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. 


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Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 47785 

Notwithstanding the foregoing, if an 

Investment Management Entity or 

Eligible Portfolio Company would 

otherwise be subject to an All-Inclusive 

Annual Fee that is lower than the fee 

provided for in this paragraph (5), then 

the alternative fee schedule shall apply. 

(e) No change. 

* * * * * 

5920. The Nasdaq Capital Market 

* * * * * 

IM–5920–1. 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 $30,000 

Over 75 million shares $37,500 

(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. 

Notwithstanding the foregoing, if an 

Investment Management Entity or 

Eligible Portfolio Company would 

otherwise be subject to an All-Inclusive 

Annual Fee that is lower than the fee 

provided for in this paragraph (5), then 

the alternative fee schedule shall apply. 

(e) No change. 

* * * * * 

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 

Nasdaq proposes to reduce the fees for 

certain Investment Management Entities 

and Eligible Portfolio Companies. An 

Investment Management Entity for 

purposes of this provision would be 

defined as a company listed on Nasdaq 

or another national securities exchange 

which manages private investment 

vehicles that are not registered under 

the Investment Company Act. There are 

a small number of such companies that 

engage in the business of managing such 

private equity funds. Through these 

private equity funds, Investment 

Management Entities invest in private 

companies. An ‘‘Eligible Portfolio 

Company’’ of an Investment 

Management Entity is a Nasdaq-listed 

company in which the Investment 

Management Entity has owned at least 

20% of the common stock on a 

continuous basis since prior to that 

company’s initial listing. 

Investment Management Entities 

typically provide significant managerial 

and advisory assistance to their 

portfolio companies, in part, based on 

their familiarity, as a public company 

listed on a national securities exchange, 

with the requirements for an exchange 

listing. An Investment Management 

Entity will frequently seek to exit its 

funds’ investment in a privately-held 

portfolio company by conducting an 

initial public offering (IPO) on behalf of 

that portfolio company. The Investment 

Management Entity does not typically 

sell shares in the IPO but, rather, shares 

not sold in the IPO are gradually sold off 

over a period of years in the public 

market. While these Investment 

Management Entities have control or 

influence over the decision making of 

their portfolio companies in both their 

pre- and post-public phases, the 

decision as to where to list is typically 

made jointly by the portfolio company’s 

senior management team and the 

Investment Management Entity. Nasdaq 

benefits from its ongoing relationships 

with these Investment Management 

Entities (and members of the 

management teams that had previously 

dealt with Nasdaq) when competing for 

the listing of their portfolio companies. 

In addition, Nasdaq benefits from the 

efficiencies in dealing with portfolio 

companies that are benefiting from the 

guidance and experience of the 

Investment Management Entities to 

which they are related. 

Nasdaq incurs substantial costs in 

connection with its marketing to 

companies choosing a listing venue for 

their IPO. In those cases where the 

Exchange has a longstanding 

relationship with the Investment 

Management Entity controlling a listing 

applicant, Nasdaq’s costs of marketing 

to the prospect company can be much 

lower than usual because of the 

Investment Management Entity’s prior 

experience with Nasdaq. Typically, 

when pitching for the listing of a 

company that is choosing a listing 

venue for its IPO, Nasdaq incurs 

significant expense, including the time 

spent by its CEO and other senior 

management in preparing for and 

traveling to meetings with the prospect 

company, travel costs, the cost of 

developing pitching strategies and the 

cost of producing marketing materials. 

In addition, it has been the Exchange’s 

experience that an Investment 

Management Entity puts high-quality 

and experienced management teams in 

place at its portfolio companies prior to 

listing and that the Investment 

Management Entity continues to 

provide significant support to those 

companies after listing. Consequently, 

those companies require lower levels of 

support from Nasdaq’s business and 

regulation departments to assist them in 

navigating the initial and continued 

listing process and Nasdaq devotes 

significantly smaller staff resources to 

those companies on average than to the 

typical newly-listed company that is not 

controlled prior to listing by an 

Investment Management Entity. 

Nasdaq believes that these cost 

savings attributable to its relationship 

with an Investment Management Entity 

allow for a reduction in continued 

listing fees to the Investment 

Management Entities that are significant 

shareholders in other Nasdaq-listed 

companies, as well as to those portfolio 

companies that have listed on Nasdaq as 

a consequence of those relationships. 

Nasdaq also believes that the proposed 

fee reduction would provide an 

incentive to Investment Management 


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47786 Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 

3Nasdaq will also review public filings to 

determine if a company remains eligible to receive 

a discount. 

4 In 2014, Nasdaq adopted an All-Inclusive 

Annual Listing Fee schedule. Securities Exchange 

Act Release No. 73647 (November 19, 2014), 79 FR 

70232 (November 25, 2014) (SR–NASDAQ–2014– 

87). Since then, newly listed companies have been 

subject to the All-Inclusive fee structure and other 

listed companies could have elected to be on the 

All-Inclusive fee structure. All companies will be 

subject to the All-Inclusive fee structure effective 

January 1, 2018. 

5Listing Rule 5910 provides that fee schedules for 

the Nasdaq Global Select Market are the same fee 

schedules as for the Nasdaq Global Market. 

6See Securities Exchange Act Release No. 73647, 

supra note 4. 

7Nasdaq also proposes to delete an old effective 

date from IM–5910–1(d)(4) and IM–5920–1(d)(4). 

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

9 15 U.S.C. 78f(b)(4) and (5). 

Entities to list on Nasdaq (or remain 

listed) themselves, as well as to list 

additional portfolio companies on 

Nasdaq. Accordingly, Nasdaq proposes 

to offer Eligible Portfolio Companies 

and Investment Management Entities 

that have one or more Eligible Portfolio 

Companies listed on Nasdaq a 50% 

discount to the annual fee otherwise 

owed by issuers of equity securities. 

A new listing that satisfies these 

requirements will be eligible for the 

discount upon listing based upon 

Nasdaq’s review of public filings 

disclosing ownership. In order to 

qualify for this discount in any 

subsequent calendar year, an issuer 

must submit satisfactory proof to 

Nasdaq no later than December 31st of 

the prior year that it is eligible for the 

discount.3 Investment Management 

Entities that do not have Eligible 

Portfolio Companies listed on Nasdaq, 

are not eligible to receive the discount 

and will be billed on the same fee 

schedule as other equity securities. 

The proposed amendment will affect 

the All-Inclusive Annual Listing Fee 

schedule 4 on the Nasdaq Global Market, 

the Nasdaq Global Select Market and the 

Nasdaq Capital Market.5 In 2014, when 

Nasdaq adopted the All-Inclusive 

Annual Listing Fee schedule, Nasdaq 

considered various factors that 

distinguish companies, including 

market tier, shares outstanding and 

security type, as well as the perceived 

use of various Nasdaq regulatory and 

support services by companies of 

various characteristics.6 Due to the 

relatively few Investment Management 

Entities and Eligible Portfolio 

Companies listed on the Exchange at 

that time, Nasdaq’s analysis did not 

focus on the special characteristics of 

such companies. Upon further 

consideration, Nasdaq now believes that 

the cost savings attributable to its 

relationship with Investment 

Management Entities and generally 

lower levels of support required for 

Eligible Portfolio Companies and 

Investment Management Entities with 

listed Eligible Portfolio Companies 

warrant a reduced fee. 

Nasdaq notes that American 

Depositary Receipts (ADRs), closed-end 

funds and limited partnerships also 

have different fee schedules than other 

listed equity securities. Nasdaq believes 

that the characteristics of ADRs, closedend funds and limited partnerships are 

different than the characteristics of 

Investment Management Entities and 

Eligible Portfolio Companies and that it 

is therefore appropriate to apply a 

different fee schedule for Investment 

Management Entities and Eligible 

Portfolio Companies. If an Eligible 

Portfolio Company or an Investment 

Management Entity with listed Eligible 

Portfolio Companies lists ADRs, or is a 

closed-end fund or a limited 

partnership, its All-Inclusive fee will be 

the lower of: (i) The fee applicable to 

ADRs, closed-end funds or limited 

partnerships, as applicable, or (ii) the 

50% fee discount to the fee applicable 

to other equity securities listed on the 

same tier. 

Nasdaq notes that no other company 

will be required to pay higher fees as a 

result of the proposed amendments and 

represents that the proposed fee change 

will have no impact on the resources 

available for its regulatory programs. 

The proposed fee change will be 

operative January 1, 2018.7

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,9 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees, and other charges 

among members and issuers and other 

persons using any facility or system 

which the Exchange operates or 

controls, and is not designed to permit 

unfair discrimination between 

customers, issuers, brokers, or dealers. 

As a preliminary matter, Nasdaq 

competes for listings with other national 

securities exchanges and companies can 

easily choose to list on, or transfer to, 

those alternative venues. As a result, the 

fees Nasdaq can charge listed companies 

are constrained by the fees charged by 

its competitors and Nasdaq cannot 

charge prices in a manner that would be 

unreasonable, inequitable, or unfairly 

discriminatory. 

Nasdaq believes that the proposed fee 

change reducing the fee paid by Eligible 

Portfolio Companies and Investment 

Management Entities with listed Eligible 

Portfolio Companies is reasonable and 

not unfairly discriminatory because it 

recognizes the reduced regulatory and 

business costs Nasdaq incurs for listing 

these Investment Management Entities 

and Eligible Portfolio Companies. 

Specifically, Nasdaq benefits from 

significant cost and resource-utilization 

savings when listing portfolio 

companies of Investment Management 

Entities as it does not have to engage in 

significant marketing efforts because the 

decision makers at the Investment 

Management Entity are already familiar 

with Nasdaq. Typically when pitching 

for the listing of a company that is 

choosing a listing venue for its IPO, 

Nasdaq incurs significant expense, 

including: The time spent by its CEO 

and other senior management in 

preparing for and traveling to meetings 

with the prospect company, travel costs, 

the cost of developing pitching 

strategies and the cost of producing 

marketing materials. As Nasdaq saves 

much of this expense when pitching to 

a portfolio company of an Investment 

Management Entity with which Nasdaq 

has an established relationship, Nasdaq 

believes that it is reasonable to share 

some of those savings with listed 

Investment Management Entities and 

their Eligible Portfolio Companies. In 

addition, Nasdaq typically has lower 

costs and resource utilization in 

connection with the initial and 

continued listing of Eligible Portfolio 

Companies than with other new listings, 

as the Exchange benefits from dealing 

with the high-quality and experienced 

management teams Investment 

Management Entities put in place at 

portfolio companies prior to listing and 

the ongoing relationship those 

companies maintain with staff at the 

Investment Management Entity, who 

can share their experience as a public 

company listed on a national securities 

exchange. Nasdaq also believes that the 

proposed discount is reasonable in that 

it will create a reasonable commercial 

incentive for Investment Management 

Entities and the management of their 

portfolio companies to consider listing 

on Nasdaq and to remain listed. 

Nasdaq believes that it is not unfairly 

discriminatory to discount continued 

listing fees as a means of recognizing its 

cost savings related to the listing of an 

Investment Management Entity and its 

Eligible Portfolio Companies. This is 

because a significant portion of the 

Exchange’s savings arise from the 

efficiencies it experiences on an ongoing 

basis in dealing with Eligible Portfolio 

Companies for such time as the 

Investment Management Entity retains a 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 197 / Friday, October 13, 2017 / Notices 47787 

10See Securities Exchange Act Release No. 73647, 

supra note 4. 

11 Id. 

12See Securities Exchange Act Release No. 79770 

(January 10, 2017), 82 FR 4947 (January 17, 2017) 

(SR–NASDAQ–2016–173). 

13 15 U.S.C. 78f(b)(5). 14 15 U.S.C. 78s(b)(3)(A)(ii). 15 17 CFR 200.30–3(a)(12). 

significant investment and is thereby 

motivated to provide ongoing advice 

and assistance. These reduced costs are 

a non-discriminatory reason to charge 

an Investment Management Entity and 

its Eligible Portfolio Companies a lower 

All-Inclusive Annual Listing Fee. 

Currently, ADRs, closed-end funds 

and limited partnerships also pay lower 

All-Inclusive Annual Listing Fees than 

other issuers of equity securities. 

Nasdaq believes it is appropriate to 

apply a fee schedule to Investment 

Management Entities and Eligible 

Portfolio Companies that is different 

from those applicable to either ADRs, 

closed-end funds or limited 

partnerships due to their differing 

characteristics. Specifically, Nasdaq 

charges lower listing fees for ADRs 

because, among other differences, the 

U.S. listing is not typically the issuer of 

an ADR’s primary listing.10 Similarly, 

Nasdaq charges lower listing fees for 

closed-end funds because they are 

particularly sensitive to the expenses 

they incur, given that they compete for 

investment dollars based on return.11

Finally, Nasdaq charges lower listing 

fees for limited partnerships because 

they are not subject to most corporate 

governance requirements.12 As a result, 

offering a different discount to 

Investment Management Entities and 

their Eligible Portfolio Companies on 

the All-Inclusive Annual Fee schedule 

than to ADRs, closed-end funds and 

limited partnerships is not inequitable 

or unfairly discriminatory. 

While the proposed fee reduction 

only applies to Investment Management 

Entities and their Eligible Portfolio 

Companies on the All-Inclusive Annual 

Fee schedule, Nasdaq notes that all 

companies will transition to that fee 

schedule in 2018 at the same time that 

this fee change will become effective. 

Finally, Nasdaq believes that the 

proposed fees are consistent with the 

investor protection objectives of Section 

6(b)(5) of the Act 13 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 allowing an 

Investment Management Entity and its 

Eligible Portfolio Companies to pay 

lower fees is not substantial, and the 

reduced fees may result in more 

Investment Management Entities and 

their Eligible Portfolio Companies 

listing on Nasdaq, 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 the reduction of fees for 

Investment Management Entities and 

their Eligible Portfolio Companies, as 

proposed, 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 result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

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. This rule proposal does not 

burden competition with other listing 

venues, which are similarly free to set 

their fees. For these reasons, Nasdaq 

does not believe that the proposed rule 

change will result in any burden on 

competition for listings. 

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.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: (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–2017–100 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–2017–100. 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–2017–100, 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. 2017–22160 Filed 10–12–17; 8:45 am] 

BILLING CODE 8011–01–P 


asabaliauskas on DSKBBXCHB2PROD with NOTICES