Document ID: SEC-2017-1199-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2017-07-17T04:00Z

[Federal Register Volume 82, Number 135 (Monday, July 17, 2017)]
[Notices]
[Page 32737]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-14893]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81123; File No. SR-NASDAQ-2017-038]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change, as Modified by Amendment No. 1, Relating to the 
First Trust Municipal High Income ETF

July 11, 2017.
    On May 16, 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 relating to the First Trust Municipal High Income 
ETF (``Fund'') of First Trust Exchange-Traded Fund III, the shares of 
which have been approved by the Commission for listing and trading 
under Nasdaq Rule 5735. The proposed rule change was published for 
comment in the Federal Register on June 2, 2017.\3\ On July 10, 2017, 
the Exchange filed Amendment No. 1 to the proposed rule change.\4\ The 
Commission has received no comment letters on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80802 (May 26, 
2017), 82 FR 25648 (June 2, 2017).
    \4\ In Amendment No. 1, which amended and replaced the proposed 
rule change in its entirety, Nasdaq (a) deleted references to the 
``Liquidity Rule,'' and (b) made certain changes to the percentages 
to the Fund's investments in Municipal Securities that are, at the 
time of investment, rated investment grade and below investment 
grade. Because Amendment No. 1 does not materially alter the 
substance of the proposed rule change or raise unique or novel 
regulatory issues, Amendment No. 1 is not subject to notice and 
comment. Amendment No. 1 to the proposed rule change is available 
at: https://www.sec.gov/comments/sr-nasdaq-2017-038/nasdaq2017038-1841718-155073.pdf.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of 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. The 
45th day after publication of the notice for this proposed rule change 
is July 17, 2017. The Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    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 the proposed rule change. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates August 31, 2017, as the date by which the Commission 
shall either approve or disapprove or institute proceedings to 
determine whether to disapprove the proposed rule change (File Number 
SR-NASDAQ-2017-038).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-14893 Filed 7-14-17; 8:45 am]
BILLING CODE 8011-01-P