83 FR 8132 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Listing Standard for Warrants in Section 105 of the NYSE American Company Guide
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 37 (February 23, 2018)
Federal Register Volume 83, Issue 37 (February 23, 2018)
| Page Range | 8132-8134 | |
| FR Document | 2018-03697 |
[Federal Register Volume 83, Number 37 (Friday, February 23, 2018)] [Notices] [Pages 8132-8134] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-03697] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82737; File No. SR-NYSEAMER-2018-04] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Listing Standard for Warrants in Section 105 of the NYSE American Company Guide February 16, 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 February 6, 2018, NYSE American LLC (``NYSE American'' or the ``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. --------------------------------------------------------------------------- \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 amend its listing standard for warrants as set forth in Section 105 of the NYSE American Company Guide (the ``Company Guide'') to provide that any reduction in the exercise price of a listed warrant must be widely publicized and must continue in effect for at least 20 business days \3\ (or such longer period as may be required under the tender offer rules of the Securities and Exchange Commission (``SEC'' or ``Commission'')) and otherwise comply with any other applicable tender offer regulatory provisions under the federal securities laws, including Section 13(e) \4\ of the Act and Rule 13e-4 \5\ under the Act. The proposed rule change is available on the Exchange's website at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. --------------------------------------------------------------------------- \3\ The term ``business day'' is used as defined in Rule 14d- 1(g)(3) under the Act (17 CFR 240.14d-1(g)(3)). \4\ 15 U.S.C. 78m(e). \5\ 17 CFR 240.13e-4. --------------------------------------------------------------------------- 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 self-regulatory organization 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 those 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 parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its listing standard for warrants as set forth in Section 105 of the Company Guide to provide that any reduction in the exercise price of a listed warrant must be widely publicized and must continue in effect for at least 20 business days (or such longer period as may be required under the tender offer rules of the Securities and Exchange Commission (``SEC'' or ``Commission'')) and otherwise comply with any other applicable tender offer regulatory provisions under the federal securities laws, including Section 13(e) of the Act and Rule 13e-4 under the Act. Section 105 currently provides that the issuer of a listed warrant may reduce the exercise price of such warrant provided that in doing so it establishes a minimum period of ten business days within which such price reduction will be in effect.\6\ The Exchange now proposes to amend this provision so that it will be consistent with the tender offer regulatory provisions applicable under the federal securities laws and SEC rules.\7\ --------------------------------------------------------------------------- \6\ Section 105 in its current form was approved in Securities Exchange Act Release No. 22777 (January 8, 1986); 51 FR 2613 (January 17, 1986). \7\ The proposed amendment will conform the rule to changes recently adopted by the NYSE in its own warrant listing standard. See Securities Exchange Act Release No. 82566 (SR-NYSE-2018-04) (January 22, 2018). --------------------------------------------------------------------------- A reduction in the exercise price of publicly-traded warrants for a limited time period is deemed to be a tender offer by the SEC staff and is therefore subject to the requirements of the SEC's tender offer rules as set forth in Regulation 14E under the Act.\8\ SEC Rule 14e- 1(a) \9\ requires that any tender offer subject to Regulation 14E be held [[Page 8133]] open for at least 20 business days. SEC Rule 14e-1(b) \10\ provides for certain circumstances in which a tender offer period must be extended beyond that initial 20 business day period. Rule 14e-1(c) \11\ under the Act requires securityholders to be paid promptly after tendering their securities into a tender offer. In addition, all tender offers for listed warrants will be subject to Section 13(e) of the Act, Rule 13e-4 under the Act, Section 14(e) \12\ of the Act, and Regulation 14E under the Act. --------------------------------------------------------------------------- \8\ 17 CFR 240.14e-1 et seq. \9\ 17 CFR 240.14e-1(a). \10\ 17 CFR 240.14e-1(b). \11\ 17 CFR 240.14e-1(c). \12\ 15 U.S.C. 78n(e). --------------------------------------------------------------------------- The Exchange proposes to require the issuer of any warrant which gives the issuer the right, at its discretion, to reduce the exercise price of the warrant for periods of time, or from time to time, to undertake to comply with any applicable tender offer regulatory provisions under the federal securities laws, including a minimum period of 20 business days within which such price reduction will be in effect (or such longer period as may be required under the SEC's tender offer rules). In addition to ensuring compliance with applicable laws and regulations, the Exchange believes that the proposed 20 business day minimum notice requirement would ensure that warrant holders have a reasonable amount of time to consider the advisability of exercising their warrants during the period in which the reduced exercise price is in effect and that warrant holders will therefore not be under unreasonable pressure to make a hasty, ill-informed investment decision. The Exchange proposes to require that any listed company that reduces the exercise price of listed warrants announce that fact in a manner consistent with the Exchange's policies with respect to the dissemination of material news as set forth in Sections 401 and 402 of the Company Guide. The Exchange believes that this requirement would give all warrant holders appropriate notice and the ability to avail themselves of the lower exercise price if they so desire. The Exchange has interpreted the provision with respect to repricings in Section 105 broadly as restricting the taking of any other action which has the same economic effect as a reduction in the exercise price of the warrant.\13\ For the avoidance of doubt, the Exchange now proposes to include a statement to that effect in the proposed amended rule text. --------------------------------------------------------------------------- \13\ For example, the Exchange would view an exchange of common stock for outstanding warrants as a transaction restricted by the rule if the economic benefit to the warrant holder of participating in the exchange was effectively the same as the benefit to the holder of exercising the warrants at a reduced exercise price. Similarly, an increase in the number of shares for which a warrant is exercisable without a related increase in the warrant exercise price is economically equivalent to a reduction in the exercise price. --------------------------------------------------------------------------- Section 105 currently provides that the repricing policy set forth therein will not preclude the listing of warrant issues for which regularly scheduled and specified changes in the exercise price have been previously established. The Exchange proposes to clarify this provisions by specifying that it relates specifically to regularly scheduled and specified changes in the exercise price that have been previously established at the time of original issuance of the warrants. The Exchange also proposes to make revisions to Section 105 to update references to the names of the Exchange and the NASDAQ Stock Exchange to reflect their current names. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) \14\ of the Act, in general, and furthers the objectives of Section 6(b)(5) of the Act,\15\ in particular in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed amendment is consistent with the investor protection objectives of Section 6(b)(5) because: (i) The proposed requirement that the price reduction must stay in effect for 20 business days or such longer period as required by the SEC's tender offer rules would give the warrant holders a reasonable amount of time to consider the advisability of exercising their warrants during the period in which the reduced exercise price was in effect and warrant holders would therefore not be under unreasonable pressure to make a hasty, ill-informed investment decision; and (ii) the proposed requirement that any listed company that reduces the exercise price of listed warrants must announce that fact in a manner consistent with the Exchange's material news dissemination policies would give all warrant holders appropriate notice and the ability to avail themselves of the lower exercise price if they so desired. The requirement that any warrant repricing under the proposed amendment must be held open for at least 20 business days (or such longer period as is required under the SEC's tender offer rules) and that the company must undertake to comply with applicable tender offer regulatory provisions would ensure that any warrant repricing under the proposed amendment would be in compliance with Section 13(e) of the Act, Rule 13e-4 under the Act, Section 14(e) of the Act, and Regulation 14E under the Act. The addition to the rule of language stating that the Exchange will apply its requirements with respect to warrant re-pricings to the taking of any other action that has the same economic effect as a reduction in the exercise price of a listed warrant is consistent with the Act as it simply codifies a longstanding interpretation of the rule by the Exchange. The amendment to the rule to specify that the repricing provision is not applicable to regularly scheduled and specified changes in the exercise price that have been previously established at the time of original issuance of the warrants is a clarification of the rule that is consistent with the way it is currently implemented and is therefore non-substantive in nature. Similarly, the updating of the names used in the rule for NYSE American and the NASDAQ Stock Market is non- substantive in nature. 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 that is not necessary or appropriate in furtherance of the purpose of the Act. The purpose of the proposed rule change is to impose additional limitations on the circumstances under which listed companies may adjust the exercise price of listed warrants, including by requiring any such repricing to be conducted in a manner that is consistent with the SEC's tender offer rules. As such, the Exchange believes the proposed rule change does not impose any burden on competition. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. [[Page 8134]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\ Because the 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) of the Act and Rule 19b-4(f)(6) thereunder.\18\ --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A)(iii). \17\ 17 CFR 240.19b-4(f)(6). \18\ In addition, Rule 19b-4(f)(6)(iii) requires a self- regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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. 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-NYSEAMER-2018-04 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-NYSEAMER-2018-04. 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 such 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-NYSEAMER-2018-04, and should be submitted on or before March 16, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-03697 Filed 2-22-18; 8:45 am] BILLING CODE 8011-01-P
![8132 Federal Register / Vol. 83, No. 37 / Friday, February 23, 2018 / Notices
companies and business development Dated: February 20, 2018. II. Self-Regulatory Organization’s
companies that have engaged in Eduardo A. Aleman, Statement of the Purpose of, and
offerings of securities that are exempt Assistant Secretary. Statutory Basis for, the Proposed Rule
from registration pursuant to Regulation [FR Doc. 2018–03739 Filed 2–22–18; 8:45 am] Change
E under the Securities Act of 1933 (17 BILLING CODE 8011–01–P In its filing with the Commission, the
CFR 230.601 to 610a) to report semi- self-regulatory organization included
annually on Form 2–E (17 CFR 239.201) statements concerning the purpose of,
the progress of the offering. The form SECURITIES AND EXCHANGE and basis for, the proposed rule change
solicits information such as the dates an COMMISSION and discussed any comments it received
offering commenced and was completed on the proposed rule change. The text
(if completed), the number of shares [Release No. 34–82737; File No. SR–
NYSEAMER–2018–04]
of those statements may be examined at
sold and still being offered, amounts the places specified in Item IV below.
received in the offering, and expenses Self-Regulatory Organizations; NYSE The Exchange has prepared summaries,
and underwriting discounts incurred in American LLC; Notice of Filing and set forth in sections A, B, and C below,
the offering. The information provided Immediate Effectiveness of Proposed of the most significant parts of such
on Form 2–E assists the staff in Rule Change To Amend Its Listing statements.
monitoring the progress of the offering Standard for Warrants in Section 105 A. Self-Regulatory Organization’s
and in determining whether the offering of the NYSE American Company Guide Statement of the Purpose of, and the
has stayed within the limits set for an
February 16, 2018. Statutory Basis for, the Proposed Rule
offering exempt under Regulation E. Change
There has not been a Form 2–E filing Pursuant to Section 19(b)(1) of the
since calendar year 2010, when there Securities Exchange Act of 1934 1. Purpose
was one filing of Form 2–E by one (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 The Exchange proposes to amend its
respondent. The Commission has notice is hereby given that on February listing standard for warrants as set forth
previously estimated that the total 6, 2018, NYSE American LLC (‘‘NYSE in Section 105 of the Company Guide to
annual burden associated with American’’ or the ‘‘Exchange’’) filed provide that any reduction in the
information collection and Form 2–E with the Securities and Exchange exercise price of a listed warrant must
preparation and submission is four Commission (‘‘SEC’’ or ‘‘Commission’’) be widely publicized and must continue
the proposed rule change as described in effect for at least 20 business days (or
hours per filing. Although there have
in Items I and II below, which Items such longer period as may be required
been no filings made under this rule
have been prepared by the Exchange. under the tender offer rules of the
since 2010, we are requesting one
The Commission is publishing this Securities and Exchange Commission
annual response and an annual burden
notice to solicit comments on the (‘‘SEC’’ or ‘‘Commission’’)) and
of one hour for administrative purposes.
proposed rule change from interested otherwise comply with any other
Estimates of average burden hours are
persons. applicable tender offer regulatory
made solely for the purposes of the
Paperwork Reduction Act and are not I. Self-Regulatory Organization’s provisions under the federal securities
derived from a comprehensive or even Statement of the Terms of Substance of laws, including Section 13(e) of the Act
representative survey or study of the the Proposed Rule Change and Rule 13e–4 under the Act.
Section 105 currently provides that
costs of Commission rules and forms. The Exchange proposes to amend its the issuer of a listed warrant may reduce
The collection of information under rule listing standard for warrants as set forth the exercise price of such warrant
609 and Form 2–E is mandatory. The in Section 105 of the NYSE American provided that in doing so it establishes
information provided under rule 609 Company Guide (the ‘‘Company Guide’’) a minimum period of ten business days
and Form 2–E will not be kept to provide that any reduction in the within which such price reduction will
confidential. An agency may not exercise price of a listed warrant must be in effect.6 The Exchange now
conduct or sponsor, and a person is not be widely publicized and must continue proposes to amend this provision so that
required to respond to, a collection of in effect for at least 20 business days 3 it will be consistent with the tender
information unless it displays a (or such longer period as may be offer regulatory provisions applicable
currently valid OMB control number. required under the tender offer rules of under the federal securities laws and
The public may view the background the Securities and Exchange SEC rules.7
documentation for this information Commission (‘‘SEC’’ or ‘‘Commission’’)) A reduction in the exercise price of
collection at the following website, and otherwise comply with any other publicly-traded warrants for a limited
www.reginfo.gov. Comments should be applicable tender offer regulatory time period is deemed to be a tender
directed to: (i) Desk Officer for the provisions under the federal securities offer by the SEC staff and is therefore
Securities and Exchange Commission, laws, including Section 13(e) 4 of the subject to the requirements of the SEC’s
Office of Information and Regulatory Act and Rule 13e–4 5 under the Act. The tender offer rules as set forth in
Affairs, Office of Management and proposed rule change is available on the Regulation 14E under the Act.8 SEC
Budget, Room 10102, New Executive Exchange’s website at www.nyse.com, at Rule 14e–1(a) 9 requires that any tender
Office Building, Washington, DC 20503, the principal office of the Exchange, and offer subject to Regulation 14E be held
or by sending an email to: Shagufta_ at the Commission’s Public Reference
6 Section 105 in its current form was approved in
Ahmed@omb.eop.gov; and (ii) Pamela Room.
daltland on DSKBBV9HB2PROD with NOTICES
Securities Exchange Act Release No. 22777 (January
Dyson, Director/Chief Information 8, 1986); 51 FR 2613 (January 17, 1986).
1 15 U.S.C. 78s(b)(1).
Officer, Securities and Exchange 7 The proposed amendment will conform the rule
2 17 CFR 240.19b–4.
Commission, c/o Remi Pavlik-Simon, 3 The term ‘‘business day’’ is used as defined in
to changes recently adopted by the NYSE in its own
100 F Street NE, Washington, DC 20549 warrant listing standard. See Securities Exchange
Rule 14d–1(g)(3) under the Act (17 CFR 240.14d– Act Release No. 82566 (SR–NYSE–2018–04)
or send an email to: PRA_Mailbox@ 1(g)(3)). (January 22, 2018).
sec.gov. Comments must be submitted to 4 15 U.S.C. 78m(e). 8 17 CFR 240.14e–1 et seq.
OMB within 30 days of this notice. 5 17 CFR 240.13e–4. 9 17 CFR 240.14e–1(a).
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![8134 Federal Register / Vol. 83, No. 37 / Friday, February 23, 2018 / Notices
III. Date of Effectiveness of the post all comments on the Commission’s Commission (‘‘Commission’’) the
Proposed Rule Change and Timing for internet website (http://www.sec.gov/ proposed rule change as described in
Commission Action rules/sro.shtml). Copies of the Items I and II below, which Items have
The Exchange has filed the proposed submission, all subsequent been prepared by the Exchange. The
rule change pursuant to Section amendments, all written statements Exchange has designated this proposal
19(b)(3)(A) of the Act 16 and Rule 19b– with respect to the proposed rule as a ‘‘non-controversial’’ proposed rule
4(f)(6) thereunder.17 Because the change that are filed with the change pursuant to Section 19(b)(3)(A)
proposed rule change does not: (i) Commission, and all written of the Act 3 and Rule 19b–4(f)(6)(iii)
Significantly affect the protection of communications relating to the thereunder,4 which renders it effective
proposed rule change between the upon filing with the Commission. The
investors or the public interest; (ii)
Commission and any person, other than Commission is publishing this notice to
impose any significant burden on
those that may be withheld from the solicit comments on the proposed rule
competition; and (iii) become operative
public in accordance with the change from interested persons.
for 30 days from the date on which it
provisions of 5 U.S.C. 552, will be
was filed, or such shorter time as the I. Self-Regulatory Organization’s
available for website viewing and
Commission may designate, it has Statement of the Terms of Substance of
printing in the Commission’s Public
become effective pursuant to Section the Proposed Rule Change
Reference Room, 100 F Street NE,
19(b)(3)(A) of the Act and Rule 19b–
Washington, DC 20549 on official The Exchange filed a proposal to
4(f)(6) thereunder.18
business days between the hours of expand the Short Term Options Series
At any time within 60 days of the
10:00 a.m. and 3:00 p.m. Copies of such Program to allow Monday expirations
filing of such proposed rule change, the
filing also will be available for for SPDR S&P 500 ETF Trust (‘‘SPY’’)
Commission summarily may
inspection and copying at the principal options.
temporarily suspend such rule change if
office of the Exchange. All comments
it appears to the Commission that such received will be posted without change. (additions are italicized; deletions are
action is necessary or appropriate in the Persons submitting comments are [bracketed])
public interest, for the protection of cautioned that we do not redact or edit * * * * *
investors, or otherwise in furtherance of personal identifying information from
the purposes of the Act. Rules of Cboe EDGX Exchange, Inc.
comment submissions. You should
IV. Solicitation of Comments submit only information that you wish * * * * *
to make available publicly. All Rule 16.1. Definitions
Interested persons are invited to
submissions should refer to File
submit written data, views, and (a) With respect to the Rules
Number SR–NYSEAMER–2018–04, and
arguments concerning the foregoing, contained in Chapters XVI to XXIX
should be submitted on or before March
including whether the proposed rule below, relating to the trading of options
16, 2018.
change is consistent with the Act. contracts on the Exchange, the following
Comments may be submitted by any of For the Commission, by the Division of
Trading and Markets, pursuant to delegated terms shall have the meanings specified
the following methods: in this Rule. A term defined elsewhere
authority.19
Electronic Comments Eduardo A. Aleman, in the Exchange Rules shall have the
same meaning with respect to this
• Use the Commission’s internet Assistant Secretary.
Chapter XVI, unless otherwise defined
comment form (http://www.sec.gov/ [FR Doc. 2018–03697 Filed 2–22–18; 8:45 am]
below.
rules/sro.shtml); or BILLING CODE 8011–01–P
(1)–(56) (No change).
• Send an email to rule-comments@ (57) The term ‘‘Short Term Option
sec.gov. Please include File Number SR– Series’’ means a series in an option class
NYSEAMER–2018–04 on the subject SECURITIES AND EXCHANGE
that is approved for listing and trading
line. COMMISSION
on the Exchange in which the series is
Paper Comments [Release No. 34–82734; File No. SR– opened for trading on any Monday,
CboeEDGX–2018–007] Tuesday, Wednesday, Thursday or
• Send paper comments in triplicate
Friday that is a business day and that
to Secretary, Securities and Exchange Self-Regulatory Organizations; Cboe expires on the Monday, Wednesday or
Commission, 100 F Street NE, EDGX Exchange, Inc.; Notice of Filing Friday of the next business week, or, in
Washington, DC 20549–1090. and Immediate Effectiveness of a the case of a series that is listed on a
All submissions should refer to File Proposed Rule Change To Expand the Friday and expires on a Monday, is
Number SR–NYSEAMER–2018–04. This Short Term Options Series Program To listed one business week and one
file number should be included on the Allow Monday Expirations for SPDR business day prior to that expiration. If
subject line if email is used. To help the S&P 500 ETF Trust Options on the
a Tuesday, Wednesday, Thursday or
Commission process and review your Exchange’s Equity Options Platform
Friday is not a business day, the series
comments more efficiently, please use February 16, 2018. may be opened (or shall expire) on the
only one method. The Commission will Pursuant to Section 19(b)(1) of the first business day immediately prior to
Securities Exchange Act of 1934 (the that Tuesday, Wednesday, Thursday or
16 15 U.S.C. 78s(b)(3)(A)(iii).
17 17
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Friday, respectively. For a series listed
CFR 240.19b–4(f)(6).
notice is hereby given that on February pursuant to this section for Monday
daltland on DSKBBV9HB2PROD with NOTICES
18 In addition, Rule 19b–4(f)(6)(iii) requires a self-
regulatory organization to give the Commission 15, 2018, Cboe EDGX Exchange, Inc. expiration, if a Monday is not a business
written notice of its intent to file the proposed rule (the ‘‘Exchange’’ or ‘‘EDGX Options’’) day, the series shall expire on the first
change, along with a brief description and text of filed with the Securities and Exchange business day immediately following that
the proposed rule change, at least five business days
prior to the date of filing of the proposed rule
Monday.
19 17 CFR 200.30–3(a)(12).
change, or such shorter time as designated by the
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A).
Commission. The Exchange has satisfied this
requirement. 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2018-02-23 01:32:52
Document Modified: 2018-02-23 01:32:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 83 FR 8132 |
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