Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete the Exchange's Current Registration, Qualification and Continuing Education Rules, 18892-18894 [2019-08913]
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18892
Federal Register / Vol. 84, No. 85 / Thursday, May 2, 2019 / Notices
compliance and processes and
enhancing the quality of the regulatory
processes. The Exchange believes the
proposed rule changes reduce the
burdens within the disciplinary process
equally on all market participants.
reducing the burden that once a hearing
is scheduled the parties may no longer
present offers of settlement to the CRO.
The Exchange believes that the
proposed change providing that a
Hearing Panel be comprised of three or
five BCC members protects investors
and ensures procedural fairness because
it will safeguard against interlocutory
decisions and also allow for more (five)
Hearing Panel members when necessary
to hear complex matters. The Exchange
also believes that the proposed changes
to the service of notice provision that
adds three days when calculating the
time for response to the extent service
is made by registered or certified mail
protects investors and provides
adequate procedural protections by
ensuring that a Respondent is not
penalized in responding to notices,
charges or other documentation while
such documentation is in transit.
Additionally, the Exchange updates
language throughout Chapter 17 and
makes other clarifying changes. For
example, incorporating that the CRO
direct Staff to prepare and issue
statements of charges or decisions not to
initiate charges [sic]; a practice
currently in place between the Staff and
the BCC. Also, for example,
incorporating that a decision containing
sanctions shall include a statement of
the sanctions imposed and the reasons
therefor will enable better
understanding for all parties of
sanctions and why such sanctions are
imposed. Such updates and
clarifications will serve to reduce
confusion and provide a better
understanding to TPHs, associated
persons, and the Exchange staff of the
regulatory processes.
Finally, the Exchange believes that its
proposed transition plan would allow
for a more orderly and less burdensome
transition for the Exchange’s TPHs. The
proposed application of current rules to
all matters where a subject has received
notice of a statement of charges
pursuant to Rule 17.2(d) prior to the
operative date provides a clear
demarcation between matters that
would proceed under the new rules and
those that would be completed under
the current rules.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
A. Significantly affect the protection
of investors or the public interest;
B. impose any significant burden on
competition; and
C. 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) of the
Act 111 and Rule 19b–4(f)(6) 112
thereunder. 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 will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule changes will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
The proposed rule changes are not
intended to address competitive issues,
but rather, are concerned with
facilitating less burdensome regulatory
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
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C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
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–
CBOE–2019–025 on the subject line.
111 15
112 17
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
Frm 00130
Fmt 4703
Sfmt 4703
All submissions should refer to File
Number SR–CBOE–2019–025. 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 such
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–CBOE–2019–025, and
should be submitted on or before May
23, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.113
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019–08912 Filed 5–1–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–85728; File No. SR–ISE–
2019–12]
Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Delete the Exchange’s
Current Registration, Qualification and
Continuing Education Rules
April 26, 2019.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
113 17
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CFR 200.30–3(a)(12).
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Federal Register / Vol. 84, No. 85 / Thursday, May 2, 2019 / Notices
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 18,
2019, 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to delete the
Exchange’s current Registration,
Qualification and Continuing Education
rules (‘‘Exchange Registration Rules’’
and, generally, ‘‘Registration Rules’’)
under the 1200 Series (Rules 1210
through 1250), and incorporate by
reference The Nasdaq Stock Market
LLC’s (‘‘Nasdaq’’) rules at General 4
(‘‘Nasdaq Registration Rules’’), into
General 4 of the Exchange’s rulebook’s
(‘‘Rulebook’’) shell structure.3
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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 In 2017, 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
PHLX LLC; Nasdaq GEMX, LLC; and Nasdaq MRX,
LLC (‘‘Affiliated Exchanges’’). The shell structure
currently contains eight (8) General sections which,
once complete, will apply a common set of rules to
the Affiliated Exchanges. See Securities Exchange
Act Release No. 82173 (November 29, 2017), 82 FR
57505 (December 5, 2017) (SR–ISE–2017–102).
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange recently amended,
reorganized, and enhanced certain of its
membership, registration, and
qualification requirement rules partly in
response to rule changes by the
Financial Industry Regulatory Authority
(‘‘FINRA’’), and also in order to conform
the Exchange’s rules more closely to
those of its Affiliated Exchanges in the
interest of uniformity and to facilitate
compliance with membership,
registration and qualification regulatory
requirements by members of multiple
Affiliated Exchanges including the
Exchange.4 To that end, the Exchange
adopted a new 1200 Series of rules,
captioned ‘‘Registration, Qualification
and Continuing Education,’’ generally
conforming the Exchange Registration
Rules to FINRA’s new 1200 Series,
except for a number of Exchangespecific variations.5
The Exchange now proposes to delete
the Exchange Registration Rules,
currently under the 1200 Series (Rules
1210 through 1250), and incorporate by
reference the Nasdaq Registration Rules
at General 4 of Nasdaq’s rulebook into
General 4 of the Exchange’s Rulebook.
Relatedly, the Exchange will make
necessary cross-reference updates
throughout the Rulebook. Specifically,
the Exchange will amend the crossreference in Exchange Rule 100.
The incorporation by reference of
Nasdaq Registration Rules at General 4
into the Exchange’s General 4 title and
any necessary cross-reference updates
are regulatory in nature.6 The Exchange
notes that as a condition of an
exemption, which the Exchange will
request and will need to be approved by
the Commission pursuant to Section 36
of the Act,7 the Exchange agrees to
provide written notice to its members
whenever Nasdaq proposes a change to
4 See Securities Exchange Act Release No. 84384
(October 9, 2018), 83 FR 52006 (October 15, 2018)
(SR–ISE–2018–82).
5 Id.
6 The General 4 rules are categories of rules that
are not trading rules. See 17 CFR 200.30–3(a)(76)
(contemplating such requests). In addition, several
other Self-Regulatory Organizations (‘‘SROs’’)
incorporate by reference certain regulatory rules of
other SROs and have received from the Commission
similar exemptions from Section 19(b) of the
Exchange Act. See e.g., Securities Exchange Act
Release Nos. 57478 (March 12, 2008), 73 FR 14521
(March 18, 2008), 53128 (January 13, 2006), 71 FR
3550 (January 23, 2006); 49260 (February 17, 2004),
69 FR 8500 (February 24, 2004).
7 15 U.S.C. 78mm.
PO 00000
Frm 00131
Fmt 4703
Sfmt 4703
18893
its General 4 title.8 Such notice will
alert Exchange members to the proposed
Nasdaq rule change and give them an
opportunity to comment on the
proposal. The Exchange will similarly
inform its members in writing when the
SEC approves any such proposed
change.
Implementation
The Exchange proposes that this rule
change becomes operative at such time
as it receives approval for an exemption
from the Securities and Exchange
Commission, pursuant to its authority
under Section 36 of the Act and Rule 0–
12 9 thereunder, from the Section 19(b)
rule filing requirements to separately
file a proposed rule change to amend
the Exchange’s General 4 title.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,10 in general, and furthers the
objectives of Section 6(b)(5) of the Act,11
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
consolidating its rules into a single rule
set. The Exchange intends to also file
similar proposed rule changes for the
Nasdaq BX, Inc.; Nasdaq PHLX LLC;
Nasdaq GEMX, LLC; and Nasdaq MRX,
LLC markets so that the General 4 rules
which govern Registration Rules are
conformed.
Incorporating by reference the Nasdaq
Registration Rules at General 4 into the
Exchange’s General 4 title will provide
an easy reference for Exchange members
seeking to comply with registration and
qualification requirements on multiple
markets. As noted, the Exchange intends
to file similar proposed rule changes for
other Affiliated Exchanges so that
Nasdaq General 4 is the source
document for all Registration Rules. The
Exchange notes that the current rule is
not changing and that Exchange
members will be required to continue to
comply with the Nasdaq Registration
Rules as though such rules are fully set
forth in Exchange’s Rulebook. The
8 The Exchange will provide such notice via a
posting on the same website location where the
Exchange posts its own rule filings pursuant to Rule
19b–4 within the timeframe required by such rule.
The website posting will include a link to the
location on the Nasdaq website where the
applicable proposed rule change is posted.
9 See 17 CFR 240.0–12; Exchange Act Release No.
39624 (February 5, 1998), 63 FR 8101 (February 18,
1998).
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
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Federal Register / Vol. 84, No. 85 / Thursday, May 2, 2019 / Notices
Exchange desires to conform its rules
and locate those rules within the same
location in each Rulebook to provide
Exchange members the ability to quickly
locate rules.
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 believes that this rule change
does not impose an undue burden on
competition because the Exchange is
merely incorporating by reference the
Nasdaq Registration Rules at General 4
into its own Rulebook. The Exchange
Registration Rules are not being
amended and therefore no member is
impacted.
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
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
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.
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to determine whether the proposed rule
should be approved or disapproved.
Number SR–ISE–2019–12 and should be
submitted on or before May 23, 2019.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Jill M. Peterson,
Assistant Secretary.
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 rulecomments@sec.gov. Please include File
Number SR–ISE–2019–12 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–2019–12. 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
submissions should refer to File
PO 00000
Frm 00132
Fmt 4703
Sfmt 4703
[FR Doc. 2019–08913 Filed 5–1–19; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Small Business
Capital Formation Advisory Committee
on Small and Emerging Companies will
hold a public meeting on Monday May
6, 2019 at 1:00 p.m.
PLACE: The meeting will be held in
Multi-Purpose Room LL–006 at the
Commission’s headquarters, 100 F
Street NE, Washington, DC.
STATUS: The meeting will begin at 1:00
p.m. and will be open to the public.
Seating will be on a first-come, firstserved basis. Doors will open at 12:30
p.m. Visitors will be subject to security
checks. The meeting will be webcast on
the Commission’s website at
www.sec.gov.
MATTERS TO BE CONSIDERED: On April 25,
2019, the Commission published notice
of the Committee meeting (Release No.
33–10634), indicating that the meeting
is open to the public and inviting the
public to submit written comments to
the Committee. This Sunshine Act
notice is being issued because a majority
of the Commission may attend the
meeting.
The agenda for the meeting includes
matters relating to rules and regulations
affecting small and emerging companies
under the federal securities laws.
CONTACT PERSON FOR MORE INFORMATION:
For further information, please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
TIME AND DATE:
Dated: April 29, 2019.
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019–09040 Filed 4–30–19; 11:15 am]
BILLING CODE 8011–01–P
14 17
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]]>Agencies
[Federal Register Volume 84, Number 85 (Thursday, May 2, 2019)]
[Notices]
[Pages 18892-18894]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-08913]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85728; File No. SR-ISE-2019-12]
Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Delete the
Exchange's Current Registration, Qualification and Continuing Education
Rules
April 26, 2019.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 18893]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 18, 2019, 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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to delete the Exchange's current
Registration, Qualification and Continuing Education rules (``Exchange
Registration Rules'' and, generally, ``Registration Rules'') under the
1200 Series (Rules 1210 through 1250), and incorporate by reference The
Nasdaq Stock Market LLC's (``Nasdaq'') rules at General 4 (``Nasdaq
Registration Rules''), into General 4 of the Exchange's rulebook's
(``Rulebook'') shell structure.\3\
---------------------------------------------------------------------------
\3\ In 2017, 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 PHLX LLC;
Nasdaq GEMX, LLC; and Nasdaq MRX, LLC (``Affiliated Exchanges'').
The shell structure currently contains eight (8) General sections
which, once complete, will apply a common set of rules to the
Affiliated Exchanges. See Securities Exchange Act Release No. 82173
(November 29, 2017), 82 FR 57505 (December 5, 2017) (SR-ISE-2017-
102).
---------------------------------------------------------------------------
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
The Exchange recently amended, reorganized, and enhanced certain of
its membership, registration, and qualification requirement rules
partly in response to rule changes by the Financial Industry Regulatory
Authority (``FINRA''), and also in order to conform the Exchange's
rules more closely to those of its Affiliated Exchanges in the interest
of uniformity and to facilitate compliance with membership,
registration and qualification regulatory requirements by members of
multiple Affiliated Exchanges including the Exchange.\4\ To that end,
the Exchange adopted a new 1200 Series of rules, captioned
``Registration, Qualification and Continuing Education,'' generally
conforming the Exchange Registration Rules to FINRA's new 1200 Series,
except for a number of Exchange-specific variations.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 84384 (October 9,
2018), 83 FR 52006 (October 15, 2018) (SR-ISE-2018-82).
\5\ Id.
---------------------------------------------------------------------------
The Exchange now proposes to delete the Exchange Registration
Rules, currently under the 1200 Series (Rules 1210 through 1250), and
incorporate by reference the Nasdaq Registration Rules at General 4 of
Nasdaq's rulebook into General 4 of the Exchange's Rulebook. Relatedly,
the Exchange will make necessary cross-reference updates throughout the
Rulebook. Specifically, the Exchange will amend the cross-reference in
Exchange Rule 100.
The incorporation by reference of Nasdaq Registration Rules at
General 4 into the Exchange's General 4 title and any necessary cross-
reference updates are regulatory in nature.\6\ The Exchange notes that
as a condition of an exemption, which the Exchange will request and
will need to be approved by the Commission pursuant to Section 36 of
the Act,\7\ the Exchange agrees to provide written notice to its
members whenever Nasdaq proposes a change to its General 4 title.\8\
Such notice will alert Exchange members to the proposed Nasdaq rule
change and give them an opportunity to comment on the proposal. The
Exchange will similarly inform its members in writing when the SEC
approves any such proposed change.
---------------------------------------------------------------------------
\6\ The General 4 rules are categories of rules that are not
trading rules. See 17 CFR 200.30-3(a)(76) (contemplating such
requests). In addition, several other Self-Regulatory Organizations
(``SROs'') incorporate by reference certain regulatory rules of
other SROs and have received from the Commission similar exemptions
from Section 19(b) of the Exchange Act. See e.g., Securities
Exchange Act Release Nos. 57478 (March 12, 2008), 73 FR 14521 (March
18, 2008), 53128 (January 13, 2006), 71 FR 3550 (January 23, 2006);
49260 (February 17, 2004), 69 FR 8500 (February 24, 2004).
\7\ 15 U.S.C. 78mm.
\8\ The Exchange will provide such notice via a posting on the
same website location where the Exchange posts its own rule filings
pursuant to Rule 19b-4 within the timeframe required by such rule.
The website posting will include a link to the location on the
Nasdaq website where the applicable proposed rule change is posted.
---------------------------------------------------------------------------
Implementation
The Exchange proposes that this rule change becomes operative at
such time as it receives approval for an exemption from the Securities
and Exchange Commission, pursuant to its authority under Section 36 of
the Act and Rule 0-12 \9\ thereunder, from the Section 19(b) rule
filing requirements to separately file a proposed rule change to amend
the Exchange's General 4 title.
---------------------------------------------------------------------------
\9\ See 17 CFR 240.0-12; 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,\10\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\11\ 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 consolidating its rules into a single rule set. The
Exchange intends to also file similar proposed rule changes for the
Nasdaq BX, Inc.; Nasdaq PHLX LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC
markets so that the General 4 rules which govern Registration Rules are
conformed.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Incorporating by reference the Nasdaq Registration Rules at General
4 into the Exchange's General 4 title will provide an easy reference
for Exchange members seeking to comply with registration and
qualification requirements on multiple markets. As noted, the Exchange
intends to file similar proposed rule changes for other Affiliated
Exchanges so that Nasdaq General 4 is the source document for all
Registration Rules. The Exchange notes that the current rule is not
changing and that Exchange members will be required to continue to
comply with the Nasdaq Registration Rules as though such rules are
fully set forth in Exchange's Rulebook. The
[[Page 18894]]
Exchange desires to conform its rules and locate those rules within the
same location in each Rulebook to provide Exchange members the ability
to quickly locate rules.
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 believes that this
rule change does not impose an undue burden on competition because the
Exchange is merely incorporating by reference the Nasdaq Registration
Rules at General 4 into its own Rulebook. The Exchange Registration
Rules are not being amended and therefore no member is impacted.
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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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-2019-12 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-2019-12. 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 submissions
should refer to File Number SR-ISE-2019-12 and should be submitted on
or before May 23, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-08913 Filed 5-1-19; 8:45 am]
BILLING CODE 8011-01-P
