Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Date of its Post-Trade Risk Management Tool, 54255-54257 [2021-21212]
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Federal Register / Vol. 86, No. 187 / Thursday, September 30, 2021 / Notices
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 at
Secretarys-Office@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov.
FOR FURTHER INFORMATION CONTACT:
Shawn Davis, Assistant Director, at
(202) 551–6413 or Chief Counsel’s
Office at (202) 551–6821; SEC, Division
of Investment Management, Chief
Counsel’s Office, 100 F Street NE,
Washington, DC 20549–8010.
FS Multi-Alternative Income Fund [File
No. 811–23338]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant
currently has fewer than 100 beneficial
owners, is not presently making an
offering of securities and does not
propose to make any offering of
securities. Applicant will continue to
operate as a private investment fund in
reliance on section 3(c)(1) of the Act.
Filing Date: The application was filed
on August 27, 2021.
Applicant’s Address: legalnotices@
fsinvestments.com.
Hatteras VC Co-Investment Fund II,
LLC [File No. 811–22251]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On June 29, 2021,
applicant made liquidating distributions
to its shareholders based on net asset
value. Expenses of $213,900 incurred in
connection with the liquidation were
paid by the fund’s investment adviser,
and/or their affiliates.
Filing Date: The application was filed
on August 17, 2021.
Applicant’s Address:
joshua.deringer@faegredrinker.com.
LOTTER on DSK11XQN23PROD with NOTICES1
iShares U.S. ETF Company, Inc [File
No. 811–22522]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Date: The application was filed
on August 31, 2021.
Applicant’s Address: bhaskin@
willkie.com.
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18:15 Sep 29, 2021
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NexPoint Healthcare Opportunities
Fund [File No. 811–23144]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On April 17,
2020, applicant made liquidating
distributions to its shareholders based
on net asset value. No expenses were
incurred in connection with the
liquidation.
Filing Dates: The application was
filed on April 24, 2020 and amended on
September 1, 2021.
Applicant’s Address: Jon-Luc.Dupuy@
klgates.com.
Pacific Global Fund, Inc. [File No. 811–
07062]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On March 30,
2020, and April 6, 2020, applicant made
liquidating distributions to its
shareholders based on net asset value.
Expenses of $141,570 incurred in
connection with the liquidation were
paid by the applicant.
Filing Date: The application was filed
on August 20, 2021.
Applicant’s Address: bkelley@
pgimc.com.
RiverNorth Opportunities Fund II, Inc.
[File No. 811–23427]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. Applicant has
never made a public offering of its
securities and does not propose to make
a public offering or engage in business
of any kind.
Filing Date: The application was filed
on August 13, 2021.
Applicant’s Address: roykim@
chapman.com.
Vivaldi Opportunities Fund [File No.
811–23255]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Angel Oak
Financial Strategies Income Term Trust,
and on June 5, 2020 made a final
distribution to its shareholders based on
net asset value. Expenses of $731,250
incurred in connection with the
reorganization were paid by the
applicant’s investment adviser and the
acquiring fund’s investment adviser.
Filing Dates: The application was
filed on July 12, 2021 and amended on
September 13, 2021.
Applicant’s Address:
joshua.deringer@faegredrinker.com.
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54255
Western Asset Municipal Defined
Opportunity Trust Inc. [File No. 811–
22265]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On May 3, 2021,
applicant made liquidating distributions
to its shareholders based on net asset
value. Expenses of $30,054.75 incurred
in connection with the liquidation were
paid by the applicant.
Filing Dates: The application was
filed on July 22, 2021 and amended on
September 2, 2021.
Applicant’s Address: george.hoyt@
franklintempleton.com.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–21206 Filed 9–29–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93125; File No. SR–
NASDAQ–2021–073]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Extend the
Implementation Date of its Post-Trade
Risk Management Tool
September 24, 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
September 14, 2021, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘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 extend the
implementation date of its Post-Trade
Risk Management product to Q1 2022.
1 15
2 17
E:\FR\FM\30SEN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 86, No. 187 / Thursday, September 30, 2021 / Notices
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
Nasdaq is filing this proposal to
extend the implementation date of its
Post-Trade Risk Management tool to Q1
2022.
Nasdaq proposed to enhance its
connectivity, surveillance and risk
management services by launching three
re-platformed products: (i) WorkX, (ii)
Real-Time Stats and (iii) Post-Trade Risk
Management. These changes were filed
by Nasdaq on April 20, 2021 and
published in the Federal Register on
May 7, 2021.3
Nasdaq initially proposed that WorkX
and Real-Time Stats would launch on
April 12, 2021 and Post-Trade Risk
Management would launch no later than
Q3 2021.4 Due to re-prioritization in the
Nasdaq product pipeline, Nasdaq has
decided to delay the implementation of
Post-Trade Risk Management until Q1
2022.5 The Exchange will announce the
new implementation date in an Equity
Trader Alert at least ten days in advance
of implementing the Post-Trade Risk
Management product.
LOTTER on DSK11XQN23PROD with NOTICES1
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,6 in general, and furthers the
objectives of Section 6(b)(5) of the Act,7
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
3 See Securities Exchange Act Release No. 91744
(May 3, 2021), 86 FR 24685 (May 7, 2021)
(NASDAQ–2021–025) (‘‘Proposal’’).
4 See Proposal supra n. 3 at 24685.
5 As a result of the delay, the Exchange is
designating Equity 7, Section 116–A, the Post-Trade
Risk Management Rule, to be operative in Q1 2022.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
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system, and, in general to protect
investors and the public interest.
The purpose of this proposal is to
modify the timing of the planned
implementation for the Post-Trade Risk
Management product and to inform the
SEC and market participants of that
change. The introduction of the PostTrade Risk Management product was
proposed in a rule filing that was
submitted to the SEC, and the Exchange
is not proposing with this filing, any
changes other than to modify the
implementation date for the Post-Trade
Risk Management product. Nasdaq is
delaying the implementation date in
order to complete product development
and testing in line with Nasdaq’s reprioritized product pipeline.
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. As explained
above, the purpose of this proposal is to
modify the timing of the planned
implementation for the Post-Trade Risk
Management product and to inform the
SEC and market participants of that
change. The existing Nasdaq Risk
Management product will continue to
be available, and the implementation
delay will impact all market
participants equally. The Exchange does
not expect the date change to place any
burden on competition and clearing
brokers will continue to have use of
Nasdaq Risk Management service to
monitor correspondent activity against
limit settings and manage credit risk
exposure.
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
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Sfmt 4703
19(b)(3)(A) of the Act 8 and Rule 19b–
4(f)(6) thereunder.9
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 10 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 11
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has
requested that the Commission waive
the 30-day operative delay. Waiver of
the operative delay would allow the
Exchange to immediately delay the
implementation date of the Nasdaq PostTrade Risk Management product to Q1
2022, so that the Exchange may
complete product development and
testing in line with re-prioritization of
its product pipeline. The Commission
believes that waiver of the 30-day
operative delay is consistent with the
protection of investors and the public
interest. Accordingly, the Commission
hereby waives the 30-day operative
delay and designates the proposed rule
change operative upon filing.12
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:
8 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.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
9 17
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Federal Register / Vol. 86, No. 187 / Thursday, September 30, 2021 / Notices
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–2021–073 on the subject line.
Paper Comments
LOTTER on DSK11XQN23PROD with NOTICES1
• 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–2021–073. 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–2021–073 and
should be submitted on or before
October 21, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–21212 Filed 9–29–21; 8:45 am]
BILLING CODE 8011–01–P
13 17
CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–93120; File No. SR–
NYSEArca–2021–64]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Granting Approval of
a Proposed Rule Change To Amend
Rule 8.601–E (Active Proxy Portfolio
Shares) To Provide for the Use of
Custom Baskets
September 24, 2021.
I. Introduction
On July 28, 2021, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Exchange
Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to amend NYSE
Arca Rule 8.601–E (Active Proxy
Portfolio Shares) to provide for the use
of custom baskets consistent with the
exemptive relief issued pursuant to the
Investment Company Act of 1940
(‘‘1940 Act’’) 3 applicable to a series of
Active Proxy Portfolio Shares. The
proposed rule change was published for
comment in the Federal Register on
August 12, 2021.4 The Commission has
received no comments on the proposed
rule change. The Commission is
approving the proposed rule change.
II. Description
The Exchange proposes to amend
NYSE Arca Rule 8.601–E, which
permits the listing and trading of series
of Active Proxy Portfolio Shares. NYSE
Arca 8.601–E currently requires that
Active Proxy Portfolio Shares be issued
and redeemed in a specified minimum
number of shares, or multiples thereof,
in return for the Proxy Portfolio 5 and/
or cash.6 The Exchange proposes to
amend the definition of ‘‘Active Proxy
Portfolio Share’’ in Rule 8.601–E(c)(1) to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 80a.
4 See Securities Exchange Act Release No. 92595
(August 6, 2021), 86 FR 44449.
5 The term ‘‘Proxy Portfolio’’ means a specified
portfolio of securities, other financial instruments
and/or cash designed to track closely the daily
performance of the Actual Portfolio of a series of
Active Proxy Portfolio Shares as provided in the
exemptive relief pursuant to the 1940 Act
applicable to such series. See NYSE Arca Rule
8.601–E(c)(3). The term ‘‘Actual Portfolio’’ means
the identities and quantities of the securities and
other assets held by the Investment Company that
shall form the basis for the Investment Company’s
calculation of net asset value (‘‘NAV’’) at the end
of the business day. See NYSE Arca Rule 8.601–
E(c)(2).
6 See NYSE Arca Rule 8.601–E(c)(1) (defining the
term ‘‘Active Proxy Portfolio Share’’).
2 17
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Frm 00109
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54257
permit creations and redemptions of
shares in return for a Custom Basket in
addition to the Proxy Portfolio, to the
extent permitted by a fund’s exemptive
relief.7 Further, the Exchange proposes
to define the term ‘‘Custom Basket’’ as
a portfolio of securities that is different
from the Proxy Portfolio and is
otherwise consistent with the exemptive
relief issued pursuant to the 1940 Act
applicable to a series of Active Proxy
Portfolio Shares.8 The Exchange also
proposes to amend the definition of
‘‘Reporting Authority’’ in NYSE Arca
Rule 8.601–E(c)(4) to include Custom
Baskets among the types of information
for which the Reporting Authority
designated for a particular series of
Active Proxy Portfolio Shares will be
the official source for calculating and
reporting such information.9
The Exchange proposes to amend
NYSE Arca Rule 8.601–E(d) to
incorporate specific initial and
continued listing criteria relating to
Custom Baskets. Specifically, the
Exchange proposes to add a new initial
listing requirement to stipulate that the
Exchange shall obtain a representation
from the issuer of each series of Active
Proxy Portfolio Shares that the issuer
and any person acting on behalf of the
series of Active Proxy Portfolio Shares
will comply with Regulation Fair
Disclosure under the Exchange Act
7 See proposed NYSE Arca Rule 8.601–E(c)(1)
(defining ‘‘Active Proxy Portfolio Share’’ as a
security that (a) is issued by an investment
company registered under the 1940 Act
(‘‘Investment Company’’) organized as an open-end
management investment company that invests in a
portfolio of securities selected by the Investment
Company’s investment adviser consistent with the
Investment Company’s investment objectives and
policies; (b) is issued in a specified minimum
number of shares, or multiples thereof, in return for
a deposit by the purchaser of the Proxy Portfolio or
Custom Basket, as applicable, and/or cash with a
value equal to the next determined NAV; (c) when
aggregated in the same specified minimum number
of Active Proxy Portfolio Shares, or multiples
thereof, may be redeemed at a holder’s request in
return for the Proxy Portfolio or Custom Basket, as
applicable, and/or cash to the holder by the issuer
with a value equal to the next determined NAV; and
(d) the portfolio holdings for which are disclosed
within at least 60 days following the end of every
fiscal quarter).
8 See proposed NYSE Arca Rule 8.601–E(c)(4).
The Exchange proposes to renumber the remainder
of NYSE Arca Rule 8.601–E(c). See proposed NYSE
Arca Rule 8.601–E(c)(5) and (6).
9 See proposed NYSE Arca Rule 8.601–E(c)(5)
(defining ‘‘Reporting Authority’’ in respect of a
particular series of Active Proxy Portfolio Shares as
the Exchange, an institution, or a reporting service
designated by the Exchange or by the exchange that
lists a particular series of Active Proxy Portfolio
Shares (if the Exchange is trading such series
pursuant to unlisted trading privileges) as the
official source for calculating and reporting
information relating to such series, including, but
not limited to, NAV, the Actual Portfolio, Proxy
Portfolio, Custom Basket, or other information
relating to the issuance, redemption or trading of
Active Proxy Portfolio Shares).
E:\FR\FM\30SEN1.SGM
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]]>Agencies
[Federal Register Volume 86, Number 187 (Thursday, September 30, 2021)]
[Notices]
[Pages 54255-54257]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-21212]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93125; File No. SR-NASDAQ-2021-073]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Extend the Implementation Date of its Post-Trade Risk Management Tool
September 24, 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 September 14, 2021, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 extend the implementation date of its
Post-Trade Risk Management product to Q1 2022.
[[Page 54256]]
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
Nasdaq is filing this proposal to extend the implementation date of
its Post-Trade Risk Management tool to Q1 2022.
Nasdaq proposed to enhance its connectivity, surveillance and risk
management services by launching three re-platformed products: (i)
WorkX, (ii) Real-Time Stats and (iii) Post-Trade Risk Management. These
changes were filed by Nasdaq on April 20, 2021 and published in the
Federal Register on May 7, 2021.\3\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 91744 (May 3, 2021),
86 FR 24685 (May 7, 2021) (NASDAQ-2021-025) (``Proposal'').
---------------------------------------------------------------------------
Nasdaq initially proposed that WorkX and Real-Time Stats would
launch on April 12, 2021 and Post-Trade Risk Management would launch no
later than Q3 2021.\4\ Due to re-prioritization in the Nasdaq product
pipeline, Nasdaq has decided to delay the implementation of Post-Trade
Risk Management until Q1 2022.\5\ The Exchange will announce the new
implementation date in an Equity Trader Alert at least ten days in
advance of implementing the Post-Trade Risk Management product.
---------------------------------------------------------------------------
\4\ See Proposal supra n. 3 at 24685.
\5\ As a result of the delay, the Exchange is designating Equity
7, Section 116-A, the Post-Trade Risk Management Rule, to be
operative in Q1 2022.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ 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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The purpose of this proposal is to modify the timing of the planned
implementation for the Post-Trade Risk Management product and to inform
the SEC and market participants of that change. The introduction of the
Post-Trade Risk Management product was proposed in a rule filing that
was submitted to the SEC, and the Exchange is not proposing with this
filing, any changes other than to modify the implementation date for
the Post-Trade Risk Management product. Nasdaq is delaying the
implementation date in order to complete product development and
testing in line with Nasdaq's re-prioritized product pipeline.
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. As explained above, the purpose
of this proposal is to modify the timing of the planned implementation
for the Post-Trade Risk Management product and to inform the SEC and
market participants of that change. The existing Nasdaq Risk Management
product will continue to be available, and the implementation delay
will impact all market participants equally. The Exchange does not
expect the date change to place any burden on competition and clearing
brokers will continue to have use of Nasdaq Risk Management service to
monitor correspondent activity against limit settings and manage credit
risk exposure.
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 \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay.
Waiver of the operative delay would allow the Exchange to immediately
delay the implementation date of the Nasdaq Post-Trade Risk Management
product to Q1 2022, so that the Exchange may complete product
development and testing in line with re-prioritization of its product
pipeline. The Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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:
[[Page 54257]]
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-2021-073 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-2021-073. 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-2021-073 and should be submitted
on or before October 21, 2021.
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\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-21212 Filed 9-29-21; 8:45 am]
BILLING CODE 8011-01-P
