Initial Form ATS-N Filing; Notice of Extension of Commission Review Period, 26488-26489 [2019-11822]

Download as PDF 26488 Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices become effective pursuant to Section 19(b)(3)(A) of the Act 12 and Rule 19b– 4(f)(6) 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 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019–11798 Filed 6–5–19; 8:45 am] Electronic Comments BILLING CODE 8011–01–P • 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– FINRA–2019–016 on the subject line. SECURITIES AND EXCHANGE COMMISSION Paper Comments Initial Form ATS–N Filing; Notice of Extension of Commission Review Period • 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–FINRA–2019–016. 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 khammond on DSKBBV9HB2PROD with NOTICES 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 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of FINRA. 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–FINRA– 2019–016and should be submitted on or before June 27, 2019. 12 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, as required under Rule 19b–4(f)(6)(iii), FINRA provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of the filing of the proposed rule change, or such shorter time as designated by the Commission. 13 17 VerDate Sep<11>2014 16:11 Jun 05, 2019 Jkt 247001 [Release No. 34–85991; File No. 013–00109] May 31, 2019. On February 8, 2019, JPB–X filed an initial Form ATS–N (‘‘Form ATS–N’’) with the Securities and Exchange Commission (‘‘Commission’’). Pursuant to Rule 304 under the Securities and Exchange Act of 1934 (‘‘Act’’), the Commission may, after notice and an opportunity for hearing, declare an initial Form ATS–N ineffective no later than 120 days from the date of filing with the Commission, or, if applicable, the extended review period. June 8, 2019 is 120 calendar days from the date of filing. Pursuant to Rule 304(a)(1)(iv)(B), the Commission may extend the initial Form ATS–N review period for up to an additional 120 calendar days if the initial Form ATS– N is unusually lengthy or raises novel or complex issues that require additional time for review. JPB–X was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 JPB–X filed an initial Form 14 17 CFR 200.30–3(a)(12). NMS Stock ATS (as defined in Rule 300(k) of Regulation ATS) that was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019 is a ‘‘Legacy NMS Stock ATS.’’ 17 CFR 242.301(b)(2)(viii). 1 An PO 00000 Frm 00092 Fmt 4703 Sfmt 4703 ATS–N on February 8, 2019. During the initial 120 calendar day review period, the Commission staff has been reviewing the disclosures on JPB–X’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with JPB–X about its disclosures and manner of operations, as well as the requirements of Form ATS–N, to facilitate complete and comprehensible disclosures that reflect the complexities of those operations. Form ATS–N requires NMS Stock ATSs to file with the Commission, and disclose to the public for the first time, certain information, including descriptions by the NMS Stock ATSs of their fees, the trading activities by their broker-dealer operators and their affiliates in the NMS Stock ATSs, their use of market data, their written standards for granting access to trading on the NMS Stock ATSs, and their written safeguards and procedures for protecting their subscribers’ confidential trading information required by revised Rule 301(b)(10) of Regulation ATS. The initial Form ATS–N disclosures and discussions with Commission staff have revealed complexities about the operations of Legacy NMS Stock ATSs including, among other things, matching functionalities, means of order entry, order interaction and execution procedures, conditional order processes, segmentation of orders, and counterparty selection protocols. The Commission staff needs additional time to review novel and complex issues such as these, which Commission staff has discussed with JPB–X. Extending the initial Form ATS–N Commission review period for an additional 120 calendar days will provide Commission staff an opportunity to continue its review of the initial Form ATS–N disclosures and discussions with JPB–X. In the conversations between JPB–X and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and JPB–X have discussed a potential amendment to update JPB–X’s disclosures regarding the complexities of its operations. Extending the review period will enable the NMS Stock ATS to amend its disclosures, if appropriate, and allow Commission staff to conduct a thorough review of amendments to the initial disclosures provided on the initial Form ATS–N. For the reasons given above, the Commission is extending the review period of the initial Form ATS–N submitted by JPB–X. Accordingly, pursuant to Rule 304(a)(1)(iv)(B), October 6, 2019 is the date by which the Commission may declare the initial E:\FR\FM\06JNN1.SGM 06JNN1 Federal Register / Vol. 84, No. 109 / Thursday, June 6, 2019 / Notices Form ATS–N submitted by JPB–X ineffective. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2019–11822 Filed 6–5–19; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–85979; File No. 013–00141] Initial Form ATS–N Filing; Notice of Extension of Commission Review Period khammond on DSKBBV9HB2PROD with NOTICES May 31, 2019. On February 13, 2019, XE filed an initial Form ATS–N (‘‘Form ATS–N’’) with the Securities and Exchange Commission (‘‘Commission’’). Pursuant to Rule 304 under the Securities and Exchange Act of 1934 (‘‘Act’’), the Commission may, after notice and an opportunity for hearing, declare an initial Form ATS–N ineffective no later than 120 days from the date of filing with the Commission, or, if applicable, the extended review period. June 13, 2019 is 120 calendar days from the date of filing. Pursuant to Rule 304(a)(1)(iv)(B), the Commission may extend the initial Form ATS–N review period for up to an additional 120 calendar days if the initial Form ATS– N is unusually lengthy or raises novel or complex issues that require additional time for review. XE was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019.1 XE filed an initial Form ATS– N on February 13, 2019. During the initial 120 calendar day review period, the Commission staff has been reviewing the disclosures on XE’s initial Form ATS–N. In addition, the staff has been engaged in ongoing discussions with XE about its disclosures and manner of operations, as well as the requirements of Form ATS–N, to facilitate complete and comprehensible disclosures that reflect the complexities of those operations. Form ATS–N requires NMS Stock ATSs to file with the Commission, and disclose to the public for the first time, certain information, including descriptions by the NMS Stock ATSs of their fees, the trading activities by their broker-dealer operators and their affiliates in the NMS Stock ATSs, their 1 An NMS Stock ATS (as defined in Rule 300(k) of Regulation ATS) that was operating pursuant to an initial operation report on Form ATS on file with the Commission as of January 7, 2019 is a ‘‘Legacy NMS Stock ATS.’’ 17 CFR 242.301(b)(2)(viii). VerDate Sep<11>2014 16:11 Jun 05, 2019 Jkt 247001 use of market data, their written standards for granting access to trading on the NMS Stock ATSs, and their written safeguards and procedures for protecting their subscribers’ confidential trading information required by revised Rule 301(b)(10) of Regulation ATS. The initial Form ATS–N disclosures and discussions with Commission staff have revealed complexities about the operations of Legacy NMS Stock ATSs including, among other things, matching functionalities, means of order entry, order interaction and execution procedures, conditional order processes, segmentation of orders, and counterparty selection protocols. The Commission staff needs additional time to review novel and complex issues such as these, which Commission staff has discussed with XE. Extending the initial Form ATS–N Commission review period for an additional 120 calendar days will provide Commission staff an opportunity to continue its review of the initial Form ATS–N disclosures and discussions with XE. In the conversations between XE and Commission staff about the initial Form ATS–N disclosures and the ATS operations, Commission staff and XE have discussed a potential amendment to update XE’s disclosures regarding the complexities of its operations. Extending the review period will enable the NMS Stock ATS to amend its disclosures, if appropriate, and allow Commission staff to conduct a thorough review of amendments to the initial disclosures provided on the initial Form ATS–N. For the reasons given above, the Commission is extending the review period of the initial Form ATS–N submitted by XE. Accordingly, pursuant to Rule 304(a)(1)(iv)(B), October 11, 2019 is the date by which the Commission may declare the initial Form ATS–N submitted by XE ineffective. By the Commission. Eduardo A. Aleman, Deputy Secretary. BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 33497; 812–14915] Cresset Private Markets Opportunity Fund and Cresset SPG, LLC May 31, 2019. Securities and Exchange Commission (‘‘Commission’’). AGENCY: Frm 00093 Fmt 4703 Notice. Notice of an application under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from sections 18(a)(2), 18(c) and 18(i) of the Act, and for an order pursuant to section 17(d) of the Act and rule 17d–1 under the Act. Applicants request an order to permit certain registered closed-end management investment companies to issue multiple classes of shares of beneficial interest with varying sales loads and to impose asset-based distribution and/or service fees. SUMMARY OF APPLICATION: Cresset Private Markets Opportunity Fund (the ‘‘Initial Fund’’) and Cresset SPG, LLC (the ‘‘Adviser’’). APPLICANTS: The application was filed on June 6, 2018, and amended on February 1, 2019. FILING DATES: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on June 25, 2019, and should be accompanied by proof of service on the applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to rule 0–5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. HEARING OR NOTIFICATION OF HEARING: Secretary, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090; Applicants, 444 W Lake Street, Suite 4700, Chicago, IL 60606. ADDRESSES: FOR FURTHER INFORMATION CONTACT: [FR Doc. 2019–11837 Filed 6–5–19; 8:45 am] PO 00000 ACTION: 26489 Sfmt 4703 Christine Y. Greenlees, Senior Counsel, at (202) 551–6871, or Andrea Ottomanelli Magovern, Branch Chief, at (202) 551–6821 (Division of Investment Management, Chief Counsel’s Office). The following is a summary of the application. The complete application may be obtained via the Commission’s website by searching for the file number, or for an applicant using the Company name box, at https:// www.sec.gov/search/search.htm or by calling (202) 551–8090. SUPPLEMENTARY INFORMATION: E:\FR\FM\06JNN1.SGM 06JNN1

Agencies

[Federal Register Volume 84, Number 109 (Thursday, June 6, 2019)]
[Notices]
[Pages 26488-26489]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-11822]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85991; File No. 013-00109]


Initial Form ATS-N Filing; Notice of Extension of Commission 
Review Period

May 31, 2019.
    On February 8, 2019, JPB-X filed an initial Form ATS-N (``Form ATS-
N'') with the Securities and Exchange Commission (``Commission''). 
Pursuant to Rule 304 under the Securities and Exchange Act of 1934 
(``Act''), the Commission may, after notice and an opportunity for 
hearing, declare an initial Form ATS-N ineffective no later than 120 
days from the date of filing with the Commission, or, if applicable, 
the extended review period. June 8, 2019 is 120 calendar days from the 
date of filing. Pursuant to Rule 304(a)(1)(iv)(B), the Commission may 
extend the initial Form ATS-N review period for up to an additional 120 
calendar days if the initial Form ATS-N is unusually lengthy or raises 
novel or complex issues that require additional time for review.
    JPB-X was operating pursuant to an initial operation report on Form 
ATS on file with the Commission as of January 7, 2019.\1\ JPB-X filed 
an initial Form ATS-N on February 8, 2019. During the initial 120 
calendar day review period, the Commission staff has been reviewing the 
disclosures on JPB-X's initial Form ATS-N. In addition, the staff has 
been engaged in ongoing discussions with JPB-X about its disclosures 
and manner of operations, as well as the requirements of Form ATS-N, to 
facilitate complete and comprehensible disclosures that reflect the 
complexities of those operations.
---------------------------------------------------------------------------

    \1\ An NMS Stock ATS (as defined in Rule 300(k) of Regulation 
ATS) that was operating pursuant to an initial operation report on 
Form ATS on file with the Commission as of January 7, 2019 is a 
``Legacy NMS Stock ATS.'' 17 CFR 242.301(b)(2)(viii).
---------------------------------------------------------------------------

    Form ATS-N requires NMS Stock ATSs to file with the Commission, and 
disclose to the public for the first time, certain information, 
including descriptions by the NMS Stock ATSs of their fees, the trading 
activities by their broker-dealer operators and their affiliates in the 
NMS Stock ATSs, their use of market data, their written standards for 
granting access to trading on the NMS Stock ATSs, and their written 
safeguards and procedures for protecting their subscribers' 
confidential trading information required by revised Rule 301(b)(10) of 
Regulation ATS. The initial Form ATS-N disclosures and discussions with 
Commission staff have revealed complexities about the operations of 
Legacy NMS Stock ATSs including, among other things, matching 
functionalities, means of order entry, order interaction and execution 
procedures, conditional order processes, segmentation of orders, and 
counterparty selection protocols. The Commission staff needs additional 
time to review novel and complex issues such as these, which Commission 
staff has discussed with JPB-X. Extending the initial Form ATS-N 
Commission review period for an additional 120 calendar days will 
provide Commission staff an opportunity to continue its review of the 
initial Form ATS-N disclosures and discussions with JPB-X.
    In the conversations between JPB-X and Commission staff about the 
initial Form ATS-N disclosures and the ATS operations, Commission staff 
and JPB-X have discussed a potential amendment to update JPB-X's 
disclosures regarding the complexities of its operations. Extending the 
review period will enable the NMS Stock ATS to amend its disclosures, 
if appropriate, and allow Commission staff to conduct a thorough review 
of amendments to the initial disclosures provided on the initial Form 
ATS-N.
    For the reasons given above, the Commission is extending the review 
period of the initial Form ATS-N submitted by JPB-X. Accordingly, 
pursuant to Rule 304(a)(1)(iv)(B), October 6, 2019 is the date by which 
the Commission may declare the initial

[[Page 26489]]

Form ATS-N submitted by JPB-X ineffective.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-11822 Filed 6-5-19; 8:45 am]
 BILLING CODE 8011-01-P
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