47782 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 

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

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

9 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). 

6(b)(5) of the Act 7 in that they are 

designed to promote just and equitable 

principles of trade, to remove 

impediments to a free and open market 

and national market system, and in 

general to protect investors and the 

public interest. Specifically, the amount 

of revenue forgone by this limited 

waiver of Nasdaq’s entry fee is not 

substantial, and may result in more 

companies remaining listed on Nasdaq 

in connection with such transactions, 

thereby increasing the resources 

available for Nasdaq’s listing 

compliance program, which helps to 

assure that listing standards are 

properly enforced and investors are 

protected. Consequently, Nasdaq 

believes that the potential loss of 

revenue from this change will not 

hinder its ability to fulfill its regulatory 

responsibilities. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Nasdaq 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. The market 

for listing services is extremely 

competitive and listed companies may 

freely choose alternative venues based 

on the aggregate fees assessed, and the 

value provided by each listing. In such 

an environment, Nasdaq must 

continually adjust its fees to remain 

competitive with other exchanges. 

Because other listing venues are 

similarly free to modify their own fees 

in response, Nasdaq believes that the 

degree to which fee changes in this 

market may impose any burden on 

competition is extremely limited. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.8

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– 

NASDAQ–2017–096 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 SR–NASDAQ–2017–096. 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 such 

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– 

NASDAQ–2017–096, and should be 

submitted on or before November 3, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22159 Filed 10–12–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81836; File No. SR–C2– 

2017–026] 

Self-Regulatory Organizations; C2 

Options Exchange, Incorporated; 

Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change To Amend the Fees Schedule 

October 6, 2017. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on 

September 21, 2017, C2 Options 

Exchange, Incorporated (the ‘‘Exchange’’ 

or ‘‘C2’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II, 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

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 its 

Fees Schedule to correct an inadvertent 

marking error made to the Exhibit 5 in 

a previous rule filing. 

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 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 47783 

5The Exchange initially filed the proposed fee 

change on April 3, 2017 (SR–C2–2017–012). On 

April 13, 2017, the Exchange withdrew that filing 

and submitted SR–C2–2017–015. See Securities 

Exchange Act Release No. 80473 (April 17, 2017), 

82 FR 18790 (April 21, 2017) (SR–C2–2017–015). 

6See Securities Exchange Act Release No. 80031 

(February 13, 2017), 82 FR 11087 (February 17, 

2017) (SR–C2–2017–008). The Exchange notes that 

in the filing that adopted the Drop Copy fees, the 

appended footnote for the ‘‘Drop Copy (received by 

non-TPH customer)’’ fee mistakenly referenced the 

fee as $1,000/month instead of $500/month. See 

Securities Exchange Act Release No. 79807 (January 

17, 2017), 82 FR 8238 (January 24, 2017) (SR–C2– 

2017–002). 

7 Id. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and 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. 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

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 amend its 

Fees Schedule to correct an inadvertent 

marking error made to the Exhibit 5 in 

a previous rule filing. Specifically, on 

April 13, 2017, the Exchange filed a rule 

filing, SR–C2–2017–015, which 

proposed to eliminate certain PULSe 

fees, effective April 3, 2017.5 The 

Exchange notes that it mistakenly used 

outdated text contained in Section 11 of 

the Fees Schedule in the Exhibit 5 of 

that filing. Particularly, prior to filing 

SR–C2–2017–015, the Exchange had 

reduced the monthly fee assessed to 

TPHs who either receive or send drop 

copies via a PULSe workstation. More 

specifically, if a customer receiving 

drop copies is a TPH, that TPH 

customer (the receiving TPH) is now 

charged a fee of $425 per month (down 

from $1000 per month), per PULSe 

broker from whom it receives drop 

copies via PULSe. If a customer 

receiving drop copies is a non-TPH, the 

PULSe broker (the sending TPH) who 

sends drop copies via PULSe to that 

customer is now charged a fee of $400 

per month (down from $500 per 

month).6 The Exhibit 5 filed in SR–C2– 

2017–015 however, inadvertently did 

not reflect the new prices that had 

previously been adopted for Drop Copy 

fees (i.e., $425 per month and $400 per 

month). Rather it listed the older prices 

of $1,000 per month and $500 per 

month, respectively. The Exchange 

notes that it was not its intention to 

revert back to the old pricing and that 

no such change was otherwise 

implemented, referenced or implied in 

the 19b–4 of SR–C2–2017–008 or any 

other filing since then. Rather it was an 

inadvertent mistake that the Exchange 

seeks to correct. 

Lastly, the Exchange notes that it had 

previously renamed the ‘‘OATS 

Reporting’’ fee to the ‘‘Equity Order 

Reports’’ fee.7 The Exchange 

inadvertently did not incorporate the 

name change in the Exhibit 5 of SR–C2– 

2017–015. The Exchange notes that it 

was not its intention to revert back to 

the old name and that no such change 

was otherwise referenced or implied in 

the 19b–4 of SR–C2–2017–008 or any 

other filing since then. 

Accordingly, the Exchange proposes 

to amend the Fees Schedule to reflect 

the accurate prices of the Drop Copy 

Fees and the accurate name of the 

Equity Order Reports fee. No 

substantive changes are being made by 

the proposed rule change. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.8 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 9 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in 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 correcting an 

inadvertent marking error from a 

previous rule filing in order to 

accurately reflect the Drop Copy prices 

and the name of the Equity Order 

Reports fee will alleviate potential 

confusion, thereby removing 

impediments to and perfecting the 

mechanism of a free and open market 

and a national market system and 

protecting investors and the public 

interest. 

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 discussed 

above, the proposed change is merely 

intended to correct an inadvertent 

marking error made in a previous rule 

filing, which will alleviate potential 

confusion. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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)(iii) of the Act 10 and 

subparagraph (f)(6) Rule 19b–4 

thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) 12 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),13 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 

currently the Fees Schedule doesn’t 

reflect accurate fees relating to Drop 

Copy fees and the accurate name of the 

Equity Order Reports fee. C2 also 

explains that the proposal would allow 

immediate correction of the Fees 

Schedule, and could avoid potential 

confusion to market participants 

regarding the applicability of its fees. 

The Commission believes that waiving 


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47784 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 

14For 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). 

15 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

the 30-day operative delay is consistent 

with the protection of investors and the 

public interest as it will allow the 

Exchange to accurately represent the 

fees it charges and thereby avoid 

potential confusion of market 

participants. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.14

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 will 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– 

C2–2017–026 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–C2–2017–026. 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–C2– 

2017–026 and should be submitted on 

or before November 3, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22158 Filed 10–12–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81838; File No. SR– 

NASDAQ–2017–100] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Reduce the 

Fees for Certain Investment 

Management Entities and Eligible 

Portfolio Companies 

October 6, 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 26, 2017, The NASDAQ 

Stock Market LLC (‘‘Nasdaq’’ or 

‘‘Exchange’’) 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 

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 reduce the 

fees for certain Investment Management 

Entities and Eligible Portfolio 

Companies. 

While these amendments are effective 

upon filing, the Exchange has 

designated the proposed amendments to 

be operative on January 1, 2018. 

The text of the proposed rule change 

is set forth below. Proposed new 

language is italicized; deleted text is in 

brackets. 

* * * * * 

5910. The Nasdaq Global Market 

(Including the Nasdaq Global Select 

Market) 

* * * * * 

IM–5910–1. All-Inclusive Annual 

Listing Fee 

(a)–(c) No change. 

(d) The All-Inclusive Annual Listing 

Fee will be calculated on total shares 

outstanding according to the following 

schedules: 

(1)–(3) No change. 

(4) Limited Partnerships [(effective 

January 1, 2017)]: 

Up to 75 million shares $37,500 

75+ to 100 million shares $50,000 

100+ to 125 million shares $62,500 

125+ to 150 million shares $67,500 

Over 150 million shares $77,500 

(5) Investment Management Entities 

and Eligible Portfolio Companies 

(effective January 1, 2018): 

Nasdaq will apply a 50% fee discount 

to the annual fee otherwise owed under 

paragraph (d)(1) of this rule for Eligible 

Portfolio Companies and Investment 

Management Entities that have one or 

more Eligible Portfolio Companies. For 

purposes of this rule, an ‘‘Investment 

Management Entity’’ is a company listed 

on Nasdaq or another national 

securities exchange that manages 

private investment vehicles not 

registered under the Investment 

Company Act. An ‘‘Eligible Portfolio 

Company’’ of an Investment 

Management Entity is a Nasdaq-listed 

Company in which an Investment 

Management Entity has owned at least 

20% of the common stock on a 

continuous basis since prior to that 

company’s initial listing. 

In order to qualify for this discount in 

any calendar year, a Company, other 

than a new listing, must submit 

satisfactory proof to Nasdaq no later 

than December 31st of the prior year 

that it satisfies the requirements 

specified above. A new listing that 

satisfies these requirements is eligible 

for the discount upon listing. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES