Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 31577 

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 pre-filing requirement. 

12 17 CFR 240.19b–4(f)(6)(iii). 

13See Securities Exchange Act Release No. 61061 

(November 24, 2009), 74 FR 62857 (December 1, 

2009) (SR–NYSEArca–2009–44). 

14For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

15 15 U.S.C. 78s(b)(2)(B). 16 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 BZX Options, including rules 

applicable to BZX Options’ participation in the 

Penny Pilot, were approved on January 26, 2010. 

See Securities Exchange Act Release No. 61419 

(January 26, 2010), 75 FR 5157 (February 1, 2010) 

(SR–BATS–2009–031). BZX Options commenced 

operations on February 26, 2010. 

pursuant to Rule 19b–4(f)(6)(iii),12 the 

Commission may designate a shorter 

time if such 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 Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because doing so will allow the Pilot 

Program to continue without 

interruption in a manner that is 

consistent with the Commission’s prior 

approval of the extension and expansion 

of the Pilot Program and will allow the 

Exchange and the Commission 

additional time to analyze the impact of 

the Pilot Program.13 Accordingly, the 

Commission designates the proposed 

rule change as operative upon filing 

with the Commission.14

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) 15 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– 

CboeEDGX–2018–021 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-CboeEDGX–2018–021. 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–CboeEDGX–2018–021 and 

should be submitted on or before July 

27, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–14466 Filed 7–5–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83569; File No. SR– 

CboeBZX–2018–049] 

Self-Regulatory Organizations; Cboe 

BZX 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 

June 29, 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 26, 

2018, Cboe BZX Exchange, Inc. 

(‘‘Exchange’’ or ‘‘BZX’’) 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 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 to for 

the BZX Options Market (‘‘BZX 

Options’’) to extend through December 

31, 2018, 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 


daltland on DSKBBV9HB2PROD with NOTICES
31578 Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 

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

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

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

9 17 CFR 240.19b–4(f)(6). 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change along with a brief 

description and the 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 pre-filing requirement. 

12 17 CFR 240.19b–4(f)(6)(iii). 

13See Securities Exchange Act Release No. 61061 

(November 24, 2009), 74 FR 62857 (December 1, 

2009) (SR–NYSEArca–2009–44). 

14For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

15 15 U.S.C. 78s(b)(2)(B). 

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 

December 31, 2018, 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 July 1, 2018. 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 December 

1, 2017, and ending May 31, 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 June 30, 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 neither solicited nor 

received comments on 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 8 and Rule 

19b–4(f)(6) thereunder.9 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, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 

become operative prior to 30 days after 

the date of the filing.11 However, 

pursuant to Rule 19b–4(f)(6)(iii),12 the 

Commission may designate a shorter 

time if such 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 Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because doing so will allow the Pilot 

Program to continue without 

interruption in a manner that is 

consistent with the Commission’s prior 

approval of the extension and expansion 

of the Pilot Program and will allow the 

Exchange and the Commission 

additional time to analyze the impact of 

the Pilot Program.13 Accordingly, the 

Commission designates the proposed 

rule change as operative upon filing 

with the Commission.14

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) 15 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– 

CboeBZX–2018–049 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 130 / Friday, July 6, 2018 / Notices 31579 

16 17 CFR 200.30–3(a)(12). 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CboeBZX–2018–049. 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–CboeBZX–2018–049 and 

should be submitted on or before July 

27, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–14463 Filed 7–5–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

33144] 

Notice of Applications for 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

June 29, 2018. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of June 2018. 

A copy of each application may be 

obtained via the Commission’s website 

by searching for the file number, or for 

an applicant using the Company name 

box, at http://www.sec.gov/search/ 

search.htm or by calling (202) 551- 

8090. An order granting each 

application will be issued unless the 

SEC orders a hearing. Interested persons 

may request a hearing on any 

application by writing to the SEC’s 

Secretary at the address below and 

serving the relevant applicant with a 

copy of the request, personally or by 

mail. Hearing requests should be 

received by the SEC by 5:30 p.m. on July 

24, 2018, and should be accompanied 

by proof of service on applicants, in the 

form of an affidavit or, for lawyers, a 

certificate of service. Pursuant to Rule 

0–5 under the Act, hearing requests 

should state the nature of the writer’s 

interest, any facts bearing upon the 

desirability of a hearing on the matter, 

the reason for the request, and the issues 

contested. Persons who wish to be 

notified of a hearing may request 

notification by writing to the 

Commission’s Secretary. 

ADDRESSES: The Commission: Secretary, 

U.S. Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

FOR FURTHER INFORMATION CONTACT: 

Shawn Davis, Branch Chief, at (202) 

551- 6413 or Chief Counsel’s Office at 

(202) 551–6821; SEC, Division of 

Investment Management, Chief 

Counsel’s Office, 100 F Street NE, 

Washington, DC 20549–8010. 

AB Government Exchange Reserves 

[File No. 811–08294] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to AB Government 

Money Market Portfolio, a series of AB 

Fixed-Income Shares, Inc., and, on 

November, 10, 2017, made a final 

distribution to its shareholders based on 

net asset value. Expenses of $201,740 

incurred in connection with the 

reorganization were paid by the 

applicant and the acquiring fund. 

Filing Dates: The application was 

filed on May 25, 2018, and amended on 

June 13, 2018. 

Applicant’s Address: 1345 Avenue of 

the Americas, New York, New York 

10105. 

Avenue Mutual Funds Trust [File No. 

811–22677] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 14, 

2018, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of 

$216,484.42 incurred in connection 

with the liquidation were paid by the 

applicant and the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on May 25, 2018. 

Applicant’s Address: 399 Park 

Avenue, 6th Floor, New York, New York 

10022. 

Context Capital Funds [File No. 811– 

22897] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On March 28, 

2018, applicant made liquidating 

distributions to its shareholders, based 

on net asset value. Expenses of $27,652 

incurred in connection with the 

liquidation were paid by the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on June 15, 2018. 

Applicant’s Address: 401 City Ave, 

Suite 800, Bala Cynwyd, Pennsylvania 

19004. 

Freshstart Venture Capital Corp. [File 

No. 811–05169] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

elected status as a business 

development company under the Act 

and maintains its current portfolio, 

debts and other liabilities. Applicant 

will pay any outstanding or other 

liabilities as they come due in the 

ordinary course of business. 

Filing Date: The application was filed 

on May 29, 2018. 

Applicant’s Address: 437 Madison 

Avenue, 38th Floor, New York, New 

York 10022. 

Legg Mason Global Asset Management 

Variable Trust [File No. 811–22910] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On November 30, 

2016, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $4,306 

incurred in connection with the 

liquidation were paid by the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on May 23, 2018. 

Applicant’s Address: 100 

International Drive, 7th Floor, 

Baltimore, Maryland 21202. 

Morgan Stanley Select Dimensions 

Investment Series [File No. 811–07185] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 


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