Self-Regulatory Organizations; Investors Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Modify the Resting Price of Discretionary Peg Orders, 2265 [2019-01176]
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Federal Register / Vol. 84, No. 25 / Wednesday, February 6, 2019 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Eduardo A. Aleman,
Deputy Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85016; File No. SR–IEX–
2018–23]
[FR Doc. 2019–01176 Filed 2–5–19; 8:45 am]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To Modify the Resting
Price of Discretionary Peg Orders
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
January 31, 2019.
On November 30, 2018, the Investors
Exchange LLC (‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to modify the resting price of
discretionary orders. The proposed rule
change was published for comment in
the Federal Register on December 19,
2018.3 The Commission has received
one comment on the proposal.4
Section 19(b)(2) of the Act 5 provides
that, within 45 days of publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it find such longer period to
be appropriate and publishes its reasons
for so finding, or as to which the selfregulatory organization consents, the
Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is February 2,
2019. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,6
designates March 19, 2019, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–IEX–2018–23).
[Release No. 34–85022; File No. SR–
NASDAQ–2018–080]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Amendment No. 3 and Order
Granting Accelerated Approval of a
Proposed Rule Change, as Modified by
Amendment Nos. 1, 2 and 3, To List
and Trade Shares of the
BrandywineGLOBAL—Global Total
Return ETF
January 31, 2019.
I. Introduction
On October 17, 2018, The Nasdaq
Stock Market LLC (‘‘Nasdaq’’ or the
‘‘Exchange’’) 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
list and trade shares (‘‘Shares’’) of the
BrandywineGLOBAL—Global Total
Return ETF (‘‘Fund’’), a series of Legg
Mason ETF Investment Trust (‘‘Trust’’),
under Nasdaq Rule 5735 (Managed
Fund Shares). The proposed rule change
was published for comment in the
Federal Register on November 5, 2018.3
On December 7, 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 disapprove the
proposed rule change.5 On December
13, 2018, the Exchange filed
Amendment No. 1 to the proposed rule
change, which replaced and superseded
the proposed rule change in its
7 17
CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84505
(Oct. 30, 2018), 83 FR 55416 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 84747,
83 FR 63915 (Dec. 12, 2018). The Commission
designated February 3, 2019, as the date by which
the Commission shall approve or disapprove, or
institute proceedings to determine whether to
disapprove, the proposed rule change.
1 15
amozie on DSK3GDR082PROD with NOTICES1
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 84820
(December 13, 2018), 83 FR 65186.
4 See letter from Joanna Mallers, Secretary, FIA
Principals Traders Group to Brent J. Fields,
Secretary, Office of the Secretary, Securities and
Exchange Commission, dated January 22, 2019.
5 15 U.S.C. 78s(b)(2).
6 Id.
2 17
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18:09 Feb 05, 2019
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entirety.6 On January 30, 2019, the
Exchange filed Amendment No. 2 to the
proposed rule change, which replaced
and superseded the proposed rule
change, as modified by Amendment No.
1, in its entirety,7 and Amendment No.
3 to the proposed rule change, which
replaced and superseded the proposed
rule change, as modified by Amendment
Nos. 1 and 2, in their entirety.8 The
Commission has received no comments
on the proposed rule change. The
Commission is publishing notice of the
filing of Amendment No. 3 to solicit
comment from interested persons and is
6 Amendment No. 1 is available at https://
www.sec.gov/comments/sr-nasdaq-2018-080/
srnasdaq2018080-4777425-176816.pdf.
7 Amendment No. 2 is available at https://
www.sec.gov/comments/sr-nasdaq-2018-080/
srnasdaq2018080-4858098-177308.pdf.
8 In Amendment No. 3, the Exchange: (1)
Provided that the Fund will not invest more than
5% of its total assets in warrants traded over-thecounter (‘‘OTC’’); (2) clarified that no more than
10% of the Fund’s total assets will be invested in
listed Equity-Related Warrants (as defined below) or
other exchange-listed securities or Exchange-Traded
Derivatives (as defined below) that are listed on an
exchange that is not a member of the Intermarket
Surveillance Group (‘‘ISG’’) or with which the
Exchange does not have a comprehensive
surveillance sharing agreement; (3) clarified that the
Fund’s investments in Equity-Related Warrants will
not comply with the generic listing requirements for
equity securities set forth in Nasdaq Rule 5735 but
will be subject to the limits described in (1) above
if traded OTC, or (2) above if listed on a non-ISG
member exchange or an exchange with which the
Exchange does not have a comprehensive
surveillance sharing agreement; (4) clarified that no
more than 25% of the total assets of the Fund will
be invested in Debt (as defined below) or fixed
income or equity securities of issuers in any one
industry (excluding securities of sovereign issuers);
(5) clarified that the Fund’s investments in
convertible fixed income securities and convertible
preferred securities will comply with the generic
listing standards for fixed income securities set
forth in Nasdaq Rule 5735 and will be limited to
20% of the Fund’s total assets; (6) clarified that the
Fund will generally dispose of convertible fixed
income securities and convertible preferred
securities prior to conversion; however, in the event
that such securities held by the Fund were to
convert, the equity or fixed income securities into
which such securities are converted would comply
with the applicable generic listing standards set
forth in Nasdaq Rule 5735; (7) clarified that for
purposes of the proposed rule change, the terms
‘‘fixed income weight of the portfolio’’ and ‘‘weight
of the fixed income portion of the portfolio’’
include all fixed income securities and Debt held
by the Fund, as well as derivatives held by the
Fund that provide exposure to fixed income
securities or Debt; (8) stated that price information
is generally not available for OTC warrants, and
these instruments will be subject to the Fund’s fair
valuation procedures unless the Fund is able to
secure price information from market data vendors
or broker-dealers; (9) provided additional
justification as to why the listing and trading of the
Shares is consistent with the Act even though
certain of the Fund’s proposed holdings would not
meet the generic listing standards for Managed
Fund Shares set forth in Nasdaq Rule 5735(b)(1);
and (10) made other clarifications, corrections, and
technical changes. Amendment No. 3 is available at
https://www.sec.gov/comments/sr-nasdaq-2018080/srnasdaq2018080-4860703-177326.pdf.
E:\FR\FM\06FEN1.SGM
06FEN1
]]>Agencies
[Federal Register Volume 84, Number 25 (Wednesday, February 6, 2019)]
[Notices]
[Page 2265]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-01176]
[[Page 2265]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85016; File No. SR-IEX-2018-23]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change To Modify the Resting Price of Discretionary Peg Orders
January 31, 2019.
On November 30, 2018, the Investors Exchange LLC (``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
modify the resting price of discretionary orders. The proposed rule
change was published for comment in the Federal Register on December
19, 2018.\3\ The Commission has received one comment on the
proposal.\4\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 84820 (December 13,
2018), 83 FR 65186.
\4\ See letter from Joanna Mallers, Secretary, FIA Principals
Traders Group to Brent J. Fields, Secretary, Office of the
Secretary, Securities and Exchange Commission, dated January 22,
2019.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \5\ provides that, within 45 days of
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it find such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is February 2, 2019. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider the proposed rule change. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\6\ designates
March 19, 2019, as the date by which the Commission shall either
approve or disapprove, or institute proceedings to determine whether to
disapprove, the proposed rule change (File No. SR-IEX-2018-23).
---------------------------------------------------------------------------
\6\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-01176 Filed 2-5-19; 8:45 am]
BILLING CODE 8011-01-P
