Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify That the Validea Market Legends ETF Will Be Passively-Managed Rather Than Actively-Managed, 14902-14903 [2018-07018]
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14902
Federal Register / Vol. 83, No. 67 / Friday, April 6, 2018 / Notices
revise its Credit Default Swap (‘‘CDS’’)
Clearing Stress Testing Policy (‘‘Stress
Testing Policy’’) to, among other things,
re-categorize certain CDS stress testing
scenarios, address specific wrong way
risk, introduce new forward looking
credit event scenarios, and make certain
enhancements and clarifications (File
No. SR–ICEEU–2018–001). The
proposed rule change was published for
comment in the Federal Register on
February 16, 2018.3 To date, the
Commission has not received comments
on the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period,
up to 90 days, as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day from the
publication of notice of filing of this
proposed rule change is April 2, 2018.
The Commission is extending the 45day time period for Commission action
on the proposed rule change. ICE Clear
Europe proposes to revise its Stress
Testing Policy to re-categorize existing
CDS stress testing scenarios, add
provisions to address specific wrong
way risk, introduce new forward
looking credit event scenarios, and
make certain enhancements and
clarifications. The Commission finds it
is appropriate to designate a longer
period within which to take action on
the proposed rule change so that it has
sufficient time to consider ICE Clear
Europe’s proposed rule change.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,5
designates May 17, 2018 as the date by
which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–ICEEU–2018–001).
daltland on DSKBBV9HB2PROD with NOTICES
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018–07010 Filed 4–5–18; 8:45 am]
BILLING CODE 8011–01–P
3 Securities Exchange Act Release No. 34–82692
(February 6, 2018); 83 FR 7096 (February 16, 2018)
(SR–ICEEU–2018–001).
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).
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19:21 Apr 05, 2018
Jkt 244001
SECURITIES AND EXCHANGE
COMMISSION
the most significant aspects of such
statements.
[Release No. 34–82982; File No. SR–
NASDAQ–2018–026]
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify That
the Validea Market Legends ETF Will
Be Passively-Managed Rather Than
Actively-Managed
April 2, 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 April 2,
2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II below, which Items have been
prepared 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 that shares
(‘‘Shares’’) of the Validea Market
Legends ETF (‘‘Fund’’) will no longer be
listed and traded as an activelymanaged exchange-traded fund (‘‘ETF’’)
in accordance with the SEC’s approval
order (‘‘Order’’),3 but will instead
operate under the generics for passivelymanaged ETFs set forth under Nasdaq
Rule 5705(b).
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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Exchange Act Release No. 73480; (Oct. 31,
2014), 79 FR 66022 (Nov. 6, 2014) (SR–NASDAQ–
2014–090).
1. Purpose
Nasdaq proposes that the Shares of
the Fund will no longer be listed and
traded as an actively-managed ETF in
accordance with the Order, but will
instead operate under the generics for
passively-managed ETFs set forth under
Nasdaq Rule 5705(b). Nasdaq represents
and confirms that the Fund meets such
generics [sic]
The impetus for the change is that the
Fund will begin tracking an index and
thus no longer be actively-managed.
There are no other changes being
proposed to be made to the Fund.
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with Section
6(b) of the Act,4 in general, and furthers
the objectives of Section 6(b)(5) of the
Act,5 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.
Nasdaq believes that this proposed
rule change will help to inform and to
protect investors and the public interest
through disclosing that the Fund will no
longer be actively managed, but instead
passively-managed through the tracking
of an index.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. As noted
above, the Fund will no longer be listed
and traded in accordance with the
Order,6 but will instead operate under
the generics for passively-managed ETFs
set forth under Nasdaq Rule 5705(b).
The Exchange does not intend for or
expect that such change 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.
2 17
PO 00000
Frm 00061
Fmt 4703
Sfmt 4703
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 Supra, note 3.
5 15
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06APN1
Federal Register / Vol. 83, No. 67 / Friday, April 6, 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) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
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. The Commission
notes that the proposed rule change
provides that the Fund will no longer be
listed and traded in accordance with the
Order, but will instead be listed and
traded in accordance with the generic
listing standards under Nasdaq Rule
5705(b), which include the initial and
continued listing standards for Index
Fund Shares.11 Waiver of the operative
delay would allow the Fund to begin to
operate under such generic listing
standards without delay. 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
7 15
U.S.C. 78s(b)(3)(A).
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 Commission
has waived this requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 The Exchange represents that the Fund meets
such generic listing standards.
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).
daltland on DSKBBV9HB2PROD with NOTICES
8 17
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19:21 Apr 05, 2018
Jkt 244001
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–2018–026 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–2018–026. 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
PO 00000
Frm 00062
Fmt 4703
Sfmt 4703
14903
to make available publicly. All
submissions should refer to File
Number SR–NASDAQ–2018–026, and
should be submitted on or before April
27, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Brent J. Fields,
Secretary.
[FR Doc. 2018–07018 Filed 4–5–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82979; File No. SR–ICEEU–
2018–005]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change Relating to
Amendments to the Futures & Options
Guaranty Fund Policy
April 2, 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 19,
2018, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change described in Items I, II and III
below, which Items have been prepared
by ICE Clear Europe. ICE Clear Europe
filed the proposed rule change pursuant
to Section 19(b)(3)(A) of the Act 3 and
Rule 19b–4(f)(4)(ii) thereunder,4 so that
the proposal was immediately effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.5
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change, Security-Based Swap
Submission, or Advance Notice
ICE Clear Europe proposes to make
certain amendments to its policies
relating to its Clearing House Futures &
Options (‘‘F&O’’) Initial Contribution to
default resources.
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4)(ii).
5 Capitalized terms used herein but not otherwise
defined have the meaning set forth in the ICE Clear
Europe rulebook, which is available at https://
www.theice.com/clear-europe/regulation#rulebook.
1 15
E:\FR\FM\06APN1.SGM
06APN1
]]>Agencies
[Federal Register Volume 83, Number 67 (Friday, April 6, 2018)]
[Notices]
[Pages 14902-14903]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07018]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82982; File No. SR-NASDAQ-2018-026]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Modify That the Validea Market Legends ETF Will Be Passively-Managed
Rather Than Actively-Managed
April 2, 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 April 2, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared 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 that shares (``Shares'') of the Validea
Market Legends ETF (``Fund'') will no longer be listed and traded as an
actively-managed exchange-traded fund (``ETF'') in accordance with the
SEC's approval order (``Order''),\3\ but will instead operate under the
generics for passively-managed ETFs set forth under Nasdaq Rule
5705(b).
---------------------------------------------------------------------------
\3\ See Exchange Act Release No. 73480; (Oct. 31, 2014), 79 FR
66022 (Nov. 6, 2014) (SR-NASDAQ-2014-090).
---------------------------------------------------------------------------
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
Nasdaq proposes that the Shares of the Fund will no longer be
listed and traded as an actively-managed ETF in accordance with the
Order, but will instead operate under the generics for passively-
managed ETFs set forth under Nasdaq Rule 5705(b). Nasdaq represents and
confirms that the Fund meets such generics [sic]
The impetus for the change is that the Fund will begin tracking an
index and thus no longer be actively-managed. There are no other
changes being proposed to be made to the Fund.
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
Section 6(b) of the Act,\4\ in general, and furthers the objectives of
Section 6(b)(5) of the Act,\5\ 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Nasdaq believes that this proposed rule change will help to inform
and to protect investors and the public interest through disclosing
that the Fund will no longer be actively managed, but instead
passively-managed through the tracking of an index.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As noted above, the Fund will
no longer be listed and traded in accordance with the Order,\6\ but
will instead operate under the generics for passively-managed ETFs set
forth under Nasdaq Rule 5705(b). The Exchange does not intend for or
expect that such change will have any impact on competition.
---------------------------------------------------------------------------
\6\ Supra, note 3.
---------------------------------------------------------------------------
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.
[[Page 14903]]
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\
---------------------------------------------------------------------------
\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 Commission has waived this requirement.
---------------------------------------------------------------------------
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. The
Commission notes that the proposed rule change provides that the Fund
will no longer be listed and traded in accordance with the Order, but
will instead be listed and traded in accordance with the generic
listing standards under Nasdaq Rule 5705(b), which include the initial
and continued listing standards for Index Fund Shares.\11\ Waiver of
the operative delay would allow the Fund to begin to operate under such
generic listing standards without delay. 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\
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ The Exchange represents that the Fund meets such generic
listing standards.
\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).
---------------------------------------------------------------------------
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-2018-026 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-2018-026. 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-2018-026, and should be submitted
on or before April 27, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Brent J. Fields,
Secretary.
[FR Doc. 2018-07018 Filed 4-5-18; 8:45 am]
BILLING CODE 8011-01-P
