Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rule 7034, 14534-14536 [2018-06774]
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14534
Federal Register / Vol. 83, No. 65 / Wednesday, April 4, 2018 / Notices
Dated: March 29, 2018.
Eduardo Aleman,
Assistant Secretary.
[FR Doc. 2018–06854 Filed 4–3–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
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Extension:
Rule 35d–1, SEC File No. 270–491, OMB
Control No. 3235–0548.
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’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 35d–1 (17 CFR 270.35d–1) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) defines as
‘‘materially deceptive and misleading’’
for purposes of Section 35(d), among
other things, a name suggesting that a
registered investment company or series
thereof (a ‘‘fund’’) focuses its
investments in a particular type of
investment or investments, in
investments in a particular industry or
group of industries, or in investments in
a particular country or geographic
region, unless, among other things, the
fund adopts a certain investment policy.
Rule 35d–1 further requires either that
the investment policy is fundamental or
that the fund has adopted a policy to
provide its shareholders with at least 60
days prior notice of any change in the
investment policy (‘‘notice to
shareholders’’). The rule’s notice to
shareholders provision is intended to
ensure that when shareholders purchase
shares in a fund based, at least in part,
on its name, and with the expectation
that it will follow the investment policy
suggested by that name, they will have
sufficient time to decide whether to
redeem their shares in the event that the
fund decides to pursue a different
investment policy.
The Commission estimates that there
are approximately 9,939 open-end and
closed-end funds that have names that
are covered by the rule. The
Commission estimates that of these
9,939 funds, approximately 33 will
provide prior notice to shareholders
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18:12 Apr 03, 2018
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pursuant to a policy adopted in
accordance with this rule per year. The
Commission estimates that the annual
burden associated with the notice to
shareholders requirement of the rule is
20 hours per response, for annual total
of 660 hours per year.
Estimates of average burden hours are
made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
35d–1 is mandatory. The information
provided under rule 35d–1 will not be
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.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) 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. Comments must be submitted to
OMB within 30 days of this notice.
Dated: March 30, 2018.
Eduardo Aleman,
Assistant Secretary.
[FR Doc. 2018–06855 Filed 4–3–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82964; File No. SR–
NASDAQ–2018–022]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Exchange Rule 7034
March 29, 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 March 16,
2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00125
Fmt 4703
Sfmt 4703
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 amend
Rule 7034, as described below.
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
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
Rule 7034 pertaining to colocation
services and fees to harmonize it with
the rules of Nasdaq BX, Inc. (‘‘BX’’).
The Exchange first proposes to amend
Rule 7034(b), under the heading
‘‘Market Data Connectivity,’’ to recategorize and to update references to
the CBOE/Bats/Direct Edge data feeds to
reflect their current names. Similarly,
the Exchange proposes to delete a
$1,000 installation fee that presently
applies to the Direct Edge feeds because
the Direct Edge feeds are now offerings
of CBOE, along with the BZX and BYX
feeds. Going forward, a single, one-time
$1,000 installation fee will apply to
subscribers to any or all of the CBOE
data feeds. The Exchange also proposes
to correct a typographical error in the
name of the TSXV Level 2 Feed. The
Exchange notes that this proposal will
render this paragraph of Rule 7034(b)
consistent with BX Rule 7034(b).
Second, the Exchange proposes to
amend Rule 7034(b), under the heading
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Federal Register / Vol. 83, No. 65 / Wednesday, April 4, 2018 / Notices
‘‘Connectivity to Nasdaq,’’ to specify
that connectivity to the Exchange will
also provide for connectivity to any or
all of the other Nasdaq, Inc. Exchanges,
including not only BX and Nasdaq
PHLX LLC (‘‘Phlx’’), but also Nasdaq
ISE LLC (‘‘Nasdaq ISE’’), Nasdaq MRX
LLC (‘‘Nasdaq MRX’’), and Nasdaq
GEMX LLC (‘‘Nasdaq GEMX’’) (the
‘‘Nasdaq, Inc. Exchanges’’). These
changes will render this paragraph of
the Rules consistent with corresponding
paragraphs in the rulebooks and fees
schedules of the other Nasdaq
Exchanges.
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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
open market and a national market
system, and, in general to protect
investors and the public interest.
The Exchange believes that its
proposal to update Rule 7034 will serve
the interests of the public and investors
by ensuring that the Exchange’s Rules
are accurate and current with respect to
the names of the third party data feeds
to which it offers connectivity.
Furthermore, the Exchange believes that
it is in the public interest to correct
typographical errors that could
otherwise lead to confusion. Likewise, it
will serve the public interest and the
interests of investors to specify in the
Exchange’s Rules that connectivity to
the Exchange will also provide for
connectivity to any or all of the other
Nasdaq, Inc. Exchanges, including not
only BX and Phlx, but also Nasdaq ISE,
Nasdaq MRX, and Nasdaq GEMX. The
existing Rule is outdated as it does not
reflect the acquisition by Nasdaq, Inc. of
Nasdaq ISE, Nasdaq MRX, and Nasdaq
GEMX and the shared connectivity that
has resulted from that acquisition. The
proposal updates the existing Rule.
These proposals will not impact
competition or limit access to or
availability of the Exchange or its
systems. The Exchange notes the
proposal is noncontroversial because BX
has made the same changes to its rules.
The Exchange’s proposal to eliminate
the $1,000 installation fee that presently
applies to the Direct Edge feeds is
consistent with Section 6(b) of the Act,5
in general, and furthers the objectives of
3 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
5 15 U.S.C. 78f(b).
4 15
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Sections 6(b)(4) and 6(b)(5) of the Act,6
in particular, in that it provides for the
equitable allocation of reasonable dues,
fees and other charges among members
and issuers and other persons using any
facility, and is not designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
The proposal is reasonable because the
Direct Edge feeds are now offerings of
CBOE, along with the BZX and BYX
feeds. The Exchange believes it is
equitable, going forward, to charge a
single, one-time $1,000 installation fee
to subscribers to any or all of the CBOE
data feeds, including the BZX Depth,
BYX Depth, EDGA Depth, and EDGX
Depth feeds. This proposal is not
unfairly discriminatory because it will
apply to all similarly situated customers
of the CBOE data feeds.
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.
In this instance, the proposed changes
merely eliminate or replace obsolete
text, update references to data feeds and
shared connectivity, and correct
typographical errors. The Exchange does
not intend for or expect that such
changes will have any impact on
competition.
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) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
6 15
U.S.C. 78f(b)(4) and (5).
U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) 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.
7 15
PO 00000
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Fmt 4703
Sfmt 4703
14535
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 9 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 may become
operative upon filing. Waiver of the
operative delay would allow the
Exchange to update its rules without
delay to reflect current and accurate
information with respect to the third
party data feeds to which it offers
connectivity, to reflect the acquisition
by Nasdaq, Inc. of Nasdaq ISE, Nasdaq
MRX, and Nasdaq GEMX and the shared
connectivity that resulted from the
acquisition, and to correct a
typographical error. The Commission
also notes that BX recently made similar
changes to its rules.11 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.12
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:
9 17
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
11 See Securities Exchange Act Release No. 82628
(February 5, 2018), 83 FR 5818 (February 9, 2018)
(SR–BX–2018–006).
12 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).
10 17
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14536
Federal Register / Vol. 83, No. 65 / Wednesday, April 4, 2018 / Notices
Electronic Comments
SMALL BUSINESS ADMINISTRATION
• 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–2018–022 on the subject line.
504 Loans and Debentures With 25
Year Maturity
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
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All submissions should refer to File
Number SR–NASDAQ–2018–022. 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–NASDAQ–2018–022, and
should be submitted on or before April
25, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Brent J. Fields,
Secretary.
[FR Doc. 2018–06774 Filed 4–3–18; 8:45 am]
BILLING CODE 8011–01–P
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:12 Apr 03, 2018
The U.S. Small Business
Administration is making available a
504 Loan, and the Debenture that funds
it, with a 25 year maturity in addition
to the 10 and 20 year 504 Loan and
Debenture that are currently available in
the 504 Loan Program.
FOR FURTHER INFORMATION CONTACT: John
M. Wade, (202) 205–3647, john.wade@
sba.gov.
SUPPLEMENTARY INFORMATION: The 504
Loan Program is an SBA financing
program authorized under Title V of the
Small Business Investment Act of 1958,
15 U.S.C. 695 et seq. The core mission
of the 504 Loan Program is to provide
long-term financing to small businesses
for the purchase or improvement of
land, buildings, and major equipment,
in an effort to facilitate the creation or
retention of jobs and local economic
development. Under the 504 Loan
Program, loans are made to small
businesses by Certified Development
Companies (‘‘CDCs’’), which are
certified and regulated by SBA to
promote economic development within
their community. In general, a project in
the 504 Loan Program (a ‘‘504 Project’’)
is financed with: A loan obtained from
a private sector lender with a senior lien
covering at least 50 percent of the
project cost (the ‘‘Third Party Loan’’); a
loan obtained from a CDC (the ‘‘504
Loan’’) with a junior lien covering up to
40 percent of the total cost (backed by
a 100 percent SBA-guaranteed
debenture sold in private pooling
transactions); and a contribution from
the Borrower of at least 10 percent
equity.
Pursuant to 13 CFR 120.933, ‘‘From
time to time, SBA will publish in the
Federal Register the available maturities
for a 504 loan and the Debenture that
funds it.’’ The available terms for the
504 Loan, and the Debenture that funds
it (‘‘504 Debenture’’), have been 10 and
20 years since 1986. These instruments
have provided intermediate and longterm financing for 504 projects
involving small business acquisition of
long-term fixed assets, including real
property, buildings, and major
equipment and machinery. CDC
industry members have emphasized the
small business need for an affordable
fixed rate instrument with a term-tomaturity more closely resembling other
long term mortgages. SBA has decided,
SUMMARY:
Paper Comments
13 17
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
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therefore, to make available a 504
Debenture with a maturity of 25 years.
By extending the payment cycle by 60
months, SBA expects that the new
instrument will decrease the monthly
payments for the small business
borrower and will provide flexibility for
small businesses to better manage
critical operating capital, which
becomes more important when small
business cash flow is increasingly
challenged by rising operating expenses
and interest rates.
Each month, SBA pools the 20-year
504 Debentures and issues certificates
backed by such pools to investors in
public offerings. In the case of the 10year 504 Debentures, these offerings
occur every other month. SBA
guarantees the timely payment of
principal and interest when due on the
504 Debentures and the timely
distribution of that principal and
interest to certificate holders, and such
guarantee is backed by the full faith and
credit of the United States. SBA will
similarly guarantee certificates backed
by the 25-year 504 Debentures in their
own pool, which, depending on
demand, SBA expects to offer for sale on
a monthly basis.
This new 25 year 504 Debenture will
be made available for 504 Projects that
are approved on or after April 2, 2018.
The term of a 504 Debenture for any 504
Project approved prior to April 2, 2018
may not be extended to 25 years. In
addition, the term of the Third Party
Loan accompanying a 25-year 504 Loan
must be at least 10 years.
Authority: 15 U.S.C. 697; 13 CFR 120.933.
William M. Manger,
Associate Administrator, Office of Capital
Access.
[FR Doc. 2018–06823 Filed 4–3–18; 8:45 am]
BILLING CODE 8025–01–P
DEPARTMENT OF STATE
[Public Notice 10379]
Notice of Determinations; Culturally
Significant Objects Imported for
Exhibition Determinations: ‘‘Bodys
Isek Kingelez’’ Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects to be
included in the exhibition ‘‘Bodys Isek
Kingelez,’’ imported from abroad for
temporary exhibition within the United
States, are of cultural significance. The
objects are imported pursuant to loan
agreements with the foreign owners or
custodians. I also determine that the
exhibition or display of the exhibit
SUMMARY:
E:\FR\FM\04APN1.SGM
04APN1
]]>Agencies
[Federal Register Volume 83, Number 65 (Wednesday, April 4, 2018)]
[Notices]
[Pages 14534-14536]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-06774]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82964; File No. SR-NASDAQ-2018-022]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Exchange Rule 7034
March 29, 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 March 16, 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 amend Rule 7034, as described below.
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 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 Rule 7034 pertaining to colocation
services and fees to harmonize it with the rules of Nasdaq BX, Inc.
(``BX'').
The Exchange first proposes to amend Rule 7034(b), under the
heading ``Market Data Connectivity,'' to re-categorize and to update
references to the CBOE/Bats/Direct Edge data feeds to reflect their
current names. Similarly, the Exchange proposes to delete a $1,000
installation fee that presently applies to the Direct Edge feeds
because the Direct Edge feeds are now offerings of CBOE, along with the
BZX and BYX feeds. Going forward, a single, one-time $1,000
installation fee will apply to subscribers to any or all of the CBOE
data feeds. The Exchange also proposes to correct a typographical error
in the name of the TSXV Level 2 Feed. The Exchange notes that this
proposal will render this paragraph of Rule 7034(b) consistent with BX
Rule 7034(b).
Second, the Exchange proposes to amend Rule 7034(b), under the
heading
[[Page 14535]]
``Connectivity to Nasdaq,'' to specify that connectivity to the
Exchange will also provide for connectivity to any or all of the other
Nasdaq, Inc. Exchanges, including not only BX and Nasdaq PHLX LLC
(``Phlx''), but also Nasdaq ISE LLC (``Nasdaq ISE''), Nasdaq MRX LLC
(``Nasdaq MRX''), and Nasdaq GEMX LLC (``Nasdaq GEMX'') (the ``Nasdaq,
Inc. Exchanges''). These changes will render this paragraph of the
Rules consistent with corresponding paragraphs in the rulebooks and
fees schedules of the other Nasdaq Exchanges.
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 open market and a national market
system, and, in general to protect investors and the public interest.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to update Rule 7034 will
serve the interests of the public and investors by ensuring that the
Exchange's Rules are accurate and current with respect to the names of
the third party data feeds to which it offers connectivity.
Furthermore, the Exchange believes that it is in the public interest to
correct typographical errors that could otherwise lead to confusion.
Likewise, it will serve the public interest and the interests of
investors to specify in the Exchange's Rules that connectivity to the
Exchange will also provide for connectivity to any or all of the other
Nasdaq, Inc. Exchanges, including not only BX and Phlx, but also Nasdaq
ISE, Nasdaq MRX, and Nasdaq GEMX. The existing Rule is outdated as it
does not reflect the acquisition by Nasdaq, Inc. of Nasdaq ISE, Nasdaq
MRX, and Nasdaq GEMX and the shared connectivity that has resulted from
that acquisition. The proposal updates the existing Rule. These
proposals will not impact competition or limit access to or
availability of the Exchange or its systems. The Exchange notes the
proposal is noncontroversial because BX has made the same changes to
its rules.
The Exchange's proposal to eliminate the $1,000 installation fee
that presently applies to the Direct Edge feeds is consistent with
Section 6(b) of the Act,\5\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\6\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The proposal is reasonable
because the Direct Edge feeds are now offerings of CBOE, along with the
BZX and BYX feeds. The Exchange believes it is equitable, going
forward, to charge a single, one-time $1,000 installation fee to
subscribers to any or all of the CBOE data feeds, including the BZX
Depth, BYX Depth, EDGA Depth, and EDGX Depth feeds. This proposal is
not unfairly discriminatory because it will apply to all similarly
situated customers of the CBOE data feeds.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4) and (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.
In this instance, the proposed changes merely eliminate or replace
obsolete text, update references to data feeds and shared connectivity,
and correct typographical errors. The Exchange does not intend for or
expect that such changes will have any impact on competition.
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) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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 pursuant to Rule 19b-4(f)(6) under the
Act \9\ 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 may become operative upon filing. Waiver
of the operative delay would allow the Exchange to update its rules
without delay to reflect current and accurate information with respect
to the third party data feeds to which it offers connectivity, to
reflect the acquisition by Nasdaq, Inc. of Nasdaq ISE, Nasdaq MRX, and
Nasdaq GEMX and the shared connectivity that resulted from the
acquisition, and to correct a typographical error. The Commission also
notes that BX recently made similar changes to its rules.\11\
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.\12\
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ See Securities Exchange Act Release No. 82628 (February 5,
2018), 83 FR 5818 (February 9, 2018) (SR-BX-2018-006).
\12\ 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:
[[Page 14536]]
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-2018-022 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-2018-022. 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-NASDAQ-2018-022, and should be submitted
on or before April 25, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2018-06774 Filed 4-3-18; 8:45 am]
BILLING CODE 8011-01-P
