Document ID: SEC-2020-0961-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Nasdaq ISE, LLC
Posted Date: 2020-06-19T04:00Z

[Federal Register Volume 85, Number 119 (Friday, June 19, 2020)]
[Notices]
[Pages 37120-37123]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-13209]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89069; File No. SR-ISE-2020-22]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Amend the ISE 
Disciplinary Rules in General 5 To Incorporate by Reference The Nasdaq 
Stock Market LLC's Series 8000 and 9000 Rules

June 15, 2020.
    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 June 10, 2020, Nasdaq ISE, LLC (``ISE'' 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the ISE Disciplinary Rules in 
General 5 to incorporate by reference The Nasdaq Stock Market LLC's 
(``Nasdaq'') Series 8000 and 9000 Rules, currently located under the 
General 5 title of the Nasdaq rulebook,\3\ instead of the BX Rules, 
which the Exchange currently incorporates by reference.
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    \3\ See Securities Exchange Act Release No. 87778 (December 17, 
2019), 84 FR 70590 (December 23, 2019) (SR-NASDAQ-2019-098).
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    The text of the proposed rule change is available on the Exchange's 
website at http://ise.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 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In connection with a recent rule change to relocate the Nasdaq BX, 
Inc. (``BX'') Disciplinary Rules under the General 5 title 
(``Discipline''),\4\ and incorporate by reference The Nasdaq Stock 
Market LLC's (``Nasdaq'') Series 8000 and 9000 Rules, ISE proposes to 
similarly incorporate by reference Nasdaq's Series 8000 and 9000 Rules.
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    \4\ Securities Exchange Act Release No. 88938 (May 26, 2020), 88 
FR 33235 (June 1, 2020) (SR-BX-2020-009).
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    The BX Disciplinary Rules, which were relocated to General 5 of the 
BX Rules,\5\ were replaced with introductory paragraphs that 
respectively incorporate by reference the Nasdaq Series 8000 and 9000 
Rules (located under the General 5 title in the Nasdaq rulebook).\6\ 
Currently, ISE incorporates the BX Disciplinary Rules within the Series 
8000 and 9000 Rules, which were relocated to General 5 of the BX Rules 
with the aforementioned rule change.\7\ At this time, ISE proposes to 
incorporate by reference the Nasdaq Series 8000 and 9000 Rules (located 
in General 5 Discipline), respectively, and state that such Nasdaq 
Rules shall be applicable to Exchange Members, associated persons, and 
other persons subject to ISE's jurisdiction.
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    \5\ Id.
    \6\ Id. The Exchange notes that the proposed changes will not 
become operative unless and until the Commission approves the 
Exchange's request, to be filed pursuant to Section 36 of the 
Exchange Act and SEC Rule 0-12 thereunder, for an exemption from the 
rule filing requirements of Section 19(b) of the Exchange Act as to 
changes to the ISE 8000 Series (New General 5, Section 1) and ISE 
9000 Series (New General 5, Section 2) that are effected solely by 
virtue of a change to the Nasdaq Series 8000 or 9000 Rules Series.
    \7\ Securities Exchange Act Release No. 88938 (May 26, 2020), 88 
FR 33235 (June 1, 2020) (SR-BX-2020-009).
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    Except as noted below, the Nasdaq Series 8000 and 9000 Rules are 
substantially similar to BX's Disciplinary Rules, which the Exchange 
currently incorporates by reference. The following discussions identify 
the differences between the current BX Disciplinary Rules and the 
corresponding Nasdaq Disciplinary Rules to be incorporated by reference 
into ISE:
Current BX IM-8310-3(b)
    Current BX Rule 9120(f) provides that ``[t]he term ``Department of 
Enforcement'' means the Department of

[[Page 37121]]

Enforcement of FINRA Regulation, acting on behalf of the Exchange 
pursuant to the FINRA Regulatory Contract.'' \8\ Current BX IM-8310-
3(b), however, uses the term ``Department of Enforcement of FINRA.'' 
Since Nasdaq IM-8310-3(b) uses the term ``Department of Enforcement'' 
ISE believes it is appropriate to utilize the Nasdaq terms going 
forward and incorporate by reference into the ISE rule.
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    \8\ This definition mirrors the one in the Nasdaq rulebook under 
Rule 9120(f).
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Current BX Rule 8320
    In 2010, Nasdaq created Rule 7007 (``Collection of Fees'') to 
facilitate an efficient method of collecting undisputed or final fees, 
fines, charges and/or other monetary sanctions or monies due and owing 
to Nasdaq from The Nasdaq Option Market (``NOM'') Participants.\9\
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    \9\ See Securities Exchange Act Release No. 63536 (December 14, 
2010), 75 FR 80102 (December 21, 2010) (SR-NASDAQ-2010-163). Nasdaq 
Rule 7007 was later relocated to Options Chapter XV, Section 1 and 
then moved to its current location under Options 7, Section 1, in 
the Nasdaq rulebook shell. See Securities Exchange Act Release No. 
66158 (January 13, 2012), 75 FR 80102 (January 13, 2012) (SR-NASDAQ-
2012-006) and Securities Exchange Act Release No.84684 (November 29, 
2018), 83 FR 62936 (December 6, 2018) (SR-NASDAQ-2018-098).
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    Similarly, in 2012, BX adopted its options market rules (``BX 
Options Market'') to operate as a fully automated, price/time priority 
execution system built on the core functionality of NOM.\10\ In its 
filing, BX proposed to adopt, under respective Chapter XV, Section 2, a 
rule identical to the Nasdaq Collection of Fees rule.\11\ Although, at 
the time of its creation, the Nasdaq Collection of Fees rule was cross-
referenced to current Nasdaq Rule 8320(a)(1),\12\ such cross-reference 
was not included in the filing that created the BX Options Market. ISE 
also has the same Collection of Fees rule,\13\ that is identical to the 
Nasdaq rule. Because BX Rule 8320, which ISE incorporates by reference, 
does not include a cross-reference to the Collection of Fees rule, ISE 
will follow the Nasdaq rule going forward, which has the correct cross-
reference. The Exchange also proposes to add rule text, within General 
5, Section 3, to note the distinction between the location of the 
Collection of Fees rules. Specifically, the Exchange proposes to add 
rule text to provide that references in the Nasdaq 8000 Series to 
``Nasdaq's Options 7, Section 1'' shall be read to refer to ISE Options 
7, Section 2.
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    \10\ Securities Exchange Act Release No. 67256 (June 26, 2012), 
77 FR 39277 (July 2, 2012) (SR-BX-2012-030). This rule was later 
relocated to the BX Rulebook shell. See Securities Exchange Act 
Release No. 84326 (October 1, 2018), 83 FR 50414 (October 1, 2018) 
(SR-BX-2018-046).
    \11\ Id.
    \12\ See supra note 9.
    \13\ See ISE Options 7, Section 2.
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    Based on the above, the Exchange believes that it is appropriate 
that ISE adopts the aforementioned cross-reference to make the 
collection of fees owed to the Exchange more efficient. Therefore, the 
Exchange believes that it is appropriate to incorporate by reference 
Nasdaq Rule 8320 into ISE Rules.
Current BX Rule 9120
    In 2018, BX amended its Disciplinary Rules to align them with the 
investigatory and disciplinary processes of Nasdaq PHLX LLC 
(``Phlx'').\14\ As stated in its proposal, the changes to the 
``Interested Staff'' concept (which, at the time, was relocated under 
9120(r)) were done to conform the BX rule to Phlx's definition. At the 
time, however, the proposed harmonizing changes to BX Rule 
9120(r)(1)(B) inadvertently excluded the words ``Head of'' and omitted 
to add the word ``the''; indeed, the text should have read ``Head of 
the Exchange's Regulation Department'' instead of, simply, ``Exchange's 
Regulation Department.''
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    \14\ See Securities Exchange Act Release No. 84354 (October 3, 
2018), 83 FR 50723 (October 9, 2018) (SR-BX-2018-042).
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    The correct definition, as explained above, would also align with 
the term currently defined in Nasdaq Rule 9120(r)(1)(B), which provides 
that ``Interested Staff'' shall mean ``an Exchange employee of the 
Nasdaq Regulation Department who reports, directly or indirectly, to 
the Head of the Nasdaq Regulation Department.''
    The Exchange believes that it is appropriate to apply Nasdaq Rule 
9120 and to incorporate it by reference into the ISE rule. 
Additionally, the Exchange notes that applying Nasdaq Rule 9120 and 
incorporating it by reference into the Exchange rule should correct a 
typo in current BX Rule 9120(v) that erroneously uses the term 
``RINRA'' instead of the acronym ``FINRA.''
Current BX Rule 9231
    The Exchange proposes to adopt the cross-reference in Nasdaq Rule 
9231(c) concerning the appointment of arbitrators pursuant to the FINRA 
Rules 12000 and 13000 Series (the ``FINRA Arbitration Rules''). Current 
BX Rule 9231(c) provides that arbitrators shall be appointed pursuant 
to BX General 6 (``BX Arbitration Rules'').\15\ The BX Arbitration 
Rules incorporate by reference the similar Nasdaq arbitration rules 
(also under Nasdaq's General 6 title); ISE's arbitration rules within 
General 6 also incorporate Nasdaq's arbitration rules; in turn, the 
Nasdaq rules incorporate the FINRA Arbitration Rules by reference into 
its text. Following the incorporation by reference of Nasdaq Rule 9231, 
ISE Rule 9231(c) will directly cross-reference the FINRA Arbitration 
Rules, which will not create any differences from the current ISE 
rules.
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    \15\ See Securities Exchange Act Release No. 84476 (October 24, 
2018), 83 FR 54630 (October 30, 2018) (SR-BX-2018-048).
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Current BX Rule 9232
    Currently, Nasdaq Rule 9232(a) provides a cross-reference to 
subsections (A) through (D) in Nasdaq Rule 9231(b)(1), whereas current 
BX Rule 9232(a) simply provides a reference to BX Rule 9231(b)(1). The 
Exchange believes that it is appropriate to apply Nasdaq Rule 9232(a) 
and incorporate it by reference into the ISE rule since the Nasdaq rule 
contains a more precise cross-reference to Nasdaq Rule 9231(b)(1).
Current BX Rule 9522
    The Exchange proposes to apply and incorporate by reference Nasdaq 
Rule 9522 in place of current BX Rule 9522. This proposal amends the 
first sentence in current BX Rule 9522(a)(1) by replacing the term 
``Exchange's Regulation Department'' with the term ``Department of 
Member Regulation'' as currently provided in Nasdaq Rule 9522(a)(1). As 
previously indicated by the Exchange,\16\ the FINRA Department of 
Member Regulation \17\ currently performs the functions described in 
current BX Rule 9522. Therefore, applying the Nasdaq rule and 
incorporating it by reference into ISE Rule 9522, provides clarity to 
the rule text and aligns it with Nasdaq and Phlx's rules.
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    \16\ See Securities Exchange Act Release No. 84354 (October 3, 
2018), 83 FR 50724 (October 9, 2018) (SR-BX-2018-042).
    \17\ As defined in BX 9120(g).
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    The ISE introductory paragraphs currently list instances in which 
various terms and rules within the BX Disciplinary Rules shall be read 
to refer to Exchange specific rules and terms. Replacing references to 
``BX'' with ``Nasdaq'' in this introductory paragraph should align the 
Nasdaq and ISE rules. All of these specific terms are identical as 
between the Nasdaq and BX Rules and, therefore, the term ``BX'' is 
being replaced with ``Nasdaq.''
    The Exchange also proposes to remove certain references within ISE 
General 5, Section 3, Code of Procedure,

[[Page 37122]]

which are no longer necessary because they align with the current rules 
referenced within the Nasdaq 9000 Rule Series.\18\ The Exchange also 
proposes to amend certain references to Nasdaq Rules, as a result of 
the relocation of certain Nasdaq Rules in conjunction with a larger 
Rulebook relocation.\19\ Specifically, the Exchange proposes to amend: 
(a) Rule 1160 to relocated General 2, Section 11; (b) Equity Rules 2110 
and 2120 to relocated General 9, Section 1; \20\ (c) Equity Rule 2150 
to relocated General 9, Section 2.\21\ Additionally, as noted above, 
the Exchange proposes to add rule text to provide that references in 
the Nasdaq 8000 Series to ``Nasdaq's Options 7, Section 1'' shall be 
read to refer to ISE Options 7, Section 2.
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    \18\ The following Nasdaq Rules were relocated in connection 
with a Nasdaq rule relocation filing: Rules 0120, 1070, 1160, 4110A, 
4120A; Equity Rules 2110, 2120, 2140, 2150; Rule 1000 Series and 
Chapter III, Section 16. See Securities Exchange Act Release No. 
87778 (December 17, 2019), 84 FR 70590 (December 23, 2019) (SR-
NASDAQ-2019-098) (Notice of Filing and Immediate Effectiveness of 
Proposed Rule Change To Relocate Rules From Its Current Rulebook 
Into Its New Rulebook Shell).
    \19\ See Securities Exchange Act Release No. 87778 (December 17, 
2019), 84 FR 70590 (December 23, 2019) (SR-NASDAQ-2019-098) (Notice 
of Filing and Immediate Effectiveness of Proposed Rule Change To 
Relocate Rules From Its Current Rulebook Into Its New Rulebook 
Shell).
    \20\ Equity Rule 2120 was more specifically relocated to General 
9, Section 1(g), however the Nasdaq Rule 9000 Series only reference 
General 9, Section 1.
    \21\ Id.
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Other Technical Amendments
    Further, the Exchange proposes to amend references to General 5 to 
more specific references to the Nasdaq 9000 Series Rules, which 
pursuant to the proposed incorporation by reference will become ISE 
Rules. Specifically, the Exchange proposes to amend General 1, Section 
1 (Definitions); General 3, Section 2 (Denial of and Conditions to 
Becoming a Member); General 3, Section 6 (Dissolution and Liquidation 
of Members); Options 2A, Section 3 (Sale and Transfer of Market Maker 
Rights); Options 6A, Section 1 (Contracts of Suspended Members); 
Options 6E, Section 7 (Regulatory Cooperation); Options 9, Section 11 
(Other Restrictions on Members); and Options 11, Section 1 (Imposition 
of Fines for Minor Rule Violations) to replace references to General 5 
to the applicable Nasdaq 9000 Series Rule or Rules. Further, the 
Exchange proposes to amend General 1, ``Provisions'' to General 1, 
``General Provisions'' to mirror the name of the Chapter on Nasdaq Phlx 
LLC, Nasdaq BX, Inc., and Nasdaq.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\22\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\23\ in particular, in that it is designed to 
promote just and equitable principles of trade and to protect investors 
and the public interest by consolidating its rules into a single rule 
set. The various Nasdaq exchanges (``Affiliated Exchanges'') have filed 
similar proposed rule changes to amend and relocate their disciplinary 
rules \24\ in order that the Nasdaq 8000 Series and 9000 Series Rules, 
which govern the investigative and disciplinary processes, are 
similarly consolidated and incorporated by reference.\25\ To the extent 
that there will be differences remaining between the two rule sets, the 
Exchange notes those differences in introductory paragraphs to each of 
ISE's Disciplinary Rules.
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    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
    \24\ See Securities Exchange Act Release No. 86138 (July 18, 
2019), 84 FR 29567 (July 24, 2019) (SR-ISE-2019-17); Securities 
Exchange Act Release No. 86346 (July 10, 2019), 84 FR 33999 (July 
16, 2019) (SR-GEMX-2019-08); and Securities Exchange Act Release No. 
86424 (July 12, 2019), 84 FR 36134 (July 26, 2019) (SR-MRX-2019-15); 
and Securities Exchange Act Release No. 87778 (December 17, 2019), 
84 FR 70590 (December 23, 2019) (SR-NASDAQ-2019-098). Similarly, 
Phlx recently submitted a proposal to relocate its disciplinary 
rules. See Securities Exchange Act Release No. 88519 (March 31, 
2020), 85 FR 19203 (April 6, 2020) (SR-Phlx-2020-09).
    \25\ See Securities Exchange Act Release Nos. 88519 (March 31, 
2020), 85 FR 19203 (April 6, 2020) (SR-Phlx-2020-09); and 88938 (May 
26, 2020), 88 FR 33235 (June 1, 2020) (SR-BX-2020-009), as well as 
SR-GEMX-2020-15 and SR-MRX-2020-12.
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    Incorporating the Nasdaq Disciplinary Rules by reference into the 
ISE Rules, instead of the BX Disciplinary Rules, will conform the 
alignment of these rules and permit the rules of Phlx, BX, ISE, Nasdaq 
GEMX, LLC and Nasdaq MRX, LLC to be incorporated by reference to one 
rule set. This proposal would permit the Nasdaq Series 8000 and 9000 
Rules to be the source document for all of the Nasdaq Exchanges' 
investigative and disciplinary processes. The Exchange notes that its 
current Disciplinary Rules are not substantively changing. The Exchange 
desires to conform its rules to give its Members and the members of its 
Affiliated Exchanges the ability to quickly locate rules in one central 
location and also to have a unified disciplinary rule set.
    The Exchange also believes that the proposal is consistent with 
Section 6(b)(6) of the Act,\26\ which requires that the rules of an 
exchange provide that its Members be appropriately disciplined for 
violations of the Act as well as the rules and regulations thereunder, 
or the rules of the Exchange, by expulsion, suspension, limitation of 
activities, functions, and operations, fine, censure, being suspended 
or barred from being associated with a Member, or any other fitting 
sanction.
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    \26\ 15 U.S.C. 78f(b)(6).
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Other Technical Amendments
    These technical amendments are intended to align ISE with other 
Nasdaq affiliated markets Rulebooks. Nasdaq Phlx LLC and Nasdaq BX, 
Inc. Rulesets are also incorporating by reference the Nasdaq Rules and 
those rulesets provide specific references to the Nasdaq disciplinary 
rules within the 9000 Series.

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 Exchange believes that this 
rule change does not impose an undue burden on competition because the 
Nasdaq Series 8000 and 9000 Rules, which are substantially similar to 
BX's Disciplinary Rules, will be incorporated by reference into ISE's 
Rules. Those rules will now apply to ISE Members, associated persons, 
and other persons subject to the Exchange's jurisdiction. To the extent 
that there will be differences remaining between the two rule sets, the 
Exchange notes those differences in introductory paragraphs to each of 
ISE's Disciplinary Rules. As noted above, the proposed introductory 
paragraphs list instances in which cross references in Nasdaq Series 
8000 and 9000 Rules to other Nasdaq rules shall be read to refer 
instead to the Exchange Rules, and references to Nasdaq terms (whether 
or not defined) shall be read to refer to the Exchange-related meanings 
of those terms. Because Nasdaq Current Series 8000 and 9000 Rules are 
substantially similar to BX's Disciplinary Rules, which ISE currently 
incorporates by reference, and because the introductory paragraphs 
ensure that any differences are preserved, the proposed changes do not 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
    Finally, the Exchange believes that the proposed amendments, 
including the technical amendments contained herein, do not impose an 
undue burden on competition because the amendments to relocate the 
Rules are non-substantive. This rule change is

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intended to bring greater clarity to the Exchange's Rules.

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 become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \27\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\28\
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    \27\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \28\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    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 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-ISE-2020-22 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-ISE-2020-22. 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 website (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 website 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-ISE-2020-22 and should be submitted on 
or before July 10, 2020.
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    \29\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-13209 Filed 6-18-20; 8:45 am]
BILLING CODE 8011-01-P