Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing of Proposed Rule Change To Adopt Rule 14.602 To Describe the Complimentary Products and Services To Be Made Available to All Listed Companies, 41077-41079 [2017-18242]
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Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEAMER–2017–05. 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 N.,
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–
NYSEAMER–2017–05, and should be
submitted on or before September 19,
2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–18243 Filed 8–28–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
sradovich on DSK3GMQ082PROD with NOTICES
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Form N–54A. SEC File No. 270–182, OMB
Control No. 3235–0237
7 17
CFR 200.30–3(a)(12).
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18:45 Aug 28, 2017
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Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Under the Investment Company Act
of 1940 (15 U.S.C. 80a–1 et seq.) (the
‘‘Investment Company Act’’), certain
investment companies can elect to be
regulated as business development
companies, as defined in Section
2(a)(48) of the Investment Company Act
(15 U.S.C. 80a–2(a)(48)). Under Section
54(a) of the Investment Company Act
(15 U.S.C. 80a–53(a)), any company
defined in Section 2(a)(48)(A) and (B)
may elect to be subject to the provisions
of Sections 55 through 65 of the
Investment Company Act (15 U.S.C.
80a–54 to 80a–64) by filing with the
Commission a notification of election, if
such company has: (1) A class of equity
securities registered under Section 12 of
the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (‘‘Exchange Act’’); or
(2) filed a registration statement
pursuant to Section 12 of the Exchange
Act for a class of equity securities. The
Commission has adopted Form N–54A
(17 CFR 274.53) as the form for
notification of election to be regulated
as business development companies.
The purpose of Form N–54A is to
notify the Commission that the
investment company making the
notification elects to be subject to
Sections 55 through 65 of the
Investment Company Act, enabling the
Commission to administer those
provisions of the Investment Company
Act to such companies.
The Commission estimates that on
average approximately 12 business
development companies file these
notifications each year. Each of those
business development companies need
only make a single filing of Form N–
54A. The Commission further estimates
that this information collection imposes
a burden of 0.5 hours, resulting in a
total annual PRA burden of 6 hours.
Based on the estimated wage rate, the
total cost to the business development
company industry of the hour burden
for complying with Form N–54A would
be approximately $2,070.
The collection of information under
Form N–54A is mandatory. The
information provided under the form is
not kept confidential. An agency may
not conduct or sponsor, and a person is
not required to respond to, a collection
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of information unless it displays a
currently valid OMB control number.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to 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@sec.gov.
Dated: August 23, 2017.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–18229 Filed 8–28–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81469; File No. SR–IEX–
2017–20]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing of Proposed Rule Change To
Adopt Rule 14.602 To Describe the
Complimentary Products and Services
To Be Made Available to All Listed
Companies
August 23, 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 August
10, 2017, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘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).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
E:\FR\FM\29AUN1.SGM
29AUN1
41078
Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
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) of the Securities Exchange Act
of 1934 (‘‘Exchange Act’’),4 and Rule
19b–4 thereunder,5 Investors Exchange
LLC (‘‘IEX’’ or ‘‘Exchange’’) is filing
with the Commission a proposed rule
change to adopt Rule 14.602 to describe
the complimentary products and
services to be made available to all
listed companies.
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
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 statements 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.
sradovich on DSK3GMQ082PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
On June 17, 2016, the Commission
granted IEX’s application for registration
as a national securities exchange under
Section 6 of the Act including approval
of rules applicable to the qualification,
listing and delisting of companies on
the Exchange. The Exchange plans to
begin a listing program in 2017 and is
proposing to adopt Rule 14.602 to
describe the complimentary products
and services that will be offered to all
listed companies in this proposed rule
change.
As proposed, IEX will provide all
listed companies with the same optional
complimentary services through access
to IEX Issuer, a market information
analytics platform consisting of access
to a team of market professionals and
web-based content. The team of market
professionals will serve as a single
source of timely market intelligence,
fundamental and technical trading
analysis, and real-time market
4 15
5 17
U.S.C. 78s(b)(1).
CRF [sic] 240.19b–4.
VerDate Sep<11>2014
18:45 Aug 28, 2017
Jkt 241001
information to all listed companies. The
web-based portion of IEX Issuer will
provide similar information that will
enable all listed companies to follow
their stock’s trading, competitors, and
market activity through an online
interface. In addition, IEX Issuer may,
from time to time, provide information
about products and services from thirdparty vendors that IEX determines may
be relevant to listed issuers. Provision of
any products and services from a thirdparty vendor would need to be effected
through arrangements directly between
the listed issuer and the third-party
vendor, without any subsidy or other
involvement by the Exchange. A
description of all products and services
available through IEX Issuer will be
provided on the Exchange’s Web site.
All issuers listed on the Exchange will
have access to services through IEX
Issuer on the same basis. IEX is not
proposing to offer any additional
products and services to listed
companies on a tiered or differentiated
basis.
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with Section 6 of
the Act 6 in general, and furthers the
objectives of Section 6(b)(4) 7 of the Act,
in particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and issuers and
other persons using its facilities. The
Exchange also believes that the
proposed rule change is consistent with
Section 6(b)(5) of the Act 8 in that it is
not designed to permit unfair
discrimination between customers,
issuers, brokers, or dealers.
The Exchange believes that it is fair
and reasonable to offer optional
complimentary products and services to
attract and retain listings in a highly
competitive market. The Exchange
believes that the existing U.S. exchange
listing market for operating companies
is essentially a duopoly of the New York
Stock Exchange (‘‘NYSE’’) and Nasdaq
Stock Market (‘‘Nasdaq’’), with the vast
majority of operating companies listed
on U.S. securities exchanges listed on
those two. Both NYSE and Nasdaq offer
complimentary products and services to
listed companies,9 and the Exchange
believes that some listed companies
want such products and services. The
Exchange expects to face significant
competition from NYSE and Nasdaq as
6 15
U.S.C. 78F [sic]
U.S.C. 78f(b)(4).
8 15 U.S.C. 78f(b)(5).
9 See Section 907.00 of the NYSE Listed Company
Manual and Nasdaq Rule IM–5900–7.
7 15
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a new entrant into the exchange listing
market, and believes that offering IEX
Issuer will facilitate its ability to attract
and retain the listing of companies that
want complimentary products and
services. IEX believes that to the extent
IEX’s listing program is successful, it
will provide a competitive alternative,
which will thereby benefit issuers and
investors, remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, consistent with the protection of
investors and the public interest.
The Exchange believes that its
proposed provision of issuer products
and services is fair and not unfairly
discriminatory because it will offer all
products and services to each listed
company on the same terms and
conditions without differentiation
among listed companies whereby
certain companies receive enhanced or
more services.
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. To the
contrary, and as discussed in the
Statutory Basis section, IEX believes
that the proposed rule change will
enhance competition by facilitating
IEX’s listing program which will allow
the Exchange to provide companies
with another listing option, thereby
promoting intermarket competition
between exchanges in furtherance of the
principles of Section 11A(a)(1) of the
Act 10 in that it is designed to promote
fair competition between exchange
markets by offering a new listing market
to compete with Nasdaq and NYSE.
Moreover, as a new listing venue, IEX
expects to face intense competition from
existing exchanges. Consequently, the
degree to which IEX’s products and
services offerings to listed companies
could impose any burden on
intermarket competition is extremely
limited, and IEX does not believe that
such products and services offering
would impose any burden on competing
venues that is not necessary or
appropriate in furtherance of the
purposes of the Act.
IEX also does not believe that the
proposed rule change will result in any
burden on intramarket competition
since IEX will offer the complimentary
products and services to all listed
companies on the same basis without
any differentiation. Consequently, IEX
does not believe that the proposal will
10 15
E:\FR\FM\29AUN1.SGM
U.S.C. 78k–1(a)(1).
29AUN1
Federal Register / Vol. 82, No. 166 / Tuesday, August 29, 2017 / Notices
impose any burden on intramarket
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
IEX also notes that it does not have
exclusive arrangements with third-party
vendors with respect to optional access
to discounted products and services
from third-party vendors. IEX believes
that multiple third-party vendors offer
similar services and listed companies
will not be required to accept any
discounted products and services as a
condition to listing. IEX listed
companies are free to purchase similar
products and services from other
vendors, or not to use any such products
and services, instead of accepting the
products and services described herein
offered by the Exchange. Thus, even if
IEX were to list a large number of
companies, it nonetheless does not
believe that the proposed rule change
will adversely impact competition for
such products and services.
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
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) by order approve or disapprove
such proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
sradovich on DSK3GMQ082PROD with NOTICES
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:
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–2017–20. 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–IEX–
2017–20 and should be submitted on or
before September 19, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–18242 Filed 8–28–17; 8:45 am]
BILLING CODE 8011–01–P
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–2017–20 on the subject line.
VerDate Sep<11>2014
18:45 Aug 28, 2017
Jkt 241001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81468; File No. SR–
BatsEDGX–2017–29]
Self-Regulatory Organizations; Bats
EDGX Exchange, Inc.; Notice of
Designation of Longer Period for
Commission Action on Proposed Rule
Change To Adopt New Rules That
Describe the Trading of Complex
Orders on the Exchange
August 23, 2017.
On June 30, 2017, Bats EDGX
Exchange, Inc. (the ‘‘Exchange’’ or
‘‘EDGX’’) 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 a
proposed rule change to adopt new
rules that describe the trading of
complex orders on the Exchange’s
equity options platform. The proposed
rule change was published for comment
in the Federal Register on July 19,
2017.3 The Commission has received no
comment letters regarding the proposal.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day for this filing
is September 2, 2017.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. The
Commission finds that it is appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider and take action on the
Exchange’s proposed rule change.
Accordingly, pursuant to Section
19(b)(2) of the Act 5 and for the reasons
stated above, the Commission
designates October 17, 2017, as the date
by which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 81137
(July 13, 2017), 82 FR 33170.
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
2 17
11 17
PO 00000
CFR 200.30–3(a)(12).
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E:\FR\FM\29AUN1.SGM
29AUN1
]]>Agencies
[Federal Register Volume 82, Number 166 (Tuesday, August 29, 2017)]
[Notices]
[Pages 41077-41079]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18242]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81469; File No. SR-IEX-2017-20]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing of Proposed Rule Change To Adopt Rule 14.602 To Describe the
Complimentary Products and Services To Be Made Available to All Listed
Companies
August 23, 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 August 10, 2017, the Investors Exchange LLC (``IEX'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``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.
---------------------------------------------------------------------------
[[Page 41078]]
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) of the Securities
Exchange Act of 1934 (``Exchange Act''),\4\ and Rule 19b-4
thereunder,\5\ Investors Exchange LLC (``IEX'' or ``Exchange'') is
filing with the Commission a proposed rule change to adopt Rule 14.602
to describe the complimentary products and services to be made
available to all listed companies.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CRF [sic] 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
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 statements 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
On June 17, 2016, the Commission granted IEX's application for
registration as a national securities exchange under Section 6 of the
Act including approval of rules applicable to the qualification,
listing and delisting of companies on the Exchange. The Exchange plans
to begin a listing program in 2017 and is proposing to adopt Rule
14.602 to describe the complimentary products and services that will be
offered to all listed companies in this proposed rule change.
As proposed, IEX will provide all listed companies with the same
optional complimentary services through access to IEX Issuer, a market
information analytics platform consisting of access to a team of market
professionals and web-based content. The team of market professionals
will serve as a single source of timely market intelligence,
fundamental and technical trading analysis, and real-time market
information to all listed companies. The web-based portion of IEX
Issuer will provide similar information that will enable all listed
companies to follow their stock's trading, competitors, and market
activity through an online interface. In addition, IEX Issuer may, from
time to time, provide information about products and services from
third-party vendors that IEX determines may be relevant to listed
issuers. Provision of any products and services from a third-party
vendor would need to be effected through arrangements directly between
the listed issuer and the third-party vendor, without any subsidy or
other involvement by the Exchange. A description of all products and
services available through IEX Issuer will be provided on the
Exchange's Web site.
All issuers listed on the Exchange will have access to services
through IEX Issuer on the same basis. IEX is not proposing to offer any
additional products and services to listed companies on a tiered or
differentiated basis.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with
Section 6 of the Act \6\ in general, and furthers the objectives of
Section 6(b)(4) \7\ of the Act, in particular, in that it is designed
to provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and issuers and other persons using its
facilities. The Exchange also believes that the proposed rule change is
consistent with Section 6(b)(5) of the Act \8\ in that it is not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78F [sic]
\7\ 15 U.S.C. 78f(b)(4).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that it is fair and reasonable to offer
optional complimentary products and services to attract and retain
listings in a highly competitive market. The Exchange believes that the
existing U.S. exchange listing market for operating companies is
essentially a duopoly of the New York Stock Exchange (``NYSE'') and
Nasdaq Stock Market (``Nasdaq''), with the vast majority of operating
companies listed on U.S. securities exchanges listed on those two. Both
NYSE and Nasdaq offer complimentary products and services to listed
companies,\9\ and the Exchange believes that some listed companies want
such products and services. The Exchange expects to face significant
competition from NYSE and Nasdaq as a new entrant into the exchange
listing market, and believes that offering IEX Issuer will facilitate
its ability to attract and retain the listing of companies that want
complimentary products and services. IEX believes that to the extent
IEX's listing program is successful, it will provide a competitive
alternative, which will thereby benefit issuers and investors, remove
impediments to and perfect the mechanism of a free and open market and
a national market system, consistent with the protection of investors
and the public interest.
---------------------------------------------------------------------------
\9\ See Section 907.00 of the NYSE Listed Company Manual and
Nasdaq Rule IM-5900-7.
---------------------------------------------------------------------------
The Exchange believes that its proposed provision of issuer
products and services is fair and not unfairly discriminatory because
it will offer all products and services to each listed company on the
same terms and conditions without differentiation among listed
companies whereby certain companies receive enhanced or more services.
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. To the contrary, and as
discussed in the Statutory Basis section, IEX believes that the
proposed rule change will enhance competition by facilitating IEX's
listing program which will allow the Exchange to provide companies with
another listing option, thereby promoting intermarket competition
between exchanges in furtherance of the principles of Section 11A(a)(1)
of the Act \10\ in that it is designed to promote fair competition
between exchange markets by offering a new listing market to compete
with Nasdaq and NYSE. Moreover, as a new listing venue, IEX expects to
face intense competition from existing exchanges. Consequently, the
degree to which IEX's products and services offerings to listed
companies could impose any burden on intermarket competition is
extremely limited, and IEX does not believe that such products and
services offering would impose any burden on competing venues that is
not necessary or appropriate in furtherance of the purposes of the Act.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78k-1(a)(1).
---------------------------------------------------------------------------
IEX also does not believe that the proposed rule change will result
in any burden on intramarket competition since IEX will offer the
complimentary products and services to all listed companies on the same
basis without any differentiation. Consequently, IEX does not believe
that the proposal will
[[Page 41079]]
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act.
IEX also notes that it does not have exclusive arrangements with
third-party vendors with respect to optional access to discounted
products and services from third-party vendors. IEX believes that
multiple third-party vendors offer similar services and listed
companies will not be required to accept any discounted products and
services as a condition to listing. IEX listed companies are free to
purchase similar products and services from other vendors, or not to
use any such products and services, instead of accepting the products
and services described herein offered by the Exchange. Thus, even if
IEX were to list a large number of companies, it nonetheless does not
believe that the proposed rule change will adversely impact competition
for such products and services.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) by order approve or disapprove such proposed rule change, or
(B) institute proceedings to determine whether the proposed rule
change should be 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-2017-20 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-2017-20. 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-IEX-2017-20 and should be
submitted on or before September 19, 2017.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-18242 Filed 8-28-17; 8:45 am]
BILLING CODE 8011-01-P
