43720 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 

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

2 17 CFR 240.19b–4. 

3The independence policy of the board of 

directors of the Exchange’s affiliate NYSE American 

is substantially the same as the Independence 

Policy. NYSE American has submitted substantially 

the same proposed rule change to its independence 

policy as described herein. See SR–NYSEAmer– 

2018–42. 

4 15 U.S.C. 78f. 

5The proposed text would include the definition 

of ‘‘ICE.’’ Accordingly, the Exchange proposes to 

delete the definition of ICE in ‘‘Independence 

Requirements,’’ category 1. 

Regulated Funds and Affiliated Funds 

on a pro rata basis based on the amounts 

they invested or committed, as the case 

may be, in such Co-Investment 

Transaction. If any transaction fee is to 

be held by an Adviser pending 

consummation of the transaction, the 

fee will be deposited into an account 

maintained by such Adviser at a bank or 

banks having the qualifications 

prescribed in section 26(a)(1) of the Act, 

and the account will earn a competitive 

rate of interest that will also be divided 

pro rata among the participating 

Regulated Funds and Affiliated Funds 

based on the amounts they invest in 

such Co-Investment Transaction. None 

of the Affiliated Funds, the Advisers, 

the other Regulated Funds or any 

affiliated person of the Regulated Funds 

or Affiliated Funds will receive 

additional compensation or 

remuneration of any kind as a result of 

or in connection with a Co-Investment 

Transaction (other than (a) in the case 

of the Regulated Funds and the 

Affiliated Funds, the pro rata 

transaction fees described above and 

fees or other compensation described in 

condition 2(c)(iii)(C); and (b) in the case 

of an Adviser, investment advisory fees 

paid in accordance with the agreement 

between the Adviser and the Regulated 

Fund or Affiliated Fund. 

14. If the Holders own in the aggregate 

more than 25% of the Shares of a 

Regulated Fund, then the Holders will 

vote such Shares as directed by an 

independent third party when voting on 

(1) the election of directors; (2) the 

removal of one or more directors; or (3) 

any other matter under either the Act or 

applicable State law affecting the 

Board’s composition, size or manner of 

election. 

15. Each Regulated Fund’s chief 

compliance officer, as defined in rule 

38a–1(a)(4), will prepare an annual 

report for its Board that evaluates (and 

documents the basis of that evaluation) 

the Regulated Fund’s compliance with 

the terms and conditions of the 

application and the procedures 

established to achieve such compliance. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18427 Filed 8–24–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83892; File No. SR–NYSE– 

2018–38] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Independence Policy of the Board of 

Directors of the Exchange 

August 21, 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 August 

15, 2018, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘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 Exchange proposes to amend the 

Independence Policy of the Board of 

Directors of the Exchange by (a) 

streamlining references to 

Intercontinental Exchange, Inc. 

subsidiaries that are national securities 

exchanges, (b) removing obsolete 

references, and (c) adding references to 

national securities exchange affiliates of 

the Exchange. The proposed rule 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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend the 

Independence Policy by (a) streamlining 

references to ICE subsidiaries that are 

national securities exchanges, (b) 

removing obsolete references, and (c) 

adding references to national securities 

exchange affiliates of the Exchange. 

Definition of ‘‘Exchange’’ 

The Independence Policy includes 

references to the Exchange and its 

national securities exchange affiliates 

NYSE American, Inc. (‘‘NYSE 

American’’) and NYSE Arca, Inc. 

(‘‘NYSE Arca’’).3 It does not include 

references to the Exchange’s newest 

national securities exchange affiliates, 

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

and Chicago Stock Exchange, Inc. 

(‘‘CHX’’). The Exchange proposes to 

replace lists of individual national 

securities exchange affiliates in the 

Independence Policy with the term 

‘‘Exchange,’’ defined as any national 

securities exchange registered under 

Section 6 of the Exchange Act 4 and 

controlled, directly or indirectly, by ICE. 

The definition would encompass the 

Exchange, NYSE American, NYSE Arca, 

NYSE National, and CHX (collectively, 

the ‘‘SRO Affiliates’’). 

Specifically, the Exchange proposes to 

add a second paragraph under 

‘‘Purpose’’ with the definition of 

‘‘Exchange.’’ 5 In addition, the Exchange 

proposes to make the following changes 

in the section under ‘‘Independence 

Qualifications’’: 

• Replace ‘‘New York Stock Exchange 

LLC, NYSE Arca, Inc. and NYSE 

American LLC’’ with ‘‘an Exchange’’ in 

category 1(b) and (c); 

• Replace ‘‘New York Stock Exchange 

LLC, on NYSE Arca, Inc. or on NYSE 

American LLC’’ with ‘‘an Exchange’’ in 

category 1(d) and category 4; 

• Replace ‘‘New York Stock Exchange 

LLC, and NYSE Arca, Inc. and NYSE 

American LLC exercise’’ with ‘‘each 

Exchange exercises’’ in the final 

paragraph of category 1; 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 43721 

6See Securities Exchange Act Release No. 82081 

(November 15, 2017), 82 FR 55474 (November 21, 

2017) (SR–NYSE–2017–57). NYSE Group, Inc. 

(‘‘NYSE Group’’) owns all of the equity interest in 

the Exchange. In turn, NYSE Group is a whollyowned subsidiary of NYSE Holdings LLC, which is 

wholly owned by Intercontinental Exchange 

Holdings, Inc., which is wholly owned by ICE. ICE 

is a public company listed on the NYSE. 

7See Securities Exchange Act Release No. 58549 

(September 15, 2008), 73 FR 54444 (September 19, 

2008) (SR–NYSE–2008–80) (notice of filing and 

immediate effectiveness of proposed rule change 

and Amendment No. 1 thereto conforming certain 

NYSE rules to changes to NYSE incorporated rules 

recently filed by the Financial Industry Regulatory 

Authority, Inc.). 

8See Securities Exchange Act Release No. 81419 

(August 17, 2017), 82 FR 40044 (August 23, 2017) 

(SR–NYSEArca–2017–40). 

9The reference to NYSE Arca Equities, Inc. in 

category 2 would be deleted and replaced with 

‘‘each Exchange,’’ as proposed above. 

10See Securities Exchange Act Release No. 83342 

(May 30, 2018), 83 FR 26125 (June 5, 2018) (SR– 

NYSE–2018–19). 

11See Securities Exchange Act Release No. 79901 

(January 30, 2017), 82 FR 9251 (February 3, 2017) 

(SR–NYSE–2016–90; SR–NYSEArca–2016–167; SR– 

NYSEMKT–2016–122). 

12See Securities Exchange Act Release No. 83635 

(July 13, 2018), 83 FR 34182 (July 17, 2017) (SR– 

CHX–2018–004). 

13See 83 FR 26125, supra note 10. 

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

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

16 15 U.S.C. 78f(b)(5). 17 15 U.S.C. 78c(a)(1). 

• Replace ‘‘New York Stock Exchange 

LLC, NYSE Arca, Inc., NYSE Arca 

Equities, Inc. and NYSE American LLC’’ 

with ‘‘each Exchange’’ in category 2; 

and 

• Replace ‘‘New York Stock Exchange 

LLC, NYSE Arca, Inc. or NYSE 

American LLC’’ with ‘‘an Exchange’’ 

under ‘‘Listed Companies.’’ 

The proposed changes would make 

the requirements under ‘‘Independence 

Qualifications’’ and ‘‘Listed Companies’’ 

apply to all of the Affiliate SROs, and 

not just those specifically listed in the 

Independence Policy. In addition, it 

would make the Independence Policy 

consistent with the governing 

documents of ICE and the intermediate 

holding companies between the 

Exchange and ICE, which use the term 

‘‘Exchange.’’ 6

Removal of Obsolete References 

The Exchange no longer has allied 

members.7 Accordingly, the Exchange 

proposes to delete the text ‘‘paragraph 

(c) of Rule 2 of the New York Stock 

Exchange LLC and’’ from category 1(b) 

of ‘‘Independence Qualifications.’’ 

NYSE Arca Equities, Inc. merged with 

NYSE Arca, Inc., and therefore no 

longer exists.8 Accordingly, under 

‘‘Independence Qualifications,’’ the text 

‘‘Rule 1.1(c) of NYSE Arca Equities, 

Inc.’’ in category 1(b) and references to 

NYSE Arca Equities, Inc. in category 5 

would be deleted.9

The proposed removal of obsolete 

references would be consistent with 

changes made to the independence 

policy of the board of directors of ICE.10

References to SRO Affiliates 

NYSE National became an Affiliate 

SRO in 2017. Accordingly, the Exchange 

proposes to add ‘‘Person Associated 

with an ETP Holder’’ (as defined in Rule 

1.5 of NYSE National, Inc.);’’ in category 

1(b), and add NYSE National to category 

5 under ‘‘Independence Qualifications.’’ 

The changes would be consistent with 

changes made to the independence 

policy of the board of directors of ICE.11

CHX became an Affiliate SRO in 

2018.12 The Exchange proposes to add 

a reference to CHX to category 5 under 

‘‘Independence Qualifications.’’ As CHX 

does not have terms equivalent to 

‘‘allied members’’ or ‘‘approved 

persons,’’ the Exchange does not 

propose to add references to CHX to the 

clause following ‘‘(collectively, 

‘Members’)’’ in category (1)(b). The 

changes would be consistent with 

changes made to the independence 

policy of the board of directors of ICE.13

The Exchange proposes to update the 

link included in footnote 2 and make 

conforming changes to delete and 

replace connectors. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Exchange Act 14 in 

general, and with Section 6(b)(1) 15 in 

particular, in that it enables the 

Exchange to be so organized as to have 

the capacity to be able to carry out the 

purposes of the Exchange Act and to 

comply, and to enforce compliance by 

its exchange members and persons 

associated with its exchange members, 

with the provisions of the Exchange Act, 

the rules and regulations thereunder, 

and the rules of the Exchange. The 

Exchange also believes that the 

proposed rule change is consistent with 

Section 6(b)(5) of the Exchange Act,16 in 

that it is designed to prevent fraudulent 

and manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

facilitating transactions in securities, 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. 

The Exchange believes that the 

proposed replacement of lists of 

individual SRO Affiliates in the 

Independence Policy with the term 

‘‘Exchange’’ would contribute to the 

orderly operation of the Exchange, 

because use of the term would make the 

requirements under ‘‘Independence 

Qualifications’’ and ‘‘Listed Companies’’ 

apply to all of the Affiliate SROs, and 

not just those specifically listed in the 

Independence Policy. The Exchange Act 

definition of ‘‘exchange’’ states that 

‘‘exchange’’ ‘‘includes the market place 

and the market facilities maintained by 

such exchange.’’ 17 Accordingly, all 

market places and market facilities 

maintained by an Exchange would fall 

within the definition of Exchange and 

therefore would fall within the scope of 

the Independence Policy. In addition, 

the Exchange notes that the proposed 

change would make the Independence 

Policy consistent with the governing 

documents of ICE and the intermediate 

holding companies between the 

Exchange and ICE, which use the term 

‘‘Exchange.’’ Making the terminology 

used in the governing documents and 

the Independence Policy more 

consistent would add clarity and 

transparency to the Exchange Rules. 

For the same reason, the Exchange 

believes that the proposed replacement 

of lists of individual SRO Affiliates in 

the Independence Policy with the term 

‘‘Exchange’’ would remove 

impediments to and perfect the 

mechanism of a free and open market. 

The changes would simplify and 

streamline the Exchange’s rules while 

making them more consistent, thereby 

ensuring that persons subject to the 

Exchange’s jurisdiction, regulators, and 

the investing public can more easily 

navigate and understand the 

Independence Policy and the Exchange 

Rules. 

The Exchange believes that the 

proposed change would remove 

impediments to, and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, protect investors and the public 

interest by (a) removing obsolete 

references to NYSE allied members and 

NYSE Arca Equities, Inc., and (b) 

incorporating NYSE National and CHX 

into the text of the Independence Policy. 

The Exchange believes that such 

changes would add clarity and 

transparency to the Exchange Rules by 

removing any confusion that may result 

if the Independence Policy retained 

obsolete references or did not 

encompass all of the Affiliate SROs. For 

the same reason, the Exchange believes 

that the proposed amendments to the 

Independence Policy would remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system by 


amozie on DSK3GDR082PROD with NOTICES1
43722 Federal Register / Vol. 83, No. 166 / Monday, August 27, 2018 / Notices 

18 15 U.S.C. 78s(b)(3)(A)(iii). 

19 17 CFR 240.19b–4(f)(6). 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6)(iii). 

22 15 U.S.C. 78s(b)(2)(B). 23 17 CFR 200.30–3(a)(12). 

removing confusion that may result if 

the Independence Policy retained 

obsolete references or did not include 

all of the Affiliate SROs. 

The Exchange notes that the proposed 

change would be consistent with 

changes made to the independence 

policy of the board of directors of ICE, 

and believes that making the 

Independence Policy more consistent 

with the ICE policy would add clarity 

and transparency to the Exchange Rules, 

allowing persons subject to the 

Exchange’s jurisdiction, regulators, and 

investors to more easily navigate and 

understand the Exchange Rules, 

contributing to the orderly operation of 

the Exchange. The Exchange further 

believes that the proposed changes 

would not be inconsistent with the 

public interest and the protection of 

investors because investors will not be 

harmed and in fact would benefit from 

increased clarity, thereby reducing 

potential confusion. 

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 Exchange Act. 

The proposed rule change is not 

intended to address competitive issues 

but rather is concerned solely with 

updating the Independence Policy to (a) 

streamline references to ICE subsidiaries 

that are national securities exchanges, 

(b) remove obsolete references, and (c) 

add references to NYSE National and 

CHX. 

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 Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 18 and Rule 

19b–4(f)(6) thereunder.19 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) 20 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),21 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. 

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) 22 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– 

NYSE–2018–38 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–NYSE–2018–38. 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–NYSE–2018–38 and should 

be submitted on or before September 17, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18428 Filed 8–24–18; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15642 and #15643; 

NEW MEXICO Disaster Number NM–00062] 

Administrative Declaration of a 

Disaster for the State of NEW MEXICO 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the State of NEW MEXICO dated 08/ 

15/2018. 

Incident: Severe Storms and Flash 

Flooding. 

Incident Period: 07/23/2018 through 

07/27/2018. 

DATES: Issued on 08/15/2018. 

Physical Loan Application Deadline 

Date: 10/15/2018. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 05/15/2019. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 


amozie on DSK3GDR082PROD with NOTICES1