIFICATION OF HEARING: An
Sunshine Act Meetings Secretary. order granting the requested relief will
[FR Doc. 2018–20179 Filed 9–12–18; 4:15 pm]
be issued unless the Commission orders
TIME AND DATE: Notice is hereby given, a hearing. Interested persons may
BILLING CODE 8011–01–P
pursuant to the provisions of the request a hearing by writing to the
Government in the Sunshine Act, Public Commission’s Secretary and serving
Law 94–409, that a public roundtable SECURITIES AND EXCHANGE applicants with a copy of the request,
will be held in Baltimore, MD on COMMISSION personally or by mail. Hearing requests
Thursday, September 20, 2018 from should be received by the Commission
6:00–7:30 p.m. (ET). [Investment Company Act Release No. by 5:30 p.m. on October 8, 2018, and
33223; 812–14919] should be accompanied by proof of
PLACE: The roundtable will be held at
the Reginald F. Lewis Museum of service on applicants, in the form of an
Wealthn LLC and TigerShares Trust
Maryland African American History & affidavit, or for lawyers, a certificate of
Culture, 830 E Pratt Street, Baltimore, September 11, 2018. service. Pursuant to rule 0–5 under the
MD 21202. AGENCY: Securities and Exchange Act, hearing requests should state the
STATUS: The roundtable will be open to Commission (‘‘Commission’’). nature of the writer’s interest, any facts
the public. Seating for public observers ACTION: Notice. bearing upon the desirability of a
will be on a first-come, first-served hearing on the matter, the reason for the
basis. Doors will open at 5:30 p.m. and Notice of an application for an order request, and the issues contested.
the event will begin at 6:00 p.m. Visitors under section 6(c) of the Investment Persons who wish to be notified of a
will be subject to security checks. A Company Act of 1940 (the ‘‘Act’’) for an hearing may request notification by
transcript of the roundtable will be exemption from sections 2(a)(32), writing to the Commission’s Secretary.
made available in the comment file for 5(a)(1), 22(d), and 22(e) of the Act and ADDRESSES: Secretary, Securities and
the Commission’s proposed rulemaking rule 22c–1 under the Act, under Exchange Commission, 100 F Street, NE,
package regarding the standards of sections 6(c) and 17(b) of the Act for an Washington, DC 20549–1090;
conduct for investment professionals. exemption from sections 17(a)(1) and Applicants: 3532 Muirwood Drive,
MATTERS TO BE CONSIDERED: On April 18,
17(a)(2) of the Act, and under section Newtown Square, PA 19073.
2018, the Commission voted to propose 12(d)(1)(J) for an exemption from FOR FURTHER INFORMATION CONTACT:
a package of rulemakings and sections 12(d)(1)(A) and 12(d)(1)(B) of Laura L. Solomon, Senior Counsel, at
interpretations designed to enhance the the Act. The requested order would (202) 551–6915, or Kaitlin C. Bottock,
quality and transparency of investors’ permit (a) index-based series of certain Branch Chief, at (202) 551–6821
relationships with investment advisers open-end management investment (Division of Investment Management,
and broker-dealers while preserving companies (‘‘Funds’’) to issue shares Chief Counsel’s Office).
access to a variety of types of advice redeemable in large aggregations only
SUPPLEMENTARY INFORMATION: The
relationships and investment products. (‘‘Creation Units’’); (b) secondary market
transactions in Fund shares to occur at following is a summary of the
On April 24, 2018, Chairman Jay application. The complete application
Clayton issued a statement announcing negotiated market prices rather than at
net asset value (‘‘NAV’’); (c) certain may be obtained via the Commission’s
that he had asked SEC staff to put website by searching for the file
together a series of roundtables focused Funds to pay redemption proceeds,
under certain circumstances, more than number, or for an applicant using the
on the retail investor to be held in Company name box, at http://
different cities across the country. The seven days after the tender of shares for
redemption; (d) certain affiliated www.sec.gov/search/search.htm or by
roundtables are intended to gather calling (202) 551–8090.
information directly from those persons of a Fund to deposit securities
investors most affected by the into, and receive securities from, the Summary of the Application
Commission’s rulemaking. Fund in connection with the purchase 1. Applicants request an order that
The Baltimore roundtable is open to and redemption of Creation Units; (e) would allow Funds to operate as index
the public. This Sunshine Act notice is certain registered management exchange traded funds (‘‘ETFs’’).1 Fund
being issued because a quorum of the investment companies and unit
Commission may attend the roundtable. investment trusts outside of the same 1 Applicants request that the order apply to the
The agenda for the meeting includes group of investment companies as the Initial Fund and any additional series of the Trust,
a discussion with Chairman Clayton, Funds (‘‘Funds of Funds’’) to acquire and any other existing or future open-end
daltland on DSKBBV9HB2PROD with NOTICES
shares of the Funds; and (f) certain management investment company or existing or
Commissioners Kara Stein, Robert future series thereof (each, included in the term
Jackson and Elad Roisman, and senior Funds (‘‘Feeder Funds’’) to create and ‘‘Fund’’), each of which will operate as an ETF and
SEC staff regarding the Commission’s redeem Creation Units in-kind in a will track a specified index comprised of domestic
proposed Regulation Best Interest and master-feeder structure. and/or foreign equity securities and/or domestic
and/or foreign fixed income securities (each, an
the proposed restriction on the use of APPLICANTS: TigerShares Trust (the
‘‘Underlying Index’’). Any Fund will (a) be advised
‘‘Trust’’), a Delaware statutory trust, by the Initial Adviser or an entity controlling,
22 17 CFR 200.30–3(a)(12). which will register under the Act as an controlled by, or under common control with the
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Document Created: 2018-09-14 03:03:03
Document Modified: 2018-09-14 03:03:03
| 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 46766 |
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