Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 16.160 To Remove Form 19b-4(e) Filing Requirement, 32704-32706 [2018-14962]
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Federal Register / Vol. 83, No. 135 / Friday, July 13, 2018 / Notices
acquired or disposed of, as the case may
be.
13. Any transaction fee 14 (including
break-up or commitment fees but
excluding broker’s fees contemplated by
section 17(e) or 57(k) of the Act, as
applicable) received in connection with
a Co-Investment Transaction will be
distributed to the participating
Regulated Funds and Affiliated Funds
on a pro rata basis based on the amounts
they invested or committed, as the case
may be, in such Co-Investment
Transaction. If any transaction fee is to
be held by an AB–PCI Adviser pending
consummation of the transaction, the
fee will be deposited into an account
maintained by such AB–PCI Adviser at
a bank or banks having the
qualifications prescribed in section
26(a)(1) of the Act, and the account will
earn a competitive rate of interest that
will also be divided pro rata among the
participating Regulated Funds and
Affiliated Funds based on the amounts
they invest in such Co-Investment
Transaction. None of the Affiliated
Funds, the AB–PCI Advisers, the other
Regulated Funds or any affiliated person
of the Regulated Funds or Affiliated
Funds will receive additional
compensation or remuneration of any
kind as a result of or in connection with
a Co-Investment Transaction (other than
(a) in the case of the Regulated Funds
and the Affiliated Funds, the pro rata
transaction fees described above and
fees or other compensation described in
Condition 2(c)(iii)(C); and (b) in the case
of an AB–PCI Adviser, investment
advisory fees paid in accordance with
the agreement between the AB–PCI
Adviser and the Regulated Fund or
Affiliated Fund).
14. If the Holders own in the aggregate
more than 25 percent of the Shares of
a Regulated Fund, then the Holders will
vote such Shares as directed by an
independent third party when voting
on: (1) The election of directors; (2) the
removal of one or more directors; or (3)
any other matter under either the Act or
applicable State law affecting the
Board’s composition, size or manner of
election.
15. Each Regulated Fund’s chief
compliance officer, as defined in rule
38a–1(a)(4), will prepare an annual
report for its Board each year that
evaluates (and documents the basis of
that evaluation) the Regulated Fund’s
compliance with the terms and
conditions of the application and the
procedures established to achieve such
compliance.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018–14963 Filed 7–12–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83609; File No. SR–IEX–
2018–14]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend Rule
16.160 To Remove Form 19b–4(e)
Filing Requirement
July 9, 2018.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 2 and
Rule 19b–4 thereunder,3 notice is
hereby given that, on June 26, 2018, the
Investors Exchange LLC (‘‘IEX’’ 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 self-regulatory organization. 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
Pursuant to the provisions of Section
19(b)(1) under the Securities Exchange
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
thereunder,5 IEX is filing with the
Commission a proposed rule change to
amend IEX Rule 16.160 related to
derivative securities traded under
unlisted trading privileges (‘‘UTP’’) to
remove the requirement in Rule
16.160(a)(1) for the Exchange to file
with the Commission a Form 19b–4(e)
for each ‘‘new derivative securities
product’’ as defined in Rule 19b–4(e)
under the Act 6 (a ‘‘Derivative Security’’)
traded under UTP and renumber the
remaining provisions of Rule 16.160(a)
to maintain an organized rule structure.
The Exchange has designated this rule
change as ‘‘non-controversial’’ under
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(1).
5 17 CRF [sic] 240.19b–4.
6 17 CRF [sic] 240.19b–4(e).
2 15
14 Applicants are not requesting and the staff is
not providing any relief for transaction fees
received in connection with any Co-Investment
Transaction.
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Section 19(b)(3)(A) of the Act 7 and
provided the Commission with the
notice required by Rule 19b–4(f)(6)
thereunder.8 The text of the proposed
rule change is available at the
Exchange’s website at
www.iextrading.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 the
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization 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 statement [sic] may be
examined at the places specified in Item
IV below. The self-regulatory
organization 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to amend Rule 16.160 related
to derivative securities traded under
UTP by removing the requirement in
Rule 16.160(a)(1) for the Exchange to
file with the Commission a Form 19b–
4(e) for each Derivative Security, and
renumbering the remaining rules of Rule
16.160(a) to maintain an organized rule
structure, as described below.
Rule 16.160(a)(1) sets forth the
requirement for IEX to file with the
Commission a Form 19b–4(e) with
respect to each Derivative Security that
is traded under UTP. However, IEX
believes that it should not be necessary
to file a Form 19b–4(e) with the
Commission if it begins trading a
Derivative Security on a UTP basis,
because Rule 19b–4(e)(1) under the Act
refers to the ‘‘listing and trading’’ of a
‘‘new derivative securities product.’’
The Exchange believes that the
requirements of that rule refers [sic] to
when an exchange lists and trades a
Derivative Security, and not when an
exchange seeks only to trade such
product on a UTP basis pursuant to Rule
12f–2 under the Act.9 Therefore, IEX
proposes to delete the requirement in
current Rule 16.160(a)(1) for IEX to file
a Form 19b–4(e) with the Commission
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(e) [sic].
9 17 CFR 240.12f–2.
8 17
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Federal Register / Vol. 83, No. 135 / Friday, July 13, 2018 / Notices
with respect to each Derivative Security
it begins trading on a UTP basis. In
addition, as a result of the deletion of
current Rule 16.160(a)(1) IEX proposes
to renumber current Rules 16.160(a)(2)–
(6), as Rules 16.160(a)(1)–(5)
respectively.
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2. Statutory Basis
IEX believes that the proposed rule
change is consistent with the provisions
of Section 6(b) 10 of the Act in general,
and furthers the objectives of Section
6(b)(5) of the Act 11 in particular, in that
it is designed to prevent fraudulent and
manipulative acts and practices, 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.
Specifically, eliminating the
requirement to file a Form 19b–4(e) for
each Derivative Security the Exchange
begins trading on a UTP basis removes
an unnecessary regulatory requirement
thereby providing for a more efficient
process for adding Derivative Securities
to trading on the Exchange on a UTP
basis.
In addition, the Exchange notes that a
substantially identical proposed rule
change by NYSE National, Inc. (‘‘NYSE
National’’) was recently approved by the
Commission.12 In particular, the
Commission noted in the approval order
that it ‘‘believes that the filing of a Form
19b–4(e) is not required when an
Exchange is trading a new derivative
securities product on a UTP basis
only’’ 13 and also found that the NYSE
National’s proposed rule change is
‘‘consistent with the requirements of
Section 6(b)(5) of the Act.’’ 14
With respect to the renumbering of
current Rules 16.160(a)(2)–(6) as Rule
11.160(a)(1)–(5), the Exchange believes
that these changes are consistent with
the Act because they will allow the
Exchange to maintain a clear and
organized rule structure, thus
preventing investor confusion.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. To the
contrary, removing the requirement to
10 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
12 See Securities Exchange Act Release No. 83289
(May 17, 2018), 83 FR 23968 (May 23, 2018) (Order
Approving File No. SR–NYSENAT–2018–02).
13 See supra note 12 at page 23975.
14 See supra note 12 at page 23976.
11 15
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file a Form 19b–4(e) will serve to
enhance competition by providing for
the efficient addition of Derivative
Securities for trading under UTP on IEX.
To the extent that a competitor
marketplace believes that the proposed
rule change places it at a competitive
disadvantage, it may file with the
Commission a proposed rule change to
adopt the same or similar rule.
In addition, the proposal to renumber
the current Rules 16.160(a)(2)–(6) as
Rules 16.160(a)(1)–(5) does not impact
competition in any respect since it
merely maintains a clear and organized
rule structure.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) 15 of the Act and
Rule 19b–4(f)(6) 16 thereunder. Because
the proposed rule change does not: (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b–
4(f)(6) thereunder.17
The Exchange has requested a waiver
of the 30-day operative delay so that the
Exchange can begin trading Derivative
Securities on a UTP basis without filing
a Form 19b–4(e) with the Commission
prior to the end of the 30-day operative
delay. Because the proposed rule change
is based on a rule change previously
approved by the Commission 18 and
does not present any novel issues, the
Commission believes that waiving the
30-day operative delay period is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
17 As required under Rule 19b–4(f)(6)(iii), the
Exchange provided the Commission with written
notice of its intent to file the proposed rule change,
along with a brief description and the 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.
18 See supra note 12.
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15 15
16 17
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32705
designates the proposed rule change to
be operative upon filing.19
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
under Section 19(b)(2)(B) 20 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposal is
consistent with the Act. Comments may
be submitted by any of the following
methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
IEX–2018–14 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 No.
SR–IEX–2018–14. 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
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).
20 15 U.S.C. 78s(b)(2)(B).
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Federal Register / Vol. 83, No. 135 / Friday, July 13, 2018 / Notices
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 such
filing will also be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File No.
SR–IEX–2018–14 and should be
submitted on or before August 3, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018–14962 Filed 7–12–18; 8:45 am]
BILLING CODE P
SMALL BUSINESS ADMINISTRATION
Data Collection Available for Public
Comments
60-Day notice and request for
comments.
ACTION:
The Small Business
Administration (SBA) intends to request
approval, from the Office of
Management and Budget (OMB) for the
collection of information described
below. The Paperwork Reduction Act
(PRA) of 1995, requires federal agencies
to publish a notice in the Federal
Register concerning each proposed
collection of information before
submission to OMB, and to allow 60
days for public comment in response to
the notice. This notice complies with
such requirements.
DATES: Submit comments on or before
September 11, 2018.
ADDRESSES: Send all comments to
Stephen Morris, Director, Office of
Strategic Alliances, Small Business
Administration, 409 3rd Street,
Washington, DC 20416.
FOR FURTHER INFORMATION CONTACT:
Stephen Morris, 202–205–7422,
Stephen.morris@sba.gov, or Curtis B.
Rich, SBA PRA Officer, 202–205–7030,
curtis.rich@sba.gov.
SUPPLEMENTARY INFORMATION: This form
is a three-page questionnaire,
principally in checklist form, designed
to give SBA feedback from those who
attend events which SBA cosponsors
with other organizations. The form does
sradovich on DSK3GMQ082PROD with NOTICES
SUMMARY:
21 17
CFR 200.30–3(a)(12).
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16:47 Jul 12, 2018
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not ask respondents to identify
themselves except by NAICS Code. The
form asks whether the event provided
practical information which allowed
them to manage their businesses more
effectively and efficiently and gave them
a good working knowledge of the
subject. It asks whether the program was
sufficient. It asks whether each speaker
was well-organized, interesting,
presented information at the appropriate
level, and communicated well. It asks
for suggestions for improvement, and for
ideas for new topics.
The form asks some demographic
information so that SBA can better
understand the community which these
events serve. Where the event relates to
government contracting, it asks whether
the respondent has taken advantage of
various government contracting
programs which SBA offers.
SBA may also use this form to help
evaluate programs which it conducts by
itself. Responding to the questionnaire
is entirely voluntary.
Solicitation of Public Comments
SBA is requesting comments on (a)
Whether the collection of information is
necessary for the agency to properly
perform its functions; (b) whether the
burden estimates are accurate; (c)
whether there are ways to minimize the
burden, including through the use of
automated techniques or other forms of
information technology; and (d) whether
there are ways to enhance the quality,
utility, and clarity of the information.
Summary of Information Collection
Title: Outreach Event Survey.
Description of Respondents: Those
who attend events which SBA
cosponsors with other organizations.
Form Number: 20.
Total Estimated Annual Responses:
90,600.
Total Estimated Annual Hour Burden:
3,020.
Curtis Rich,
Management Analyst.
[FR Doc. 2018–15022 Filed 7–12–18; 8:45 am]
imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
imported pursuant to loan agreements
with the foreign owners or custodians.
I also determine that the exhibition or
display of the exhibit objects at The
Metropolitan Museum of Art, New York,
New York, from on or about September
17, 2018, until on or about January 6,
2019, and at possible additional
exhibitions or venues yet to be
determined, is in the national interest.
I have ordered that Public Notice of
these determinations be published in
the Federal Register.
FOR FURTHER INFORMATION CONTACT: Julie
Simpson, Attorney-Adviser, Office of
the Legal Adviser, U.S. Department of
State (telephone: 202–632–6471; email:
section2459@state.gov). The mailing
address is U.S. Department of State,
L/PD, SA–5, Suite 5H03, Washington,
DC 20522–0505.
SUPPLEMENTARY INFORMATION: The
foregoing determinations were made
pursuant to the authority vested in me
by the Act of October 19, 1965 (79 Stat.
985; 22 U.S.C. 2459), E.O. 12047 of
March 27, 1978, the Foreign Affairs
Reform and Restructuring Act of 1998
(112 Stat. 2681, et seq.; 22 U.S.C. 6501
note, et seq.), Delegation of Authority
No. 234 of October 1, 1999, Delegation
of Authority No. 236–3 of August 28,
2000, and Delegation of Authority No.
236–10 of July 6, 2018.
Jennifer Z. Galt,
Principal Deputy Assistant Secretary for
Educational and Cultural Affairs, Department
of State.
[FR Doc. 2018–15025 Filed 7–12–18; 8:45 am]
BILLING CODE 4710–05–P
DEPARTMENT OF STATE
[Public Notice: 10461]
Notice of Determinations; Culturally
Significant Objects Imported for
Exhibition—Determinations: ‘‘Keir
Collection of Art of the Islamic World’’
Exhibitions
BILLING CODE 8025–01–P
Notice is hereby given of the
following determinations: I hereby
determine that two objects to be
included in exhibitions of the Keir
Collection of Art of the Islamic World,
re-imported from abroad for temporary
exhibition within the United States, are
of cultural significance. The objects are
re-imported pursuant to a loan
agreement with the foreign owner or
custodian. I also determine that the
exhibition or display of the first object
at the Dallas Museum of Art, in Dallas,
Texas, and at possible additional
SUMMARY:
DEPARTMENT OF STATE
[Public Notice: 10462]
Notice of Determinations; Culturally
Significant Objects Imported for
Exhibition—Determinations:
‘‘Delacroix’’ Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects to be
included in the exhibition ‘‘Delacroix,’’
SUMMARY:
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]]>Agencies
[Federal Register Volume 83, Number 135 (Friday, July 13, 2018)]
[Notices]
[Pages 32704-32706]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-14962]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-83609; File No. SR-IEX-2018-14]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 16.160 To Remove Form 19b-4(e) Filing Requirement
July 9, 2018.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on
June 26, 2018, the Investors Exchange LLC (``IEX'' 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 self-regulatory organization. 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\ IEX is
filing with the Commission a proposed rule change to amend IEX Rule
16.160 related to derivative securities traded under unlisted trading
privileges (``UTP'') to remove the requirement in Rule 16.160(a)(1) for
the Exchange to file with the Commission a Form 19b-4(e) for each ``new
derivative securities product'' as defined in Rule 19b-4(e) under the
Act \6\ (a ``Derivative Security'') traded under UTP and renumber the
remaining provisions of Rule 16.160(a) to maintain an organized rule
structure. The Exchange has designated this rule change as ``non-
controversial'' under Section 19(b)(3)(A) of the Act \7\ and provided
the Commission with the notice required by Rule 19b-4(f)(6)
thereunder.\8\ The text of the proposed rule change is available at the
Exchange's website at www.iextrading.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CRF [sic] 240.19b-4.
\6\ 17 CRF [sic] 240.19b-4(e).
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(e) [sic].
---------------------------------------------------------------------------
II. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
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 statement [sic] may be examined
at the places specified in Item IV below. The self-regulatory
organization 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Rule 16.160
related to derivative securities traded under UTP by removing the
requirement in Rule 16.160(a)(1) for the Exchange to file with the
Commission a Form 19b-4(e) for each Derivative Security, and
renumbering the remaining rules of Rule 16.160(a) to maintain an
organized rule structure, as described below.
Rule 16.160(a)(1) sets forth the requirement for IEX to file with
the Commission a Form 19b-4(e) with respect to each Derivative Security
that is traded under UTP. However, IEX believes that it should not be
necessary to file a Form 19b-4(e) with the Commission if it begins
trading a Derivative Security on a UTP basis, because Rule 19b-4(e)(1)
under the Act refers to the ``listing and trading'' of a ``new
derivative securities product.'' The Exchange believes that the
requirements of that rule refers [sic] to when an exchange lists and
trades a Derivative Security, and not when an exchange seeks only to
trade such product on a UTP basis pursuant to Rule 12f-2 under the
Act.\9\ Therefore, IEX proposes to delete the requirement in current
Rule 16.160(a)(1) for IEX to file a Form 19b-4(e) with the Commission
[[Page 32705]]
with respect to each Derivative Security it begins trading on a UTP
basis. In addition, as a result of the deletion of current Rule
16.160(a)(1) IEX proposes to renumber current Rules 16.160(a)(2)-(6),
as Rules 16.160(a)(1)-(5) respectively.
---------------------------------------------------------------------------
\9\ 17 CFR 240.12f-2.
---------------------------------------------------------------------------
2. Statutory Basis
IEX believes that the proposed rule change is consistent with the
provisions of Section 6(b) \10\ of the Act in general, and furthers the
objectives of Section 6(b)(5) of the Act \11\ in particular, in that it
is designed to prevent fraudulent and manipulative acts and practices,
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. Specifically, eliminating the requirement to file a
Form 19b-4(e) for each Derivative Security the Exchange begins trading
on a UTP basis removes an unnecessary regulatory requirement thereby
providing for a more efficient process for adding Derivative Securities
to trading on the Exchange on a UTP basis.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In addition, the Exchange notes that a substantially identical
proposed rule change by NYSE National, Inc. (``NYSE National'') was
recently approved by the Commission.\12\ In particular, the Commission
noted in the approval order that it ``believes that the filing of a
Form 19b-4(e) is not required when an Exchange is trading a new
derivative securities product on a UTP basis only'' \13\ and also found
that the NYSE National's proposed rule change is ``consistent with the
requirements of Section 6(b)(5) of the Act.'' \14\
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\12\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (Order Approving File No. SR-
NYSENAT-2018-02).
\13\ See supra note 12 at page 23975.
\14\ See supra note 12 at page 23976.
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With respect to the renumbering of current Rules 16.160(a)(2)-(6)
as Rule 11.160(a)(1)-(5), the Exchange believes that these changes are
consistent with the Act because they will allow the Exchange to
maintain a clear and organized rule structure, thus preventing investor
confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, removing the
requirement to file a Form 19b-4(e) will serve to enhance competition
by providing for the efficient addition of Derivative Securities for
trading under UTP on IEX. To the extent that a competitor marketplace
believes that the proposed rule change places it at a competitive
disadvantage, it may file with the Commission a proposed rule change to
adopt the same or similar rule.
In addition, the proposal to renumber the current Rules
16.160(a)(2)-(6) as Rules 16.160(a)(1)-(5) does not impact competition
in any respect since it merely maintains a clear and organized rule
structure.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \15\ of the Act and Rule 19b-4(f)(6) \16\
thereunder. Because the proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\17\
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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ As required under Rule 19b-4(f)(6)(iii), the Exchange
provided the Commission with written notice of its intent to file
the proposed rule change, along with a brief description and the
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.
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The Exchange has requested a waiver of the 30-day operative delay
so that the Exchange can begin trading Derivative Securities on a UTP
basis without filing a Form 19b-4(e) with the Commission prior to the
end of the 30-day operative delay. Because the proposed rule change is
based on a rule change previously approved by the Commission \18\ and
does not present any novel issues, the Commission believes that waiving
the 30-day operative delay period is consistent with the protection of
investors and the public interest. Accordingly, the Commission
designates the proposed rule change to be operative upon filing.\19\
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\18\ See supra note 12.
\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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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \20\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\20\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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-IEX-2018-14 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 No. SR-IEX-2018-14. 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
[[Page 32706]]
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
such filing will also be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change. Persons submitting comments are cautioned that we do
not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File No. SR-IEX-
2018-14 and should be submitted on or before August 3, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
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\21\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2018-14962 Filed 7-12-18; 8:45 am]
BILLING CODE P
