39802 Federal Register / Vol. 83, No. 155 / Friday, August 10, 2018 / Notices 

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

11 17 CFR 240.19b–4(f)(2). 12 15 U.S.C. 78s(b)(2)(B). 13 17 CFR 200.30–3(a)(12). 

proposed changes would encourage 

competition, including by attracting 

additional liquidity to the Exchange, 

which would continue to make the 

Exchange a more competitive venue for, 

among other things, order execution and 

price discovery. The Exchange does not 

believe that the proposed change would 

impair the ability of any market 

participants or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. Further, the incentive would 

be available to all similarly-situated 

participants, and, as such, the proposed 

change would not impose a disparate 

burden on competition either among or 

between classes of market participants 

and may, in fact, encourage 

competition. The Exchange notes that 

the proposed rule change merely 

modifies existing posting tiers that offer 

additional credits to OTPs that (opt to) 

meet certain volume thresholds. The 

proposed change does not impose any 

new burden or requirement on OTPs, as 

achieving the modified tiers is voluntary 

(i.e., an OTP that does not does not seek 

to achieve additional credits by meeting 

the modified volume thresholds has no 

obligation to do so). 

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues. In such an 

environment, the Exchange must 

continually review, and consider 

adjusting, its fees and credits to remain 

competitive with other exchanges. For 

the reasons described above, the 

Exchange believes that the proposed 

rule change reflects 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) 10 of the Act and 

subparagraph (f)(2) of Rule 19b–4 11

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) 12 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– 

NYSEARCA–2018–56 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE, Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEARCA–2018–56. 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–NYSEARCA–2018–56 and 

should be submitted on or before 

August 31, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–17124 Filed 8–9–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 83 FR 38759, August 7, 

2018. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Thursday, August 9, 2018 

at 2:00 p.m. 

CHANGES IN THE MEETING: The Closed 

Meeting scheduled for Thursday, 

August 9, 2018 at 2:00 p.m. has been 

changed to Thursday, August 9, 2018 at 

1:00 p.m. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact the 

Office of the Secretary at (202) 551– 

5400. 

Dated: August 7, 2018. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–17259 Filed 8–8–18; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83781; File No. SR–FINRA– 

2018–027] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend FINRA Rule 

9000 Series (Code of Procedure) To 

Reflect an Internal Reorganization of 

FINRA’s Enforcement Operations 

August 6, 2018. 

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

Securities Exchange Act of 1934 


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Federal Register / Vol. 83, No. 155 / Friday, August 10, 2018 / Notices 39803 

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

2 17 CFR 240.19b–4. 

3See FINRA, Progress Report on FINRA360 (April 

2018), https://www.finra.org/sites/default/files/ 

FINRA360ProgressReport_April2018.pdf. 

4See News Release, FINRA, FINRA Announces 

Enforcement Structure, Senior Leadership (July 26, 

2018), http://www.finra.org/newsroom/2018/finraannounces-enforcement-structure-seniorleadership-team. 

5 15 U.S.C. 78o–3(b)(6). 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires FINRA 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. FINRA has satisfied this requirement. 

8 Id. 

9 17 CFR 240.19b–4(f)(6)(iii). 

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

notice is hereby given that on August 3, 

2018, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) 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 FINRA. 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 

FINRA is proposing to make technical 

and other non-substantive changes to 

FINRA Rule 9000 Series (Code of 

Procedure) (‘‘the Code’’) to reflect an 

internal reorganization of FINRA’s 

enforcement operations to create a 

single Department of Enforcement. 

The text of the proposed rule change 

is available on FINRA’s website at 

http://www.finra.org, at the principal 

office of FINRA 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, 

FINRA 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. FINRA 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

In March 2017, FINRA launched 

FINRA360, a comprehensive selfevaluation and organizational 

improvement initiative to ensure that 

FINRA is operating as an optimally 

effective self-regulatory organization, 

working to protect investors and 

promote market integrity in a manner 

that supports strong and vibrant capital 

markets. In connection with this 

ongoing initiative, FINRA has sought 

feedback from its members, as well as 

investors, investor advocates, regulators, 

trade associations and FINRA 

employees. FINRA has analyzed the 

feedback received from these 

stakeholders and as a result has made 

significant changes across the 

organization.3

Until last summer, FINRA had two 

distinct enforcement teams. One 

enforcement group that was historically 

part of the Department of Market 

Regulation handled disciplinary actions 

related to trading-based matters found 

through Market Regulation’s 

surveillance and examination programs; 

and a separate enforcement group 

handled cases referred from other 

regulatory oversight divisions including 

Member Regulation, Corporate 

Financing, the Office of Fraud Detection 

and Market Intelligence, and 

Advertising Regulation. As part of 

FINRA360, stakeholders raised concerns 

that these dual programs sometimes 

resulted in duplication of effort and 

inconsistency of results. As a result, in 

July 2017, FINRA announced its plan to 

consolidate its existing enforcement 

functions into a unified Department of 

Enforcement. On July 26, 2018, FINRA 

announced that it had completed the 

final phase of this consolidation.4 The 

unified structure is intended to improve 

FINRA’s ability to streamline 

investigations, share information, 

enhance consistency and maximize 

resources to protect investors and the 

markets. 

The proposed rule change would 

make technical and other nonsubstantive changes to the Code to 

reflect the single Department of 

Enforcement. The proposed changes 

would therefore remove references to 

the Market Regulation department, its 

head and employees from the Code 

where those references reflect the 

previously separate Market Regulation 

enforcement function. 

FINRA has filed the proposed rule 

change for immediate effectiveness and 

has requested that the SEC waive the 

requirement that the proposed rule 

change not become operative for 30 days 

after the date of the filing, so FINRA can 

implement the proposed rule change 

immediately. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(6) of the Act,5 which 

requires, among other things, that 

FINRA rules must be designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and, in 

general, to protect investors and the 

public interest. FINRA believes that the 

proposed rule change will provide 

clarity to members and the public by 

reflecting throughout the Code the now 

unified FINRA Department of 

Enforcement. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA 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 brings clarity and 

consistency to FINRA rules without 

adding any burden on firms. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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 6 and Rule 19b– 

4(f)(6) thereunder.7

A proposed rule change filed under 

Rule 19b–4(f)(6) 8 normally does not 

become operative for 30 days after the 

date of its filing. However, pursuant to 

Rule 19b–4(f)(6)(iii),9 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

FINRA has requested that the 

Commission waive the 30-day operative 

delay so that the internal reorganization 

of FINRA’s enforcement operations can 

immediately be reflected in the Code. 

Because waiver of the operative delay 

would increase transparency and 

accuracy of the Code, the Commission 


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39804 Federal Register / Vol. 83, No. 155 / Friday, August 10, 2018 / Notices 

10For 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). 

11 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3The platform also permits users to submit orders 

for commodity futures, commodity options and 

other non-security products to be sent to designated 

contract markets, futures commission merchants, 

introducing brokers or other applicable destinations 

of the users’ choice. 

believes that waiver of the operative 

delay is consistent with the protection 

of investors and the public interest. 

Accordingly, the Commission hereby 

waives the operative delay and 

designates the proposal as operative 

upon filing.10

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– 

FINRA–2018–027 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–FINRA–2018–027. 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 FINRA. 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–FINRA– 

2018–027 and should be submitted on 

or before August 31, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–17123 Filed 8–9–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83782; File No. SR–CBOE– 

2018–053] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change Relating to the Silexx 

Trading Platform Fees Schedule 

August 6, 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 July 31, 

2018, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) 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 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 purpose of this filing is to amend 

the Silexx Fees Schedule to introduce a 

waiver of Login ID fees for the first 

month for new users of any of the Silexx 

platforms and eliminate obsolete 

language. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to amend 

the Silexx Fees Schedule to introduce a 

waiver of Login ID fees for the first 

month for new users of any of the Silexx 

platforms and eliminate obsolete 

language. 

By way of background, Silexx is an 

order entry and management trading 

platform for listed stocks and options 

that support both simple and complex 

orders.3 The platform is a software 

application that is installed locally on a 

user’s desktop. It provides users with 

the capability to send option orders to 

U.S. options exchanges and stock orders 

to U.S. stock exchanges (and other 

trading centers), and allows users to 

input parameters to control the size, 

timing, and other variables of their 

trades. Silexx includes access to realtime options and stock market data, as 

well as access to certain historical data. 

The platform also provides users with 

the ability to maintain an electronic 

audit trail and provide detailed trade 

reporting. In addition, Silexx offers 

other functionality such as access to 

crossing orders tickets, equity order 

reports, and market data feeds (for 

specific fees). Use of Silexx is 

completely optional. 

Login IDs 

Platform Login IDs may be purchased 

for different versions of the platform, 

including Basic, Pro, Sell-Side, Pro Plus 


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