Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Ninth Substantive Amendment to the Second Restatement of the CTA Plan and the Twenty-First Amendment to the Restated CQ Plan, 30209-30210 [2018-13766]
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daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 124 / Wednesday, June 27, 2018 / Notices
take place at negotiated prices, not at a
current offering price described in a
Fund’s prospectus, and not at a price
based on NAV. Applicants state that (a)
secondary market trading in shares does
not involve a Fund as a party and will
not result in dilution of an investment
in shares, and (b) to the extent different
prices exist during a given trading day,
or from day to day, such variances occur
as a result of third-party market forces,
such as supply and demand. Therefore,
applicants assert that secondary market
transactions in shares will not lead to
discrimination or preferential treatment
among purchasers. Finally, applicants
represent that share market prices will
be disciplined by arbitrage
opportunities, which should prevent
shares from trading at a material
discount or premium from NAV.
6. With respect to Funds that effect
creations and redemptions of Creation
Units in kind and that are based on
certain Underlying Indexes that include
foreign securities, applicants request
relief from the requirement imposed by
section 22(e) in order to allow such
Funds to pay redemption proceeds
within fifteen calendar days following
the tender of Creation Units for
redemption. Applicants assert that the
requested relief would not be
inconsistent with the spirit and intent of
section 22(e) to prevent unreasonable,
undisclosed or unforeseen delays in the
actual payment of redemption proceeds.
7. Applicants request an exemption to
permit Funds of Funds to acquire Fund
shares beyond the limits of section
12(d)(1)(A) of the Act; and the Funds,
and any principal underwriter for the
Funds, and/or any broker or dealer
registered under the Exchange Act, to
sell shares to Funds of Funds beyond
the limits of section 12(d)(1)(B) of the
Act. The application’s terms and
conditions are designed to, among other
things, help prevent any potential (i)
undue influence over a Fund through
control or voting power, or in
connection with certain services,
transactions, and underwritings, (ii)
excessive layering of fees, and (iii)
overly complex fund structures, which
are the concerns underlying the limits
in sections 12(d)(1)(A) and (B) of the
Act.
8. Applicants request an exemption
from sections 17(a)(1) and 17(a)(2) of the
Act to permit persons that are Affiliated
Persons, or Second Tier Affiliates, of the
Funds, solely by virtue of certain
ownership interests, to effectuate
purchases and redemptions in-kind. The
deposit procedures for in-kind
purchases of Creation Units and the
redemption procedures for in-kind
redemptions of Creation Units will be
VerDate Sep<11>2014
16:58 Jun 26, 2018
Jkt 244001
the same for all purchases and
redemptions, and Deposit Instruments
and Redemption Instruments will be
valued in the same manner as those
investment positions currently held by
the Funds. Applicants also seek relief
from the prohibitions on affiliated
transactions in section 17(a) to permit a
Fund to sell its shares to and redeem its
shares from a Fund of Funds, and to
engage in the accompanying in-kind
transactions with the Fund of Funds.3
The purchase of Creation Units by a
Fund of Funds directly from a Fund will
be accomplished in accordance with the
policies of the Fund of Funds and will
be based on the NAVs of the Funds.
9. Applicants also request relief to
permit a Feeder Fund to acquire shares
of another registered investment
company managed by the Adviser
having substantially the same
investment objectives as the Feeder
Fund (‘‘Master Fund’’) beyond the
limitations in section 12(d)(1)(A) and
permit the Master Fund, and any
principal underwriter for the Master
Fund, to sell shares of the Master Fund
to the Feeder Fund beyond the
limitations in section 12(d)(1)(B).
10. Section 6(c) of the Act permits the
Commission to exempt any persons or
transactions from any provision of the
Act if such exemption is necessary or
appropriate in the public interest and
consistent with the protection of
investors and the purposes fairly
intended by the policy and provisions of
the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may
exempt any person, security, or
transaction, or any class or classes of
persons, securities, or transactions, from
any provision of section 12(d)(1) if the
exemption is consistent with the public
interest and the protection of investors.
Section 17(b) of the Act authorizes the
Commission to grant an order
permitting a transaction otherwise
prohibited by section 17(a) if it finds
that (a) the terms of the proposed
transaction are fair and reasonable and
do not involve overreaching on the part
of any person concerned; (b) the
proposed transaction is consistent with
the policies of each registered
investment company involved; and (c)
the proposed transaction is consistent
with the general purposes of the Act.
3 The requested relief would apply to direct sales
of shares in Creation Units by a Fund to a Fund of
Funds and redemptions of those shares. Applicants,
moreover, are not seeking relief from section 17(a)
for, and the requested relief will not apply to,
transactions where a Fund could be deemed an
Affiliated Person, or a Second-Tier Affiliate, of a
Fund of Funds because an Adviser or an entity
controlling, controlled by or under common control
with an Adviser provides investment advisory
services to that Fund of Funds.
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
30209
For the Commission, by the Division of
Investment Management, under delegated
authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–13762 Filed 6–26–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83492; File No. SR–CTA/
CQ–2018–02]
Consolidated Tape Association; Notice
of Filing and Immediate Effectiveness
of the Twenty-Ninth Substantive
Amendment to the Second
Restatement of the CTA Plan and the
Twenty-First Amendment to the
Restated CQ Plan
June 21, 2018.
Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 608 thereunder,2
notice is hereby given that on June 5,
2018, the Consolidated Tape
Association (‘‘CTA’’) Plan participants
(‘‘Participants’’) 3 filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposal to amend
the Second Restatement of the CTA Plan
and the Restated Consolidated
Quotation (‘‘CQ’’) Plan (‘‘Plans’’).4
These amendments represent the
Twenty-Ninth Substantive Amendment
to the CTA Plan and the Twenty-First
Amendment to the CQ Plan
(‘‘Amendments’’). The Amendments
seek to effectuate changes that certain
Participants have made to their names
and addresses, as set forth in Sections
1 15
U.S.C. 78k–1.
CFR 242.608.
3 The Participants are: Cboe BYX Exchange, Inc.;
Cboe BZX Exchange, Inc.; Cboe EDGA Exchange,
Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange,
Inc.; Chicago Stock Exchange, Inc.; Financial
Industry Regulatory Authority, Inc.; Investors
Exchange LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC;
Nasdaq PHLX LLC; The Nasdaq Stock Market LLC;
New York Stock Exchange LLC; NYSE Arca, Inc.;
NYSE American LLC; and NYSE National, Inc.
(collectively, the ‘‘Participants’’).
4 See Securities Exchange Act Release Nos. 10787
(May 10, 1974), 39 FR 17799 (May 20, 1974)
(declaring the CTA Plan effective); 15009 (July 28,
1978), 43 FR 34851 (August 7, 1978) (temporarily
authorizing the CQ Plan); and 16518 (January 22,
1980), 45 FR 6521 (January 28, 1980) (permanently
authorizing the CQ Plan). The most recent
restatement of both Plans was in 1995. The CTA
Plan, pursuant to which markets collect and
disseminate last sale price information for nonNASDAQ listed securities, is a ‘‘transaction
reporting plan’’ under Rule 601 under the Act, 17
CFR 242.601, and a ‘‘national market system plan’’
under Rule 608 under the Act, 17 CFR 242.608. The
CQ Plan, pursuant to which markets collect and
disseminate bid/ask quotation information for listed
securities, is a ‘‘national market system plan’’ under
Rule 608 under the Act, 17 CFR 242.608.
2 17
E:\FR\FM\27JNN1.SGM
27JNN1
30210
Federal Register / Vol. 83, No. 124 / Wednesday, June 27, 2018 / Notices
I(q), III(a), and VIII(a) of the CTA Plan
and Section III(a) of the CQ Plan.
Pursuant to Rule 608(b)(3)(ii) under
Regulation NMS,5 the Participants have
designated the Amendments as
concerned solely with the
administration of the Plans and as
‘‘Ministerial Amendments’’ under both
Section IV(b) of the CTA Plan and
Section IV(c) of the CQ Plan. As a result,
the Amendments were effective upon
filing and were submitted by the
Chairman of the Plan’s Operating
Committee. The Commission is
publishing this notice to solicit
comments from interested persons on
the proposed Amendments. Set forth in
Sections I and II is the statement of the
purpose and summary of the
Amendments, along with the
information required by Rules 608(a)
and 601(a) under the Act, prepared and
submitted by the Participants to the
Commission.
I. Rule 608(a)
A. Purpose of the Amendments
The Amendments effectuate changes
that certain Participants have made to
their names and addresses, as set forth
in Sections I(q), III(a), and VIII(a) of the
CTA Plan and Section III(a) of the CQ
Plan.
B. Governing or Constituent Documents
Because the Amendments constitute
‘‘Ministerial Amendments’’ under both
Section IV(b) of the CTA Plan and
Section IV(c) under the CQ Plan, the
Chairman of the Plan’s Operating
Committee may submit the
Amendments to the Commission on
behalf of the Participants in the Plans.
Because the Participants have
designated the Amendments as
concerned solely with the
administration of the Plans, the
Amendments become effective upon
filing with the Commission.
Not applicable.
daltland on DSKBBV9HB2PROD with NOTICES
H. Description of Operation of Facility
Contemplated by the Proposed
Amendments
Not applicable.
I. Terms and Conditions of Access
Not applicable.
J. Method of Determination and
Imposition, and Amount of, Fees and
Charges
Not applicable.
K. Method and Frequency of Processor
Evaluation
Not applicable.
L. Dispute Resolution
Not applicable.
II. Rule 601(a)
A. Equity Securities for Which
Transaction Reports Shall Be Required
by the Plan
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing,
Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring
Promptness, Accuracy and
Completeness of Transaction Reports
Not applicable.
Not applicable.
E. Analysis of Impact on Competition
The Participants assert that the
Amendments do not impose any burden
on competition because they simply
effectuate a change in the names and
addresses of certain Participants. For the
same reasons, the Participants do not
believe that the Amendments introduce
terms that are unreasonably
G. Terms of Access to Transaction
Reports
Not applicable.
H. Identification of Marketplace of
Execution
Not applicable.
III. Solicitation of Comments
The Commission seeks general
comments on the Amendments.
CFR 242.608(b)(3)(ii).
16:58 Jun 26, 2018
G. Approval by Sponsors in Accordance
With Plan
See Item I.C. above.
F. Rules and Procedures Addressed to
Fraudulent or Manipulative
Dissemination
D. Development and Implementation
Phases
VerDate Sep<11>2014
F. Written Understanding or Agreements
Relating to Interpretation of, or
Participation in, Plan
Not applicable.
Not applicable.
Not applicable.
C. Implementation of the Amendments
5 17
discriminatory for purposes of Section
11A(c)(1)(D) of the Exchange Act.
Jkt 244001
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
Interested persons are invited to submit
written data, views, and arguments
concerning the foregoing, including
whether the proposed Amendments are
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–
CTA/CQ–2018–02 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CTA/CQ–2018–02. 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
website (https://www.sec.gov/rules/
sro.shtml). Copies of the submission, all
written statements with respect to the
proposed Amendments that are filed
with the Commission, and all written
communications relating to the
proposed Amendments 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 website
viewing and printing at the principal
office of the Plans. 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–CTA/CQ–2018–02 and
should be submitted on or before July
18, 2018.
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–13766 Filed 6–26–18; 8:45 am]
BILLING CODE 8011–01–P
E:\FR\FM\27JNN1.SGM
27JNN1
]]>Agencies
[Federal Register Volume 83, Number 124 (Wednesday, June 27, 2018)]
[Notices]
[Pages 30209-30210]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13766]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83492; File No. SR-CTA/CQ-2018-02]
Consolidated Tape Association; Notice of Filing and Immediate
Effectiveness of the Twenty-Ninth Substantive Amendment to the Second
Restatement of the CTA Plan and the Twenty-First Amendment to the
Restated CQ Plan
June 21, 2018.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on June 5, 2018, the Consolidated Tape Association (``CTA'') Plan
participants (``Participants'') \3\ filed with the Securities and
Exchange Commission (``Commission'') a proposal to amend the Second
Restatement of the CTA Plan and the Restated Consolidated Quotation
(``CQ'') Plan (``Plans'').\4\ These amendments represent the Twenty-
Ninth Substantive Amendment to the CTA Plan and the Twenty-First
Amendment to the CQ Plan (``Amendments''). The Amendments seek to
effectuate changes that certain Participants have made to their names
and addresses, as set forth in Sections
[[Page 30210]]
I(q), III(a), and VIII(a) of the CTA Plan and Section III(a) of the CQ
Plan.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1.
\2\ 17 CFR 242.608.
\3\ The Participants are: Cboe BYX Exchange, Inc.; Cboe BZX
Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.;
Cboe Exchange, Inc.; Chicago Stock Exchange, Inc.; Financial
Industry Regulatory Authority, Inc.; Investors Exchange LLC; Nasdaq
BX, Inc.; Nasdaq ISE, LLC; Nasdaq PHLX LLC; The Nasdaq Stock Market
LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE American
LLC; and NYSE National, Inc. (collectively, the ``Participants'').
\4\ See Securities Exchange Act Release Nos. 10787 (May 10,
1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan
effective); 15009 (July 28, 1978), 43 FR 34851 (August 7, 1978)
(temporarily authorizing the CQ Plan); and 16518 (January 22, 1980),
45 FR 6521 (January 28, 1980) (permanently authorizing the CQ Plan).
The most recent restatement of both Plans was in 1995. The CTA Plan,
pursuant to which markets collect and disseminate last sale price
information for non-NASDAQ listed securities, is a ``transaction
reporting plan'' under Rule 601 under the Act, 17 CFR 242.601, and a
``national market system plan'' under Rule 608 under the Act, 17 CFR
242.608. The CQ Plan, pursuant to which markets collect and
disseminate bid/ask quotation information for listed securities, is
a ``national market system plan'' under Rule 608 under the Act, 17
CFR 242.608.
---------------------------------------------------------------------------
Pursuant to Rule 608(b)(3)(ii) under Regulation NMS,\5\ the
Participants have designated the Amendments as concerned solely with
the administration of the Plans and as ``Ministerial Amendments'' under
both Section IV(b) of the CTA Plan and Section IV(c) of the CQ Plan. As
a result, the Amendments were effective upon filing and were submitted
by the Chairman of the Plan's Operating Committee. The Commission is
publishing this notice to solicit comments from interested persons on
the proposed Amendments. Set forth in Sections I and II is the
statement of the purpose and summary of the Amendments, along with the
information required by Rules 608(a) and 601(a) under the Act, prepared
and submitted by the Participants to the Commission.
---------------------------------------------------------------------------
\5\ 17 CFR 242.608(b)(3)(ii).
---------------------------------------------------------------------------
I. Rule 608(a)
A. Purpose of the Amendments
The Amendments effectuate changes that certain Participants have
made to their names and addresses, as set forth in Sections I(q),
III(a), and VIII(a) of the CTA Plan and Section III(a) of the CQ Plan.
B. Governing or Constituent Documents
Not applicable.
C. Implementation of the Amendments
Because the Amendments constitute ``Ministerial Amendments'' under
both Section IV(b) of the CTA Plan and Section IV(c) under the CQ Plan,
the Chairman of the Plan's Operating Committee may submit the
Amendments to the Commission on behalf of the Participants in the
Plans. Because the Participants have designated the Amendments as
concerned solely with the administration of the Plans, the Amendments
become effective upon filing with the Commission.
D. Development and Implementation Phases
Not applicable.
E. Analysis of Impact on Competition
The Participants assert that the Amendments do not impose any
burden on competition because they simply effectuate a change in the
names and addresses of certain Participants. For the same reasons, the
Participants do not believe that the Amendments introduce terms that
are unreasonably discriminatory for purposes of Section 11A(c)(1)(D) of
the Exchange Act.
F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
Not applicable.
G. Approval by Sponsors in Accordance With Plan
See Item I.C. above.
H. Description of Operation of Facility Contemplated by the Proposed
Amendments
Not applicable.
I. Terms and Conditions of Access
Not applicable.
J. Method of Determination and Imposition, and Amount of, Fees and
Charges
Not applicable.
K. Method and Frequency of Processor Evaluation
Not applicable.
L. Dispute Resolution
Not applicable.
II. Rule 601(a)
A. Equity Securities for Which Transaction Reports Shall Be Required by
the Plan
Not applicable.
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing, Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring Promptness, Accuracy and Completeness
of Transaction Reports
Not applicable.
F. Rules and Procedures Addressed to Fraudulent or Manipulative
Dissemination
Not applicable.
G. Terms of Access to Transaction Reports
Not applicable.
H. Identification of Marketplace of Execution
Not applicable.
III. Solicitation of Comments
The Commission seeks general comments on the Amendments. Interested
persons are invited to submit written data, views, and arguments
concerning the foregoing, including whether the proposed Amendments are
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-CTA/CQ-2018-02 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-CTA/CQ-2018-02. 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 website (https://www.sec.gov/rules/sro.shtml). Copies
of the submission, all written statements with respect to the proposed
Amendments that are filed with the Commission, and all written
communications relating to the proposed Amendments 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 website viewing and printing at
the principal office of the Plans. 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-CTA/CQ-2018-02 and
should be submitted on or before July 18, 2018.
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13766 Filed 6-26-18; 8:45 am]
BILLING CODE 8011-01-P
