Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Consolidated Audit Trail Compliance Rules, 4936-4938 [2018-02126]
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4936
Federal Register / Vol. 83, No. 23 / Friday, February 2, 2018 / Notices
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–MRX–2018–03 and should
be submitted on or before February 23,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–02128 Filed 2–1–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: U.S. Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
sradovich on DSK3GMQ082PROD with NOTICES
Extension:
Supplier Diversity Business Management
System, SEC File No. 270–663, OMB
Control No. 3235–0724
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
(‘‘Commission’’) is soliciting comments
on the existing collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
approval.
The Commission is required under
Section 342 of the Dodd Frank Wall
Street and Reform Act to develop
standards and processes for ensuring the
fair inclusion of women-owned and
minority-owned businesses in all of the
Commission’s business activities. To
help implement this requirement, the
16 17
CFR 200.30–3(a)(12).
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Jkt 244001
Office of Minority and Women
Inclusion (OMWI) developed and
maintains an electronic Supplier
Diversity Business Management System
(the System) to collect up-to-date
business information and capabilities
statements from diverse suppliers
interested in doing business with the
Commission. This information allows
the Commission to update and more
effectively manage its current internal
repository. It also allows the
Commission to measure the
effectiveness of its technical assistance
and outreach efforts, and target areas
where additional program efforts are
necessary.
The Commission invites comment on
the System. Information is collected in
the System via web-based, e-filed,
dynamic form-based technology. The
company point of contact completes a
profile consisting of basic contact data
and information on the capabilities of
the business. The profile includes a
series of questions, some of which are
based on the data that the individual
enters. Drop-down lists are included
where appropriate to increase ease of
use.
The information collection is
voluntary. There are no costs associated
with this collection. The public
interface to the System is available via
a web-link provided by the agency.
Estimated number of annual
responses = 300.
Estimated annual reporting burden =
150 hours (30 minutes per submission).
Since the last approval of this
information collection, we have
adjusted the estimated number of
respondents from 500 to 300
respondents per year, based on the
actual response rate for the past two
years and anticipated increase in that
response rate with the posting of a link
to the System on our web page to allow
self-registration. This reduction in the
number of respondents has resulted in
a 100-hour reduction in the total burden
estimate.
Written comments are invited on: (a)
Whether this 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 imposed
by 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
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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.
January 30, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–02116 Filed 2–1–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82598; File No. SR–GEMX–
2018–02]
Self-Regulatory Organizations; Nasdaq
GEMX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Relocate the
Consolidated Audit Trail Compliance
Rules
January 30, 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
24, 2018, Nasdaq GEMX, LLC (‘‘GEMX’’
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to relocate the
Consolidated Audit Trail Compliance
rules (‘‘CAT Rules’’), currently under
Chapter 9, Rules 900 through 912, to
General 7, Sections 1 through 13 in the
Exchange’s rulebook’s (‘‘Rulebook’’)
shell structure.3
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqgemx.cchwallstreet.com/,
at the principal office of the Exchange,
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Recently, the Exchange added a shell structure
to its Rulebook with the purpose of improving
efficiency and readability and to align its rules
closer to those of its five sister exchanges, The
Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq
PHLX LLC; Nasdaq ISE, LLC; and Nasdaq MRX,
LLC (‘‘Affiliated Exchanges’’). See Securities
Exchange Act Release No. 82171 (November 29,
2017), 82 FR 57516 (December 5, 2017) (SR–GEMX–
2017–54).
2 17
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Federal Register / Vol. 83, No. 23 / Friday, February 2, 2018 / Notices
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
sradovich on DSK3GMQ082PROD with NOTICES
The Exchange proposes to relocate the
CAT Rules, currently under Chapter 9,
Rules 900 through 912, to General 7,
Sections 1 through 13 of the Rulebook’s
shell structure.
The Exchange adopted the CAT Rules
to implement a consolidated audit trail
in order to capture customer and order
event information to comply with the
provisions of the National Market
System Plan Governing the
Consolidated Audit Trail.4 Because the
CAT Rules apply across all markets and
to all products,5 the Exchange believes
it is pertinent that they be located in the
General section of the Rulebook’s shell;
therefore, the Exchange will amend the
shell structure, creating a new ‘‘General
7 Consolidated Audit Trail Compliance’’
title under ‘‘General Rules,’’ and make
conforming changes to the ‘‘Options
Rules’’ titles; moreover, this proposal is
consistent with similar filings
concurrently submitted by the Affiliated
Exchanges.
The relocation of the CAT Rules is
part of the Exchange’s continued effort
to promote efficiency and conformity of
its processes with those of its Affiliated
4 See Securities Exchange Act Release No. 80256
(March 15, 2017), 82 FR 14526 (March 21, 2017)
(SR–ISEGemini–2017–04) (Order Approving
Proposed Rule Changes To Adopt Consolidated
Audit Trail Compliance Rules).
The Exchange also notes that, at the time of the
approval of the CAT Rules, the Exchange was
known as ‘‘ISE Gemini, LLC.’’ To reflect the
Exchange’s placement within its parent company’s
corporate structure, Nasdaq, Inc., the Exchange
name was changed to ‘‘Nasdaq GEMX, LLC.’’ See
Securities Exchange Act Release No. 80248 (March
15, 2017), 82 FR 14547 (March 21, 2017) (SR–
ISEGemini–2017–13).
5 Id.
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Exchanges.6 The Exchange believes that
the migration of the CAT Rules to their
new location will facilitate the use of
the Rulebook by Members 7 of the
Exchange who are members of other
Affiliated Exchanges. Moreover, the
proposed changes are of a nonsubstantive nature and will not amend
the relocated rules other than to update
their numbers, make cross-reference
changes, and make changes to
harmonize the proposed rule with the
text of filings simultaneously submitted
by the Affiliated Exchanges.8
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,9 in general, and furthers the
objectives of Section 6(b)(5) of the Act,10
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by
promoting efficiency and conformity of
the Exchange’s processes with those of
the Affiliated Exchanges and to make
the Exchange’s Rulebook easier to read
and more accessible to its Members. The
Exchange believes that the relocation of
the CAT Rules and cross-reference
updates are of a non-substantive nature.
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
proposed changes do not impose a
burden on competition because, as
previously stated, they (i) are of a nonsubstantive nature, (ii) are intended to
harmonize the Exchange’s rules with
those of its Affiliated Exchanges, and
(iii) are intended to organize the
Rulebook in a way that it will ease the
Members’ navigation and reading of the
rules across the Affiliated Exchanges.
footnote 3.
Rule 100(a)(28).
8 Specifically, the Exchange will remove the word
‘‘Rule’’ from General 7’s title which will now read
‘‘Consolidated Audit Trail Compliance.’’
Moreover, the Exchange will update the
description provided under General 7, Section
12(a), ‘‘General,’’ to exactly match the contents of
similar sections in the Nasdaq, BX, and Phlx
rulebooks. This change will not alter Section 12(a)
since (i) the description under this subsection is
essentially the same to that of the aforementioned
Affiliated Exchanges and (ii) the removal of the
phrase ‘‘upon approval by the Commission’’ is
unnecessary at this point since the CAT Rules are
already effective.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
4937
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, 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 11 and
subparagraph (f)(6) of Rule 19b 4
thereunder.12
A proposed rule change filed under
Rule 19b–4(f)(6) 13 normally does not
become operative prior to 30 days after
the date of the filing. However, Rule
19b–4(f)(6)(iii) 14 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 asked the
Commission to waive the 30-day
operative delay so that the Exchange can
reorganize its Rulebook as already
approved by the Commission. The
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the
operative delay and designates the
proposed rule change as operative upon
filing.15
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
6 See
7 Exchange
PO 00000
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11 15
U.S.C. 78s(b)(3)(A)(iii).
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.
13 17 CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
15 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).
12 17
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Federal Register / Vol. 83, No. 23 / Friday, February 2, 2018 / Notices
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–02126 Filed 2–1–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
Proposed Collection; Comment
Request
• 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–
GEMX–2018–02 on the subject line.
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Paper Comments
sradovich on DSK3GMQ082PROD with NOTICES
• 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–GEMX–2018–02. 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–GEMX–2018–02 and
should be submitted on or before
February 23, 2018.
VerDate Sep<11>2014
18:03 Feb 01, 2018
Jkt 244001
Extension:
Rule 12d1–1, SEC File No. 270–526, OMB
Control No. 3235–0584
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 for extension
and approval.
An investment company (‘‘fund’’) is
generally limited in the amount of
securities the fund (‘‘acquiring fund’’)
can acquire from another fund
(‘‘acquired fund’’). Section 12(d) of the
Investment Company Act of 1940 (the
‘‘Investment Company Act’’ or ‘‘Act’’) 1
provides that a registered fund (and
companies it controls) cannot:
• Acquire more than three percent of
another fund’s securities;
• invest more than five percent of its
own assets in another fund; or
• invest more than ten percent of its
own assets in other funds in the
aggregate.2
In addition, a registered open-end
fund, its principal underwriter, and any
registered broker or dealer cannot sell
that fund’s shares to another fund if, as
a result:
• The acquiring fund (and any
companies it controls) owns more than
three percent of the acquired fund’s
stock; or
• all acquiring funds (and companies
they control) in the aggregate own more
16 17
CFR 200.30–3(a)(12).
15 U.S.C. 80a.
2 See 15 U.S.C. 80a–12(d)(1)(A). If an acquiring
fund is not registered, these limitations apply only
with respect to the acquiring fund’s acquisition of
registered funds.
1 See
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Frm 00045
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Sfmt 4703
than ten percent of the acquired fund’s
stock.3
Rule 12d1–1 under the Act provides
an exemption from these limitations for
‘‘cash sweep’’ arrangements in which a
fund invests all or a portion of its
available cash in a money market fund
rather than directly in short-term
instruments.4 An acquiring fund relying
on the exemption may not pay a sales
load, distribution fee, or service fee on
acquired fund shares, or if it does, the
acquiring fund’s investment adviser
must waive a sufficient amount of its
advisory fee to offset the cost of the
loads or distribution fees.5 The acquired
fund may be a fund in the same fund
complex or in a different fund complex.
In addition to providing an exemption
from section 12(d)(1) of the Act, the rule
provides exemptions from section 17(a)
of the Act and rule 17d–1 thereunder,
which restrict a fund’s ability to enter
into transactions and joint arrangements
with affiliated persons.6 These
provisions would otherwise prohibit an
acquiring fund from investing in a
money market fund in the same fund
complex,7 and prohibit a fund that
acquires five percent or more of the
securities of a money market fund in
another fund complex from making any
additional investments in the money
market fund.8
The rule also permits a registered
fund to rely on the exemption to invest
in an unregistered money market fund
that limits its investments to those in
which a registered money market fund
may invest under rule 2a–7 under the
Act, and undertakes to comply with all
the other provisions of rule 2a–7.9 In
addition, the acquiring fund must
3 See
15 U.S.C. 80a–12(d)(1)(B).
17 CFR 270.12d1–1.
5 See rule 12d1–1(b)(1).
6 See 15 U.S.C. 80a–17(a), 15 U.S.C. 80a–17(d); 17
CFR 270.17d–1.
7 An affiliated person of a fund includes any
person directly or indirectly controlling, controlled
by, or under common control with such other
person. See 15 U.S.C. 80a–2(a)(3) (definition of
‘‘affiliated person’’). Most funds today are organized
by an investment adviser that advises or provides
administrative services to other funds in the same
complex. Funds in a fund complex are generally
under common control of an investment adviser or
other person exercising a controlling influence over
the management or policies of the funds. See 15
U.S.C. 80a–2(a)(9) (definition of ‘‘control’’). Not all
advisers control funds they advise. The
determination of whether a fund is under the
control of its adviser, officers, or directors depends
on all the relevant facts and circumstances. See
Investment Company Mergers, Investment
Company Act Release No. 25259 (Nov. 8, 2001) [66
FR 57602 (Nov. 15, 2001)], at n.11. To the extent
that an acquiring fund in a fund complex is under
common control with a money market fund in the
same complex, the funds would rely on the rule’s
exemptions from section 17(a) and rule 17d–1.
8 See 15 U.S.C. 80a–2(a)(3)(A), (B).
9 See 17 CFR 270.2a–7.
4 See
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]]>Agencies
[Federal Register Volume 83, Number 23 (Friday, February 2, 2018)]
[Notices]
[Pages 4936-4938]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-02126]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82598; File No. SR-GEMX-2018-02]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Relocate the
Consolidated Audit Trail Compliance Rules
January 30, 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 24, 2018, Nasdaq GEMX, LLC (``GEMX'' 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 Substance
of the Proposed Rule Change
The Exchange proposes to relocate the Consolidated Audit Trail
Compliance rules (``CAT Rules''), currently under Chapter 9, Rules 900
through 912, to General 7, Sections 1 through 13 in the Exchange's
rulebook's (``Rulebook'') shell structure.\3\
---------------------------------------------------------------------------
\3\ Recently, the Exchange added a shell structure to its
Rulebook with the purpose of improving efficiency and readability
and to align its rules closer to those of its five sister exchanges,
The Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq PHLX LLC;
Nasdaq ISE, LLC; and Nasdaq MRX, LLC (``Affiliated Exchanges''). See
Securities Exchange Act Release No. 82171 (November 29, 2017), 82 FR
57516 (December 5, 2017) (SR-GEMX-2017-54).
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqgemx.cchwallstreet.com/, at the principal
office of the Exchange,
[[Page 4937]]
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 relocate the CAT Rules, currently under
Chapter 9, Rules 900 through 912, to General 7, Sections 1 through 13
of the Rulebook's shell structure.
The Exchange adopted the CAT Rules to implement a consolidated
audit trail in order to capture customer and order event information to
comply with the provisions of the National Market System Plan Governing
the Consolidated Audit Trail.\4\ Because the CAT Rules apply across all
markets and to all products,\5\ the Exchange believes it is pertinent
that they be located in the General section of the Rulebook's shell;
therefore, the Exchange will amend the shell structure, creating a new
``General 7 Consolidated Audit Trail Compliance'' title under ``General
Rules,'' and make conforming changes to the ``Options Rules'' titles;
moreover, this proposal is consistent with similar filings concurrently
submitted by the Affiliated Exchanges.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 80256 (March 15,
2017), 82 FR 14526 (March 21, 2017) (SR-ISEGemini-2017-04) (Order
Approving Proposed Rule Changes To Adopt Consolidated Audit Trail
Compliance Rules).
The Exchange also notes that, at the time of the approval of the
CAT Rules, the Exchange was known as ``ISE Gemini, LLC.'' To reflect
the Exchange's placement within its parent company's corporate
structure, Nasdaq, Inc., the Exchange name was changed to ``Nasdaq
GEMX, LLC.'' See Securities Exchange Act Release No. 80248 (March
15, 2017), 82 FR 14547 (March 21, 2017) (SR-ISEGemini-2017-13).
\5\ Id.
---------------------------------------------------------------------------
The relocation of the CAT Rules is part of the Exchange's continued
effort to promote efficiency and conformity of its processes with those
of its Affiliated Exchanges.\6\ The Exchange believes that the
migration of the CAT Rules to their new location will facilitate the
use of the Rulebook by Members \7\ of the Exchange who are members of
other Affiliated Exchanges. Moreover, the proposed changes are of a
non-substantive nature and will not amend the relocated rules other
than to update their numbers, make cross-reference changes, and make
changes to harmonize the proposed rule with the text of filings
simultaneously submitted by the Affiliated Exchanges.\8\
---------------------------------------------------------------------------
\6\ See footnote 3.
\7\ Exchange Rule 100(a)(28).
\8\ Specifically, the Exchange will remove the word ``Rule''
from General 7's title which will now read ``Consolidated Audit
Trail Compliance.''
Moreover, the Exchange will update the description provided
under General 7, Section 12(a), ``General,'' to exactly match the
contents of similar sections in the Nasdaq, BX, and Phlx rulebooks.
This change will not alter Section 12(a) since (i) the description
under this subsection is essentially the same to that of the
aforementioned Affiliated Exchanges and (ii) the removal of the
phrase ``upon approval by the Commission'' is unnecessary at this
point since the CAT Rules are already effective.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\10\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest, by promoting efficiency and conformity of the Exchange's
processes with those of the Affiliated Exchanges and to make the
Exchange's Rulebook easier to read and more accessible to its Members.
The Exchange believes that the relocation of the CAT Rules and cross-
reference updates are of a non-substantive nature.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
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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 proposed changes do not
impose a burden on competition because, as previously stated, they (i)
are of a non-substantive nature, (ii) are intended to harmonize the
Exchange's rules with those of its Affiliated Exchanges, and (iii) are
intended to organize the Rulebook in a way that it will ease the
Members' navigation and reading of the rules across the Affiliated
Exchanges.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, 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 \11\ and
subparagraph (f)(6) of Rule 19b 4 thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A)(iii).
\12\ 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.
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A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \14\ 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 asked
the Commission to waive the 30-day operative delay so that the Exchange
can reorganize its Rulebook as already approved by the Commission. The
Commission believes that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the operative delay and
designates the proposed rule change as operative upon filing.\15\
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\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ 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).
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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
[[Page 4938]]
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-GEMX-2018-02 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-GEMX-2018-02. 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-GEMX-2018-02 and should be submitted on
or before February 23, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-02126 Filed 2-1-18; 8:45 am]
BILLING CODE 8011-01-P
