83 FR 48474 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Commentary .01 to NYSE Arca Rule 8.600-E Relating to Certain Generic Listing Standards for Managed Fund Shares

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 186 (September 25, 2018)

Page Range		48474-48475
FR Document		2018-20769

Federal Register, Volume 83 Issue 186 (Tuesday, September 25, 2018)

[Federal Register Volume 83, Number 186 (Tuesday, September 25, 2018)]
[Notices]
[Pages 48474-48475]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-20769]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84195; File No. SR-NYSEArca-2018-54]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change To Amend Commentary .01 to NYSE Arca Rule 8.600-E Relating to 
Certain Generic Listing Standards for Managed Fund Shares

September 19, 2018.
    On July 18, 2018, NYSE Arca, Inc. (``NYSE Arca'' or ``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 to 
amend Commentary .01 to NYSE Arca Rule 8.600-E relating to certain 
generic listing standards for Managed Fund Shares. The proposed rule 
change was published for comment in the Federal Register on August 7, 
2018.\3\ The Commission has received no comments on the proposed rule 
change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 83759 (August 1, 
2018), 83 FR 38753.
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    Section 19(b)(2) of the Act \4\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is September 21, 2018. The Commission is extending this 45-day time 
period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates November 5, 2018, as the date by which the 
Commission shall either approve or disapprove, or institute proceedings 
to determine whether to disapprove, the

[[Page 48475]]

proposed rule change (File Number SR-NYSEArca-2018-54).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-20769 Filed 9-24-18; 8:45 am]
 BILLING CODE 8011-01-P

48474 Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices

submissions available to the public or CFR part 52 combined license applicant SECURITIES AND EXCHANGE
entering the comment into ADAMS. references a license (e.g., an early site COMMISSION
II. Further Information permit) and/or an NRC regulatory
approval (e.g., a design certification [Release No. 34–84195; File No. SR–
The NRC seeks public comment on rule) for which specified issue finality NYSEArca–2018–54]
the proposed SRP-draft section revision provisions apply.
of Section 14.3.3, ‘‘Piping Systems and Self-Regulatory Organizations; NYSE
Components—Inspections, Tests, The NRC staff does not currently
Arca, Inc.; Notice of Designation of a
Analyses, and Acceptance Criteria.’’ intend to impose the positions
Longer Period for Commission Action
This re-notice includes revisions represented in the draft SRP section in
on a Proposed Rule Change To Amend
initiated by the staff to address editorial a manner that constitutes backfitting or Commentary .01 to NYSE Arca Rule
issues and provide further clarification is inconsistent with any issue finality 8.600–E Relating to Certain Generic
on particular issues. This revision provision in 10 CFR part 52. If in the Listing Standards for Managed Fund
supersedes the previous revision issued future the NRC staff seeks to impose a Shares
on September 11, 2017, and the staff position stated in this draft SRP section
will not be addressing previously in a manner that would constitute September 19, 2018.
submitted comments. Following NRC backfitting or be inconsistent with these On July 18, 2018, NYSE Arca, Inc.
staff evaluation of public comments, the issue finality provisions, the NRC staff (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
NRC intends to finalize SRP Section must make the showing as set forth in with the Securities and Exchange
14.3.3, Revision 1 in ADAMS and post the Backfit Rule or address the Commission (‘‘Commission’’), pursuant
it on the NRC’s public website at http:// regulatory criteria for set forth in the to Section 19(b)(1) of the Securities
www.nrc.gov/reading-rm/doc- applicable issue finality provision, as Exchange Act of 1934 (‘‘Act’’) 1 and Rule
collections/nuregs/staff/sr0800/. The applicable, that would allow the staff to 19b–4 thereunder,2 a proposed rule
SRP is guidance for the NRC staff. The impose the position. change to amend Commentary .01 to
SRP is not a substitute for the NRC NYSE Arca Rule 8.600–E relating to
3. The staff has no intention to
regulations, and compliance with the certain generic listing standards for
impose the draft SRP positions on
SRP is not required. Managed Fund Shares. The proposed
existing nuclear power plant licenses rule change was published for comment
III. Backfitting and Issue Finality either now or in the future (absent a in the Federal Register on August 7,
Issuance of this draft SRP, if finalized, voluntary request for a change from the 2018.3 The Commission has received no
would not constitute backfitting as licensee, holder of a regulatory comments on the proposed rule change.
defined in 10 CFR 50.109 (the Backfit approval, or a design certification Section 19(b)(2) of the Act 4 provides
Rule), or otherwise be inconsistent with applicant). that, within 45 days of the publication
the issue finality provisions in 10 CFR The NRC staff does not intend to of notice of the filing of a proposed rule
part 52. The staff’s position is based impose or apply the positions described change, or within such longer period up
upon the following considerations. in this draft SRP section to existing to 90 days as the Commission may
1. The draft SRP positions, if (already issued) licenses (e.g., operating designate if it finds such longer period
finalized, do not constitute backfitting, licenses and combined licenses) and to be appropriate and publishes its
inasmuch as the SRP is guidance regulatory approvals. Hence, this draft reasons for so finding or as to which the
directed to the NRC staff with respect to SRP guidance—even if considered self-regulatory organization consents,
its regulatory responsibilities. guidance subject to the Backfit rule or the Commission shall either approve the
The SRP provides interim guidance to the issue finality provisions in 10 CFR proposed rule change, disapprove the
the staff on how to review an part 52—need not be evaluated as if it proposed rule change, or institute
application for NRC regulatory approval were a backfit or as being inconsistent proceedings to determine whether the
in the form of licensing. Changes in staff proposed rule change should be
with these issue finality provisions. If,
guidance intended for use by only the disapproved. The 45th day after
in the future, the NRC staff seeks to
staff are not matters that constitute publication of the notice for this
impose a position in this draft SRP
backfitting as that term is defined in 10 proposed rule change is September 21,
section on holders of already issued
CFR 50.109(a)(1) or involve the issue 2018. The Commission is extending this
licenses in a manner that would
finality provisions of 10 CFR part 52. 45-day time period.
2. Backfitting and issue finality—with constitute backfitting or does not
provide issue finality as described in the The Commission finds that it is
certain exceptions discussed below—do appropriate to designate a longer period
not apply to current or future applicable issue finality provision, then
the staff must make the showing as set within which to take action on the
applicants. proposed rule change so that it has
Applicants and potential applicants forth in the Backfit Rule or address the
criteria set forth in the applicable issue sufficient time to consider the proposed
are not, with certain exceptions, the rule change. Accordingly, the
subject of either the Backfit Rule or any finality provision, as applicable, that
would allow the staff to impose the Commission, pursuant to Section
issue finality provisions under 10 CFR 19(b)(2) of the Act,5 designates
part 52. This is because neither the position.
November 5, 2018, as the date by which
Backfit Rule nor the issue finality Dated at Rockville, Maryland, this 20th day the Commission shall either approve or
provisions under 10 CFR part 52 were of September 2018. disapprove, or institute proceedings to
intended to apply to every NRC action
daltland on DSKBBV9HB2PROD with NOTICES

For the Nuclear Regulatory Commission. determine whether to disapprove, the
which substantially changes the
expectations of current and future Jennivine K. Rankin,
1 15 U.S.C. 78s(b)(1).
applicants. Acting Chief, Licensing Branch 3, Division
2 17 CFR 240.19b–4.
The exceptions to this general of Licensing, Siting, and Environmental
3 See Securities Exchange Act Release No. 83759
principle are applicable whenever a 10 Analysis, Office of New Reactors.
(August 1, 2018), 83 FR 38753.
CFR part 50 operating license applicant [FR Doc. 2018–20826 Filed 9–24–18; 8:45 am] 4 15 U.S.C. 78s(b)(2).

references a construction permit or a 10 BILLING CODE 7590–01–P 5 Id.

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Federal Register / Vol. 83, No. 186 / Tuesday, September 25, 2018 / Notices 48475

proposed rule change (File Number SR– statements may be examined at the Vice President or Senior Vice President
NYSEArca-2018–54). places specified in Item IV below. The of Phlx.7
For the Commission, by the Division of Exchange has prepared summaries, set
2. Statutory Basis
Trading and Markets, pursuant to delegated forth in sections A, B, and C below, of
authority.6 the most significant aspects of such The Exchange believes that its
Eduardo A. Aleman, statements. proposal is consistent with Section 6(b)
Assistant Secretary. of the Act,8 in general, and furthers the
A. Self-Regulatory Organization’s objectives of Section 6(b)(1) of the Act,9
[FR Doc. 2018–20769 Filed 9–24–18; 8:45 am] Statement of the Purpose of, and in particular, in that it enables the
BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule Exchange to be so organized so as to
Change have the capacity to be able to carry out
SECURITIES AND EXCHANGE 1. Purpose the purposes of the Act and to comply,
COMMISSION and to enforce compliance by its
The Exchange proposes to amend its members and persons associated with
[Release No. 34–84215; File No. SR–BX– By-Laws at Article V, Section 5.10 to its members, with the provisions of the
2018–044] conform its provisions regarding the Act, the rules and regulations
Exchange’s Chief Regulatory Officer thereunder, and the rules of the
Self-Regulatory Organizations; Nasdaq
(‘‘CRO’’) to those of its affiliate, Nasdaq Exchange. The Exchange also believes
BX, Inc.; Notice of Filing and
PHLX LLC (‘‘Phlx’’).3 By-Law Article V, that this proposal furthers the objectives
Immediate Effectiveness of Proposed
Section 5.10 presently requires that an of Section 6(b)(5) of the Act,10 in
Rule Change To Conform the
officer of the Exchange 4 with the particular, in that it is designed to
Exchange’s By-Law Provisions
position of Executive Vice President or promote just and equitable principles of
Regarding the Chief Regulatory Officer
Senior Vice President be designated as trade, to remove impediments to and
to Those of Its Affiliate, Nasdaq PHLX
the CRO of the Exchange. The Exchange perfect the mechanism of a free and
LLC
now proposes to remove the open market and a national market
September 19, 2018. requirement that the CRO be an system, and, in general to protect
Pursuant to Section 19(b)(1) of the Executive Vice President or Senior Vice investors and the public interest. The
Securities Exchange Act of 1934 President of the Exchange. The proposed changes will remove the
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange believes that this requirement requirement currently in Article V,
notice is hereby given that on is unnecessary and notes that there may Section 5.10 of the Exchange’s By-Laws
September 6, 2018, Nasdaq BX, Inc. be officers of the Exchange who are well that the CRO be an Executive Vice
(‘‘BX’’ or ‘‘Exchange’’) filed with the qualified to serve in the CRO role, but President or Senior Vice President of the
Securities and Exchange Commission who may not hold the position of an Exchange. As discussed above, the
(‘‘SEC’’ or ‘‘Commission’’) the proposed Executive Vice President or Senior Vice current responsibilities of the CRO as
rule change as described in Items I and President.5 The Exchange does not seek provided in Article V, Section 5.10
II below, which Items have been to amend any of the current remain unchanged under this proposal,
prepared by the Exchange. The responsibilities of the CRO as set forth and the CRO will continue to have
Commission is publishing this notice to in Section 5.10; 6 rather, the proposed general oversight of the regulatory
solicit comments on the proposed rule changes are intended to give the operations of the Exchange and be
change from interested persons. Exchange more flexibility to attract and obligated to meet regularly with the
retain well qualified officers to the role Regulatory Oversight Committee. The
I. Self-Regulatory Organization’s of CRO that are not designated as an proposed rule change is intended to
Statement of the Terms of Substance of Executive Vice President or Senior Vice provide the Exchange with greater
the Proposed Rule Change President of the Exchange. As noted flexibility to attract and retain capable
The Exchange proposes to conform above, the Exchange desires to conform individuals who are well qualified to
the Exchange’s By-Law provisions the requirements to become CRO in its serve in the CRO role. In addition, the
regarding the Chief Regulatory Officer to By-Laws to those in the By-Laws of proposed amendments will have the
those of its affiliate, Nasdaq PHLX LLC. Phlx, which do not contain a similar additional benefit of bringing the
The text of the proposed rule change restriction in Article IV, Section 4–7 of Exchange’s requirements on the CRO
is available on the Exchange’s website at its By-Laws that its CRO be an Executive role into greater conformity with those
http://nasdaqbx.cchwallstreet.com/, at of its affiliate, Phlx, thereby creating
the principal office of the Exchange, and 3 See Phlx By-Law Article IV, Section 4–7 (Chief equivalent standards among the
at the Commission’s Public Reference Regulatory Officer). affiliated exchanges owned by Nasdaq,
Room. 4 In Exhibit 5, the references to ‘‘Corporation’’
Inc. (‘‘HoldCo’’).11 As such, the
mean the Exchange.
II. Self-Regulatory Organization’s 5 The Exchange notes that Phlx’s CRO currently Exchange believes that its proposal will
Statement of the Purpose of, and holds the position of Vice President. bring greater consistency to its rules,
Statutory Basis for, the Proposed Rule 6 The CRO’s responsibilities include general which is beneficial to both investors and
Change supervision of the regulatory operations of the the public interest.
Exchange, including responsibility for overseeing
In its filing with the Commission, the the Exchange’s surveillance, examination, and 7 See note 5 above.
Exchange included statements enforcement functions and for administering any 8 15
regulatory services agreements with another SRO to U.S.C. 78f(b).
concerning the purpose of and basis for
daltland on DSKBBV9HB2PROD with NOTICES

9 15 U.S.C. 78f(b)(1).
which the Exchange is a party. In addition, the CRO
the proposed rule change and discussed shall meet with the Regulatory Oversight 10 15 U.S.C. 78f(b)(5).

any comments it received on the Committee of the Exchange in executive session at 11 The Nasdaq Stock Market LLC (‘‘NSM’’),

proposed rule change. The text of these regularly scheduled meetings of such committee, Nasdaq ISE, LLC (‘‘ISE’’), Nasdaq GEMX, LLC
and at any time upon request of the CRO or any (‘‘GEMX’’), and Nasdaq MRX, LLC will file similar
member of the Regulatory Oversight Committee. proposals to conform their By-Laws with Phlx’s By-
6 17 CFR 200.30–3(a)(31). Unlike Phlx, the Exchange’s By-Laws provide that Laws. ISE, GEMX, MRX, NSM, BX, and Phlx will
1 15 U.S.C. 78s(b)(1). the CRO may also serve as the General Counsel of hereinafter be referred to collectively as ‘‘Affiliated
2 17 CFR 240.19b–4. the Exchange. See By-Law Article V, Section 5.10. Exchanges.’’

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Document Created: 2018-09-25 00:22:12
Document Modified: 2018-09-25 00:22:12

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 48474