Self-Regulatory Organizations: Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Make a Clarifying Amendment to IEX Rule 16.135, 33531-33533 [2017-15194]
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Federal Register / Vol. 82, No. 138 / Thursday, July 20, 2017 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to correct a
lettering reference in the ISE Rulebook.
The Exchange recently added a new
definition to Rule 715. The Exchange
filed to add a new definition of Opening
Sweep at Rule 715(t).3 The ISE
Rulebook already has a definition at
Rule 715(t) for QCC with Stock Orders.
In light of the QCC with Stock Orders
definition, the Exchange proposes relettering the Opening Sweep definition
as Rule 715(u). The Exchange proposes
to re-letter the Opening Sweep
definition to avoid confusion in the
Rulebook.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,4 in general, and furthers the
objectives of Section 6(b)(5) of the Act,5
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by relettering the Opening Sweep definition
to avoid confusion in the Rulebook and
will also permit market participants to
reference the Opening Sweep definition.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal to re-letter the
Opening Sweep definition will avoid
confusion in the Rulebook.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
asabaliauskas on DSKBBXCHB2PROD with NOTICES
No written comments were either
solicited or received.
3 See Securities Exchange Act Release No. 80225
(March 13, 2017, 82 FR 14243 (March 17, 2017)
(SR–ISE–2017–02) (Order Approving Proposed Rule
Change, as Modified by Amendment No. 1, To
Amend the Exchange Opening Process). The
Exchange defined an Opening Sweep as a Market
Maker order submitted for execution against eligible
interest in the system during the Opening Process
pursuant to Rule 701(b)(1).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 6 and
subparagraph (f)(6) of Rule 19b–4
thereunder.7
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ISE–2017–67 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–ISE–2017–67. 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 Web site (https://www.sec.gov/
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
PO 00000
6 15
7 17
Frm 00056
Fmt 4703
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33531
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 the Exchange. 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–ISE–
2017–67 and should be submitted on or
before August 10, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–15193 Filed 7–19–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81149; File No. SR–IEX–
2017–23]
Self-Regulatory Organizations:
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Make a
Clarifying Amendment to IEX Rule
16.135
July 14, 2017.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on July 7,
2017, the Investors Exchange LLC filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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33532
Federal Register / Vol. 82, No. 138 / Thursday, July 20, 2017 / Notices
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
Pursuant to the provisions of Section
19(b)(1) under the Securities Exchange
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
thereunder,5 Investors Exchange LLC
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the
Commission a proposed rule change to
amend IEX Rule 16.135(b)(1) to clarify
that the description in a proposal under
Section 19(b) of the Act to list a series
of Managed Fund Shares constitutes
continued listing standards for such
series of Managed Fund Shares.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.iextrading.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 the
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 these statement [sic] may be
examined at the places specified in Item
IV below. The self-regulatory
organization 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 the
Statutory Basis for, the Proposed Rule
Change
asabaliauskas on DSKBBXCHB2PROD with NOTICES
1. Purpose
Overview
The Exchange proposes to amend IEX
Rule 16.135(b)(1) to clarify that the
description in a proposal under Section
19(b) of the Act to list a series of
Managed Fund Shares constitutes
continued listing standards for such
series of Managed Fund Shares. The
proposed rule change is substantially
identical to a recent Nasdaq Stock
Market (‘‘Nasdaq’’) rule change.6
Specifically, the Exchange proposes to
amend the applicability section of IEX
Rule 16.135(b)(1) to specify that any of
the statements or representations
regarding not just the description of the
4 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
6 See Securities Exchange Act Release No. 80810
(May 30, 2017), 82 FR 26205 (June 6, 2017) (SR–
NASDAQ–2017–052).
5 17
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Jkt 241001
portfolio, but also of the reference
assets, among other things, will
constitute continued listing
requirements for listing of shares. This
revision will conform the language to
current criteria in IEX Rule
16.135(d)(2)(C)(iv) with respect to
criteria for IEX to consider the
suspension of trading and initiation of
delisting proceedings of a series of
Managed Fund Shares under the IEX
Rule Series 14.500.7
The Exchange does not currently list
any Managed Fund Shares.
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with Section 6(b) 8
of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act,9
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, to remove
impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes that the
proposed change to amend the
applicability section of IEX Rule
16.135(b)(1) to specify that any of the
statements or representations regarding
not just the description of the portfolio,
but also of the reference assets, among
other things, will constitute continued
listing requirements for listing of shares
will provide clarity and accurately
reflect the intent of the rule to the
benefit of investors and the public
interest.
Accordingly, based on the foregoing,
the Exchange believes that the proposed
rule change is consistent with Section
6(b)(5) of the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX 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. The
Exchange believes that the proposed
rule change may enhance competition
since it addresses an inconsistency in
the applicability of listing standards
applicable to Managed Fund Shares.
7 See Securities Exchange Act Release No. 80545
(April 27, 2017), 82 FR 20648 (May 3, 2017) SR–
IEX–2017–03).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00057
Fmt 4703
Sfmt 4703
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
The Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) 10 of the Act and
Rule 19b–4(f)(6) 11 thereunder. 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.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 12 of the Act to
determine whether the proposed rule
change 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
IEX–2017–23 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–IEX–2017–23. This file
10 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 15 U.S.C. 78s(b)(2)(B).
11 17
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Federal Register / Vol. 82, No. 138 / Thursday, July 20, 2017 / Notices
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 (https://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 Section, 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 will also be available for
inspection and copying at the principal
office of the Exchange and on its
Internet Web site at
www.iextrading.com. 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–IEX–
2017–23 and should be submitted on or
before August 10, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–15194 Filed 7–19–17; 8:45 am]
asabaliauskas on DSKBBXCHB2PROD with NOTICES
BILLING CODE 8011–01–P
the same purpose, and each of NYSE
Arca and NYSE MKT filed an additional
proposed rule change for the same
[Release No. 34–81145; File Nos. SR–
4
BatsBZX–2017–37; SR–BatsEDGX–2017–23; purpose. On May 26, 2017, the
NASDAQ Stock Market LLC
SR–BOX–2017–17; SR–C2–2017–018; SR–
(‘‘NASDAQ’’) and NASDAQ PHLX LLC
CBOE–2017–041; SR–FINRA–2017–013;
SR–ISE–2017–46; SR–IEX–2017–18; SR–
(‘‘Phlx’’) filed with the Commission
MIAX–2017–20; SR–PEARL–2017–23; SR–
proposed rule changes for the same
NASDAQ–2017–055; SR–BX–2017–027; SR– purpose. On May 30, 2017,5 NASDAQ
PHLX–2017–43; SR–NYSE–2017–23; SR–
BX, Inc. (‘‘BX’’) filed with the
NYSEArca–2017–57; SR–NYSEArca–2017–
59; SR–NYSEMKT–2017–29; SR–NYSEMKT– Commission a proposed rule change for
the same purpose. On June 1, 2017, the
2017–30]
proposed rule changes submitted by
Bats BZX, Bats EDGX, BOX, C2, CBOE,
Self-Regulatory Organizations; Bats
FINRA, IEX, ISE, MIAX, and PEARL;
BZX Exchange, Inc.; Bats EDGX
Exchange, Inc.; BOX Options
both proposed rule changes submitted
Exchange LLC; C2 Options Exchange,
by NYSE MKT; and one of the proposed
Incorporated; Chicago Board Options
rule changes submitted by NYSE Arca
Exchange, Incorporated; Financial
were published for comment in the
Industry Regulatory Authority, Inc.;
Federal Register.6 On June 2, 2017, the
International Securities Exchange,
proposed rule change submitted by
LLC; Investors Exchange LLC; Miami
NYSE and the other proposed rule
International Securities Exchange LLC; change submitted by NYSE Arca were
MIAX PEARL, LLC; The NASDAQ Stock published for comment in the Federal
Market LLC; NASDAQ BX, Inc.;
Register.7 On June 5, 2017, the proposed
NASDAQ PHLX, Inc.; New York Stock
rule changes submitted by NASDAQ,
Exchange LLC; NYSE Arca, Inc.; NYSE BX, and Phlx were published for
MKT LLC; Notice of Designation of
comment in the Federal Register.8 Four
Longer Period for Commission Action
on Proposed Rule Changes To
4 Nasdaq and Phlx initially filed proposed rule
Eliminate Requirements That Will Be
changes on May 15, 2017 (SR–NASDAQ–2017–050
and SR–PHLX–2017–38). On May 26, 2017, Nasdaq
Duplicative of CAT
SECURITIES AND EXCHANGE
COMMISSION
July 14, 2017.
On May 15, 2017, Bats BZX Exchange,
Inc. (‘‘Bats BZX’’); Bats EDGX Exchange,
Inc. (‘‘Bats EDGX’’); BOX Options
Exchange LLC (‘‘BOX’’); C2 Options
Exchange, Incorporated (‘‘C2’’); Chicago
Board Options Exchange, Incorporated
(‘‘CBOE’’); Financial Industry
Regulatory Authority, Inc. (‘‘FINRA’’);
International Securities Exchange, LLC
(‘‘ISE’’); Investors Exchange LLC
(‘‘IEX’’); Miami International Securities
Exchange LLC (‘‘MIAX’’); MIAX PEARL,
LLC (‘‘PEARL’’); NYSE Arca, Inc.
(‘‘NYSE Arca’’); and NYSE MKT LLC
(‘‘NYSE MKT’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 proposed rule changes to
eliminate or modify certain rules that
require the collection or reporting of
information that is duplicative of the
information that will be collected by the
Consolidated Audit Trail (‘‘CAT’’)
established pursuant to the National
Market System Plan contemplated by
Rule 613 of Regulation NMS.3 On May
22, 2017, the New York Stock Exchange
LLC (‘‘NYSE’’) filed with the
Commission a proposed rule change for
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 242.613.
2 17
13 17
CFR 200.30–3(a)(12).
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18:50 Jul 19, 2017
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33533
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and Phlx withdrew these filings and submitted new
proposed rule changes (SR–NASDAQ–2017–055
and SR–PHLX–2017–43) that remain pending
before the Commission.
5 BX initially filed a proposed rule change on May
15, 2017 (SR–BX–2017–025). On May 30, 2017, BX
withdrew that initial filing and submitted a new
proposed rule change (SR–BX–2017–027) that
remains pending before the Commission.
6 See Securities Exchange Act Release No. 80796
(May 26, 2017), 82 FR 25374 (SR–BatsBZX–2017–
37); Securities Exchange Act Release No. 80795
(May 26, 2017), 82 FR 25358 (SR–BatsEDGX–2017–
23); Securities Exchange Act Release No. 80789
(May 26, 2017), 82 FR 25492 (SR–BOX–2017–17);
Securities Exchange Act Release No. 80798 (May
26, 2017), 82 FR 25385 (SR–C2–2017–018);
Securities Exchange Act Release No. 80797 (May
26, 2017), 82 FR 25429 (SR–CBOE–2017–041);
Securities Exchange Act Release No. 80783 (May
26, 2017), 82 FR 25423 (SR–FINRA–2017–013);
Securities Exchange Act Release No. 80788 (May
26, 2017), 82 FR 25400 (SR–IEX–2017–18);
Securities Exchange Act Release No. 80787 (May
26, 2017), 82 FR 25469 (SR–ISE–2017–46);
Securities Exchange Act Release No. 80790 (May
26, 2017), 82 FR 25366 (SR–MIAX–2017–20);
Securities Exchange Act Release No. 80792 (May
26, 2017), 82 FR 25436 (SR–PEARL–2017–23);
Securities Exchange Act Release No. 80791 (May
26, 2017), 82 FR 25362 (SR–NYSEArca–2017–59);
Securities Exchange Act Release No. 80793 (May
26, 2017), 82 FR 25443 (SR–NYSEMKT–2017–29);
Securities Exchange Act Release No. 80794 (May
26, 2017), 82 FR 25439 (SR–NYSEMKT–2017–30).
7 See Securities Exchange Act Release No. 80799
(May 26, 2017), 82 FR 25635 (SR–NYSE–2017–23);
Securities Exchange Act Release No. 80800 (May
26, 2017), 82 FR 25639 (SR–NYSEArca–2017–57).
8 See Securities Exchange Act Release No. 80813
(May 30, 2017), 82 FR 25863 (SR–NASDAQ–2017–
055); Securities Exchange Act Release No. 80814
(May 30, 2017), 82 FR 25872 (SR–BX–2017–027);
Securities Exchange Act Release No. 80811 (May
30, 2017), 82 FR 25863 (SR–PHLX–2017–43).
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]]>Agencies
[Federal Register Volume 82, Number 138 (Thursday, July 20, 2017)]
[Notices]
[Pages 33531-33533]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-15194]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81149; File No. SR-IEX-2017-23]
Self-Regulatory Organizations: Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Make a
Clarifying Amendment to IEX Rule 16.135
July 14, 2017.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on July 7, 2017, the Investors Exchange LLC filed with the
Securities and Exchange Commission (the ``Commission'') the proposed
rule change as described in Items I, II and III below, which Items have
been prepared by the self-regulatory organization. The Commission is
publishing this notice to
[[Page 33532]]
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
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the
Commission a proposed rule change to amend IEX Rule 16.135(b)(1) to
clarify that the description in a proposal under Section 19(b) of the
Act to list a series of Managed Fund Shares constitutes continued
listing standards for such series of Managed Fund Shares.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
Web site at www.iextrading.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 the
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 these statement [sic] may be examined
at the places specified in Item IV below. The self-regulatory
organization 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Overview
The Exchange proposes to amend IEX Rule 16.135(b)(1) to clarify
that the description in a proposal under Section 19(b) of the Act to
list a series of Managed Fund Shares constitutes continued listing
standards for such series of Managed Fund Shares. The proposed rule
change is substantially identical to a recent Nasdaq Stock Market
(``Nasdaq'') rule change.\6\
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 80810 (May 30,
2017), 82 FR 26205 (June 6, 2017) (SR-NASDAQ-2017-052).
---------------------------------------------------------------------------
Specifically, the Exchange proposes to amend the applicability
section of IEX Rule 16.135(b)(1) to specify that any of the statements
or representations regarding not just the description of the portfolio,
but also of the reference assets, among other things, will constitute
continued listing requirements for listing of shares. This revision
will conform the language to current criteria in IEX Rule
16.135(d)(2)(C)(iv) with respect to criteria for IEX to consider the
suspension of trading and initiation of delisting proceedings of a
series of Managed Fund Shares under the IEX Rule Series 14.500.\7\
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 80545 (April 27,
2017), 82 FR 20648 (May 3, 2017) SR-IEX-2017-03).
---------------------------------------------------------------------------
The Exchange does not currently list any Managed Fund Shares.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with
Section 6(b) \8\ of the Act in general, and furthers the objectives of
Section 6(b)(5) of the Act,\9\ 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, 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed change to amend the
applicability section of IEX Rule 16.135(b)(1) to specify that any of
the statements or representations regarding not just the description of
the portfolio, but also of the reference assets, among other things,
will constitute continued listing requirements for listing of shares
will provide clarity and accurately reflect the intent of the rule to
the benefit of investors and the public interest.
Accordingly, based on the foregoing, the Exchange believes that the
proposed rule change is consistent with Section 6(b)(5) of the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX 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. The Exchange believes that the
proposed rule change may enhance competition since it addresses an
inconsistency in the applicability of listing standards applicable to
Managed Fund Shares.
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
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \10\ of the Act and Rule 19b-4(f)(6) \11\
thereunder. 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.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \12\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\12\ 15 U.S.C. 78s(b)(2)(B).
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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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-IEX-2017-23 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-IEX-2017-23. This file
[[Page 33533]]
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 (https://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 Section, 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 will also be available
for inspection and copying at the principal office of the Exchange and
on its Internet Web site at www.iextrading.com. 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-IEX-2017-23 and should be submitted on
or before August 10, 2017.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-15194 Filed 7-19-17; 8:45 am]
BILLING CODE 8011-01-P
