Joint Industry Plan; Order Approving Forty-Fifth Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation, and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis, 15843-15844 [2020-05704]
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Federal Register / Vol. 85, No. 54 / Thursday, March 19, 2020 / Notices
c. providing notification to the
existing shareholders whose securities
are being called or redeemed.
SECURITIES AND EXCHANGE
COMMISSION
January 28, 2020.8 One comment letter
was received.9 This order approves the
Amendment to the Plan.
VI. Commission Statement Regarding
Prospectus Delivery
[Release No. 34–88385; File No. S7–24–89]
II. Description of the Proposal
The Plan currently includes
inconsistent language with respect to
the Processor’s ability to disseminate
last-sale price reports during a
Regulatory Halt. Section X.A of the Plan
prohibits the Processor from including
in the consolidated tape during a
Regulatory Halt any last-sale reports.
Section X.C, however, includes
language that specifically permits the
Processor to ‘‘collect and disseminate
Transaction Information’’ during a
Regulatory Halt.
The Participants have stated that, in
practice, the Processor has been
following Section X.C during Regulatory
Halts and will immediately disseminate
last-sale price reports during a
Regulatory Halt. The Participants
believe that the Processor’s current
practice helps to reduce inefficiencies
and confusion among market
participants with respect to the
operation of the Plan during ‘‘race
conditions,’’ when it might be unclear
whether the trade reported by the
Participant occurred before or after the
Participant had received notice of the
Regulatory Halt. As a result, the
Participants have determined it
appropriate to amend the language of
the Plan to resolve the inconsistent
language described above in order to
confirm that the Processor may continue
to disseminate last-sale price reports
during a Regulatory Halt. In addition,
the Amendment would align the Plan
language with a corresponding
amendment being proposed by the CTA
Plan.10
For the reasons cited in Section III
above, the Commission takes the
position that it would not provide a
basis for a Commission enforcement
action if a registered fund does not
deliver to investors the current
prospectus of the registered fund where
the prospectus is not able to be timely
delivered because of circumstances
related to COVID–19 and delivery was
due during the limited period specified
below, provided that the sale of shares
to the investor was not an initial
purchase by the investor of shares of the
registered fund and:
(1) The registered fund:
(a) Notifies Division of Investment
Management staff via email at IMEmergencyRelief@sec.gov stating: (1)
That it is relying on this Commission
position; (2) a brief description of the
reasons why it or any other person
required could not deliver the
prospectus to investors on a timely
basis; and (3) the estimated date by
which it expects the prospectus to be
delivered;
(b) Publishes on its public website
that it intends to rely on the
Commission position and briefly states
the reasons why it could not deliver the
prospectus on a timely basis;
(c) Publishes its current prospectus on
its public website; and
(2) Delivery was originally required
on or after the date of this Order but on
or prior to April 30, 2020, and the
prospectus is delivered to investors as
soon as practicable, but not later than 45
days after the date originally required.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–05705 Filed 3–18–20; 8:45 am]
BILLING CODE 8011–01–P
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15843
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Joint Industry Plan; Order Approving
Forty-Fifth Amendment to the Joint
Self-Regulatory Organization Plan
Governing the Collection,
Consolidation, and Dissemination of
Quotation and Transaction Information
for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading
Privileges Basis
March 13, 2020.
I. Introduction
On September 11, 2019, participants 1
of the Joint Self-Regulatory Organization
Plan Governing the Collection,
Consolidation, and Dissemination of
Quotation and Transaction Information
for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading
Privileges Basis (‘‘Nasdaq/UTP Plan’’ or
‘‘Plan’’) filed 2 with the Securities and
Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) pursuant to Section 11A
of the Securities Exchange Act of 1934
(‘‘Act’’) 3 and Rule 608 of Regulation
NMS thereunder,4 a proposal to amend
the Nasdaq/UTP Plan.5 This amendment
represents the Forty-Fifth Amendment
to the Plan (‘‘Amendment’’). The
Participants have proposed to resolve
textual inconsistencies in Plan
provisions governing the dissemination
of last-sale price reports by the
Processor 6 during a Regulatory Halt.7
The Amendment was published for
comment in the Federal Register on
1 These participants are: Cboe BYX Exchange,
Inc.; Cboe BZX Exchange, Inc.; Cboe EDGA
Exchange, Inc.; Cboe EDGX Exchange, Inc.; Cboe
Exchange, Inc.; Financial Industry Regulatory
Authority, Inc.; The Investors’ Exchange LLC; LongTerm Stock Exchange, Inc.; Nasdaq BX, Inc.;
Nasdaq ISE, LLC; Nasdaq PHLX, Inc.; The Nasdaq
Stock Market LLC; New York Stock Exchange LLC;
NYSE American LLC; NYSE Arca, Inc.; NYSE
Chicago, Inc.; and NYSE National, Inc. (each a
‘‘Participant’’ and collectively, the ‘‘Participants’’).
2 See Letter from Robert Books, Chairman,
Operating Committee, UTP Plan, to Vanessa
Countryman, Secretary, Commission (dated
September 6, 2019).
3 15 U.S.C 78k–1(a)(3).
4 17 CFR 242.608.
5 The Nasdaq/UTP Plan, which governs the
collection, processing, and dissemination on a
consolidated basis of quotation information and
transaction reports in Eligible Securities is a
‘‘transaction reporting plan’’ under Rule 601 of
Regulation NMS, 17 CFR 242.601, and a ‘‘national
market system plan’’ under Rule 608 of Regulation
NMS, 17 CFR 242.608. See Securities Exchange Act
Release No. 55647 (April 19, 2007), 72 FR at 20891
(April 26, 2007).
6 See Section III.Q of the Plan (defining
‘‘Processor’’).
7 See Section III.S of the Plan (defining
‘‘Regulatory Halt’’).
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III. Discussion
After careful review, the Commission
finds that the Amendment is consistent
with the requirements of the Act and the
rules and regulations thereunder.11 In
particular, the Commission finds that
the amendment is consistent with
Section 11A of the Act which provides,
among other things, that the
Commission may prescribe rules as
8 See Securities Exchange Act Release No. 88017
(January 23, 2020), 85 FR at 5062 (January 28,
2020).
9 See Letter from Kelvin To, Founder and
President, Data Boiler Technologies LLC, to Vanessa
Countryman, Secretary, Commission (dated
February 4, 2020). The comment letter is not
germane to the Amendment.
10 See Securities Exchange Act Release No. 88016
(January 23, 2020), 85 FR at 5060 (January 28, 2020)
(proposal to amend CTA Plan).
11 The Commission has considered the
Amendment’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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Federal Register / Vol. 85, No. 54 / Thursday, March 19, 2020 / Notices
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act to assure the
prompt, accurate, reliable, and fair
collection, processing, distribution, and
publication of information with respect
to quotations for and transactions in
securities and the fairness and
usefulness of the form and content of
such information.12 The Commission
also finds that the Amendment is
consistent with Rule 608 of Regulation
NMS, which provides that the
Commission shall approve an
amendment to a Plan if it finds that
such plan or amendment is necessary or
appropriate in the public interest, for
the protection of investors and the
maintenance of fair and orderly markets,
to remove impediments to, and perfect
the mechanisms of, a national market
system, or otherwise in furtherance of
the purposes of the Act.13
The Commission believes that the
Amendment furthers these goals by
eliminating any potential uncertainty in
determining whether a trade reported to
the Processor during race conditions
occurred before or after the Participant
who reported the trade had received
notice of a Regulatory Halt. Under the
Amendment, the Processor could
presume that any such trades occurred
before the Regulatory Halt, thereby
allowing the Processor to continue
publishing those trade reports to the
consolidated tape. The Commission
believes that market observers could
derive benefits from continuing to learn
about trades occurring just before a
Regulatory Halt.
The Commission notes that it is also
approving today a similar proposal by
the CTA Plan Participants to eliminate
an ambiguity in that Plan regarding how
the Processor handles last-sale price
reports during a Regulatory Halt.14 As a
result, both Plans will have uniform
provisions regarding how the Processor
handles last-sale price reports during
race conditions. The Commission
believes that approving these two Plan
amendments furthers the principle set
forth in Section 11A of the Act that
‘‘[t]he linking of all markets for qualified
securities through communication and
data processing facilities will foster
efficiency, enhance competition,
increase the information available to
brokers, dealers, and investors, facilitate
the offsetting of investors’ orders, and
contribute to best execution of such
15 U.S.C. 78k–1(c)(1)(B).
17 CFR 240.608(b)(2).
14 See Securities Exchange Act Release No. 88384
(March 13, 2020) (File No. SR–CTA–2019–02).
orders’’ 15 by harmonizing across the
entire national market system how lastsale price reports for all NMS stocks are
printed to the consolidated tape during
race conditions and by eliminating any
ambiguity in the duties of the Plan
Processors in this regard.
VI. Conclusion
It is therefore ordered, pursuant to
Section 11A of the Act 16 and the rules
thereunder, that the Amendment to the
Nasdaq/UTP Plan (File No. S7–24–89) is
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–05704 Filed 3–18–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
33816; 812–15043]
Daxor Corporation; Notice of
Application
March 13, 2020.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice of an application for an
order under section 6(c) of the
Investment Company Act of 1940 (the
‘‘Act’’) for an exemption from sections
18(d) and 23(a) and (b) of the Act,
pursuant to section 23(c)(3) of the Act
granting an exemption from section
23(c) of the Act, and pursuant to rule
17d-1 under the Act to permit certain
joint transactions otherwise prohibited
under section 17(d) of the Act.
APPLICANT: Daxor Corporation
(‘‘Daxor’’).
SUMMARY OF APPLICATION: Applicant
requests an order to permit, subject to
shareholder approval, the Applicant to
adopt an incentive compensation plan.
FILING DATES: The application was filed
on June 24, 2019, and amended on
October 17, 2019, and January 21, 2020.
HEARING OR NOTIFICATION OF HEARING:
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
Applicant with a copy of the request,
personally or by mail. Hearing requests
should be received by the Commission
by 5:30 p.m. on April 7, 2020 and
AGENCY:
12 See
13 See
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U.S.C. 78k–1(a)(1)(D).
U.S.C. 78k–1.
17 17 CFR 200.30–3(a)(29).
should be accompanied by proof of
service on Applicant, 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.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
Applicant: Robert J. Michel, Chief
Financial Officer, Daxor Corporation,
350 Fifth Avenue, Suite 4740, New
York, NY 10118.
FOR FURTHER INFORMATION CONTACT:
Kyle R. Ahlgren, Senior Counsel, at
(202) 551–6857, or David P. Nicolardi,
Branch Chief, at (202) 551–6467
(Division of Investment Management,
Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: 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 an Applicant using the ‘‘Company’’
name box, at https://www.sec.gov/
search/search.htm or by calling (202)
551–8090.
Applicant’s Representations
1. Applicant, a New York corporation,
is an investment company with medical
instrumentation and biotechnology
operations. Applicant is registered
under the Act as an internally-managed,
closed-end management investment
company.
2. Applicant has six directors, four of
whom are not ‘‘interested persons’’ of
the company as defined in section
2(a)(19) of the Act (‘‘Non-Interested
Directors’’), and fifteen employees.
3. Applicant has in the past issued
stock options (‘‘Options’’) under the
Daxor Corporation 2004 Stock Option
Plan (‘‘2004 Daxor Plan),1 although
Applicant no longer does so.
4. Applicant states that, because the
medical instrumentation and
biotechnology business is highly
competitive, it believes that its
successful operation will depend on its
ability to attract, motivate and retain its
employees with competitive
compensation packages similar to those
offered by its competitors. Applicant
asserts that the companies with whom
the Applicant competes for management
talent are not registered investment
15 15
16 15
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Sfmt 4703
1 Applicant is not requesting any relief regarding
the operation of the 2004 Daxor Plan.
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]]>Agencies
[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Pages 15843-15844]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05704]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88385; File No. S7-24-89]
Joint Industry Plan; Order Approving Forty-Fifth Amendment to the
Joint Self-Regulatory Organization Plan Governing the Collection,
Consolidation, and Dissemination of Quotation and Transaction
Information for Nasdaq-Listed Securities Traded on Exchanges on an
Unlisted Trading Privileges Basis
March 13, 2020.
I. Introduction
On September 11, 2019, participants \1\ of the Joint Self-
Regulatory Organization Plan Governing the Collection, Consolidation,
and Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading Privileges
Basis (``Nasdaq/UTP Plan'' or ``Plan'') filed \2\ with the Securities
and Exchange Commission (``SEC'' or ``Commission'') pursuant to Section
11A of the Securities Exchange Act of 1934 (``Act'') \3\ and Rule 608
of Regulation NMS thereunder,\4\ a proposal to amend the Nasdaq/UTP
Plan.\5\ This amendment represents the Forty-Fifth Amendment to the
Plan (``Amendment''). The Participants have proposed to resolve textual
inconsistencies in Plan provisions governing the dissemination of last-
sale price reports by the Processor \6\ during a Regulatory Halt.\7\
The Amendment was published for comment in the Federal Register on
January 28, 2020.\8\ One comment letter was received.\9\ This order
approves the Amendment to the Plan.
---------------------------------------------------------------------------
\1\ These participants are: Cboe BYX Exchange, Inc.; Cboe BZX
Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.;
Cboe Exchange, Inc.; Financial Industry Regulatory Authority, Inc.;
The Investors' Exchange LLC; Long-Term Stock Exchange, Inc.; Nasdaq
BX, Inc.; Nasdaq ISE, LLC; Nasdaq PHLX, Inc.; The Nasdaq Stock
Market LLC; New York Stock Exchange LLC; NYSE American LLC; NYSE
Arca, Inc.; NYSE Chicago, Inc.; and NYSE National, Inc. (each a
``Participant'' and collectively, the ``Participants'').
\2\ See Letter from Robert Books, Chairman, Operating Committee,
UTP Plan, to Vanessa Countryman, Secretary, Commission (dated
September 6, 2019).
\3\ 15 U.S.C 78k-1(a)(3).
\4\ 17 CFR 242.608.
\5\ The Nasdaq/UTP Plan, which governs the collection,
processing, and dissemination on a consolidated basis of quotation
information and transaction reports in Eligible Securities is a
``transaction reporting plan'' under Rule 601 of Regulation NMS, 17
CFR 242.601, and a ``national market system plan'' under Rule 608 of
Regulation NMS, 17 CFR 242.608. See Securities Exchange Act Release
No. 55647 (April 19, 2007), 72 FR at 20891 (April 26, 2007).
\6\ See Section III.Q of the Plan (defining ``Processor'').
\7\ See Section III.S of the Plan (defining ``Regulatory
Halt'').
\8\ See Securities Exchange Act Release No. 88017 (January 23,
2020), 85 FR at 5062 (January 28, 2020).
\9\ See Letter from Kelvin To, Founder and President, Data
Boiler Technologies LLC, to Vanessa Countryman, Secretary,
Commission (dated February 4, 2020). The comment letter is not
germane to the Amendment.
---------------------------------------------------------------------------
II. Description of the Proposal
The Plan currently includes inconsistent language with respect to
the Processor's ability to disseminate last-sale price reports during a
Regulatory Halt. Section X.A of the Plan prohibits the Processor from
including in the consolidated tape during a Regulatory Halt any last-
sale reports. Section X.C, however, includes language that specifically
permits the Processor to ``collect and disseminate Transaction
Information'' during a Regulatory Halt.
The Participants have stated that, in practice, the Processor has
been following Section X.C during Regulatory Halts and will immediately
disseminate last-sale price reports during a Regulatory Halt. The
Participants believe that the Processor's current practice helps to
reduce inefficiencies and confusion among market participants with
respect to the operation of the Plan during ``race conditions,'' when
it might be unclear whether the trade reported by the Participant
occurred before or after the Participant had received notice of the
Regulatory Halt. As a result, the Participants have determined it
appropriate to amend the language of the Plan to resolve the
inconsistent language described above in order to confirm that the
Processor may continue to disseminate last-sale price reports during a
Regulatory Halt. In addition, the Amendment would align the Plan
language with a corresponding amendment being proposed by the CTA
Plan.\10\
---------------------------------------------------------------------------
\10\ See Securities Exchange Act Release No. 88016 (January 23,
2020), 85 FR at 5060 (January 28, 2020) (proposal to amend CTA
Plan).
---------------------------------------------------------------------------
III. Discussion
After careful review, the Commission finds that the Amendment is
consistent with the requirements of the Act and the rules and
regulations thereunder.\11\ In particular, the Commission finds that
the amendment is consistent with Section 11A of the Act which provides,
among other things, that the Commission may prescribe rules as
[[Page 15844]]
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act to
assure the prompt, accurate, reliable, and fair collection, processing,
distribution, and publication of information with respect to quotations
for and transactions in securities and the fairness and usefulness of
the form and content of such information.\12\ The Commission also finds
that the Amendment is consistent with Rule 608 of Regulation NMS, which
provides that the Commission shall approve an amendment to a Plan if it
finds that such plan or amendment is necessary or appropriate in the
public interest, for the protection of investors and the maintenance of
fair and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system, or otherwise in furtherance of
the purposes of the Act.\13\
---------------------------------------------------------------------------
\11\ The Commission has considered the Amendment's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\12\ See 15 U.S.C. 78k-1(c)(1)(B).
\13\ See 17 CFR 240.608(b)(2).
---------------------------------------------------------------------------
The Commission believes that the Amendment furthers these goals by
eliminating any potential uncertainty in determining whether a trade
reported to the Processor during race conditions occurred before or
after the Participant who reported the trade had received notice of a
Regulatory Halt. Under the Amendment, the Processor could presume that
any such trades occurred before the Regulatory Halt, thereby allowing
the Processor to continue publishing those trade reports to the
consolidated tape. The Commission believes that market observers could
derive benefits from continuing to learn about trades occurring just
before a Regulatory Halt.
The Commission notes that it is also approving today a similar
proposal by the CTA Plan Participants to eliminate an ambiguity in that
Plan regarding how the Processor handles last-sale price reports during
a Regulatory Halt.\14\ As a result, both Plans will have uniform
provisions regarding how the Processor handles last-sale price reports
during race conditions. The Commission believes that approving these
two Plan amendments furthers the principle set forth in Section 11A of
the Act that ``[t]he linking of all markets for qualified securities
through communication and data processing facilities will foster
efficiency, enhance competition, increase the information available to
brokers, dealers, and investors, facilitate the offsetting of
investors' orders, and contribute to best execution of such orders''
\15\ by harmonizing across the entire national market system how last-
sale price reports for all NMS stocks are printed to the consolidated
tape during race conditions and by eliminating any ambiguity in the
duties of the Plan Processors in this regard.
---------------------------------------------------------------------------
\14\ See Securities Exchange Act Release No. 88384 (March 13,
2020) (File No. SR-CTA-2019-02).
\15\ 15 U.S.C. 78k-1(a)(1)(D).
---------------------------------------------------------------------------
VI. Conclusion
It is therefore ordered, pursuant to Section 11A of the Act \16\
and the rules thereunder, that the Amendment to the Nasdaq/UTP Plan
(File No. S7-24-89) is approved.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78k-1.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05704 Filed 3-18-20; 8:45 am]
BILLING CODE 8011-01-P
