46552 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 

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

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

the Commission written notice of its intent to file 

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. 20 17 CFR 240.19b–4(f)(6). 21 17 CFR 240.19b–4(f)(6)(iii). 22For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 23 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. 

subparagraph (f)(6) of Rule 19b–4 

thereunder.19

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 19b–4(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. The Exchange requests that the 

Commission waive the 30-day operative 

delay. The Exchange notes that a waiver 

is consistent with the protection of 

investors and the public interest 

because it will allow the Exchange to 

correct its Block Order Mechanism rules 

to reflect the current functionality of the 

system without undue delay. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.22

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

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– 

MRX–2017–19 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–MRX–2017–19. 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 Web site (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 Web site 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–MRX– 

2017–19 and should be submitted on or 

before October 26, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21402 Filed 10–4–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81775; File No. SR– 

NYSEArca–2017–115] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Extend the 

Implementation Date for Certain 

Changes to the NYSE Arca Rule 5 and 

Rule 8 Series 

September 29, 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 

September 28, 2017, NYSE Arca, Inc. 

(‘‘Exchange’’ or ‘‘NYSE Arca’’) 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 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 

The Exchange proposes to extend the 

date on which certain changes to the 

NYSE Arca Rule 5 and Rule 8 series are 

implemented. The proposed rule change 

is available on the Exchange’s Web site 

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. 


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Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 46553 

4See Securities Exchange Act Release No. 80189 

(March 9, 2017), 82 FR 13889 (March 15, 2017) (SR– 

NYSEArca–2017–01). 5See, for example, Letter, dated July 11, 2017, 

from Dorothy Donohue, Acting General Counsel, 

Investment Company Institute to Brent J. Fields, 

Secretary, Securities and Exchange Commission, 

available at https://www.sec.gov/comments/srnasdaq-2016-135/nasdaq2016135-1846208- 

155175.pdf. 

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

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

8See Footnote 5, supra. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On January 6, 2017, the Exchange 

filed a proposed rule change, as 

subsequently amended by Amendments 

No. 1 and 2 thereto (as amended, the 

‘‘Proposed Rule Change’’), to adopt 

certain changes to the NYSE Arca Rules 

5 and 8 series to add additional 

continued listing standards for 

exchange-traded funds (‘‘ETFs’’) as well 

as clarify the procedures that the 

Exchange will undertake when an ETF 

is noncompliant with applicable rules. 

Given the scope of the amendments 

specified in the Proposed Rule Change, 

the Exchange proposed that such 

amendments not be implemented until 

October 1, 2017. On March 9, 2017, the 

Commission granted accelerated 

approval of the Proposed Rule Change, 

including the October 1, 2017 

implementation date.4 The Exchange 

now proposes to extend the 

implementation date of the amendments 

specified in the Proposed Rule Change 

to January 1, 2018. 

Since the Proposed Rule Change was 

approved, the Exchange has engaged in 

extensive conversations with issuers of 

listed ETFs, industry advocacy groups 

and index providers to discuss the new 

rule requirements and offer guidance on 

rule interpretation and application. As a 

result of these conversations, ETF 

issuers have expressed concern about 

their ability to have in place systems 

and procedures to ensure compliance by 

the current October 1, 2017 

implementation date. In particular, 

listed ETF issuers, and industry 

advocacy groups on their behalf, have 

explained that issuers require additional 

time to engage with listing exchanges to 

better understand how elements of the 

Proposed Rule Change will be 

interpreted and applied as well as to 

design and test new compliance 

systems. The Exchange has been 

engaged with its listed issuers and will 

continue to engage with them on topics 

of rule interpretation and application. In 

addition, issuers require time to engage 

in discussions with third-party 

providers to source and track new data 

elements required for rule compliance.5

Because indices are, in most cases, 

managed and maintained by third-party 

index providers, issuers need to ensure 

that they have procedures in place to 

obtain required index files on an 

ongoing basis so they can test such files 

for compliance with applicable 

continued listing rules. Further, issuers 

may need to contract with third party 

data providers to obtain necessary 

trading information about securities 

included in an index. The Exchange 

understands that issuers have been 

engaged in dialogue with index 

providers on these topics. Once all 

required information has been obtained, 

issuers have informed the Exchange that 

they require additional time to test their 

systems and procedures to ensure they 

are accurate and efficient. 

The Exchange believes it is 

appropriate to extend the 

implementation date of the Proposed 

Rule Change to January 1, 2018 to 

provide listed ETF issuers with the time 

needed to finish developing and testing 

their compliance procedures. In support 

of its proposal, the Exchange notes that 

the Proposed Rule Change imposes 

significant new compliance 

requirements on issuers that they have 

not been subject to previously. To meet 

these new compliance requirements, 

issuers must develop internal systems as 

well as coordinate with third-party 

service providers, such as index 

providers, to develop procedures by 

which they can obtain essential data. 

Listed issuers have informed the 

Exchange that they are unable to 

complete this extensive project by the 

pending October 1, 2017 

implementation date. The Exchange 

believes that it is critical for listed ETF 

issuers to have the appropriate 

procedures and systems in place to 

monitor and evidence ETF compliance 

with the new continued listing rules 

before such rules are implemented 

because failure to comply with 

Exchange rules could lead to delisting. 

Therefore, the Exchange proposes to 

extend the implementation date for the 

Proposed Rule Change until January 1, 

2018. During the proposed extension 

period, the Exchange will communicate 

with issuers, as needed, with respect to 

any questions about interpretation and 

application of the Proposed Rule 

Change and in order to better 

understand the progress being made by 

issuers in completing the development 

of their compliance testing and 

procedures. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

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

furthers the objectives of Sections [sic] 

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

Exchange believes that the proposed 

amendment is consistent with the 

protection of investors because failure to 

comply with Exchange rules could lead 

to delisting and the proposed 

amendment will enable listed issuers to 

have the systems and procedures 

needed to monitor and evidence 

compliance with the Proposed Rule 

Change prior to such rule being 

implemented. Providing listed issuers 

with additional time to ensure that they 

have adequate compliance systems in 

place furthers the protection of investors 

and the public interest because it will 

enhance investor confidence that listed 

issuers are complying with Exchange 

rules. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

The Exchange notes that the proposed 

rule change will facilitate listed issuer 

ability to monitor and evidence 

compliance with approved continued 

listing rules by providing issuers with 

additional time to finish developing and 

testing their internal systems and 

procedures prior to the implementation 

date. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange received a copy of a 

letter from the Investment Company 

Institute, on behalf of listed ETF issuers, 

to the Securities and Exchange 

Commission.8 As described in Item 3 

[sic], above, the Investment Company 

Institute detailed challenges that listed 

ETF issuers are facing in developing 

compliance systems to address the 

amendments contained in the Proposed 

Rule Change and have requested that 


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46554 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 

9 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with 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. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

13 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

the implementation date for such 

amendments be extended. 

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 and Rule 19b– 

4(f)(6) thereunder.9

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 10 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 11

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes that 

waiver of the operative delay will allow 

the Exchange to immediately extend the 

implementation date of the Proposed 

Rule Change, and avoid the potential 

confusion and disruption that could 

result if the extension did not become 

operative until after October 1, 2017. 

The Commission believes that waiver of 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.12

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 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2017–115 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–NYSEArca–2017–115. 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 Web site (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 Web site 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEArca–2017–115 and should be 

submitted on or before October 26, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21410 Filed 10–4–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81768; File No. SR–C2– 

2017–025] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend Rule 6.45 Relating 

to Disaster Recovery 

September 29, 2017. 

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 

September 20, 2017, C2 Options 

Exchange, Incorporated (‘‘Exchange’’ or 

‘‘C2’’) filed with the Securities and 

Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Exchange filed the proposal as a ‘‘noncontroversial’’ proposed rule change 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 3 and Rule 19b–4(f)(6) 

thereunder.4 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 

Rule 6.45 relating to disaster recovery. 

The text of the proposed rule change is 

also available on the Exchange’s Web 

site (http://www.cboe.com/AboutCBOE/ 

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 


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