Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Memorialize Its Order and Execution Information Into ISE Rule 718, Entitled “Data Feeds”, 25068-25071 [2018-11613]
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Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
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revised the estimated time required to
develop and update a plan for workforce
inclusion of minorities and women
since the last approval of this
information collection. Based on
OMWI’s review of the plans and other
documentation submitted by contractors
with fewer than 50 employees to
demonstrate compliance with the
Contract Standard, we believe such
contractors would require
approximately 25 percent of the hours
that contractors of similar size spend on
developing the written programs
required under the E.O. 11246
regulations. Accordingly, we estimate
that contractors would spend about 18
hours of employee resources to develop
a plan for workforce inclusion of
minorities and women. This one-time
implementation burden annualized
would be 450 hours. After the initial
development, we estimate that each
contractor with fewer than 50
employees would spend approximately
8 hours each year updating and
maintaining its plan for workforce
inclusion of minorities and women. The
Commission estimates that the
annualized recurring burden associated
with the information collection would
be 375 hours. Thus, the Commission
estimates the annual recordkeeping
burden for such contractors would total
825 hours.
The Contract Standard requires
contractors to maintain information
about covered subcontractors’
ownership status, workforce
demographics, and workforce inclusion
plans. Contractors would request this
information from their covered
subcontractors, who would have an
obligation to keep workforce
demographic data and maintain plans
for workforce inclusion of minorities
and women because the Contract
Standard is included in their
subcontracts. Based on data describing
recent Commission subcontractor
activity, we believe that few
subcontractors will have subcontracts
for services with a dollar value of
$100,000 or more under Commission
service contracts.9 These subcontractors
the regulations implementing E.O. 11246. We
understand the quantitative analyses prescribed by
the Executive Order regulations at 41 CFR part 60–
2 are a time-consuming aspect of the written
program development. As there is no requirement
to perform these types of quantitative analyses in
connection with the plan for workforce inclusion of
minorities and women under the Contract Standard,
we believe the plan for workforce inclusion will
take substantially fewer hours to develop. The
Supporting Statement is available at reginfo.gov.
9 A search of subcontract awards on the
usaspending.gov website showed that three
subcontractors in FY 2016 and six subcontractors in
FY 2017 had subcontracts of $100,000 or more. See
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17:46 May 30, 2018
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may already be subject to similar
recordkeeping requirements as principal
contractors. Consequently, we believe
that any additional requirements
imposed on subcontractors would not
significantly add to the burden
estimates discussed above.
Estimate of Reporting Burden: With
respect to the reporting burden, we
estimate that it would take all
contractors on average approximately
one hour to retrieve and submit to the
OMWI Director the documentation
specified in the proposed Contract
Standard. We expect to request
documentation from up to 100
contractors each year and therefore we
estimate the total annual reporting
burden to be 100 hours.
On March 19, 2018, the Commission
published a notice in the Federal
Register (83 FR 12042) of its intention
to request an extension of this currently
approved collection of information, and
allowed the public 60 days to submit
comments. The Commission received no
comments.
Written comments continue to be
invited on: (a) Whether this collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information 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.
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.
data on subcontract awards available at https://
usaspending.gov.
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Dated: May 24, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–11595 Filed 5–30–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83323; File No. SR–ISE–
2018–47]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Memorialize Its Order
and Execution Information Into ISE
Rule 718, Entitled ‘‘Data Feeds’’
May 24, 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 May 14,
2018, Nasdaq ISE, LLC (‘‘ISE’’ 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
memorialize its order and execution
information into ISE Rule 718, entitled
‘‘Data Feeds.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://ise.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.
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / 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 add order
and execution information into ISE Rule
718, entitled ‘‘Data Feeds.’’ The
Exchange proposes to rename this rule
‘‘Data Feeds and Trade Information.’’
The Exchange also proposes to amend
Rule 100 to add definitions.
ISE Rule 718(a)
The Exchange proposes to amend the
Nasdaq ISE Top Quote Feed. The
Exchange stated in that description that
this feed calculates and disseminates
ISE’s best bid and offer position, with
aggregated size (including total size in
aggregate, for Public Customer 3 size in
the aggregate and Priority Customer 4
size in the aggregate), based on
displayable order and quote interest in
the System. The Exchange proposes to
amend this rule text to instead provide,
‘‘this feed calculates and disseminates
ISE’s best bid and offer position, with
aggregated size (including total size in
aggregate, for Professional Order 5 size
in the aggregate and Priority Customer
Order size in the aggregate), based on
displayable order and quote interest in
the System.’’ The Exchange intended to
specify that Professional Orders and
Priority Customer Orders are segregated
and aggregated. The Public Customer
definition is too broad because it
includes a portion of Priority Customer,
which was already specified within the
description. The Exchange proposes to
remove Public Customer and replace it
with Professional Order to be more
specific and amend Priority Customer to
Priority Customer Order to reference the
types of orders that are aggregated to
conform the rule text.
ISE Rule 718(b)
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The Exchange proposes to adopt a
new ISE Rule 718(b) and memorialize
the following order and execution
information, which was discussed in
other rule filings by the Exchange: (i)
Clearing Trade Information or ‘‘CTI’’;
3 The term ‘‘Public Customer’’ means a person or
entity that is not a broker or dealer in securities. See
Rule 100(a)(42).
4 The term ‘‘Priority Customer’’ means a person
or entity that (i) is not a broker or dealer in
securities, and (ii) does not place more than 390
orders in listed options per day on average during
a calendar month for its own beneficial account(s).
See 100(a)(41A). The term ‘‘Priority Customer
Order’’ means an order for the account of a Priority
Customer. See Rule 100(a)(41B).
5 The term ‘‘Professional Order’’ means an order
that is for the account of a person or entity that is
not a Priority Customer. See Rule 100(a)(41C).
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and (ii) FIX DROP.6 The Exchange is
also adding a description for TradeInfo.
The TradeInfo user interface is being
offered today on ISE at no cost.
The Exchange notes that while CTI
and FIX Drop information are accessible
through a port, TradeInfo is an interface.
The Exchange notes this distinction to
make clear the manner of delivery for
each of these information types.
CTI
The Exchange stated in its Prior Filing
that ‘‘CTI is a real-time clearing trade
message that is sent to a Member after
an execution has occurred and contains
trade details. The message containing
the trade details is also simultaneously
sent to The Options Clearing
Corporation. The information includes,
among other things, the following: (i)
The Clearing Member Trade Agreement
or ‘‘CMTA’’ or The Options Clearing
Corporation or ‘‘OCC’’ number; (ii)
Exchange badge or house number; (iii)
the Exchange internal firm identifier;
and (iv) an indicator which will
distinguish electronic and nonelectronically delivered orders; (v)
liquidity indicators and transaction type
for billing purposes; (vi) capacity.’’7
The Exchange is proposing to amend
the CTI description and memorialize it
within ISE Rule 718(b)(1). The Exchange
proposes to eliminate the sentence
which states, ‘‘The message containing
the trade details is also simultaneously
sent to The Options Clearing
Corporation.’’ The Exchange’s System
sends clearing information to OCC for
each transaction. This sentence does not
add information that is useful or
relevant and therefore the Exchange
proposes to remove it. The Exchange
also proposes to delete the words ‘‘an
indicator which will distinguish
electronic and non-electronically
delivered orders.’’ The only method on
ISE to deliver an order is electronically.
The Exchange proposes to adopt
definitions for ‘‘account number,’’ 8
‘‘badge,’’ 9 and ‘‘mnemonic’’ 10 to be
utilized within the CTI description and
uniformly throughout the Rulebook. The
6 See Securities Exchange Act Release No. 82568
(January 29, 2018), 83 FR 4086 (January 23, 2018)
(SR–ISE–2018–07) (‘‘Prior Filing’’).
7 Id.
8 An ‘‘account number’’ shall mean a number
assigned to a Member. Members may have more
than one account number. See proposed Rule
100(a)(1).
9 A ‘‘badge’’ shall mean an account number with
a letter suffix assigned to Market Makers. A Market
Maker account may be associated with multiple
badges. See proposed Rule 100(a)(5).
10 A ‘‘mnemonic’’ shall mean an acronym
comprised of letters and/or numbers assigned to
Electronic Access Members. An Electronic Access
Member account may be associated with multiple
mnemonics. See proposed Rule 100(a)(34).
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25069
Exchange proposes to renumber Rule
100 to accommodate the new
definitions. The Exchange is reserving 2
numbers for future use of other
definitions. The Exchange proposes to
replace the phrase in Rule 718(b)(1)
subsection (ii) from previously filed
Exchange badge or house number to
proposed definitions for badge or
mnemonic. The Exchange proposes to
replace the phrase in Rule 718(b)(1)
subsection (iii) from Exchange internal
firm identifier to proposed definition for
account number. The Exchange
proposes to expand on Rule 718(b)(1)
subsection (iv) by replacing the phrase
‘‘an indicator which will distinguish
electronic and non-electronically
delivered orders’’ with ‘‘information
which identifies the transaction type
(e.g. auction type) for billing purposes.’’
Finally, the Exchange is adding an
‘‘and’’ before Rule 718(b)(1) subsection
(v) capacity’’ and changing the wording
to ‘‘market participant capacity.’’ The
Exchange has renumbered the CTI
subsections to account for the language
that was removed from the description.
Finally, the Exchange is making a
grammatical change and adding
parenthesis around defined terms. The
Exchange is expressing more
specifically the type of data contained
in CTI.
FIX DROP
The Exchange stated in its Prior Filing
that ‘‘FIX DROP provides real-time
order and execution update is a message
that is sent to a Member after an order
been received/modified or an execution
has occurred and contains trade details.
The information includes, among other
things, the following: (1) Executions; (2)
cancellations; (3) modifications to an
existing order; and (4) busts or posttrade corrections.’’ 11
The Exchange proposes to
memorialize FIX DROP within ISE Rule
718(b)(3). The Exchange notes that at
the end of the first sentence of the
description it is adding ‘‘specific to that
Member’’ to make clear that FIX DROP
only provides a Member its specific
trade information. Also, an ‘‘and’’ is
included before new (iv) as the numbers
have been changed to roman numerals
and the Exchange is proposing
grammatical changes.
TradeInfo
The Exchange proposes to establish
its TradeInfo offering at ISE Rule
718(b)(2). TradeInfo, a user interface,
permits a Member to: (i) Search all
orders submitted in a particular security
or all orders of a particular type,
11 See
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Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
regardless of their status (open,
canceled, executed, etc.); (ii) view
orders and executions; and (iii)
download orders and executions for
recordkeeping purposes. TradeInfo
users may also cancel open orders at the
order, port or firm mnemonic level
through TradeInfo. TradeInfo is offered
today to Members on ISE at no cost.
The Exchange considers it appropriate
to establish and memorialize the order
and execution information available on
ISE within a rule so that Members may
understand the trade information which
is available on the Exchange as it
pertains to a firm’s trading information.
This data is available to all Members
and is specific to a Member’s
transactions on ISE.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Securities Exchange
Act of 1934 (the ‘‘Act’’),12 in general,
and furthers the objectives of Section
6(b)(5) of the Act,13 in particular, in that
it is designed to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanism for a free and open market
and a national market system, and, in
general, to protect investors and the
public interest, by providing greater
transparency as to the order and
execution information offered on ISE.
Each proposal is described in more
detail below.
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ISE Rule 718(a)
The Exchange’s proposal to amend
the Nasdaq ISE Top Quote Feed to
specify that Professional Orders and
Priority Customer Orders are segregated
and aggregated is consistent with the
protection of investors and the public
interest because the Exchange is
correcting the categories of orders,
which are segregated and aggregated.
The Public Customer definition is too
broad because it includes a portion of
Priority Customer, which was already
specified within the description. The
Exchange proposes to remove Public
Customer and replace it with
Professional Order to be more specific
and amend Priority Customer to Priority
Customer Order to reference the types of
orders that are aggregated to conform
the rule text. The Exchange believes that
this amendment will bring more
transparency to the information within
the feed.
12 15
13 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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17:46 May 30, 2018
ISE Rule 718(b)
The Exchange believes that
memorializing CTI and FIX DROP
within a rule will provide Members
with transparency as to the order and
information offerings available on ISE
specific to their trading on ISE. The
Exchange notes that CTI and FIX DROP
were described in a Prior Filing while
TradeInfo’s description is new. The
Exchange’s proposal to establish
TradeInfo is consistent with the Act
because the Exchange is detailing the
contents of this offering as well as
providing transparency as to the
availability of TradeInfo. The Exchange
believes that offering Members
TradeInfo, which allows Members to
view executions as well as other
capabilities with respect to order
management, enhances the ability of a
Member to manage its orders. The
Exchange believes that providing
Members with tools to manage orders is
consistent with the Act and serves to
protect investors and the public interest.
Further, the Exchange believes that this
proposal is consistent with the Act
because TradeInfo provides information
regarding information available to
market participants, specifically with
respect to trades they execute on ISE.
The information is available to all
Members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,14 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intra-market competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange’s proposal does not impose an
undue burden on competition, rather
the Exchange is seeking to provide
greater transparency within its rules
with respect to the Nasdaq ISE Top
Quote Feed as well as order and
execution information offered on ISE.
The information is available to all
Members. Specifically, TradeInfo is
available to any Member that requests
this service. The TradeInfo product will
provide a Member information
regarding that Member’s executions.
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.
14 15
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PO 00000
U.S.C. 78f(b)(8).
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 15 and
subparagraph (f)(6) of Rule 19b–4
thereunder.16
A proposed rule change filed under
Rule 19b–4(f)(6) 17 normally does not
become operative prior to 30 days after
the date of the filing. However, Rule
19b–4(f)(6)(iii) 18 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 asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become effective and
operative immediately upon filing. The
Exchange states that waiver of the
operative delay will allow the Exchange
to correct the Nasdaq ISE Top Quote
Feed and update its rules immediately
regarding order and execution
information offered on ISE. The
Exchange further states that it believes
the waiver will further the protection of
investors and the public interest
because it will provide greater
transparency as to the Nasdaq ISE Top
Quote Feed as well as trade detail
available to market participants.
Further, the Exchange states that
memorializing TradeInfo will provide
Members with greater information
concerning a Member’s executions on
ISE and make its availability
transparent. The Commission believes
that waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest.
Therefore, the Commission hereby
waives the 30-day operative delay and
designates the proposed rule change as
operative upon filing.19
15 15
U.S.C. 78s(b)(3)(A)(iii).
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.
17 17 CFR 240.19b–4(f)(6).
18 17 CFR 240.19b–4(f)(6)(iii).
19 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
16 17
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Federal Register / Vol. 83, No. 105 / Thursday, May 31, 2018 / Notices
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:
amozie on DSK3GDR082PROD with NOTICES1
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–
ISE–2018–47 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–ISE–2018–47. 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
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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17:46 May 30, 2018
Jkt 241001
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–ISE–2018–47 and should be
submitted on or before June 21, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–11613 Filed 5–30–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33108; File No. 812–14662]
Pioneer ILS Interval Fund and Amundi
Pioneer Asset Management, Inc.;
Notice of Application
May 24, 2018
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application under
section 6(c) of the Investment Company
Act of 1940 (the ‘‘Act’’) for an
exemption from sections 18(a)(2), 18(c)
and 18(i) of the Act, under sections 6(c)
and 23(c) of the Act for an exemption
from rule 23c–3 under the Act, and for
an order pursuant to section 17(d) of the
Act and rule 17d–1 under the Act.
AGENCY:
Applicants
request an order to permit certain
registered closed-end management
investment companies to issue multiple
classes of shares and to impose assetbased distribution and/or service fees
and early withdrawal charges (‘‘EWCs’’).
APPLICANTS: Pioneer ILS Interval Fund
(the ‘‘Fund’’) and Amundi Pioneer Asset
Management, Inc. (the ‘‘Adviser’’).
FILING DATES: The application was filed
on June 10, 2016 and amended on
December 14, 2016, September 28, 2017,
and May 15, 2018.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing by writing to the
Commission’s Secretary and serving
applicants with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on June 18, 2018, and
should be accompanied by proof of
SUMMARY OF APPLICATION:
20 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00106
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25071
service on the applicants, in the form of
an affidavit, or, for lawyers, a certificate
of service. Pursuant to rule 0–5 under
the Act, hearing requests should state
the nature of the writer’s interest, any
facts bearing upon the desirability of a
hearing on the matter, the reason for the
request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
writing to the Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090;
Applicants: 60 State Street, Boston, MA
02109–1820.
FOR FURTHER INFORMATION CONTACT:
Jennifer O. Palmer, Senior Counsel, at
(202) 551–5786, or Nadya Roytblat,
Assistant Chief Counsel, at (202) 551–
6825 (Division of Investment
Management, Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
may be obtained via the Commission’s
website by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Applicants’ Representations
1. The Fund is a Delaware statutory
trust that is registered under the Act as
a non-diversified, closed-end
management investment company. The
Fund’s investment objective is total
return. The Fund normally invests at
least 80% of its net assets (plus the
amount of borrowings, if any, for
investment purposes) in insurancelinked securities (‘‘ILS’’). Derivative
instruments that provide exposure to
ILS or have similar economic
characteristics may be used to satisfy
the Fund’s 80% policy.
2. The Adviser is a Delaware
corporation and is registered as an
investment adviser under the
Investment Advisers Act of 1940. The
Adviser is an indirect, wholly-owned
subsidiary of Amundi and Amundi’s
wholly-owned subsidiary, Amundi
USA, Inc. Amundi, an asset manager
headquartered in Paris, France, acquired
the Adviser on July 3, 2017. The
Adviser serves as investment adviser to
the Fund.
3. The applicants seek an order to
permit the Fund to issue multiple
classes of shares, each having its own
fee and expense structure, and to
impose asset-based distribution and/or
service fees and EWCs.
4. Applicants request that the order
also apply to any continuously-offered
registered closed-end management
E:\FR\FM\31MYN1.SGM
31MYN1
]]>Agencies
[Federal Register Volume 83, Number 105 (Thursday, May 31, 2018)]
[Notices]
[Pages 25068-25071]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-11613]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83323; File No. SR-ISE-2018-47]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Memorialize Its
Order and Execution Information Into ISE Rule 718, Entitled ``Data
Feeds''
May 24, 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 May 14, 2018, Nasdaq ISE, LLC (``ISE'' 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 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 memorialize its order and execution
information into ISE Rule 718, entitled ``Data Feeds.''
The text of the proposed rule change is available on the Exchange's
website at https://ise.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.
[[Page 25069]]
A. Self-Regulatory Organization's Statement of the Purpose of and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to add order and execution information into
ISE Rule 718, entitled ``Data Feeds.'' The Exchange proposes to rename
this rule ``Data Feeds and Trade Information.'' The Exchange also
proposes to amend Rule 100 to add definitions.
ISE Rule 718(a)
The Exchange proposes to amend the Nasdaq ISE Top Quote Feed. The
Exchange stated in that description that this feed calculates and
disseminates ISE's best bid and offer position, with aggregated size
(including total size in aggregate, for Public Customer \3\ size in the
aggregate and Priority Customer \4\ size in the aggregate), based on
displayable order and quote interest in the System. The Exchange
proposes to amend this rule text to instead provide, ``this feed
calculates and disseminates ISE's best bid and offer position, with
aggregated size (including total size in aggregate, for Professional
Order \5\ size in the aggregate and Priority Customer Order size in the
aggregate), based on displayable order and quote interest in the
System.'' The Exchange intended to specify that Professional Orders and
Priority Customer Orders are segregated and aggregated. The Public
Customer definition is too broad because it includes a portion of
Priority Customer, which was already specified within the description.
The Exchange proposes to remove Public Customer and replace it with
Professional Order to be more specific and amend Priority Customer to
Priority Customer Order to reference the types of orders that are
aggregated to conform the rule text.
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\3\ The term ``Public Customer'' means a person or entity that
is not a broker or dealer in securities. See Rule 100(a)(42).
\4\ The term ``Priority Customer'' means a person or entity that
(i) is not a broker or dealer in securities, and (ii) does not place
more than 390 orders in listed options per day on average during a
calendar month for its own beneficial account(s). See 100(a)(41A).
The term ``Priority Customer Order'' means an order for the account
of a Priority Customer. See Rule 100(a)(41B).
\5\ The term ``Professional Order'' means an order that is for
the account of a person or entity that is not a Priority Customer.
See Rule 100(a)(41C).
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ISE Rule 718(b)
The Exchange proposes to adopt a new ISE Rule 718(b) and
memorialize the following order and execution information, which was
discussed in other rule filings by the Exchange: (i) Clearing Trade
Information or ``CTI''; and (ii) FIX DROP.\6\ The Exchange is also
adding a description for TradeInfo. The TradeInfo user interface is
being offered today on ISE at no cost.
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\6\ See Securities Exchange Act Release No. 82568 (January 29,
2018), 83 FR 4086 (January 23, 2018) (SR-ISE-2018-07) (``Prior
Filing'').
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The Exchange notes that while CTI and FIX Drop information are
accessible through a port, TradeInfo is an interface. The Exchange
notes this distinction to make clear the manner of delivery for each of
these information types.
CTI
The Exchange stated in its Prior Filing that ``CTI is a real-time
clearing trade message that is sent to a Member after an execution has
occurred and contains trade details. The message containing the trade
details is also simultaneously sent to The Options Clearing
Corporation. The information includes, among other things, the
following: (i) The Clearing Member Trade Agreement or ``CMTA'' or The
Options Clearing Corporation or ``OCC'' number; (ii) Exchange badge or
house number; (iii) the Exchange internal firm identifier; and (iv) an
indicator which will distinguish electronic and non-electronically
delivered orders; (v) liquidity indicators and transaction type for
billing purposes; (vi) capacity.''\7\
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\7\ Id.
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The Exchange is proposing to amend the CTI description and
memorialize it within ISE Rule 718(b)(1). The Exchange proposes to
eliminate the sentence which states, ``The message containing the trade
details is also simultaneously sent to The Options Clearing
Corporation.'' The Exchange's System sends clearing information to OCC
for each transaction. This sentence does not add information that is
useful or relevant and therefore the Exchange proposes to remove it.
The Exchange also proposes to delete the words ``an indicator which
will distinguish electronic and non-electronically delivered orders.''
The only method on ISE to deliver an order is electronically.
The Exchange proposes to adopt definitions for ``account number,''
\8\ ``badge,'' \9\ and ``mnemonic'' \10\ to be utilized within the CTI
description and uniformly throughout the Rulebook. The Exchange
proposes to renumber Rule 100 to accommodate the new definitions. The
Exchange is reserving 2 numbers for future use of other definitions.
The Exchange proposes to replace the phrase in Rule 718(b)(1)
subsection (ii) from previously filed Exchange badge or house number to
proposed definitions for badge or mnemonic. The Exchange proposes to
replace the phrase in Rule 718(b)(1) subsection (iii) from Exchange
internal firm identifier to proposed definition for account number. The
Exchange proposes to expand on Rule 718(b)(1) subsection (iv) by
replacing the phrase ``an indicator which will distinguish electronic
and non-electronically delivered orders'' with ``information which
identifies the transaction type (e.g. auction type) for billing
purposes.'' Finally, the Exchange is adding an ``and'' before Rule
718(b)(1) subsection (v) capacity'' and changing the wording to
``market participant capacity.'' The Exchange has renumbered the CTI
subsections to account for the language that was removed from the
description. Finally, the Exchange is making a grammatical change and
adding parenthesis around defined terms. The Exchange is expressing
more specifically the type of data contained in CTI.
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\8\ An ``account number'' shall mean a number assigned to a
Member. Members may have more than one account number. See proposed
Rule 100(a)(1).
\9\ A ``badge'' shall mean an account number with a letter
suffix assigned to Market Makers. A Market Maker account may be
associated with multiple badges. See proposed Rule 100(a)(5).
\10\ A ``mnemonic'' shall mean an acronym comprised of letters
and/or numbers assigned to Electronic Access Members. An Electronic
Access Member account may be associated with multiple mnemonics. See
proposed Rule 100(a)(34).
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FIX DROP
The Exchange stated in its Prior Filing that ``FIX DROP provides
real-time order and execution update is a message that is sent to a
Member after an order been received/modified or an execution has
occurred and contains trade details. The information includes, among
other things, the following: (1) Executions; (2) cancellations; (3)
modifications to an existing order; and (4) busts or post-trade
corrections.'' \11\
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\11\ See note 6.
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The Exchange proposes to memorialize FIX DROP within ISE Rule
718(b)(3). The Exchange notes that at the end of the first sentence of
the description it is adding ``specific to that Member'' to make clear
that FIX DROP only provides a Member its specific trade information.
Also, an ``and'' is included before new (iv) as the numbers have been
changed to roman numerals and the Exchange is proposing grammatical
changes.
TradeInfo
The Exchange proposes to establish its TradeInfo offering at ISE
Rule 718(b)(2). TradeInfo, a user interface, permits a Member to: (i)
Search all orders submitted in a particular security or all orders of a
particular type,
[[Page 25070]]
regardless of their status (open, canceled, executed, etc.); (ii) view
orders and executions; and (iii) download orders and executions for
recordkeeping purposes. TradeInfo users may also cancel open orders at
the order, port or firm mnemonic level through TradeInfo. TradeInfo is
offered today to Members on ISE at no cost.
The Exchange considers it appropriate to establish and memorialize
the order and execution information available on ISE within a rule so
that Members may understand the trade information which is available on
the Exchange as it pertains to a firm's trading information. This data
is available to all Members and is specific to a Member's transactions
on ISE.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Securities Exchange Act of 1934 (the
``Act''),\12\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\13\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism for a free and open market and a national
market system, and, in general, to protect investors and the public
interest, by providing greater transparency as to the order and
execution information offered on ISE. Each proposal is described in
more detail below.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
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ISE Rule 718(a)
The Exchange's proposal to amend the Nasdaq ISE Top Quote Feed to
specify that Professional Orders and Priority Customer Orders are
segregated and aggregated is consistent with the protection of
investors and the public interest because the Exchange is correcting
the categories of orders, which are segregated and aggregated. The
Public Customer definition is too broad because it includes a portion
of Priority Customer, which was already specified within the
description. The Exchange proposes to remove Public Customer and
replace it with Professional Order to be more specific and amend
Priority Customer to Priority Customer Order to reference the types of
orders that are aggregated to conform the rule text. The Exchange
believes that this amendment will bring more transparency to the
information within the feed.
ISE Rule 718(b)
The Exchange believes that memorializing CTI and FIX DROP within a
rule will provide Members with transparency as to the order and
information offerings available on ISE specific to their trading on
ISE. The Exchange notes that CTI and FIX DROP were described in a Prior
Filing while TradeInfo's description is new. The Exchange's proposal to
establish TradeInfo is consistent with the Act because the Exchange is
detailing the contents of this offering as well as providing
transparency as to the availability of TradeInfo. The Exchange believes
that offering Members TradeInfo, which allows Members to view
executions as well as other capabilities with respect to order
management, enhances the ability of a Member to manage its orders. The
Exchange believes that providing Members with tools to manage orders is
consistent with the Act and serves to protect investors and the public
interest. Further, the Exchange believes that this proposal is
consistent with the Act because TradeInfo provides information
regarding information available to market participants, specifically
with respect to trades they execute on ISE. The information is
available to all Members.
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\14\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intra-market competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange's
proposal does not impose an undue burden on competition, rather the
Exchange is seeking to provide greater transparency within its rules
with respect to the Nasdaq ISE Top Quote Feed as well as order and
execution information offered on ISE. The information is available to
all Members. Specifically, TradeInfo is available to any Member that
requests this service. The TradeInfo product will provide a Member
information regarding that Member's executions.
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\14\ 15 U.S.C. 78f(b)(8).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \15\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\16\
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\15\ 15 U.S.C. 78s(b)(3)(A)(iii).
\16\ 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 under Rule 19b-4(f)(6) \17\ normally
does not become operative prior to 30 days after the date of the
filing. However, Rule 19b-4(f)(6)(iii) \18\ 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 asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become effective and operative immediately upon filing.
The Exchange states that waiver of the operative delay will allow the
Exchange to correct the Nasdaq ISE Top Quote Feed and update its rules
immediately regarding order and execution information offered on ISE.
The Exchange further states that it believes the waiver will further
the protection of investors and the public interest because it will
provide greater transparency as to the Nasdaq ISE Top Quote Feed as
well as trade detail available to market participants. Further, the
Exchange states that memorializing TradeInfo will provide Members with
greater information concerning a Member's executions on ISE and make
its availability transparent. The Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest. Therefore, the Commission hereby
waives the 30-day operative delay and designates the proposed rule
change as operative upon filing.\19\
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\17\ 17 CFR 240.19b-4(f)(6).
\18\ 17 CFR 240.19b-4(f)(6)(iii).
\19\ 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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[[Page 25071]]
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-ISE-2018-47 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-ISE-2018-47. 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-ISE-2018-47 and should be submitted on
or before June 21, 2018.
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\20\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-11613 Filed 5-30-18; 8:45 am]
BILLING CODE 8011-01-P
