Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Chapter IV of the Exchange's Schedule of Fees, 15439-15441 [2018-07239]
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Federal Register / Vol. 83, No. 69 / Tuesday, April 10, 2018 / Notices
daltland on DSKBBV9HB2PROD with NOTICES
and requires greater expenditure of
human and technical resources than
regulating OTP Holders’ non-customer
trading activity. The Exchange believes
the ORF is designed to be fair by
assessing fees to those OTP Holders that
require more Exchange regulatory
services based on the amount of
customer options business they
conduct.
The Exchange believes it is
reasonable, equitable and
nondiscriminatory to not impose the
ORF on outbound linkage trades.
Linkage trades’’ are tagged in the
Exchange’s system, so the Exchange can
distinguish them from other trades. A
customer order routed to another
exchange results in two customer trades,
one from the originating exchange and
one from the recipient exchange.
Charging ORF on both trades could
result in double-billing of ORF for a
single customer order, thus the
Exchange will not assess ORF on
outbound linkage trades in a linkage
scenario.
The Exchange believes that the
proposal deleting outdated reference to
long-past effective dates and removing
the word ‘‘indirectly’’ is reasonable as it
would streamline the Fee Schedule by
removing superfluous language thereby
making the Fee Schedule easier for
market participants to navigate.
The ORF is designed to recover a
material portion of the costs to the
Exchange of the supervision and
regulation of OTP Holder customer
options business, including performing
routine surveillances and investigations,
as well as policy, rulemaking,
interpretive, and enforcement activities.
The Exchange monitors the amount of
revenue collected from the ORF to
ensure that this revenue, in combination
with other regulatory fees and fines,
does not exceed regulatory costs. The
Exchange has designed the ORF to
generate revenues that, when combined
with all of the Exchange’s other
regulatory fees, would be less than or
equal to the Exchange’s regulatory costs,
which is consistent with the view of the
Securities and Exchange Commission
(‘‘Commission’’) that regulatory fees be
used for regulatory purposes and not to
support the Exchange’s business side. In
this regard, the Exchange believes that
the ORF is reasonable.
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 that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not intended to
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address any competitive issues but
rather to provide more clarity and
transparency regarding how the
Exchange assesses and collects the ORF.
The Exchange believes any burden on
competition imposed by the proposed
rule change is outweighed by the need
to help the Exchange adequately fund
its regulatory activities to ensure
compliance with the Exchange Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 15 of the Act and
subparagraph (f)(2) of Rule 19b–4 16
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 17 of the Act 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 No. SR–
NYSEArca–2018–19 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
15 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
17 15 U.S.C. 78s(b)(2)(B).
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File No.
SR–NYSEArca–2018–19. 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 No.
SR–NYSEArca–2018–19, and should be
submitted on or before May 1, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–07244 Filed 4–9–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82988; File No. SR–GEMX–
2018–11]
Self-Regulatory Organizations; Nasdaq
GEMX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Chapter IV of
the Exchange’s Schedule of Fees
April 4, 2018.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
16 17
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18 17
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Federal Register / Vol. 83, No. 69 / Tuesday, April 10, 2018 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 22,
2018, Nasdaq GEMX, LLC (‘‘GEMX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Chapter IV of the Exchange’s Schedule
of Fees, as described below.
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqgemx.cchwallstreet.com/,
at the principal office of the Exchange,
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.
daltland on DSKBBV9HB2PROD with NOTICES
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
Chapter IV of its Schedule of Fees to
harmonize it with the rules of Nasdaq
BX, Inc. (‘‘BX’’).
The amendments eliminate or replace
certain obsolete language in the
Schedule of Fees. Specifically, the
Exchange proposes to amend Chapter
IV.F.2, 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 notes that this proposal will
render this paragraph of Chapter IV.F.2
consistent with BX Rule 7034. The
Exchange also proposes to correct a
typographical error in the name of the
TSXV Level 2 Feed.
The proposal adds a footnote to the
first line of Chapter IV.F, which was
mistakenly omitted from the Schedule
of Fees, which states that the co-location
services described therein are provided
by Nasdaq Technology Services LLC.
The Exchange also proposes to correct
a typographical error in the numbering
of the subsection of Chapter IV entitled
‘‘Exchange Testing Facilities.’’ The
proposal changes the lettering of this
subsection from ‘‘I.’’ to ‘‘J.’’
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 Chapter IV.F.2 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. 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.
3 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(4) and (5).
4 15
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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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 replace obsolete text, update
references to data feeds, 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
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
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 Exchange
has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
8 17
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Federal Register / Vol. 83, No. 69 / Tuesday, April 10, 2018 / Notices
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 and to correct
typographical errors. 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:
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–
GEMX–2018–11 on the subject line.
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–GEMX–2018–11, and
should be submitted on or before May
1, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–07239 Filed 4–9–18; 8:45 am]
BILLING CODE 8011–01–P
daltland on DSKBBV9HB2PROD with NOTICES
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–GEMX–2018–11. This file
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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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–82994; File No. SR–
NASDAQ–2018–008]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of Longer Period for
Commission Action on a Proposed
Rule Change To Modify the Listing
Requirements Contained in Listing
Rule 5635(d) To Change the Definition
of Market Value for Purposes of the
Shareholder Approval Rules and
Eliminate the Requirement for
Shareholder Approval of Issuances at
a Price Less Than Book Value but
Greater Than Market Value
April 4, 2018.
On January 30, 2018, the Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or the
‘‘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
thereunder,2 a proposed rule change to
modify the listing requirements
contained in Listing Rule 5635(d) to
change the definition of market value
for purposes of the shareholder approval
rules and eliminate the requirement for
shareholder approval of issuances at a
price less than book value but greater
than market value. The proposed rule
change was published for comment in
the Federal Register on February 20,
2018.3 The Commission received three
comments in response to the proposed
rule change.4
Section 19(b)(2) of the Act 5 provides
that, within 45 days of the publication
of the 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 approve
the proposed rule change, disapprove
the proposed rule change, or institute
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 82702
(February 13, 2018), 83 FR 7269 (February 20,
2018).
4 See Letters to Brent J. Fields, Secretary,
Commission, from Michael A. Adelstein, Partner,
Kelley Drye & Warren LLP, dated February 28,
2018; Penny Somer-Grief, Chair, and Gregory T.
Lawrence, Vice-Chair, Committee on Securities Law
of the Business Law Section of the Maryland State
Bar Association, dated March 13, 2018; and Greg
Rodgers, Latham Watkins, dated March 14, 2018.
The comment letters are available at: https://
www.sec.gov/comments/sr-nasdaq-2018-008/
nasdaq2018008.htm.
5 15 U.S.C. 78s(b)(2).
2 17
13 17
PO 00000
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 83, Number 69 (Tuesday, April 10, 2018)]
[Notices]
[Pages 15439-15441]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07239]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82988; File No. SR-GEMX-2018-11]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Chapter IV
of the Exchange's Schedule of Fees
April 4, 2018.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 15440]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 22, 2018, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Chapter IV of the Exchange's
Schedule of Fees, as described below.
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqgemx.cchwallstreet.com/, at the principal
office of the Exchange, 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 Chapter IV of its Schedule of Fees
to harmonize it with the rules of Nasdaq BX, Inc. (``BX'').
The amendments eliminate or replace certain obsolete language in
the Schedule of Fees. Specifically, the Exchange proposes to amend
Chapter IV.F.2, 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 notes that this proposal will render
this paragraph of Chapter IV.F.2 consistent with BX Rule 7034. The
Exchange also proposes to correct a typographical error in the name of
the TSXV Level 2 Feed.
The proposal adds a footnote to the first line of Chapter IV.F,
which was mistakenly omitted from the Schedule of Fees, which states
that the co-location services described therein are provided by Nasdaq
Technology Services LLC.
The Exchange also proposes to correct a typographical error in the
numbering of the subsection of Chapter IV entitled ``Exchange Testing
Facilities.'' The proposal changes the lettering of this subsection
from ``I.'' to ``J.''
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 Chapter IV.F.2 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.
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.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 replace obsolete
text, update references to data feeds, 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\
---------------------------------------------------------------------------
\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.
---------------------------------------------------------------------------
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
[[Page 15441]]
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 and to correct typographical errors. 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:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-GEMX-2018-11 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-GEMX-2018-11. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-GEMX-2018-11, and should be submitted on
or before May 1, 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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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-07239 Filed 4-9-18; 8:45 am]
BILLING CODE 8011-01-P
