[Federal Register Volume 83, Number 15 (Tuesday, January 23, 2018)]
[Notices]
[Pages 3239-3240]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01095]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-82524; File Nos. SR-BatsBZX-2017-37; SR-BatsEDGX-2017-
23; SR-BOX-2017-17; SR-C2-2017-018; SR-CBOE-2017-041; SR-FINRA-2017-
013; SR-ISE-2017-46; SR-IEX-2017-18; SR-MIAX-2017-20; SR-PEARL-2017-23;
SR-NASDAQ-2017-055; SR-BX-2017-027; SR-Phlx-2017-43; SR-NYSE-2017-23;
SR-NYSEArca-2017-57; SR-NYSEArca-2017-59; SR-NYSEMKT-2017-29; SR-
NYSEMKT-2017-30]
Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Bats EDGX
Exchange, Inc.; BOX Options Exchange LLC; C2 Options Exchange,
Incorporated; Chicago Board Options Exchange, Incorporated; Financial
Industry Regulatory Authority, Inc.; International Securities Exchange,
LLC; Investors Exchange LLC; Miami International Securities Exchange
LLC; MIAX PEARL, LLC; The NASDAQ Stock Market LLC; NASDAQ BX, Inc.;
NASDAQ PHLX LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE MKT
LLC; Notice of Withdrawal of Proposed Rule Changes, as Modified by
Amendments Thereto, To Eliminate Requirements That Will Be Duplicative
of CAT
January 17, 2018.
On May 15, 2017, Bats BZX Exchange, Inc. (``Bats BZX'') (n/k/a Cboe
BZX Exchange, Inc.); \1\ Bats EDGX Exchange, Inc. (``Bats EDGX'') (n/k/
a Cboe EDGX Exchange, Inc.); \2\ BOX Options Exchange LLC (``BOX''); C2
Options Exchange, Incorporated (``C2'') (n/k/a Cboe C2 Exchange, Inc.);
\3\ Chicago Board Options Exchange, Incorporated (``CBOE'') (n/k/a Cboe
Exchange, Inc.); \4\ Financial Industry Regulatory Authority, Inc.
(``FINRA''); International Securities Exchange, LLC (``ISE'');
Investors Exchange LLC (``IEX''); Miami International Securities
Exchange LLC (``MIAX''); MIAX PEARL, LLC (``PEARL''); NYSE Arca, Inc.
(``NYSE Arca''); and NYSE MKT LLC (``NYSE MKT'') (n/k/a NYSE American
LLC) \5\ filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \6\ and Rule 19b-4 thereunder,\7\
proposed rule changes to eliminate or modify certain rules that require
the collection or reporting of information that is duplicative of the
information that will be collected by the Consolidated Audit Trail
(``CAT'') established pursuant to the National Market System Plan
contemplated by Rule 613 of Regulation NMS.\8\ On May 22, 2017, the New
York Stock Exchange LLC (``NYSE'') filed with the Commission a proposed
rule change for the same purpose, and each of NYSE Arca and NYSE MKT
filed an additional proposed rule change for the same purpose. On May
26, 2017, the NASDAQ Stock Market LLC (``NASDAQ'') and NASDAQ PHLX LLC
(``Phlx'') filed with the Commission proposed rule changes for the same
purpose.\9\ On May 30, 2017, NASDAQ BX, Inc. (``BX'') filed with the
Commission a proposed rule change for the same purpose.\10\ In this
notice, all of these proposed rule changes are referred to collectively
as the ``Systems Retirement Proposals.''
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\1\ See Securities Exchange Act Release No. 81962 (October 26,
2017), 82 FR 50711 (November 1, 2017) (SR-BatsBZX-2017-70). The name
change was not yet effective when Bats BZX filed SR-BatsBZX-2017-37.
\2\ See Securities Exchange Act Release No. 81963 (October 26,
2017), 82 FR 50697 (November 1, 2017) (SR-BatsEDGX-2017-41). The
name change was not yet effective when Bats EDGX filed SR-BatsEDGX-
2017-23.
\3\ See Securities Exchange Act Release No. 81979 (October 30,
2017), 82 FR 51317 (November 3, 2017) (SR-C2-2017-028). The name
change was not yet effective when C2 filed SR-C2-2017-018.
\4\ See Securities Exchange Act Release No. 81981 (October 30,
2017), 82 FR 51309 (November 3, 2017) (SR-CBOE-2017-066). The name
change was not yet effective when CBOE filed SR-CBOE-2017-041.
\5\ See Securities Exchange Act Release No. 80283 (March 21,
2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14). The name
change was not yet effective when NYSE MKT filed SR-NYSEMKT-2017-29
and SR-NYSEMKT-2017-30.
\6\ 15 U.S.C. 78s(b)(1).
\7\ 17 CFR 240.19b-4.
\8\ 17 CFR 242.613.
\9\ NASDAQ and Phlx initially filed proposed rule changes on May
15, 2017 (SR-NASDAQ-2017-050 and SR-PHLX-2017-38). On May 26, 2017,
NASDAQ and Phlx withdrew these filings and submitted new proposed
rule changes (SR-NASDAQ-2017-055 and SR-PHLX-2017-43).
\10\ BX initially filed a proposed rule change on May 15, 2017
(SR-BX-2017-025). On May 30, 2017, BX withdrew that initial filing
and submitted a new proposed rule change (SR-BX-2017-027).
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On June 1, 2017, the proposed rule changes submitted by Bats BZX,
Bats EDGX, BOX, C2, CBOE, FINRA, IEX, ISE, MIAX, and PEARL; both
proposed rule changes submitted by NYSE MKT; and one of the proposed
rule changes submitted by NYSE Arca were published for comment in the
Federal Register.\11\ On June 2, 2017, the proposed rule change
submitted by NYSE and the other proposed rule change submitted by NYSE
Arca were published for comment in the Federal Register.\12\ On June 5,
2017, the proposed rule changes submitted by NASDAQ, BX, and Phlx were
published for comment in the Federal Register.\13\
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\11\ See Securities Exchange Act Release No. 80796 (May 26,
2017), 82 FR 25374 (SR-BatsBZX-2017-37); Securities Exchange Act
Release No. 80795 (May 26, 2017), 82 FR 25358 (SR-BatsEDGX-2017-23);
Securities Exchange Act Release No. 80789 (May 26, 2017), 82 FR
25492 (SR-BOX-2017-17); Securities Exchange Act Release No. 80798
(May 26, 2017), 82 FR 25385 (SR-C2-2017-018); Securities Exchange
Act Release No. 80797 (May 26, 2017), 82 FR 25429 (SR-CBOE-2017-
041); Securities Exchange Act Release No. 80783 (May 26, 2017), 82
FR 25423 (SR-FINRA-2017-013); Securities Exchange Act Release No.
80788 (May 26, 2017), 82 FR 25400 (SR-IEX-2017-18); Securities
Exchange Act Release No. 80787 (May 26, 2017), 82 FR 25469 (SR-ISE-
2017-46); Securities Exchange Act Release No. 80790 (May 26, 2017),
82 FR 25366 (SR-MIAX-2017-20); Securities Exchange Act Release No.
80792 (May 26, 2017), 82 FR 25436 (SR-PEARL-2017-23); Securities
Exchange Act Release No. 80791 (May 26, 2017), 82 FR 25362 (SR-
NYSEArca-2017-59); Securities Exchange Act Release No. 80793 (May
26, 2017), 82 FR 25443 (SR-NYSEMKT-2017-29); Securities Exchange Act
Release No. 80794 (May 26, 2017), 82 FR 25439 (SR-NYSEMKT-2017-30).
\12\ See Securities Exchange Act Release No. 80799 (May 26,
2017), 82 FR 25635 (SR-NYSE-2017-23); Securities Exchange Act
Release No. 80800 (May 26, 2017), 82 FR 25639 (SR-NYSEArca-2017-57).
\13\ See Securities Exchange Act Release No. 80813 (May 30,
2017), 82 FR 25820 (SR-NASDAQ-2017-055); Securities Exchange Act
Release No. 80814 (May 30, 2017), 82 FR 25872 (SR-BX-2017-027);
Securities Exchange Act Release No. 80811 (May 30, 2017), 82 FR
25863 (SR-Phlx-2017-43).
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Four comments were submitted to File Number SR-FINRA-2017-013.\14\
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\14\ See letters from William H. Herbert, Managing Director,
Financial Information Forum (``FIF''), dated June 22, 2017; Manisha
Kimmel, Chief Regulatory Officer, Wealth Management, Thomson
Reuters, dated June 22, 2017; Marc R. Bryant, Senior Vice President,
Deputy General Counsel, Fidelity Investments, dated June 22, 2017;
and Ellen Greene, Managing Director and Theodore R. Lazo, Managing
Director and Associate General Counsel, Securities Industry and
Financial Markets Association (``SIFMA''), dated June 23, 2017.
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On June 22, 2017, each of NASDAQ, BX, ISE, and Phlx filed an
amendment to its proposed rule change. On July 14,
[[Page 3240]]
2017, the Commission extended the time period for Commission action on
all of the Systems Retirement Proposals to August 30, 2017.\15\
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\15\ See Securities Exchange Act Release No. 81145, 82 FR 33533
(July 20, 2017).
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On August 24, 2017, BOX submitted Amendment No. 1 to its proposed
rule change, IEX submitted Amendment No. 1 to its proposed rule change,
PEARL submitted Amendment No. 2 to its proposed rule change,\16\ and
MIAX submitted Amendment No. 3 to its proposed rule change.\17\ On
August 25, 2017, Bats BZX submitted Amendment No. 1 to its proposed
rule change, Bats EDGX submitted Amendment No. 1 to its proposed rule
change, BX submitted Amendment No. 2 to its proposed rule change, C2
submitted Amendment No. 1 to its proposed rule change, CBOE submitted
Amendment No. 1 to its proposed rule change, FINRA submitted Amendment
No. 1 to its proposed rule change, ISE submitted Amendment No. 2 to its
proposed rule change, NASDAQ submitted Amendment No. 2 to its proposed
rule change, NYSE submitted Amendment No. 1 to its proposed rule
change, NYSE Arca submitted Amendment No. 1 to each of its proposed
rule changes, NYSE MKT submitted Amendment No. 1 to each of its
proposed rule changes, and Phlx submitted Amendment No. 2 to its
proposed rule change.
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\16\ PEARL filed Amendment No. 1 to its proposed rule change on
August 22, 2017. On August 24, 2017, PEARL withdrew Amendment No. 1
and replaced it with Amendment No. 2.
\17\ MIAX filed Amendment No. 1 to its proposed rule change on
August 22, 2017 and withdrew and replaced it with Amendment No. 2 on
the same day. On August 24, 2017, MIAX withdrew Amendment No. 2 and
replaced it with Amendment No. 3.
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On August 30, 2017, the Commission instituted proceedings under
Section 19(b)(2)(B) of the Act \18\ to determine whether to approve or
disapprove the proposed rule changes, as modified by the respective
amendments thereto.\19\ Since then, the Commission has received nine
additional comment letters on the proposed rule changes, including a
response from FINRA and a response from the CAT NMS Plan Operating
Committee Chair on behalf of Bats BZX, Bats EDGX, BOX, C2, CBOE, IEX,
ISE, MIAX, NASDAQ, BX, Phlx, NYSE, NYSE Arca, NYSE MKT, and PEARL.\20\
On November 21, 2017, the Commission extended the time period for
approving or disapproving the proposed rule changes, as modified by the
respective amendments thereto, for an additional 60 days until January
27, 2018.\21\
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\18\ 15 U.S.C. 78s(b)(2)(B).
\19\ See Securities Exchange Act Release No. 81499, 82 FR 42168
(September 6, 2017) (``OIP'').
\20\ Seven substantive comment letters were submitted in
response to the OIP. See letters from Manisha Kimmel, Chief
Regulatory Officer, Wealth Management, Thomson Reuters, dated
September 27, 2017; William H. Herbert, Managing Director, FIF,
dated September 29, 2017; Ellen Greene, Managing Director and
Theodore R. Lazo, Managing Director and Associate General Counsel,
SIFMA, dated September 29, 2017; Brant K. Brown, Associate General
Counsel, FINRA, dated October 11, 2017; William H. Herbert, Managing
Director, FIF, dated November 2, 2017; Michael Simon, CAT NMS Plan
Operating Committee Chair, dated November 2, 2017; and Manisha
Kimmel, Chief Regulatory Officer, Wealth Management, Thomson
Reuters, dated December 18, 2017. An eighth letter in response to
the OIP requested additional time to submit comments on the proposed
rule changes. See letter from William H. Herbert, Managing Director,
FIF, dated September 27, 2017. The ninth comment letter was
submitted solely to File Number SR-Phlx-2017-43. See letter from
Michael Kitlas, dated November 14, 2017.
\21\ See Securities Exchange Act Release No. 82135, 82 FR 56287
(November 28, 2017).
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On January 9, 2018, MIAX and PEAL withdrew their proposed rule
changes (File Numbers SR-MIAX-2017-20; SR-PEARL-2017-23). On January
10, 2018, Bats BZX, Bats EDGX, C2, CBOE, and IEX withdrew their
proposed rule changes (File Numbers SR-BatsBZX-2017-37; SR-BatsEDGX-
2017-23; SR-C2-2017-018; SR-CBOE-2017-041; SR-IEX-2017-18). On January
11, 2018, BOX withdrew its proposed rule change (File Number SR-BOX-
2017-17). On January 12, 2018, FINRA, ISE, NASDAQ, BX, and Phlx
withdrew their proposed rule changes (File Numbers SR-FINRA-2017-013;
SR-ISE-2017-46; SR-NASDAQ-2017-055; SR-BX-2017-027; SR-PHLX-2017-43).
On January 16, 2018, NYSE withdrew its proposed rule change (File
Number SR-NYSE-2017-23), and NYSE Arca and NYSE MKT each withdrew both
of their proposed rule changes (File Numbers SR-NYSEArca-017-57; SR-
NYSEArca-2017-59; SR-NYSEMKT-2017-29; SR-NYSEMKT-2017-30).
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\22\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01095 Filed 1-22-18; 8:45 am]
BILLING CODE 8011-01-P