Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 4, Rule 4759, 10608-10609 [2021-03461]
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10608
Federal Register / Vol. 86, No. 33 / Monday, February 22, 2021 / Notices
distribute long-term gains more than
once every twelve months. Rule 19b–
1(c), under certain circumstances,
exempts a UIT investing in eligible trust
securities (as defined in rule 14a–3)
from the requirements of rule 19b–1.
Because the Structured Series do not
limit their investments to eligible trust
securities, however, the Structured
Series will not qualify for the exemption
in paragraph (c) of rule 19b–1.
Applicants therefore request an
exemption under section 6(c) from
section 19(b) and rule 19b–1 to the
extent necessary to permit capital gains
earned in connection with the sale of
portfolio securities to be distributed to
Unitholders along with the Structured
Series’ regular distributions. In all other
respects, applicants will comply with
section 19(b) and rule 19b–1.
2. Applicants state that their proposal
meets the standards of section 6(c).
Applicants assert that any sale of
portfolio securities would be triggered
by the need to meet Trust expenses,
Installment Payments, or by redemption
requests, events over which the
Depositor and the Structured Series do
not have control. Applicants further
state that, because principal
distributions must be clearly indicated
in accompanying reports to Unitholders
as a return of principal and will be
relatively small in comparison to
normal dividend distributions, there is
little danger of confusion from failure to
differentiate among distributions.
tkelley on DSKBCP9HB2PROD with NOTICES
Applicants’ Conditions
Applicants agree that any order
granting the requested relief will be
subject to the following conditions:
A. DSC Relief and Exchange and
Rollover Options
1. Whenever the Exchange Option or
Rollover Option is to be terminated or
its terms are to be amended materially,
any holder of a security subject to that
privilege will be given prominent notice
of the impending termination or
amendment at least 60 days prior to the
date of termination or the effective date
of the amendment, provided that: (a) No
such notice need be given if the only
material effect of an amendment is to
reduce or eliminate the sales charge
payable at the time of an exchange, to
add one or more new Series eligible for
the Exchange Option or the Rollover
Option, or to delete a Series which has
terminated; and (b) no notice need be
given if, under extraordinary
circumstances, either (i) there is a
suspension of the redemption of Units
of the Series under section 22(e) of the
Act and the rules and regulations
promulgated thereunder, or (ii) a Series
VerDate Sep<11>2014
19:48 Feb 19, 2021
Jkt 253001
temporarily delays or ceases the sale of
its Units because it is unable to invest
amounts effectively in accordance with
applicable investment objectives,
policies and restrictions.
2. An investor who purchases Units
under the Exchange Option or Rollover
Option will pay a lower sales charge
than that which would be paid for the
Units by a new investor.
3. The prospectus of each Series
offering exchanges or rollovers and any
sales literature or advertising that
mentions the existence of the Exchange
Option or Rollover Option will disclose
that the Exchange Option and the
Rollover Option are subject to
modification, termination or suspension
without notice, except in certain limited
cases.
4. Any DSC imposed on a Series’
Units will comply with the
requirements of subparagraphs (1), (2)
and (3) of rule 6c–10(a) under the Act.
5. Each Series offering Units subject to
a DSC will include in its prospectus the
disclosure required by Form N–1A
relating to deferred sales charges
(modified as appropriate to reflect the
differences between UITs and open-end
management investment companies)
and a schedule setting forth the number
and date of each Installment Payment.
B. Net Worth Requirement
Applicants will comply in all respects
with the requirements of rule 14a–3
under the Act, except that the
Structured Series will not restrict their
portfolio investments to ‘‘eligible trust
securities.’’
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–03455 Filed 2–19–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–91138; File No. SR–
NASDAQ–2021–008]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Equity 4, Rule 4759
February 16, 2021.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00079
Fmt 4703
Sfmt 4703
notice is hereby given that on February
3, 2021, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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 amend
Equity 4, Rule 4759 (Data Feeds
Utilized) to change the primary and
secondary source of quotation data of
certain market centers in the list of
proprietary and network processor feeds
that the Exchange utilizes for the
handling, routing, and execution of
orders as well as regulatory compliance
processes related to those functions.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rules, 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 proposes to update and
amend the data feeds table in Equity 4,
Rule 4759, which sets forth on a marketby-market basis the specific proprietary
and network processor feeds that the
Exchange utilizes for the handling,
routing, and execution of orders, and for
performing the regulatory compliance
processes related to each of those
functions. Specifically, the table would
be amended to reflect that the Exchange
will receive a direct feed from MIAX
PEARL, LLC (‘‘MIAX PEARL’’) and
MEMX LLC (‘‘MEMX’’) as its primary
E:\FR\FM\22FEN1.SGM
22FEN1
Federal Register / Vol. 86, No. 33 / Monday, February 22, 2021 / Notices
quotation data source and CQS/UQDF
will become its secondary data source
for the handling, routing and execution
of orders and for performing regulatory
compliance processes related to each of
those functions. The change to the
primary sources reflects the Exchange’s
effort to include an additional source
and the use of secondary sources in the
event the primary source is unable to
provide data.
The Exchange proposes to implement
the proposed rule change no later than
ninety (90) days following the effective
date of the proposed rule change. The
Exchange notes this additional time
gives the Exchange time to configure its
system accordingly.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,3 in general, and furthers the
objectives of Section 6(b)(5) of the Act,4
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.
The Exchange believes that the
proposed rule change removes
impediments to and perfects the
mechanism of a free and open market
because updating its data feeds table of
market centers for which the exchange
consumes quotation data through a
direct feed will provide clarity to market
participants. Additionally, it is
necessary and consistent with the
public interest and the protection of
investors to update the Exchange’s table
of market centers in Equity 4, Rule 4759
in order to provide transparency with
respect to all the direct proprietary and
network processor feeds from which the
Exchange obtains market data.
tkelley on DSKBCP9HB2PROD with NOTICES
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
proposed rule change is not designed to
address any competitive issue; instead,
its purpose is to enhance transparency
with respect to the operation of the
Exchange and its use of market data
feeds.
3 15
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Sep<11>2014
19:48 Feb 19, 2021
Jkt 253001
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) of the Act 5 and Rule 19b–
4(f)(6) thereunder.6
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
change 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 rule-comments@
sec.gov. Please include File Number SR–
NASDAQ–2021–008 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–NASDAQ–2021–008. This
5 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of 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.
6 17
PO 00000
Frm 00080
Fmt 4703
Sfmt 4703
10609
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–NASDAQ–2021–008 and
should be submitted on or before March
15, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–03461 Filed 2–19–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
2:30 p.m. on Thursday,
February 25, 2021.
PLACE: The meeting will be held via
remote means and/or at the
Commission’s headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
TIME AND DATE:
7 17
E:\FR\FM\22FEN1.SGM
CFR 200.3–3(a)(12).
22FEN1
]]>Agencies
[Federal Register Volume 86, Number 33 (Monday, February 22, 2021)]
[Notices]
[Pages 10608-10609]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03461]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-91138; File No. SR-NASDAQ-2021-008]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Equity 4, Rule 4759
February 16, 2021.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on February 3, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II 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 amend Equity 4, Rule 4759 (Data Feeds
Utilized) to change the primary and secondary source of quotation data
of certain market centers in the list of proprietary and network
processor feeds that the Exchange utilizes for the handling, routing,
and execution of orders as well as regulatory compliance processes
related to those functions.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, 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 proposes to update and amend the data feeds table in
Equity 4, Rule 4759, which sets forth on a market-by-market basis the
specific proprietary and network processor feeds that the Exchange
utilizes for the handling, routing, and execution of orders, and for
performing the regulatory compliance processes related to each of those
functions. Specifically, the table would be amended to reflect that the
Exchange will receive a direct feed from MIAX PEARL, LLC (``MIAX
PEARL'') and MEMX LLC (``MEMX'') as its primary
[[Page 10609]]
quotation data source and CQS/UQDF will become its secondary data
source for the handling, routing and execution of orders and for
performing regulatory compliance processes related to each of those
functions. The change to the primary sources reflects the Exchange's
effort to include an additional source and the use of secondary sources
in the event the primary source is unable to provide data.
The Exchange proposes to implement the proposed rule change no
later than ninety (90) days following the effective date of the
proposed rule change. The Exchange notes this additional time gives the
Exchange time to configure its system accordingly.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\3\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\4\ 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.
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change removes
impediments to and perfects the mechanism of a free and open market
because updating its data feeds table of market centers for which the
exchange consumes quotation data through a direct feed will provide
clarity to market participants. Additionally, it is necessary and
consistent with the public interest and the protection of investors to
update the Exchange's table of market centers in Equity 4, Rule 4759 in
order to provide transparency with respect to all the direct
proprietary and network processor feeds from which the Exchange obtains
market data.
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 proposed rule change is not
designed to address any competitive issue; instead, its purpose is to
enhance transparency with respect to the operation of the Exchange and
its use of market data feeds.
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) of the Act \5\ and Rule 19b-
4(f)(6) thereunder.\6\
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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.
---------------------------------------------------------------------------
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 change 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-NASDAQ-2021-008 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-NASDAQ-2021-008. 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-NASDAQ-2021-008 and should be submitted
on or before March 15, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.3-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-03461 Filed 2-19-21; 8:45 am]
BILLING CODE 8011-01-P
