48556 Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices 

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. 78f(b). 

4 15 U.S.C. 78f(b)(4) and (5). 5See Nasdaq Rule 7018(a). 

available publicly. All submissions 

should refer to File Number SR– 

NASDAQ–2017–105, and should be 

submitted on or before November 8, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Brent J. Fields, 

Secretary. 

[FR Doc. 2017–22541 Filed 10–17–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81860; File No. SR–Phlx– 

2017–78] 

Self-Regulatory Organizations; 

NASDAQ PHLX LLC; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Decrease 

the Qualification Criteria of a Credit 

Tier and Make Related Changes 

October 12, 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 October 

2, 2017, NASDAQ PHLX LLC (‘‘Phlx’’ 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 decrease 

the level of Consolidated Volume 

required to qualify for a $0.0031 per 

share executed credit and make related 

changes. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqphlx.cchwallstreet. 

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 

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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Exchange’s 

transaction fees at Section VIII 

(NASDAQ PSX Fees) of the NASDAQ 

PHLX LLC Pricing Schedule to decrease 

the level of Consolidated Volume 

required to qualify for a $0.0031 per 

share executed credit and make related 

changes. Currently, the Exchange 

provides credits ranging from $0.0023 to 

$0.0031 per share executed to member 

organizations for displayed quotes and 

orders that provide liquidity through the 

PSX System. The top two credit tiers are 

the following: (1) A credit of $0.0031 

per share executed for Quotes/Orders 

entered by a member organization that 

provides and accesses 0.3% or more of 

Consolidated Volume during the month; 

and (2) a credit of $0.0029 per share 

executed for Quotes/Orders entered by a 

member organization that provides and 

accesses 0.25% or more of Consolidated 

Volume during the month. The 

Exchange is proposing to decrease the 

level of monthly Consolidated Volume 

required of a member organization to 

qualify for the $0.0031 per share 

executed credit from 0.3% to 0.25%, 

which is the level required to currently 

qualify for the $0.0029 per share 

executed credit tier. As a consequence, 

the Exchange is also proposing to 

eliminate the $0.0029 per share 

executed credit tier. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,3 in general, and furthers the 

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

of the Act,4 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, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Exchange believes that the 

$0.0031 per share executed credit 

provided to a member organization for 

displayed quotes and orders is 

reasonable because it will remain 

unchanged, and it is competitive with 

the fees of other exchanges. For 

example, The Nasdaq Stock Market 

provides its members with credits up to 

$0.00305 per share executed for 

displayed quotes and orders.5

Elimination of the $0.0029 per share 

executed credit provided to a member 

organization for displayed quotes and 

orders is reasonable because the criteria 

currently required to receive the 

$0.0029 per share executed credit will 

be the same as the criteria required to 

receive the $0.0031 per share executed 

credit. Thus, member organizations that 

currently qualify for $0.0029 per share 

executed credit will qualify for the 

higher credit under the proposed 

change. 

The Exchange believes that decreasing 

the level of Consolidated Volume during 

the month required to qualify for the 

$0.0031 per share executed credit is an 

equitable allocation and is not unfairly 

discriminatory because the Exchange is 

using the reduced Consolidated Volume 

requirement to provide incentive to 

member organizations to participate on 

the Exchange. The Exchange has 

observed that the current qualification 

criteria for the $0.0031 per share 

executed credit and the qualification 

requirement of the $0.0029 per share 

executed credit have not provided 

adequate incentive. The Exchange 

believes that creating a single credit tier 

that combines the higher credit with the 

lower Consolidated Volume 

requirement will be more effective at 

increasing participation on the 

Exchange. The proposed change will 

apply to all member organizations, any 

of which may provide the level of 

Consolidated Volume required to 

qualify for the credit. 

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. In terms of 

inter-market competition, the Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive, or 

rebate opportunities available at other 

venues to be more favorable. In such an 

environment, the Exchange must 

continually adjust its fees to remain 

competitive with other exchanges and 

with alternative trading systems that 


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Federal Register / Vol. 82, No. 200 / Wednesday, October 18, 2017 / Notices 48557 

6 15 U.S.C. 78s(b)(3)(A)(ii). 7 17 CFR 200.30–3(a)(12). 

have been exempted from compliance 

with the statutory standards applicable 

to exchanges. Because competitors are 

free to modify their own fees in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which fee 

changes in this market may impose any 

burden on competition is extremely 

limited. 

In this instance, the proposed changes 

to the credits available to member 

organizations for displayed quotes and 

orders do not impose a burden on 

competition because the Exchange’s 

execution services are completely 

voluntary and subject to extensive 

competition both from other exchanges 

and from off-exchange venues. The 

Exchange has determined that the two 

credit tiers have not been as successful 

at attracting participation on the 

Exchange. Consequently, the Exchange 

is decreasing the qualification criteria 

required to receive the $0.0031 per 

share executed credit to the level of the 

$0.0029 per share executed credit. This 

will effectively increase the credit 

provided to member organizations that 

currently qualify for the $0.0029 per 

share executed credit, while possibly 

providing additional incentive to 

member organizations that do not 

provide and access 0.25% or more of 

Consolidated Volume during the month 

to do so. In sum, the Exchange is 

making it easier for member 

organizations to receive a credit in an 

effort to increase participation on the 

Exchange. If the changes proposed 

herein are unattractive to market 

participants, it is likely that the 

Exchange will lose market share as a 

result. The Exchange notes that 

competing order execution venues are 

free to increase their credits, or decrease 

qualification criteria required to receive 

credits, in reaction to the proposed 

changes. Accordingly, the Exchange 

does not believe that the proposed 

changes will impair the ability of 

members or competing order execution 

venues to maintain their competitive 

standing in the financial markets. 

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.6

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– 

Phlx–2017–78 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–2017–78. 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– 

2017–78, and should be submitted on or 

before November 8, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22536 Filed 10–17–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32860; 812–14725] 

Steadfast Alcentra Global Credit Fund 

and Steadfast Investment Adviser, LLC 

October 12, 2017 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (the ‘‘1940 Act’’) for an exemption 

from sections 18(a)(2), 18(c) and 18(i) of 

the 1940 Act, under sections 6(c) and 

23(c) of the 1940 Act for an exemption 

from rule 23c–3 under the 1940 Act, and 

for an order pursuant to section 17(d) of 

the 1940 Act and rule 17d–1 under the 

1940 Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed-end management 

investment companies to issue multiple 

classes of shares of beneficial interest 

(‘‘Shares’’) with varying sales loads, 

asset-based service and/or distribution 

fees and early withdrawal charges. 

APPLICANTS: Steadfast Alcentra Global 

Credit Fund (the ‘‘Initial Fund’’) and 

Steadfast Investment Adviser, LLC (the 

‘‘Adviser’’). 

FILING DATES: The application was filed 

on December 8, 2016 and amended on 

April 13, 2017, August 18, 2017 and 

September 28, 2017. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 


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