Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Current Rules on Arbitration, 54641-54643 [2018-23621]
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Federal Register / Vol. 83, No. 210 / Tuesday, October 30, 2018 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. By order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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:
khammond on DSK30JT082PROD with NOTICES
Electronic Comments
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–CboeBZX–2018–066, and
should be submitted on or before
November 20, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23624 Filed 10–29–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84477; File No. SR–Phlx–
2018–62]
• 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–
CboeBZX–2018–066 on the subject line.
Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delete Current Rules
on Arbitration
Paper Comments
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 October
9, 2018, Nasdaq PHLX LLC (‘‘Phlx’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III, 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.
• 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-CboeBZX–2018–066. 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
VerDate Sep<11>2014
17:34 Oct 29, 2018
Jkt 247001
October 24, 2018.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delete the
current rules on arbitration (‘‘Current
Arbitration Rules’’), under Rule 950,
and incorporate by reference The
Nasdaq Stock Market LLC’s (‘‘Nasdaq’’)
rules on arbitration at General 6
(‘‘Proposed Arbitration Rules’’), into
General 6 of the Exchange’s rulebook’s
(‘‘Rulebook’’) shell structure.3
26 17
CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Recently, the Exchange added a shell structure
to its Rulebook with the purpose of improving
efficiency and readability and to align its rules
closer to those of its five sister exchanges, The
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
54641
The text of the proposed rule change
is available on the Exchange’s website at
https://nasdaqphlx.cchwallstreet.com/,
at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to delete the
rules on arbitration, currently under
Rule 950, and incorporate by reference
the Nasdaq rules on arbitration at
General 6 of Nasdaq’s rulebook into
General 6 of the Exchange’s Rulebook.
The Exchange adopted the Current
Arbitration Rules to ensure a fair and
efficient manner in which to handle any
dispute, claim or controversy arising out
of, or in connection with, the business
of any Member of the Exchange. To help
administer the process of dispute
resolution, the Exchange and FINRA are
parties to a Regulatory Contract,
pursuant to which FINRA has agreed to
perform certain functions and provide
access to certain services, including:
Member regulation and registration;
non-real time market surveillance;
examinations and investigations; and
dispute resolution. FINRA currently
operates the largest securities dispute
resolution forum in the United States,4
and has given the Exchange access to
these services. Under the Current
Arbitration Rules, Members and
associated persons of a Member are
subject to the FINRA Code of
Arbitration Procedure.
Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq
ISE, LLC; Nasdaq GEMX, LLC; and Nasdaq MRX,
LLC (‘‘Affiliated Exchanges’’). The shell structure
currently contains eight (8) Chapters which, once
complete, will apply a common set of rules to the
Affiliated Exchanges. See Securities Exchange Act
Release No. 82169 (November 29, 2017), 82 FR
57508 (December 5, 2017) (SR–PHLX–2017–97).
4 https://www.finra.org/arbitration-and-mediation.
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54642
Federal Register / Vol. 83, No. 210 / Tuesday, October 30, 2018 / Notices
Because the Affiliated Exchanges are
also parties to similar Regulatory
Contracts with FINRA that make their
members and associated persons of such
members subject to the FINRA Code of
Arbitration Procedure, the Exchange
believes it is pertinent that a common
set of rules on arbitration be included in
the General section of the Rulebook’s
shell. Nasdaq completed this process
recently 5 and, pursuant to subsequent
filings, the intention is to replace the
existing arbitration rules for each of the
Affiliated Exchanges by incorporating
the Nasdaq rules on arbitration by
reference.
Therefore, the Exchange will
incorporate by reference the Proposed
Arbitration Rules in ‘‘General 6
Arbitration’’ of the shell’s ‘‘General
Equity and Options Rules’’ section.
The relocation and harmonization of
the arbitration rules is part of the
Exchange’s continued effort to promote
efficiency and conformity of its
processes with those of its Affiliated
Exchanges.6 The Exchange believes that
the adoption and placement of the
Proposed Arbitration Rules to their new
location in the shell will facilitate the
use of the Rulebook by Members of the
Exchange who are members of other
Affiliated Exchanges. Moreover, the
proposed changes are of a conforming
nature and will not amend the
substance of the adopted rules other
than to update the language to that of
the Proposed Arbitration Rules, and to
make conforming cross-reference
changes.
PHLX will continue to file proposed
rule changes to amend its General 6
Rules until such time as it receives an
exemption from the Securities and
Exchange Commission, pursuant to its
authority under Section 36 of the
Exchange Act of 1934 (‘‘Act’’) and Rule
0–12 7 thereunder, from the Section
19(b) filing requirements to separately
file a proposed rule change to amend
General 6.
khammond on DSK30JT082PROD with NOTICES
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,8 in general, and furthers the
objectives of Section 6(b)(5) of the Act,9
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
5 See Securities Exchange Act Release No. 83834
(August 13, 2018), 83 FR 41115 (August 17, 2018)
(SR–NASDAQ–2018–067).
6 See footnote 3.
7 See 17 CFR 240.0–12; Securities Exchange Act
Release No. 39624 (February 5, 1998), 63 FR 8101
(February 18, 1998).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
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17:34 Oct 29, 2018
Jkt 247001
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by
promoting efficiency and structural
conformity of the Exchange’s processes
with those of the Affiliated Exchanges
and to make the Exchange’s Rulebook
easier to read and more accessible to its
Members. The Exchange believes that
the adoption and harmonization of the
arbitration rules and cross-reference
updates are of a non-substantive nature.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed changes do not impose a
burden on competition because, as
previously stated, they are (i) of a nonsubstantive nature, (ii) intended to
harmonize the structure of the
Exchange’s rules with those of its
Affiliated Exchanges, and (iii) intended
to organize the Rulebook in a way that
it will ease the Members’ navigation and
reading of the rules across the Affiliated
Exchanges.
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 10 and
subparagraph (f)(6) of Rule 19b–4
thereunder.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
10 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
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.
11 17
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
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
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 rule-comments@
sec.gov. Please include File Number SR–
Phlx–2018–62 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–Phlx–2018–62. 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
a.m. and 3 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–Phlx–
E:\FR\FM\30OCN1.SGM
30OCN1
Federal Register / Vol. 83, No. 210 / Tuesday, October 30, 2018 / Notices
2018–62 and should be submitted on or
before November 20, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23621 Filed 10–29–18; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration # 15780 and # 15781;
FLORIDA Disaster Number FL–00141]
Presidential Declaration of a Major
Disaster for Public Assistance Only for
the State of Florida
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a Notice of the
Presidential declaration of a major
disaster for Public Assistance Only for
the State of Florida (FEMA–4399–DR),
dated 10/23/2018.
Incident: Hurricane Michael.
Incident Period: 10/07/2018 through
10/19/2018.
DATES: Issued on 10/23/2018.
Physical Loan Application Deadline
Date: 12/24/2018.
Economic Injury (EIDL) Loan
Application Deadline Date: 07/23/2019.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW, Suite 6050,
Washington, DC 20416, (202) 205–6734.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
President’s major disaster declaration on
10/23/2018, Private Non-Profit
organizations that provide essential
services of a governmental nature may
file disaster loan applications at the
address listed above or other locally
announced locations.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Bay, Calhoun,
Gadsden, Gulf, Jackson, Liberty.
The Interest Rates are:
khammond on DSK30JT082PROD with NOTICES
SUMMARY:
Percent
For Physical Damage:
12 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
19:47 Oct 29, 2018
Jkt 247001
54643
Please send your comments by
November 29, 2018. OMB must receive
Non-Profit Organizations with
your comments by this date in order to
Credit Available Elsewhere
2.500 act quickly on the ICR.
Non-Profit
Organizations
ADDRESSES: All comments should
without Credit Available
Elsewhere ..........................
2.500 reference Federal Docket Management
System (FDMS) Docket Number
For Economic Injury:
FMCSA–2018–0159. Interested persons
Non-Profit
Organizations
without Credit Available
are invited to submit written comments
Elsewhere. .........................
2.500 on the proposed information collection
to the Office of Information and
The number assigned to this disaster
Regulatory Affairs, Office of
for physical damage is 157808 and for
Management and Budget. Comments
economic injury is 157810.
should be addressed to the attention of
the Desk Officer, Department of
(Catalog of Federal Domestic Assistance
Transportation/Federal Motor Carrier
Number 59008)
Safety Administration, and sent via
electronic mail to oira_submission@
Rafaela Monchek,
omb.eop.gov, or faxed to (202) 395–
Acting Associate Administrator for Disaster
6974, or mailed to the Office of
Assistance.
Information and Regulatory Affairs,
[FR Doc. 2018–23626 Filed 10–29–18; 8:45 am]
Office of Management and Budget,
BILLING CODE 8025–01–P
Docket Library, Room 10102, 725 17th
Street NW, Washington, DC 20503.
FOR FURTHER INFORMATION CONTACT: Mr.
DEPARTMENT OF TRANSPORTATION Selden Fritschner, Senior
Transportation Specialist, Office of
Federal Motor Carrier Safety
Safety Programs, Commercial Driver’s
Administration
License Division (MC–ESL), Department
of Transportation, Federal Motor Carrier
[Docket No. FMCSA–2018–0159]
Safety Administration, 6th Floor, West
Building, 1200 New Jersey Avenue SE,
Agency Information Collection
Washington, DC 20590–0001.
Activities; Revision of an Approved
Telephone: 202–366–0677; Email
Information Collection Request:
Commercial Driver Licensing and Test Address: selden.fritschner@dot.gov.
Office hours are from 9 a.m. to 5 p.m.,
Standards
Monday through Friday, except Federal
AGENCY: Federal Motor Carrier Safety
Holidays.
Administration (FMCSA), DOT.
SUPPLEMENTARY INFORMATION:
ACTION: Notice and request for
Title: Commercial Driver Licensing
comments.
and Test Standards.
OMB Control Number: 2126–0011.
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995,
Type of Request: Revision of a
FMCSA announces its plan to submit
currently-approved information
the Information Collection Request (ICR) collection.
described below to the Office of
Respondents: Drivers with a
Management and Budget (OMB) for
commercial learner’s permit (CLP) or
review and approval. FMCSA requests
commercial driver’s license (CDL) and
approval to revise and renew an ICR
State driver licensing agencies.
titled, ‘‘Commercial Driver Licensing
Estimated Number of Respondents:
and Test Standards,’’ due to, in part, a
7,364,972 driver respondents and 4,746
decrease in the number of commercial
State respondents.
driver’s license records and the addition
Estimated Time per Response: Varies.
of one information collection item:
Expiration Date: October 31, 2018.
‘‘Driver completion of knowledge and
Frequency of Response: Varies.
skills tests.’’ This ICR is needed to
Estimated Total Annual Burden:
ensure that drivers, motor carriers and
2,825,503
hours, which is the total of
the States are complying with
four tasks for CDL drivers (2,403,248
notification and recordkeeping
hours), added to a total of eight tasks for
requirements for information related to
State driver licensing agency CDL
testing, licensing, violations,
activities (422,255 hours).
convictions and disqualifications and
Information collection tasks and
that the information is accurate,
associated
burden hours are as follows:
complete and transmitted and recorded
within certain time periods as required
IC–1.1 Driver Notification of
by the Commercial Motor Vehicle Safety
Convictions/Disqualifications to
Act of 1986 (CMVSA), as amended.
Employer: 473,577 hours
PO 00000
Percent
Frm 00078
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DATES:
E:\FR\FM\30OCN1.SGM
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]]>Agencies
[Federal Register Volume 83, Number 210 (Tuesday, October 30, 2018)]
[Notices]
[Pages 54641-54643]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23621]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84477; File No. SR-Phlx-2018-62]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delete Current
Rules on Arbitration
October 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 October 9, 2018, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delete the current rules on arbitration
(``Current Arbitration Rules''), under Rule 950, and incorporate by
reference The Nasdaq Stock Market LLC's (``Nasdaq'') rules on
arbitration at General 6 (``Proposed Arbitration Rules''), into General
6 of the Exchange's rulebook's (``Rulebook'') shell structure.\3\
---------------------------------------------------------------------------
\3\ Recently, the Exchange added a shell structure to its
Rulebook with the purpose of improving efficiency and readability
and to align its rules closer to those of its five sister exchanges,
The Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC;
Nasdaq GEMX, LLC; and Nasdaq MRX, LLC (``Affiliated Exchanges'').
The shell structure currently contains eight (8) Chapters which,
once complete, will apply a common set of rules to the Affiliated
Exchanges. See Securities Exchange Act Release No. 82169 (November
29, 2017), 82 FR 57508 (December 5, 2017) (SR-PHLX-2017-97).
---------------------------------------------------------------------------
The text of the proposed rule change is available on the Exchange's
website at https://nasdaqphlx.cchwallstreet.com/, at the principal
office of the Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to delete the rules on arbitration, currently
under Rule 950, and incorporate by reference the Nasdaq rules on
arbitration at General 6 of Nasdaq's rulebook into General 6 of the
Exchange's Rulebook.
The Exchange adopted the Current Arbitration Rules to ensure a fair
and efficient manner in which to handle any dispute, claim or
controversy arising out of, or in connection with, the business of any
Member of the Exchange. To help administer the process of dispute
resolution, the Exchange and FINRA are parties to a Regulatory
Contract, pursuant to which FINRA has agreed to perform certain
functions and provide access to certain services, including: Member
regulation and registration; non-real time market surveillance;
examinations and investigations; and dispute resolution. FINRA
currently operates the largest securities dispute resolution forum in
the United States,\4\ and has given the Exchange access to these
services. Under the Current Arbitration Rules, Members and associated
persons of a Member are subject to the FINRA Code of Arbitration
Procedure.
---------------------------------------------------------------------------
\4\ https://www.finra.org/arbitration-and-mediation.
---------------------------------------------------------------------------
[[Page 54642]]
Because the Affiliated Exchanges are also parties to similar
Regulatory Contracts with FINRA that make their members and associated
persons of such members subject to the FINRA Code of Arbitration
Procedure, the Exchange believes it is pertinent that a common set of
rules on arbitration be included in the General section of the
Rulebook's shell. Nasdaq completed this process recently \5\ and,
pursuant to subsequent filings, the intention is to replace the
existing arbitration rules for each of the Affiliated Exchanges by
incorporating the Nasdaq rules on arbitration by reference.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 83834 (August 13,
2018), 83 FR 41115 (August 17, 2018) (SR-NASDAQ-2018-067).
---------------------------------------------------------------------------
Therefore, the Exchange will incorporate by reference the Proposed
Arbitration Rules in ``General 6 Arbitration'' of the shell's ``General
Equity and Options Rules'' section.
The relocation and harmonization of the arbitration rules is part
of the Exchange's continued effort to promote efficiency and conformity
of its processes with those of its Affiliated Exchanges.\6\ The
Exchange believes that the adoption and placement of the Proposed
Arbitration Rules to their new location in the shell will facilitate
the use of the Rulebook by Members of the Exchange who are members of
other Affiliated Exchanges. Moreover, the proposed changes are of a
conforming nature and will not amend the substance of the adopted rules
other than to update the language to that of the Proposed Arbitration
Rules, and to make conforming cross-reference changes.
---------------------------------------------------------------------------
\6\ See footnote 3.
---------------------------------------------------------------------------
PHLX will continue to file proposed rule changes to amend its
General 6 Rules until such time as it receives an exemption from the
Securities and Exchange Commission, pursuant to its authority under
Section 36 of the Exchange Act of 1934 (``Act'') and Rule 0-12 \7\
thereunder, from the Section 19(b) filing requirements to separately
file a proposed rule change to amend General 6.
---------------------------------------------------------------------------
\7\ See 17 CFR 240.0-12; Securities Exchange Act Release No.
39624 (February 5, 1998), 63 FR 8101 (February 18, 1998).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\8\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\9\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest,
by promoting efficiency and structural conformity of the Exchange's
processes with those of the Affiliated Exchanges and to make the
Exchange's Rulebook easier to read and more accessible to its Members.
The Exchange believes that the adoption and harmonization of the
arbitration rules and cross-reference updates are of a non-substantive
nature.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The proposed changes do not
impose a burden on competition because, as previously stated, they are
(i) of a non-substantive nature, (ii) intended to harmonize the
structure of the Exchange's rules with those of its Affiliated
Exchanges, and (iii) intended to organize the Rulebook in a way that it
will ease the Members' navigation and reading of the rules across the
Affiliated Exchanges.
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 \10\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
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\10\ 15 U.S.C. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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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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 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-Phlx-2018-62 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-Phlx-2018-62. 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 a.m. and 3
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-Phlx-
[[Page 54643]]
2018-62 and should be submitted on or before November 20, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23621 Filed 10-29-18; 8:45 am]
BILLING CODE 8011-01-P
