83 FR 5822 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To Adopt the Midpoint Extended Life Order
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 28 (February 9, 2018)
Federal Register Volume 83, Issue 28 (February 9, 2018)
| Page Range | 5822-5823 | |
| FR Document | 2018-02568 |
[Federal Register Volume 83, Number 28 (Friday, February 9, 2018)] [Notices] [Pages 5822-5823] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-02568] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82629; File No. SR-NASDAQ-2017-074] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To Adopt the Midpoint Extended Life Order February 5, 2018. On July 21, 2017, The Nasdaq Stock Market LLC (``Nasdaq'' 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 adopt the Midpoint Extended Life Order (``MELO''). The proposed rule change was published for comment in the Federal Register on August 9, 2017.\3\ On August 9, 2017, the Exchange filed Amendment No. 1 to the proposed rule change.\4\ On September 21, 2017, [[Page 5823]] pursuant to Section 19(b)(2) of the Act,\5\ the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change.\6\ The Commission initially received three comment letters on the proposed rule change.\7\ On October 30, 2017, the Exchange filed Amendment No. 2 to the proposed rule change.\8\ On November 3, 2017, the Commission published notice of Amendment No. 2 and instituted proceedings under Section 19(b)(2)(B) of the Act \9\ to determine whether to approve or disapprove the proposed rule change, as modified by Amendment Nos. 1 and 2.\10\ The Commission received one additional comment letter on the proposed rule change in response to the Order Instituting Proceedings.\11\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 81311 (August 3, 2017), 82 FR 37248. \4\ In Amendment No. 1, the Exchange updated the proposal to reflect the approval of the proposal by the Exchange's Board of Directors on July 21, 2017. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nasdaq-2017-074/nasdaq2017074.htm. Because Amendment No. 1 is a technical amendment that does not alter the substance of the proposed rule change, it is not subject to notice and comment. \5\ 15 U.S.C. 78s(b)(2). \6\ See Securities Exchange Act Release No. 81668, 82 FR 45095 (September 27, 2017). The Commission designated November 7, 2017 as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change. \7\ See Letters to Brent J. Fields, Secretary, Commission, from Stephen John Berger, Managing Director, Government & Regulatory Policy, Citadel Securities, dated August 30, 2017; Ray Ross, Chief Technology Officer, The Clearpool Group, dated September 12, 2017; and Joanna Mallers, Secretary, FIA Principal Traders Group, dated September 19, 2017. \8\ In Amendment No. 2, the Exchange: (1) Modified the proposal to prevent MELOs from executing when there is a non-displayed order priced more aggressively than the NBBO midpoint resting on the Nasdaq book; (2) provided additional description, clarification, and rationale for certain aspects of the proposal; and (3) responded to several concerns raised by commenters on the proposal. Amendment No. 2 is available at https://www.sec.gov/comments/sr-nasdaq-2017-074/nasdaq2017074.htm. \9\ 15 U.S.C. 78s(b)(2)(B). \10\ See Securities Exchange Act Release No. 82013, 82 FR 52075 (November 9, 2017) (``Order Instituting Proceedings''). \11\ See Letter to Brent J. Fields, Secretary, Commission, from Edward K. Shin, dated December 8, 2017. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \12\ provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. In this case, the proposed rule change was published for notice and comment in the Federal Register on August 9, 2017.\13\ February 5, 2018 is 180 days from that date. The Commission is extending the time period for approving or disapproving the proposal by an additional 30 days. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2). \13\ See supra note 3. --------------------------------------------------------------------------- The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, the issues raised in the comment letters that have been submitted in response to the proposed rule change, and the Exchange's responses to such comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\14\ designates March 7, 2018 as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-NASDAQ-2017-074), as modified by Amendment Nos. 1 and 2. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(57). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-02568 Filed 2-8-18; 8:45 am] BILLING CODE 8011-01-P
![5822 Federal Register / Vol. 83, No. 28 / Friday, February 9, 2018 / Notices
any burden on competition not 19(b)(3)(A)(iii) of the Act 10 and available for website viewing and
necessary or appropriate in furtherance subparagraph (f)(6) of Rule 19b–4 printing in the Commission’s Public
of the purposes of the Act. thereunder.11 Reference Room, 100 F Street NE,
In terms of inter-market competition, At any time within 60 days of the Washington, DC 20549 on official
the Exchange notes that it operates in a filing of the proposed rule change, the business days between the hours of
highly competitive market in which Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the
market participants can readily favor temporarily suspend such rule change if filing also will be available for
competing venues if they deem fee it appears to the Commission that such inspection and copying at the principal
levels at a particular venue to be action is: (i) Necessary or appropriate in office of the Exchange. All comments
excessive, or rebate opportunities the public interest; (ii) for the protection received will be posted without change.
available at other venues to be more of investors; or (iii) otherwise in Persons submitting comments are
favorable. In such an environment, the furtherance of the purposes of the Act. cautioned that we do not redact or edit
Exchange must continually adjust its If the Commission takes such action, the personal identifying information from
fees to remain competitive with other Commission shall institute proceedings comment submissions. You should
exchanges and with alternative trading to determine whether the proposed rule submit only information that you wish
systems that have been exempted from should be approved or disapproved. to make available publicly. All
compliance with the statutory standards submissions should refer to File
IV. Solicitation of Comments Number SR–BX–2018–006, and should
applicable to exchanges. Because
competitors are free to modify their own Interested persons are invited to be submitted on or before March 2,
fees in response, and because market submit written data, views, and 2018.
participants may connect to third arguments concerning the foregoing, For the Commission, by the Division of
parties instead of directly connecting to including whether the proposed rule Trading and Markets, pursuant to delegated
the Exchange, the Exchange believes change is consistent with the Act. authority.12
that the degree to which fee changes in Comments may be submitted by any of Eduardo A. Aleman,
this market may impose any burden on the following methods: Assistant Secretary.
competition is extremely limited. Electronic Comments [FR Doc. 2018–02567 Filed 2–8–18; 8:45 am]
BILLING CODE 8011–01–P
In this instance, the proposed changes • Use the Commission’s internet
to the charges assessed for colocation, comment form (http://www.sec.gov/
connectivity, and direct circuit rules/sro.shtml); or SECURITIES AND EXCHANGE
connectivity are consistent with the fees • Send an email to rule-comments@ COMMISSION
already assessed by other Nasdaq, Inc. sec.gov. Please include File Number SR–
Exchanges for the same shared services. BX–2018–006 on the subject line. [Release No. 34–82629; File No. SR–
To the extent that any of these fees are NASDAQ–2017–074]
[sic] unattractive to market participants, Paper Comments
Self-Regulatory Organizations; The
it is likely that the Exchange, and its • Send paper comments in triplicate
sister Nasdaq, Inc. Exchanges, will lose Nasdaq Stock Market LLC; Notice of
to Secretary, Securities and Exchange
market share as a result. The Exchange Designation of Longer Period for
Commission, 100 F Street NE,
does not believe that the proposed Commission Action on Proceedings To
Washington, DC 20549–1090.
changes will impair the ability of Determine Whether To Approve or
All submissions should refer to File Disapprove a Proposed Rule Change,
members or competing order execution Number SR–BX–2018–006. This file
venues to maintain their competitive as Modified by Amendment Nos. 1 and
number should be included on the 2, To Adopt the Midpoint Extended Life
standing in the financial markets. subject line if email is used. To help the Order
Furthermore, the Exchange does not Commission process and review your
expect that its proposals to eliminate or comments more efficiently, please use February 5, 2018.
replace expired or obsolete language only one method. The Commission will On July 21, 2017, The Nasdaq Stock
from its Rulebook will have any impact post all comments on the Commission’s Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
on competition. internet website (http://www.sec.gov/ filed with the Securities and Exchange
rules/sro.shtml). Copies of the Commission (‘‘Commission’’), pursuant
C. Self-Regulatory Organization’s
submission, all subsequent to Section 19(b)(1) of the Securities
Statement on Comments on the
amendments, all written statements Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Proposed Rule Change Received From
with respect to the proposed rule 19b–4 thereunder,2 a proposed rule
Members, Participants, or Others
change that are filed with the change to adopt the Midpoint Extended
No written comments were either Commission, and all written Life Order (‘‘MELO’’). The proposed
solicited or received. communications relating to the rule change was published for comment
proposed rule change between the in the Federal Register on August 9,
III. Date of Effectiveness of the Commission and any person, other than 2017.3 On August 9, 2017, the Exchange
Proposed Rule Change and Timing for those that may be withheld from the filed Amendment No. 1 to the proposed
Commission Action public in accordance with the rule change.4 On September 21, 2017,
Because the foregoing proposed rule provisions of 5 U.S.C. 552, will be
12 17 CFR 200.30–3(a)(12).
change does not: (i) Significantly affect
sradovich on DSK3GMQ082PROD with NOTICES
10 15 1 15 U.S.C. 78s(b)(1).
the protection of investors or the public U.S.C. 78s(b)(3)(A)(iii).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 2 17 CFR 240.19b–4.
interest; (ii) impose any significant 4(f)(6) requires a self-regulatory organization to give 3 See Securities Exchange Act Release No. 81311
burden on competition; and (iii) become the Commission written notice of its intent to file (August 3, 2017), 82 FR 37248.
operative for 30 days from the date on the proposed rule change at least five business days 4 In Amendment No. 1, the Exchange updated the
which it was filed, or such shorter time prior to the date of filing of the proposed rule proposal to reflect the approval of the proposal by
change, or such shorter time as designated by the the Exchange’s Board of Directors on July 21, 2017.
as the Commission may designate, it has Commission. The Exchange has satisfied this Amendment No. 1 is available at https://
become effective pursuant to Section requirement. www.sec.gov/comments/sr-nasdaq-2017-074/
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![Federal Register / Vol. 83, No. 28 / Friday, February 9, 2018 / Notices 5823
pursuant to Section 19(b)(2) of the Act,5 publishes the reasons for such matters relating to private sector
the Commission designated a longer determination. In this case, the security policies and protective
period within which to approve the proposed rule change was published for programs and the protection of U.S.
proposed rule change, disapprove the notice and comment in the Federal business information overseas.
proposed rule change, or institute Register on August 9, 2017.13 February For more information, contact Marsha
proceedings to determine whether to 5, 2018 is 180 days from that date. The Thurman, Overseas Security Advisory
approve or disapprove the proposed Commission is extending the time Council, U.S. Department of State,
rule change.6 The Commission initially period for approving or disapproving Washington, DC 20522–2008, phone:
received three comment letters on the the proposal by an additional 30 days. 571–345–2214.
proposed rule change.7 On October 30, The Commission finds it appropriate
Thomas G. Scanlon,
2017, the Exchange filed Amendment to designate a longer period within
No. 2 to the proposed rule change.8 On which to issue an order approving or Executive Director, Overseas Security
November 3, 2017, the Commission Advisory Council, Department of State.
disapproving the proposed rule change
published notice of Amendment No. 2 [FR Doc. 2018–02562 Filed 2–8–18; 8:45 am]
so that it has sufficient time to consider
and instituted proceedings under the proposed rule change, the issues BILLING CODE 4710–24–P
Section 19(b)(2)(B) of the Act 9 to raised in the comment letters that have
determine whether to approve or been submitted in response to the
disapprove the proposed rule change, as proposed rule change, and the DEPARTMENT OF TRANSPORTATION
modified by Amendment Nos. 1 and 2.10 Exchange’s responses to such
The Commission received one comments. Federal Aviation Administration
additional comment letter on the Accordingly, the Commission,
proposed rule change in response to the Aviation Rulemaking Advisory
pursuant to Section 19(b)(2) of the
Order Instituting Proceedings.11 Committee; Meeting
Act,14 designates March 7, 2018 as the
Section 19(b)(2) of the Act 12 provides date by which the Commission shall AGENCY: Federal Aviation
that, after initiating disapproval either approve or disapprove the Administration (FAA), DOT.
proceedings, the Commission shall issue proposed rule change (File No. SR– ACTION: Notice of Aviation Rulemaking
an order approving or disapproving the NASDAQ–2017–074), as modified by
proposed rule change not later than 180 Advisory Committee (ARAC) meeting.
Amendment Nos. 1 and 2.
days after the date of publication of SUMMARY: The FAA is issuing this notice
notice of filing of the proposed rule For the Commission, by the Division of
Trading and Markets, pursuant to delegated to advise the public of a meeting of the
change. The Commission may extend ARAC.
authority.15
the period for issuing an order
Eduardo A. Aleman, DATES: The meeting will be held on
approving or disapproving the proposed
rule change, however, by not more than Assistant Secretary. March 15, 2018, starting at 1:00 p.m.
60 days if the Commission determines [FR Doc. 2018–02568 Filed 2–8–18; 8:45 am] Eastern Standard Time. Arrange oral
that a longer period is appropriate and BILLING CODE 8011–01–P
presentations by February 28, 2018.
ADDRESSES: The meeting will take place
nasdaq2017074.htm. Because Amendment No. 1 is at the Federal Aviation Administration,
a technical amendment that does not alter the DEPARTMENT OF STATE 800 Independence Avenue SW,
substance of the proposed rule change, it is not Washington, DC 20591.
subject to notice and comment. [Public Notice: 10309]
5 15 U.S.C. 78s(b)(2). FOR FURTHER INFORMATION CONTACT:
6 See Securities Exchange Act Release No. 81668,
Overseas Security Advisory Council Lakisha Pearson, Federal Aviation
82 FR 45095 (September 27, 2017). The Administration, 800 Independence
Commission designated November 7, 2017 as the (OSAC) Meeting Notice; Closed
date by which the Commission shall approve or Meeting Avenue SW, Washington, DC 20591,
disapprove, or institute proceedings to determine telephone (202) 267–4191; fax (202)
whether to approve or disapprove, the proposed The Department of State announces a 267–5075; email 9-awa-arac@faa.gov.
rule change. meeting of the U.S. State Department
7 See Letters to Brent J. Fields, Secretary, SUPPLEMENTARY INFORMATION: Pursuant
Overseas Security Advisory Council on to Section 10(a)(2) of the Federal
Commission, from Stephen John Berger, Managing
Director, Government & Regulatory Policy, Citadel February 28, 2018. Pursuant to Section Advisory Committee Act (5 U.S.C. App.
Securities, dated August 30, 2017; Ray Ross, Chief 10(d) of the Federal Advisory 2), we are giving notice of a meeting of
Technology Officer, The Clearpool Group, dated Committee Act (5 U.S.C. Appendix), 5 the ARAC taking place on March 15,
September 12, 2017; and Joanna Mallers, Secretary, U.S.C. 552b(c)(4), and 5 U.S.C.
FIA Principal Traders Group, dated September 19, 2018, at the Federal Aviation
2017. 552b(c)(7)(E), it has been determined Administration, 800 Independence
8 In Amendment No. 2, the Exchange: (1) that the meeting will be closed to the Avenue SW, Washington, DC 20591.
Modified the proposal to prevent MELOs from public. The meeting will focus on an The Draft Agenda includes:
executing when there is a non-displayed order examination of corporate security
priced more aggressively than the NBBO midpoint 1. Status Report from the FAA
resting on the Nasdaq book; (2) provided additional policies and procedures and will
2. Status Updates:
description, clarification, and rationale for certain involve extensive discussion of trade
a. Active Working Groups
aspects of the proposal; and (3) responded to secrets and proprietary commercial
several concerns raised by commenters on the b. Transport Airplane and Engine
information that is privileged and
proposal. Amendment No. 2 is available at https:// (TAE) Subcommittee
www.sec.gov/comments/sr-nasdaq-2017-074/ confidential, and will discuss law
3. Recommendation Reports
sradovich on DSK3GMQ082PROD with NOTICES
nasdaq2017074.htm. enforcement investigative techniques
4. Any Other Business
9 15 U.S.C. 78s(b)(2)(B).
and procedures. The agenda will
10 See Securities Exchange Act Release No. 82013,
include updated committee reports, a The Agenda will be published on the
82 FR 52075 (November 9, 2017) (‘‘Order Instituting FAA Meeting web page (https://
Proceedings’’).
global threat overview, and other
11 See Letter to Brent J. Fields, Secretary,
www.faa.gov/regulationspolicies/
Commission, from Edward K. Shin, dated December 13 See supra note 3. rulemaking/npm/) once it is finalized.
8, 2017. 14 15 U.S.C. 78s(b)(2). Attendance is open to the interested
12 15 U.S.C. 78s(b)(2). 15 17 CFR 200.30–3(a)(57). public but limited to the space
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Document Created: 2018-02-09 00:11:49
Document Modified: 2018-02-09 00:11:49
| 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 5822 |
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