67754 Federal Register / Vol. 83, No. 249 / Monday, December 31, 2018 / Notices 

12 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4The Exchange initially filed rule changes 

relating to its co-location services with the 

Commission in 2010. See Securities Exchange Act 

Release No. 62961 (September 21, 2010), 75 FR 

59299 (September 27, 2010) (SR–NYSEAmex–2010– 

80) (the ‘‘Original Co-location Filing’’). The 

Exchange operates a data center in Mahwah, New 

Jersey (the ‘‘data center’’) from which it provides 

co-location services to Users. 

5See Securities Exchange Act Release No. 77071 

(February 5, 2016), 81 FR 7382 (February 11, 2016) 

(SR–NYSEMKT–2015–89). 

6For purposes of the Exchange’s co-location 

services, a ‘‘User’’ means any market participant 

that requests to receive co-location services directly 

from the Exchange. See Securities Exchange Act 

Release No. 76009 (September 29, 2015), 80 FR 

60213 (October 5, 2015) (SR–NYSEMKT–2015–67). 

As specified in the Price List and Fee Schedule, a 

User that incurs co-location fees for a particular colocation service pursuant thereto would not be 

subject to co-location fees for the same co-location 

service charged by the Exchange’s affiliates New 

York Stock Exchange LLC (‘‘NYSE’’), NYSE Arca, 

Inc. (‘‘NYSE Arca’’) and NYSE National, Inc. 

(‘‘NYSE National’’ and, together, the ‘‘Affiliate 

SROs’’). See Securities Exchange Act Release No. 

70176 (August 13, 2013), 78 FR 50471 (August 19, 

2013) (SR–NYSEMKT–2013–67). 

7See Securities Exchange Act Release No. 79717 

(December 30, 2016), 82 FR 1767 (January. 6, 2017) 

(SR–NYSEMKT–2016–123). 

8The Exchange previously extended the MRC 

reduction for one year. See Securities Exchange Act 

Release No. 82224 (December 6, 2017), 82 FR 58465 

(December 12, 2017) (SR–NYSEAmer–2017–35). 

See also Securities Exchange Act Release Nos. 

82223 (December 6, 2017) 82 FR 58459 (December 

12, 2017) (SR–NYSE–2017–62), and 82226 

(December 6, 2017), 82 FR 58462 (December 12, 

2017) (SR–NYSEArca–2017–134). 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of such 

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–2018–105, and 

should be submitted on or before 

January 22, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28394 Filed 12–28–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84925; File No. SR– 

NYSEAMER–2018–55] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Its Options 

Fee Schedule and Equities Price List 

To Extend for One Year a Fee Discount 

for the Partial Cabinet Solution 

Bundles Offered in Connection With 

the Exchange’s Co-Location Services 

December 21, 2018. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

20, 2018, NYSE American LLC (the 

‘‘Exchange’’ or ‘‘NYSE American’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 its 

Options Fee Schedule (the ‘‘Options Fee 

Schedule’’) and Equities Price List (the 

‘‘Equities Fee Schedule’’, together with 

the Options Fee Schedule, the ‘‘Fee 

Schedules’’) to extend for one year a fee 

discount for the Partial Cabinet Solution 

bundles offered in connection with the 

Exchange’s co-location services. The 

proposed change is available on the 

Exchange’s website at www.nyse.com, 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 

self-regulatory organization 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 those 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 parts 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 Exchange proposes to amend the 

Exchange’s Fee Schedules to extend a 

fee discount for the Partial Cabinet 

Solution bundles offered in connection 

with the Exchange’s co-location 

services.4 The Exchange offers the four 

Partial Cabinet Solution bundles to 

attract smaller Users, such as those with 

minimal power or cabinet space 

demands, or those for which the 

attendant costs of having a dedicated 

cabinet and related connectivity are too 

burdensome.5

The Exchange offers Users 6 that 

purchase a Partial Cabinet Solution 

bundle on or before December 31, 2018 

a 50% reduction in the monthly 

recurring charges (‘‘MRC’’) for the first 

24 months.7 The Exchange proposes to 

extend the 50% fee reduction to those 

Users that purchase a Partial Cabinet 

Solution bundle on or before December 

31, 2019.8 The Exchange does not 

propose to amend the length of the 

discount period. 

The amended portions of the Fee 

Schedules would read as follows: 


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9As is currently the case, Users that receive colocation services from the Exchange will not receive 

any means of access to the Exchange’s trading and 

execution systems that is separate from, or superior 

to, that of other Users. In this regard, all orders sent 

to the Exchange enter the Exchange’s trading and 

execution systems through the same order gateway, 

regardless of whether the sender is co-located in the 

data center or not. In addition, co-located Users do 

not receive any market data or data service product 

that is not available to all Users, although Users that 

receive co-location services normally would expect 

reduced latencies in sending orders to, and 

receiving market data from, the Exchange. 

10See SR–NYSEMKT–2013–67, supra note 6 at 

50471. The Exchange’s affiliates have also 

submitted substantially the same proposed rule 

change to propose the changes described herein. 

See SR–NYSE–2018–63 and SR–NYSEArca–2018– 

93, and SR–NYSENAT–2018–26. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(4). 

13 15 U.S.C. 78f(b)(5). 

Type of service Description Amount of charge 

Partial Cabinet Solution bundles. Note: A User 

and its Affiliates are limited to one Partial 

Cabinet Solution bundle at a time. A User 

and its Affiliates must have an Aggregate 

Cabinet Footprint of 2 kW or less to qualify 

for a Partial Cabinet Solution bundle. See 

Note 2 under ‘‘General Notes.’’.

Option A: 1 kW partial cabinet, 1 LCN connection (1 Gb), 1 IP network connection (1 

Gb), 2 fiber cross connections and either 

the Network Time Protocol Feed or Precision Timing Protocol.

$7,500 initial charge per bundle plus monthly 

charge per bundle as follows: 

• For Users that order on or before December 31, 2019: $3,000 monthly for 

first 24 months of service, and $6,000 

monthly thereafter. 

• For Users that order after December 

31, 2019: $6,000 monthly. 

Option B: 2 kW partial cabinet, 1 LCN connection (1 Gb), 1 IP network connection (1 

Gb), 2 fiber cross connections and either 

the Network Time Protocol Feed or Precision Timing Protocol.

$7,500 initial charge per bundle plus monthly 

charge per bundle as follows: 

• For Users that order on or before December 31, 2019: $3,500 monthly for 

first 24 months of service, and $7,000 

monthly thereafter. 

• For Users that order after December 

31, 2019: $7,000 monthly. 

Option C: 1 kW partial cabinet, 1 LCN connection (10 Gb), 1 IP network connection 

(10 Gb), 2 fiber cross connections and either the Network Time Protocol Feed or 

Precision Timing Protocol.

$10,000 initial charge per bundle plus monthly 

charge per bundle as follows: 

• For Users that order on or before December 31, 2019: $7,000 monthly for 

first 24 months of service, and $14,000 

monthly thereafter. 

• For Users that order after December 

31, 2019: $14,000 monthly. 

Option D: 2 kW partial cabinet, 1 LCN connection (10 Gb), 1 IP network connection 

(10 Gb), 2 fiber cross connections and either the Network Time Protocol Feed or 

Precision Timing Protocol.

$10,000 initial charge per bundle plus monthly 

charge per bundle as follows: 

• For Users that order on or before December 31, 2019: $7,500 monthly for 

first 24 months of service, and $15,000 

monthly thereafter. 

• For Users that order after December 

31, 2019: $15,000 monthly. 

As is the case with all Exchange colocation arrangements, (i) neither a User 

nor any of the User’s customers would 

be permitted to submit orders directly to 

the Exchange unless such User or 

customer is a member organization, a 

Sponsored Participant or an agent 

thereof (e.g., a service bureau providing 

order entry services); (ii) use of the colocation services proposed herein would 

be completely voluntary and available 

to all Users on a non-discriminatory 

basis; 9 and (iii) a User would only incur 

one charge for the particular co-location 

service described herein, regardless of 

whether the User connects only to the 

Exchange or to the Exchange and one or 

both of its affiliates.10

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with Section 6(b) 

of the Act,11 in general, and furthers the 

objectives of Sections 6(b)(4) 12 and 

6(b)(5) 13 of the Act, in particular. The 

proposal is consistent with Section 

6(b)(4) of the Act because it provides for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

members, issuers and other persons 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. The Proposal 

is also consistent with Section 6(b)(5) of 

the Act because it is designed to 

promote just and equitable principles of 

trade, remove impediments to, and 

perfect the mechanisms of, a free and 

open market and a national market 

system and is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange believes that the 

proposal provides for the equitable 

allocation of reasonable dues, fees, and 

other charges because it would extend 

the existing eligibility for a 50% MRC 

reduction for another year, providing 

smaller Users with minimal power or 

cabinet space demands with additional 

time to purchase a Partial Cabinet 

Solution at a discounted rate. The 

Exchange believes that it is reasonable 

to continue to offer the fee reduction as 

an incentive to Users to utilize the 

service, including both new and past 

Users. As is currently the case, the 

purchase of any colocation service 

(including Partial Cabinet Solution 

bundles) is completely voluntary. All 

Users that order a bundle on or before 

December 31, 2019 would have their 

MRC reduced by 50% for the first 24 

months. 

The proposal would remove 

impediments to, and perfects the 

mechanisms of, a free and open market 

and a national market system because 

extending the 50% MRC reduction 

would continue to make it more cost 

effective for Users to utilize co-location 

by offering a cost effective, convenient 

way to create a colocation environment, 

through the choice of four Partial 

Cabinet Solution bundles with different 

cabinet footprints and network 

connections options. As mentioned 


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67756 Federal Register / Vol. 83, No. 249 / Monday, December 31, 2018 / Notices 

14 15 U.S.C. 78f(b)(8). 

15 15 U.S.C. 78s(b)(3)(A). 

16 17 CFR 240.19b–4(f)(2). 17 15 U.S.C. 78s(b)(2)(B). 

above, the Exchange expects that such 

Users would include those with 

minimal power or cabinet space 

demands and Users for which the costs 

attendant with having a dedicated 

cabinet or greater network connection 

bandwidth are too burdensome. 

The proposal would not unfairly 

discriminate between customers, 

issuers, brokers or dealers because it 

would apply to all Users equally. The 

Exchange would continue to offer the 

same four different Partial Cabinet 

Solution bundles with different cabinet 

footprints and network connections 

options. Users that require other sizes or 

combinations of cabinets, network 

connections and cross connects could 

still request them. 

For the reasons above, the proposed 

changes do not unfairly discriminate 

between or among market participants 

that are otherwise capable of satisfying 

any applicable co-location fees, 

requirements, terms and conditions 

established from time to time by the 

Exchange. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

For these reasons, the Exchange 

believes that the proposal is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule changes will not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of Section 

6(b)(8) of the Act.14 The proposal 

changes will enhance competition by 

continuing to offer cost effective options 

for Users to create a colocation 

environment through four Partial 

Cabinet Solution bundles. Partial 

Cabinet Solution bundles allow Users to 

select their desired cabinet footprint and 

network connections at a reduced MRC 

for the first 24 months. Such Users may 

choose, in turn, to pass on such cost 

savings to their customers. In addition 

to the proposed services being 

completely voluntary, they are available 

to all Users on an equal basis (i.e., the 

same products and services are available 

to all Users, and the extension of the 

50% reduction for the MRC for the 

Partial Cabinet Solution bundles, would 

apply to all Users). 

The Exchange operates in a highly 

competitive market in which exchanges 

offer co-location services as a means to 

facilitate the trading and other market 

activities of those market participants 

who believe that co-location enhances 

the efficiency of their operations. 

Accordingly, fees charged for colocation services are constrained by the 

active competition for the order flow of, 

and other business from, such market 

participants. If a particular exchange 

charges excessive fees for co-location 

services, affected market participants 

will opt to terminate their co-location 

arrangements with that exchange, and 

adopt a possible range of alternative 

strategies, including placing their 

servers in a physically proximate 

location outside the exchange’s data 

center (which could be a competing 

exchange), or pursuing strategies less 

dependent upon the lower exchange-toparticipant latency associated with colocation. Accordingly, the exchange 

charging excessive fees would stand to 

lose not only co-location revenues but 

also the liquidity of the formerly colocated trading firms, which could have 

additional follow-on effects on the 

market share and revenue of the affected 

exchange. In such an environment, the 

Exchange must continually review, and 

consider adjusting, its services and 

related fees and credits to remain 

competitive with other exchanges. 

For the reasons described above, the 

Exchange believes that the proposed 

rule changes reflect this competitive 

environment. 

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 foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 15 of the Act and 

subparagraph (f)(2) of Rule 19b–4 16

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 17 of the Act 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEAMER–2018–55 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–NYSEAMER–2018–55. 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 (http://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–NYSEAMER–2018–55 and 


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Federal Register / Vol. 83, No. 249 / Monday, December 31, 2018 / Notices 67757 

18 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(6)(iii). 

5The rules of EDGX Options, including rules 

applicable to EDGX Options’ participation in the 

Penny Pilot, were approved on August 7, 2015. See 

Securities Exchange Act Release No. 75650 (August 

7, 2015), 80 FR 48600 (August 13, 2015) (SR– 

EDGX–2015–18). EDGX Options commenced 

operations on November 2, 2015. 

6 15 U.S.C. 78f(b). 

7 15 U.S.C. 78f(b)(5). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f)(6). 

should be submitted on or before 

January 22, 2019. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–28399 Filed 12–28–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84946; File No. SR– 

CboeEDGX–2018–061] 

Self-Regulatory Organizations; Cboe 

EDGX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change to Rule 21.5, 

Minimum Increments, To Extend the 

Penny Pilot Program 

December 21, 2018. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on December 

20, 2018, Cboe EDGX Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGX’’) filed with 

the Securities Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange has 

designated this proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A) of the 

Act 3 and Rule 19b–4(f)(6)(iii) 

thereunder,4 which renders it effective 

upon filing with the Commission. 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 filed a proposal for the 

EDGX Options Market (‘‘EDGX 

Options’’) to extend through June 30, 

2019 the Penny Pilot Program (‘‘Penny 

Pilot’’) in options classes in certain 

issues (‘‘Pilot Program’’) previously 

approved by the Commission.5

The text of the proposed rule change 

is available at the Exchange’s website at 

www.markets.cboe.com, 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to extend 

the Penny Pilot, which was previously 

approved by the Commission, through 

June 30, 2019, and to provide revised 

dates for adding replacement issues to 

the Pilot Program. The Exchange 

proposes that any Pilot Program issues 

that have been delisted may be replaced 

on the second trading day following 

January 1, 2019. The replacement issues 

will be selected based on trading 

activity for the most recent six month 

period excluding the month 

immediately preceding the replacement 

(i.e., beginning June 1, 2018, and ending 

November 30, 2018). 

The Exchange represents that the 

Exchange has the necessary system 

capacity to continue to support 

operation of the Penny Pilot. The 

Exchange believes the benefits to public 

customers and other market participants 

who will be able to express their true 

prices to buy and sell options have been 

demonstrated to outweigh the increase 

in quote traffic. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the Act.6

In particular, the proposal is consistent 

with Section 6(b)(5) of the Act 7 because 

it would promote just and equitable 

principles of trade, remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system. The 

Exchange believes that the Pilot 

Program promotes just and equitable 

principles of trade by enabling public 

customers and other market participants 

to express their true prices to buy and 

sell options. Accordingly, the Exchange 

believes that the proposal is consistent 

with the Act because it will allow the 

Exchange to extend the Pilot Program 

prior to its expiration on December 31, 

2018. The Exchange notes that this 

proposal does not propose any new 

policies or provisions that are unique or 

unproven, but instead relates to the 

continuation of an existing program that 

operates on a pilot basis. 

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 purposes of the Act. In this 

regard, the Exchange notes that the rule 

change is being proposed in order to 

continue the Pilot Program, which is a 

competitive response to analogous 

programs offered by other options 

exchanges. The Exchange believes this 

proposed rule change is necessary to 

permit fair competition among the 

options exchanges. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any written 

comments from members or other 

interested parties. 

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) of the Act 8 and Rule 19b– 

4(f)(6) 9 thereunder. 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 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, the 

proposed rule change has become 

effective pursuant to 19(b)(3)(A) of the 


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