83 FR 54641 - Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Current Rules on Arbitration
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 210 (October 30, 2018)
Federal Register Volume 83, Issue 210 (October 30, 2018)
| Page Range | 54641-54643 | |
| FR Document | 2018-23621 |
[Federal Register Volume 83, Number 210 (Tuesday, October 30, 2018)] [Notices] [Pages 54641-54643] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-23621] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84477; File No. SR-Phlx-2018-62] Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Current Rules on Arbitration October 24, 2018. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 9, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delete the current rules on arbitration (``Current Arbitration Rules''), under Rule 950, and incorporate by reference The Nasdaq Stock Market LLC's (``Nasdaq'') rules on arbitration at General 6 (``Proposed Arbitration Rules''), into General 6 of the Exchange's rulebook's (``Rulebook'') shell structure.\3\ --------------------------------------------------------------------------- \3\ Recently, the Exchange added a shell structure to its Rulebook with the purpose of improving efficiency and readability and to align its rules closer to those of its five sister exchanges, The Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC (``Affiliated Exchanges''). The shell structure currently contains eight (8) Chapters which, once complete, will apply a common set of rules to the Affiliated Exchanges. See Securities Exchange Act Release No. 82169 (November 29, 2017), 82 FR 57508 (December 5, 2017) (SR-PHLX-2017-97). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's website at http://nasdaqphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to delete the rules on arbitration, currently under Rule 950, and incorporate by reference the Nasdaq rules on arbitration at General 6 of Nasdaq's rulebook into General 6 of the Exchange's Rulebook. The Exchange adopted the Current Arbitration Rules to ensure a fair and efficient manner in which to handle any dispute, claim or controversy arising out of, or in connection with, the business of any Member of the Exchange. To help administer the process of dispute resolution, the Exchange and FINRA are parties to a Regulatory Contract, pursuant to which FINRA has agreed to perform certain functions and provide access to certain services, including: Member regulation and registration; non-real time market surveillance; examinations and investigations; and dispute resolution. FINRA currently operates the largest securities dispute resolution forum in the United States,\4\ and has given the Exchange access to these services. Under the Current Arbitration Rules, Members and associated persons of a Member are subject to the FINRA Code of Arbitration Procedure. --------------------------------------------------------------------------- \4\ http://www.finra.org/arbitration-and-mediation. --------------------------------------------------------------------------- [[Page 54642]] Because the Affiliated Exchanges are also parties to similar Regulatory Contracts with FINRA that make their members and associated persons of such members subject to the FINRA Code of Arbitration Procedure, the Exchange believes it is pertinent that a common set of rules on arbitration be included in the General section of the Rulebook's shell. Nasdaq completed this process recently \5\ and, pursuant to subsequent filings, the intention is to replace the existing arbitration rules for each of the Affiliated Exchanges by incorporating the Nasdaq rules on arbitration by reference. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 83834 (August 13, 2018), 83 FR 41115 (August 17, 2018) (SR-NASDAQ-2018-067). --------------------------------------------------------------------------- Therefore, the Exchange will incorporate by reference the Proposed Arbitration Rules in ``General 6 Arbitration'' of the shell's ``General Equity and Options Rules'' section. The relocation and harmonization of the arbitration rules is part of the Exchange's continued effort to promote efficiency and conformity of its processes with those of its Affiliated Exchanges.\6\ The Exchange believes that the adoption and placement of the Proposed Arbitration Rules to their new location in the shell will facilitate the use of the Rulebook by Members of the Exchange who are members of other Affiliated Exchanges. Moreover, the proposed changes are of a conforming nature and will not amend the substance of the adopted rules other than to update the language to that of the Proposed Arbitration Rules, and to make conforming cross-reference changes. --------------------------------------------------------------------------- \6\ See footnote 3. --------------------------------------------------------------------------- PHLX will continue to file proposed rule changes to amend its General 6 Rules until such time as it receives an exemption from the Securities and Exchange Commission, pursuant to its authority under Section 36 of the Exchange Act of 1934 (``Act'') and Rule 0-12 \7\ thereunder, from the Section 19(b) filing requirements to separately file a proposed rule change to amend General 6. --------------------------------------------------------------------------- \7\ See 17 CFR 240.0-12; Securities Exchange Act Release No. 39624 (February 5, 1998), 63 FR 8101 (February 18, 1998). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\9\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by promoting efficiency and structural conformity of the Exchange's processes with those of the Affiliated Exchanges and to make the Exchange's Rulebook easier to read and more accessible to its Members. The Exchange believes that the adoption and harmonization of the arbitration rules and cross-reference updates are of a non-substantive nature. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act. The proposed changes do not impose a burden on competition because, as previously stated, they are (i) of a non-substantive nature, (ii) intended to harmonize the structure of the Exchange's rules with those of its Affiliated Exchanges, and (iii) intended to organize the Rulebook in a way that it will ease the Members' navigation and reading of the rules across the Affiliated Exchanges. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-Phlx-2018-62 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2018-62. 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 a.m. and 3 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-Phlx- [[Page 54643]] 2018-62 and should be submitted on or before November 20, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-23621 Filed 10-29-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 210 / Tuesday, October 30, 2018 / Notices 54641
III. Date of Effectiveness of the inspection and copying at the principal The text of the proposed rule change
Proposed Rule Change and Timing for office of the Exchange. All comments is available on the Exchange’s website at
Commission Action received will be posted without change. http://nasdaqphlx.cchwallstreet.com/,
Within 45 days of the date of Persons submitting comments are at the principal office of the Exchange,
publication of this notice in the Federal cautioned that we do not redact or edit and at the Commission’s Public
Register or within such longer period personal identifying information from Reference Room.
up to 90 days (i) as the Commission may comment submissions. You should
II. Self-Regulatory Organization’s
designate if it finds such longer period submit only information that you wish
Statement of the Purpose of, and
to be appropriate and publishes its to make available publicly. All
Statutory Basis for, the Proposed Rule
reasons for so finding or (ii) as to which submissions should refer to File
Change
the Exchange consents, the Commission Number SR–CboeBZX–2018–066, and
will: should be submitted on or before In its filing with the Commission, the
A. By order approve or disapprove November 20, 2018. Exchange included statements
such proposed rule change, or For the Commission, by the Division of concerning the purpose of and basis for
B. institute proceedings to determine Trading and Markets, pursuant to delegated the proposed rule change and discussed
whether the proposed rule change authority.26 any comments it received on the
should be disapproved. Eduardo A. Aleman, proposed rule change. The text of these
Assistant Secretary. statements may be examined at the
IV. Solicitation of Comments places specified in Item IV below. The
[FR Doc. 2018–23624 Filed 10–29–18; 8:45 am]
Interested persons are invited to Exchange has prepared summaries, set
BILLING CODE 8011–01–P
submit written data, views, and forth in sections A, B, and C below, of
arguments concerning the foregoing, the most significant aspects of such
including whether the proposed rule SECURITIES AND EXCHANGE statements.
change is consistent with the Act. COMMISSION A. Self-Regulatory Organization’s
Comments may be submitted by any of Statement of the Purpose of, and
the following methods: [Release No. 34–84477; File No. SR–Phlx–
2018–62] Statutory Basis for, the Proposed Rule
Electronic Comments Change
Self-Regulatory Organizations; Nasdaq
• Use the Commission’s internet 1. Purpose
PHLX LLC; Notice of Filing and
comment form (http://www.sec.gov/ The Exchange proposes to delete the
Immediate Effectiveness of Proposed
rules/sro.shtml); or rules on arbitration, currently under
Rule Change To Delete Current Rules
• Send an email to rule-comments@ Rule 950, and incorporate by reference
on Arbitration
sec.gov. Please include File Number SR– the Nasdaq rules on arbitration at
CboeBZX–2018–066 on the subject line. October 24, 2018. General 6 of Nasdaq’s rulebook into
Paper Comments Pursuant to Section 19(b)(1) of the General 6 of the Exchange’s Rulebook.
Securities Exchange Act of 1934 The Exchange adopted the Current
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2
to Secretary, Securities and Exchange Arbitration Rules to ensure a fair and
notice is hereby given that on October efficient manner in which to handle any
Commission, 100 F Street NE, 9, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
Washington, DC 20549–1090. dispute, claim or controversy arising out
‘‘Exchange’’) filed with the Securities of, or in connection with, the business
All submissions should refer to File and Exchange Commission (‘‘SEC’’ or of any Member of the Exchange. To help
Number SR-CboeBZX–2018–066. This ‘‘Commission’’) the proposed rule administer the process of dispute
file number should be included on the change as described in Items I, II, and resolution, the Exchange and FINRA are
subject line if email is used. To help the III, below, which Items have been parties to a Regulatory Contract,
Commission process and review your prepared by the Exchange. The pursuant to which FINRA has agreed to
comments more efficiently, please use Commission is publishing this notice to perform certain functions and provide
only one method. The Commission will solicit comments on the proposed rule access to certain services, including:
post all comments on the Commission’s change from interested persons. Member regulation and registration;
internet website (http://www.sec.gov/ non-real time market surveillance;
rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
Statement of the Terms of Substance of examinations and investigations; and
submission, all subsequent dispute resolution. FINRA currently
amendments, all written statements the Proposed Rule Change
operates the largest securities dispute
with respect to the proposed rule The Exchange proposes to delete the resolution forum in the United States,4
change that are filed with the current rules on arbitration (‘‘Current and has given the Exchange access to
Commission, and all written Arbitration Rules’’), under Rule 950, these services. Under the Current
communications relating to the and incorporate by reference The Arbitration Rules, Members and
proposed rule change between the Nasdaq Stock Market LLC’s (‘‘Nasdaq’’) associated persons of a Member are
Commission and any person, other than rules on arbitration at General 6 subject to the FINRA Code of
those that may be withheld from the (‘‘Proposed Arbitration Rules’’), into Arbitration Procedure.
public in accordance with the General 6 of the Exchange’s rulebook’s
provisions of 5 U.S.C. 552, will be (‘‘Rulebook’’) shell structure.3
khammond on DSK30JT082PROD with NOTICES
Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq
available for website viewing and ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq MRX,
printing in the Commission’s Public 26 17 CFR 200.30–3(a)(12). LLC (‘‘Affiliated Exchanges’’). The shell structure
1 15 U.S.C. 78s(b)(1).
Reference Room, 100 F Street NE, currently contains eight (8) Chapters which, once
2 17 CFR 240.19b–4. complete, will apply a common set of rules to the
Washington, DC 20549, on official 3 Recently, the Exchange added a shell structure Affiliated Exchanges. See Securities Exchange Act
business days between the hours of to its Rulebook with the purpose of improving Release No. 82169 (November 29, 2017), 82 FR
10:00 a.m. and 3:00 p.m. Copies of the efficiency and readability and to align its rules 57508 (December 5, 2017) (SR–PHLX–2017–97).
filing also will be available for closer to those of its five sister exchanges, The 4 http://www.finra.org/arbitration-and-mediation.
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![Federal Register / Vol. 83, No. 210 / Tuesday, October 30, 2018 / Notices 54643
2018–62 and should be submitted on or Percent Please send your comments by
DATES:
before November 20, 2018. November 29, 2018. OMB must receive
For the Commission, by the Division of Non-Profit Organizations with your comments by this date in order to
Trading and Markets, pursuant to delegated Credit Available Elsewhere 2.500 act quickly on the ICR.
authority.12 Non-Profit Organizations
without Credit Available ADDRESSES: All comments should
Eduardo A. Aleman, Elsewhere .......................... 2.500 reference Federal Docket Management
Assistant Secretary. For Economic Injury: System (FDMS) Docket Number
[FR Doc. 2018–23621 Filed 10–29–18; 8:45 am] Non-Profit Organizations FMCSA–2018–0159. Interested persons
BILLING CODE 8011–01–P without Credit Available are invited to submit written comments
Elsewhere. ......................... 2.500 on the proposed information collection
to the Office of Information and
The number assigned to this disaster Regulatory Affairs, Office of
SMALL BUSINESS ADMINISTRATION for physical damage is 157808 and for Management and Budget. Comments
[Disaster Declaration # 15780 and # 15781; economic injury is 157810. should be addressed to the attention of
FLORIDA Disaster Number FL–00141] the Desk Officer, Department of
(Catalog of Federal Domestic Assistance
Number 59008) Transportation/Federal Motor Carrier
Presidential Declaration of a Major Safety Administration, and sent via
Disaster for Public Assistance Only for electronic mail to oira_submission@
the State of Florida Rafaela Monchek,
Acting Associate Administrator for Disaster omb.eop.gov, or faxed to (202) 395–
AGENCY: U.S. Small Business Assistance. 6974, or mailed to the Office of
Administration. [FR Doc. 2018–23626 Filed 10–29–18; 8:45 am]
Information and Regulatory Affairs,
ACTION: Notice. Office of Management and Budget,
BILLING CODE 8025–01–P
Docket Library, Room 10102, 725 17th
SUMMARY: This is a Notice of the Street NW, Washington, DC 20503.
Presidential declaration of a major FOR FURTHER INFORMATION CONTACT: Mr.
disaster for Public Assistance Only for DEPARTMENT OF TRANSPORTATION Selden Fritschner, Senior
the State of Florida (FEMA–4399–DR), Transportation Specialist, Office of
dated 10/23/2018. Federal Motor Carrier Safety
Administration Safety Programs, Commercial Driver’s
Incident: Hurricane Michael. License Division (MC–ESL), Department
Incident Period: 10/07/2018 through [Docket No. FMCSA–2018–0159] of Transportation, Federal Motor Carrier
10/19/2018. Safety Administration, 6th Floor, West
DATES: Issued on 10/23/2018. Agency Information Collection Building, 1200 New Jersey Avenue SE,
Physical Loan Application Deadline Activities; Revision of an Approved Washington, DC 20590–0001.
Date: 12/24/2018. Information Collection Request: Telephone: 202–366–0677; Email
Economic Injury (EIDL) Loan Commercial Driver Licensing and Test Address: selden.fritschner@dot.gov.
Application Deadline Date: 07/23/2019. Standards Office hours are from 9 a.m. to 5 p.m.,
ADDRESSES: Submit completed loan Monday through Friday, except Federal
AGENCY: Federal Motor Carrier Safety Holidays.
applications to: U.S. Small Business Administration (FMCSA), DOT.
Administration, Processing and SUPPLEMENTARY INFORMATION:
Disbursement Center, 14925 Kingsport ACTION: Notice and request for
comments. Title: Commercial Driver Licensing
Road, Fort Worth, TX 76155. and Test Standards.
FOR FURTHER INFORMATION CONTACT: A. SUMMARY: In accordance with the OMB Control Number: 2126–0011.
Escobar, Office of Disaster Assistance, Paperwork Reduction Act of 1995, Type of Request: Revision of a
U.S. Small Business Administration, FMCSA announces its plan to submit currently-approved information
409 3rd Street SW, Suite 6050, the Information Collection Request (ICR) collection.
Washington, DC 20416, (202) 205–6734. described below to the Office of Respondents: Drivers with a
SUPPLEMENTARY INFORMATION: Notice is Management and Budget (OMB) for commercial learner’s permit (CLP) or
hereby given that as a result of the review and approval. FMCSA requests commercial driver’s license (CDL) and
President’s major disaster declaration on approval to revise and renew an ICR State driver licensing agencies.
10/23/2018, Private Non-Profit titled, ‘‘Commercial Driver Licensing Estimated Number of Respondents:
organizations that provide essential and Test Standards,’’ due to, in part, a 7,364,972 driver respondents and 4,746
services of a governmental nature may decrease in the number of commercial State respondents.
file disaster loan applications at the driver’s license records and the addition Estimated Time per Response: Varies.
address listed above or other locally of one information collection item: Expiration Date: October 31, 2018.
announced locations. ‘‘Driver completion of knowledge and
Frequency of Response: Varies.
The following areas have been skills tests.’’ This ICR is needed to
determined to be adversely affected by ensure that drivers, motor carriers and Estimated Total Annual Burden:
the disaster: the States are complying with 2,825,503 hours, which is the total of
notification and recordkeeping four tasks for CDL drivers (2,403,248
Primary Counties: Bay, Calhoun, hours), added to a total of eight tasks for
requirements for information related to
khammond on DSK30JT082PROD with NOTICES
Gadsden, Gulf, Jackson, Liberty. State driver licensing agency CDL
The Interest Rates are: testing, licensing, violations,
convictions and disqualifications and activities (422,255 hours).
that the information is accurate, Information collection tasks and
Percent
complete and transmitted and recorded associated burden hours are as follows:
For Physical Damage: within certain time periods as required IC–1.1 Driver Notification of
by the Commercial Motor Vehicle Safety Convictions/Disqualifications to
12 17 CFR 200.30–3(a)(12). Act of 1986 (CMVSA), as amended. Employer: 473,577 hours
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Document Created: 2018-10-30 00:43:53
Document Modified: 2018-10-30 00:43:53
| 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 54641 |
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