Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Derivative Securities Traded Under Unlisted Trading Privileges, 54801-54803 [2018-23731]
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Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices
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) 8 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 proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
amozie on DSK3GDR082PROD with NOTICES1
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEARCA–2018–76 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–NYSEARCA–2018–76. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
8 15
U.S.C. 78s(b)(2)(B).
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18:06 Oct 30, 2018
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comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSEARCA–2018–76 and
should be submitted on or before
November 21, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23733 Filed 10–30–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84488; File No. SR–
NASDAQ–2018–082]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to
Derivative Securities Traded Under
Unlisted Trading Privileges
October 25, 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
12, 2018, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Nasdaq Rule 5740 related to derivative
securities traded under unlisted trading
privileges (‘‘UTP’’) to remove the
requirement in Rule 5740(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 3 (‘‘Derivative
Security’’) traded under UTP and
renumber the remaining provisions of
Rule 5740(a) to maintain an organized
rule structure. The Exchange has
designated this rule change as ‘‘noncontroversial’’ under Section 19(b)(3)(A)
of the Act 4 and provided the
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(e)
4 15 U.S.C. 78s(b)(3)(A).
1 15
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Frm 00101
Fmt 4703
Commission with the notice required by
Rule 19b–4(f)(6) thereunder.5
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.
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 purpose of the proposed rule
change is to amend Rule 5740 related to
derivative securities traded under UTP
by removing the requirement in Rule
5740(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
5740(a) to maintain an organized rule
structure, as described below.
Rule 5740(a)(1) sets forth the
requirement for Nasdaq to file with the
Commission a Form 19b–4(e) with
respect to each Derivative Security that
is traded under UTP. However, Nasdaq
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 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.6 Therefore, Nasdaq proposes to
delete the requirement in current Rule
5740(a)(1) for Nasdaq to file a Form
19b–4(e) with the Commission with
respect to each Derivative Security it
begins trading on a UTP basis. In
addition, as a result of the deletion of
5 17
6 17
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CFR 240.19b–4(f)(6).
CFR 240.12f–2.
31OCN1
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Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices
current Rule 5740(a)(1) Nasdaq proposes
to renumber current Rules 5740(a)(2)–
(6), as Rules 5740(a)(1)–(5) respectively.
amozie on DSK3GDR082PROD with NOTICES1
2. Statutory Basis
Nasdaq believes that the proposed
rule change is consistent with the
provisions of Section 6(b) 7 of the Act in
general, and furthers the objectives of
Section 6(b)(5) of the Act 8 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.9 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’’ 10 and also found that the NYSE
National’s proposed rule change is
‘‘consistent with the requirements of
Section 6(b)(5) of the Act.’’ 11
With respect to the renumbering of
current Rules 5740(a)(2)–(6) as Rules
5740(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.
For these reasons, Nasdaq believes the
proposed rule change is consistent with
the requirements of Section 6(b)(5) of
the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Nasdaq 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
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 See Securities Exchange Act Release No. 83289
(May 17, 2018), 83 FR 23968 (May 23, 2018) (Order
Approving File No. SR–NYSENAT–2018–02).
10 See supra note 9 at page 23975 at footnote 149.
11 See supra note 9 at page 23975–6.
8 15
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18:06 Oct 30, 2018
Jkt 247001
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
Nasdaq. 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 5740(a)(2)–(6) as Rules
5740(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
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 12 and
subparagraph (f)(6) of Rule 19b–4
thereunder.13
The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission notes that the
Exchange’s proposal is similar to a
proposal the Commission has
previously approved.14 Accordingly, the
Commission believes that the proposal
raises no new or novel regulatory issues
and waiver of the 30-day operative
delay is consistent with the protection
of investors and the public interest. The
Commission therefore waives the 30-day
operative delay and designates the
proposed rule change to be operative
upon filing.15
12 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.
14 See supra note 9.
15 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).
13 17
PO 00000
Frm 00102
Fmt 4703
Sfmt 4703
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.
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–
NASDAQ–2018–082 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–NASDAQ–2018–082. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
E:\FR\FM\31OCN1.SGM
31OCN1
Federal Register / Vol. 83, No. 211 / Wednesday, October 31, 2018 / Notices
submissions should refer to File
Number SR–NASDAQ–2018–082 and
should be submitted on or before
November 21, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–23731 Filed 10–30–18; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Agency Information Collection
Activities: Requests for Comments;
Clearance of a Renewed Approval of
Information Collection: Certification:
Airmen Other Than Flight
Crewmembers, Subpart C, Aircraft
Dispatchers and App. A Aircraft
Dispatcher
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, FAA
invites public comments about our
intention to request the Office of
Management and Budget (OMB)
approval to renew an information
collection. The Federal Register Notice
with a 60-day comment period soliciting
comments on the following collection of
information was published on August
23, 2018. The collection involves the
information that each applicant for an
aircraft dispatcher certificate or FAA
approval of an aircraft dispatcher course
must submit to the FAA. These
applications, reports and training course
materials are provided to the local
Flight Standards District Office of the
FAA that oversees the certificate and
FAA approvals. The information to be
collected will be used to and/or is
necessary to determine qualification and
the ability of the applicant to safely
dispatch aircraft. Without this collection
of information, applicants for a
certificate or course approval would not
be able to receive certification or
approval. The collection of information
for those who choose to train aircraft
dispatcher applicants is to protect the
applicants by ensuring that they are
properly trained.
DATES: Written comments should be
submitted by November 30, 2018.
ADDRESSES: Interested persons are
invited to submit written comments on
amozie on DSK3GDR082PROD with NOTICES1
SUMMARY:
16 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:06 Oct 30, 2018
Jkt 247001
the proposed information collection to
the Office of Information and Regulatory
Affairs, Office of Management and
Budget. Comments should be addressed
to the attention of the Desk Officer,
Department of Transportation/FAA, and
sent via electronic mail to oira_
submission@omb.eop.gov, or faxed to
(202) 395–6974, or mailed to the Office
of Information and Regulatory Affairs,
Office of Management and Budget,
Docket Library, Room 10102, 725 17th
Street NW, Washington, DC 20503.
Public Comments Invited: You are
asked to comment on any aspect of this
information collection, including (a)
Whether the proposed collection of
information is necessary for FAA’s
performance; (b) the accuracy of the
estimated burden; (c) ways for FAA to
enhance the quality, utility and clarity
of the information collection; and (d)
ways that the burden could be
minimized without reducing the quality
of the collected information. The agency
will summarize and/or include your
comments in the request for OMB’s
clearance of this information collection.
FOR FURTHER INFORMATION CONTACT:
Barbara Hall at (940) 594–5913, or by
email at: Barbara.L.Hall@faa.gov.
SUPPLEMENTARY INFORMATION:
OMB Control Number: 2120–0648.
Title: Certification: Airmen Other
Than Flight Crewmembers, Subpart C,
Aircraft Dispatchers and App. A Aircraft
Dispatcher.
Form Numbers: There are no forms
associated with this collection.
Type of Review: Renewal of an
information collection.
Background: The Federal Register
Notice with a 60-day comment period
soliciting comments on the following
collection of information was published
on August 23, 2018 (83 FR 42758). This
collection involves the information that
each applicant for an aircraft dispatcher
certificate or FAA approval of an aircraft
dispatcher course must submit to the
FAA to comply with 14 CFR part 65,
subpart C and Appendix A. These
applications, reports and training course
materials are provided to the
responsible Flight Standards Office of
the FAA that oversees the certificates
and FAA approvals.
This collection involves the
knowledge testing that each applicant
for an aircraft dispatcher certificate
must successfully complete or
information required to obtain FAA
approval of an aircraft dispatcher course
in order to comply with 14 CFR part 65,
subpart C and Appendix A. These
applications, reports and training course
materials are provided to the
responsible Flight Standards Office of
PO 00000
Frm 00103
Fmt 4703
Sfmt 4703
54803
the FAA which oversees the certificates
and FAA approvals.
The collection is necessary for the
FAA to determine qualification and the
ability of the applicant to safely
dispatch aircraft. Without this collection
of information, applicants for a
certificate or course approval would not
be able to receive certification or
approval. The collection of information
for those who choose to train aircraft
dispatcher applicants is to protect the
applicants by ensuring that they are
properly trained.
Respondents: 1,288.
Frequency: On occasion.
Estimated Average Burden per
Response: 4.8 hours.
Estimated Total Annual Burden:
6,351.47 hours.
Issued in Washington, DC, on October 24,
2018.
Barbara Hall,
FAA Information Collection Clearance
Officer, Performance, Policy, and Records
Management Branch, ASP–110.
[FR Doc. 2018–23722 Filed 10–30–18; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Agency Information Collection
Activities: Requests for Comments;
Clearance of Renewed Approval of
Information Collection: Certification of
Airmen for the Operation of LightSport Aircraft
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice and request for
comments.
AGENCY:
In accordance with the
Paperwork Reduction Act of 1995, FAA
invites public comments about our
intention to request the Office of
Management and Budget (OMB)
approval to renew an information
collection. The Federal Register Notice
with a 60-day comment period soliciting
comments on the following collection of
information was published on August
27, 2018.
This collection involves the
submission of forms and other reporting
and recordkeeping activities. The
information to be collected is necessary
to ensure compliance with regulations
governing the manufacture and
certification of light-sport aircraft, the
training and certification of light-sport
pilots and instructors, and the
certification of light-sport aircraft
Designated Pilot Examiners.
DATES: Written comments should be
submitted by November 30, 2018.
SUMMARY:
E:\FR\FM\31OCN1.SGM
31OCN1
]]>Agencies
[Federal Register Volume 83, Number 211 (Wednesday, October 31, 2018)]
[Notices]
[Pages 54801-54803]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-23731]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84488; File No. SR-NASDAQ-2018-082]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Derivative Securities Traded Under Unlisted Trading
Privileges
October 25, 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 12, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\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 amend Nasdaq Rule 5740 related to
derivative securities traded under unlisted trading privileges
(``UTP'') to remove the requirement in Rule 5740(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 \3\
(``Derivative Security'') traded under UTP and renumber the remaining
provisions of Rule 5740(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 \4\ and provided the Commission with the
notice required by Rule 19b-4(f)(6) thereunder.\5\
---------------------------------------------------------------------------
\3\ 17 CFR 240.19b-4(e)
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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.
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 purpose of the proposed rule change is to amend Rule 5740
related to derivative securities traded under UTP by removing the
requirement in Rule 5740(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 5740(a) to maintain an
organized rule structure, as described below.
Rule 5740(a)(1) sets forth the requirement for Nasdaq to file with
the Commission a Form 19b-4(e) with respect to each Derivative Security
that is traded under UTP. However, Nasdaq 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 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.\6\
Therefore, Nasdaq proposes to delete the requirement in current Rule
5740(a)(1) for Nasdaq to file a Form 19b-4(e) with the Commission with
respect to each Derivative Security it begins trading on a UTP basis.
In addition, as a result of the deletion of
[[Page 54802]]
current Rule 5740(a)(1) Nasdaq proposes to renumber current Rules
5740(a)(2)-(6), as Rules 5740(a)(1)-(5) respectively.
---------------------------------------------------------------------------
\6\ 17 CFR 240.12f-2.
---------------------------------------------------------------------------
2. Statutory Basis
Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6(b) \7\ of the Act in general, and furthers
the objectives of Section 6(b)(5) of the Act \8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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.\9\ 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'' \10\ and also found
that the NYSE National's proposed rule change is ``consistent with the
requirements of Section 6(b)(5) of the Act.'' \11\
---------------------------------------------------------------------------
\9\ See Securities Exchange Act Release No. 83289 (May 17,
2018), 83 FR 23968 (May 23, 2018) (Order Approving File No. SR-
NYSENAT-2018-02).
\10\ See supra note 9 at page 23975 at footnote 149.
\11\ See supra note 9 at page 23975-6.
---------------------------------------------------------------------------
With respect to the renumbering of current Rules 5740(a)(2)-(6) as
Rules 5740(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.
For these reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
Nasdaq 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 Nasdaq. 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 5740(a)(2)-
(6) as Rules 5740(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
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 \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 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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The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Commission notes that the Exchange's proposal is similar to
a proposal the Commission has previously approved.\14\ Accordingly, the
Commission believes that the proposal raises no new or novel regulatory
issues and waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest. The Commission
therefore waives the 30-day operative delay and designates the proposed
rule change to be operative upon filing.\15\
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\14\ See supra note 9.
\15\ 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.
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-NASDAQ-2018-082 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-NASDAQ-2018-082. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All
[[Page 54803]]
submissions should refer to File Number SR-NASDAQ-2018-082 and should
be submitted on or before November 21, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-23731 Filed 10-30-18; 8:45 am]
BILLING CODE 8011-01-P
