83 FR 4941 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade the Shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF Under NYSE Arca Rule 8.200-E, Commentary .02
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 23 (February 2, 2018)
Federal Register Volume 83, Issue 23 (February 2, 2018)
| Page Range | 4941-4942 | |
| FR Document | 2018-02130 |
[Federal Register Volume 83, Number 23 (Friday, February 2, 2018)] [Notices] [Pages 4941-4942] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-02130] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82602; File No. SR-NYSEArca-2017-139] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade the Shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF Under NYSE Arca Rule 8.200-E, Commentary .02 January 30, 2018. On December 4, 2017, NYSE Arca, Inc. (``NYSE Arca'') 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 list and trade the shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF under NYSE Arca Rule 8.200-E, Commentary .02. The proposed rule change was published for comment in the Federal Register on December 26, 2017.\3\ The [[Page 4942]] Commission has received one comment letter on the proposed rule change.\4\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 82350 (Dec. 19, 2017), 82 FR 61100. \4\ See Letter from Abe Kohen, AK Financial Engineering Consultants, LLC (Dec. 27, 2017). All comments on the proposed rule change are available on the Commission's website at: https://www.sec.gov/comments/sr-nysearca-2017-139/nysearca2017139.htm. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \5\ 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 Commission is extending this 45-day time period. 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. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\6\ designates March 26, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR- NYSEArca-2017-139). --------------------------------------------------------------------------- \6\ Id. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-02130 Filed 2-1-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 23 / Friday, February 2, 2018 / Notices 4941
the fund’s annual income tax returns, $100 per year to $300,000. We have no Written comments are invited on: (a)
and as a normal business custom. reason to believe the range is different Whether the proposed collection of
Rule 12d1–1 also requires for unregistered money market funds. information is necessary for the proper
unregistered money market funds in Based on Form PF data as of the fourth performance of the functions of the
which registered funds invest to adopt calendar quarter 2016, private liquidity agency, including whether the
procedures designed to ensure that the funds have $293 billion in gross asset information will have practical utility;
unregistered money market funds value.43 The Commission does not have (b) the accuracy of the agency’s estimate
comply with sections 17(a), (d), (e), and specific information about the of the burden of the collection of
22(e) of the Act. This is a one-time proportion of assets held in small, information; (c) ways to enhance the
collection of information requirement medium-sized, or large unregistered quality, utility, and clarity of the
that applies to unregistered money money market funds. Because private information collected; and (d) ways to
market funds that intend to comply with liquidity funds are often used as cash minimize the burden of the collection of
the requirements of rule 12d1–1. As management vehicles, the staff estimates information on respondents, including
discussed above, based on a projection that each private liquidity fund is a through the use of automated collection
of 10 new money market funds per year, ‘‘large’’ fund (i.e., more than $1 billion techniques or other forms of information
the staff estimates that, similarly, there in assets under management). Based on technology. Consideration will be given
will be 10 new unregistered money a cost of $0.0000009 per dollar of assets to comments and suggestions submitted
market funds that undertake the above under management (for large funds),44 in writing within 60 days of this
burden to establish written procedures the staff estimates compliance with rule publication.
and guidelines designed to ensure that 2a–7 for these unregistered money Please direct your written comments
the unregistered money market funds market funds totals $263,700 to Pamela Dyson, Director/Chief
comply with sections 17(a), (d), (e), and annually.45 Information Officer, Securities and
22(e) of the Act. The staff estimates the Consistent with estimates made in the Exchange Commission, C/O Remi
burden as follows: rule 2a–7 submission, Commission staff Pavlik-Simon, 100 F Street NE,
Establish written procedures and estimates that unregistered money Washington, DC 20549; or send an email
guidelines designed to ensure that the market funds also incur capital costs to to: PRA_Mailbox@sec.gov.
unregistered money market funds create computer programs for Dated: January 30, 2018.
comply with sections 17(a), (d), (e), and maintaining and preserving compliance
22(e) of the Act: Eduardo A. Aleman,
records for rule 2a–7 of $0.0000132 per
dollar of assets under management. Assistant Secretary.
1 response
15.5 hours of director, legal, and Based on the assets under management [FR Doc. 2018–02118 Filed 2–1–18; 8:45 am]
support staff time figures described above, staff estimates BILLING CODE 8011–01–P
Cost: $6,328 39 annual capital costs for all unregistered
Accordingly, the staff estimates that money market funds of $3.87 million.46
Commission staff further estimates SECURITIES AND EXCHANGE
10 unregistered money market funds
that, even absent the requirements of COMMISSION
will comply with this collection of
information requirement and engage in rule 2a–7, money market funds would
10 annual responses under rule spend at least half of the amounts [Release No. 34–82602; File No. SR–
12d1–1,40 the aggregate annual burden described above for record preservation NYSEArca–2017–139]
hours associated with these responses is ($131,850) and for capital costs ($1.94
Self-Regulatory Organizations; NYSE
155,41 and the aggregate annual cost to million). Commission staff concludes
Arca, Inc.; Notice of Designation of a
funds is $62,380.42 that the aggregate annual costs of
Longer Period for Commission Action
Commission staff also estimates that compliance with the rule are $131,850
on a Proposed Rule Change To List
unregistered money market funds will for record preservation and $1.94
and Trade the Shares of the ProShares
incur costs to preserve records, as million for capital costs.
Bitcoin ETF and the ProShares Short
required under rule 2a–7. These costs The collections of information Bitcoin ETF Under NYSE Arca Rule
will vary significantly for individual required for unregistered money market 8.200–E, Commentary .02
funds, depending on the amount of funds by rule 12d1–1 are necessary in
assets under fund management and order for acquiring funds to be able to January 30, 2018.
whether the fund preserves its records obtain the benefits described above. On December 4, 2017, NYSE Arca,
in a storage facility in hard copy or has Notices to the Commission will not be Inc. (‘‘NYSE Arca’’) filed with the
developed and maintains a computer kept confidential. An agency may not Securities and Exchange Commission
system to create and preserve conduct or sponsor, and a person is not (‘‘Commission’’), pursuant to Section
compliance records. In the rule 2a–7 required to respond to, a collection of 19(b)(1) of the Securities Exchange Act
submission, Commission staff estimated information unless it displays a of 1934 (‘‘Act’’) 1 and Rule 19b–4
that the amount an individual money currently valid control number. thereunder,2 a proposed rule change to
market fund may spend ranges from list and trade the shares of the
43 See supra note 12.
39 This
ProShares Bitcoin ETF and the
estimate is based on the following 44 The recordkeeping cost estimates are
calculation: (0.5 hours × $4,500 per hour for board
ProShares Short Bitcoin ETF under
$0.0051295 per dollar of assets under management
time) + (7.2 hours × $378 per hour for an attorney) for small funds, and $0.0005041 per dollar of assets NYSE Arca Rule 8.200–E, Commentary
sradovich on DSK3GMQ082PROD with NOTICES
+ (7.8 hours × $174 per hour for support staff) = under management for medium-sized funds. The .02. The proposed rule change was
$6,328 per response. cost estimates are the same as those used in the published for comment in the Federal
40 The estimate is based on the following most recently approved rule 2a–7 submission. Register on December 26, 2017.3 The
calculations: (10 funds × 1 response) = 10 45 This estimate is based on the following
responses. calculation: ($293 billion × $0.0000009) = $263,700
41 This estimate is based on the following 1 15 U.S.C. 78s(b)(1).
billion for small funds.
calculations: (10 funds × 15.5 hours) = 155 hours. 46 This estimate is based on the following 2 17 CFR 240.19b–4.
42 This estimate is based on the following calculation: ($293 billion × 0.0000132) = $3.87 3 See Securities Exchange Act Release No. 82350
calculations: (10 funds × $6,238) = $62,380. million. (Dec. 19, 2017), 82 FR 61100.
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![4942 Federal Register / Vol. 83, No. 23 / Friday, February 2, 2018 / Notices
Commission has received one comment ‘‘Exchange’’) filed with the Securities System Plan Governing the
letter on the proposed rule change.4 and Exchange Commission Consolidated Audit Trail.4 Because the
Section 19(b)(2) of the Act 5 provides (‘‘Commission’’) the proposed rule CAT Rules apply across all markets and
that within 45 days of the publication of change as described in Items I and II to all products,5 the Exchange believes
notice of the filing of a proposed rule below, which Items have been prepared it is pertinent that they be located in the
change, or within such longer period up by the Exchange. The Commission is General section of the Rulebook’s shell;
to 90 days as the Commission may publishing this notice to solicit therefore, the Exchange will amend the
designate if it finds such longer period comments on the proposed rule change shell structure, creating a new ‘‘General
to be appropriate and publishes its from interested persons. 7 Consolidated Audit Trail Compliance’’
reasons for so finding or as to which the title under ‘‘General Equity and Options
self-regulatory organization consents, I. Self-Regulatory Organization’s
Rules,’’ and make conforming changes
the Commission shall either approve the Statement of the Terms of Substance of
to the ‘‘Options Rules’’ titles; moreover,
proposed rule change, disapprove the the Proposed Rule Change
this proposal is consistent with similar
proposed rule change, or institute The Exchange proposes to relocate the filings concurrently submitted by the
proceedings to determine whether the Consolidated Audit Trail Compliance Affiliated Exchanges.
proposed rule change should be rules (‘‘CAT Rules’’), currently under The relocation of the CAT Rules is
disapproved. The Commission is the 6800 Series (Rules 6810 through part of the Exchange’s continued effort
extending this 45-day time period. The 6896), to General 7, Sections 1 through to promote efficiency and conformity of
Commission finds that it is appropriate 13 in the Exchange’s rulebook’s its processes with those of its Affiliated
to designate a longer period within (‘‘Rulebook’’) shell structure.3 Exchanges.6 The Exchange believes that
which to take action on the proposed The text of the proposed rule change the migration of the CAT Rules to their
rule change so that it has sufficient time is available on the Exchange’s website at new location will facilitate the use of
to consider the proposed rule change. http://nasdaqbx.cchwallstreet.com/, at the Rulebook by Members 7 of the
Accordingly, the Commission, the principal office of the Exchange, and Exchange who are members of other
pursuant to Section 19(b)(2) of the Act,6 at the Commission’s Public Reference Affiliated Exchanges. Moreover, the
designates March 26, 2018, as the date Room. proposed changes are of a non-
by which the Commission shall either substantive nature and will not amend
II. Self-Regulatory Organization’s
approve or disapprove, or institute the relocated rules other than to update
Statement of the Purpose of, and
proceedings to determine whether to their numbers and make conforming
Statutory Basis for, the Proposed Rule
disapprove, the proposed rule change cross-reference changes.
Change
(File No. SR–NYSEArca–2017–139).
In its filing with the Commission, the 2. Statutory Basis
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Exchange included statements The Exchange believes that its
authority.7 concerning the purpose of and basis for proposal is consistent with Section 6(b)
Eduardo A. Aleman, the proposed rule change and discussed of the Act,8 in general, and furthers the
Assistant Secretary. any comments it received on the objectives of Section 6(b)(5) of the Act,9
[FR Doc. 2018–02130 Filed 2–1–18; 8:45 am]
proposed rule change. The text of these in particular, in that it is designed to
statements may be examined at the promote just and equitable principles of
BILLING CODE 8011–01–P
places specified in Item IV below. The trade, to remove impediments to and
Exchange has prepared summaries, set perfect the mechanism of a free and
SECURITIES AND EXCHANGE forth in sections A, B, and C below, of open market and a national market
COMMISSION the most significant aspects of such system, and, in general to protect
statements. investors and the public interest, by
[Release No. 34–82597; File No. SR–BX– promoting efficiency and conformity of
2018–007] A. Self-Regulatory Organization’s
the Exchange’s processes with those of
Statement of the Purpose of, and
Self-Regulatory Organizations; Nasdaq the Affiliated Exchanges and to make
Statutory Basis for, the Proposed Rule
BX, Inc.; Notice of Filing and the Exchange’s Rulebook easier to read
Change
Immediate Effectiveness of Proposed and more accessible to its Members. The
Rule Change To Relocate the 1. Purpose Exchange believes that the relocation of
Consolidated Audit Trail Compliance The Exchange proposes to relocate the the CAT Rules and cross-reference
Rules CAT Rules, currently under the 6800 updates are of a non-substantive nature.
Series, Rules 6810 through 6896, to B. Self-Regulatory Organization’s
January 30, 2018. General 7, Sections 1 through 13 of the Statement on Burden on Competition
Pursuant to Section 19(b)(1) of the Rulebook’s shell structure.
Securities Exchange Act of 1934 The Exchange does not believe that
The Exchange adopted the CAT Rules
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 the proposed rule change will impose
to implement a consolidated audit trail
notice is hereby given that on January any burden on competition not
in order to capture customer and order
24, 2018, Nasdaq BX, Inc. (‘‘BX’’ or necessary or appropriate in furtherance
event information to comply with the
of the purposes of the Act. The
provisions of the National Market
4 See Letter from Abe Kohen, AK Financial
Engineering Consultants, LLC (Dec. 27, 2017). All 3 Recently, the Exchange added a shell structure
4 See Securities Exchange Act Release No. 80256
sradovich on DSK3GMQ082PROD with NOTICES
comments on the proposed rule change are (March 15, 2017), 82 FR 14526 (March 21, 2017)
available on the Commission’s website at: https:// to its Rulebook with the purpose of improving (SR–BX–2017–007) (Order Approving Proposed
www.sec.gov/comments/sr-nysearca-2017-139/ efficiency and readability and to align its rules Rule Changes To Adopt Consolidated Audit Trail
nysearca2017139.htm. closer to those of its five sister exchanges, The Compliance Rules).
5 15 U.S.C. 78s(b)(2). Nasdaq Stock Market LLC; Nasdaq PHLX LLC; 5 Id.
6 Id.
Nasdaq ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq 6 See footnote 3.
MRX, LLC (‘‘Affiliated Exchanges’’). See Securities
7 17 CFR 200.30–3(a)(31). 7 Exchange Rule 0120(i).
Exchange Act Release No. 82174 (November 29,
1 15 U.S.C. 78s(b)(1). 8 15 U.S.C. 78f(b).
2017), 82 FR 57492 (December 5, 2017) (SR–BX–
2 17 CFR 240.19b–4. 2017–054). 9 15 U.S.C. 78f(b)(5).
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Document Created: 2018-02-03 14:27:20
Document Modified: 2018-02-03 14:27:20
| 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 4941 |
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