83 FR 9347 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Wilshire Micro-Cap ETF
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 43 (March 5, 2018)
Federal Register Volume 83, Issue 43 (March 5, 2018)
| Page Range | 9347-9349 | |
| FR Document | 2018-04340 |
[Federal Register Volume 83, Number 43 (Monday, March 5, 2018)] [Notices] [Pages 9347-9349] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-04340] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-82788; File No. SR-NYSEArca-2018-13] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Wilshire Micro-Cap ETF February 27, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on February 13, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 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 reflect changes to certain representations made in the proposed rule change previously filed with the Commission pursuant to Rule 19b-4 relating to the Wilshire Micro-Cap ETF (the ``Fund''). Shares of the Fund are currently listed and traded on the Exchange under NYSE Arca Rule 5.2(j)(3)-E. 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. 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 Commission has approved the listing and trading on the Exchange of shares (``Shares'') of the Fund, under NYSE Arca Rule 5.2-E(j)(3) (formerly NYSE Arca Equities Rule 5.2(j)(3)), which governs the listing and trading of Investment Company Units.\4\ The Fund's Shares are currently listed and traded on the Exchange under NYSE Arca Rule 5.2- E(j)(3).\5\ The Fund is a series of the Claymore Exchange-Traded Fund Trust (``Trust'').\6\ --------------------------------------------------------------------------- \4\ An Investment Company Unit is a security that represents an interest in a registered investment company that holds securities comprising, or otherwise based on or representing an interest in, an index or portfolio of securities (or holds securities in another registered investment company that holds securities comprising, or otherwise based on or representing an interest in, an index or portfolio of securities). See NYSE Arca Rule 5.2-E(j)(3)(A). \5\ The Commission previously approved the listing and trading of the Shares of the Fund. The Exchange filed a proposed rule change relating to the Fund because Fund's underlying index--the Wilshire US Micro-Cap IndexSM (the ``Index'')--did not meet the criteria set forth in Commentaries .01(a)(A)(1) and .01(a)(A)(5) of NYSE Arca Rule 5.2-E(j)(3) applicable to Units based on U.S. indexes or portfolios. See Securities Exchange Act Release Nos. 62737 (August 17, 2010), 75 FR 51863 (August 23, 2010) (SR-NYSEArca-2010-64) (Order Approving Proposed Rule Change Relating to Listing of the Wilshire Micro-Cap ETF) (``Approval Order''); 62471 (July 8, 2010) (SR-NYSEArca-2010-64) (Notice of Filing of Proposed Rule Change by NYSE Arca, Inc. Relating to Listing of the Wilshire Micro-Cap ETF) (the ``Notice'' and, together with the Approval Order, the ``Releases''). \6\ See Claymore Exchange-Traded Fund Trust's registration statement on Form N-1A, dated December 29, 2017 (File Nos. 333- 134551; 811-21906). --------------------------------------------------------------------------- PowerShares Exchange-Traded Fund Trust has filed a combined prospectus and proxy statement (the ``Proxy Statement'') with the Commission on Form N-14 describing a ``Plan of Reorganization'' pursuant to which, following approval of the Fund's shareholders, all or substantially all of the assets and all of the stated liabilities included in the financial statements of the Fund would be transferred to a corresponding, newly-formed fund of the PowerShares Exchange- Traded Fund [[Page 9348]] Trust, described below. According to the Proxy Statement, the investment objective of the Fund will be the same following implementation of the Plan of Reorganization (``Reorganization'').\7\ Following shareholder approval and closing of the Reorganization, investors will receive shares of beneficial interest of the PowerShares Wilshire Micro-Cap Portfolio (and cash with respect to any fractional shares held, if any) with an aggregate net asset value equal to the aggregate net asset value of the Shares of the Fund of the Trust calculated as of the close of business on the business day before the closing of the Reorganization. --------------------------------------------------------------------------- \7\ See registration statement on Form N-14 under the Securities Act of 1933 (15 U.S.C. 77a) (``1933 Act''), dated November 21, 2017 (File No. 333-221699). The definitive, final version of the Proxy Statement was filed with the Commission pursuant to Rule 497 under the 1933 Act on January 5, 2018. --------------------------------------------------------------------------- In this proposed rule change, the Exchange proposes to reflect a change to certain representations made in the proposed rule change previously filed with the Commission pursuant to Rule 19b-4 relating to the Fund, as described above,\8\ which changes would be implemented as a result of the Plan of Reorganization.\9\ --------------------------------------------------------------------------- \8\ See note 5, supra. \9\ The Fund's investment adviser, Guggenheim Funds Investment Advisors, LLC, represents that it will manage the Fund in the manner described in the proposed rule change for the Fund as referenced in note 4, supra, and the changes described herein will not be implemented until this proposed rule change is operative. --------------------------------------------------------------------------- Wilshire Micro-Cap ETF \10\ --------------------------------------------------------------------------- \10\ On October 20, 2017 the PowerShares Exchange-Traded Fund Trust filed with the Commission a pre-effective amendment to its registration statement on Form N-1A under the 1933 Act and under the 1940 Act relating to the Fund (File Nos. 333-147622 and 811-22148). The October 20, 2017 filing is intended to create a new entity to serve as the vehicle into which the Fund will be reorganized through the Plan of Reorganization contained in the Proxy Statement. In addition, the Commission has issued an order granting certain exemptive relief to the PowerShares Exchange-Traded Fund Trust under the 1940 Act. See Investment Company Act Release No. 28171 (February 27, 2008) (File No. 812-13386, as amended by Investment Company Release No. 28467) (October 27, 2008) (File No. 812-13491). --------------------------------------------------------------------------- The Notice stated the name of the Fund as Wilshire MicroCap ETF. Following the Reorganization, the name of the Fund will be PowerShares Wilshire Micro-Cap Portfolio. The Notice stated that the Fund is a series of the Claymore Exchange-Traded Fund Trust. Following the Reorganization, the Fund's trust will be PowerShares Exchange-Traded Fund Trust. The Fund's investment adviser is Guggenheim Funds Investment Advisors, LLC. Following the Reorganization, the Fund's investment adviser will be Invesco PowerShares Capital Management LLC.\11\ --------------------------------------------------------------------------- \11\ Invesco PowerShares Capital Management LLC is not registered as a broker-dealer but is affiliated with a broker- dealer. Invesco PowerShares Capital Management LLC has implemented and will maintain a fire wall with respect to its affiliated broker- dealer regarding access to information concerning the composition and/or changes to the Fund's portfolio. In the event (a) Invesco PowerShares Capital Management LLC becomes registered as a broker- dealer or newly affiliated with a broker-dealer, or (b) any new adviser or sub-adviser becomes registered as a broker-dealer or newly affiliated with a broker-dealer, it will implement and maintain a fire wall with respect to its relevant personnel or such broker-dealer affiliate regarding access to information concerning the composition and/or changes to the Fund's portfolio, and will be subject to procedures designed to prevent the use and dissemination of material non-public information regarding such portfolio. In addition, personnel who make decisions on the Fund's portfolio composition must be subject to procedures designed to prevent the use and dissemination of material nonpublic information regarding the Fund's portfolio. An investment adviser to an open-end fund is required to be registered under the Investment Advisers Act of 1940 (the ``Advisers Act''). As a result, with respect to PowerShares Wilshire Micro-Cap Portfolio, Invesco PowerShares Capital Management LLC, as adviser, and its related personnel, are subject to the provisions of Rule 204A-1 under the Advisers Act relating to codes of ethics. This Rule requires investment advisers to adopt a code of ethics that reflects the fiduciary nature of the relationship to clients as well as compliance with other applicable securities laws. Accordingly, procedures designed to prevent the communication and misuse of non- public information by an investment adviser must be consistent with Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful for an investment adviser to provide investment advice to clients unless such investment adviser has (i) adopted and implemented written policies and procedures reasonably designed to prevent violation, by the investment adviser and its supervised persons, of the Advisers Act and the Commission rules adopted thereunder; (ii) implemented, at a minimum, an annual review regarding the adequacy of the policies and procedures established pursuant to subparagraph (i) above and the effectiveness of their implementation; and (iii) designated an individual (who is a supervised person) responsible for administering the policies and procedures adopted under subparagraph (i) above. --------------------------------------------------------------------------- The Fund's current distributor is Guggenheim Funds Distributors, LLC. Following the Reorganization, the Fund's distributor will be Invesco Distributors, Inc. The investment objective of the Fund will remain unchanged. In addition, the Index underlying the Fund meets and will continue to meet the representations regarding the Index as described in the Releases. 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) \12\ that an exchange have rules that are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f (b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices, and is designed to promote just and equitable principles of trade and to protect investors and the public interest. PowerShares Exchange-Traded Fund Trust has filed the Proxy Statement describing the Reorganization pursuant to which, following approval of the Fund's shareholders, all assets of the Fund would be transferred to a corresponding fund of the PowerShares Exchange-Traded Fund Trust. This filing proposes to reflect organizational and administrative changes that would be implemented as a result of the Reorganization, including changes to the Fund's names, the trust entity issuing shares of the Fund, the adviser to the Fund and the distributor for the Fund. As noted above, Invesco PowerShares Capital Management LLC is not registered as a broker-dealer but is affiliated with a broker-dealer. Invesco PowerShares Capital Management LLC has implemented and will maintain a fire wall with respect to its affiliated broker-dealer regarding access to information concerning the composition and/or changes to the Fund's portfolio. In the event (a) Invesco PowerShares Capital Management LLC becomes registered as a broker-dealer or newly affiliated with a broker-dealer, or (b) any new adviser or sub-adviser becomes registered as a broker-dealer or newly affiliated with a broker-dealer, it will implement and maintain a fire wall with respect to its relevant personnel or such broker-dealer affiliate regarding access to information concerning the composition and/or changes to the portfolio, and will be subject to procedures designed to prevent the use and dissemination of material non-public information regarding such portfolio. According to the Proxy Statement, the investment objective of the Fund will be the same following implementation of the Reorganization. The Exchange believes these changes will not adversely impact investors or Exchange trading. In addition, the Index underlying the Fund meets and will continue to meet the representations regarding the Index as described in the Releases. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose [[Page 9349]] any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes the proposed rule change will enhance competition and benefit of investors and the marketplace by permitting continued listing and trading of Shares of the Fund following implementation of the changes described above that would follow the Reorganization, which changes would not impact the investment objective of the Fund. 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. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action 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 prior to 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 \13\ and Rule 19b-4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). 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. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The proposal would allow the Exchange to reflect organizational and administrative changes to the Fund that would be implemented as a result of the Reorganization, including changes to the Fund's name, the trust entity issuing shares of the Fund, the adviser to the Fund, and the distributor for the Fund. The Exchange represents that the investment objective of the Fund will remain the same, and the Index underlying the Fund meets and will continue to meet the representations regarding the Index as described in the Releases. The Commission believes that the proposal raises no new or novel regulatory issues and waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing.\15\ --------------------------------------------------------------------------- \15\ 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. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSEArca-2018-13 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-NYSEArca-2018-13. 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-NYSEArca-2018-13 and should be submitted on or before March 26, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-04340 Filed 3-2-18; 8:45 am] BILLING CODE 8011-01-P
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reasonably designed to, among other It is therefore ordered pursuant to statements concerning the purpose of,
things, require the performance of a Section 19(b)(2) of the Act 39 that the and basis for, the proposed rule change
model validation for its credit risk proposed rule change (SR–OCC–2017– and discussed any comments it received
models, margin system and related 011) be, and hereby is, approved. on the proposed rule change. The text
models, and liquidity risk models not For the Commission by the Division of of those statements may be examined at
less than annually, or more frequently Trading and Markets, pursuant to delegated the places specified in Item IV below.
as may be contemplated by the covered authority.40 The Exchange has prepared summaries,
clearing agency’s risk management Eduardo A. Aleman, set forth in sections A, B, and C below,
framework established pursuant to Rule Assistant Secretary. of the most significant parts of such
17Ad–22(e)(3) under the Act.37 [FR Doc. 2018–04338 Filed 3–2–18; 8:45 am]
statements.
As described above, the MRM Policy BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
provides for the annual validation of Statement of the Purpose of, and the
OCC’s Risk Models, which include Statutory Basis for, the Proposed Rule
credit risk, margin, and liquidity risk SECURITIES AND EXCHANGE Change
models. Under the MRM Policy, a COMMISSION
model validation must include a review 1. Purpose
[Release No. 34–82788; File No. SR–
of the model’s performance, parameters, NYSEArca–2018–13] The Commission has approved the
and assumptions. Further, the MRM listing and trading on the Exchange of
Policy clarifies that each model Self-Regulatory Organizations; NYSE shares (‘‘Shares’’) of the Fund, under
validation must be performed by a Arca, Inc.; Notice of Filing and NYSE Arca Rule 5.2–E(j)(3) (formerly
qualified person who is free from Immediate Effectiveness of Proposed NYSE Arca Equities Rule 5.2(j)(3)),
influence from the persons responsible Rule Change Relating to the Wilshire which governs the listing and trading of
for the development or operation of the Micro-Cap ETF Investment Company Units.4 The
models being validated. Therefore, Fund’s Shares are currently listed and
February 27, 2018. traded on the Exchange under NYSE
because the Commission believes that
the MRM Policy requires the annual Pursuant to Section 19(b)(1) 1 of the Arca Rule 5.2–E(j)(3).5 The Fund is a
validations of the performance, Securities Exchange Act of 1934 series of the Claymore Exchange-Traded
parameters, and assumptions of OCC’s (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Fund Trust (‘‘Trust’’).6
credit risk, margin, and liquidity risk notice is hereby given that, on February PowerShares Exchange-Traded Fund
models, the Commission finds that the 13, 2018, NYSE Arca, Inc. (‘‘Exchange’’ Trust has filed a combined prospectus
proposed rule change is consistent with or ‘‘NYSE Arca’’) filed with the and proxy statement (the ‘‘Proxy
Rules 17Ad–22(e)(4)(vii), (e)(6)(vii), and Securities and Exchange Commission Statement’’) with the Commission on
(e)(7)(vii). (‘‘Commission’’) the proposed rule Form N–14 describing a ‘‘Plan of
change as described in Items I and II Reorganization’’ pursuant to which,
IV. Conclusion below, which Items have been prepared following approval of the Fund’s
by the self-regulatory organization. The shareholders, all or substantially all of
On the basis of the foregoing, the Commission is publishing this notice to
Commission finds that the proposed the assets and all of the stated liabilities
solicit comments on the proposed rule included in the financial statements of
rule change is consistent with the change from interested persons.
requirements of the Act, and in the Fund would be transferred to a
particular, with the requirements of I. Self-Regulatory Organization’s corresponding, newly-formed fund of
Section 17A of the Act 38 and the rules Statement of the Terms of Substance of the PowerShares Exchange-Traded Fund
and regulations thereunder. the Proposed Rule Change
4 An Investment Company Unit is a security that
The Exchange proposes to reflect represents an interest in a registered investment
37 17 CFR 240.17Ad–22(e)(4)(vii), (e)(6)(vii) and changes to certain representations made company that holds securities comprising, or
(e)(7)(vii). The requirements of Rule 17Ad–22(e)(4) in the proposed rule change previously otherwise based on or representing an interest in,
pertain to the effective identification, measurement, an index or portfolio of securities (or holds
monitoring, and management of credit exposures.
filed with the Commission pursuant to securities in another registered investment
17 CFR 240.17Ad–22(e)(4). The requirements of Rule 19b–4 relating to the Wilshire company that holds securities comprising, or
Rule 17Ad–22(e)(6), which apply to a covered Micro-Cap ETF (the ‘‘Fund’’). Shares of otherwise based on or representing an interest in,
clearing agency that performs central counterparty the Fund are currently listed and traded an index or portfolio of securities). See NYSE Arca
services, pertain to the covering of a covered Rule 5.2–E(j)(3)(A).
clearing agency’s credit exposures to its
on the Exchange under NYSE Arca Rule 5 The Commission previously approved the
participants. 17 CFR 240.17Ad–22(e)(6). The 5.2(j)(3)–E. The proposed rule change is listing and trading of the Shares of the Fund. The
requirements of Rule 17Ad–22(e)(7) pertain to the available on the Exchange’s website at Exchange filed a proposed rule change relating to
effective measurement, monitoring, and www.nyse.com, at the principal office of the Fund because Fund’s underlying index—the
management of liquidity risk. 17 CFR 240.17Ad– Wilshire US Micro-Cap IndexSM (the ‘‘Index’’)—
22(e)(7).
the Exchange, and at the Commission’s
did not meet the criteria set forth in Commentaries
Rule 17Ad–22 defines model validation to mean Public Reference Room. .01(a)(A)(1) and .01(a)(A)(5) of NYSE Arca Rule 5.2–
an evaluation of the performance of each material E(j)(3) applicable to Units based on U.S. indexes or
risk management model used by a covered clearing
II. Self-Regulatory Organization’s portfolios. See Securities Exchange Act Release
agency (and the related parameters and Statement of the Purpose of, and Nos. 62737 (August 17, 2010), 75 FR 51863 (August
assumptions associated with such models), Statutory Basis for, the Proposed Rule 23, 2010) (SR–NYSEArca–2010–64) (Order
including initial margin models, liquidity risk Change Approving Proposed Rule Change Relating to
models, and models used to generate clearing or Listing of the Wilshire Micro-Cap ETF) (‘‘Approval
sradovich on DSK3GMQ082PROD with NOTICES
guaranty fund requirements, performed by a In its filing with the Commission, the Order’’); 62471 (July 8, 2010) (SR–NYSEArca–2010–
qualified person who is free from influence from self-regulatory organization included 64) (Notice of Filing of Proposed Rule Change by
the persons responsible for the development or NYSE Arca, Inc. Relating to Listing of the Wilshire
operation of the models or policies being validated. 39 15
Micro-Cap ETF) (the ‘‘Notice’’ and, together with
17 CFR 240.17Ad–22(a)(9). U.S.C. 78s(b)(2). the Approval Order, the ‘‘Releases’’).
40 17 CFR 200.30–3(a)(12).
38 In approving this proposed rule change, the 6 See Claymore Exchange-Traded Fund Trust’s
1 15 U.S.C. 78s(b)(1).
Commission has considered the proposed rule’s registration statement on Form N–1A, dated
2 15 U.S.C. 78a.
impact on efficiency, competition, and capital December 29, 2017 (File Nos. 333–134551; 811–
formation. See 15 U.S.C. 78c(f). 3 17 CFR 240.19b–4. 21906).
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any burden on competition that is not Commission hereby waives the 30-day inspection and copying at the principal
necessary or appropriate in furtherance operative delay and designates the office of the Exchange. All comments
of the purposes of the Act. The proposed rule change to be operative received will be posted without change.
Exchange believes the proposed rule upon filing.15 Persons submitting comments are
change will enhance competition and At any time within 60 days of the cautioned that we do not redact or edit
benefit of investors and the marketplace filing of the proposed rule change, the personal identifying information from
by permitting continued listing and Commission summarily may comment submissions. You should
trading of Shares of the Fund following temporarily suspend such rule change if submit only information that you wish
implementation of the changes it appears to the Commission that such to make available publicly. All
described above that would follow the action is necessary or appropriate in the submissions should refer to File
Reorganization, which changes would public interest, for the protection of Number SR–NYSEArca–2018–13 and
not impact the investment objective of investors, or otherwise in furtherance of should be submitted on or before March
the Fund. the purposes of the Act. 26, 2018.
C. Self-Regulatory Organization’s IV. Solicitation of Comments For the Commission, by the Division of
Statement on Comments on the Trading and Markets, pursuant to delegated
Interested persons are invited to authority.16
Proposed Rule Change Received From submit written data, views, and
Members, Participants, or Others Eduardo A. Aleman,
arguments concerning the foregoing,
including whether the proposed rule Assistant Secretary.
No written comments were solicited
or received with respect to the proposed change is consistent with the Act. [FR Doc. 2018–04340 Filed 3–2–18; 8:45 am]
rule change. Comments may be submitted by any of BILLING CODE 8011–01–P
the following methods:
III. Date of Effectiveness of the
Proposed Rule Change and Timing for Electronic Comments SECURITIES AND EXCHANGE
Commission Action • Use the Commission’s internet COMMISSION
Because the proposed rule change comment form (http://www.sec.gov/ [Release No. 34–82784; File No. SR–IEX–
does not: (i) Significantly affect the rules/sro.shtml); or 2018–04]
protection of investors or the public • Send an email to rule-comments@
interest; (ii) impose any significant sec.gov. Please include File Number SR– Self-Regulatory Organizations;
burden on competition; and (iii) become NYSEArca–2018–13 on the subject line. Investors Exchange LLC; Notice of
operative prior to 30 days from the date Paper Comments Filing and Immediate Effectiveness of
on which it was filed, or such shorter Proposed Rule Change To Amend Rule
time as the Commission may designate, • Send paper comments in triplicate 5.170 To Reflect an Update to a FINRA
it has become effective pursuant to to Secretary, Securities and Exchange Rule
Section 19(b)(3)(A) of the Act 13 and Commission, 100 F Street NE,
Rule 19b–4(f)(6) thereunder.14 Washington, DC 20549–1090. February 27, 2018.
The Exchange has asked the All submissions should refer to File Pursuant to Section 19(b)(1) 1 of the
Commission to waive the 30-day Number SR–NYSEArca–2018–13. This Securities Exchange Act of 1934 (the
operative delay so that the proposal may file number should be included on the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
become operative immediately upon subject line if email is used. To help the notice is hereby given that, on February
filing. The proposal would allow the Commission process and review your 21, 2018, the Investors Exchange LLC
Exchange to reflect organizational and comments more efficiently, please use (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
administrative changes to the Fund that only one method. The Commission will Securities and Exchange Commission
would be implemented as a result of the post all comments on the Commission’s (the ‘‘Commission’’) the proposed rule
Reorganization, including changes to internet website (http://www.sec.gov/ change as described in Items I and II
the Fund’s name, the trust entity issuing rules/sro.shtml). Copies of the below, which Items have been prepared
shares of the Fund, the adviser to the submission, all subsequent by the self-regulatory organization. The
Fund, and the distributor for the Fund. amendments, all written statements Commission is publishing this notice to
The Exchange represents that the with respect to the proposed rule solicit comments on the proposed rule
investment objective of the Fund will change that are filed with the change from interested persons.
remain the same, and the Index Commission, and all written I. Self-Regulatory Organization’s
underlying the Fund meets and will communications relating to the Statement of the Terms of Substance of
continue to meet the representations proposed rule change between the the Proposed Rule Change
regarding the Index as described in the Commission and any person, other than
Releases. The Commission believes that those that may be withheld from the Pursuant to the provisions of Section
the proposal raises no new or novel public in accordance with the 19(b)(1) under the Securities Exchange
regulatory issues and waiver of the 30- provisions of 5 U.S.C. 552, will be Act of 1934 (‘‘Act’’), 4 and Rule 19b-4
day operative delay is consistent with available for website viewing and thereunder,5 Investors Exchange LLC
the protection of investors and the printing in the Commission’s Public (‘‘IEX’’ or ‘‘Exchange’’) is filing with the
public interest. Accordingly, the Reference Room, 100 F Street NE, Commission a proposed rule change to
Washington, DC 20549 on official amend Rule 5.170 to reflect an update
13 15 U.S.C. 78s(b)(3)(A). business days between the hours of to a rule of the Financial Industry
sradovich on DSK3GMQ082PROD with NOTICES
14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 10:00 a.m. and 3:00 p.m. Copies of the Regulatory Authority (‘‘FINRA’’)
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
filing also will be available for
16 17 CFR 200.30–3(a)(12).
file the proposed rule change, along with a brief 1 15
15 For U.S.C. 78s(b)(1).
description and text of the proposed rule change, purposes only of waiving the 30-day 2 15 U.S.C. 78a.
at least five business days prior to the date of filing operative delay, the Commission has also
3 17 CFR 240.19b–4.
of the proposed rule change, or such shorter time considered the proposed rule’s impact on
4 15 U.S.C. 78s(b)(1).
as designated by the Commission. The Exchange efficiency, competition, and capital formation. See
has satisfied this requirement. 15 U.S.C. 78c(f). 5 17 CFR 240.19b–4.
VerDate Sep<11>2014 19:25 Mar 02, 2018 Jkt 244001 PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 E:\FR\FM\05MRN1.SGM 05MRN1](https://thefederalregister.org/doc/83_FR_9390/page/3.svg)
Document Created: 2018-03-03 02:45:35
Document Modified: 2018-03-03 02:45:35
| 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 9347 |
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