47256 Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices 

18See notes 10–15 above. 

19This proposed rule change does not alter any 

obligations of issuers or other investors of an IPO 

that may be subject to a lock-up or other restrictions 

on trading related securities. 20 17 CFR 200.30–3(a)(12). 

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 changes to its listing standards 

for covered securities would allow the 

Exchange to more quickly list options 

on a qualifying covered security that has 

met the $3.00 eligibility price without 

sacrificing investor protection. As 

discussed above, the Exchange believes 

that its existing trading surveillances 

provide a sufficient measure of 

protection against potential price 

manipulation within the proposed three 

consecutive business day timeframe. 

The Exchange also believes that the 

proposed three consecutive business 

day timeframe would continue to be a 

reliable test for price stability in light of 

its findings that none of the IPO-related 

issues on Nasdaq within the past five 

years that qualified for the $3.00 per 

share price standard during the first 

three trading days fell below the $3.00 

threshold during the fourth or fifth 

trading day. Furthermore, the 

established guidelines to be considered 

by the Exchange in evaluating the 

potential underlying securities for 

Exchange option transactions,18 together 

with existing trading surveillances, 

provide adequate safeguards in the 

review of any covered security that may 

meet the proposed criteria for 

consideration of the option within the 

proposed timeframe. 

In addition, the Exchange believes 

that basing the proposed timeframe on 

the T+2 settlement cycle adequately 

addresses the potential difficulties in 

confirming the number of shareholders 

of the underlying covered security. 

Having some of the largest brokerage 

firms that provide these shareholder 

counts to the Exchange confirm that 

they are able to provide these numbers 

within T+2 further demonstrates that 

the 2,000 shareholder requirement can 

be sufficiently verified within the 

proposed timeframe. For the foregoing 

reasons, the Exchange believes that the 

proposed amendments will remove and 

perfect the mechanism of a free and 

open market and a national market 

system by providing an avenue for 

investors to swiftly hedge their 

investment in the stock in a shorter 

amount of time than what is currently 

in place.19

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. The 

proposed rule change reduces the 

number of days to list options on an 

underlying security, and is intended to 

bring new options listings to the 

marketplace quicker. 

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 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission shall: (a) By order 

approve or disapprove such proposed 

rule change, or (b) institute proceedings 

to determine whether the proposed rule 

change should be 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– 

Phlx–2017–75 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–Phlx–2017–75. 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–Phlx– 

2017–75, and should be submitted on or 

before November 1, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21812 Filed 10–10–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736 

Extension: 

Rule 15c2–7, SEC File No. 270–420, OMB 

Control No. 3235–0479 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15c2–7 (17 CFR 

240.15c2–7) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 195 / Wednesday, October 11, 2017 / Notices 47257 

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

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 34–81487 

(Aug. 25, 2017), 82 FR 41438 (Aug. 31, 2017) (SR– 

LCH SA–2017–006) (‘‘Notice’’). 

4 15 U.S.C. 78s(b)(2). 

5 17 CFR 200.30–3(a)(12). 

Rule 15c2–7 places disclosure 

requirements on broker-dealers who 

have correspondent relationships, or 

agreements identified in the rule, with 

other broker-dealers. Whenever any 

such broker-dealer enters a quotation for 

a security through an inter-dealer 

quotation system, Rule 15c2–7 requires 

the broker-dealer to disclose these 

relationships and agreements in the 

manner required by the rule. The interdealer quotation system must also be 

able to make these disclosures public in 

association with the quotation the 

broker-dealer is making. 

When rule 15c2–7 was adopted in 

1964, the information it requires was 

necessary for execution of the 

Commission’s mandate under the 

Securities Exchange Act of 1934 to 

prevent fraudulent, manipulative and 

deceptive acts by broker-dealers. In the 

absence of the information collection 

required under Rule 15c2–7, investors 

and broker-dealers would have been 

unable to accurately determine the 

market depth of, and demand for, 

securities in an inter-dealer quotation 

system. 

There are approximately 3,939 brokerdealers registered with the Commission. 

Any of these broker-dealers could be 

potential respondents for Rule 15c2–7, 

so the Commission is using that figure 

to represent the number of respondents. 

Rule 15c2–7 applies only to quotations 

entered into an inter-dealer quotation 

system, such as the OTC Bulletin Board 

(‘‘OTCBB’’), or OTC Link (formerly, 

‘‘Pink Sheets’’), operated by OTC 

Markets Group Inc. (‘‘OTC Link’’). 

According to representatives of both 

OTC Link and the OTCBB, neither 

entity has recently received, or 

anticipates receiving any Rule 15c2–7 

notices. However, because such notices 

could be made, the Commission 

estimates that one filing is made 

annually pursuant to Rule 15c2–7. 

Based on prior industry reports, the 

Commission estimates that the average 

time required to enter a disclosure 

pursuant to the rule is .75 minutes, or 

45 seconds. The Commission sees no 

reason to change this estimate. We 

estimate that impacted respondents 

spend a total of .0125 hours per year to 

comply with the requirements of Rule 

15c2–7 (1 notice (×) 45 seconds/notice). 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Pamela Dyson, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: October 4, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21909 Filed 10–10–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81819; File No. SR–LCH 

SA–2017–006] 

Self-Regulatory Organizations; LCH 

SA; Notice of Designation of Longer 

Period for Commission Action on 

Proposed Rule Change Relating to 

Options on Index Credit Default Swaps 

October 4, 2017. 

On August 18, 2017, Banque Central 

de Compensation, which conducts 

business under the name LCH SA (‘‘LCH 

SA’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

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

proposed rule change (SR–LCH SA– 

2017–006) to amend LCH SA’s CDS 

Clearing Rule Book, CDS Clearing 

Supplement, CDS Clearing Procedures, 

and CDS Dispute Resolution Protocol to 

incorporate relevant terms and make 

certain conforming and clarifying 

changes in order to permit LCH SA to 

clear options on index credit default 

swaps. The proposed rule change was 

published for comment in the Federal 

Register on August 31, 2017.3 The 

Commission received no comments 

regarding the proposed changes. 

Section 19(b)(2) of the Act provides 

that within 45 days of the publication of 

the notice of the filing or a proposed 

rule change, or within such longer 

period up to 90 days as the Commission 

may designate if it finds such longer 

period to be appropriate and publishes 

its reasons for so finding, or as to which 

the self-regulatory organization 

consents, the Commission shall either 

approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether the proposed rule change 

should be disapproved.4 The 45th day 

from the publication of the Notice is 

October 15, 2017. 

The Commission is extending the 45- 

day time period for Commission action 

on the proposed rule change. As noted 

above, LCH SA proposed to revise its 

CDS Clearing Rule Book, CDS Clearing 

Supplement, CDS Clearing Procedures, 

and CDS Dispute Resolution Protocol in 

order to permit it to clear options on 

index credit default swaps. The 

Commission finds that it is appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider LCH SA’s proposed rule 

change and the associated risks. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act, 

extends the period by which the 

Commission shall either approve or 

disapprove, or institute proceedings to 

determine whether to disapprove, the 

proposed rule change (File No. SR–LCH 

SA–2017–006) to no later than 

November 29, 2017. 

For the Commission by the Division of 

Trading and Markets, pursuant to delegated 

authority.5

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21816 Filed 10–10–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32849; 812–14248] 

OppenheimerFunds, Inc., et al. 

October 4, 2017. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’) 

ACTION: Notice. 

Notice of application for an order 

under sections 6(c) and 17(b) of the 


asabaliauskas on DSKBBXCHB2PROD with NOTICES