Federal Register / Vol. 83, No. 11 / Wednesday, January 17, 2018 / Notices 2471 

4See ‘‘OMB Report to the Congress on the Joint 

Committee Reductions for Fiscal Year 2018’’, 

Appendix page 16 of 16 available at https://

www.whitehouse.gov/sites/whitehouse.gov/files/

omb/sequestration_reports/2018_jc_sequestration_

report_may2017_potus.pdf. 

on this review, the Commission issued 

a ‘‘pass back’’ letter to the PCAOB on 

October 25, 2017. On November 16, 

2017, the PCAOB adopted its 2018 

budget during an open meeting, and 

subsequently submitted that budget to 

the Commission for approval. 

After considering the above, the 

Commission did not identify any 

proposed disbursements in the 2018 

budget adopted by the PCAOB that are 

not properly recoverable through the 

annual accounting support fee, and the 

Commission believes that the aggregate 

proposed 2018 annual accounting 

support fee does not exceed the 

PCAOB’s aggregate recoverable budget 

expenses for 2018. 

The Commission also acknowledges 

the PCAOB’s updated strategic plan and 

encourages the PCAOB to continue 

keeping the Commission and its staff 

apprised of significant new 

developments. The Commission looks 

forward to providing its views to the 

PCAOB as future updates are made to 

the plan. In addition, the PCAOB should 

submit its 2017 annual report to the 

Commission by April 2, 2018. 

The Commission directs the Board 

during 2018 to continue to provide 

periodic updates to the Commission 

relating to the monitoring of estimated 

cost savings and efficiencies gained 

through certain initiatives implemented 

in recent years. The Board shall 

continue its review of its compensation 

and travel policies and report to the 

Commission the results of this review. 

In May 2017, the PCAOB formed the 

Office of Economic and Risk Analysis 

(‘‘ERA’’) by integrating the staff of the 

Center for Economic Analysis (‘‘CEA’’) 

that conducted economic analysis and 

research with staff from the Office of 

Research and Analysis (‘‘ORA’’) that 

conducted risk assessment and data 

analysis. The Commission directs the 

PCAOB during 2018 to provide 

quarterly updates to the Commission on 

ERA’s activities and progress towards its 

stated goals, including the work to 

integrate staff from the former CEA and 

ORA. 

The Commission directs the Board 

during 2018 to continue to provide in its 

quarterly reports to the Commission 

detailed information about the state of 

the PCAOB’s information technology 

(‘‘IT’’) program, including planned, 

estimated, and actual costs for IT 

projects, and the level of involvement of 

consultants. These reports also should 

continue to include: (a) A discussion of 

the Board’s assessment of the IT 

program; and (b) the quarterly IT report 

that is prepared by PCAOB staff and 

submitted to the Board. 

The Commission also directs the 

Board during 2018 to continue to 

include in its quarterly reports to the 

Commission information about the 

PCAOB’s inspections program. Such 

information is to include: (a) Statistics 

relative to the numbers and types of 

firms budgeted and expected to be 

inspected in 2018, including by location 

and by year the inspections are required 

to be conducted in accordance with the 

Sarbanes-Oxley Act and PCAOB rules; 

(b) information about the timing of the 

issuance of inspections reports for 

domestic and non-U.S. inspections; and 

(c) updates on the PCAOB’s efforts to 

establish cooperative arrangements with 

respective non-U.S. authorities for 

inspections required in those countries. 

The Commission understands that the 

Office of Management and Budget 

(‘‘OMB’’) has determined the 2018 

budget of the PCAOB to be sequestrable 

under the Budget Control Act of 2011.4

For 2017, the PCAOB sequestered $17 

million. That amount will become 

available in 2018. For 2018, the 

sequestration amount will be 6.6% or 

$17.2 million. Accordingly, the PCAOB 

should submit a revised spending plan 

for 2018 reflecting a $0.2 million 

reduction to budgeted expenditures as a 

result of the increase in sequestration 

amount from 2017 to 2018. 

The Commission has determined that 

the PCAOB’s 2018 budget and annual 

accounting support fee are consistent 

with Section 109 of the Sarbanes-Oxley 

Act. Accordingly, 

It is ordered, pursuant to Section 109 

of the Sarbanes-Oxley Act, that the 

PCAOB budget and annual accounting 

support fee for calendar year 2018 are 

approved. 

By the Commission. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–00642 Filed 1–16–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Commission will 

co-host the SEC–NYU Dialogue on 

Securities Markets—Shareholder 

Engagement on Friday, January 19, 

2018, beginning at 9:10 a.m. (ET). 

PLACE: The meeting will be held at the 

New York University’s Salomon Center 

for the Study of Financial Institutions, 

44 W. 4th Street, New York, NY 10112. 

STATUS: This meeting will begin at 9:10 

a.m. (ET) and will be open to the public. 

Attendees can pre-register for in-person 

attendance or webcast. The meeting will 

be webcast live by NYU and later 

archived on the Commission’s website 

at www.sec.gov. 

MATTERS TO BE CONSIDERED: The event 

is scheduled to include welcome 

remarks by SEC Chairman Jay Clayton, 

concluding remarks by SEC 

Commissioner Kara Stein, and panel 

discussions that Commissioners may 

attend. The panel discussions will 

address, among other matters, the 

increasing ownership of public 

companies by large institutional 

investors, the influence of activist 

investors, the role of proxy advisory 

services, and other changes in the way 

investors and public companies engage 

with each other. 

This Sunshine Act notice is being 

issued because a majority of the 

Commission may attend the meeting. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed; please contact 

Brent J. Fields from the Office of the 

Secretary at (202) 551–5400. 

Dated: January 11, 2018. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–00738 Filed 1–12–18; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82479; File No. SR– 

NASDAQ–2018–002] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Add a New 

Rule 6200 To Codify Participant Risk 

Settings in the Exchange’s Trading 

System (as Set Forth in a Proposed 

IM–6200–1) and To Authorize the 

Exchange To Share Those Settings 

With the Clearing Member That Clears 

Transactions on Behalf of the 

Participant 

January 10, 2018. 

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

Securities Exchange Act of 1934 


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2472 Federal Register / Vol. 83, No. 11 / Wednesday, January 17, 2018 / Notices 

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

2 17 CFR 240.19b–4. 

3A ‘‘Participant’’ is an entity that fulfills the 

obligations contained in Rule 4611 regarding 

participation in the System, and includes Nasdaq 

ECNs, Nasdaq Market Makers, and Order Entry 

Firms. 

4The Exchange notes that its proposal would 

cover Sponsored Participants, as set forth in Rule 

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

notice is hereby given that on January 3, 

2018, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) 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 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 add a new 

Rule 6200 to codify Participant risk 

settings in the Exchange’s trading 

system (as set forth in a proposed IM– 

6200–1) and to authorize the Exchange 

to share such risk settings with the 

clearing member that clears transactions 

on behalf of the Participant. 

The text of the proposed rule change 

is set forth below. Proposed new 

language is italicized; deleted text is in 

brackets. 

* * * * * 

The Nasdaq Stock Market Rules 

* * * * * 

Equity Rules 

* * * * * 

[6200. Reserved.] 

6200. Exchange Sharing of Participant 

Risk Settings 

The Exchange may share any 

Participant risk settings in the trading 

system specified in IM–6200–1 with the 

clearing member that clears 

transactions on behalf of the 

Participant. For purposes of this Rule, 

the term ‘‘Participant’’ has the meaning 

set forth in Rule 4701(c). 

IM–6200–1. Risk Settings 

The Exchange offers certain risk 

settings applicable to a Participant’s 

activities on the Exchange. The risk 

settings currently offered by the 

Exchange are: 

(a) Share Size Control—When enabled 

by a Participant, this optional control 

will allow a Participant to limit the 

number of shares that the Participant 

may associate with an order placed on 

the Exchange; 

(b) ISO Control—When enabled by a 

Participant, this optional control will 

prevent a Participant from entering an 

ISO order onto the Exchange; 

(c) Cancel-on-Disconnect Control— 

When enabled by a Participant, this 

optional control will allow a Participant, 

when it experiences a disruption in its 

connection to the Exchange, to 

immediately cancel all pending 

Exchange orders except for those 

designated for the Opening or Closing 

Crosses and Good-Till-Canceled orders 

(RASH & FIX only); 

(d) The Nasdaq Kill Switch—This 

control is described in Rule 6130; 

(e) Limit Order Protection—This 

control is described in Rule 4757(c); 

(f) Price Collar Check—This control 

will automatically restrict a routed order 

from executing at a price that differs 

from the NBBO (at the time of order 

entry) by more than five percent or 

$0.25, whichever difference is greater. 

The system will proceed to route an 

order unless and until it crosses the 

greater of these two price collars, and if 

it does so, then the system will block 

further routings of the order that fall 

outside of the collars. For example, if 

the NBBO is $99 x $100 at the time of 

entry of a buy order, then the system 

will route the order at prices at or below 

$105, but will stop doing so if the offer 

price rises above $105 (five percent of 

the NBO). 

(g) Maximum Order Volume Check— 

This control will automatically reject an 

order for routing away that exceeds a 

maximum volume of shares. As applied 

to equity orders, the default maximum 

order volume is set at 25,000 shares, but 

the Participant may request that the 

Exchange set a higher default based on 

historic volume. 

(h) Cumulative Order Volume 

Check—This control will automatically 

block an attempt by a Participant using 

a particular MPID to route orders away 

to buy or sell equity securities that, 

cumulatively, exceed 9.5 million shares 

during a five second time period; and 

(i) Duplication Control—This control 

will automatically reject an order that a 

Participant submits to the Exchange to 

the extent that it is duplicative of 

another order that the Participant 

submitted to the Exchange during the 

prior five seconds. 

* * * * * 

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 Exchange proposes to adopt 

proposed IM–6200–1, which codifies a 

comprehensive list of Participant risk 

settings in the Exchange’s trading 

system. The Exchange also proposes to 

adopt new Rule 6200 to authorize the 

Exchange to share these risk settings 

with the clearing member that clears 

transactions on behalf of the Participant. 

For purposes of Rule 6200, the term 

‘‘Participant’’ has the meaning set forth 

in Rule 4701(c).3

Participants are required to be 

members of the Exchange. Rule 4618 

states that ‘‘all transactions through the 

facilities of the Nasdaq Market Center 

shall be cleared and settled through a 

registered clearing agency using a 

continuous net settlement system.’’ It 

further provides that this requirement 

may be satisfied by ‘‘direct 

participation, use of direct clearing 

services, by entry into a correspondent 

clearing arrangement with another 

member that clears trades through such 

a clearing agency. . . .’’ Further, 

pursuant to Rule 4627, every clearing 

member acting on a Participant’s behalf 

that constitutes a side of a system trade 

is responsible for honoring such trades 

of that Participant. 

All Participants that are not clearing 

members require a clearing member’s 

consent to clear transactions on their 

behalf in order to conduct business on 

the Exchange. Each Participant that 

transacts through a clearing member on 

the Exchange must have an arrangement 

between the Participant and the clearing 

member. The Exchange is provided 

notice of which clearing members have 

relationships with which Participants. 

The clearing member that guarantees the 

Participant’s transactions on the 

Exchange has a financial interest in 

understanding the risk tolerance of the 

Participant. The proposal would 

provide the Exchange with authority to 

directly provide clearing members with 

information that may otherwise be 

available to such clearing members by 

virtue of their relationship with the 

respective Participants.4


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Federal Register / Vol. 83, No. 11 / Wednesday, January 17, 2018 / Notices 2473 

4615, meaning that the proposal would authorize 

the Exchange to share the risk settings of Sponsored 

Participants with clearing members that clear trades 

on their behalf. 

5As noted above, for the Maximum Order 

Volume Check, the Exchange sets a default order 

volume but Participants have flexibility to adjust 

this level. 

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

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

Proposed IM–6200–1 would codify a 

list of risk settings that are currently 

offered by the Exchange and would be 

covered by proposed Rule 6200. This 

list is comprehensive with respect to the 

risk settings that the Exchange presently 

offers. Certain of these risk settings are 

mandatory for Participants, meaning 

that the Exchange either imposes 

specific risk tolerances that are uniform 

for all Participants or it sets default risk 

tolerances, but it affords flexibility to 

Participants to select their own risk 

tolerance levels. In certain instances, the 

Exchange does not require Participants 

to utilize risk settings, but instead 

makes them available for use at the 

option of Participants. The risk settings 

set forth in proposed IM–6200–1 

comprise the following: 

• Share Size Control—When enabled 

by a Participant, this optional control 

will allow a Participant to limit the 

number of shares that the Participant 

may associate with an order placed on 

the Exchange; 

• ISO Control—When enabled by a 

Participant, this optional control will 

prevent a Participant from entering an 

ISO order onto the Exchange; 

• Cancel-on-Disconnect Control— 

When enabled by a Participant, this 

optional control will allow a 

Participant, when it experiences a 

disruption in its connection to the 

Exchange, to immediately cancel all 

pending Exchange orders except for 

those designated for the Opening or 

Closing Crosses, and Good-TillCanceled orders (RASH & FIX only); 

• The Nasdaq Kill Switch—This 

control is described in Rule 6130; 

• Limit Order Protection—This 

control is described in Rule 4757(c); 

• Price Collar Check—This control 

will automatically restrict a routed order 

from executing at a price that differs 

from the NBBO (at the time of order 

entry) by more than five percent or 

$0.25, whichever difference is greater. 

The system will proceed to route an 

order unless and until it crosses the 

greater of these two price collars, and if 

it does so, then the system will block 

further routings of the order that fall 

outside of the collars. For example, if 

the NBBO is $99 × $100 at the time of 

entry of a buy order, then the system 

will route the order at prices at or below 

$105, but will stop doing so if the offer 

price rises above $105 (five percent of 

the NBO). 

• Maximum Order Volume Check— 

This control will automatically reject an 

order for routing away that exceeds a 

maximum volume of shares. As applied 

to equity orders, the default maximum 

order volume is set at 25,000 shares, but 

the Participant may request that the 

Exchange set a higher default based on 

historic volume. 

• Cumulative Order Volume Check— 

This control will automatically block an 

attempt by a Participant using a 

particular MPID to route orders away to 

buy or sell equity securities that, 

cumulatively, exceed 9.5 million shares 

during a five second time period; and 

• Duplication Control—This control 

will automatically reject an order that a 

Participant submits to the Exchange to 

the extent that it is duplicative of 

another order that the Participant 

submitted to the Exchange during the 

prior five seconds. 

As set forth above, the proposal to 

authorize the Exchange to share any of 

the Participant’s risk settings with the 

clearing member that clears transactions 

on behalf of the Participant would be 

limited to the risk settings specified in 

proposed IM–6200–1. The Exchange 

notes that use by a Participant of the 

risk settings offered by the Exchange is 

optional for share size, ISO, kill switch, 

and cancel-on disconnect controls, and 

is required in other instances.5 By using 

the optional risk settings, following this 

proposed Rule change a Participant 

therefore also opts-in to the Exchange 

sharing its risk settings with its clearing 

member. The Exchange notes that any 

Participant that does not wish to share 

its mandatory risk settings with its 

clearing member could avoid sharing 

such settings by becoming a clearing 

member. 

To the extent that a clearing member 

might reasonably require a Participant 

to provide access to its risk settings as 

a prerequisite to continuing to clear 

trades on the Participant’s behalf, the 

Exchange’s proposal to share those risk 

settings directly reduces the 

administrative burden on Participants 

and ensures that clearing members are 

receiving information that is up-to-date 

and conforms to the settings active in 

the Exchange’s trading system. Further, 

the Exchange believes that the proposal 

will help such clearing members to 

better monitor and manage the potential 

risks that they assume when clearing for 

Participants of the Exchange. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,6 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,7

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

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 proposed rule change will allow 

the Exchange to directly provide a 

Participant’s risk settings to the clearing 

member that clears trades on behalf of 

the Participant. A clearing member 

guarantees transactions executed on 

Nasdaq for members with whom it has 

entered into a clearing arrangement, and 

therefore bears the risk associated with 

those transactions. The Exchange 

therefore believes that it is appropriate 

for the clearing member to have 

knowledge of what risk settings the 

Participant may utilize within the 

Exchange’s trading system. The 

proposal will permit clearing members 

who have a financial interest in the risk 

settings of Participants with whom the 

Participants have entered into clearing 

arrangements to better monitor and 

manage the potential risks assumed by 

clearing members, thereby providing 

clearing members with greater control 

and flexibility over setting their own 

risk tolerance and exposure and aiding 

clearing members in complying with the 

Act. To the extent a clearing member 

might reasonably require a Participant 

to provide access to its risk settings as 

a prerequisite to continuing to clear 

trades on the Participant’s behalf, the 

Exchange’s proposal to share those risk 

settings directly reduces the 

administrative burden on Participants 

and ensures that clearing members are 

receiving information that is up-to-date 

and conforms to the settings active in 

the Exchange’s trading system. 

Moreover, the proposal will foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities and more 

generally, will protect investors and the 

public interest, by reducing 

administrative burdens on both clearing 

members and other Participants and by 

allowing clearing members to better 

monitor their risk exposure. 

The Exchange further believes that 

codifying the risk settings described 

above in proposed IM–6200–1 is 

consistent with the Act. These settings 


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2474 Federal Register / Vol. 83, No. 11 / Wednesday, January 17, 2018 / Notices 

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

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and 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 requirement. 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

assist Participants in managing and 

controlling the risks associated with 

their access to and activity on the 

Exchange, both for the benefit of 

Participants and investors. The 

Exchange’s risk settings, moreover, are 

consistent with risk settings employed 

by other exchanges, such as Cboe BYX. 

Although the Exchange presently offers 

these risk settings, codifying them will 

provide additional transparency to 

Participants regarding the risk settings 

offered by the Exchange. It will also 

foster cooperation and coordination 

with persons engaged in facilitating 

transactions in securities and more 

generally, will protect investors and the 

public interest, by providing additional 

transparency regarding risk settings 

offered by the Exchange. 

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, as amended. 

The proposed rule change is not 

designed to address any competitive 

issues and does not pose an undue 

burden on non-clearing members 

because, unlike clearing members, nonclearing members do not guarantee the 

execution of a Participant’s transactions 

on the Exchange. Moreover, the 

proposal to share risk settings with 

clearing members will not burden 

competition among clearing members 

because it will apply to all clearing 

members equally and regardless of size. 

The Exchange notes that this proposal 

will not affect competition among 

Participants because the proposal 

provides for sharing of all of 

Participants’ risk settings set forth in 

IM–6200–1. Any Participant that does 

not wish to share its risk settings with 

its clearing member could avoid sharing 

such settings by becoming a clearing 

member. Lastly, the proposal to codify 

the Exchange’s risk settings will not 

burden competition among Participants 

because the risk settings are already 

available to or required of Participants 

and will continue to be available or 

required of all Participants going 

forward. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 8 and Rule 19b– 

4(f)(6) thereunder.9

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– 

NASDAQ–2018–002 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NASDAQ–2018–002. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NASDAQ–2018–002 and 

should be submitted on or before 

February 7, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–00634 Filed 1–16–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82481; File No. SR– 

NASDAQ–2017–133] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Eliminate 

Transitional Rules That Have Expired 

Related to Compensation Committee 

Listing Standards 

January 10, 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 December 

27, 2017, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘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 


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