Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete ISE Section 22 of the Rulebook Entitled “Rate-Modified Foreign Currency Options Rules”, 55771-55773 [2018-24304]
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amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 216 / Wednesday, November 7, 2018 / Notices
already served two consecutive threeyear terms and therefore may possess
institutional knowledge and judgment
that is valuable to the Board and
difficult to replace.
The proposed rule change is not
inconsistent with the existing rules of
OCC, including any other rules
proposed to be amended.
(C) Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received from Members,
Participants or Others
(B) Clearing Agency’s Statement on
Burden on Competition
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Section 17A(b)(3)(I) of the Act 35
requires that the rules of a clearing
agency not impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. OCC does not
believe that the proposed rule change
would impact or impose any burden on
competition.
Clearing Members would not be
placed at a competitive disadvantage to
other Clearing Members as a result of
Member Directors becoming eligible to
serve for a third consecutive three-year
term. Member Directors would still be
required to be nominated by the GNC
and elected by OCC’s stockholders, and
in the case of any Member Director who
has served two consecutive terms the
GNC would remain free to determine
that such Member Director is not
appropriate as a nominee for a third
consecutive term, including in light of
fair representation considerations. In
this way, the proposed rule change
applies equally to all Clearing Members.
The proposed term limit increase is
intended to provide OCC with greater
flexibility to select Member Directors
who optimize Board performance while
keeping in place existing requirements
that promote fair representation among
Clearing Members on the Board, such as
the GNC’s administration of the fair
representation considerations in Article
III, Section 5 of the By-Laws, a review
by the GNC at least every three years of
the composition of the Board as a whole
for consistency with public interest and
regulatory requirements, and evaluation
of the potential nominees under the
Fitness Standards.36
For the foregoing reasons, OCC
believes that the proposed rule change
is in the public interest, would be
consistent with the requirements of the
Act applicable to clearing agencies, and
would not impact or impose a burden
on competition.
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 self- regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change, or
(B) institute proceedings to determine
whether the proposed rule change
should be disapproved.
35 15
U.S.C. 78q–1(b)(3)(I).
36 See supra notes 18–20 and accompanying text.
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Written comments on the proposed
rule change were not and are not
intended to be solicited with respect to
the proposed rule change and none have
been received.
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–
OCC–2018–013 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–OCC–2018–013. 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
PO 00000
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Fmt 4703
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55771
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 such
filing also will be available for
inspection and copying at the principal
office of OCC and on OCC’s website at
https://www.theocc.com/about/
publications/bylaws.jsp.
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–OCC–2018–013 and should
be submitted on or before November 28,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–24309 Filed 11–6–18; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84516; File No. SR–ISE–
2018–91]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delete ISE Section 22
of the Rulebook Entitled ‘‘RateModified Foreign Currency Options
Rules’’
November 1, 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
25, 2018, Nasdaq ISE, LLC (‘‘ISE’’ 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.
37 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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55772
Federal Register / Vol. 83, No. 216 / Wednesday, November 7, 2018 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delete ISE
Section 22 of the Rulebook entitled
‘‘Rate-Modified Foreign Currency
Options Rules.’’
The text of the proposed rule change
is available on the Exchange’s website at
https://ise.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
amozie on DSK3GDR082PROD with NOTICES1
1. Purpose
Today, the Exchange has a set of rules
within ISE Section 22, titled ‘‘RateModified Foreign Currency Options
Rules’’ which governs the listing and
trading of foreign currency options on
ISE. The Exchange proposes to delete
ISE Section 22.
Background
In 2007, ISE received approval for the
listing and trading of cash-settled ratemodified foreign currency options
(‘‘FCOs’’).3 The Exchange adopted rules
for the listing and trading of FCOs on
the following currencies: The euro, the
British pound, the Australian dollar, the
New Zealand dollar, the Japanese yen,
the Canadian dollar, the Swiss franc, the
Chinese renminbi, the Mexican peso,
the Swedish krona, the Russian ruble,
the South African rand, the Brazilian
real, the Israeli shekel, the Norwegian
krone, the Polish zloty, the Hungarian
forint, the Czech koruna and the Korean
won (collectively, the ‘‘Currencies’’).
The Exchange currently has rules which
permit it to list and trade FCOs that
include, among other things, the U.S.
Dollar on one side of the underlying
3 Securities Exchange Act Release No. 55575
(April 3, 2007), 72 FR 17963 (April 10, 2007) (SR–
ISE–2006–59).
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17:46 Nov 06, 2018
Jkt 247001
currency pair, as well as certain crossrate FCOs that include two of the
aforementioned Currencies in the
underlying currency pair.
Proposal
The Exchange notes that it has not
listed or traded any FCOs since January
2018.4 The Exchange does not desire to
list or trade FCOs on ISE at this time.
The Exchange proposes to eliminate the
rules within ISE Section 22 and reserve
this section. The Exchange would file
rules with the Commission to list and
trade FCOs if it determines to list and
trade foreign currency options at a later
date.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,5 in general, and furthers the
objectives of Section 6(b)(5) of the Act,6
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
eliminating rules within its Rulebook
which it no longer intends to utilize for
listing and trading FCOs.
The Exchange notes that it has not
listed or traded any FCOs since January
2018. The Exchange does not desire to
list or trade FCOs on ISE at this time.
The Exchange proposes to eliminate the
rules within ISE Section 22 and reserve
this section. The Exchange would file
rules with the Commission to list and
trade FCOs if it determines to list and
trade foreign currency options at a later
date.
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
Exchange does not believe that
eliminating the ISE Section 22 rules will
create an undue burden on intra-market
competition because no market
participant on ISE would be able to
trade FCOs. Further the Exchange notes
that the deletion of the ISE Section 22
rules will not create an undue burden
on inter-market competition because
other markets today such as Nasdaq
Phlx LLC lists FCOs.7
4 Specifically, the last expiration was for the
Canadian dollar option with a symbol of ‘‘CDD’’ on
January 19, 2018.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
7 See Phlx Rule 1009.
PO 00000
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Fmt 4703
Sfmt 4703
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 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9
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 rule-comments@
sec.gov. Please include File Number SR–
ISE–2018–91 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–ISE–2018–91. This file
8 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.
9 17
E:\FR\FM\07NON1.SGM
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Federal Register / Vol. 83, No. 216 / Wednesday, November 7, 2018 / Notices
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
submissions should refer to File
Number SR–ISE–2018–91 and should be
submitted on or before November 28,
2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Eduardo A. Aleman,
Assistant Secretary.
Dated: November 2, 2018.
Brent J. Fields,
Secretary.
[FR Doc. 2018–24405 Filed 11–5–18; 11:15 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84517; File No. SR–
NYSEArca-2018–54]
SECURITIES AND EXCHANGE
COMMISSION
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To Amend Commentary
.01 to NYSE Arca Rule 8.600–E
Relating to Certain Generic Listing
Standards for Managed Fund Shares
Sunshine Act Meetings
November 1, 2018.
Notice is hereby given,
pursuant to the provisions of the
Government in Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Investor
Advisory Committee will hold a
telephonic meeting on Wednesday,
November 7, 2018.
PLACE: The meeting will be open to the
public via telephone at 1–800–260–
0702, participant code 455778.
STATUS: This meeting will begin at 2:00
p.m. (ET) and conclude at 3:30 p.m. and
I. Introduction
[FR Doc. 2018–24304 Filed 11–6–18; 8:45 am]
BILLING CODE 8011–01–P
TIME AND DATE:
amozie on DSK3GDR082PROD with NOTICES1
will be open to the public via telephone.
The meeting will be webcast by audioonly on the Commission’s website at
www.sec.gov.
MATTERS TO BE CONSIDERED: On October
17, 2018, the Commission issued notice
of the Committee meeting (Release No.
33–10568), indicating that the meeting
is open to the public via telephone, and
inviting the public to submit written
comments to the Committee. This
Sunshine Act notice is being issued
because a quorum of the Commission
may attend the meeting. The duty
officer determined that no earlier notice
of this Meeting was practicable.
The agenda for the meeting includes:
Welcome remarks; a discussion of the
Commission’s Proposed Regulation Best
Interest and Proposed Form CRS
Relationship Summary (including a
recommendation of the Investor as
Purchaser subcommittee).
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Brent J. Fields from the Office of the
Secretary at (202) 551–5400.
On July 18, 2018, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 amend certain generic listing
standards for Managed Fund Shares.
The proposed rule change was
published for comment in the Federal
1 15
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:46 Nov 06, 2018
2 17
Jkt 247001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00086
Fmt 4703
55773
Register on August 7, 2018.3 On
September 19, 2018, pursuant to Section
19(b)(2) of the Act,4 the Commission
designated a longer period within which
to approve the proposed rule change,
disapprove the proposed rule change, or
institute proceedings to determine
whether to approve or disapprove the
proposed rule change.5 The Commission
has received no comment letters on the
proposed rule change. This order
institutes proceedings pursuant to
Section 19(b)(2)(B) of the Act 6 to
determine whether to approve or
disapprove the proposed rule change.
II. Description of the Proposed Rule
Change 7
Commentary .01 to NYSE Arca Rule
8.600–E sets forth the generic listing
standards for Managed Fund Shares.
The Exchange proposes to amend
Commentaries .01(a) and (b) to NYSE
Arca Rule 8.600–E as described below.
A. Proposed Amendments to
Commentary .01(a) to NYSE Arca Rule
8.600–E
Commentary .01(a) to NYSE Arca
Rule 8.600–E sets forth the generic
listing standards applicable to equity
securities 8 in the portfolio of a series of
Managed Fund Shares.
1. Proposed Amendments to
Commentary .01(a)(2) to NYSE Arca
Rule 8.600–E
Commentary .01(a)(2) to NYSE Arca
Rule 8.600–E sets forth the generic
listing standards applicable to Non-U.S.
Component Stocks 9 in the portfolio of
3 See Securities Exchange Act Release No. 83759
(August 1, 2018), 83 FR 38753 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 84195,
83 FR 48474 (September 25, 2018). The
Commission designated November 5, 2018 as the
date by which the Commission shall approve the
proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine
whether to approve or disapprove the proposed rule
change.
6 15 U.S.C. 78s(b)(2)(B).
7 For a full description of the proposed rule
change, see Notice, supra note 3.
8 Commentary .01(a) to NYSE Arca Rule 8.600–E
provides that equity securities include the
following: U.S. Component Stocks (as described in
NYSE Arca Rule 5.2–E(j)(3)); Non-U.S. Component
Stocks (as described in NYSE Arca Rule 5.2–E(j)(3));
Derivative Securities Products (i.e., Investment
Company Units and securities described in Section
2 of NYSE Arca Rule 8–E); and Index-Linked
Securities that qualify for Exchange listing and
trading under NYSE Arca Rule 5.2–E(j)(6).
9 NYSE Arca Rule 5.2–E(j)(3) defines Non-U.S.
Component Stock to mean an equity security that
is not registered under Sections 12(b) or 12(g) of the
Act and that is issued by an entity that (a) is not
organized, domiciled or incorporated in the United
States, and (b) is an operating company (including
Real Estate Investment Trusts and income trusts,
Continued
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]]>Agencies
[Federal Register Volume 83, Number 216 (Wednesday, November 7, 2018)]
[Notices]
[Pages 55771-55773]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-24304]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-84516; File No. SR-ISE-2018-91]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delete ISE
Section 22 of the Rulebook Entitled ``Rate-Modified Foreign Currency
Options Rules''
November 1, 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 25, 2018, Nasdaq ISE, LLC (``ISE'' 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.
---------------------------------------------------------------------------
[[Page 55772]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delete ISE Section 22 of the Rulebook
entitled ``Rate-Modified Foreign Currency Options Rules.''
The text of the proposed rule change is available on the Exchange's
website at https://ise.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
Today, the Exchange has a set of rules within ISE Section 22,
titled ``Rate-Modified Foreign Currency Options Rules'' which governs
the listing and trading of foreign currency options on ISE. The
Exchange proposes to delete ISE Section 22.
Background
In 2007, ISE received approval for the listing and trading of cash-
settled rate-modified foreign currency options (``FCOs'').\3\ The
Exchange adopted rules for the listing and trading of FCOs on the
following currencies: The euro, the British pound, the Australian
dollar, the New Zealand dollar, the Japanese yen, the Canadian dollar,
the Swiss franc, the Chinese renminbi, the Mexican peso, the Swedish
krona, the Russian ruble, the South African rand, the Brazilian real,
the Israeli shekel, the Norwegian krone, the Polish zloty, the
Hungarian forint, the Czech koruna and the Korean won (collectively,
the ``Currencies''). The Exchange currently has rules which permit it
to list and trade FCOs that include, among other things, the U.S.
Dollar on one side of the underlying currency pair, as well as certain
cross-rate FCOs that include two of the aforementioned Currencies in
the underlying currency pair.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 55575 (April 3, 2007),
72 FR 17963 (April 10, 2007) (SR-ISE-2006-59).
---------------------------------------------------------------------------
Proposal
The Exchange notes that it has not listed or traded any FCOs since
January 2018.\4\ The Exchange does not desire to list or trade FCOs on
ISE at this time. The Exchange proposes to eliminate the rules within
ISE Section 22 and reserve this section. The Exchange would file rules
with the Commission to list and trade FCOs if it determines to list and
trade foreign currency options at a later date.
---------------------------------------------------------------------------
\4\ Specifically, the last expiration was for the Canadian
dollar option with a symbol of ``CDD'' on January 19, 2018.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\5\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\6\ 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 eliminating rules within its Rulebook which it no longer intends to
utilize for listing and trading FCOs.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange notes that it has not listed or traded any FCOs since
January 2018. The Exchange does not desire to list or trade FCOs on ISE
at this time. The Exchange proposes to eliminate the rules within ISE
Section 22 and reserve this section. The Exchange would file rules with
the Commission to list and trade FCOs if it determines to list and
trade foreign currency options at a later date.
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 Exchange does not believe
that eliminating the ISE Section 22 rules will create an undue burden
on intra-market competition because no market participant on ISE would
be able to trade FCOs. Further the Exchange notes that the deletion of
the ISE Section 22 rules will not create an undue burden on inter-
market competition because other markets today such as Nasdaq Phlx LLC
lists FCOs.\7\
---------------------------------------------------------------------------
\7\ See Phlx Rule 1009.
---------------------------------------------------------------------------
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 \8\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 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.
---------------------------------------------------------------------------
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-ISE-2018-91 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-ISE-2018-91. This file
[[Page 55773]]
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 submissions
should refer to File Number SR-ISE-2018-91 and should be submitted on
or before November 28, 2018.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-24304 Filed 11-6-18; 8:45 am]
BILLING CODE 8011-01-P
