Federal Register / Vol. 83, No. 6 / Tuesday, January 9, 2018 / Notices 1087 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6See Rules 11.350(c) and (d), governing the IEX 

Opening and Closing Auction, respectively. 

7 15 U.S.C. 78s(b)(3)(A). 

8 17 CFR 240.19b–4(f)(6)(iii). 

II. Rule 601(a) 

A. Equity Securities for Which 

Transaction Reports Shall Be Required 

by the Plan 

Not applicable. 

B. Reporting Requirements 

Not applicable. 

C. Manner of Collecting, Processing, 

Sequencing, Making Available and 

Disseminating Last Sale Information 

Not applicable. 

D. Manner of Consolidation 

Not applicable. 

E. Standards and Methods Ensuring 

Promptness, Accuracy and 

Completeness of Transaction Reports 

Not applicable. 

F. Rules and Procedures Addressed to 

Fraudulent or Manipulative 

Dissemination 

Not applicable. 

G. Terms of Access to Transaction 

Reports 

Not applicable. 

H. Identification of Marketplace of 

Execution 

Not applicable. 

III. Solicitation of Comments 

The Commission seeks comment on 

the Amendment. In particular, the 

Commission seeks comment on, among 

other things: (1) Whether the effect on 

revenue would be neutral as represented 

by the Participants given that there will 

be an increase in the professional 

subscriber device fee; and (2) whether 

the process subscribers must follow and 

the requirements that subscribers must 

comply with to take advantage of the 

MISU Program, are transparent, 

objective, and subject to fair and nondiscriminatory application. Interested 

persons are invited to submit written 

data, views, and arguments concerning 

the foregoing, including whether the 

proposed Amendment 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 S7– 

24–89 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 File No. S7–24–89. 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 

website (http://www.sec.gov/rules/ 

sro.shtml). Copies of the submission, all 

written statements with respect to the 

proposed Amendment that are filed 

with the Commission, and all written 

communications relating to the 

proposed Amendment 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 on official business 

days between the hours of 10:00 a.m. 

and 3:00 p.m. Copies of the Amendment 

also will be available for website 

viewing and printing at the principal 

office of the Plan. 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 S7–24–89 and should be 

submitted on or before January 30, 2018. 

By the Commission. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–00168 Filed 1–8–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82435; File No. SR–IEX– 

2017–44] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Related to the 

Optional IEX Aggregate Risk Controls 

Mechanism 

January 3, 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 

22, 2017, the Investors Exchange LLC 

(‘‘IEX’’ or the ‘‘Exchange’’) 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 self-regulatory 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 

Pursuant to the provisions of Section 

19(b)(1) under the Securities Exchange 

Act of 1934 (‘‘Act’’),4 and Rule 19b–4 

thereunder,5 Investors Exchange LLC 

(‘‘IEX’’ or ‘‘Exchange’’) is filing with the 

Commission a proposed rule change to 

amend Rule 11.380 to clarify that the 

optional IEX Aggregate Risk Controls 

(‘‘ARC’’) mechanism will not cancel 

certain orders eligible for execution in 

the Opening or Closing Auction after the 

applicable Lock-in Time and before the 

Opening or Closing Auction match, 

respectively.6 The Exchange has 

designated this rule change as noncontroversial under Section 19(b)(3)(A) 

of the Act 7 and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6)(iii) thereunder.8 The 

text of the proposed rule change is 

available at the Exchange’s website at 

www.iextrading.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 these statement may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this proposed rule 

change is to amend Rule 11.380 (Risk 


sradovich on DSK3GMQ082PROD with NOTICES
1088 Federal Register / Vol. 83, No. 6 / Tuesday, January 9, 2018 / Notices 

9See Rule 11.160(s). 

10As described in Rule 11.250(a), a clearing firm 

is an IEX Member that is a member of a registered 

clearing agency. Pursuant to IEX Rule 2.160(c)(4) an 

IEX Member must be a member of a registered 

clearing agency or clear transactions executed on 

the Exchange through another Member that is a 

member of a registered clearing agency. 

11 In the case of a Member that is subject to ARC 

limits set by its clearing firm, the Member will be 

advised of such limits by IEX. In the event a 

Member that is subject to ARC limits set by its 

clearing firm also elects to set ARC limits for its 

own trading, the Exchange will apply both such 

limits with a lower limit(s) being applicable. 

12See Securities Exchange Act Release No. 81316 

(August 4, 2017), 82 FR 37474 (August 10, 2017) 

(SR–IEX–2017–10). See also Rules 11.350(a)(12) 

and (10), respectively. 

13See Rule 1.160(z). 

14All times are in Eastern Time. 

15See Rule 11.350(a)(25). 

16See Rule 11.350(a)(21). 

17See Rule 11.190(a)(2)(E)(iii). 

18See Rule 11.190(a)(1)(E)(iii) and (v). 

19See Rule 11.350(a)(4). 

20See Rule 11.190(a)(1)(E)(iv) and (vi). 

21See Rule 11.350(a)(22). 

22See Rule 11.350(a)(27). 

23See Rule 11.350(a)(23). 

24See Rule 1.160(gg). 25See Rule 11.350(a)(24). 26See Rule 11.350(a)(20). 27See Rule 11.350(a)(4). 

28The following types of orders are not eligible 

for execution in the Closing Auction: Market orders 

(except MOC orders) and orders with a time-inforce of IOC or FOK, because Market orders entered 

during the Regular Market Session and orders 

marked IOC or FOK do not rest on the Continuous 

Book, and therefore are not eligible for the Closing 

Auction. 

29See Rule 11.350(a)(22). 

Management) to account for Opening 

and Closing Auctions in IEX-listed 

securities pursuant to Rule 11.350(c) 

and (d), respectively. Rule 11.380, 

entitled Risk Management, describes the 

optional ARC mechanism that is 

designed to assist IEX Members 9 and 

clearing firms 10 in their risk 

management efforts. IEX does not charge 

a fee for use of ARC. ARC can be 

configured to provide trading limits 

based on the gross notional exposure for 

matched and routed trades for a Member 

or clearing firm’s broker correspondent 

across MPIDs, by MPID, by FIX session 

or in combination, per clearing firm 

relationship or Member, as applicable.11

Currently, once the gross notional 

exposure, as elected and configured by 

the Member or clearing firm, has 

exceeded the pre-determined limit, IEX 

will reject new orders and cancel all 

open orders for the applicable MPID(s) 

and/or FIX session specified. As 

specified in paragraph (a)(2)(A) of Rule 

11.380, gross notional exposure is 

calculated as the absolute sum of the 

notional value of all buy and sell trades: 

equal to the value of executed buys plus 

the absolute value of executed long sells 

plus the absolute value of executed 

short sells. There is no netting of buys 

and sales in the same symbol or across 

symbols. Gross notional exposure resets 

for each new trading day. 

On August 4, 2017, the Commission 

approved a proposed rule change filed 

by the Exchange to adopt rules 

governing auctions in IEX-listed 

securities, including Opening and 

Closing Auction processes that establish 

IEX Official Opening and Closing Prices 

for each trading day.12

Pursuant to Rule 11.350(c)(1), the 

Exchange allows Users to submit orders 

eligible for execution in the Opening 

Auction at the beginning of the PreMarket Session,13 which begins at 8:00 

a.m.14 Any orders designated for the 

Opening Auction Book are queued until 

9:30 a.m. at which time they will be 

eligible to be executed in the Opening 

Auction. Pursuant to Rule 

11.350(a)(1)(A), orders on the Opening 

Auction Book would include MOO 

orders,15 LOO orders,16 market orders 

with a time-in-force of DAY,17 and limit 

orders with a time-in-force of DAY or 

GTX.18 In addition to orders on the 

Opening Auction Book, limit orders on 

the Continuous Book 19 with a time-inforce of SYS or GTT are eligible to 

execute in the Opening Auction (‘‘Premarket Continuous Book’’).20

Pursuant to Rule 11.350(c)(1)(B), 

beginning at the Opening Auction Lockin Time 21 (i.e., 9:28 a.m.), the Opening 

Auction will be subject to certain ‘‘lockin’’ and ‘‘lock-out’’ restrictions. 

Specifically, Users may enter, cancel, or 

modify Auction Eligible Orders until the 

Opening Auction Lock-in Time, at 

which time orders on the Opening 

Auction Book can no longer be canceled 

or modified before the Opening Auction 

match. After the Opening Auction Lockin Time, the Exchange will begin to 

reject Hyper-aggressive Auction Orders 

upon entry. Pursuant to Rule 

11.350(a)(8), Hyper-aggressive Auction 

Orders include market and MOO orders, 

as well as LOO and limit orders with a 

time in-force of DAY or GTX with a 

limit price more aggressive than the 

latest Opening/Closing Auction Collar 22

calculated by the System (i.e., buy (sell) 

orders priced above (below) the latest 

upper (lower) threshold of the Opening/ 

Closing Auction Collar calculated by the 

System). However, LOO orders and 

limit orders with a time-in-force of DAY 

or GTX will continue to be accepted 

until the Opening Auction Lock-out 

Time 23 (i.e., 9:29:50 a.m., ten (10) 

seconds prior to the Opening Auction 

match) so long as they are not Hyperaggressive Auction Orders. Restricting 

orders on the Opening Auction Book 

from cancelation or modification (i.e., 

locking them in) and rejecting HyperAggressive Auction Orders, while still 

allowing Users to enter reasonably 

priced LOO and limit orders with a time 

in-force of DAY or GTX is designed to 

allow Users to continue to express 

interest for the auction and offset 

imbalances via orders designated for the 

Auction Book in the minutes leading up 

to the auction match, while minimizing 

the increase of imbalances or large price 

swings resulting from the cancellation 

of auction eligible orders or the entry of 

aggressively priced orders to the 

Auction Book during the last two 

minutes of the auction process. 

Similarly, pursuant to Rule 

11.350(d)(1), the Exchange allows Users 

to submit orders eligible for execution 

in the Closing Auction at the beginning 

of the Pre-Market Session, which begins 

at 8:00 a.m. Any orders designated for 

the Closing Auction Book are queued 

until 4:00 p.m. (or such earlier time as 

the Regular Market Session 24 ends on 

days that IEX is subject to an early 

closing) at which time they will be 

eligible to be executed in the Closing 

Auction. Pursuant to Rule 

11.350(a)(1)(B), orders on the Closing 

Auction Book would include MOC 

orders 25 and LOC orders.26 In addition 

to orders on the Closing Auction Book, 

all limit and pegged orders resting on 

the Continuous Book 27 with a time-inforce of DAY, GTX, GTT, or SYS are 

eligible for execution in the Closing 

Auction, (‘‘Regular-Market Continuous 

Book’’).28

Pursuant to Rule 11.350(d)(1)(B), 

beginning at the Closing Auction Lockin Time 29 (i.e., 3:50 p.m., or 10 minutes 

prior to the end of the Regular Market 

Session on days that IEX is subject to an 

early closing), the Closing Auction will 

be subject to certain ‘‘lock-in’’ and 

‘‘lock-out’’ restrictions. Specifically, 

Users may enter, cancel, or modify 

Auction Eligible Orders until the 

Closing Auction Lock-in Time, at which 

time orders on the Closing Auction 

Book can no longer be canceled or 

modified, except that between the 

Closing Auction Lock-in Time and five 

minutes before the Closing Auction 

match (e.g., 3:55 p.m.), LOC and MOC 

orders can be canceled only if the 

participant requests that IEX correct a 

legitimate error in the order (e.g., side, 

size, symbol, price, or duplication of an 

order). LOC and MOC orders cannot be 

canceled or modified at or after five 

minutes before the Closing Auction 

match (e.g., 3:55 p.m.) for any reason. 

After the Closing Auction Lock-in Time, 

the Exchange will begin to reject Hyperaggressive Auction Orders upon entry. 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 6 / Tuesday, January 9, 2018 / Notices 1089 

30See Rule 11.350(a)(23). 

31The Exchange notes that if a Member’s ARC 

limit is breached after the Opening Auction LockIn Time, any MOC or LOC orders on the Closing 

Auction Book will be canceled, along with all Premarket Continuous Book orders. 

32The Exchange notes the proposed change is not 

applicable to IPO, Halt, or Volatility Auctions, 

because their respective auction processes do not 

have ‘‘Lock-in’’ or ‘‘Lock-out’’ provisions, and 

instead include automatic extensions to allow price 

discovery to continue when there is a market order 

imbalance, or a security experiences price volatility 

leading into the auction match. See Rules 11.350(e) 

and (f). 

33 15 U.S.C. 78f. 

34 15 U.S.C. 78f(b)(5). 

Pursuant to Rule 11.350(a)(8)(B), Hyperaggressive Auction Orders include MOC 

orders, and LOC orders with a limit 

price more aggressive than the latest 

Opening/Closing Auction Collar 

calculated by the System (i.e., buy 

orders priced above the latest upper 

auction collar threshold and sell orders 

priced below the latest lower auction 

collar threshold calculated by the 

System). However, LOC orders will 

continue to be accepted until the 

Closing Auction Lock-out Time 30 (i.e., 

3:59:50 p.m., ten (10) seconds prior to 

the Closing Auction match) so long as 

they are not Hyper-aggressive Auction 

Orders. As with the Opening Auction, 

restricting orders on the Closing 

Auction Book from cancelation or 

modification (i.e., locking them in) and 

rejecting Hyper-Aggressive Auction 

Orders, while still allowing Users to 

enter reasonably priced LOC orders is 

designed to allow Users to continue to 

express interest for the auction and 

offset imbalances via orders designated 

for the Auction Book in the minutes 

leading up to the auction match, while 

minimizing the increase of imbalances 

or large price swings resulting from 

aggressively priced orders in the 

Auction Book during the last ten 

minutes of the auction process. 

IEX proposes to amend Rule 11.380 to 

clarify that the ARC mechanism will not 

cancel orders eligible for execution in 

the Opening or Closing Auction after the 

applicable Lock-in Time and before the 

match. Specifically, the Exchange 

propose to add paragraph (3) to Rule 

11.380(a), to provide that, 

notwithstanding subparagraphs (1) and 

(2) regarding ARC, after the Opening 

(Closing) Auction Lock-in Time and 

before the Opening (Closing) Auction 

match, if a Member exceeds its predetermined ARC limit as configured by 

the Member or their clearing firm, IEX 

will not cancel such Member’s orders if 

they are on the Opening (Closing) 

Auction Book (‘‘Locked-in Orders’’).31

Any unexecuted portion of Locked-in 

Orders will be canceled immediately 

after the Opening or Closing Auction 

match.32 The proposed rule change is 

designed to ensure fair and orderly 

execution of the Opening and Closing 

Auctions, consistent with fair and 

orderly markets, the protection of 

investors, and the public interest. 

Specifically, the Exchange believes that 

to the extent a Member has breached its 

pre-determined gross notional exposure 

limit after the Lock-in Time for the 

Opening or Closing Auction, and such 

Member has Locked-in Orders on the 

Opening or Closing Auction Book 

(which, as discussed above, are not 

eligible for modification or cancelation 

pursuant to Rules 11.350(c) and (d), 

respectively), ARC’s cancelation of such 

interest could significantly disrupt the 

price discovery process by generating or 

exacerbating an order imbalance, or 

causing large price swings in the 

minutes leading into the auction match. 

As described above, IEX rules 

explicitly provide that orders eligible for 

execution in the Opening or Closing 

Auction may not be modified or 

cancelled after the applicable Lock-in 

Time and before the auction match. In 

order to avoid any confusion as to how 

the ARC mechanism would operate in 

the event that a Member exceeds its predetermined ARC limit (as configured by 

the Member or its clearing firm) after the 

Opening or Closing Lock-in Time and 

before the match, the Exchange believes 

that it is appropriate to amend Rule 

11.380(a) to clarify that the ARC 

mechanism will not cancel such orders. 

The Exchange believes that the 

Opening and Closing Auctions will 

provide a critical price discovery 

mechanism that establishes IEX Official 

Opening and Closing Prices for IEXlisted securities, and allows market 

participants to move in and out of 

sizable positions during a single 

centralized liquidity event. The 

Exchange also notes that the official 

closing price of all securities is 

generally the data point most closely 

scrutinized by investors, securities 

analysts, and the financial media, and is 

used to value and assess management 

fees on mutual funds, hedge funds, and 

individual investor portfolios. 

Accordingly, the Exchange believes that 

Opening and Closing Auctions should 

not be disrupted by momentary price 

dislocations or the creation or 

exacerbation of large imbalances that 

can be caused by the cancelation of 

Locked-in Orders, and should instead 

reflect all available trading interest in a 

stable and transparent manner. 

The Exchange also believes that ARC, 

as described above, provides a useful 

risk management tool for Members and 

clearing firms. However, the Exchange 

notes that use of ARC by a Member does 

not automatically constitute compliance 

with IEX rules or SEC rules, nor does it 

replace Member-managed risk 

management solutions. The Exchange 

does not require Members to use ARC, 

and Members may use any other 

appropriate risk-management tool or 

service instead of, or in combination 

with, ARC. Furthermore, the Exchange 

believes that Members should be aware 

of their auction order flow, and clearing 

firms should be aware of the auction 

order flow of their broker 

correspondents, in order to 

appropriately manage their risk limits to 

account for the fact that Locked-In 

Orders cannot be canceled after the 

Lock-in Time. Thus, the proposed rule 

change is designed to balance the utility 

of the optional ARC functionality that is 

voluntarily offered by the Exchange free 

of charge, and the interests of fair and 

orderly markets, the protection of 

investors, and the public interest. 

Accordingly, the Exchange believes the 

proposed rule change strikes an 

appropriate balance between these two 

goals by continuing to allow Members 

and clearing firms to utilize ARC to 

assist with risk management, while 

protecting the Opening and Closing 

Auctions from undue price dislocation 

or the creation or exacerbation of large 

imbalances by preventing Locked-in 

Orders from being canceled after the 

Lock-in Time. 

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 

of Sections 6(b) 33 of the Act in general, 

and furthers the objectives of Section 

6(b)(5) 34 of the Act, in particular, in that 

it is designed to prevent fraudulent and 

manipulative acts and practices, 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 rule change supports 

these objectives in that it is designed to 

ensure fair and orderly execution of the 

Opening and Closing Auctions, as 

described in the Purpose section, by 

minimizing the creation or exacerbation 

of large imbalances and the resultant 

auction price dislocations that can be 

caused by the cancelation of Locked-in 

Orders after the Lock-in Time and 

before the Opening or Closing Auction 

match. As discussed in the Purpose 

section, while ARC provides a useful 

risk management tool for Members and 

clearing firms, the proposed rule change 


sradovich on DSK3GMQ082PROD with NOTICES
1090 Federal Register / Vol. 83, No. 6 / Tuesday, January 9, 2018 / Notices 

35 15 U.S.C. 78s(b)(3)(A). 

36 17 CFR 240.19b–4(f)(6). 

37 15 U.S.C. 78s(b)(2)(B). 38 17 CFR 200.30–3(a)(12). 

is designed to balance the utility of the 

optional ARC functionality that is 

voluntarily offered by the Exchange free 

of charge, and the interests of fair and 

orderly markets, the protection of 

investors, and the public interest. The 

Exchange believes the proposed rule 

change strikes an appropriate balance 

between these two goals by continuing 

to allow Members and clearing firms to 

utilize ARC to assist with risk 

management, while protecting the 

Opening and Closing Auctions from 

undue price dislocation or the creation 

or exacerbation of large imbalances by 

preventing Locked-in Orders from being 

canceled after the Lock-in Time and 

before the Opening or Closing Auction 

match. 

Furthermore, the Exchange believes 

the proposed rule change is consistent 

with the protection of investors and the 

public interest because it will provide 

enhanced clarity on the operation of the 

ARC mechanism with respect to orders 

eligible for execution in the Opening or 

Closing Auction after the Lock-in Time 

and before the auction match, thereby 

eliminating any potential confusion in 

this regard. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

IEX 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. To the 

contrary, the Exchange believes that the 

proposed rule change will increase 

intermarket competition because it is 

designed to protect the Exchange’s 

Opening and Closing Auctions thereby 

enhancing its ability to compete in the 

market for corporate listings. 

The Exchange also does not believe 

that the proposal will impose an 

intramarket burden on competition 

because, notwithstanding the limited 

proposed exception for Locked-in 

Orders, ARC remains available to all 

Members on a fair and equal basis, and 

the Exchange continues to provide a 

mechanism to enable Members to 

manage their risk by preventing trading 

that is erroneous or exceeds a Member’s 

financial resources, thereby contributing 

to the stability of the equities markets. 

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 

The Exchange has designated this rule 

filing as non-controversial under 

Section 19(b)(3)(A) 35 of the Act and 

Rule 19b–4(f)(6) 36 thereunder. 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 

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 and Rule 19b– 

4(f)(6) thereunder. 

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B)37 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– 

IEX–2017–44 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–IEX–2017–44. 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 this 

filing will also 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–IEX–2017–44 and should 

be submitted on or before January 30, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.38

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00157 Filed 1–8–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32961; 812–14806] 

Northern Lights Fund Trust and 

AlphaCore Capital, LLC 

January 3, 2018. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 15(a) of the Act and rule 18f–2 

under the Act, as well as from certain 

disclosure requirements in rule 20a–1 

under the Act, Item 19(a)(3) of Form 

N–1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 

22(c)(8) and 22(c)(9) of Schedule 14A 

under the Securities Exchange Act of 

1934, and sections 6–07(2)(a), (b), and 

(c) of Regulation S–X (‘‘Disclosure 

Requirements’’). The requested 


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