Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate the Nasdaq Options Market LLC Data Feed Offerings, 10528-10530 [2018-04789]
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10528
Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
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 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9
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) 10 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 on filing. The
Exchange stated that the proposed rule
change promotes the protection of
investors and the public interest by
improving the organization and clarity
of the Exchange’s Rulebook. Waiver of
the operative delay would allow the
Exchange, without delay, to reorganize
its Rulebook in a manner that improves
clarity and readability. Therefore, 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 operative upon
filing.11
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 necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change, 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.
10 17 CFR 240.19b–4(f)(6)(iii).
11 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).
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9 17
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Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
[FR Doc. 2018–04788 Filed 3–8–18; 8:45 am]
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–
BX–2018–009 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–BX–2018–009. 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–BX–2018–009, and should
be submitted on or before March 30,
2018.
PO 00000
Frm 00106
Fmt 4703
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82811; File No. SR–
NASDAQ–2018–016]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Relocate
the Nasdaq Options Market LLC Data
Feed Offerings
March 6, 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 February
22, 2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ 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
Nasdaq Options Market LLC (‘‘NOM’’)
data feed offerings currently located at
Chapter VI, Section 1(a)(3) to Chapter
VI, Section 19(a) which is currently
reserved, and entitle it ‘‘Data Feeds.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaq.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
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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09MRN1
Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
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
data feeds currently listed in Chapter VI,
Section 1(a)(3) to Chapter VI, Section
19(a) which is currently reserved, and
entitle it ‘‘Data Feeds.’’
The Exchange considers it is
appropriate to move these data feed
offerings to a separate rule to better
organize its Rulebook and facilitate
future cross-references. The Exchange
notes that the changes proposed in this
filing are of a non-substantive nature.
Specifically, the Exchange proposes to
rename Section 19 as ‘‘Data Feeds’’ and
add the definitions for Nasdaq ITCH to
Trade Options (‘‘ITTO’’) 3 and Best of
Nasdaq Options (‘‘BONO’’) 4 which are
currently contained at Chapter VI,
Section 1(a)(3). The Exchange also
proposes to add an ‘‘and’’ to the end of
Chapter VI, Section 1(a)(2) and a cross
reference citation to Chapter 19 at
Chapter VI, Section 1(a)(3) to point to
the proposed rule for the list of data
offerings.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Securities Exchange
Act of 1934 (the ‘‘Act’’),5 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,6 in particular, in that it is
designed to promote just and equitable
principles of trade, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest, by improving the way its
Rulebook is organized, providing ease of
reference in locating data feed offerings
and providing greater transparency to its
rules. As previously stated, the
proposed rule relocation is nonsubstantive and is concerned solely
with the administration of the
Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,7 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intra-market competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal does not impose an
undue burden on competition, rather
the proposal seeks to improve its
Rulebook’s clarity and make nonsubstantive rule changes.
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 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9
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) 10 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 on filing. The
Exchange stated that the proposed rule
change promotes the protection of
investors and the public interest by
improving the organization and clarity
of the Exchange’s Rulebook. Waiver of
the operative delay would allow the
Exchange, without delay, to reorganize
its Rulebook in a manner that improves
7 15
U.S.C. 78f(b)(8).
U.S.C. 78s(b)(3)(A)(iii).
9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change, 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.
10 17 CFR 240.19b–4(f)(6)(iii).
amozie on DSK30RV082PROD with NOTICES
8 15
3 The ITTO data feed provides quotation
information for individual orders on the NOM book,
last sale information for trades executed on NOM,
and Order Imbalance Information as set forth in
NOM Rules Chapter VI, Section 8.
4 The BONO data feed provides the NOM Best Bid
and Offer and last sale information for trades
executed on NOM.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
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10529
clarity and readability. Therefore, 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 operative upon
filing.11
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 necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2018–016 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NASDAQ–2018–016. 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
11 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).
E:\FR\FM\09MRN1.SGM
09MRN1
10530
Federal Register / Vol. 83, No. 47 / Friday, March 9, 2018 / Notices
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–NASDAQ–2018–016, and
should be submitted on or before March
30, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–04789 Filed 3–8–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82804; File No. SR–NYSE–
2017–53]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Order
Instituting Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change To Amend the
Listed Company Manual for Special
Purpose Acquisition Companies To
Lower the Initial Holders Requirement
From 300 to 150 Round Lot Holders
and To Eliminate Completely the 300
Public Stockholders Continued Listing
Requirement, To Require at Least $5
Million in Net Tangible Assets for Initial
and Continued Listing, and To Impose
a 30-Day Deadline To Demonstrate
Compliance With Certain Initial Listing
Requirements Following a Business
Combination
amozie on DSK30RV082PROD with NOTICES
March 5, 2018.
I. Introduction
On November 16, 2017, New York
Stock Exchange LLC (‘‘NYSE’’ or
‘‘Exchange’’) 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
12 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
16:47 Mar 08, 2018
Jkt 244001
thereunder,2 a proposed rule change to
amend the listing requirements for
Special Purpose Acquisition Companies
(‘‘SPACs’’) 3 by reducing the number of
round lot holders required for initial
listing from 300 to 150 and eliminating
the continued listing requirement for a
minimum number of holders, which is
also currently 300, that applies until a
SPAC completes one or more business
combinations.4 NYSE also proposes to
require that a SPAC maintain at least $5
million in net tangible assets for initial
and continued listing. NYSE is
proposing to allow companies 30 days
to demonstrate compliance with the
applicable holder requirements of
Section 102.01A in the Listed
Companies Manual (‘‘Manual’’)
following a business combination.5
Finally, the NYSE proposes to eliminate
certain alternative initial listing
distribution criteria for SPACs that list
in connection with a transfer or
quotation.6
The proposed rule change was
published for comment in the Federal
Register on December 6, 2017.7 On
January 18, 2018, the Commission
extended the time period within which
to approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether to approve or disapprove the
proposed rule change, to March 6,
2018.8 The Commission received two
comments on the proposal.9 This order
institutes proceedings under Section
19(b)(2)(B) of the Act to determine
whether to approve or disapprove the
proposal.
II. Description of Proposal
A. Background on SPACs
A SPAC is a special purpose company
whose business plan is to raise capital
in an initial public offering (‘‘IPO’’) and,
within a specific period of time, engage
in a merger or acquisition with one or
2 17
CFR 240.19b–4.
Commission notes that throughout this
order we have used the term ‘‘SPAC’’ or ‘‘SPACs.’’
These terms have the same meaning as an
‘‘Acquisition Company’’ or ‘‘AC’’ which is the term
used by NYSE in its current rules and the proposed
rule filing.
4 See Section 102.06 of the Listed Company
Manual, and infra note 11, and accompanying text,
which describes the requirements for the value of
the business combination(s).
5 Id.
6 See Section 102.06 of the Manual.
7 See Securities Exchange Act Release No. 82180
(November 30, 2017), 82 FR 57632 (‘‘Notice’’).
8 See Securities Exchange Act Release No. 82531,
(January 19, 2018), 83 FR 3371 (‘‘Extension’’).
9 See Letters to Brent J. Fields, Secretary,
Commission, from Michael Kitlas, dated November
30, 2017 (‘‘Kitlas Letter’’) and Jeffrey P. Mahoney,
General Counsel, Council of Institutional Investors,
dated December 20, 2017 (‘‘CII Letter’’).
3 The
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Frm 00108
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Sfmt 4703
more unidentified companies. Among
other things, a SPAC must keep 90% of
the gross proceeds of its IPO in an
escrow account through the date of a
business combination.10 The SPAC
must complete one or more business
combinations, having an aggregate
market value of at least 80% of the value
of the deposit account at the time of the
agreement to enter into the initial
combination, within 36 months of the
effectiveness of the IPO registration
statement.11 Additionally, shareholders
who object to a business combination
have the right to convert their common
stock into a pro rata share of the funds
held in escrow.12 Following each
business combination the combined
company must meet the Exchange’s
requirements for initial listing of an
operating company, including the
requirement to maintain a minimum of
300 holders.13
B. Description of Proposed Changes to
SPAC Listing Standards
The Exchange has proposed to reduce
the number of round lot holders
required for SPACs initially listing on
the Exchange from 300 to 150.14 The
Exchange also proposed to completely
eliminate the current continued listing
requirement that there be a minimum of
300 holders until such time as the SPAC
completes one or more business
combinations.15 In support of this
proposal, as set forth in more detail in
the Notice, the Exchange states that
SPACs often have difficulty
demonstrating compliance with these
initial and continued listing standards.
Based on conversations with market
participants, NYSE believes this is due
to the unique nature of SPACs which
limits the number of interested retail
investors and encourages owners to
hold their shares until an acquisition is
announced, which can be as long as
10 See
Section 102.06 of the Manual.
Amounts disbursed to management for
working capital purposes and any deferred
underwriter fees are excluded when calculating the
80% value of the deposit account.
12 See Sections 102.06(b) and 102.06(c) of the
Manual. If a shareholder vote is taken however,
under Section 102.06(b) of the Manual, the right of
shareholders voting against a business combination
to redeem their shares for cash may be subject to
a limit established by the SPAC (that can be set no
lower than 10% of the shares sold in the IPO).
13 See Sections 102.06 and 802.01B(ii) of the
Manual.
14 See proposed Section 102.06 of the Manual, in
Exhibit 5 to NYSE–2017–53.
15 See proposed Section 802.01B(ii) of the Manual
in Exhibit 5 to NYSE–2017–53. Section 802.01B of
the Manual currently requires at least 300 public
stockholders for continued listing. ‘‘Public
stockholders’’ are defined to exclude holders that
are directors, officers, or their immediate families
and holders of other concentrated holdings of 10%
or more. See Section 802.01B(ii) of the Manual.
11 Id.
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]]>Agencies
[Federal Register Volume 83, Number 47 (Friday, March 9, 2018)]
[Notices]
[Pages 10528-10530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-04789]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82811; File No. SR-NASDAQ-2018-016]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Relocate the Nasdaq Options Market LLC Data Feed Offerings
March 6, 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 February 22, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' 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 Nasdaq Options Market LLC
(``NOM'') data feed offerings currently located at Chapter VI, Section
1(a)(3) to Chapter VI, Section 19(a) which is currently reserved, and
entitle it ``Data Feeds.''
The text of the proposed rule change is available on the Exchange's
website at https://nasdaq.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
[[Page 10529]]
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 data feeds currently listed
in Chapter VI, Section 1(a)(3) to Chapter VI, Section 19(a) which is
currently reserved, and entitle it ``Data Feeds.''
The Exchange considers it is appropriate to move these data feed
offerings to a separate rule to better organize its Rulebook and
facilitate future cross-references. The Exchange notes that the changes
proposed in this filing are of a non-substantive nature.
Specifically, the Exchange proposes to rename Section 19 as ``Data
Feeds'' and add the definitions for Nasdaq ITCH to Trade Options
(``ITTO'') \3\ and Best of Nasdaq Options (``BONO'') \4\ which are
currently contained at Chapter VI, Section 1(a)(3). The Exchange also
proposes to add an ``and'' to the end of Chapter VI, Section 1(a)(2)
and a cross reference citation to Chapter 19 at Chapter VI, Section
1(a)(3) to point to the proposed rule for the list of data offerings.
---------------------------------------------------------------------------
\3\ The ITTO data feed provides quotation information for
individual orders on the NOM book, last sale information for trades
executed on NOM, and Order Imbalance Information as set forth in NOM
Rules Chapter VI, Section 8.
\4\ The BONO data feed provides the NOM Best Bid and Offer and
last sale information for trades executed on NOM.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\5\ in general, and furthers the objectives of Section 6(b)(5)
of the Act,\6\ in particular, in that it is designed to promote just
and equitable principles of trade, to remove impediments to and perfect
the mechanism for a free and open market and a national market system,
and, in general, to protect investors and the public interest, by
improving the way its Rulebook is organized, providing ease of
reference in locating data feed offerings and providing greater
transparency to its rules. As previously stated, the proposed rule
relocation is non-substantive and is concerned solely with the
administration of the Exchange.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\7\ the Exchange does
not believe that the proposed rule change will impose any burden on
intermarket or intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange's
proposal does not impose an undue burden on competition, rather the
proposal seeks to improve its Rulebook's clarity and make non-
substantive rule changes.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
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 \8\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, 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) normally does
not become operative for 30 days after the date of its filing. However,
Rule 19b-4(f)(6)(iii) \10\ 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 on filing. The Exchange stated that the
proposed rule change promotes the protection of investors and the
public interest by improving the organization and clarity of the
Exchange's Rulebook. Waiver of the operative delay would allow the
Exchange, without delay, to reorganize its Rulebook in a manner that
improves clarity and readability. Therefore, 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 operative upon filing.\11\
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\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ 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).
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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 necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. 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-NASDAQ-2018-016 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-NASDAQ-2018-016. 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
[[Page 10530]]
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-NASDAQ-2018-016, and should
be submitted on or before March 30, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-04789 Filed 3-8-18; 8:45 am]
BILLING CODE 8011-01-P
