Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Duplicative Rules Related to the Consolidated Audit Trail From Its Rulebook, 17696-17697 [2018-08356]
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17696
Federal Register / Vol. 83, No. 78 / Monday, April 23, 2018 / Notices
generally and specific penny stock
transactions.
The Commission estimates that
approximately 195 broker-dealers will
spend an average of 78 hours annually
to comply with this rule. Thus, the total
compliance burden is approximately
15,210 burden-hours per year.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information shall have practical utility;
(b) the accuracy of the agency’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication.
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.
Please direct your written comments
to: Pamela Dyson, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE, Washington,
DC 20549 or send an email to PRA_
Mailbox@sec.gov.
Dated: April 18, 2018.
Eduardo A. Aleman,
Assistant Secretary.
BILLING CODE P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83059; File No. SR–BX–
2018–013]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delete Duplicative
Rules Related to the Consolidated
Audit Trail From Its Rulebook
amozie on DSK30RV082PROD with NOTICES
April 17, 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 5,
2018, Nasdaq BX, Inc. (‘‘BX’’ or
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delete the
rules related to the Consolidated Audit
Trail (‘‘CAT Rules’’) currently under
Chapter IX, Sections 8 and 9 of BX’s
Options Rules, as further described
below.
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqbx.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
[FR Doc. 2018–08398 Filed 4–20–18; 8:45 am]
1 15
‘‘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. Purpose
The purpose of the proposed rule
change is to delete the CAT Rules
currently under BX’s Options Rules,
Chapter IX, Sections 8 and 9 because
these rules are already located in
General 7, entitled ‘‘Consolidated Audit
Trail Compliance,’’ under the ‘‘General
Equity and Options Rules’’ in the
Exchange’s rulebook’s shell structure.3
Given that the CAT Rules contained in
General 7 are non-product specific and
are identical to the CAT Rules in BX’s
3 The Exchange added a shell structure to its
rulebook with the purpose of improving efficiency
and readability and to align its rules closer to those
of its five sister exchanges: The Nasdaq Stock
Market LLC; Nasdaq PHLX LLC; Nasdaq ISE, LLC;
Nasdaq GEMX, LLC; and Nasdaq MRX, LLC
(‘‘Affiliated Exchanges’’). See Securities Exchange
Act Release No. 82174 (November 29, 2017), 82 FR
57492 (December 5, 2017) (SR–BX–2017–054).
PO 00000
Frm 00055
Fmt 4703
Sfmt 4703
Options Rules,4 the Exchange proposes
to delete the duplicative rules in BX’s
Options Rules as market participants
transacting on the Exchange’s equity
and options markets are already
governed by the CAT Rules in General
7.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,5 in general, and furthers the
objectives of Section 6(b)(5) of the Act,6
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest by
removing the duplicative CAT Rules
from BX’s Options Rules. As discussed
above, Exchange members are already
governed by the CAT Rules in General
7 of the rulebook’s shell structure. The
Exchange believes that the proposed
changes will make the Exchange’s
rulebook easier to read and eliminate
any potential confusion to the benefit of
its members and investors.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed changes as discussed above do
not impose a burden on competition
because they are non-substantive and
are intended to clarify the Exchange’s
rulebook in order to eliminate any
potential confusion.
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
4 As part of its continued effort to promote
efficiency and conformity of its rules with those of
the Affiliated Exchanges, the Exchange recently
relocated the CAT Rules previously under the 6800
Series of BX’s Equity Rules to General 7 because the
CAT Rules apply across all markets and to all
products. See Securities Exchange Act Release No.
82597 (January 30, 2018), 83 FR 4942 (February 2,
2018) (SR–BX–2018–007).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
E:\FR\FM\23APN1.SGM
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Federal Register / Vol. 83, No. 78 / Monday, April 23, 2018 / Notices
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the 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 to waive the 30day operative delay so that the proposal
will become operative upon filing. The
Exchange stated that removing the
duplicative CAT Rules, as discussed
above, will bring greater clarity to its
rulebook and will eliminate any
potential confusion to the benefit of its
members and investors. 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 as operative upon
filing.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
7 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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Comments may be submitted by any of
the following methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
17697
Submission for OMB Review;
Comment Request
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
BX–2018–013 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BX–2018–013. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–BX–2018–013 and should
be submitted on or before May 14, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–08356 Filed 4–20–18; 8:45 am]
BILLING CODE 8011–01–P
12 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00056
Fmt 4703
Sfmt 4703
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 23c–1, SEC File No. 270–253, OMB
Control No. 3235–0260
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l-3520), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) Payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 91
closed-end funds undertake a total of
364 repurchases annually under rule
23c–1.1 Staff estimates further that, with
respect to each repurchase, each fund
spends 2.5 hours to comply with the
rule’s written confirmation, asset
coverage disclosure and six month
notice requirements. Thus, Commission
staff estimates the total annual
respondent reporting burden is 910
1 The number of closed-end funds that undertake
repurchases annually under rule 23c–1 is based on
information provided in response to Item 9 of Form
N–CSR from January 1, 2017 through December 31,
2017. Although 136 closed-end funds made
disclosures regarding ‘‘publicly announced’’
repurchase plans in response to Item 9, not all
repurchases are made pursuant to rule 23c–1. We
estimate that approximately 30% of such closedend funds have not made repurchases pursuant to
rule 23c–1. Therefore, our estimate does not include
all 136 funds that made disclosures of publicly
announced repurchases under Item 9, but only a
subset thereof (91 funds). We also estimate that
each of the 91 funds undertook an average of 4
repurchases annually (91 funds × 4 repurchases =
364 repurchases annually).
E:\FR\FM\23APN1.SGM
23APN1
]]>Agencies
[Federal Register Volume 83, Number 78 (Monday, April 23, 2018)]
[Notices]
[Pages 17696-17697]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-08356]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83059; File No. SR-BX-2018-013]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delete
Duplicative Rules Related to the Consolidated Audit Trail From Its
Rulebook
April 17, 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 5, 2018, Nasdaq BX, Inc. (``BX'' 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 delete the rules related to the
Consolidated Audit Trail (``CAT Rules'') currently under Chapter IX,
Sections 8 and 9 of BX's Options Rules, as further described below.
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqbx.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 purpose of the proposed rule change is to delete the CAT Rules
currently under BX's Options Rules, Chapter IX, Sections 8 and 9
because these rules are already located in General 7, entitled
``Consolidated Audit Trail Compliance,'' under the ``General Equity and
Options Rules'' in the Exchange's rulebook's shell structure.\3\ Given
that the CAT Rules contained in General 7 are non-product specific and
are identical to the CAT Rules in BX's Options Rules,\4\ the Exchange
proposes to delete the duplicative rules in BX's Options Rules as
market participants transacting on the Exchange's equity and options
markets are already governed by the CAT Rules in General 7.
---------------------------------------------------------------------------
\3\ The Exchange added a shell structure to its rulebook with
the purpose of improving efficiency and readability and to align its
rules closer to those of its five sister exchanges: The Nasdaq Stock
Market LLC; Nasdaq PHLX LLC; Nasdaq ISE, LLC; Nasdaq GEMX, LLC; and
Nasdaq MRX, LLC (``Affiliated Exchanges''). See Securities Exchange
Act Release No. 82174 (November 29, 2017), 82 FR 57492 (December 5,
2017) (SR-BX-2017-054).
\4\ As part of its continued effort to promote efficiency and
conformity of its rules with those of the Affiliated Exchanges, the
Exchange recently relocated the CAT Rules previously under the 6800
Series of BX's Equity Rules to General 7 because the CAT Rules apply
across all markets and to all products. See Securities Exchange Act
Release No. 82597 (January 30, 2018), 83 FR 4942 (February 2, 2018)
(SR-BX-2018-007).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest by
removing the duplicative CAT Rules from BX's Options Rules. As
discussed above, Exchange members are already governed by the CAT Rules
in General 7 of the rulebook's shell structure. The Exchange believes
that the proposed changes will make the Exchange's rulebook easier to
read and eliminate any potential confusion to the benefit of its
members and investors.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed changes as
discussed above do not impose a burden on competition because they are
non-substantive and are intended to clarify the Exchange's rulebook in
order to eliminate any potential confusion.
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
[[Page 17697]]
burden on competition; and (iii) become operative for 30 days from the
date on which it was filed, or such shorter time as the Commission may
designate, it has become effective pursuant to Section 19(b)(3)(A)(iii)
of the Act \7\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change, along with a
brief description and text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally
does not become operative prior to 30 days after the date of the
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 to waive the 30-day operative delay so
that the proposal will become operative upon filing. The Exchange
stated that removing the duplicative CAT Rules, as discussed above,
will bring greater clarity to its rulebook and will eliminate any
potential confusion to the benefit of its members and investors.
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 as operative upon filing.\11\
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-BX-2018-013 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to File Number SR-BX-2018-013. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-BX-2018-013 and should be submitted on
or before May 14, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-08356 Filed 4-20-18; 8:45 am]
BILLING CODE 8011-01-P
