83 FR 63916 - Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Port Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 238 (December 12, 2018)
Federal Register Volume 83, Issue 238 (December 12, 2018)
| Page Range | 63916-63918 | |
| FR Document | 2018-26911 |
[Federal Register Volume 83, Number 238 (Wednesday, December 12, 2018)] [Notices] [Pages 63916-63918] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-26911] [[Page 63916]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84749; File No. SR-BX-2018-060] Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Port Fees December 7, 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 27, 2018, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``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 a proposal to amend port fees within Options 7, Section 3, titled ``BX Options Market--Ports and Other Services.'' The text of the proposed rule change is available on the Exchange's website at http://nasdaqbx.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 purpose of the proposed rule change is to define ``account number'' and utilize that term within Options 7, Section 3. Each change will be described in more detail below. New Defined Term ``Account'' [sic] The Exchange proposes to adopt a new definition within Options 7, Section 3 and apply this definition within the rule. The purpose of this defined new term ``account number'' is to conform the Exchange's use of certain terms within BX Rules. This term would be utilized in Options 7, Section 3 to describe the manner in which pricing is calculated. Recently, the Nasdaq affiliated exchanges filed rule changes to conform the usage of various terms across its 6 affiliated options markets within the various rulebooks.\3\ The Exchange believes that utilizing the same defined terms, where possible, across its 6 affiliated options markets will avoid confusion for certain rules and pricing purposes. The term ``account number'' can be defined identically across Nasdaq's 6 affiliated options markets for purposes of pricing ports. The Exchange is not amending the manner in which pricing will be applied with respect to this particular change. The Exchange proposes to utilize the defined term ``account number'' in place of the term ``mnemonic,'' which was not defined in the pricing rules. The insertion of the new defined term is intended to add more specificity and clarity to the current pricing. --------------------------------------------------------------------------- \3\ BX filed to define the terms ``account number,'' ``badge'' and ``mnemonic'' at Chapter I, Section 1(a)(70), (71) and (72) respectively. See Securities Exchange Act Release No. 84520 (November 1, 2018), 83 FR 55765 (November 7, 2018) (SR-BX-2018-050). The Nasdaq Stock Market LLC filed to amend The Nasdaq Options Market LLC rules to define the terms ``account number,'' ``badge'' and ``mnemonic'' at Chapter I, Section 1(a)(69), (70) and (71) respectively. See Securities Exchange Act Release No. 84571 (November 9, 2018), 83 FR 57758 (November 16, 2018) (SR-NASDAQ-2018- 086). Nasdaq Phlx LLC has filed to define the terms ``account number,'' ``badge'' and ``mnemonic'' at Rule 1000(b)(51), (52) and (53) respectively. See Securities Exchange Act Release No. 84620 (November 19, 2018), 83 FR 60512 (November 6, 2018) (SR-Phlx-2018- 71). See also ISE Rule 100(a)(1), (5) and (34) which defines the terms ``account number,'' ``badge'' and ``mnemonic,'' respectively. See also GEMX Rule 100(a)(1), (5) and (35) which defines the terms ``account number,'' ``badge'' and ``mnemonic,'' respectively. See also MRX Rule 100(a)(1), (5) and (36) which defines the terms ``account number,'' ``badge'' and ``mnemonic,'' respectively. --------------------------------------------------------------------------- At this time, the Exchange proposes to define an ``account number'' within Options 7, Section 3 to mean a number assigned to a Participant. Participants may have more than one account number. The term ``mnemonic'' has been used frequently throughout Options 7 without being defined. The Exchange proposes to remove the term ``mnemonic'' from Options 7, Section 3 and replace the term with the defined term ``account number'' for the FIX protocol. The Exchange notes that the terms mnemonic and account number were being used interchangeably. The Exchange recently defined both terms in its rules.\4\ The term account number is appropriate to describe these fees. The Exchange is not amending the manner in which it assesses the FIX port, rather the Exchange simply proposes to utilize the new term to better describe its current pricing. --------------------------------------------------------------------------- \4\ A ``mnemonic'' is defined as an acronym comprised of letters and/or numbers assigned to Participants. A Participant account may be associated with multiple mnemonics. See Securities Exchange Act Release No. 84520 (November 1, 2018), 83 FR 55765 (November 7, 2018) (SR-BX-2018-050). Mnemonics are issued to Participants to identify associated persons of Participants. --------------------------------------------------------------------------- Also, the Exchange proposes to remove the term ``mnemonic'' from the CTI Port Fee, FIX DROP Port Fee, BX Depth Port Fee and BX Top Port Fee. Today, these ports are assessed only one fee per port, per month and therefore adding the term ``per account number'' would be redundant and unnecessary. These ports are associated with one account number. The Exchange is not proposing to amend the manner in which these ports are assessed, rather the Exchange proposes to eliminate the ``per mnemonic'' description. The Exchange believes that the billing is clearly defined as ``per port, per month.'' The Exchange also proposes to amend current ``(c) Access and Redistribution Fee'' as ``v'' to conform to the remainder of the rule. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\5\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78f(b). \6\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- New Defined Term ``Account'' [sic] The Exchange's proposal to define the term ``account number'' within Options, Section 3 and apply that term within the rule in place of the term ``mnemonic'' as to the manner in which FIX Port Fees are priced is reasonable because the term is defined and will be utilized consistently throughout Options 7, where applicable. The usage of the defined term ``account number'' will [[Page 63917]] bring uniformity to the term and its usage across the 6 affiliated options markets. The proposed change to utilize the defined term will not amend the manner in which the ports are billed, rather it will also bring greater clarity to pricing in Options 7, Section 3. The Exchange's proposal to define the term ``account number'' within Options 7, Section 3 and apply that term within Options 7, Section 3, in place of the term ``mnemonic'' for the FIX Port Fee is equitable and not unfairly discriminatory because the Exchange proposes to apply that term uniformly in billing Participants utilizing those ports. The Exchange's proposal to remove the term ``mnemonic'' for the pricing of the CTI Port Fee, FIX DROP Port Fee, BX Depth Port Fee and BX Top Port Fee is reasonable because, today, these ports are assessed only one fee per port, per month and this change will bring greater clarity to the manner in which these services are billed. The term ``mnemonic'' was undefined until the Exchange filed to define that term within the BX Rules.\7\ The manner in which the term ``mnemonic'' was defined for purposes of BX's Rules is not the manner that was intended for pricing these ports. To that end, the Exchange proposes to remove the term ``mnemonic'' and replace that term with ``account number,'' where applicable, to convey the intended manner in which the Exchange prices ports. This proposal will conform the defined term across BX Rules.\8\ Today, these ports are assessed only one fee per port, per month and therefore adding the term ``per account number'' would be redundant and unnecessary. These ports are associated with one account number. This proposal will conform the defined term across BX Rules. The Exchange is not proposing to amend the manner in which these ports are assessed, rather the Exchange proposes to eliminate the ``per mnemonic'' description and more clearly define the manner in which these services are billed as ``per port, per month.'' --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 84520 (November 1, 2018), 83 FR 55765 (November 7, 2018) (SR-BX-2018-050). \8\ See Chapter I, Section 1(a)(70). --------------------------------------------------------------------------- The Exchange's proposal to remove the term ``mnemonic'' for the pricing of the CTI Port Fee, FIX DROP Port Fee, BX Depth Port Fee and BX Top Port Fee is equitable and not unfairly discriminatory because the Exchange will continue to uniformly assess all market participants these services in a uniform manner. The proposed change does not amend the manner in which these services are billed. 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. In terms of inter-market competition, the Exchange notes that this proposal does not amend actual fees, rather the Exchange proposes to amend the name of a port fee and define a new term to be used more accurately to describe the manner in which certain services within Options 7, Section 3 are billed. New Defined Term ``Account'' [sic] The Exchange's proposal to define the term ``account number'' within Options 7, Section 3 and apply that term within that rule in place of the term ``mnemonic'' with respect to the manner in which FIX protocols are priced does not impose an undue burden on intra-market competition because the Exchange proposes to apply that term uniformly in billing Participants utilizing those ports. No changes are being made to the manner in which the Exchange bills these ports. The Exchange's proposal to remove the term ``mnemonic'' for the pricing of the CTI Port Fee, FIX DROP Port Fee, BX Depth Port Fee and BX Top Port Fee does not impose an undue burden on intra-market competition because the Exchange will continue to uniformly assess all market participants these services in a uniform manner. The proposed change does not amend the manner in which these services are billed. 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 The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\9\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 [email protected]. Please include File Number SR-BX-2018-060 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-BX-2018-060. 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 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-BX-2018-060 and should [[Page 63918]] be submitted on or before January 2, 2019. --------------------------------------------------------------------------- \10\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-26911 Filed 12-11-18; 8:45 am] BILLING CODE 8011-01-P
![63916 Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
SECURITIES AND EXCHANGE Section 3. Each change will be and replace the term with the defined
COMMISSION described in more detail below. term ‘‘account number’’ for the FIX
protocol. The Exchange notes that the
[Release No. 34–84749; File No. SR–BX– New Defined Term ‘‘Account’’ [sic]
terms mnemonic and account number
2018–060] The Exchange proposes to adopt a were being used interchangeably. The
new definition within Options 7, Exchange recently defined both terms in
Self-Regulatory Organizations; Nasdaq Section 3 and apply this definition its rules.4 The term account number is
BX, Inc.; Notice of Filing and within the rule. The purpose of this appropriate to describe these fees. The
Immediate Effectiveness of Proposed defined new term ‘‘account number’’ is Exchange is not amending the manner
Rule Change To Amend Port Fees to conform the Exchange’s use of certain in which it assesses the FIX port, rather
December 7, 2018. terms within BX Rules. This term would the Exchange simply proposes to utilize
Pursuant to Section 19(b)(1) of the be utilized in Options 7, Section 3 to the new term to better describe its
Securities Exchange Act of 1934 describe the manner in which pricing is current pricing.
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 calculated. Recently, the Nasdaq Also, the Exchange proposes to
notice is hereby given that on November affiliated exchanges filed rule changes remove the term ‘‘mnemonic’’ from the
27, 2018, Nasdaq BX, Inc. (‘‘BX’’ or to conform the usage of various terms CTI Port Fee, FIX DROP Port Fee, BX
‘‘Exchange’’) filed with the Securities across its 6 affiliated options markets Depth Port Fee and BX Top Port Fee.
and Exchange Commission within the various rulebooks.3 The Today, these ports are assessed only one
(‘‘Commission’’) the proposed rule Exchange believes that utilizing the fee per port, per month and therefore
same defined terms, where possible, adding the term ‘‘per account number’’
change as described in Items I, II, and
across its 6 affiliated options markets would be redundant and unnecessary.
III, below, which Items have been
will avoid confusion for certain rules These ports are associated with one
prepared by the Exchange. The
and pricing purposes. The term account number. The Exchange is not
Commission is publishing this notice to
‘‘account number’’ can be defined proposing to amend the manner in
solicit comments on the proposed rule
identically across Nasdaq’s 6 affiliated which these ports are assessed, rather
change from interested persons.
options markets for purposes of pricing the Exchange proposes to eliminate the
I. Self-Regulatory Organization’s ports. The Exchange is not amending ‘‘per mnemonic’’ description. The
Statement of the Terms of Substance of the manner in which pricing will be Exchange believes that the billing is
the Proposed Rule Change applied with respect to this particular clearly defined as ‘‘per port, per
change. The Exchange proposes to month.’’
The Exchange proposes to a proposal
utilize the defined term ‘‘account The Exchange also proposes to amend
to amend port fees within Options 7,
number’’ in place of the term current ‘‘(c) Access and Redistribution
Section 3, titled ‘‘BX Options Market—
‘‘mnemonic,’’ which was not defined in Fee’’ as ‘‘v’’ to conform to the remainder
Ports and Other Services.’’
the pricing rules. The insertion of the of the rule.
The text of the proposed rule change
new defined term is intended to add
is available on the Exchange’s website at 2. Statutory Basis
more specificity and clarity to the
http://nasdaqbx.cchwallstreet.com/, at The Exchange believes that its
current pricing.
the principal office of the Exchange, and At this time, the Exchange proposes to proposal is consistent with Section 6(b)
at the Commission’s Public Reference define an ‘‘account number’’ within of the Act,5 in general, and furthers the
Room. Options 7, Section 3 to mean a number objectives of Sections 6(b)(4) and 6(b)(5)
II. Self-Regulatory Organization’s assigned to a Participant. Participants of the Act,6 in particular, in that it
Statement of the Purpose of, and may have more than one account provides for the equitable allocation of
Statutory Basis for, the Proposed Rule number. The term ‘‘mnemonic’’ has reasonable dues, fees and other charges
Change been used frequently throughout among members and issuers and other
Options 7 without being defined. The persons using any facility, and is not
In its filing with the Commission, the Exchange proposes to remove the term designed to permit unfair
Exchange included statements ‘‘mnemonic’’ from Options 7, Section 3 discrimination between customers,
concerning the purpose of and basis for issuers, brokers, or dealers.
the proposed rule change and discussed 3 BX filed to define the terms ‘‘account number,’’
any comments it received on the ‘‘badge’’ and ‘‘mnemonic’’ at Chapter I, Section New Defined Term ‘‘Account’’ [sic]
proposed rule change. The text of these 1(a)(70), (71) and (72) respectively. See Securities The Exchange’s proposal to define the
statements may be examined at the Exchange Act Release No. 84520 (November 1,
2018), 83 FR 55765 (November 7, 2018) (SR–BX–
term ‘‘account number’’ within Options,
places specified in Item IV below. The 2018–050). The Nasdaq Stock Market LLC filed to Section 3 and apply that term within the
Exchange has prepared summaries, set amend The Nasdaq Options Market LLC rules to rule in place of the term ‘‘mnemonic’’ as
forth in sections A, B, and C below, of define the terms ‘‘account number,’’ ‘‘badge’’ and to the manner in which FIX Port Fees
the most significant aspects of such ‘‘mnemonic’’ at Chapter I, Section 1(a)(69), (70) and
(71) respectively. See Securities Exchange Act
are priced is reasonable because the
statements. Release No. 84571 (November 9, 2018), 83 FR 57758 term is defined and will be utilized
A. Self-Regulatory Organization’s (November 16, 2018) (SR–NASDAQ–2018–086). consistently throughout Options 7,
Nasdaq Phlx LLC has filed to define the terms where applicable. The usage of the
Statement of the Purpose of, and ‘‘account number,’’ ‘‘badge’’ and ‘‘mnemonic’’ at defined term ‘‘account number’’ will
Statutory Basis for, the Proposed Rule Rule 1000(b)(51), (52) and (53) respectively. See
Change Securities Exchange Act Release No. 84620
4 A ‘‘mnemonic’’ is defined as an acronym
(November 19, 2018), 83 FR 60512 (November 6,
amozie on DSK3GDR082PROD with NOTICES1
1. Purpose 2018) (SR–Phlx–2018–71). See also ISE Rule comprised of letters and/or numbers assigned to
100(a)(1), (5) and (34) which defines the terms Participants. A Participant account may be
The purpose of the proposed rule ‘‘account number,’’ ‘‘badge’’ and ‘‘mnemonic,’’ associated with multiple mnemonics. See Securities
change is to define ‘‘account number’’ respectively. See also GEMX Rule 100(a)(1), (5) and Exchange Act Release No. 84520 (November 1,
(35) which defines the terms ‘‘account number,’’ 2018), 83 FR 55765 (November 7, 2018) (SR–BX–
and utilize that term within Options 7, 2018–050). Mnemonics are issued to Participants to
‘‘badge’’ and ‘‘mnemonic,’’ respectively. See also
MRX Rule 100(a)(1), (5) and (36) which defines the identify associated persons of Participants.
1 15 U.S.C. 78s(b)(1). 5 15 U.S.C. 78f(b).
terms ‘‘account number,’’ ‘‘badge’’ and
2 17 CFR 240.19b–4. ‘‘mnemonic,’’ respectively. 6 15 U.S.C. 78f(b)(4) and (5).
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![Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices 63917
bring uniformity to the term and its does not amend the manner in which furtherance of the purposes of the Act.
usage across the 6 affiliated options these services are billed. If the Commission takes such action, the
markets. The proposed change to utilize Commission shall institute proceedings
B. Self-Regulatory Organization’s
the defined term will not amend the to determine whether the proposed rule
Statement on Burden on Competition
manner in which the ports are billed, should be approved or disapproved.
rather it will also bring greater clarity to The Exchange does not believe that
the proposed rule change will impose IV. Solicitation of Comments
pricing in Options 7, Section 3.
The Exchange’s proposal to define the any burden on competition not Interested persons are invited to
term ‘‘account number’’ within Options necessary or appropriate in furtherance submit written data, views, and
7, Section 3 and apply that term within of the purposes of the Act. In terms of arguments concerning the foregoing,
Options 7, Section 3, in place of the inter-market competition, the Exchange including whether the proposed rule
term ‘‘mnemonic’’ for the FIX Port Fee notes that this proposal does not amend change is consistent with the Act.
is equitable and not unfairly actual fees, rather the Exchange Comments may be submitted by any of
discriminatory because the Exchange proposes to amend the name of a port the following methods:
proposes to apply that term uniformly fee and define a new term to be used
more accurately to describe the manner Electronic Comments
in billing Participants utilizing those
in which certain services within
ports. • Use the Commission’s internet
Options 7, Section 3 are billed.
The Exchange’s proposal to remove comment form (http://www.sec.gov/
the term ‘‘mnemonic’’ for the pricing of New Defined Term ‘‘Account’’ [sic] rules/sro.shtml); or
the CTI Port Fee, FIX DROP Port Fee, The Exchange’s proposal to define the • Send an email to rule-comments@
BX Depth Port Fee and BX Top Port Fee term ‘‘account number’’ within Options sec.gov. Please include File Number SR–
is reasonable because, today, these ports 7, Section 3 and apply that term within BX–2018–060 on the subject line.
are assessed only one fee per port, per that rule in place of the term
month and this change will bring greater Paper Comments
‘‘mnemonic’’ with respect to the manner
clarity to the manner in which these in which FIX protocols are priced does • Send paper comments in triplicate
services are billed. The term not impose an undue burden on intra- to Secretary, Securities and Exchange
‘‘mnemonic’’ was undefined until the market competition because the Commission, 100 F Street NE,
Exchange filed to define that term Exchange proposes to apply that term Washington, DC 20549–1090.
within the BX Rules.7 The manner in uniformly in billing Participants
which the term ‘‘mnemonic’’ was All submissions should refer to File
utilizing those ports. No changes are Number SR–BX–2018–060. This file
defined for purposes of BX’s Rules is being made to the manner in which the
not the manner that was intended for number should be included on the
Exchange bills these ports. subject line if email is used. To help the
pricing these ports. To that end, the The Exchange’s proposal to remove
Exchange proposes to remove the term Commission process and review your
the term ‘‘mnemonic’’ for the pricing of comments more efficiently, please use
‘‘mnemonic’’ and replace that term with the CTI Port Fee, FIX DROP Port Fee,
‘‘account number,’’ where applicable, to only one method. The Commission will
BX Depth Port Fee and BX Top Port Fee post all comments on the Commission’s
convey the intended manner in which does not impose an undue burden on
the Exchange prices ports. This proposal internet website (http://www.sec.gov/
intra-market competition because the rules/sro.shtml). Copies of the
will conform the defined term across BX Exchange will continue to uniformly
Rules.8 Today, these ports are assessed submission, all subsequent
assess all market participants these amendments, all written statements
only one fee per port, per month and services in a uniform manner. The
therefore adding the term ‘‘per account with respect to the proposed rule
proposed change does not amend the change that are filed with the
number’’ would be redundant and manner in which these services are
unnecessary. These ports are associated Commission, and all written
billed. communications relating to the
with one account number. This proposal
will conform the defined term across BX C. Self-Regulatory Organization’s proposed rule change between the
Rules. The Exchange is not proposing to Statement on Comments on the Commission and any person, other than
amend the manner in which these ports Proposed Rule Change Received From those that may be withheld from the
are assessed, rather the Exchange Members, Participants, or Others public in accordance with the
proposes to eliminate the ‘‘per provisions of 5 U.S.C. 552, will be
No written comments were either
mnemonic’’ description and more available for website viewing and
solicited or received.
clearly define the manner in which printing in the Commission’s Public
these services are billed as ‘‘per port, III. Date of Effectiveness of the Reference Room, 100 F Street NE,
per month.’’ Proposed Rule Change and Timing for Washington, DC 20549, on official
Commission Action business days between the hours of
The Exchange’s proposal to remove 10:00 a.m. and 3:00 p.m. Copies of the
the term ‘‘mnemonic’’ for the pricing of The foregoing rule change has become
effective pursuant to Section filing also will be available for
the CTI Port Fee, FIX DROP Port Fee, inspection and copying at the principal
BX Depth Port Fee and BX Top Port Fee 19(b)(3)(A)(ii) of the Act.9
At any time within 60 days of the office of the Exchange. All comments
is equitable and not unfairly received will be posted without change.
discriminatory because the Exchange filing of the proposed rule change, the
Commission summarily may Persons submitting comments are
amozie on DSK3GDR082PROD with NOTICES1
will continue to uniformly assess all cautioned that we do not redact or edit
market participants these services in a temporarily suspend such rule change if
it appears to the Commission that such personal identifying information from
uniform manner. The proposed change comment submissions. You should
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection submit only information that you wish
7 See Securities Exchange Act Release No. 84520
of investors; or (iii) otherwise in to make available publicly. All
(November 1, 2018), 83 FR 55765 (November 7,
2018) (SR–BX–2018–050). submissions should refer to File
8 See Chapter I, Section 1(a)(70). 9 15 U.S.C. 78s(b)(3)(A)(ii). Number SR–BX–2018–060 and should
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![63918 Federal Register / Vol. 83, No. 238 / Wednesday, December 12, 2018 / Notices
be submitted on or before January 2, by 5:30 p.m. on December 31, 2018, and companies or series thereof, their
2019. should be accompanied by proof of principal underwriters and any broker
For the Commission, by the Division of service on the applicants, in the form of or dealer registered under the Securities
Trading and Markets, pursuant to delegated an affidavit, or, for lawyers, a certificate Exchange Act of 1934 to sell shares of
authority.10 of service. Pursuant to Rule 0–5 under the Underlying Fund to the Fund of
Eduardo A. Aleman, the Act, hearing requests should state Funds in excess of the limits in section
Assistant Secretary. the nature of the writer’s interest, any 12(d)(1)(B) of the Act.3 Applicants also
[FR Doc. 2018–26911 Filed 12–11–18; 8:45 am]
facts bearing upon the desirability of a request an order of exemption under
hearing on the matter, the reason for the sections 6(c) and 17(b) of the Act from
BILLING CODE 8011–01–P
request, and the issues contested. the prohibition on certain affiliated
Persons who wish to be notified of a transactions in section 17(a) of the Act
SECURITIES AND EXCHANGE hearing may request notification by to the extent necessary to permit the
COMMISSION writing to the Commission’s Secretary. Underlying Funds to sell their shares to,
ADDRESSES: Secretary, U.S. Securities and redeem their shares from, the Funds
[Investment Company Act Release No. and Exchange Commission, 100 F Street of Funds.4 Applicants state that such
33317; File No. 812–14942]
NE, Washington, DC 20549–1090. transactions will be consistent with the
Symmetry Panoramic Trust and Applicants: John A. Mooney, Esq., policies of each Fund of Funds and each
Symmetry Partners, LLC Symmetry Partners, LLC, 151 National Underlying Fund and with the general
Drive, Glastonbury, CT 06033; Mark C. purposes of the Act and will be based
December 6, 2018. Amorosi, Esq., K&L Gates LLP, 1601 K on the net asset values of the
AGENCY: Securities and Exchange Street NW, Washington, DC 20006. Underlying Funds.
Commission (‘‘Commission’’). FOR FURTHER INFORMATION CONTACT: 2. Applicants agree that any order
ACTION: Notice. Bruce R. MacNeil, Senior Counsel, at granting the requested relief will be
(202) 551–6817, or Kaitlin C. Bottock, subject to the terms and conditions
Notice of an application for an order Branch Chief, at (202) 551–6825 stated in the application. Such terms
under section 12(d)(1)(J) of the (Division of Investment Management, and conditions are designed to, among
Investment Company Act of 1940 (the Chief Counsel’s Office). other things, help prevent any potential
‘‘Act’’) for an exemption from sections (a) undue influence over an Underlying
SUPPLEMENTARY INFORMATION: The
12(d)(1)(A), (B), and (C) of the Act and Fund that is not in the same ‘‘group of
under sections 6(c) and 17(b) of the Act following is a summary of the
application. The complete application investment companies’’ as the Fund of
for an exemption from sections 17(a)(1) Funds through control or voting power,
and (2) of the Act. The requested order may be obtained via the Commission’s
website by searching for the file or in connection with certain services,
would permit certain registered open- transactions, and underwritings, (b)
end investment companies to acquire number, or for an applicant using the
Company name box, at http://www.sec. excessive layering of fees, and (c) overly
shares of certain registered open-end complex fund structures, which are the
investment companies, registered gov/search/search.htm, or by calling
(202) 551–8090. concerns underlying the limits in
closed-end investment companies, sections 12(d)(1)(A), (B), and (C) of the
business development companies, as Summary of the Application Act.
defined in section 2(a)(48) of the Act, 1. Applicants request an order to 3. Section 12(d)(1)(J) of the Act
and registered unit investment trusts permit (a) a Fund 1 (each a ‘‘Fund of provides that the Commission may
(collectively, ‘‘Underlying Funds’’) that Funds’’) to acquire shares of Underlying
are within and outside the same group Funds 2 in excess of the limits in 3 Applicants do not request relief for Funds of
of investment companies as the sections 12(d)(1)(A) and (C) of the Act Funds to invest in reliance on the order in business
acquiring investment companies, in development companies and registered closed-end
and (b) the Underlying Funds that are investment companies that are not listed and traded
excess of the limits in section 12(d)(1) registered open-end investment on a national securities exchange.
of the Act. 4 A Fund of Funds generally would purchase and
Applicants: Symmetry Panoramic 1 Applicants request that the order apply to each sell shares of an Underlying Fund that operates as
Trust (the ‘‘Trust’’), a Delaware statutory existing and future series of the Trust and to each an ETF through secondary market transactions
trust that is registered under the Act as existing and future registered open-end rather than through principal transactions with the
management investment company or series thereof Underlying Fund. Applicants nevertheless request
an open-end management investment relief from sections 17(a)(1) and (2) to permit each
that is advised by the Applying Manager or its
company with multiple series, and successor-in-interest or by any other investment ETF that is an affiliated person, or an affiliated
Symmetry Partners, LLC (the ‘‘Applying adviser controlling, controlled by or under common person of an affiliated person, as defined in section
Manager’’), a Connecticut limited control with the Applying Manager or its successor- 2(a)(3) of the Act, of a Fund of Funds, to sell shares
in-interest and is part of the same ‘‘group of to or redeem shares from the Fund of Funds. This
liability company registered as an investment companies,’’ as defined in section includes, in the case of sales and redemptions of
investment adviser under the 12(d)(1)(G)(ii) of the Act, as the Trust (each, a shares of ETFs, the in-kind transactions that
Investment Advisers Act of 1940. ‘‘Fund’’). For purposes of the requested order, accompany such sales and redemptions. Applicants
Filing Dates: The application was ‘‘successor-in-interest’’ is limited to an entity that are not seeking relief from section 17(a) for, and the
filed on August 30, 2018. results from a reorganization into another requested relief will not apply to, transactions
jurisdiction or a change in the type of business where an ETF could be deemed an affiliated person,
Hearing or Notification of Hearing: An organization. For purposes of the request for relief, or an affiliated person of an affiliated person, of a
order granting the requested relief will the term ‘‘group of investment companies’’ means Fund of Funds because an investment adviser to the
be issued unless the Commission orders any two or more registered investment companies, ETF or an entity controlling, controlled by or under
a hearing. Interested persons may including closed-end investment companies and common control with the investment adviser to the
amozie on DSK3GDR082PROD with NOTICES1
business development companies, that hold ETF is also an investment adviser to the Fund of
request a hearing by writing to the themselves out to investors as related companies for Funds. A Fund of Funds will purchase and sell
Commission’s Secretary and serving purposes of investment and investor services. shares of an Underlying Fund that is a closed-end
applicants with a copy of the request, 2 Certain of the Underlying Funds have obtained fund (including a business development company)
personally or by mail. Hearing requests exemptions from the Commission necessary to through secondary market transactions at market
permit their shares to be listed and traded on a prices rather than through principal transactions
should be received by the Commission national securities exchange at negotiated prices with the closed-end fund. Accordingly, applicants
and, accordingly, to operate as an exchange-traded are not requesting section 17(a) relief with respect
10 17 CFR 200.30–3(a)(12). fund (‘‘ETF’’). to principal transactions with closed-end funds.
VerDate Sep<11>2014 18:39 Dec 11, 2018 Jkt 247001 PO 00000 Frm 00094 Fmt 4703 Sfmt 4703 E:\FR\FM\12DEN1.SGM 12DEN1](https://thefederalregister.org/doc/83_FR_64154/page/3.svg)
Document Created: 2018-12-12 01:40:24
Document Modified: 2018-12-12 01:40:24
| 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 63916 |
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