Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend a Cross-Reference in Rule 1017 (Openings in Options), 2276-2277 [2018-00527]
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Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices
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.
Rules 8b–1 to 8b–33 (17 CFR 270.8b–
1 to 8b–33) under the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.) (‘‘Investment Company Act’’) set
forth the procedures for preparing and
filing a registration statement under the
Investment Company Act. These
procedures are intended to facilitate the
registration process. These rules
generally do not require respondents to
report information.1
The Commission believes that it is
appropriate to estimate the total
respondent burden associated with
preparing each registration statement
form rather than attempt to isolate the
impact of the procedural instructions
under Section 8(b) of the Investment
Company Act, which impose burdens
only in the context of the preparation of
the various registration statement forms.
Accordingly, the Commission is not
submitting a separate burden estimate
for rules 8b–1 through 8b–33, but
instead will include the burden for
these rules in its estimates of burden for
each of the registration forms under the
Investment Company Act. The
Commission is, however, submitting an
hourly burden estimate of one hour for
administrative purposes.
The collection of information under
rules 8b–1 to 8b–33 is mandatory. The
information provided under rules 8b–1
to 8b–33 is not kept confidential. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid OMB control
number.
Written comments are invited on: (a)
Whether the collection of information is
necessary for the proper performance of
the functions of the Commission,
including whether the information has
practical utility; (b) the accuracy of the
Commission’s estimate of the burden of
the collection of information; (c) ways to
daltland on DSKBBV9HB2PROD with NOTICES
1 Although
the rules under Section 8(b) of the
Investment Company Act are generally procedural
in nature, two of the rules require respondents to
disclose some limited information. Rule 8b–3 (17
CFR 270.8b–3) provides that whenever a
registration form requires the title of securities to
be stated, the registrant must indicate the type and
general character of the securities to be issued. Rule
8b–22 (17 CFR 270.8b–22) provides that if the
existence of control is open to reasonable doubt, the
registrant may disclaim the existence of control, but
it must state the material facts pertinent to the
possible existence of control. The information
required by both of these rules is necessary to
insure that investors have clear and complete
information upon which to base an investment
decision.
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22:48 Jan 12, 2018
Jkt 244001
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: January 9, 2018.
Eduardo A. Aleman,
Assistant Secretary.
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
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
1. Purpose
The Exchange proposes to amend a
cross-reference in Rule 1017, entitled
‘‘Openings in Options.’’ Specifically, the
Exchange proposes to amend 1017(h)
which currently states, ‘‘In addition,
paragraphs (i)(iii) and (j)(5)–(7) below
contain additional provisions related to
Potential Opening Price.’’ The first
citation is incomplete and contains a
non-existent reference. The Exchange
proposes to amend the sentence to state,
‘‘In addition, paragraphs (i)(A)(iii) and
(j)(5)–(7) below contain additional
provisions related to Potential Opening
Price.’’ The reference is to the phrase,
‘‘The Exchange will open the option
series for trading with a trade on
Exchange interest only at the Opening
Price, if any of these conditions occur
where there is no ABBO, the Potential
Opening Price is at or within the PreMarket BBO which is also a Quality
Opening Market.’’ The reference was
intended to act as a roadmap within the
rule to direct the reader to the possible
outcomes in the Opening Process.
The Exchange believes that this nonsubstantive rule change will bring
greater clarity to the rule text by
providing the intended guidance
concerning the manner in which the
Exchange could calculate the Potential
Opening Price.
The Exchange proposes to amend a
cross-reference in Rule 1017, entitled
‘‘Openings in Options.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqphlx.cchwallstreet.com/,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,3 in general, and furthers the
objectives of Section 6(b)(5) of the Act,4
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
[FR Doc. 2018–00494 Filed 1–12–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82470; File No. SR–Phlx–
2018–05]
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend a CrossReference in Rule 1017 (Openings in
Options)
January 9, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 5,
2018, Nasdaq PHLX LLC (‘‘Phlx’’ 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 Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00146
Fmt 4703
3 15
4 15
Sfmt 4703
E:\FR\FM\16JAN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
16JAN1
Federal Register / Vol. 83, No. 10 / Tuesday, January 16, 2018 / Notices
open market and a national market
system, and, in general to protect
investors and the public interest, by
correcting a citation within Rule 1017
which is currently inaccurate. Rule
1017(h) contains a sentence which was
intended to act as a roadmap within the
rule to direct the reader to the possible
outcomes in the Opening Process. The
Exchange believes that the amendment
is consistent with the Act because it will
amend the rule text to properly specify
the intended guidance concerning the
manner in which the Exchange could
calculate the Potential Opening Price.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange believes that this nonsubstantive rule change will not impose
an undue burden on competition, rather
it will bring greater clarity to the rule
text [sic]
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 5 and
subparagraph (f)(6) of Rule 19b–4
thereunder.6
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative for 30 days after the
date of its filing. However, Rule 19b–
4(f)(6)(iii) 7 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
daltland on DSKBBV9HB2PROD with NOTICES
5 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the 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.
7 17 CFR 240.19b–4(f)(6)(iii).
6 17
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Commission waive the 30-day operative
delay so that the proposed rule change
will become operative upon filing. The
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest because the proposal
does not raise any novel issues and
waiver will allow the Exchange to
correct the erroneous cross-reference
without delay. Therefore, the
Commission hereby waives the
operative delay and designates the
proposed rule change 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.
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:
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 website 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–Phlx–2018–05, and should
be submitted on or before February 6,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–00527 Filed 1–12–18; 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–
Phlx–2018–05 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–Phlx–2018–05. 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 website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
8 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
PO 00000
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Fmt 4703
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9 17
E:\FR\FM\16JAN1.SGM
CFR 200.30–3(a)(12).
16JAN1
]]>Agencies
[Federal Register Volume 83, Number 10 (Tuesday, January 16, 2018)]
[Notices]
[Pages 2276-2277]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-00527]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82470; File No. SR-Phlx-2018-05]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend a Cross-
Reference in Rule 1017 (Openings in Options)
January 9, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 5, 2018, Nasdaq PHLX LLC (``Phlx'' 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 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 a cross-reference in Rule 1017,
entitled ``Openings in Options.''
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqphlx.cchwallstreet.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 proposes to amend a cross-reference in Rule 1017,
entitled ``Openings in Options.'' Specifically, the Exchange proposes
to amend 1017(h) which currently states, ``In addition, paragraphs
(i)(iii) and (j)(5)-(7) below contain additional provisions related to
Potential Opening Price.'' The first citation is incomplete and
contains a non-existent reference. The Exchange proposes to amend the
sentence to state, ``In addition, paragraphs (i)(A)(iii) and (j)(5)-(7)
below contain additional provisions related to Potential Opening
Price.'' The reference is to the phrase, ``The Exchange will open the
option series for trading with a trade on Exchange interest only at the
Opening Price, if any of these conditions occur where there is no ABBO,
the Potential Opening Price is at or within the Pre-Market BBO which is
also a Quality Opening Market.'' The reference was intended to act as a
roadmap within the rule to direct the reader to the possible outcomes
in the Opening Process.
The Exchange believes that this non-substantive rule change will
bring greater clarity to the rule text by providing the intended
guidance concerning the manner in which the Exchange could calculate
the Potential Opening Price.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\3\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\4\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and
[[Page 2277]]
open market and a national market system, and, in general to protect
investors and the public interest, by correcting a citation within Rule
1017 which is currently inaccurate. Rule 1017(h) contains a sentence
which was intended to act as a roadmap within the rule to direct the
reader to the possible outcomes in the Opening Process. The Exchange
believes that the amendment is consistent with the Act because it will
amend the rule text to properly specify the intended guidance
concerning the manner in which the Exchange could calculate the
Potential Opening Price.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(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 Exchange believes that this
non-substantive rule change will not impose an undue burden on
competition, rather it will bring greater clarity to the rule text
[sic]
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 \5\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(iii).
\6\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the 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.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days after the date of its filing. However,
Rule 19b-4(f)(6)(iii) \7\ permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange has requested that the Commission
waive the 30-day operative delay so that the proposed rule change will
become operative upon filing. The Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest because the proposal does not raise
any novel issues and waiver will allow the Exchange to correct the
erroneous cross-reference without delay. Therefore, the Commission
hereby waives the operative delay and designates the proposed rule
change operative upon filing.\8\
---------------------------------------------------------------------------
\7\ 17 CFR 240.19b-4(f)(6)(iii).
\8\ For purposes only of waiving the 30-day operative delay, the
Commission also has 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 [email protected]. Please include
File Number SR-Phlx-2018-05 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-Phlx-2018-05. 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 website (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 website 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-Phlx-2018-05, and should be submitted on
or before February 6, 2018.
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00527 Filed 1-12-18; 8:45 am]
BILLING CODE 8011-01-P
