50910 Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices 

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

2 17 CFR 240.19b–4. 

3Today, this feature is offered to Members. GEMX 

transitioned from its legacy trading system to INET, 

the current technology, in 2017. While GEMX 

offered this feature on its legacy system, the feature 

was not codified in the GEMX Rulebook. At this 

time, the Exchange is codifying the Kill Switch 

feature to reflect the functionality. 

Legg Mason Tax Free Income Fund 

[File No. 811–06223] 

Summary: Applicant, an open-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to 1919 Maryland 

Tax-Free Income Fund, a series of Trust 

for Advised Portfolios and, on 

November 7, 2014, made a final 

distribution to its shareholders based on 

net asset value. Expenses of $114,628 

incurred in connection with the 

reorganization were paid by applicant’s 

investment adviser, the acquiring fund’s 

investment adviser, or their respective 

affiliates. 

Filing Date: The application was filed 

on October 6, 2017. 

Applicant’s Address: 100 

International Drive, 7th Floor, 

Baltimore, MD 21202. 

BlackRock Defined Opportunity Credit 

Trust 

[File No. 811–22126] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On August 18, 

2017, applicant made a final 

distribution to its shareholders, based 

on net asset value. Applicant’s 

remaining assets were transferred to a 

liquidating trust in which shareholders 

have a pro rata beneficial interests. 

Expenses of $61,860 incurred in 

connection with the liquidation were 

paid by applicant. 

Filing Date: The application was filed 

on August 22, 2017. 

Applicant’s Address: 100 Bellevue 

Parkway, Wilmington, DE 19809. 

The Motley Fool Funds Trust 

[File No. 811–22264] 

Summary: Applicant, an open-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to corresponding 

series of RBB Fund, Inc. and, on 

December 21, 2016, made a final 

distribution to its shareholders based on 

net asset value. Expenses of $427,902 

incurred in connection with the 

reorganization were paid by applicant’s 

investment adviser. 

Filing Dates: The application was 

filed on August 24, 2017 and amended 

on October 10, 2017. 

Applicant’s Address: 2000 Duke 

Street, Suite 175, Alexandria, VA 22314. 

UBS Managed Municipal Trust 

[File No. 811–03946] 

Summary: Applicant, an open-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 24, 2016, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $38,791 

incurred in connection with the 

liquidation were paid by applicant’s 

investment adviser. 

Filing Date: The application was filed 

on October 13, 2017. 

Applicant’s Address: c/o UBS Asset 

Management (Americas) Inc., Attn: 

Keith A. Weller, 1285 Avenue of the 

Americas, 12th Floor, New York, NY 

10019–6028. 

UBS RMA Money Fund Inc. 

[File No. 811–03503] 

Summary: Applicant, an open-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 24, 2016, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $108,867 

incurred in connection with the 

liquidation were paid by applicant’s 

investment adviser. 

Filing Date: The application was filed 

on October 13, 2017. 

Applicant’s Address: c/o UBS Asset 

Management (Americas) Inc., Attn: 

Keith A. Weller, 1285 Avenue of the 

Americas, 12th Floor, New York, NY 

10019–6028. 

UBS RMA Tax Free Fund Inc. 

[File No. 811–03504] 

Summary: Applicant, an open-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 24, 2016, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $51,286 

incurred in connection with the 

liquidation were paid by applicant’s 

investment adviser. 

Filing Date: The application was filed 

on October 13, 2017. 

Applicant’s Address: c/o UBS Asset 

Management (Americas) Inc., Attn: 

Keith A. Weller, 1285 Avenue of the 

Americas, 12th Floor, New York, NY 

10019–6028. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23837 Filed 11–1–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81970; File No. SR–GEMX– 

2017–50] 

Self-Regulatory Organizations; Nasdaq 

GEMX, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to an Optional 

Kill Switch Protection 

October 27, 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 

18, 2017, Nasdaq GEMX, LLC (‘‘GEMX’’ 

or ‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to 

memorialize an optional Kill Switch 

protection.3 The Kill Switch allows 

Members to cancel open orders and 

prevent new order submission. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at www.ise.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. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices 50911 

4Members are able to send a message to the 

Exchange to initiate the Kill Switch or they may 

contact the Exchange directly. A message to remove 

orders may be sent through FIX, OTTO or Precise. 

5Opening Sweep Orders will also be cancelled. 

Consistent with current auction functionality, PIM 

auction orders and responses will not be cancelled. 

See GEMX Rule 723. Other auctions orders and 

responses would cancel. Quotes are unaffected. 

6The Member must directly and verbally contact 

the Exchange to request the re-set. 

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

8 15 U.S.C. 78f(b)(5). 

9The time of receipt for an order is the time such 

message is processed by the Exchange Order Book. 10See GEMX Rule 808(b). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to 

memorialize its Kill Switch risk 

protection which is applicable to all 

Members at GEMX Rule 711(d). The Kill 

Switch allows Members to cancel open 

orders and prevent new order 

submission. This feature provides 

Members with a powerful risk 

management tool for immediate control 

of their order activity. 

The Kill Switch is an optional tool 

that enables Members to initiate a 

message(s) 4 [sic] to the trading system 

(‘‘System’’) to promptly cancel orders 

and restrict entry of new orders until reentry has been enabled. Members may 

submit a request to the System to cancel 

orders for that Member. Members may 

not remove orders by symbol using the 

Kill Switch. The System will send an 

automated message to the Member when 

a Kill Switch request has been 

processed by the Exchange’s System.5

The Member must send a message to 

the Exchange to request the cancellation 

of all orders for the Member. The 

Member is unable to enter additional 

orders until re-entry has been enabled 

pursuant to subsection (d)(2) of Rule 

711. 

Proposed subsection (d)(2) stipulates 

that after orders are cancelled by the 

Member utilizing the Kill Switch, the 

Member is unable to enter additional 

orders until the Member has made a 

request to the Exchange and Exchange 

staff has set a re-entry indicator to 

enable re-entry.6 Once enabled for reentry, the System will send a Re-entry 

Notification Message to the Member. 

The applicable Clearing Member for that 

Member also is notified of the re-entry 

into the System after orders are 

cancelled as a result of the Kill Switch, 

provided the Clearing Member has 

requested to receive such notification. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 7 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 8

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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, by 

memorializing a risk protection 

available to Exchange Members. This 

risk feature promotes policy goals of the 

Commission which has encouraged 

execution venues, exchange and nonexchange alike, to offer risk protection 

tools and other mechanisms to decrease 

risk and increase stability. The 

Exchange believes that memorializing 

this feature will provide Members with 

specific information on cancelling 

orders. 

The individual firm benefits of 

enhanced risk protections flow 

downstream to counter-parties both at 

the Exchange and at other options 

exchanges, thereby increasing systemic 

protections as well. This risk feature 

allows Members to enter orders without 

fear of inadvertent exposure to excessive 

risk, which in turn benefits investors 

through increased liquidity for the 

execution of their orders, thereby 

protecting investors and the public 

interest. By memorializing the features 

in this rule change, Members are aware 

of the impact of utilizing this risk tool. 

This optional risk tool as noted above 

is offered to all Members. The Exchange 

further represents that its proposal 

operates consistently with the firm 

quote obligations of a broker-dealer 

pursuant to Rule 602 of Regulation NMS 

and that the functionality is not 

mandatory. Specifically, any interest 

that is executable against a Member’s 

orders that are received 9 by the 

Exchange, prior to the time the Kill 

Switch is processed by the System, will 

automatically execute at the price up to 

the Member’s size prior to the removal 

of orders from the System as a result of 

the Kill Switch. The Kill Switch 

message is accepted by the System in 

the order of receipt in the queue and is 

processed in that order so that interest 

that is already accepted into the System 

is processed prior to the Kill Switch 

message. 

With respect to providing information 

regarding the cancellation of orders as a 

result of the Kill Switch to the Clearing 

Member, each Member that transacts 

through a Clearing Member on the 

Exchange accepts financial 

responsibility for all Exchange 

transactions made by the Member on 

whose behalf the Clearing Member 

agrees to clear.10 The Exchange believes 

that because Clearing Members 

guarantee all transactions on behalf of a 

Member, and therefore bear the risk 

associated with those transactions, it is 

appropriate for Clearing Members to 

have knowledge of the utilization by the 

Member of the Kill Switch, should the 

Clearing Member request such 

notification. 

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 proposal 

does not impose an undue burden on 

intra-market competition because all 

Members may avail themselves of the 

Kill Switch. The Kill Switch 

functionality is optional. The proposed 

rule change protects Members in the 

event the Member is suffering from a 

systems issue or from the occurrence of 

unusual or unexpected market activity 

that would require them to withdraw 

from the market in order to protect 

investors. Utilizing this Kill Switch will 

permit the Member to protect itself from 

inadvertent exposure to excessive risk. 

Reducing such risk will enable Members 

to enter orders without fear of 

inadvertent exposure to excessive risk, 

which in turn will benefit investors 

through increased liquidity for the 

execution of their orders. Such 

increased liquidity benefits investors 

because they receive better prices and 

because it lowers volatility in the 

options market. For these reasons, the 

Exchange does not believe this proposal 

imposes an undue burden on intermarket competition because other 

exchanges offer the same functionality, 

which is being memorialized herein. 

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 

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 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
50912 Federal Register / Vol. 82, No. 211 / Thursday, November 2, 2017 / Notices 

11 15 U.S.C. 78s(b)(3)(A)(iii). 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the operative 

delay for this proposal, 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. 

3See Securities Exchange Act Release No. 81574 

(September 11, 2017), 82 FR 43423 (‘‘Notice’’). 

4Amendment No. 1 to the proposed rule change 

replaces and supersedes the original filing in its 

entirety. In Amendment No. 1, the Exchange, 

among other things: (i) Clarified that each of the 

Adviser (as defined below) and the Sub-Adviser (as 

defined below) is affiliated with a broker-dealer and 

each has implemented and will maintain a fire wall 

with respect to its affiliated broker-dealer regarding 

access to information concerning the composition 

and/or changes to the Fund’s portfolio and that 

personnel who make decisions on the Fund’s 

portfolio composition must be subject to procedures 

designed to prevent the use and dissemination of 

material, non-public information regarding the 

open-end fund’s portfolio; (ii) stated that the creditrelated investments that the Fund will invest in will 

include mortgage-backed securities and mortgagerelated securities; (iii) clarified that the Financial 

Industry Regulatory Authority, Inc. (‘‘FINRA’’), on 

behalf of the Exchange, will communicate as 

needed with, and may obtain information from, 

other markets and entities that are members of the 

Intermarket Surveillance Group (‘‘ISG’’) regarding 

trading in the Shares and in exchange-traded 

securities and instruments held by the Fund (to the 

extent those exchange-traded securities and 

instruments are known through the publication of 

the Composition File (as referenced herein) and 

periodic public disclosures of the Fund’s portfolio 

holdings), and the Exchange may obtain such 

trading information from markets and other entities 

that are members of ISG or with which the 

Exchange has in place a comprehensive 

surveillance sharing agreement; (iv) clarified that 

the Exchange will obtain a representation from the 

issuer of the Shares that the net asset value 

(‘‘NAV’’) per Share will be calculated daily (on each 

day the New York Stock Exchange is open for 

trading) and provided to Nasdaq via the Mutual 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 11 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.12

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative before 30 days from 

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 has asked the 

Commission to waive the 30-day 

operative delay. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because the proposal is similar 

to the rules of other options exchanges 

and the Exchange’s proposal does not 

raise any new or novel issues. 

Therefore, the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change to 

be operative upon filing with the 

Commission.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– 

GEMX–2017–50 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–GEMX–2017–50. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–GEMX–2017–50, and 

should be submitted on or before 

November 24, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23832 Filed 11–1–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81973; File No. SR– 

NASDAQ–2017–090] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Order 

Granting Approval of Proposed Rule 

Change, as Modified by Amendment 

No. 1, To List and Trade Shares of the 

Eaton Vance Oaktree Diversified Credit 

NextSharesTM Under Nasdaq Rule 5745 

October 27, 2017. 

I. Introduction 

On August 30, 2017, The NASDAQ 

Stock Market LLC (‘‘Nasdaq’’ or 

‘‘Exchange’’) 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 to 

list and trade common shares (‘‘Shares’’) 

of the Eaton Vance Oaktree Diversified 

Credit NextSharesTM (‘‘Fund’’) under 

Nasdaq Rule 5745. The proposed rule 

change was published for comment in 

the Federal Register on September 15, 

2017.3 On September 27, 2017, the 

Exchange filed Amendment No. 1 to the 

proposed rule change.4 The Commission 


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