Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Definition of Commodity-Based Trust Shares in Nasdaq Rule 5711(d)(iv)(A) and To Correct a Typographical Error in Nasdaq Rule 5711(d)(iv)(B), 87827-87829 [2023-27805]
Download as PDF
<![CDATA[
Federal Register / Vol. 88, No. 242 / Tuesday, December 19, 2023 / Notices
ETF’s investments as described in the
Releases. Except for the changes noted
above, all other representations made in
the Releases remain unchanged. As
stated above and in the Releases, shares
of the Acquiring ETF shall also conform
to the initial and continued listing
criteria under Rule 8.200–E.
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 that is not
necessary or appropriate in furtherance
of the purpose of the Act. The Exchange
believes the proposed rule change will
not impose a burden on competition
and will benefit investors and the
marketplace by permitting continued
listing and trading of Shares of the
Acquiring ETF following
implementation of the changes
described above, which changes would
not impact the investment objective of
the Acquiring ETF.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to section
19(b)(3)(A)(iii) of the Act 9 and Rule
19b–4(f)(6) thereunder.10 Because the
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
prior to 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 and Rule 19b–
4(f)(6) thereunder.11
A proposed rule change filed under
Rule 19b–4(f)(6) 12 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),13 the Commission
may designate a shorter time if such
9 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
11 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission
written notice of its intent to file the proposed rule
change at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
12 17 CFR 240.19b–4(f)(6).
13 17 CFR 240.19b–4(f)(6)(iii).
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10 17
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87827
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
states that the proposed changes reflect
organizational and administrative
changes that would be implemented as
a result of the Reorganization. The
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest because the proposal
does not raise any new or novel issues.
Accordingly, the Commission hereby
waives the 30-day operative delay and
designates the proposal operative upon
filing.14
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.
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NYSEARCA–2023–84 and should be
submitted on or before January 9, 2024.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
NYSEARCA–2023–84 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–NYSEARCA–2023–84. 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
14 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
PO 00000
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[FR Doc. 2023–27809 Filed 12–18–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99163; File No. SR–
NASDAQ–2023–055]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
Definition of Commodity-Based Trust
Shares in Nasdaq Rule 5711(d)(iv)(A)
and To Correct a Typographical Error
in Nasdaq Rule 5711(d)(iv)(B)
December 13, 2023.
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 December
11, 2023, 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
15 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
E:\FR\FM\19DEN1.SGM
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87828
Federal Register / Vol. 88, No. 242 / Tuesday, December 19, 2023 / Notices
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
Nasdaq Rule 5711(d)(iv)(A) to mirror the
definition of Commodity-Based Trust
Shares in Section (c)(1) of Arca’s Rule
8.201–E. Commodity-Based Trust
Shares, as well as to correct a
typographical error in Rule Nasdaq Rule
5711(d)(iv)(B).
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 the
Statutory Basis for, the Proposed Rule
Change
lotter on DSK11XQN23PROD with NOTICES1
1. Purpose
The purpose of the proposed rule
change is to amend Nasdaq Rule
5711(d)(iv)(A) to mirror the definition of
Commodity-Based Trust Shares in
Section (c)(1) of Arca’s Rule 8.201–E.
Commodity-Based Trust Shares.3
The Exchange proposes to conform its
rule language for the definition of
Commodity-Based Trust Shares to that
of Arca’s so that there exists no
discrepancy between the definitions.
Specifically, Nasdaq currently defines
‘‘Commodity-Based Trust Shares’’ as ‘‘a
security (1) that is issued by a trust
(‘‘Trust’’) that holds a specified
commodity deposited with the Trust; (2)
that is issued by such Trust in a
specified aggregate minimum number in
return for a deposit of a quantity of the
underlying commodity; and (3) that,
when aggregated in the same specified
minimum number, may be redeemed at
a holder’s request by such Trust which
will deliver to the redeeming holder the
quantity of the underlying commodity.’’
The term ‘‘Commodity-Based Trust
Shares’’ will now mirror Arca’s and be
defined as ‘‘a security (1) that is issued
by a trust (‘‘Trust’’) that holds (a) a
specified commodity deposited with the
Trust, or (b) a specified commodity and,
in addition to such specified
commodity, cash; (2) that is issued by
such Trust in a specified aggregate
minimum number in return for a
deposit of a quantity of the underlying
commodity and/or cash; and (c) that,
when aggregated in the same specified
minimum number, may be redeemed at
a holder’s request by such Trust which
will deliver to the redeeming holder the
quantity of the underlying commodity
and/or cash.
Additionally, the Exchange proposes
to correct a typographical error in Rule
Nasdaq Rule 5711(d)(iv)(B) to change
the Commodity Exchange Act cite from
1(a)(4) to 1a(9).
2. Statutory Basis
The Exchange believes that its
proposal is consistent with section 6(b)
of the Act,4 in general, and furthers the
objectives of section 6(b)(5) of the Act,5
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 its
proposal will remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest by
harmonizing the definition of
Commodity-Based Trust Shares with
that of Arca and lessening any potential
confusion among market participants as
to its meaning.
The Exchange also believes that
correcting the typographical error in
Nasdaq Rule 5711(d)(iv)(B) serves to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general to protect investors and the
public interest by lessening possible
confusion of market participants as to
where the term ‘‘commodity’’ is defined
in the Commodity Exchange Act
through clarifying the rule language and
enhancing transparency.
For the foregoing reasons, the
Exchange believes that the proposed
rule change is consistent with the Act.
4 15
3 See
Arca Rule 8.201–E(c)(1).
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17:33 Dec 18, 2023
5 15
Jkt 262001
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00094
Fmt 4703
Sfmt 4703
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 proposal
merely harmonizes the definition of
Commodity-Based Trust Shares with
that of Arca and lessens any potential
confusion among market participants as
to its meaning, as well as fixes a
typographical error involving the
Commodity Exchange Act that will
clarify the rule language and enhance
transparency.
For the foregoing reasons, the
Exchange does not believe the proposed
rule change will result in any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
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
Pursuant to section 19(b)(3)(A) of the
Act 6 and Rule 19b–4(f)(6) 7 thereunder,
the Exchange has designated this
proposal as one that effects a change
that: (i) does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) by its terms, does not become
operative for 30 days after the date of
the filing, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest.8
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act normally does not become operative
for 30 days after the date of its filing.
However, Rule 19b–4(f)(6)(iii) 9 permits
the Commission to designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange requested that
the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
8 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission
written notice of its intent to file the proposed rule
change at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6)(iii).
7 17
E:\FR\FM\19DEN1.SGM
19DEN1
lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 242 / Tuesday, December 19, 2023 / Notices
filing. The proposed rule change, which
modifies the Exchange’s rules by
conforming the definition of
Commodity-Based Trust Shares with the
same definition used by another
national securities exchange 10 and
corrects the citation for the term
‘‘commodity,’’ as defined in the
Commodity Exchange Act, raises no
unique or novel legal or regulatory
issues and will lessen any potential
confusion among market participants.
Therefore, 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.11
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.
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NASDAQ–2023–055 and should be
submitted on or before January 9, 2024.
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.12
Sherry R. Haywood,
Assistant Secretary.
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–2023–055 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–2023–055. 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
10 See
supra note 3.
11 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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17:33 Dec 18, 2023
Jkt 262001
[FR Doc. 2023–27805 Filed 12–18–23; 8:45 am]
BILLING CODE 8011–01–P
87829
Register on November 13, 2023.3 The
Commission has received no comment
letters on the proposed rule change.
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission will either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is December 28,
2023. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change,
so that it has sufficient time to consider
the proposed rule change. Accordingly,
the Commission, pursuant to section
19(b)(2) of the Act,5 designates February
9, 2023, as the date by which the
Commission shall either approve or
disapprove the proposed rule change
(File No. SR–NYSE–2023–36).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–27785 Filed 12–18–23; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–99161; File No. SR–NYSE–
2023–36]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change
Regarding Enhancements to Its DMM
Program
December 13, 2023.
On October 23, 2023, New York Stock
Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to make enhancements to its
Designated Market Maker (‘‘DMM’’)
program. The proposed rule change was
published for comment in the Federal
12 17
CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00095
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Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Securities Act of 1933 Release No. 11258/
December 13, 2023; Securities Exchange
Act of 1934 Release No. 99150/December
13, 2023]
Order Approving Public Company
Accounting Oversight Board Budget
and Annual Accounting Support Fee
for Calendar Year 2024
The Sarbanes-Oxley Act of 2002, as
amended (the ‘‘Sarbanes-Oxley Act’’),1
established the Public Company
Accounting Oversight Board (‘‘PCAOB’’)
to oversee the audits of companies that
are subject to the securities laws, and
related matters, in order to protect the
3 See Securities Exchange Act Release No. 98869
(November 6, 2023), 88 FR 77625 (November 13,
2023) (SR–NYSE–2023–36).
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(57).
1 15 U.S.C. 7201 et seq.
E:\FR\FM\19DEN1.SGM
19DEN1
]]>Agencies
[Federal Register Volume 88, Number 242 (Tuesday, December 19, 2023)]
[Notices]
[Pages 87827-87829]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-27805]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99163; File No. SR-NASDAQ-2023-055]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Definition of Commodity-Based Trust Shares in Nasdaq Rule
5711(d)(iv)(A) and To Correct a Typographical Error in Nasdaq Rule
5711(d)(iv)(B)
December 13, 2023.
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 December 11, 2023, 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
[[Page 87828]]
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 Nasdaq Rule 5711(d)(iv)(A) to mirror
the definition of Commodity-Based Trust Shares in Section (c)(1) of
Arca's Rule 8.201-E. Commodity-Based Trust Shares, as well as to
correct a typographical error in Rule Nasdaq Rule 5711(d)(iv)(B).
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Nasdaq Rule
5711(d)(iv)(A) to mirror the definition of Commodity-Based Trust Shares
in Section (c)(1) of Arca's Rule 8.201-E. Commodity-Based Trust
Shares.\3\
---------------------------------------------------------------------------
\3\ See Arca Rule 8.201-E(c)(1).
---------------------------------------------------------------------------
The Exchange proposes to conform its rule language for the
definition of Commodity-Based Trust Shares to that of Arca's so that
there exists no discrepancy between the definitions. Specifically,
Nasdaq currently defines ``Commodity-Based Trust Shares'' as ``a
security (1) that is issued by a trust (``Trust'') that holds a
specified commodity deposited with the Trust; (2) that is issued by
such Trust in a specified aggregate minimum number in return for a
deposit of a quantity of the underlying commodity; and (3) that, when
aggregated in the same specified minimum number, may be redeemed at a
holder's request by such Trust which will deliver to the redeeming
holder the quantity of the underlying commodity.''
The term ``Commodity-Based Trust Shares'' will now mirror Arca's
and be defined as ``a security (1) that is issued by a trust
(``Trust'') that holds (a) a specified commodity deposited with the
Trust, or (b) a specified commodity and, in addition to such specified
commodity, cash; (2) that is issued by such Trust in a specified
aggregate minimum number in return for a deposit of a quantity of the
underlying commodity and/or cash; and (c) that, when aggregated in the
same specified minimum number, may be redeemed at a holder's request by
such Trust which will deliver to the redeeming holder the quantity of
the underlying commodity and/or cash.
Additionally, the Exchange proposes to correct a typographical
error in Rule Nasdaq Rule 5711(d)(iv)(B) to change the Commodity
Exchange Act cite from 1(a)(4) to 1a(9).
2. Statutory Basis
The Exchange believes that its proposal is consistent with section
6(b) of the Act,\4\ in general, and furthers the objectives of section
6(b)(5) of the Act,\5\ 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.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that its proposal will remove impediments to
and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest by harmonizing the definition of Commodity-Based Trust Shares
with that of Arca and lessening any potential confusion among market
participants as to its meaning.
The Exchange also believes that correcting the typographical error
in Nasdaq Rule 5711(d)(iv)(B) serves to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest by
lessening possible confusion of market participants as to where the
term ``commodity'' is defined in the Commodity Exchange Act through
clarifying the rule language and enhancing transparency.
For the foregoing reasons, the Exchange believes that the proposed
rule change is consistent with the Act.
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 proposal merely harmonizes
the definition of Commodity-Based Trust Shares with that of Arca and
lessens any potential confusion among market participants as to its
meaning, as well as fixes a typographical error involving the Commodity
Exchange Act that will clarify the rule language and enhance
transparency.
For the foregoing reasons, the Exchange does not believe the
proposed rule change will result in any burden on competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
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
Pursuant to section 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6)
\7\ thereunder, the Exchange has designated this proposal as one that
effects a change that: (i) does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.\8\
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6).
\8\ In addition, Rule 19b-4(f)(6) requires a self-regulatory
organization to give the Commission written notice of its intent to
file the proposed rule change at least five business days prior to
the date of filing of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange has satisfied this
requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act normally does not become operative for 30 days after the date of
its filing. However, Rule 19b-4(f)(6)(iii) \9\ permits the Commission
to designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requested
that the Commission waive the 30-day operative delay so that the
proposal may become operative immediately upon
[[Page 87829]]
filing. The proposed rule change, which modifies the Exchange's rules
by conforming the definition of Commodity-Based Trust Shares with the
same definition used by another national securities exchange \10\ and
corrects the citation for the term ``commodity,'' as defined in the
Commodity Exchange Act, raises no unique or novel legal or regulatory
issues and will lessen any potential confusion among market
participants. Therefore, 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.\11\
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\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ See supra note 3.
\11\ 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.
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-2023-055 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-2023-055. 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
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NASDAQ-2023-055 and should
be submitted on or before January 9, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-27805 Filed 12-18-23; 8:45 am]
BILLING CODE 8011-01-P
