83_FR_61137 83 FR 60909 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Relocate Registration, Qualification Examination and Continuing Education Rules

83 FR 60909 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Relocate Registration, Qualification Examination and Continuing Education Rules

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 228 (November 27, 2018)

Page Range60909-60911
FR Document2018-25740

Federal Register, Volume 83 Issue 228 (Tuesday, November 27, 2018)
[Federal Register Volume 83, Number 228 (Tuesday, November 27, 2018)]
[Notices]
[Pages 60909-60911]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-25740]


=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84638; File No. SR-NASDAQ-2018-093]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to 
Relocate Registration, Qualification Examination and Continuing 
Education Rules

November 20, 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 November 14, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to delete from [sic] the current rules on 
Registration, Qualification Examination and Continuing Education 
consisting of Rules 1200, 1210, 1220, 1230, 1240 and 1250 (the ``1200 
Series'' of rules) and to relocate them into General 4 in the 
Exchange's rulebook's (``Rulebook'') shell structure, as new General 4, 
Section 1.\3\
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    \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, 
Nasdaq BX, Inc.; Nasdaq PHLX LLC (``Phlx''); Nasdaq ISE, LLC; Nasdaq 
GEMX, LLC; and Nasdaq MRX, LLC (``Affiliated Exchanges''). The shell 
structure containing General Equity and Options Rules currently 
contains eight chapters which, once complete, will apply a common 
set of rules to the Affiliated Exchanges. See Securities Exchange 
Act Release No. 82175 (November 29, 2017), 82 FR 57494 (December 5, 
2017) (SR-NASDAQ-2017-125).
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    The text of the proposed rule change is available on the Exchange's 
website at http://nasdaq.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

[[Page 60910]]

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 its rules on Registration, 
Qualification Examinations and Continuing Education where they are 
currently found in the Exchange's Rulebook and relocate them to General 
4, Regulation, of the ``General Equity and Options Rules'' in the 
Exchange's new shell Rulebook, as new Section 1, Registration, 
Qualification and Continuing Education.
    The 1200 Series of rules is a common set of rules among Nasdaq and 
the Affiliated Exchanges that were recently adopted on Nasdaq and on 
each of the Affiliated Exchanges.\4\ The Nasdaq 1200 Series of rules 
will ultimately, after they are relocated and pursuant to subsequent 
proposed rule changes by the Affiliated Exchanges, replace the existing 
1200 Series of rules as they currently appear in each of the Affiliated 
Exchanges' rulebooks, which will incorporate the relocated Nasdaq rules 
by reference.\5\
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    \4\ See Securities Exchange Act Release Nos. 84386 (October 9, 
2018), 83 FR 51988 (October 15, 2018) (SR-Nasdaq-2018-078); 84353 
(October 3, 2018), 83 FR 50999 (October 10, 2018) (SR-BX-2018-047); 
84352 (October 3, 2018), 83 FR 50981 (October 10, 2018) (SR-Phlx-
2018-61); 84384 (October 9, 2018), 83 FR 52006 (October 15, 2018) 
(SR-ISE-2018-82); 84448 (October 18, 2018), 83 FR 53669 (October 24, 
2018) (SR-GEMX-2018-33); and 84385 (October 9, 2018), 83 FR 52023 
(October 15, 2018) (SR-MRX-2018-31).
    \5\ Due to its trading floor and unique membership structure 
which features the concept of a ``member organization,'' the Phlx 
1200 Series differs slightly from the 1200 Series adopted on the 
remaining Affiliated Exchanges. Consequently, the Phlx 1200 Series 
will be amended to conform to the 1200 Series of the other 
Affiliated Exchanges prior to incorporating the Nasdaq 1200 Series 
of rules into the Phlx rulebook.
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    The relocation and harmonization of the 1200 Series is part of the 
Exchange's continued effort to promote efficiency and conformity of its 
rules with those of its Affiliated Exchanges. The Exchange believes 
that the placement of the 1200 Series of rules in their new location in 
the shell will facilitate the use of the Rulebook by members of the 
Exchange who are also members of one or more of the Affiliated 
Exchanges. Moreover, the proposed changes will not amend the substance 
of the 1200 Series of rules. They will simply renumber the rules by 
adding ``General 4, Section 1.'' immediately before the current rule 
number. Thus, for example, current Rule 1210 will be redesignated 
``General 4, Section 1.1210''. Similarly, current references in the 
Rulebook to the ``Rule 1200 Series'' will be changed to the ``General 
4, Section 1.1200 Series''. Current Exchange rules--both within the 
existing 1200 Series of rules and elsewhere in the Rulebook--that 
cross-reference the current 1200 Series of rules will also be updated 
to refer to the 1200 Series of rules as renumbered.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\7\ 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. 
The relocation and renumbering of the 1200 Series of rules and the 
cross-reference updates are of a non-substantive nature. The proposal 
is intended ultimately to facilitate the harmonization of the 
Exchange's rules with those of its Affiliated Exchanges.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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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 
of a non-substantive nature.

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 \8\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 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.
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative for 30 days from the date of filing. However, Rule 
19b-4(f)(6)(iii) \10\ permits the Commission to designate a shorter 
time if such action is consistent with the protection of investors and 
the public interest. The Exchange has asked the Commission to waive the 
30-day operative delay in order to expedite the Exchange's 
reorganization of its Rulebook.\11\ The Exchange asserts the waiver 
would help promote efficiency and conformity of its rules with those of 
its Affiliated Exchanges. The proposed changes are non-substantive; 
they relocate rules that were adopted by Nasdaq in a prior rule filing. 
Waiver of the 30-day operative delay will enable Nasdaq to reorganize 
its Rulebook without delay. Thus, the Commission believes that the 
waiver of the 30-day operative delay is consistent with the public 
interest and hereby waives the 30-day operative delay.\12\
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    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ See supra note 3.
    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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:

[[Page 60911]]

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-NASDAQ-2018-093 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-NASDAQ-2018-093. 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 10:00 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 the Commission does not edit personal identifying 
information from submissions. You should submit only information that 
you wish to make available publicly. All submissions should refer to 
File Number SR-NASDAQ-2018-093 and should be submitted on or before 
December 18, 2018.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Eduardo A. Aleman,
Assistant Secretary.
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    \13\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2018-25740 Filed 11-26-18; 8:45 am]
 BILLING CODE 8011-01-P



                                                                         Federal Register / Vol. 83, No. 228 / Tuesday, November 27, 2018 / Notices                                                     60909

                                              ACTION:   Notice.                                       POSTAL SERVICE                                        SECURITIES AND EXCHANGE
                                                                                                                                                            COMMISSION
                                              SUMMARY:    The Postal Service gives                    Product Change—Priority Mail
                                                                                                      Negotiated Service Agreement                          [Release No. 34–84638; File No. SR–
                                              notice of filing a request with the Postal                                                                    NASDAQ–2018–093]
                                              Regulatory Commission to add a                          AGENCY:   Postal ServiceTM.
                                              domestic shipping services contract to                  ACTION:   Notice.                                     Self-Regulatory Organizations; The
                                              the list of Negotiated Service                                                                                Nasdaq Stock Market LLC; Notice of
                                              Agreements in the Mail Classification                   SUMMARY:    The Postal Service gives                  Filing and Immediate Effectiveness of
                                              Schedule’s Competitive Products List.                   notice of filing a request with the Postal            Proposed Rule Change to Relocate
                                                                                                      Regulatory Commission to add a                        Registration, Qualification Examination
                                                   Date of required notice:
                                              DATES:                                                  domestic shipping services contract to                and Continuing Education Rules
                                              November 27, 2018.                                      the list of Negotiated Service
                                                                                                                                                            November 20, 2018.
                                              FOR FURTHER INFORMATION CONTACT:                        Agreements in the Mail Classification
                                                                                                      Schedule’s Competitive Products List.                    Pursuant to Section 19(b)(1) of the
                                              Elizabeth Reed, 202–268–3179.                                                                                 Securities Exchange Act of 1934
                                                                                                      DATES: Date of required notice:
                                              SUPPLEMENTARY INFORMATION:      The                                                                           (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                      November 27, 2018.
                                              United States Postal Service® hereby                                                                          notice is hereby given that on November
                                                                                                      FOR FURTHER INFORMATION CONTACT:                      14, 2018, The Nasdaq Stock Market LLC
                                              gives notice that, pursuant to 39 U.S.C.
                                                                                                      Elizabeth Reed, 202–268–3179.                         (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
                                              3642 and 3632(b)(3), on November 20,
                                                                                                      SUPPLEMENTARY INFORMATION: The                        Securities and Exchange Commission
                                              2018, it filed with the Postal Regulatory
                                              Commission a USPS Request to Add                        United States Postal Service® hereby                  (‘‘SEC’’ or ‘‘Commission’’) the proposed
                                                                                                      gives notice that, pursuant to 39 U.S.C.              rule change as described in Items I and
                                              Priority Mail Express Contract 66 to
                                                                                                      3642 and 3632(b)(3), on November 20,                  II below, which Items have been
                                              Competitive Product List. Documents
                                                                                                      2018, it filed with the Postal Regulatory             prepared by the Exchange. The
                                              are available at www.prc.gov, Docket
                                                                                                      Commission a USPS Request to Add                      Commission is publishing this notice to
                                              Nos. MC2019–24, CP2019–25.
                                                                                                      Priority Mail Contract 480 to                         solicit comments on the proposed rule
                                              Elizabeth Reed,                                         Competitive Product List. Documents                   change from interested persons.
                                              Attorney, Corporate and Postal Business Law.            are available at www.prc.gov, Docket
                                                                                                      Nos. MC2019–27, CP2019–28.                            I. Self-Regulatory Organization’s
                                              [FR Doc. 2018–25716 Filed 11–26–18; 8:45 am]                                                                  Statement of the Terms of Substance of
                                              BILLING CODE 7710–12–P                                  Elizabeth Reed,                                       the Proposed Rule Change
                                                                                                      Attorney, Corporate and Postal Business Law.             The Exchange proposes to delete from
                                                                                                      [FR Doc. 2018–25719 Filed 11–26–18; 8:45 am]          [sic] the current rules on Registration,
                                              POSTAL SERVICE                                          BILLING CODE 7710–12–P                                Qualification Examination and
                                                                                                                                                            Continuing Education consisting of
                                              Product Change—Priority Mail
                                                                                                                                                            Rules 1200, 1210, 1220, 1230, 1240 and
                                              Negotiated Service Agreement                            POSTAL SERVICE                                        1250 (the ‘‘1200 Series’’ of rules) and to
                                                                                                                                                            relocate them into General 4 in the
                                              AGENCY:    Postal ServiceTM.                            Product Change—Priority Mail
                                                                                                                                                            Exchange’s rulebook’s (‘‘Rulebook’’)
                                                                                                      Negotiated Service Agreement
                                              ACTION:   Notice.                                                                                             shell structure, as new General 4,
                                                                                                      AGENCY:   Postal ServiceTM.                           Section 1.3
                                              SUMMARY:    The Postal Service gives                    ACTION:   Notice.                                        The text of the proposed rule change
                                              notice of filing a request with the Postal                                                                    is available on the Exchange’s website at
                                              Regulatory Commission to add a                          SUMMARY:    The Postal Service gives                  http://nasdaq.cchwallstreet.com, at the
                                              domestic shipping services contract to                  notice of filing a request with the Postal            principal office of the Exchange, and at
                                              the list of Negotiated Service                          Regulatory Commission to add a                        the Commission’s Public Reference
                                              Agreements in the Mail Classification                   domestic shipping services contract to                Room.
                                              Schedule’s Competitive Products List.                   the list of Negotiated Service
                                                                                                      Agreements in the Mail Classification                 II. Self-Regulatory Organization’s
                                                   Date of required notice:
                                              DATES:                                                  Schedule’s Competitive Products List.                 Statement of the Purpose of, and
                                              November 27, 2018.                                                                                            Statutory Basis for, the Proposed Rule
                                                                                                      DATES: Date of required notice:
                                                                                                                                                            Change
                                              FOR FURTHER INFORMATION CONTACT:                        November 27, 2018.
                                                                                                      FOR FURTHER INFORMATION CONTACT:                         In its filing with the Commission, the
                                              Elizabeth Reed, 202–268–3179.
                                                                                                      Elizabeth Reed, 202–268–3179.                         Exchange included statements
                                              SUPPLEMENTARY INFORMATION:      The                     SUPPLEMENTARY INFORMATION: The
                                                                                                                                                            concerning the purpose of and basis for
                                              United States Postal Service® hereby                    United States Postal Service® hereby
                                              gives notice that, pursuant to 39 U.S.C.                gives notice that, pursuant to 39 U.S.C.
                                                                                                                                                              1 15  U.S.C. 78s(b)(1).
                                                                                                                                                              2 17  CFR 240.19b–4.
                                              3642 and 3632(b)(3), on November 20,                    3642 and 3632(b)(3), on November 20,                     3 Recently, the Exchange added a shell structure
                                              2018, it filed with the Postal Regulatory               2018, it filed with the Postal Regulatory             to its Rulebook with the purpose of improving
                                              Commission a USPS Request to Add                        Commission a USPS Request to Add                      efficiency and readability and to align its rules
                                              Priority Mail Contract 482 to                           Priority Mail Contract 483 to                         closer to those of its five sister exchanges, Nasdaq
                                              Competitive Product List. Documents                     Competitive Product List. Documents
                                                                                                                                                            BX, Inc.; Nasdaq PHLX LLC (‘‘Phlx’’); Nasdaq ISE,
amozie on DSK3GDR082PROD with NOTICES1




                                                                                                                                                            LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC
                                              are available at www.prc.gov, Docket                    are available at www.prc.gov, Docket                  (‘‘Affiliated Exchanges’’). The shell structure
                                              Nos. MC2019–29, CP2019–30.                              Nos. MC2019–30, CP2019–31.                            containing General Equity and Options Rules
                                                                                                                                                            currently contains eight chapters which, once
                                              Elizabeth Reed,                                         Elizabeth Reed,                                       complete, will apply a common set of rules to the
                                              Attorney, Corporate and Postal Business Law.            Attorney, Corporate and Postal Business Law.          Affiliated Exchanges. See Securities Exchange Act
                                                                                                                                                            Release No. 82175 (November 29, 2017), 82 FR
                                              [FR Doc. 2018–25723 Filed 11–26–18; 8:45 am]            [FR Doc. 2018–25715 Filed 11–26–18; 8:45 am]          57494 (December 5, 2017) (SR–NASDAQ–2017–
                                              BILLING CODE 7710–12–P                                  BILLING CODE 7710–12–P                                125).



                                         VerDate Sep<11>2014   17:45 Nov 26, 2018   Jkt 247001   PO 00000   Frm 00089   Fmt 4703   Sfmt 4703   E:\FR\FM\27NON1.SGM   27NON1


                                              60910                      Federal Register / Vol. 83, No. 228 / Tuesday, November 27, 2018 / Notices

                                              the proposed rule change and discussed                  the substance of the 1200 Series of rules.              as the Commission may designate, it has
                                              any comments it received on the                         They will simply renumber the rules by                  become effective pursuant to Section
                                              proposed rule change. The text of these                 adding ‘‘General 4, Section 1.’’                        19(b)(3)(A)(iii) of the Act 8 and
                                              statements may be examined at the                       immediately before the current rule                     subparagraph (f)(6) of Rule 19b–4
                                              places specified in Item IV below. The                  number. Thus, for example, current                      thereunder.9
                                              Exchange has prepared summaries, set                    Rule 1210 will be redesignated ‘‘General                   A proposed rule change filed under
                                              forth in sections A, B, and C below, of                 4, Section 1.1210’’. Similarly, current                 Rule 19b–4(f)(6) normally does not
                                              the most significant aspects of such                    references in the Rulebook to the ‘‘Rule                become operative for 30 days from the
                                              statements.                                             1200 Series’’ will be changed to the
                                                                                                                                                              date of filing. However, Rule 19b–
                                              A. Self-Regulatory Organization’s                       ‘‘General 4, Section 1.1200 Series’’.
                                                                                                                                                              4(f)(6)(iii) 10 permits the Commission to
                                              Statement of the Purpose of, and                        Current Exchange rules—both within
                                                                                                                                                              designate a shorter time if such action
                                              Statutory Basis for, the Proposed Rule                  the existing 1200 Series of rules and
                                                                                                                                                              is consistent with the protection of
                                              Change                                                  elsewhere in the Rulebook—that cross-
                                                                                                                                                              investors and the public interest. The
                                                                                                      reference the current 1200 Series of
                                              1. Purpose                                              rules will also be updated to refer to the              Exchange has asked the Commission to
                                                                                                      1200 Series of rules as renumbered.                     waive the 30-day operative delay in
                                                 The Exchange proposes to delete its                                                                          order to expedite the Exchange’s
                                              rules on Registration, Qualification                    2. Statutory Basis                                      reorganization of its Rulebook.11 The
                                              Examinations and Continuing Education
                                                                                                         The Exchange believes that its                       Exchange asserts the waiver would help
                                              where they are currently found in the
                                                                                                      proposal is consistent with Section 6(b)                promote efficiency and conformity of its
                                              Exchange’s Rulebook and relocate them
                                              to General 4, Regulation, of the ‘‘General              of the Act,6 in general, and furthers the               rules with those of its Affiliated
                                              Equity and Options Rules’’ in the                       objectives of Section 6(b)(5) of the Act,7              Exchanges. The proposed changes are
                                              Exchange’s new shell Rulebook, as new                   in particular, in that it is designed to                non-substantive; they relocate rules that
                                              Section 1, Registration, Qualification                  promote just and equitable principles of                were adopted by Nasdaq in a prior rule
                                              and Continuing Education.                               trade, to remove impediments to and                     filing. Waiver of the 30-day operative
                                                 The 1200 Series of rules is a common                 perfect the mechanism of a free and                     delay will enable Nasdaq to reorganize
                                              set of rules among Nasdaq and the                       open market and a national market                       its Rulebook without delay. Thus, the
                                              Affiliated Exchanges that were recently                 system, and, in general to protect                      Commission believes that the waiver of
                                              adopted on Nasdaq and on each of the                    investors and the public interest. The                  the 30-day operative delay is consistent
                                              Affiliated Exchanges.4 The Nasdaq 1200                  relocation and renumbering of the 1200                  with the public interest and hereby
                                              Series of rules will ultimately, after they             Series of rules and the cross-reference                 waives the 30-day operative delay.12
                                              are relocated and pursuant to                           updates are of a non-substantive nature.                   At any time within 60 days of the
                                              subsequent proposed rule changes by                     The proposal is intended ultimately to                  filing of the proposed rule change, the
                                              the Affiliated Exchanges, replace the                   facilitate the harmonization of the                     Commission summarily may
                                              existing 1200 Series of rules as they                   Exchange’s rules with those of its                      temporarily suspend such rule change if
                                              currently appear in each of the                         Affiliated Exchanges.                                   it appears to the Commission that such
                                              Affiliated Exchanges’ rulebooks, which                  B. Self-Regulatory Organization’s                       action is necessary or appropriate in the
                                              will incorporate the relocated Nasdaq                   Statement on Burden on Competition                      public interest, for the protection of
                                              rules by reference.5                                                                                            investors, or otherwise in furtherance of
                                                 The relocation and harmonization of                    The Exchange does not believe that
                                                                                                      the proposed rule change will impose                    the purposes of the Act. If the
                                              the 1200 Series is part of the Exchange’s                                                                       Commission takes such action, the
                                              continued effort to promote efficiency                  any burden on competition not
                                                                                                      necessary or appropriate in furtherance                 Commission shall institute proceedings
                                              and conformity of its rules with those of                                                                       to determine whether the proposed rule
                                              its Affiliated Exchanges. The Exchange                  of the purposes of the Act. The
                                                                                                      proposed changes do not impose a                        should be approved or disapproved.
                                              believes that the placement of the 1200
                                              Series of rules in their new location in                burden on competition because, as                       IV. Solicitation of Comments
                                              the shell will facilitate the use of the                previously stated, they are of a non-
                                              Rulebook by members of the Exchange                     substantive nature.                                       Interested persons are invited to
                                              who are also members of one or more                                                                             submit written data, views, and
                                                                                                      C. Self-Regulatory Organization’s
                                              of the Affiliated Exchanges. Moreover,                                                                          arguments concerning the foregoing,
                                                                                                      Statement on Comments on the
                                              the proposed changes will not amend                                                                             including whether the proposed rule
                                                                                                      Proposed Rule Change Received From
                                                                                                                                                              change is consistent with the Act.
                                                                                                      Members, Participants, or Others
                                                 4 See Securities Exchange Act Release Nos. 84386                                                             Comments may be submitted by any of
                                              (October 9, 2018), 83 FR 51988 (October 15, 2018)         No written comments were either                       the following methods:
                                              (SR–Nasdaq–2018–078); 84353 (October 3, 2018),          solicited or received.
                                              83 FR 50999 (October 10, 2018) (SR–BX–2018–047);                                                                  8 15
                                              84352 (October 3, 2018), 83 FR 50981 (October 10,       III. Date of Effectiveness of the                               U.S.C. 78s(b)(3)(A)(iii).
                                                                                                                                                                9 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                              2018) (SR–Phlx–2018–61); 84384 (October 9, 2018),       Proposed Rule Change and Timing for
                                              83 FR 52006 (October 15, 2018) (SR–ISE–2018–82);                                                                4(f)(6) requires a self-regulatory organization to give
                                                                                                      Commission Action                                       the Commission written notice of its intent to file
                                              84448 (October 18, 2018), 83 FR 53669 (October 24,
                                              2018) (SR–GEMX–2018–33); and 84385 (October 9,             Because the foregoing proposed rule                  the proposed rule change at least five business days
                                              2018), 83 FR 52023 (October 15, 2018) (SR–MRX–                                                                  prior to the date of filing of the proposed rule
                                                                                                      change does not: (i) Significantly affect               change, or such shorter time as designated by the
                                              2018–31).
                                                                                                      the protection of investors or the public
amozie on DSK3GDR082PROD with NOTICES1




                                                 5 Due to its trading floor and unique membership                                                             Commission. The Exchange has satisfied this
                                              structure which features the concept of a ‘‘member      interest; (ii) impose any significant                   requirement.
                                                                                                                                                                 10 17 CFR 240.19b–4(f)(6)(iii).
                                              organization,’’ the Phlx 1200 Series differs slightly   burden on competition; and (iii) become
                                                                                                                                                                 11 See supra note 3.
                                              from the 1200 Series adopted on the remaining           operative for 30 days from the date on
                                              Affiliated Exchanges. Consequently, the Phlx 1200                                                                  12 For purposes only of waiving the 30-day

                                              Series will be amended to conform to the 1200
                                                                                                      which it was filed, or such shorter time                operative delay, the Commission has also
                                              Series of the other Affiliated Exchanges prior to                                                               considered the proposed rule’s impact on
                                                                                                        6 15   U.S.C. 78f(b).
                                              incorporating the Nasdaq 1200 Series of rules into                                                              efficiency, competition, and capital formation. See
                                              the Phlx rulebook.                                        7 15   U.S.C. 78f(b)(5).                              15 U.S.C. 78c(f).



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                                                                           Federal Register / Vol. 83, No. 228 / Tuesday, November 27, 2018 / Notices                                                60911

                                              Electronic Comments                                       SECURITIES AND EXCHANGE                                    and a reserve portion of the quantity
                                                                                                        COMMISSION                                                 (‘‘Reserve Quantity’’) not displayed.
                                                • Use the Commission’s internet                                                                                    Both the Display Quantity and Reserve
                                              comment form (http://www.sec.gov/                         [Release No. 34–84642; File No. SR–
                                                                                                                                                                   Quantity of a Complex Reserve Order
                                              rules/sro.shtml); or                                      CboeEDGX–2018–049]
                                                                                                                                                                   are available for potential execution
                                                • Send an email to rule-comments@                       Self-Regulatory Organizations; Cboe                        pursuant to paragraphs (c) and (d)
                                              sec.gov. Please include File Number SR–                   EDGX Exchange, Inc.; Notice of Filing                      below. When entering a Complex
                                              NASDAQ–2018–093 on the subject line.                      of a Proposed Rule Change Relating                         Reserve Order, a User must instruct the
                                                                                                        To Adopt Complex Reserve Order                             Exchange as to the quantity of the
                                              Paper Comments                                                                                                       Complex Reserve Order to be initially
                                                                                                        Functionality
                                                                                                                                                                   displayed by the System (‘‘Max Floor’’).
                                                • Send paper comments in triplicate                     November 21, 2018.                                         If the Display Quantity of a Complex
                                              to Secretary, Securities and Exchange                        Pursuant to Section 19(b)(1) of the                     Reserve Order is fully executed, the
                                              Commission, 100 F Street NE,                              Securities Exchange Act of 1934 (the                       System will, in accordance with the
                                              Washington, DC 20549–1090.                                ‘‘Act’’),1 and Rule 19b–4 thereunder,2                     User’s instruction, replenish the Display
                                              All submissions should refer to File                      notice is hereby given that on November                    Quantity from the Reserve Quantity
                                              Number SR–NASDAQ–2018–093. This                           8, 2018, Cboe EDGX Exchange, Inc. (the                     using one of the below replenishment
                                              file number should be included on the                     ‘‘Exchange’’ or ‘‘EDGX’’) filed with the                   instructions. If the remainder of a
                                              subject line if email is used. To help the                Securities and Exchange Commission                         Complex Reserve Order is less than the
                                                                                                        (the ‘‘Commission’’) the proposed rule                     replenishment amount, the System will
                                              Commission process and review your
                                                                                                        change as described in Items I, II, and                    display the entire remainder of the
                                              comments more efficiently, please use                                                                                Complex Reserve Order. The System
                                                                                                        III below, which Items have been
                                              only one method. The Commission will                                                                                 creates a new timestamp for both the
                                                                                                        prepared by the Exchange. The
                                              post all comments on the Commission’s                     Commission is publishing this notice to                    Display Quantity and Reserve Quantity
                                              internet website (http://www.sec.gov/                     solicit comments on the proposed rule                      of the Complex Reserve Order each time
                                              rules/sro.shtml). Copies of the                           change from interested persons.                            it is replenished from reserve.
                                              submission, all subsequent                                                                                              (A) Random Replenishment. An
                                              amendments, all written statements                        I. Self-Regulatory Organization’s                          instruction that a User may attach to a
                                              with respect to the proposed rule                         Statement of the Terms of Substance of                     Complex Reserve Order where the
                                              change that are filed with the                            the Proposed Rule Change                                   System randomly replenishes the
                                              Commission, and all written                                  Cboe EDGX Exchange, Inc. (the                           Display Quantity for the Complex
                                              communications relating to the                            ‘‘Exchange’’ or ‘‘EDGX’’) proposes to                      Reserve Order with a number of
                                              proposed rule change between the                          adopt Complex Reserve Order                                contracts not outside a replenishment
                                              Commission and any person, other than                     functionality.                                             range, which equals the Max Floor plus
                                              those that may be withheld from the                       (additions are italic; deletions are                       and minus a replenishment value
                                              public in accordance with the                                [bracketed])                                            established by the User when entering a
                                              provisions of 5 U.S.C. 552, will be                       *      *    *     *     *                                  Complex Reserve Order with a Random
                                              available for website viewing and                                                                                    Replenishment instruction.
                                                                                                        Rules of Cboe EDGX Exchange, Inc.                             (B) Fixed Replenishment. For any
                                              printing in the Commission’s Public
                                                                                                        *          *       *      *       *                        Complex Reserve Order for which a User
                                              Reference Room, 100 F Street NE,
                                                                                                                                                                   does not select Random Replenishment,
                                              Washington, DC 20549, on official                         Rule 21.20. Complex Orders                                 the System will replenish the Display
                                              business days between the hours of                                                                                   Quantity of the Complex Reserve Order
                                                                                                           (a) No change.
                                              10:00 a.m. and 3:00 p.m. Copies of the                       (b) Availability of Types of Complex                    with the number of contracts equal to
                                              filing also will be available for                         Orders. The Exchange will determine                        the Max Floor (or the entire remainder
                                              inspection and copying at the principal                   and communicate to Members via                             of the Complex Reserve Order if it is less
                                              office of the Exchange. All comments                      specifications and/or a Regulatory                         than the replenishment amount).
                                              received will be posted without change.                   Circular listing when the complex order                       (c) Trading of Complex Orders. The
                                              Persons submitting comments are                           types, among the complex order types                       Exchange will determine and
                                              cautioned that the Commission does not                    set forth in this Rule, are available for                  communicate to Members via
                                              edit personal identifying information                     use on the Exchange. The complex order                     specifications and/or Regulatory
                                              from submissions. You should submit                       types that may be submitted are limit                      Circular which complex order origin
                                              only information that you wish to make                    orders and market orders, and orders                       codes (i.e., non-broker-dealer customers,
                                              available publicly. All submissions                       with a Time in Force of GTD, IOC, DAY,                     broker-dealers that are not Market
                                              should refer to File Number SR–                           GTC, or OPG as such terms are defined                      Makers on an options exchange, and/or
                                              NASDAQ–2018–093 and should be                             in Rule 21.1(f).The System also accepts                    Market Makers on an options exchange)
                                              submitted on or before December 18,                       the following instructions for complex                     are eligible for entry onto the COB.
                                              2018.                                                     orders[ will also be accepted by the                       Complex orders will be subject to all
                                                                                                        Exchange]:                                                 other Exchange Rules that pertain to
                                                For the Commission, by the Division of                                                                             orders submitted to the Exchange
                                                                                                           (1)–(3) No change.
                                              Trading and Markets, pursuant to delegated                   (4) (Reserved)                                          generally, unless otherwise provided in
                                              authority.13                                                 (5) (Reserved)                                          this Rule.
amozie on DSK3GDR082PROD with NOTICES1




                                              Eduardo A. Aleman,                                           (6) Complex Reserve Order. A                               (1) No change.
                                              Assistant Secretary.                                      ‘‘Complex Reserve Order’’ is a complex                        (2) Execution of Complex Orders.
                                              [FR Doc. 2018–25740 Filed 11–26–18; 8:45 am]              limit order with both a portion of the                        (A)–(E) No change.
                                                                                                        quantity displayed (‘‘Display Quantity’’)                     (F) Legging. Complex orders up to a
                                              BILLING CODE 8011–01–P
                                                                                                                                                                   maximum number of legs (determined
                                                                                                            1 15   U.S.C. 78s(b)(1).                               by the Exchange on a class-by-class
                                                13 17   CFR 200.30–3(a)(12).                                2 17   CFR 240.19b–4.                                  basis as either two, three, or four legs


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Document Created: 2018-11-27 01:24:07
Document Modified: 2018-11-27 01:24:07
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 60909 

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