Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Effective Date of the TotalView and OpenView Depth-of-Book Products, 36037-36039 [2017-16270]
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Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices
organizations with consistency across
affiliated exchanges, thereby enabling
the Exchange to compete with
unaffiliated exchange competitors that
similarly operate multiple exchanges on
the same trading platforms.
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
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 17 and Rule
19b–4(f)(6) thereunder.18 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 19 and
subparagraph (f)(6) Rule 19b–4
thereunder.20
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 21 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.
sradovich on DSKBCFCHB2PROD with NOTICES
17 15
U.S.C. 78s(b)(3)(A)(iii).
18 17 CFR 240.19b–4(f)(6).
19 15 U.S.C. 78s(b)(3)(A).
20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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.
21 15 U.S.C. 78s(b)(2)(B).
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19:43 Aug 01, 2017
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Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
36037
[Release No. 34–81250; File No. SR–
NASDAQ–2017–075]
• 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–
NYSE–2017–35 on the subject line.
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Delay the
Effective Date of the TotalView and
OpenView Depth-of-Book Products
Paper Comments
July 28, 2017.
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
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 July 21,
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 the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
All submissions should refer to File
Number SR–NYSE–2017–35. 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/
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–NYSE–
2017–35 and should be submitted on or
before August 23, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–16206 Filed 8–1–17; 8:45 am]
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delay the
effective date of the merger of TotalView
and OpenView by 31 days, until
September 1, 2017.
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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this filing is to delay
the effective date of the merger of
TotalView and OpenView by 31 days,
from August 1, 2017, until September 1,
2017.
On May 26, 2017, the Exchange filed
with the Commission a proposed rule
change (‘‘Proposal’’) to merge the
BILLING CODE 8011–01–P
1 15
22 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00112
Fmt 4703
Sfmt 4703
2 17
E:\FR\FM\02AUN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
02AUN1
36038
Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices
OpenView depth-of-book product into
TotalView, and to amend the
Exchange’s fees at Rules 7023 and 7026
to reflect the merger of these two
products. The SEC published the
Proposal in the Federal Register for
notice and comment on June 8, 2017.3
The comment period expired on July 5,
2017, and no comments have been
received.
The Exchange has recently been
informed that certain Distributors will
require additional time to modify
systems and procedures to
accommodate the merger of OpenView
into TotalView, and the Exchange has
agreed to modify the effective date of
the Proposal from August 1, 2017, to
September 1, 2017, to allow all
Distributors an additional 31 days to
prepare for the merger.
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 Sections 6(b)(4) and 6(b)(5)
of the Act,5 in particular, in that it
provides for the equitable allocation of
reasonable dues, fees and other charges
among members and issuers and other
persons using any facility, and is not
designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers. All
Distributors will be able to use their
current systems and procedures to
obtain the products that they now
purchase during the period of delay,
and such service will not be interrupted.
Those Distributors that require
additional time will be able to
implement the merger of OpenView into
TotalView, and those Distributors that
do not require additional time will not
be harmed because they will be able to
continue using their current systems
and procedures to obtain the products
that they purchase.
sradovich on DSKBCFCHB2PROD with NOTICES
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 delay
will not change the current competitive
position of any Distributor because all
Distributors will be able to use their
current systems and procedures to
obtain the products that they purchase.
3 Securities Exchange Act Release No. 80891
(June 8, 2017), 82 FR 27318 (June 14, 2017) (SR–
NASDAQ–2017–054).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4) and (5).
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19:43 Aug 01, 2017
Jkt 241001
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
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
In its filing, Nasdaq requests that the
Commission waive the 30-day operative
delay so that certain of its Distributors
will have sufficient time to modify their
systems and procedures to
accommodate the merger of OpenView
into TotalView. The Exchange further
represents that Distributors that do not
require additional time to modify their
systems and procedures will not be
harmed by a delayed merger of
TotalView and OpenView, because they
will be able to continue using their
current systems and procedures.
Accordingly, the Commission believes
that granting a waiver of the operative
delay is consistent with the protection
of investors and the public interest and
therefore designates the proposed rule
change to be operative upon filing.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: (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.
6 15
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.
8 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).
7 17
PO 00000
Frm 00113
Fmt 4703
Sfmt 4703
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–
NASDAQ–2017–075 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–2017–075. 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/
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–
NASDAQ–2017–075, and should be
submitted on or before August 23, 2017.
E:\FR\FM\02AUN1.SGM
02AUN1
Federal Register / Vol. 82, No. 147 / Wednesday, August 2, 2017 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–16270 Filed 8–1–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
II. Description of Proposed Rule Change
[Release No. 34–81233; File No. SR–MSRB–
2017–03]
Self-Regulatory Organizations;
Municipal Securities Rulemaking
Board; Notice of Filing of Amendment
No. 1 and Order Granting Accelerated
Approval of a Proposed Rule Change,
as Modified by Amendment No. 1,
Consisting of Proposed Amendments
to MSRB Rule G–26, on Customer
Account Transfers, To Modernize the
Rule and Promote a Uniform Customer
Account Transfer Standard
July 27, 2017.
I. Introduction
On May 26, 2017, the Municipal
Securities Rulemaking Board (the
‘‘MSRB’’ or ‘‘Board’’) filed with the
Securities and Exchange Commission
(the ‘‘SEC’’ or ‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change consisting of proposed
amendments to MSRB Rule G–26, on
customer account transfers, to
modernize the rule and promote a
uniform customer account transfer
standard for all brokers, dealers,
municipal securities brokers and
municipal securities dealers
(collectively, ‘‘dealers’’) (the ‘‘proposed
rule change’’). The proposed rule
change was published for comment in
the Federal Register on June 14, 2017.3
The Commission received two
comment letters on the proposed rule
change.4 On July 20, 2017, the MSRB
responded to those comments 5 and
9 17
CFR 200.30–3(a)(12) and (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Securities Exchange Act Release No. 80890
(June 7, 2017) (the ‘‘Notice of Filing’’), 82 FR 27307
(June 14, 2017).
4 See Letter to Secretary, Commission, from Mike
Nicholas, Chief Executive Officer, Bond Dealers of
America (‘‘BDA’’), dated July 5, 2017 (the ‘‘BDA
Letter’’); and, Letter to Secretary, Commission, from
Leslie M. Norwood, Managing Director and
Associate General Counsel, Securities Industry and
Financial Markets Association (‘‘SIFMA’’), dated
July 5, 2017 (the ‘‘SIFMA Letter’’).
5 See Letter to Secretary, Commission, from Carl
E. Tugberk, Assistant General Counsel, MSRB,
dated July 20, 2017 (the ‘‘MSRB Response Letter’’),
sradovich on DSKBCFCHB2PROD with NOTICES
1 15
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19:43 Aug 01, 2017
Jkt 241001
filed Amendment No. 1 to the proposed
rule change (‘‘Amendment No. 1’’).6 The
Commission is publishing this notice to
solicit comments on Amendment No. 1
to the proposed rule change from
interested parties and is approving the
proposed rule change, as modified by
Amendment No. 1, on an accelerated
basis.
In the Notice of Filing, the MSRB
stated that the purpose of the proposed
rule change is to modernize Rule G–26
and promote a uniform customer
account transfer standard for all
dealers.7 The MSRB stated that it
believes that, by including certain
provisions parallel to the customer
account transfer rules of other SROs,
particularly FINRA Rule 11870, in
current Rule G–26, the transfer of
customer securities account assets will
be more flexible, less burdensome, and
more efficient, while reducing
confusion and risk to investors and
allowing them to better move their
municipal securities to their dealer of
choice.8
As further described by the MSRB in
the Notice of Filing, Rule G–26 requires
dealers to cooperate in the transfer of
customer accounts and specifies
procedures for carrying out the transfer
process.9 According to the MSRB, such
transfers occur when a customer decides
to transfer an account from one dealer,
the carrying party (i.e., the dealer from
which the customer is requesting the
account be transferred) to another, the
receiving party (i.e., the dealer to which
the customer is requesting the account
be transferred).10 Moreover, Rule G–26
currently establishes specific time
frames within which the carrying party
is required to transfer a customer
account; limits the reasons for which a
receiving party may take exception to an
account transfer instruction; provides
for the establishment of fail-to-receive
and fail-to-deliver contracts; 11 and
requires that fail contracts be resolved
in accordance with MSRB close-out
available at https://www.sec.gov/comments/sr-msrb2017-03/msrb201703-1871538-156223.pdf.
6 Id. In Amendment No. 1, the MSRB proposed to
amend the requested implementation date to
provide for a longer implementation period and
later effective date by proposing an effective date
six months from the date of Commission approval
rather than three months.
7 See Notice of Filing.
8 Id.
9 Id.
10 Id.
11 The MSRB stated that fail-to-receive and failto-deliver contracts are records maintained by the
receiving party and the carrying party, respectively,
when a customer account transfer fails. See Notice
of Filing.
PO 00000
Frm 00114
Fmt 4703
Sfmt 4703
36039
procedures, established by MSRB Rule
G–12(h).12 In addition, current Rule G–
26 requires the use of the automated
customer account transfer service in
place at a registered clearing agency
registered with the Commission when
both dealers are direct participants in
the same clearing agency.13 Finally, the
rule contains a provision for enhancing
compliance by requiring submission of
transfer instructions to the enforcement
authority with jurisdiction over the
dealer carrying the account, if the
enforcement authority requests such
submission.14
As discussed in the Notice of Filing,
the MSRB adopted Rule G–26 in 1986
as part of an industry-wide initiative to
create a uniform customer account
transfer standard by applying a
customer account transfer procedure to
all dealers that are engaged in municipal
securities activities.15 The uniform
standard for all customer account
transfers (i.e., automated and manual
processes) is largely driven by the
National Securities Clearing
Corporation’s (‘‘NSCC’’) Automated
Customer Account Transfer Service
(‘‘ACATS’’).16 The MSRB stated that it
adopted Rule G–26 in conjunction with
the adoption of similar rules by other
self-regulatory organizations (‘‘SROs’’)—
New York Stock Exchange (‘‘NYSE’’)
Rule 412 and Financial Industry
Regulatory Authority (‘‘FINRA’’) Rule
11870.17 The MSRB stated that those
rules are not applicable to certain
accounts at dealers, particularly
municipal security-only accounts and
accounts at bank dealers.18 Current Rule
G–26 governs the municipal securityonly customer account transfers
performed by those dealers to ensure
that all customer account transfers are
subject to regulation that is consistent
with the uniform industry standard.
Thus, the MSRB noted, in order to
maintain consistency and the uniform
standard, the MSRB has, from time to
time, modified the requirements of Rule
G–26 to conform to certain provisions of
the parallel FINRA and NYSE customer
account transfer rules, as well as to
enhancements made to the ACATS
process by NSCC, that had relevance to
municipal securities.19
Residual Credit Positions
The MSRB has proposed to update
Rule G–26 to include the transfer of
12 See
Notice of Filing.
Rule G–26(h).
14 See Rule G–26(i).
15 See Notice of Filing.
16 Id.
17 Id.
18 Id.
19 Id.
13 See
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02AUN1
]]>Agencies
[Federal Register Volume 82, Number 147 (Wednesday, August 2, 2017)]
[Notices]
[Pages 36037-36039]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16270]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81250; File No. SR-NASDAQ-2017-075]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Delay the Effective Date of the TotalView and OpenView Depth-of-Book
Products
July 28, 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 July 21, 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 the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delay the effective date of the merger of
TotalView and OpenView by 31 days, until September 1, 2017.
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this filing is to delay the effective date of the
merger of TotalView and OpenView by 31 days, from August 1, 2017, until
September 1, 2017.
On May 26, 2017, the Exchange filed with the Commission a proposed
rule change (``Proposal'') to merge the
[[Page 36038]]
OpenView depth-of-book product into TotalView, and to amend the
Exchange's fees at Rules 7023 and 7026 to reflect the merger of these
two products. The SEC published the Proposal in the Federal Register
for notice and comment on June 8, 2017.\3\ The comment period expired
on July 5, 2017, and no comments have been received.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 80891 (June 8, 2017), 82
FR 27318 (June 14, 2017) (SR-NASDAQ-2017-054).
---------------------------------------------------------------------------
The Exchange has recently been informed that certain Distributors
will require additional time to modify systems and procedures to
accommodate the merger of OpenView into TotalView, and the Exchange has
agreed to modify the effective date of the Proposal from August 1,
2017, to September 1, 2017, to allow all Distributors an additional 31
days to prepare for the merger.
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 Sections
6(b)(4) and 6(b)(5) of the Act,\5\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees and other charges
among members and issuers and other persons using any facility, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. All Distributors will be able to use
their current systems and procedures to obtain the products that they
now purchase during the period of delay, and such service will not be
interrupted. Those Distributors that require additional time will be
able to implement the merger of OpenView into TotalView, and those
Distributors that do not require additional time will not be harmed
because they will be able to continue using their current systems and
procedures to obtain the products that they purchase.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
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 delay will not change the
current competitive position of any Distributor because all
Distributors will be able to use their current systems and procedures
to obtain the products that they purchase.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
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\
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 17 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.
---------------------------------------------------------------------------
In its filing, Nasdaq requests that the Commission waive the 30-day
operative delay so that certain of its Distributors will have
sufficient time to modify their systems and procedures to accommodate
the merger of OpenView into TotalView. The Exchange further represents
that Distributors that do not require additional time to modify their
systems and procedures will not be harmed by a delayed merger of
TotalView and OpenView, because they will be able to continue using
their current systems and procedures. Accordingly, the Commission
believes that granting a waiver of the operative delay is consistent
with the protection of investors and the public interest and therefore
designates the proposed rule change to be operative upon filing.\8\
---------------------------------------------------------------------------
\8\ 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: (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-NASDAQ-2017-075 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-2017-075. 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/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-NASDAQ-2017-075, and should
be submitted on or before August 23, 2017.
[[Page 36039]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12) and (59).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-16270 Filed 8-1-17; 8:45 am]
BILLING CODE 8011-01-P
