Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Listing and Trading of the Shares of the Gabelli All Cap NextShares of the Gabelli NextShares Trust, 8645-8646 [2017-01832]

Download as PDF jstallworth on DSK7TPTVN1PROD with NOTICES Federal Register / Vol. 82, No. 17 / Friday, January 27, 2017 / Notices amendments to Rule 200(g) and Rule 200(g)(2) do not contain any new record retention requirements. All registered broker-dealers that are subject to the amendments are currently required to retain records in accordance with Rule 17a–4(e)(7) under the Exchange Act. Compliance with Rule 201 and Rule 200(g) is mandatory. We expect that the information collected pursuant to Rule 201’s required policies and procedures for trading centers will be communicated to the members, subscribers, and employees (as applicable) of all trading centers. In addition, the information collected pursuant to Rule 201’s required policies and procedures for trading centers will be retained by the trading centers and will be available to the Commission and SRO examiners upon request, but not subject to public availability. The information collected pursuant to Rule 201’s broker-dealer provision and the riskless principal exception will be retained by the broker-dealers and will be available to the Commission and SRO examiners upon request, but not subject to public availability. The information collected pursuant to the ‘‘short exempt’’ marking requirements in Rule 200(g) and Rule 200(g)(2) will be submitted to trading centers and will be available to the Commission and SRO examiners upon request. The information collected pursuant to the ‘‘short exempt’’ marking requirement may be publicly available because it may be published, in a form that would not identify individual broker-dealers, by SROs that publish on their Web sites aggregate short selling volume data in each individual equity security for that day and, on a one-month delayed basis, information regarding individual short sale transactions in all exchange-listed equity securities. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information under the PRA unless it displays a currently valid OMB control number. The public may view background documentation for this information collection at the following Web site, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Pamela Dyson, Director/Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@ VerDate Sep<11>2014 13:58 Jan 26, 2017 Jkt 241001 sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: January 17, 2017. Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–01827 Filed 1–26–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79862; File No. SR– NASDAQ–2017–003] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Listing and Trading of the Shares of the Gabelli All Cap NextShares of the Gabelli NextShares Trust January 23, 2017. 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 January 9, 2017, The NASDAQ Stock Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by Nasdaq. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes a proposed rule change with respect to the Gabelli All Cap NextShares (the ‘‘Fund’’), a series of Gabelli NextShares Trust (the ‘‘Trust’’). The proposed rule change is being filed to reflect a proposed revision to the Fund’s name and modify its proposed investments (which are set forth in an order previously granted by the Commission 3). All capitalized terms referenced but not defined herein have the same meaning as in the Prior Release. The text of the proposed rule change is available at http:// U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 34– 79082 (October 11, 2016), 81 FR 71549 (October 17, 2016) (SR–NASDAQ–2016–134) (the ‘‘Prior Notice’’); see also Securities Exchange Act Release No. 34–79377 (November 22, 2016), 81 FR 86056 (November 29, 2016) (SR–NASDAQ–2016–134) (the ‘‘Prior Order,’’ and, together with the Prior Notice, the ‘‘Prior Release’’). Except for the changes discussed herein, all other facts presented and representations made in the Prior Release with respect to the Fund remain unchanged and in full effect. 8645 nasdaq.cchwallstreet.com/, at Nasdaq’s principal office, 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 shares of the Fund will be offered by the Trust. The Trust is registered with the Commission as an open-end investment company and has filed a registration statement on Form N–1A (‘‘Registration Statement’’) with the Commission.4 The Fund is a series of the Trust. The Commission previously approved the listing and trading on the Exchange of the shares of the Fund under Nasdaq Rule 5745, which governs the listing and trading of NextSharesTM on the Exchange.5 The shares of the Fund have not commenced trading on the Exchange. In this proposed rule change, the Exchange proposes to change the Fund’s name and modify its proposed investments.6 As stated in the Prior Release, the Fund is named Gabelli All Cap NextShares and, under normal market conditions, will invest at least 80% of its net assets plus borrowings for investment purposes in common stocks and preferred stocks of companies of all capitalization ranges that are listed on a recognized securities exchange or similar market. The Fund may also 1 15 2 17 PO 00000 Frm 00047 Fmt 4703 Sfmt 4703 4 See Registration Statement on Form N–1A for the Gabelli NextShares Trust dated November 17, 2016 (File Nos. 333–211881 and 811–23160). 5 The Commission approved Nasdaq Rule 5745 in Securities Exchange Act Release No. 34–73562 (November 7, 2014), 79 FR 68309 (November 14, 2014) (SR–NASDAQ–2014–020). 6 The changes described herein will be reflected in a revised prospectus and statement of additional information for the Fund to be filed with the Commission. The changes described herein will not be implemented until such proposed rule change is declared operative. E:\FR\FM\27JAN1.SGM 27JAN1 8646 Federal Register / Vol. 82, No. 17 / Friday, January 27, 2017 / Notices jstallworth on DSK7TPTVN1PROD with NOTICES invest in common and preferred securities of foreign issuers. As proposed, the Fund will be renamed Gabelli Food of All Nations NextShares and, under normal market conditions, will invest at least 80% of its net assets, plus borrowings for investment purposes, in common stocks and preferred stocks of domestic and foreign companies of all capitalization ranges in the food and beverages industries. Beyond the changes described above, there are no changes to any other information included in the Prior Release; and all other facts presented and representations made in the Prior Release remain true and in effect. The Trust confirms that the Fund will continue to comply with all initial and continued listing requirements under Nasdaq Rule 5745. 2. Statutory Basis The Exchange believes that the proposal is consistent with Section 6(b) of the Act, in general, and Section 6(b)(5) of the Act, in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and in general, to protect investors and the public interest. The Fund will continue to comply with all the initial and continued listing requirements under Nasdaq Rule 5745. The Exchange believes that the proposed rule change to change the Fund’s name and to modify its proposed investments does not alter any of the arguments contained in the Prior Release in support of the original approval order that permitted the listing and trading of shares of the Fund and all other representations made in the Prior Release remain unchanged. The Exchange believes this proposed rule change is consistent with the Exchange’s efforts to protect investors and the public interest through the disclosure of updated and correct information regarding the Fund. For the above reasons, Nasdaq believes the proposed rule change is consistent with the requirements of Section 6(b)(5) of the Act. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. In fact, the VerDate Sep<11>2014 13:58 Jan 26, 2017 Jkt 241001 Exchange believes that the introduction of the Fund will promote competition by making available to investors an actively managed investment strategy in a structure that offers the cost and tax efficiencies and shareholder protections of ETFs, while removing the requirement for daily portfolio holdings disclosure to ensure a tight relationship between market trading prices and NAV. Moreover, the Exchange believes that the proposed method of trading in NextShares will provide investors with transparency of trading costs, and the ability to control trading costs using limit orders, that is not available for conventionally traded ETFs. These developments could significantly enhance competition to the benefit of the markets and investors. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) 7 of the Act and Rule 19b– 4(f)(6) thereunder.8 At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will 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: 7 15 8 17 PO 00000 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). Frm 00048 Fmt 4703 Electronic Comments • Use 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– NASDAQ–2017–003 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2017–003. This file number should be included in 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 Web site 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 Web site 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 Nasdaq. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR– NASDAQ–2017–003 and should be submitted on or before February 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–01832 Filed 1–26–17; 8:45 am] BILLING CODE 8011–01–P 9 17 Sfmt 9990 E:\FR\FM\27JAN1.SGM CFR 200.30–3(a)(12). 27JAN1

Agencies

[Federal Register Volume 82, Number 17 (Friday, January 27, 2017)]
[Notices]
[Pages 8645-8646]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-01832]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79862; File No. SR-NASDAQ-2017-003]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to the Listing and Trading of the Shares of the Gabelli All 
Cap NextShares of the Gabelli NextShares Trust

January 23, 2017.
    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 January 9, 2017, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by Nasdaq. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Nasdaq proposes a proposed rule change with respect to the Gabelli 
All Cap NextShares (the ``Fund''), a series of Gabelli NextShares Trust 
(the ``Trust'').
    The proposed rule change is being filed to reflect a proposed 
revision to the Fund's name and modify its proposed investments (which 
are set forth in an order previously granted by the Commission \3\). 
All capitalized terms referenced but not defined herein have the same 
meaning as in the Prior Release.
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 34-79082 (October 
11, 2016), 81 FR 71549 (October 17, 2016) (SR-NASDAQ-2016-134) (the 
``Prior Notice''); see also Securities Exchange Act Release No. 34-
79377 (November 22, 2016), 81 FR 86056 (November 29, 2016) (SR-
NASDAQ-2016-134) (the ``Prior Order,'' and, together with the Prior 
Notice, the ``Prior Release''). Except for the changes discussed 
herein, all other facts presented and representations made in the 
Prior Release with respect to the Fund remain unchanged and in full 
effect.
---------------------------------------------------------------------------

    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, 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 shares of the Fund will be offered by the Trust. The Trust is 
registered with the Commission as an open-end investment company and 
has filed a registration statement on Form N-1A (``Registration 
Statement'') with the Commission.\4\ The Fund is a series of the Trust.
---------------------------------------------------------------------------

    \4\ See Registration Statement on Form N-1A for the Gabelli 
NextShares Trust dated November 17, 2016 (File Nos. 333-211881 and 
811-23160).
---------------------------------------------------------------------------

    The Commission previously approved the listing and trading on the 
Exchange of the shares of the Fund under Nasdaq Rule 5745, which 
governs the listing and trading of NextShares\TM\ on the Exchange.\5\ 
The shares of the Fund have not commenced trading on the Exchange.
---------------------------------------------------------------------------

    \5\ The Commission approved Nasdaq Rule 5745 in Securities 
Exchange Act Release No. 34-73562 (November 7, 2014), 79 FR 68309 
(November 14, 2014) (SR-NASDAQ-2014-020).
---------------------------------------------------------------------------

    In this proposed rule change, the Exchange proposes to change the 
Fund's name and modify its proposed investments.\6\ As stated in the 
Prior Release, the Fund is named Gabelli All Cap NextShares and, under 
normal market conditions, will invest at least 80% of its net assets 
plus borrowings for investment purposes in common stocks and preferred 
stocks of companies of all capitalization ranges that are listed on a 
recognized securities exchange or similar market. The Fund may also

[[Page 8646]]

invest in common and preferred securities of foreign issuers.
---------------------------------------------------------------------------

    \6\ The changes described herein will be reflected in a revised 
prospectus and statement of additional information for the Fund to 
be filed with the Commission. The changes described herein will not 
be implemented until such proposed rule change is declared 
operative.
---------------------------------------------------------------------------

    As proposed, the Fund will be renamed Gabelli Food of All Nations 
NextShares and, under normal market conditions, will invest at least 
80% of its net assets, plus borrowings for investment purposes, in 
common stocks and preferred stocks of domestic and foreign companies of 
all capitalization ranges in the food and beverages industries.
    Beyond the changes described above, there are no changes to any 
other information included in the Prior Release; and all other facts 
presented and representations made in the Prior Release remain true and 
in effect. The Trust confirms that the Fund will continue to comply 
with all initial and continued listing requirements under Nasdaq Rule 
5745.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section 
6(b) of the Act, in general, and Section 6(b)(5) of the Act, in 
particular, in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, and to 
remove impediments to and perfect the mechanism of a free and open 
market and in general, to protect investors and the public interest. 
The Fund will continue to comply with all the initial and continued 
listing requirements under Nasdaq Rule 5745.
    The Exchange believes that the proposed rule change to change the 
Fund's name and to modify its proposed investments does not alter any 
of the arguments contained in the Prior Release in support of the 
original approval order that permitted the listing and trading of 
shares of the Fund and all other representations made in the Prior 
Release remain unchanged. The Exchange believes this proposed rule 
change is consistent with the Exchange's efforts to protect investors 
and the public interest through the disclosure of updated and correct 
information regarding the Fund.
    For the above reasons, Nasdaq believes the proposed rule change is 
consistent with the requirements of Section 6(b)(5) of the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
result in any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act. In fact, the 
Exchange believes that the introduction of the Fund will promote 
competition by making available to investors an actively managed 
investment strategy in a structure that offers the cost and tax 
efficiencies and shareholder protections of ETFs, while removing the 
requirement for daily portfolio holdings disclosure to ensure a tight 
relationship between market trading prices and NAV.
    Moreover, the Exchange believes that the proposed method of trading 
in NextShares will provide investors with transparency of trading 
costs, and the ability to control trading costs using limit orders, 
that is not available for conventionally traded ETFs.
    These developments could significantly enhance competition to the 
benefit of the markets and investors.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) \7\ of the Act and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(3)(A).
    \8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will 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 Comments

     Use 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-NASDAQ-2017-003 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2017-003. This 
file number should be included in 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 Web site 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 Web site 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 Nasdaq. All comments received 
will be posted without change; the Commission does not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NASDAQ-2017-003 and should be submitted 
on or before February 17, 2017.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-01832 Filed 1-26-17; 8:45 am]
BILLING CODE 8011-01-P