194 Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 

14 17 CFR 200.30–3(a)(12). 

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 Rule 1.160(p). 

7See the Investors Exchange Fee Schedule, 

available on the Exchange’s public website. 

8 Id. 

inspection and copying at the principal 

office of LCH SA and on LCH SA’s 

website at http://www.lch.com/assetclasses/cdsclear. 

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–LCH SA–2017–011 

and should be submitted on or before 

January 23, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–28308 Filed 12–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–82409; File No. SR–IEX– 

2017–43] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Related to the 

Displayed Match Fee 

December 27, 2017. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),2 and Rule 19b–4 thereunder,3

notice is hereby given that on December 

14, 2017, the Investors Exchange LLC 

(‘‘IEX’’ 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 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 

modify its Fee Schedule, pursuant to 

IEX Rule 15.110(a) and (c), to: (i) To 

increase the fee for orders that provide 

or take resting interest with displayed 

priority (i.e., displayed liquidity) during 

continuous trading, (ii) eliminate the 

exception to the Non-Displayed Match 

Fee for taking non-displayed liquidity 

with a displayable order for Members 

that predominantly provide displayed 

liquidity (iii) increase the fee for orders 

displayed on the Continuous Book that 

execute as part of the Opening Process 

for Non-IEX-Listed Securities (the 

‘‘Opening Process’’) while continuing to 

provide such orders free execution in 

the Opening and Closing Auction when 

IEX begins to list securities as a primary 

listing exchange, and (iv) make two 

nonsubstantive clarifying changes to its 

Fee Schedule. Changes to the Fee 

Schedule pursuant to this proposal are 

effective upon filing, and will be 

operative on January 1, 2018.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 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to modify its 

Fee Schedule, pursuant to IEX Rule 

15.110(a) and (c), to (i) to increase the 

fee for orders that provide or take 

displayed liquidity during continuous 

trading, (ii) eliminate the exception to 

the Non-Displayed Match Fee for taking 

non-displayed liquidity with a 

displayable order for Members that 

predominantly provide displayed 

liquidity, (iii) increase the fee for orders 

displayed on the Continuous Book that 

execute as part of the Opening Process 

while continuing to provide such orders 

free execution in the Opening and 

Closing Auction when IEX begins to list 

securities as a primary listing exchange, 

and (iv) make two nonsubstantive 

clarifying changes to its Fee Schedule. 

Displayed Match Fee 

Pursuant to the existing Fee Schedule, 

the Exchange currently does not charge 

any fee to Members for executions on 

IEX that provide or take displayed 

liquidity (i.e., an order or portion of a 

reserve order that is booked and ranked 

with display priority on the Order 

Book 6 either as the IEX best bid or best 

offer (‘‘BBO’’), or at a less aggressive 

price). This pricing is referred to by the 

Exchange as the ‘‘Displayed Match Fee’’, 

resulting in a Fee Code of ‘L’ provided 

by the Exchange on execution reports to 

Members.7 The Exchange proposes to 

update its Fee Schedule, pursuant to 

IEX Rule 15.110(a) and (c), to (i) 

increase the Displayed Match Fee from 

$0 to $0.0003 for securities with an 

execution price at or above $1.00, or 

0.30% of the total dollar value of the 

transaction for securities with an 

execution price below $1.00, calculated 

as the execution price multiplied by the 

number of shares executed in the 

transaction. 

The current Displayed Match Fee of 

$0 was adopted in connection with 

IEX’s launch as a national securities 

exchange in August 2016, and was 

designed to attract displayed order flow 

to the Exchange, without offering 

rebates, thereby contributing to price 

discovery and consistent with the 

overall goal of enhancing market 

quality. The Exchange periodically 

assesses its fee structure. Based upon a 

recent assessment, the Exchange 

determined that the modest proposed 

fee increase for the Displayed Match Fee 

would continue to attract and 

incentivize displayed order flow in a 

comparable manner, while also 

increasing revenue. 

The Exchange is not proposing any 

change to the Internalization Fee 

whereby no fee is charged for 

executions when the adding and 

removing order originated from the 

same Exchange Member. Accordingly, 

transactions that qualify for the 

Internalization Fee will not be charged 

the Displayed Match Fee, since the IEX 

Fee Schedule provides that to the extent 

a Member receives multiple Fee Codes 

on an execution, the lower fee shall 

apply.8

Non-Displayed Match Fee 

The Exchange currently charges the 

Non-Displayed Match Fee of $0.0009 


daltland on DSKBBV9HB2PROD with NOTICES
Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 195 

9 Id. 

10However, in such transactions, the nondisplayed liquidity adding interest is subject to the 

Non-Displayed Match Fee. 

11See Securities Exchange Act Release No. 78550 

(August 11, 2016), 81 FR 54873 (August 17, 2016) 

(SR–IEX–2016–09). 12See supra note 7 [sic]. 

per share (or 0.30% of the total dollar 

value of the transaction for securities 

with an execution price below $1.00) to 

Members for executions on IEX that 

provide or take non-displayed liquidity 

(i.e., an order or portion of a reserve 

order that is booked and ranked with 

non-display priority on the Order Book 

either at the NBBO midpoint or at a less 

aggressive price on the Order Book),9

with the exception of (i) executions on 

the Exchange where the adding and 

removing order originated from the 

same Exchange Member and (ii) 

executions on IEX that involve taking 

resting interest with non-displayed 

priority where (a) the liquidity removing 

order was displayable (i.e., the order 

would have booked and displayed if 

posted to the Order Book) and (b) on a 

monthly basis, at least 90% of the 

liquidity removing Member’s aggregate 

executions of displayable orders added 

liquidity during such calendar month 

(i.e., the ‘‘90% display exception’’).10

The Exchange is proposing to eliminate 

the 90% display exception. As 

explained in IEX’s rule change adopting 

the 90% display exception to the NonDisplayed Match Fee, the flexibility was 

designed to address limited inadvertent 

liquidity removal by Members who are 

largely adding displayed liquidity and 

generally intend to add displayed 

liquidity on IEX, to further encourage 

aggressively priced displayed orders.11

However, the Exchange believes that the 

90% display exception has had limited 

success in encouraging aggressively 

priced displayed orders on the 

Exchange, and has resulted in relatively 

small credits to Members. During 

September, October, and November of 

2017, no more than 31 Members (of 159 

total Members) qualified for the 90% 

display exception through one or more 

MPID’s during any month. The credits 

ranged from $0.03 to $9,195 with 47% 

(on average) of the credits under $100. 

Further the 90% display exception 

introduces certain technical 

complexities for IEX that are associated 

with processing the 90% display 

exception at the end of the month, as 

well as for Members with respect to 

forecasting fees due to the Exchange. 

Specifically, the Exchange’s current 

billing processes account for the 90% 

display exception at the end of the 

trading month by processing each 

MPID’s eligible trading activity to 

determine the number of shares, if any, 

that are eligible for free execution under 

the 90% display exception. The 

Exchange believes the computational 

components of the 90% display 

exception are not inherently complex; 

however, accounting for the 90% 

display exception along with other 

conditional fees that are processed at 

the end of the trading month (e.g., the 

Crumbling Quote Remove Fee), raises 

unnecessary technical complexities 

considering the fees limited practical 

utility. Moreover, the Exchange believes 

that removing the 90% display 

exception will provide Members more 

clarity regarding the fees assessed for 

executions on the Exchange, because 

Members will not need to account for 

the 90% display exception when 

calculating the fees due to the Exchange, 

and will instead know with certainty 

that executions that receive Fee Code ‘I’ 

in isolation will be subject to the NonDisplayed Match Fee. Accordingly, the 

Exchange proposes to eliminate the 

exception. The Exchange thus proposes 

to delete the single asterisked footnote 

to the Fee Schedule to delete the 

reference and description of the 90% 

display exception, and to adjust the 

footnote references that follow 

accordingly. 

Auction and Opening Process Fee 

The Exchange Fee Schedule currently 

provides that displayed orders resting 

on the Continuous Book that execute in 

the Opening Auction, Closing Auction, 

or the Opening Process are not charged 

a fee (i.e., are free).12 IEX proposes to 

retain the free pricing for displayed 

orders resting on the Continuous Book 

that execute in the Opening or Closing 

Auction, but to increase the fee for 

displayed orders resting on the 

Continuous Book that execute in the 

Opening Process to align with the 

proposed Displayed Match Fee. The 

Exchange believes that the Opening and 

Closing Auctions will provide a critical 

price discovery mechanism that 

establishes the IEX Official Opening and 

Closing Prices, respectively, for IEXlisted securities. It 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. The Exchange 

further believes that displayed liquidity 

is an important part of the Opening and 

Closing Auction price discovery 

process. Therefore, in order to 

incentivize market participants to 

display quotations on the Exchange 

leading into the Opening and Closing 

Auctions to support the price formation 

process, the Exchange is proposing to 

not charge a fee for displayed interest 

resting on the Continuous Book that 

executes as part of the Opening or 

Closing Auction. In contrast, the 

Opening Process for Non-Listed 

Securities is not designed to be a price 

discovery mechanism and accordingly 

the Exchange does not believe that a free 

pricing incentive is appropriate. 

Clarifying Changes 

The Exchange is proposing to make 

two nonsubstantive changes to its Fee 

Schedule to clarify the fees assessed on 

certain orders that receive multiple Fee 

Codes. First, the Exchange proposes to 

reorder the asterisked footnotes to 

account for the elimination of the 90% 

display exception. Secondly, the 

Exchange proposes to amend the triple 

asterisked footnote and add a new 

sentence to the quadruple asterisked 

footnote to clarify the Fee Codes 

provided for orders that execute in the 

Opening Process and in the Opening or 

Closing Auctions. As proposed, the 

triple asterisked footnote provides that, 

for orders that execute in the Opening 

Process, non-displayed orders will 

receive a Fee Code of X rather than I, 

and executions that receive a Fee Code 

of XL are assessed the Displayed Match 

Fee. The current quadruple asterisked 

footnote provides that, for orders that 

execute in the Opening Auction or 

Closing Auction, non-displayed orders 

will receive a Fee Code of O or C, 

respectively, rather than I, and orders 

that were displayed on the Continuous 

Book prior to the Opening or Closing 

Auction will receive a Fee Code of L, in 

addition to O or C, respectively (i.e., 

such orders will receive Fee Codes OL 

or CL, respectively). The proposed new 

sentence to the quadruple asterisked 

footnote further provides that 

executions in the Opening or Closing 

Auction that receive a Fee Code of OL 

or CL, respectively, are free. While the 

third bullet in the Transaction Fees 

section of the Fee Schedule currently 

specifies that, except for the Crumbling 

Quote Remove Fee Code of Q, to the 

extent a Member receives multiple Fee 

Codes on an execution, the lower fee 

shall apply, the Exchange believes that 

the proposed changes will provide 

additional clarity to Members with 

respect to how multiple Fee Codes on 

an execution apply. 

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 


daltland on DSKBBV9HB2PROD with NOTICES
196 Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 

13 15 U.S.C. 78f. 14 15 U.S.C. 78f(b)(4). 15For example, the New York Stock Exchange 

(‘‘NYSE’’) trading fee schedule on its public website 

reflects fees to ‘‘take’’ liquidity ranging from 

$0.0024–$0.0030 depending on the type of market 

participant, order and execution. Additionally, 

NYSE fees to ‘‘add’’ liquidity range from $0.0018– 

$0.0030 per share for shares executed in continuous 

trading. (See, https://www.nyse.com/markets/nyse/ 

trading-info/fees). The Nasdaq Stock Market 

(‘‘Nasdaq’’) trading fee schedule on its public 

website reflects fees to ‘‘remove’’ liquidity ranging 

from $0.0025–$0.0030 per share for shares executed 

in continuous trading at or above $1.00 or 0.30% 

of total dollar volume for shares executed below 

$1.00. Additionally, Nasdaq fees for ‘‘adding’’ 

liquidity range from $0.0001–$0.00305 per share for 

shares executed in continuous trading. (See, http:// 

nasdaqtrader.com/ 

Trader.aspx?id=PriceListTrading2). The Cboe BZX 

Exchange (‘‘Cboe BZX) trading fee schedule on its 

public website reflects fees for ‘‘removing’’ liquidity 

ranging from $0.0025–$0.0030, for shares executed 

in continuous trading at or above $1.00 or 0.30% 

of total dollar volume for shares executed below 

$1.00. Additionally, Cboe BZX fees for ‘‘adding’’ 

liquidity ranging from $0.0020–$0.0045 per share 

for shares executed in continuous trading. (See, 

https://www.batstrading.com/support/fee_

schedule/bzx/). 

16See Cboe BZX U.S. Equities Exchange Fee 

Schedule available at: http://markets.cboe.com/us/ 

equities/membership/fee_schedule/bzx/. 

17See supra note 11 [sic]. 

of Section 6(b) 13 of the Act in general, 

and furthers the objectives of Sections 

6(b)(4) 14 of the Act, in particular, in that 

it is designed to provide for the 

equitable allocation of reasonable dues, 

fees and other charges among its 

Members and other persons using its 

facilities. The Exchange believes that 

the proposed fee change is reasonable, 

fair and equitable, and nondiscriminatory. The Exchange operates 

in a highly competitive market in which 

market participants can readily direct 

order flow to competing venues if they 

deem fee levels at a particular venue to 

be excessive. 

As proposed, the modest increase to 

the Displayed Match Fee remains 

intended to attract displayed order flow 

to the Exchange by offering a pricing 

incentive to send IEX aggressively 

priced displayable orders, without 

offering rebates, thereby contributing to 

price discovery and consistent with the 

overall goal of enhancing market 

quality. The Exchange does not believe 

that the proposed change represents a 

significant departure from pricing 

currently offered by the Exchange. 

Specifically, the Displayed Match Fee 

will continue to be less than the NonDisplayed Match Fee and substantially 

lower than the fee to add displayed 

liquidity on an exchange with a ‘‘takermaker’’ fee structure (i.e., that charges 

liquidity providers) and to take 

displayed liquidity on an exchange with 

a ‘‘maker-taker’’ fee structure (i.e., that 

charges liquidity takers).15 In addition, 

the Exchange believes that it continues 

to be reasonable, equitable and not 

unfairly discriminatory to charge the 

Displayed Match Fee to both the 

liquidity adder and remover because it 

is designed to facilitate execution of, 

and enhance trading opportunities for, 

displayable orders, thereby further 

incentivizing entry of displayed orders. 

The Exchange also believes that it is 

reasonable, fair and equitable, and nondiscriminatory to charge the increased 

Displayed Match Fee for displayed 

interest resting on the Continuous Book 

that executes as part of the Opening 

Process. As discussed in the Purpose 

Section, the Opening Process is not 

designed to be a price discovery 

mechanism and accordingly the 

Exchange believes that the same factors 

that support increasing the Displayed 

Match Fee also support increasing the 

fee for such orders. 

The Exchange further believes that it 

is reasonable, fair and equitable, and 

non-discriminatory to continue to not 

charge a fee for displayed interest 

resting on the Continuous Book that 

executes as part of the Opening or 

Closing Auction. As discussed in the 

Purpose section, the Opening and 

Closing Auctions provide a critical price 

discovery mechanism that establishes 

the IEX Official Opening and Closing 

Prices, respectively, for IEX-listed 

securities, and displayed liquidity is an 

important part of the Opening and 

Closing Auction price discovery 

process. Therefore, the Exchange 

believes that a fee incentive is 

appropriate in order to incentivize 

market participants to display 

quotations on the Exchange leading into 

the Opening and Closing Auctions. The 

Exchange notes that Cboe BZX 

Exchange, Inc. (‘‘BZX’’) does not charge 

a fee for continuous book orders that 

execute in an opening or closing auction 

in a BZX-listed security, 

notwithstanding that it charges various 

fees for other orders that execute in such 

auctions.16

Additionally, the Exchange believes 

that it is reasonable, fair and equitable, 

and non-discriminatory to continue to 

charge the Internalization Fee rather 

than the Displayed Match Fee for 

executions on IEX that provide or take 

resting interest with displayed priority 

when the adding and removing order 

originated from the same Exchange 

Member. IEX believes that the same 

factors that support not charging fees for 

such transactions, as described in its 

rule filing adopting this fee structure, 

continue to be relevant.17 Specifically, 

not charging a fee is designed to 

incentivize Members (and their 

customers) to send orders to IEX that 

may otherwise be internalized off 

exchange, with the goal of increasing 

order interaction on IEX. Internalization 

on IEX is not guaranteed, and the 

additional order flow that does not 

internalize is available to trade by all 

Members. 

The Exchange also believes that it is 

reasonable, fair and equitable, and nondiscriminatory to eliminate the 90% 

display exception, based on its limited 

practical utility and the technical 

complexities that are associated with 

processing the exception, as described 

in the Purpose section. Moreover, the 

Exchange believes that removing the 

90% display exception is reasonable 

because it will provide Members more 

clarity regarding the fees assessed for 

executions on the Exchange, because 

Members will not need to account for 

the 90% display exception when 

calculating the fees due to the Exchange, 

and will instead know with certainty 

that executions that receive Fee Code ‘I’ 

in isolation will be subject to the NonDisplayed Match Fee. 

Additionally, the Exchange believes 

that the proposed nonsubstantive 

clarifying changes to the Fee Schedule 

are reasonable, fair and equitable, and 

non-discriminatory because they will 

provide additional clarity to Members 

with respect to how multiple Fee Codes 

on an execution apply, thereby 

eliminating any potential confusion. 

Finally, the Exchange believes that 

the proposed fees are nondiscriminatory 

because they will apply uniformly to all 

Members. 

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. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intermarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Exchange operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if fee schedules at other venues 

are viewed as more favorable. 

Consequently, the Exchange believes 

that the degree to which IEX fees could 

impose any burden on competition is 

extremely limited, and does not believe 

that such fees would burden 

competition between Members or 

competing venues in a manner that is 

not necessary or appropriate in 

furtherance of the purposes of the Act. 

Moreover, as noted in the Statutory 


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Federal Register / Vol. 83, No. 1 / Tuesday, January 2, 2018 / Notices 197 

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

19 15 U.S.C. 78s(b)(2)(B). 20 17 CFR 200.30–3(a)(12). 

Basis section, the Exchange does not 

believe that the proposed changes 

represent a significant departure from 

its current fee structure. 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on intramarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act 

because, while different fees are 

assessed in some circumstances, these 

different fees are not based on the type 

of Member entering the orders that 

match but on the type of order entered 

and all Members can submit any type of 

order. Further, the proposed fee changes 

continue to be intended to encourage 

market participants to bring increased 

order flow to the Exchange, which 

benefits all market participants. 

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 foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) 18 of the Act. 

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) 19 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–2017–43 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–2017–43. 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–IEX–2017–43 and should 

be submitted on or before January 23, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–28311 Filed 12–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32956; 812–14749] 

Oppenheimer Capital Appreciation 

Fund et al.; Application 

December 27, 2017. 

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 

exemption would permit an investment 

adviser to hire and replace certain subadvisers without shareholder approval 

and grant relief from the Disclosure 

Requirements as they relate to fees paid 

to the sub-advisers. 

APPLICANTS: Oppenheimer Capital 

Appreciation Fund; Oppenheimer 

Capital Income Fund; Oppenheimer 

Corporate Bond Fund; Oppenheimer 

Developing Markets Fund; 

Oppenheimer Discovery Fund; 

Oppenheimer Discovery Mid Cap 

Growth Fund; Oppenheimer Dividend 

Opportunity Fund; Oppenheimer 

Emerging Markets Innovators Fund; 

Oppenheimer Emerging Markets Local 

Debt Fund; Oppenheimer Equity Income 

Fund; Oppenheimer Global Fund; 

Oppenheimer Global High Yield Fund; 

Oppenheimer Global Multi-Alternatives 

Fund; Oppenheimer Global Multi-Asset 

Growth Fund; Oppenheimer Global 

Multi-Asset Income Fund; Oppenheimer 

Global Multi Strategies Fund; 

Oppenheimer Global Opportunities 

Fund; Oppenheimer Global Real Estate 

Fund; Oppenheimer Global Strategic 

Income Fund; Oppenheimer Global 

Value Fund; Oppenheimer Gold & 

Special Minerals Fund; Oppenheimer 

Government Cash Reserves; 

Oppenheimer Government Money 

Market Fund; Oppenheimer 

Institutional Government Money Market 

Fund; Oppenheimer Integrity Funds; 

Oppenheimer International Bond Fund; 

Oppenheimer International Diversified 

Fund; Oppenheimer International 

Equity Fund; Oppenheimer 

International Growth and Income Fund; 

Oppenheimer International Growth 

Fund; Oppenheimer International 

Small-Mid Company Fund; 

Oppenheimer Limited-Term Bond 

Fund; Oppenheimer Limited-Term 

Government Fund; Oppenheimer 

Macquarie Global Infrastructure Fund; 

Oppenheimer Main Street Funds; 

Oppenheimer Main Street Mid Cap 

Fund; Oppenheimer Main Street All 

Cap Fund; Oppenheimer Main Street 

Small Cap Fund; Oppenheimer Master 

Event-Linked Bond Fund, LLC; 


daltland on DSKBBV9HB2PROD with NOTICES