Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 29861 

32 15 U.S.C. 78s(b)(3)(A). 

33 17 CFR 240.19b–4(f)(6). 

34 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

minimize operational disruptions to a 

dealer. 

Lastly, under the proposed rule 

change, allowing associated persons that 

volunteer for or are called into active 

U.S. military service to be placed in an 

inactive status allows for regulatory 

consistency and promotes the public 

interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The MSRB does not believe that 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. The 

proposed rule change reflects the 

MSRB’s belief that its registration 

requirements should be generally 

harmonized with FINRA’s consolidated 

rule change for purposes of regulatory 

efficiency and that such changes do not 

attach additional burdens on dealers, 

and as applicable, municipal advisors. 

In addition, the MSRB’s restructuring of 

its qualification examination program to 

better align with the functions and 

associated tasks currently performed by 

a municipal securities representative 

makes for a more effective qualification 

examination. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Board did not solicit comment on 

the proposed change. Therefore, there 

are no comments on the proposed rule 

change received from members, 

participants or others. 

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 32 and Rule 19b– 

4(f)(6) thereunder.33

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

MSRB–2018–04 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–MSRB–2018–04. 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 MSRB. 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–MSRB–2018–04 and should 

be submitted on or before July 17, 2018. 

For the Commission, pursuant to delegated 

authority.34

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–13619 Filed 6–25–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

(Release No. 34–83482; File No. SR– 

NASDAQ–2018–046) 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Rule 

4702 

June 20, 2018. 

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 June 8, 

2018, 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 amend 

Rule 4702(b)(12)(A) so that Participants 

can choose to have their Limit On Close 

Orders rejected if subject to being repriced when entered between 3:50 p.m. 

ET and immediately prior to 3:55 p.m. 

ET. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaq.cchwallstreet.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 


sradovich on DSK3GMQ082PROD with NOTICES
29862 Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 

3See Securities Exchange Act Release No. 81188 

(July 21, 2017), 82 FR 35014 (July 27, 2017) (SR– 

NASDAQ–2017–061). 

4See Securities Exchange Act Release No. 81556 

(September 8, 2017), 82 FR 43264 (September 14, 

2017) (SR–NASDAQ–2017–061) (Approval Order). 

5See Rule 4702(b)(12). 

6 ‘‘First Reference Price’’ is the Current Reference 

Price in the first Order Imbalance Indicator 

disseminated at or after 3:50 p.m. ET. See Rule 

4754(a)(9). During this time period an LOC Order 

can also be cancelled but not modified, and only 

if the Participant requests that Nasdaq correct a 

legitimate error in the Order (e.g., Side, Size, 

Symbol, or Price, or duplication of an Order). 

7 If the First Reference Price is not at a 

permissible minimum increment, the First 

Reference Price will be rounded (i) to the nearest 

permitted minimum increment (with midpoint 

prices being rounded up) if there is no imbalance, 

(ii) up if there is a buy imbalance, or (iii) down if 

there is a sell imbalance. 

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

9 15 U.S.C. 78f(b)(5). 

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 

On July 13, 2017, the Exchange filed 

a proposed rule change to enhance the 

Nasdaq Closing Cross by permitting 

Participants to submit Limit On Close 

(‘‘LOC’’) Orders until immediately prior 

to 3:55 p.m. ET subject to certain 

conditions, including that such LOC 

Orders would be re-priced in certain 

situations.3 This rule change was 

approved by the Commission on 

September 8, 2017.4 The Exchange now 

proposes to amend Rule 4702(b)(12)(A) 

so that Participants can choose to have 

their Limit On Close Orders rejected if 

subject to being re-priced when entered 

between 3:50 p.m. ET and immediately 

prior to 3:55 p.m. ET. 

A LOC Order is an Order Type 

entered with a price that may be 

executed only in the Nasdaq Closing 

Cross, and only if the price determined 

by the Nasdaq Closing Cross is equal to 

or better than the price at which the 

LOC Order was entered.5 Subject to the 

qualifications provided below, LOC 

Orders may be entered, cancelled, and/ 

or modified between 4 a.m. ET and 

immediately prior to 3:50 p.m. ET. 

Between 3:50 p.m. ET and immediately 

prior to 3:55 p.m. ET, an LOC Order 

may be entered provided that there is a 

First Reference Price.6 Currently, an 

LOC Order entered between 3:50 p.m. 

ET and immediately prior to 3:55 p.m. 

ET will be accepted at its limit price, 

unless its limit price is higher (lower) 

than the First Reference Price for an 

LOC Order to buy (sell), in which case 

the LOC Order will be re-priced to the 

First Reference Price.7

The Exchange now proposes to permit 

Participants to choose to have LOC 

Orders rejected if subject to being repriced when entered between 3:50 p.m. 

ET and immediately prior to 3:55 p.m. 

ET. While the Exchange believes that 

accepting LOC Orders after the regular 

3:50 p.m. ET cutoff enhances price 

discovery, in order to promote price 

stability during the Nasdaq Closing 

Cross, the Exchange re-prices these LOC 

Orders if the First Reference price is less 

aggressive than the Order’s limit price. 

Nevertheless, certain Participants may 

prefer not to have LOC Orders re-priced. 

A re-priced LOC Order would only have 

priority at the less aggressive First 

Reference Price, and as a result would 

be less likely to receive an execution in 

the Nasdaq Closing Cross than if it had 

been accepted at its stated limit price. 

For example, if the First Reference Price 

in ABC is $10, an LOC Order to buy 

entered at 3:52 with a stated limit price 

of $12 would be accepted at $10 today. 

If the Nasdaq Closing Cross is 

subsequently executed at a price of $11, 

the LOC Order would not participate 

even though its stated limit price 

indicates a willingness to pay up to $12. 

Some Participants would therefore 

prefer to have this LOC Order rejected 

at the outset to avoid this possibility 

when the Nasdaq Closing Cross is 

ultimately executed. Giving the option 

to have those LOC Orders rejected on 

entry rather than re-priced will give 

Participants more flexibility with 

respect to how such LOC Orders are 

handled. Participants that would prefer 

that LOC Orders be accepted to 

participate in the Nasdaq Closing Cross 

can continue to enter these LOC Orders 

subject to the current re-pricing logic, 

which will be the default configuration 

for Participants that have not chosen to 

have these LOC Orders rejected instead. 

Implementation 

The Exchange proposes to introduce 

the change described in this proposed 

rule change in Q3 or Q4 2018. The 

Exchange will announce the 

implementation date of this change in 

an Equity Trader Alert issued to 

Participants prior to implementing the 

change. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,9

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. 

Specifically, the Exchange believes that 

the proposed changes will give 

Participants more flexibility with 

respect to how their LOC Orders are 

handled, to the benefit of Participants 

and investors. 

While the Exchange permits 

Participants to submit LOC Orders 

between 3:50 p.m. ET and immediately 

prior to 3:55 p.m. ET, the Exchange reprices these LOC Orders to the First 

Reference Price if the First Reference 

price is less aggressive than the Order’s 

limit price. As mentioned in the 

purpose section of this proposed rule 

change, this re-pricing is done to 

promote stability in the Nasdaq Closing 

Cross price. However, certain 

Participants may prefer not to have LOC 

Orders re-priced, and instead would like 

to have these LOC Orders rejected on 

entry instead. The Exchange therefore 

proposes to facilitate this by giving 

Participants the choice to have LOC 

Orders handled in this manner. The 

Exchange believes that this is consistent 

with the protection of investors and the 

public interest as it allows Participants 

to have more flexibility in how they 

may achieve their trading goals. 

Specifically, Participants that choose to 

have an LOC Order rejected instead of 

re-priced could thereafter execute their 

trading interest in a different manner, 

such as by entering it onto the 

continuous book, rather than waiting for 

an uncertain execution in the Nasdaq 

Closing Cross where the LOC Order may 

have a lower priority at the re-priced 

price. Participants that consume and 

house the First Reference Price in their 

systems can already do this themselves 

today by checking if an LOC Order 

would be subject to re-pricing (i.e., 

because the limit price is more 

aggressive than the First Reference Price 

disseminated by the Exchange) prior to 

entering this interest on the Exchange. 

The Exchange believes, however, that 

many Participants would benefit from 

the Exchange performing this 

determination for them, and is therefore 

proposing to do so. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed functionality would be 

available to all Participants of the 

Exchange, who will now have the 

flexibility to choose to have LOC Orders 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 123 / Tuesday, June 26, 2018 / Notices 29863 

10 15 U.S.C. 78s(b)(3)(A). 

11 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. 12 17 CFR 200.30–3(a)(12). 

rejected on entry in situations where 

those LOC Orders would otherwise be 

re-priced to the First Reference Price. 

Although Participants could implement 

this logic themselves, implementing it 

on the Exchange will ensure that it is 

readily available to all Participants. 

Furthermore, other exchanges are free to 

offer similar functionality if they so 

desire. 

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 10 and Rule 19b– 

4(f)(6) thereunder.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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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: 

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– 

NASDAQ–2018–046 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–2018–046. 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–NASDAQ–2018–046 and 

should be submitted on or before July 

17, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–13618 Filed 6–25–18; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 10451] 

60-Day Notice of Proposed Information 

Collection: Petition To Classify Special 

Immigrant Under INA 203(b)(4) as 

Employee or Former Employee of the 

U.S. Government Abroad 

ACTION: Notice of request for public 

comment. 

SUMMARY: The Department of State is 

seeking Office of Management and 

Budget (OMB) approval for the 

information collection described below. 

In accordance with the Paperwork 

Reduction Act of 1995, we are 

requesting comments on this collection 

from all interested individuals and 

organizations. The purpose of this 

notice is to allow 60 days for public 

comment preceding submission of the 

collection to OMB. 

DATES: The Department will accept 

comments from the public up to August 

27, 2018. 

ADDRESSES: You may submit comments 

by any of the following methods: 

• Web: Persons with access to the 

internet may comment on this notice by 

going to www.Regulations.gov. You can 

search for the document by entering 

‘‘Docket Number: DOS–2018–0026’’ in 

the Search field. Then click the 

‘‘Comment Now’’ button and complete 

the comment form. 

• Email: PRA_BurdenComments@

state.gov. 

You must include the DS form 

number (if applicable), information 

collection title, and the OMB control 

number in any correspondence. 

SUPPLEMENTARY INFORMATION: 

• Title of Information Collection: 

Petition to Classify Special Immigrant 

Under INA 203(b)(4) as Employee or 

Former Employee of the U.S. 

Government Abroad. 

• OMB Control Number: 1405–0082. 

• Type of Request: Extension of a 

Currently Approved Collection. 

• Originating Office: CA/VO/L/R. 

• Form Number: DS–1884. 

• Respondents: Aliens petitioning for 

immigrant visas under INA 203(b)(4) as 

a special immigrant described in INA 

section 101(a)(27)(D). 

• Estimated Number of Respondents: 

75. 

• Estimated Number of Responses: 

75. 

• Average Time per Response: 10 

minutes. 

• Total Estimated Burden Time: 12.5 

hours. 

• Frequency: Once per petition. 

• Obligation to Respond: Required to 

Obtain or Retain a Benefit. 


sradovich on DSK3GMQ082PROD with NOTICES