Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change To Adopt Complex Reserve Order Functionality, 1260 [2019-00590]

Download as PDF 1260 Federal Register / Vol. 84, No. 22 / Friday, February 1, 2019 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–84992; SR–CboeEDGX– 2018–049] Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change To Adopt Complex Reserve Order Functionality January 28, 2019. On November 8, 2018, Cboe EDGX Exchange, Inc. 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 adopt Complex Reserve Order functionality. The proposed rule change was published for comment in the Federal Register on November 27, 2018.3 On December 19, 2018, the Commission extended the time 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 to February 25, 2019.4 The Commission received no comment letters regarding the proposed rule change. On January 9, 2019, the Exchange withdrew the proposed rule change(SR– CboeEDGX–2018–049). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.5 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–00590 Filed 1–31–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–774, OMB Control No. 3235–0727] Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549–2736 Extension: Rules 400–404 of Regulation Crowdfunding (Intermediaries) 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 84642 (November 21, 2018), 83 FR 60911. 4 See Securities Exchange Act Release No. 84868, 83 FR 66800 (December 27, 2018). 5 17 CFR 200.30–3(a)(12). 2 17 VerDate Sep<11>2014 21:23 Jan 31, 2019 Jkt 247001 Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rules 300–304 of Regulation Crowdfunding.1 The collections of information required under Rules 400 through 404 is mandatory for all funding portals. Form Funding Portal helps ensure that the Commission can make information about funding portals transparent and easily accessible to the investing public, including issuers and obligated persons who engage funding portals; investors who may purchase securities through offerings on funding portals; and other regulators. Further, the information provided on Form Funding Portal expands the amount of publicly available information about funding portals, including disciplinary history. Consequently, the rules and forms allows issuers and the investing public, as well as others, to become more fully informed about funding portals in a more efficient manner. Rule 400 requires each person applying for registration with the Commission as a funding portal to file electronically with the Commission Form Funding Portal. Rule 400(a) requires a funding portal to become a member of a national securities association registered under Section 15A of the Exchange Act. Rule 400(b) requires a funding portal to file an amendment to Form Funding Portal if any information previously submitted on Form Funding Portal becomes inaccurate for any reason. Rule 400(c) provides that a funding portal can succeed to the business of a predecessor funding portal upon the successor filing a registration on Form Funding Portal and the predecessor filing a withdrawal on Form Funding Portal. Rule 400(d) requires a funding portal to promptly file a withdrawal of registration on Form Funding Portal upon ceasing to operate as a funding portal. Rule 400(e) states that duplicate originals of the applications and reports provided for in this section must be filed with surveillance personnel designated by any registered national securities association of which the funding portal is a member. Rule 400(f) requires a nonresident funding portal to: 1 See Regulation Crowdfunding, Exchange Act Release No. 76324 (Oct. 30, 2015), 80 FR 71387 (Nov. 16, 2015) (Final Rule) (‘‘Regulation Crowdfunding’’). PO 00000 Frm 00214 Fmt 4703 Sfmt 4703 (1) Obtain a written consent and power of attorney appointing an agent for service of process in the United States; (2) furnish the Commission with the name and address of its agent for services of process on Schedule C of Form Funding Portal; (3) certify that it can, as a matter of law, and will provide the Commission and any registered national securities association of which it becomes a member with prompt access to its books and records and can, as a matter of law, and will submit to onsite inspection and examination by the Commission and any registered national securities association of which it becomes a member; and (4) provide the Commission with an opinion of counsel and certify on Schedule C on Form Funding Portal that the firm can, as a matter of law, provide the Commission and registered national securities association of which it becomes a member with prompt access to its books and records and can, as a matter of law, submit to onsite inspection and examination by the Commission and any registered national securities association of which it becomes a member.2 Rule 403(a) requires a funding portal to implement written policies and procedures reasonably designed to achieve compliance with the federal securities laws and the rules and regulations thereunder relating to its business as a funding portal. Rule 403(b) provides that a funding portal must comply with privacy rules. Rule 404 requires all registered funding portals to maintain certain books and records relating to their funding portal activities, for not less than five years, the first two in an easily accessible place. Rule 404(e) requires funding portals to furnish promptly to the Commission, its representatives, and the registered national securities association of which the funding portal is a member true, correct, complete and current copies of such records of the funding portal that are requested by the representatives of the Commission and the registered national securities association. The Commission staff estimates that annualized industry burden would be 17,554.35 hours to comply with Rules 400–404. The Commission staff estimates that the costs associated with complying with Rules 400–404 are estimated to be approximately a total amount of $308,729. 2 Exchange Act Section 3(h)(1)(C) permits us to impose, as part of our authority to exempt funding portals from broker registration, ‘‘such other requirements under [the Exchange Act] as the Commission determines appropriate.’’ E:\FR\FM\01FEN1.SGM 01FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 84, Number 22 (Friday, February 1, 2019)]
[Notices]
[Page 1260]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-00590]



[[Page 1260]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84992; SR-CboeEDGX-2018-049]


Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice 
of Withdrawal of a Proposed Rule Change To Adopt Complex Reserve Order 
Functionality

 January 28, 2019.
    On November 8, 2018, Cboe EDGX Exchange, Inc. 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 adopt Complex 
Reserve Order functionality. The proposed rule change was published for 
comment in the Federal Register on November 27, 2018.\3\ On December 
19, 2018, the Commission extended the time 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 to February 25, 2019.\4\ The Commission 
received no comment letters regarding the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 84642 (November 21, 
2018), 83 FR 60911.
    \4\ See Securities Exchange Act Release No. 84868, 83 FR 66800 
(December 27, 2018).
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    On January 9, 2019, the Exchange withdrew the proposed rule change 
(SR-CboeEDGX-2018-049).
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    \5\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-00590 Filed 1-31-19; 8:45 am]
 BILLING CODE 8011-01-P

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