Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1614, 51453-51455 [2017-24050]
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Federal Register / Vol. 82, No. 213 / Monday, November 6, 2017 / Notices
to the Commission’s issuance of the
Phase Three Extension Order, FIF and
SIFMA requested a permanent
exemption or alternatively a five year
deferment of the compliance date for
Phase Three.53 In the Phase Three
Extension Order, the Commission
provided a two year exemption, until
November 1, 2017. At that time, the
Commission stated its belief that ‘‘two
years will give the Commission enough
time to evaluate future developments,
including any investment in or progress
on a CAT.’’ Further, FIF and SIFMA
now have requested a permanent
exemption, or alternatively a three or
five year deferment of the compliance
date for Phase Three.54 The Commission
believes at this time that an extension to
November 15, 2018 responds to requests
from FIF and SIFMA to extend the
Phase Three compliance date, but
having a short exemption instead will
allow broker-dealers to focus on
implementing the CAT in the near term
and will allow the Commission to
revisit the implementation of Phase
Three as it evaluates future
developments during this period,
including progress in implementing the
CAT.55 During that time, the
Commission will consider progress in
implementing the CAT as it determines
implementation of Phase Three.
Accordingly, the Commission finds
that it is consistent with the purposes of
the Exchange Act to extend the
compliance date for Phase Three by
temporarily exempting broker-dealers
until November 15, 2018 from
compliance with specified provisions of
the Rule. Thus, the Recordkeeping and
Reporting Responsibilities under Rule
13h–1 will continue to apply with
respect to: (1) The clearing broker-dealer
for a large trader, with respect to (a)
proprietary transactions by a large trader
broker-dealer; (b) transactions effected
pursuant to a ‘‘sponsored access’’
arrangement; and (c) transactions
effected pursuant to a ‘‘direct market
access’’ arrangement; and (2) brokerdealers that carry an account for a large
Pmangrum on DSK3GDR082PROD with NOTICES
53 See
Phase Three Extension Order at note 62
(citing Letter from Mary Lou VonKaenel, Managing
Director, FIF, to Stephen Luparello, Director,
Division, Commission, dated March 27, 2015,
available at https://www.sec.gov/comments/s7-1010/s71010.shtml and Letter from Theodore R. Lazo,
Managing Director and Associate General Counsel,
SIFMA to Stephen Luparello, Director, Division,
Commission, dated April 9, 2015, available at
https://www.sec.gov/comments/s7-10-10/
s71010.shtml).
54 See supra note 7 (citing to the SIFMA and FIF
letters).
55 The Commission notes that November 15, 2018
currently is the date by which large industry SRO
members are required to begin reporting to the CAT
central repository. See CAT NMS Plan Order, supra
note 8, at Ex. A, Sec. 6.7(a)(v), 81 FR at 84963.
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trader for Transaction Data other than
execution time.
IV. Conclusion
It is hereby ordered, pursuant to
Section 13(h)(6) of the Exchange Act
and Rule 13h–1(g) thereunder, that
broker-dealers are exempted temporarily
until November 15, 2018 from the
recordkeeping and reporting
requirements of Rule 13h–1(d) and (e)
except for: (1) Clearing broker-dealers
for large traders with respect to (a)
proprietary transactions by a large trader
broker-dealer, (b) transactions effected
pursuant to a ‘‘sponsored access’’
arrangement, and (c) transactions
effected pursuant to a ‘‘direct market
access’’ arrangement; and, for other
types of transactions, (2) broker-dealers
that carry an account for a large trader
for Transaction Data other than
execution time.
By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–24056 Filed 11–3–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81986; File No. SR–
NASDAQ–2017–088]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To Amend Rule 4703(a)
To Allow Members To Designate When
an Order With a RTFY or SCAN
Routing Order Attribute Will Be
Activated
51453
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 after
publication of the notice for this
proposed rule change is November 2,
2017. The Commission is extending this
45-day time period.
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 the proposed
rule change. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,5 designates
December 17, 2017, as the date by
which the Commission shall either
approve or disapprove or institute
proceedings to determine whether to
disapprove the proposed rule change
(File Number SR–NASDAQ–2017–088).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–24046 Filed 11–3–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81991; File No. SR–ISE–
2017–96]
October 31, 2017.
On August 30, 2017, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’) 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 amend Nasdaq Rule 4703(a) to
allow members to designate when an
Order with a RTFY or SCAN routing
Order Attribute will be activated. The
proposed rule change was published for
comment in the Federal Register on
September 18, 2017.3 The Commission
has received no comment letters on the
proposed rule change.
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 1614
October 31, 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 October
27, 2017, Nasdaq ISE, LLC (‘‘ISE’’ 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
4 15
1 15
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 81579
(September 12, 2017), 82 FR 43584.
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(2).
U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
5 15
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06NON1
51454
Federal Register / Vol. 82, No. 213 / Monday, November 6, 2017 / Notices
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Rule 1614, entitled ‘‘Imposition of Fines
for Minor Rule Violations,’’ to make a
non-substantive, clarifying change to the
rule. [sic]
The text of the proposed rule change
is available on the Exchange’s Web site
at www.ise.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
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.
Pmangrum on DSK3GDR082PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
Rule 1614, entitled ‘‘Imposition of Fines
for Minor Rule Violations,’’ to make a
non-substantive, clarifying change to the
rule.3 [sic] Rule 1614(d)(2) currently sets
forth the fine schedule for the failure to
file annual Financial and Operational
Combined Uniform Single (‘‘FOCUS’’)
Reports on Form X–17A–5 in
accordance with Rule 17a–10 4 under
the Act. The existing schedule in the
Rule does not clearly reflect how a
FOCUS Report that is received on the
ninetieth day would be handled for
purposes of assessing a fine. The
Exchange therefore proposes to clarify
in Rule 1614(d)(2) that FOCUS Reports
received by the Exchange over ninety
calendar days late will subject the
member to formal disciplinary action.
As such, the Exchange is proposing to
change the reference to ‘‘90 or more’’
days in the sanction schedule to ‘‘over
90’’ days.
2. Statutory Basis
The Exchange is proposing to amend
Rule 1614, entitled ‘‘Imposition of Fines
for Minor Rule Violations,’’ to make a
non-substantive, clarifying change to the
rule.5 [sic] Rule 1614(d)(2) currently sets
forth the fine schedule for the failure to
file annual Financial and Operational
Combined Uniform Single (‘‘FOCUS’’)
Reports on Form X–17A–5 in
accordance with Rule 17a–10 6 under
the Act. The existing schedule in the
Rule does not clearly reflect how a
FOCUS Report that is received on the
ninetieth day would be handled for
purposes of assessing a fine. The
Exchange therefore proposes to clarify
in Rule 1614(d)(2) that FOCUS Reports
received by the Exchange over ninety
calendar days late will subject the
member to formal disciplinary action.
As such, the Exchange is proposing to
change the reference to ‘‘90 or more’’
days in the sanction schedule to ‘‘over
90’’ days.
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. As discussed
above, the Exchange’s proposal is a nonsubstantive, technical amendment to
Rule 1614(d)(2), and is merely intended
to add further clarification to the
Exchange’s rules and alleviate potential
confusion.
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 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative before 30 days from
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),9 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
The Exchange has asked the
Commission to waive the 30-day
operative delay. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Clarification of how a FOCUS
Report will be handled for purposes of
assessing a fine that is 90 calendar days
late will reduce confusion caused by the
ambiguity of the Rule as written before
the Exchange filed this proposed rule
change. The Commission believes no
purpose is served in delaying such
clarification. Therefore, the Commission
hereby waives the 30-day operative
delay and designates the proposed rule
change to be operative upon filing with
the Commission.10
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–2017–96 on the subject line.
7 15
3 The
Exchange notes that Chapter 16 of the ISE
Rulebook, including Rule 1614, is incorporated by
reference into the rulebooks of Nasdaq GEMX
(‘‘GEMX’’) and Nasdaq MRX (‘‘MRX’’). As such, the
amendment to ISE Rule 1614 as proposed herein
will also impact GEMX and MRX Rules 1614.
4 17 CFR 240.17a–10.
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5 The
Exchange notes that Chapter 16 of the ISE
Rulebook, including Rule 1614, is incorporated by
reference into the rulebooks of Nasdaq GEMX
(‘‘GEMX’’) and Nasdaq MRX (‘‘MRX’’). As such, the
amendment to ISE Rule 1614 as proposed herein
will also impact GEMX and MRX Rules 1614.
6 17 CFR 240.17a–10.
PO 00000
Frm 00071
Fmt 4703
Sfmt 4703
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6)(iii).
10 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
8 17
E:\FR\FM\06NON1.SGM
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Federal Register / Vol. 82, No. 213 / Monday, November 6, 2017 / Notices
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–2017–96. 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–ISE–2017–96, and should
be submitted on or before November 27,
2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–24050 Filed 11–3–17; 8:45 am]
[Release No. 34–81988; File No. SR–IEX–
2017–38]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Adopt New
Rule 6.210 Related to Ex-Dates for
Securities Listed or Traded on the
Exchange
October 31, 2017.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on October
27, 2017, the Investors Exchange LLC
(‘‘IEX’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
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
adopt new Rule 6.210 (Ex-Dividend or
Ex-Right Dates) related to ex-dates for
securities listed or traded on the
Exchange. The Exchange has designated
this proposal as ‘‘non-controversial’’
and provided the Commission with the
notice required by Rule 19b–4(f)(6)(iii)
under the Act.6
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
BILLING CODE 8011–01–P
Pmangrum on DSK3GDR082PROD with NOTICES
SECURITIES AND EXCHANGE
COMMISSION
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(1).
5 17 CRF 240.19b–4.
6 17 CFR 240.19b–4(f)(6)(iii).
2 15
11 17
CFR 200.30–3(a)(12).
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51455
of these statement 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
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 early 2018
and is proposing to adopt Rule 6.210
related to ex-dates for securities listed
on IEX.
IEX Rule 2.160(c)(4) requires in
substance that an Exchange Member
must be a Member of a registered
clearing agency registered with the
Commission pursuant to Section 17A of
the Act or clear transactions executed
on the Exchange through another
Member that is a Member of a registered
clearing agency. In addition, IEX Rule
6.110(a) provides that every Exchange
Member who is a Member of a registered
clearing agency shall implement
comparison and settlement procedures
under the rules of such entity. Further,
IEX Rule 11.250(a) provides that the
Exchange maintains connectivity and
access to the Universal Trade Capture of
the National Securities Clearing
Corporation (‘‘NSCC’’) for the
transmission of executed transactions.
Pursuant to these provisions, all IEX
Members are either Members of the
NSCC or clear transactions executed on
the Exchange through another Member
that is a Member of NSCC. Thus, IEX
Members must comply with NSCC
comparison and settlement procedures
for all transactions executed on the
Exchange.
NSCC and other listing exchanges
have rules related to securities
settlement which specify the
requirements and process for
designation of so-called ‘‘ex-dates’’ in
the event that the issuer of a security
enters into certain types of corporate
actions, including declaration of a
dividend, and issuance of rights or
warrants (i.e., the corporate action
consideration).7 Generally, an issuer of
securities will establish a record date to
determine which security holders are
entitled to the corporate action
7 See,
E:\FR\FM\06NON1.SGM
e.g., NYSE Arca Equities Rule 7.4.
06NON1
]]>Agencies
[Federal Register Volume 82, Number 213 (Monday, November 6, 2017)]
[Notices]
[Pages 51453-51455]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-24050]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81991; File No. SR-ISE-2017-96]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1614
October 31, 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 October 27, 2017, Nasdaq ISE, LLC (``ISE'' 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
[[Page 51454]]
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 the
Substance of the Proposed Rule Change
The Exchange proposes to amend Rule 1614, entitled ``Imposition of
Fines for Minor Rule Violations,'' to make a non-substantive,
clarifying change to the rule. [sic]
The text of the proposed rule change is available on the Exchange's
Web site at www.ise.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend Rule 1614, entitled ``Imposition
of Fines for Minor Rule Violations,'' to make a non-substantive,
clarifying change to the rule.\3\ [sic] Rule 1614(d)(2) currently sets
forth the fine schedule for the failure to file annual Financial and
Operational Combined Uniform Single (``FOCUS'') Reports on Form X-17A-5
in accordance with Rule 17a-10 \4\ under the Act. The existing schedule
in the Rule does not clearly reflect how a FOCUS Report that is
received on the ninetieth day would be handled for purposes of
assessing a fine. The Exchange therefore proposes to clarify in Rule
1614(d)(2) that FOCUS Reports received by the Exchange over ninety
calendar days late will subject the member to formal disciplinary
action. As such, the Exchange is proposing to change the reference to
``90 or more'' days in the sanction schedule to ``over 90'' days.
---------------------------------------------------------------------------
\3\ The Exchange notes that Chapter 16 of the ISE Rulebook,
including Rule 1614, is incorporated by reference into the rulebooks
of Nasdaq GEMX (``GEMX'') and Nasdaq MRX (``MRX''). As such, the
amendment to ISE Rule 1614 as proposed herein will also impact GEMX
and MRX Rules 1614.
\4\ 17 CFR 240.17a-10.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange is proposing to amend Rule 1614, entitled ``Imposition
of Fines for Minor Rule Violations,'' to make a non-substantive,
clarifying change to the rule.\5\ [sic] Rule 1614(d)(2) currently sets
forth the fine schedule for the failure to file annual Financial and
Operational Combined Uniform Single (``FOCUS'') Reports on Form X-17A-5
in accordance with Rule 17a-10 \6\ under the Act. The existing schedule
in the Rule does not clearly reflect how a FOCUS Report that is
received on the ninetieth day would be handled for purposes of
assessing a fine. The Exchange therefore proposes to clarify in Rule
1614(d)(2) that FOCUS Reports received by the Exchange over ninety
calendar days late will subject the member to formal disciplinary
action. As such, the Exchange is proposing to change the reference to
``90 or more'' days in the sanction schedule to ``over 90'' days.
---------------------------------------------------------------------------
\5\ The Exchange notes that Chapter 16 of the ISE Rulebook,
including Rule 1614, is incorporated by reference into the rulebooks
of Nasdaq GEMX (``GEMX'') and Nasdaq MRX (``MRX''). As such, the
amendment to ISE Rule 1614 as proposed herein will also impact GEMX
and MRX Rules 1614.
\6\ 17 CFR 240.17a-10.
---------------------------------------------------------------------------
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. As discussed above, the
Exchange's proposal is a non-substantive, technical amendment to Rule
1614(d)(2), and is merely intended to add further clarification to the
Exchange's rules and alleviate potential confusion.
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 \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative before 30 days from the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\9\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest.
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the 30-day operative
delay. The Commission believes that waiving the 30-day operative delay
is consistent with the protection of investors and the public interest.
Clarification of how a FOCUS Report will be handled for purposes of
assessing a fine that is 90 calendar days late will reduce confusion
caused by the ambiguity of the Rule as written before the Exchange
filed this proposed rule change. The Commission believes no purpose is
served in delaying such clarification. Therefore, the Commission hereby
waives the 30-day operative delay and designates the proposed rule
change to be operative upon filing with the Commission.\10\
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\10\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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: (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-2017-96 on the subject line.
[[Page 51455]]
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-2017-96. 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. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-ISE-2017-96, and should be
submitted on or before November 27, 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. 2017-24050 Filed 11-3-17; 8:45 am]
BILLING CODE 8011-01-P
