Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to the First Trust Senior Loan Fund of First Trust Exchange Traded Fund IV, 45289 [2018-19241]
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Federal Register / Vol. 83, No. 173 / Thursday, September 6, 2018 / Notices
Commission a USPS Request to Add
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Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2018–19276 Filed 9–5–18; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84003; File No. SR–
NASDAQ–2018–050]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change Relating to the First Trust
Senior Loan Fund of First Trust
Exchange Traded Fund IV
daltland on DSKBBV9HB2PROD with NOTICES
August 30, 2018.
On June 27, 2018, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
modify certain aspects of the First Trust
Senior Loan Fund, the shares of which
have been approved by the Commission
for listing and trading under Nasdaq
Rule 5735. The proposed rule change
was published for comment in the
Federal Register on July 17, 2018.3 The
Commission has received no comment
letters on the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is August 31,
2018. The Commission is extending this
45-day time period.
The Commission finds that it is
appropriate to designate a longer period
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 83618
(July 11, 2018), 83 FR 33277.
4 15 U.S.C. 78s(b)(2).
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,5 designates October
15, 2018, as the date by which the
Commission shall either approve or
disapprove or institute proceedings to
determine whether to disapprove the
proposed rule change (File Number SR–
NASDAQ–2018–050).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–19241 Filed 9–5–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84001; File No. SR–
NASDAQ–2018–070]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Proposed Rule Change To
List and Trade Corporate NonConvertible Bonds on Nasdaq
August 30, 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 August
27, 2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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 adopt
listing and trading requirements and
fees for non-convertible corporate
bonds.
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaq.cchwallstreet.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1 15
2 17
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45289
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Nasdaq is amending its rules to
permit the initial and continued listing
of and trading of non-convertible
corporate debt securities (referred to
herein as ‘‘bonds’’ or ‘‘non-convertible
bonds’’) on Nasdaq and to establish fees
for listing those bonds. While Nasdaq
rules currently provide for the initial
and continued listing of convertible
bonds, Nasdaq believes that there may
be a demand from certain types of
investors for Exchange-listed nonconvertible bonds. Nasdaq also believes
that this proposal will improve the
public market for non-convertible bonds
by promoting the fair and orderly
operation of that market and by
increasing the transparency of that
market for securities that are listed
pursuant to this proposal. Nasdaq is
therefore amending the relevant listing
and trading rules accordingly.
Listing Rules
First, Nasdaq proposes to adopt Rule
5702 to permit the initial listing of nonconvertible bonds. For non-convertible
bonds, Nasdaq proposes to require a
minimum principal amount outstanding
or market value of at least $5 million,
instead of the minimum $10 million
principal amount outstanding required
for convertible debt under Rule 5515(b).
Nasdaq notes that this requirement is
the same as the initial listing
requirement for bonds on the New York
Stock Exchange LLC (‘‘NYSE’’) and
NYSE American LLC (‘‘NYSE
American’’), which both require that the
debt issue have an aggregate market
value or principal amount of no less
than $5 million.3
5 Id.
6 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Section 102.03 of the NYSE Listed Company
Manual and Section 104 of the NYSE American
Company Guide.
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[Federal Register Volume 83, Number 173 (Thursday, September 6, 2018)]
[Notices]
[Page 45289]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19241]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84003; File No. SR-NASDAQ-2018-050]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change Relating to the First Trust Senior Loan Fund of
First Trust Exchange Traded Fund IV
August 30, 2018.
On June 27, 2018, The Nasdaq Stock Market LLC (``Nasdaq'') filed
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'')
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to modify
certain aspects of the First Trust Senior Loan Fund, the shares of
which have been approved by the Commission for listing and trading
under Nasdaq Rule 5735. The proposed rule change was published for
comment in the Federal Register on July 17, 2018.\3\ The Commission has
received no comment letters on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 83618 (July 11,
2018), 83 FR 33277.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \4\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is August 31, 2018. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds that it is appropriate to designate a longer
period within which to take action on the proposed rule change so that
it has sufficient time to consider the proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\5\ designates October 15, 2018, as the date by which the
Commission shall either approve or disapprove or institute proceedings
to determine whether to disapprove the proposed rule change (File
Number SR-NASDAQ-2018-050).
---------------------------------------------------------------------------
\5\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-19241 Filed 9-5-18; 8:45 am]
BILLING CODE 8011-01-P
