83 FR 47955 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Suspension of and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Fee Schedule Regarding Connectivity Fees for Members and Non-Members
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 184 (September 21, 2018)
Federal Register Volume 83, Issue 184 (September 21, 2018)
| Page Range | 47955-47957 | |
| FR Document | 2018-20547 |
[Federal Register Volume 83, Number 184 (Friday, September 21, 2018)] [Notices] [Pages 47955-47957] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-20547] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84175; File No. SR-MIAX-2018-19] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Suspension of and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Fee Schedule Regarding Connectivity Fees for Members and Non- Members September 17, 2018. I. Introduction On July 31, 2018, Miami International Securities Exchange LLC (``MIAX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change (File Number SR-MIAX-2018-19) to amend the MIAX fee schedule to increase certain connectivity fees. The proposed rule change was immediately effective upon filing with the Commission pursuant to Section 19(b)(3)(A) of the Act.\3\ The proposed rule change was published for comment in the Federal Register on August 13, 2018.\4\ The Commission has received one comment letter on the proposal.\5\ Under Section 19(b)(3)(C) of the Act,\6\ the Commission is hereby: (i) Temporarily suspending the proposed rule change; and (ii) instituting proceedings to determine whether to approve or disapprove the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ See Securities Exchange Act Release No. 83786 (August 7, 2018), 83 FR 40106 (``Notice''). \5\ See Letter from Tyler Gellasch, Executive Director, The Healthy Markets Association, to Brent J. Fields, Secretary, Commission, dated September 4, 2018 (``Healthy Markets Letter''). \6\ 15 U.S.C. 78s(b)(3)(C). --------------------------------------------------------------------------- II. Description of the Proposed Rule Change The Exchange proposes to amend its fee schedule to increase its monthly network connectivity fees. Specifically, the Exchange proposes to increase the connectivity fee for connectivity to the Exchange's primary/secondary facility from $1,100 to $1,400 for a 1 Gigabit (``Gb'') connection, from $5,500 to $6,100 for a 10Gb connection, and from $8,500 to $9,300 for a 10Gb ultra-low latency connection.\7\ In addition, the Exchange proposes to increase the network connectivity fees for connectivity to the Exchange's disaster recovery facility from $500 to $550 for a 1Gb connection and from $2,500 to $2,750 for a 10Gb connection.\8\ --------------------------------------------------------------------------- \7\ See Notice, supra note 4 at 40106. \8\ See id. --------------------------------------------------------------------------- III. Suspension of the Proposed Rule Change Pursuant to Section 19(b)(3)(C) of the Act,\9\ at any time within 60 days of the date of filing of a proposed rule change pursuant to Section 19(b)(1) of the Act,\10\ the Commission summarily may temporarily suspend the change in the rules of a self-regulatory organization (``SRO'') 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. As discussed below, the Commission believes a temporary suspension of the proposed rule change is necessary and appropriate to allow for additional analysis of the proposed rule change's consistency with the Act and the rules thereunder. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(C). \10\ 15 U.S.C. 78s(b)(1). --------------------------------------------------------------------------- As noted above, the Commission received one comment letter on the proposal.\11\ The commenter argues that the Exchange did not provide sufficient information in its filing to support a finding that the proposal is consistent with the Act.\12\ Specifically, the commenter objects to the Exchange's reliance on the fees of other exchanges to demonstrate that its fee increases are consistent with the Act. In addition, the commenter argues that the Exchange did not offer any details to support its basis for asserting that the proposed fee increases are consistent with the Act.\13\ The Exchange has not responded to the comment letter. --------------------------------------------------------------------------- \11\ See Healthy Markets Letter, supra note 5. \12\ See id. at 5. \13\ See id. at 6-7, 12. --------------------------------------------------------------------------- When exchanges file their proposed rule changes with the Commission, including fee filings like the Exchange's present proposal, they are required to provide a statement supporting the proposal's basis under the Act and the rules and regulations thereunder applicable to the exchange.\14\ The instructions to Form 19b-4, on which exchanges file their proposed rule changes, specify that such statement ``should be sufficiently detailed and specific to support a finding that the proposed rule change is consistent with [those] requirements.'' \15\ --------------------------------------------------------------------------- \14\ See 17 CFR 240.19b-4 (Item 3 entitled ``Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change''). \15\ Id. --------------------------------------------------------------------------- Among other things, exchange proposed rule changes are subject to Section 6 of the Act, including Sections 6(b)(4), (5), and (8), which requires the rules of an exchange to (1) provide for the equitable allocation of reasonable fees among members, issuers, and other persons using the exchange's facilities; \16\ (2) perfect the mechanism of a free and open market and a national market system, protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers; \17\ and (3) not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.\18\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f(b)(4). \17\ 15 U.S.C. 78f(b)(5). \18\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- In temporarily suspending the Exchange's fee change, the Commission intends to further consider whether increasing certain connectivity fees to the Exchange is consistent with the statutory requirements applicable to a national securities exchange under the Act. In particular, the Commission will consider whether the proposed rule change satisfies the standards under the Act and the rules thereunder requiring, among other things, that an exchange's rules provide for the equitable [[Page 47956]] allocation of reasonable fees among members, issuers, and other persons using its facilities; not permit unfair discrimination between customers, issuers, brokers or dealers; and do not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.\19\ --------------------------------------------------------------------------- \19\ See 15 U.S.C. 78f(b)(4), (5), and (8), respectively. --------------------------------------------------------------------------- Therefore, the Commission finds that it is appropriate in the public interest, for the protection of investors, and otherwise in furtherance of the purposes of the Act, to temporarily suspend the proposed rule changes.\20\ --------------------------------------------------------------------------- \20\ For purposes of temporarily suspending the proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- IV. Proceedings To Determine Whether To Approve or Disapprove the Proposed Rule Change The Commission is instituting proceedings pursuant to Sections 19(b)(3)(C) \21\ and 19(b)(2)(B) of the Act \22\ to determine whether the proposed rule change should be approved or disapproved. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide additional comment on the proposed rule change to inform the Commission's analysis of whether to disapprove the proposed rule change. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(3)(C). Once the Commission temporarily suspends a proposed rule change, Section 19(b)(3)(C) of the Act requires that the Commission institute proceedings under Section 19(b)(2)(B) to determine whether a proposed rule change should be approved or disapproved. \22\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- Pursuant to Section 19(b)(2)(B) of the Act,\23\ the Commission is providing notice of the grounds for possible disapproval under consideration: --------------------------------------------------------------------------- \23\ 15 U.S.C. 78s(b)(2)(B). ---------------------------------------------------------------------------Section 6(b)(4) of the Act, which requires that the rules of a national securities exchange ``provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities,'' \24\ --------------------------------------------------------------------------- \24\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ``designed to perfect the operation of a free and open market and a national market system'' and ``protect investors and the public interest,'' and not be ``designed to permit unfair discrimination between customers, issuers, brokers, or dealers,'' \25\ and --------------------------------------------------------------------------- \25\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Section 6(b)(8) of the Act, which requires that the rules of a national securities exchange ``not impose any burden on competition not necessary or appropriate in furtherance of the purposes of [the Act].'' \26\ --------------------------------------------------------------------------- \26\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- As noted above, the proposal increases connectivity fees for physical connections to the Exchange. The Exchange states that this fee increase would allow the Exchange to offset costs associated with providing and maintaining this technology.\27\ The commenter, among other concerns, asserts that the Exchange has not offered sufficient detail to support that the proposed fees are consistent with the Act and, in particular, whether the proposed fees are reasonable.\28\ --------------------------------------------------------------------------- \27\ See Notice, supra note 4, at 40107. \28\ See Healthy Markets Letter, supra note 5, at 6. --------------------------------------------------------------------------- Under the Commission's Rules of Practice, the ``burden to demonstrate that a proposed rule change is consistent with the [Act] and the rules and regulations issued thereunder . . . is on the [SRO] that proposed the rule change.'' \29\ The description of a proposed rule change, its purpose and operation, its effect, and a legal analysis of its consistency with applicable requirements must all be sufficiently detailed and specific to support an affirmative Commission finding,\30\ and any failure of an SRO to provide this information may result in the Commission not having a sufficient basis to make an affirmative finding that a proposed rule change is consistent with the Act and the applicable rules and regulations.\31\ --------------------------------------------------------------------------- \29\ Rule 700(b)(3), Commission Rules of Practice, 17 CFR 201.700(b)(3). \30\ See id. \31\ See id. --------------------------------------------------------------------------- The Commission is instituting proceedings to allow for additional consideration and comment on the issues raised herein, including as to whether the proposed fees are consistent with the Act, and specifically, with its requirements that exchange fees be reasonable and equitably allocated; be designed to perfect the mechanism of a free and open market and the national market system, protect investors and the public interest, and not be unfairly discriminatory; or not impose an unnecessary or inappropriate burden on competition.\32\ --------------------------------------------------------------------------- \32\ See 15 U.S.C. 78f(b)(4), (5), and (8). --------------------------------------------------------------------------- V. Commission's Solicitation of Comments The Commission requests written views, data, and arguments with respect to the concerns identified above as well as any other relevant concerns. Such comments should be submitted by October 12, 2018. Rebuttal comments should be submitted by October 26, 2018. Although there do not appear to be any issues relevant to approval or disapproval which would be facilitated by an oral presentation of views, data, and arguments, the Commission will consider, pursuant to Rule 19b-4, any request for an opportunity to make an oral presentation.\33\ --------------------------------------------------------------------------- \33\ 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act grants the Commission flexibility to determine what type of proceeding--either oral or notice and opportunity for written comments--is appropriate for consideration of a particular proposal by an SRO. See Securities Acts Amendments of 1975, Report of the Senate Committee on Banking, Housing and Urban Affairs to Accompany S. 249, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). --------------------------------------------------------------------------- The Commission asks that commenters address the sufficiency and merit of the Exchange's statements in support of the proposal, in addition to any other comments they may wish to submit about the proposed rule change. Interested persons are invited to submit written data, views, and arguments concerning the proposed rule change, 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-MIAX-2018-19 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-MIAX-2018-19. 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 [[Page 47957]] 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- MIAX-2018-19 and should be submitted on or before October 12, 2018. Rebuttal comments should be submitted by October 26, 2018. VI. Conclusion It is therefore ordered, pursuant to Section 19(b)(3)(C) of the Act,\34\ that File Number SR-MIAX-2018-19 be and hereby is, temporarily suspended. In addition, the Commission is instituting proceedings to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \34\ 15 U.S.C. 78s(b)(3)(C). \35\ 17 CFR 200.30-3(a)(57) and (58). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\35\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-20547 Filed 9-20-18; 8:45 am] BILLING CODE 8011-01-P
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Persons submitting comments are rule change was published for comment information in its filing to support a
cautioned that we do not redact or edit in the Federal Register on August 13, finding that the proposal is consistent
personal identifying information from 2018.4 The Commission has received with the Act.12 Specifically, the
comment submissions. You should one comment letter on the proposal.5 commenter objects to the Exchange’s
submit only information that you wish Under Section 19(b)(3)(C) of the Act,6 reliance on the fees of other exchanges
to make available publicly. All the Commission is hereby: (i) to demonstrate that its fee increases are
submissions should refer to File Temporarily suspending the proposed consistent with the Act. In addition, the
Number SR–PEARL–2018–16 and rule change; and (ii) instituting commenter argues that the Exchange did
should be submitted on or before proceedings to determine whether to not offer any details to support its basis
October 12, 2018. Rebuttal comments approve or disapprove the proposed for asserting that the proposed fee
should be submitted by October 26, rule change. increases are consistent with the Act.13
2018. The Exchange has not responded to the
II. Description of the Proposed Rule comment letter.
VI. Conclusion Change When exchanges file their proposed
It is therefore ordered, pursuant to The Exchange proposes to amend its rule changes with the Commission,
Section 19(b)(3)(C) of the Act,34 that File fee schedule to increase its monthly including fee filings like the Exchange’s
Number SR–PEARL–2018–16 be and network connectivity fees. Specifically, present proposal, they are required to
hereby is, temporarily suspended. In the Exchange proposes to increase the provide a statement supporting the
addition, the Commission is instituting connectivity fee for connectivity to the proposal’s basis under the Act and the
proceedings to determine whether the Exchange’s primary/secondary facility rules and regulations thereunder
proposed rule change should be from $1,100 to $1,400 for a 1 Gigabit applicable to the exchange.14 The
approved or disapproved. (‘‘Gb’’) connection, from $5,500 to instructions to Form 19b–4, on which
For the Commission, by the Division of $6,100 for a 10Gb connection, and from exchanges file their proposed rule
Trading and Markets, pursuant to delegated $8,500 to $9,300 for a 10Gb ultra-low changes, specify that such statement
authority.35 latency connection.7 In addition, the ‘‘should be sufficiently detailed and
Brent J. Fields, Exchange proposes to increase the specific to support a finding that the
Secretary. network connectivity fees for proposed rule change is consistent with
connectivity to the Exchange’s disaster [those] requirements.’’ 15
[FR Doc. 2018–20545 Filed 9–20–18; 8:45 am]
recovery facility from $500 to $550 for Among other things, exchange
BILLING CODE 8011–01–P
a 1Gb connection and from $2,500 to proposed rule changes are subject to
$2,750 for a 10Gb connection.8 Section 6 of the Act, including Sections
6(b)(4), (5), and (8), which requires the
SECURITIES AND EXCHANGE III. Suspension of the Proposed Rule rules of an exchange to (1) provide for
COMMISSION Change the equitable allocation of reasonable
[Release No. 34–84175; File No. SR–MIAX– Pursuant to Section 19(b)(3)(C) of the fees among members, issuers, and other
2018–19] Act,9 at any time within 60 days of the persons using the exchange’s
date of filing of a proposed rule change facilities; 16 (2) perfect the mechanism of
Self-Regulatory Organizations; Miami a free and open market and a national
International Securities Exchange LLC; pursuant to Section 19(b)(1) of the
Act,10 the Commission summarily may market system, protect investors and the
Suspension of and Order Instituting public interest, and not be designed to
Proceedings To Determine Whether To temporarily suspend the change in the
rules of a self-regulatory organization permit unfair discrimination between
Approve or Disapprove a Proposed customers, issuers, brokers, or
Rule Change To Amend the Fee (‘‘SRO’’) if it appears to the Commission
that such action is necessary or dealers; 17 and (3) not impose any
Schedule Regarding Connectivity Fees burden on competition not necessary or
for Members and Non-Members appropriate in the public interest, for
the protection of investors, or otherwise appropriate in furtherance of the
September 17, 2018. in furtherance of the purposes of the purposes of the Act.18
Act. As discussed below, the In temporarily suspending the
I. Introduction Exchange’s fee change, the Commission
Commission believes a temporary
On July 31, 2018, Miami International suspension of the proposed rule change intends to further consider whether
Securities Exchange LLC (‘‘MIAX’’ or is necessary and appropriate to allow for increasing certain connectivity fees to
the ‘‘Exchange’’) filed with the additional analysis of the proposed rule the Exchange is consistent with the
Securities and Exchange Commission change’s consistency with the Act and statutory requirements applicable to a
(‘‘Commission’’), pursuant to Section the rules thereunder. national securities exchange under the
19(b)(1) of the Securities Exchange Act As noted above, the Commission Act. In particular, the Commission will
of 1934 (‘‘Act’’),1 and Rule 19b–4 received one comment letter on the consider whether the proposed rule
thereunder,2 a proposed rule change proposal.11 The commenter argues that change satisfies the standards under the
(File Number SR–MIAX–2018–19) to the Exchange did not provide sufficient Act and the rules thereunder requiring,
amend the MIAX fee schedule to among other things, that an exchange’s
increase certain connectivity fees. The 4 See Securities Exchange Act Release No. 83786 rules provide for the equitable
proposed rule change was immediately (August 7, 2018), 83 FR 40106 (‘‘Notice’’).
5 See Letter from Tyler Gellasch, Executive 12 See id. at 5.
effective upon filing with the
Director, The Healthy Markets Association, to Brent 13 See id. at 6–7, 12.
Commission pursuant to Section
daltland on DSKBBV9HB2PROD with NOTICES
J. Fields, Secretary, Commission, dated September 14 See 17 CFR 240.19b–4 (Item 3 entitled ‘‘Self-
19(b)(3)(A) of the Act.3 The proposed 4, 2018 (‘‘Healthy Markets Letter’’). Regulatory Organization’s Statement of the Purpose
6 15 U.S.C. 78s(b)(3)(C).
of, and Statutory Basis for, the Proposed Rule
34 15 U.S.C. 78s(b)(3)(C). 7 See Notice, supra note 4 at 40106. Change’’).
35 17 CFR 200.30–3(a)(57) and (58). 8 See id. 15 Id.
1 15 U.S.C. 78s(b)(1). 9 15 U.S.C. 78s(b)(3)(C). 16 15 U.S.C. 78f(b)(4).
2 17 CFR 240.19b–4. 10 15 U.S.C. 78s(b)(1). 17 15 U.S.C. 78f(b)(5).
3 15 U.S.C. 78s(b)(3)(A). 11 See Healthy Markets Letter, supra note 5. 18 15 U.S.C. 78f(b)(8).
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allocation of reasonable fees among • Section 6(b)(8) of the Act, which as any other relevant concerns. Such
members, issuers, and other persons requires that the rules of a national comments should be submitted by
using its facilities; not permit unfair securities exchange ‘‘not impose any October 12, 2018. Rebuttal comments
discrimination between customers, burden on competition not necessary or should be submitted by October 26,
issuers, brokers or dealers; and do not appropriate in furtherance of the 2018. Although there do not appear to
impose any burden on competition not purposes of [the Act].’’ 26 be any issues relevant to approval or
necessary or appropriate in furtherance As noted above, the proposal disapproval which would be facilitated
of the purposes of the Act.19 increases connectivity fees for physical by an oral presentation of views, data,
Therefore, the Commission finds that connections to the Exchange. The and arguments, the Commission will
it is appropriate in the public interest, Exchange states that this fee increase consider, pursuant to Rule 19b–4, any
for the protection of investors, and would allow the Exchange to offset costs request for an opportunity to make an
otherwise in furtherance of the purposes associated with providing and oral presentation.33
of the Act, to temporarily suspend the maintaining this technology.27 The The Commission asks that
proposed rule changes.20 commenter, among other concerns, commenters address the sufficiency and
asserts that the Exchange has not offered merit of the Exchange’s statements in
IV. Proceedings To Determine Whether
sufficient detail to support that the support of the proposal, in addition to
To Approve or Disapprove the
proposed fees are consistent with the any other comments they may wish to
Proposed Rule Change
Act and, in particular, whether the submit about the proposed rule change.
The Commission is instituting proposed fees are reasonable.28 Interested persons are invited to
proceedings pursuant to Sections Under the Commission’s Rules of submit written data, views, and
19(b)(3)(C) 21 and 19(b)(2)(B) of the Practice, the ‘‘burden to demonstrate arguments concerning the proposed rule
Act 22 to determine whether the that a proposed rule change is change, including whether the proposed
proposed rule change should be consistent with the [Act] and the rules rule change is consistent with the Act.
approved or disapproved. Institution of and regulations issued thereunder . . . Comments may be submitted by any of
proceedings does not indicate that the is on the [SRO] that proposed the rule the following methods:
Commission has reached any change.’’ 29 The description of a
conclusions with respect to any of the proposed rule change, its purpose and Electronic Comments
issues involved. Rather, the Commission operation, its effect, and a legal analysis • Use the Commission’s internet
seeks and encourages interested persons of its consistency with applicable comment form (http://www.sec.gov/
to provide additional comment on the requirements must all be sufficiently rules/sro.shtml); or
proposed rule change to inform the detailed and specific to support an • Send an email to rule-comments@
Commission’s analysis of whether to affirmative Commission finding,30 and sec.gov. Please include File Number SR–
disapprove the proposed rule change. any failure of an SRO to provide this MIAX–2018–19 on the subject line.
Pursuant to Section 19(b)(2)(B) of the information may result in the
Act,23 the Commission is providing Commission not having a sufficient Paper Comments
notice of the grounds for possible basis to make an affirmative finding that • Send paper comments in triplicate
disapproval under consideration: a proposed rule change is consistent to Brent J. Fields, Secretary, Securities
• Section 6(b)(4) of the Act, which with the Act and the applicable rules and Exchange Commission, 100 F Street
requires that the rules of a national and regulations.31 NE, Washington, DC 20549–1090.
securities exchange ‘‘provide for the The Commission is instituting
equitable allocation of reasonable dues, All submissions should refer to File
proceedings to allow for additional
fees, and other charges among its Number SR–MIAX–2018–19. This file
consideration and comment on the
members and issuers and other persons number should be included on the
issues raised herein, including as to
using its facilities,’’ 24 subject line if email is used. To help the
whether the proposed fees are
• Section 6(b)(5) of the Act, which Commission process and review your
consistent with the Act, and
requires, among other things, that the comments more efficiently, please use
specifically, with its requirements that
rules of a national securities exchange only one method. The Commission will
exchange fees be reasonable and
be ‘‘designed to perfect the operation of post all comments on the Commission’s
equitably allocated; be designed to
a free and open market and a national internet website (http://www.sec.gov/
perfect the mechanism of a free and
market system’’ and ‘‘protect investors rules/sro.shtml). Copies of the
open market and the national market
and the public interest,’’ and not be system, protect investors and the public submission, all subsequent
‘‘designed to permit unfair interest, and not be unfairly amendments, all written statements
discrimination between customers, discriminatory; or not impose an with respect to the proposed rule
issuers, brokers, or dealers,’’ 25 and unnecessary or inappropriate burden on change that are filed with the
competition.32 Commission, and all written
19 See 15 U.S.C. 78f(b)(4), (5), and (8), communications relating to the
respectively. V. Commission’s Solicitation of proposed rule change between the
20 For purposes of temporarily suspending the
Comments Commission and any person, other than
proposed rule change, the Commission has
considered the proposed rule’s impact on The Commission requests written those that may be withheld from the
efficiency, competition, and capital formation. See views, data, and arguments with respect public in accordance with the
15 U.S.C. 78c(f). to the concerns identified above as well provisions of 5 U.S.C. 552, will be
21 15 U.S.C. 78s(b)(3)(C). Once the Commission
temporarily suspends a proposed rule change,
daltland on DSKBBV9HB2PROD with NOTICES
26 15 33 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act
Section 19(b)(3)(C) of the Act requires that the U.S.C. 78f(b)(8).
27 See Notice, supra note 4, at 40107. grants the Commission flexibility to determine what
Commission institute proceedings under Section type of proceeding—either oral or notice and
28 See Healthy Markets Letter, supra note 5, at 6.
19(b)(2)(B) to determine whether a proposed rule opportunity for written comments—is appropriate
change should be approved or disapproved. 29 Rule 700(b)(3), Commission Rules of Practice,
for consideration of a particular proposal by an
22 15 U.S.C. 78s(b)(2)(B). 17 CFR 201.700(b)(3). SRO. See Securities Acts Amendments of 1975,
23 15 U.S.C. 78s(b)(2)(B). 30 See id.
Report of the Senate Committee on Banking,
24 15 U.S.C. 78f(b)(4). 31 See id.
Housing and Urban Affairs to Accompany S. 249,
25 15 U.S.C. 78f(b)(5). 32 See 15 U.S.C. 78f(b)(4), (5), and (8). S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).
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available for website viewing and Administration, Processing and SMALL BUSINESS ADMINISTRATION
printing in the Commission’s Public Disbursement Center, 14925 Kingsport
Reference Room, 100 F Street NE, Road, Fort Worth, TX 76155. [Disaster Declaration #15696 and #15697;
Washington, DC 20549 on official North Carolina Disaster Number NC–00099]
business days between the hours of FOR FURTHER INFORMATION CONTACT: A.
10:00 a.m. and 3:00 p.m. Copies of the Escobar, Office of Disaster Assistance,
Presidential Declaration Amendment of
filing also will be available for U.S. Small Business Administration,
a Major Disaster for the State of North
inspection and copying at the principal 409 3rd Street SW, Suite 6050,
Carolina
office of the Exchange. All comments Washington, DC 20416, (202) 205–6734.
received will be posted without change. SUPPLEMENTARY INFORMATION: Notice is AGENCY:U.S. Small Business
Persons submitting comments are hereby given that as a result of the Administration.
cautioned that we do not redact or edit President’s major disaster declaration on
personal identifying information from ACTION: Amendment 1.
09/14/2018, applications for disaster
comment submissions. You should
loans may be filed at the address listed SUMMARY: This is an amendment of the
submit only information that you wish
above or other locally announced Presidential declaration of a major
to make available publicly. All
submissions should refer to File locations. disaster for the State of North Carolina
Number SR–MIAX–2018–19 and should The following areas have been (FEMA–4393–DR), dated 09/14/2018.
be submitted on or before October 12, determined to be adversely affected by Incident: Hurricane Florence.
2018. Rebuttal comments should be the disaster: Incident Period: 09/07/2018 and
submitted by October 26, 2018. continuing.
Primary Counties (Physical Damage and
VI. Conclusion Economic Injury Loans): Beaufort,
DATES: Issued on 09/17/2018.
It is therefore ordered, pursuant to Brunswick, Carteret, Craven, New
Section 19(b)(3)(C) of the Act,34 that File Hanover, Onslow, Pamlico, Pender. Physical Loan Application Deadline
Number SR–MIAX–2018–19 be and Date: 11/13/2018.
Contiguous Counties (Economic Injury
hereby is, temporarily suspended. In Loans Only): Economic Injury (EIDL) Loan
addition, the Commission is instituting Application Deadline Date: 06/14/2019.
North Carolina: Bladen, Columbus,
proceedings to determine whether the
Duplin, Hyde, Jones, Lenoir, ADDRESSES: Submit completed loan
proposed rule change should be
Martin, Pitt, Sampson, Washington. applications to: U.S. Small Business
approved or disapproved.
South Carolina: Horry. Administration, Processing and
For the Commission, by the Division of Disbursement Center, 14925 Kingsport
Trading and Markets, pursuant to delegated The Interest Rates are: Road, Fort Worth, TX 76155.
authority.35
Eduardo A. Aleman, Percent FOR FURTHER INFORMATION CONTACT: A.
Assistant Secretary. Escobar, Office of Disaster Assistance,
[FR Doc. 2018–20547 Filed 9–20–18; 8:45 am] For Physical Damage: U.S. Small Business Administration,
BILLING CODE 8011–01–P Homeowners with Credit Avail- 409 3rd Street SW, Suite 6050,
able Elsewhere ...................... 4.000 Washington, DC 20416, (202) 205–6734.
Homeowners without Credit
Available Elsewhere .............. 2.000
SUPPLEMENTARY INFORMATION: The notice
SMALL BUSINESS ADMINISTRATION of the President’s major disaster
Businesses with Credit Avail-
[Disaster Declaration #15696 and #15697; able Elsewhere ...................... 7.350 declaration for the State of North
NORTH CAROLINA Disaster Number NC– Businesses without Credit Carolina, dated 09/14/2018, is hereby
00099] Available Elsewhere .............. 3.675 amended to include the following areas
Non-Profit Organizations with as adversely affected by the disaster:
Presidential Declaration of a Major Credit Available Elsewhere ... 2.500 Primary Counties (Physical Damage and
Disaster for the State of North Carolina Non-Profit Organizations with- Economic Injury Loans): Bladen,
out Credit Available Else- Columbus, Cumberland, Duplin,
AGENCY: U.S. Small Business
where ..................................... 2.500
Administration. Harnett, Jones, Lenoir, Robeson,
For Economic Injury:
ACTION: Notice. Sampson, Wayne.
Businesses & Small Agricultural
Cooperatives without Credit Contiguous Counties (Economic Injury
SUMMARY: This is a Notice of the
Available Elsewhere .............. 3.675 Loans Only):
Presidential declaration of a major
Non-Profit Organizations with- North Carolina: Chatham, Greene,
disaster for the State of North Carolina out Credit Available Else-
(FEMA–4393–DR), dated 09/14/2018. where ..................................... 2.500
Hoke, Johnston, Lee, Moore,
Incident: Hurricane Florence. Scotland, Wake, Wilson.
Incident Period: 09/07/2018 and South Carolina: Dillon, Marlboro.
continuing. The number assigned to this disaster
for physical damage is 156968 and for All other information in the original
DATES: Issued on 09/14/2018.
economic injury is 156970. declaration remains unchanged.
Physical Loan Application Deadline
Date: 11/13/2018. (Catalog of Federal Domestic Assistance (Catalog of Federal Domestic Assistance
daltland on DSKBBV9HB2PROD with NOTICES
Economic Injury (EIDL) Loan Number 59008) Number 59008)
Application Deadline Date: 06/14/2019.
James Rivera, James Rivera,
ADDRESSES: Submit completed loan
applications to: U.S. Small Business Associate Administrator for Disaster Associate Administrator for Disaster
Assistance. Assistance.
34 15 U.S.C. 78s(b)(3)(C). [FR Doc. 2018–20593 Filed 9–20–18; 8:45 am] [FR Doc. 2018–20598 Filed 9–20–18; 8:45 am]
35 17 CFR 200.30–3(a)(57) and (58). BILLING CODE 8025–01–P BILLING CODE 8025–01–P
VerDate Sep<11>2014 17:30 Sep 20, 2018 Jkt 244001 PO 00000 Frm 00084 Fmt 4703 Sfmt 9990 E:\FR\FM\21SEN1.SGM 21SEN1](https://thefederalregister.org/doc/83_FR_48139/page/3.svg)
Document Created: 2018-09-21 00:23:53
Document Modified: 2018-09-21 00:23:53
| 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 47955 |
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