30 day notice

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Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices

Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549, or send an email to: PRA_
[email protected].
Dated: November 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–25491 Filed 11–21–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Securities Exchange Act of 1934 Release
No. 84614/November 16, 2018]

amozie on DSK3GDR082PROD with NOTICES1

In the Matter of the BOX Exchange LLC
Regarding a Suspension of and Order
Instituting Proceedings To Determine
Whether To Approve or Disapprove a
Proposed Rule Change To Amend the
Fee Schedule on the BOX Market LLC
Options Facility To Establish BOX
Connectivity Fees for Participants and
Non-Participants Who Connect to the
BOX Network (File No. SR–BOX–2018–
24); Order Granting Petition for Review
and Scheduling Filing of Statements
This matter comes before the
Securities and Exchange Commission
(‘‘Commission’’) on petition to review
the temporary suspension and
institution of proceedings, through
delegated authority, of the BOX
Exchange LLC (f/k/a BOX Options
Exchange LLC) (the ‘‘Exchange’’)
proposed rule change to amend the fee
schedule on the BOX Market LLC
(‘‘BOX’’) options facility to establish
certain connectivity fees and reclassify
its high speed vendor feed connection
as a port fee.
On July 27, 2018, the Commission
issued a notice of filing of the proposed
rule change filed with the Commission
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 19b–4 2
thereunder.3 On September 17, 2018,
the Division of Trading and Markets
(‘‘Division’’), pursuant to delegated
authority,4 issued an order temporarily
suspending the proposed rule change
pursuant to Section 19(b)(3)(C) of the
Exchange Act 5 and simultaneously
instituting proceedings under Section
19(b)(2)(B) of the Exchange Act 6 to
determine whether to approve or
disapprove the proposed rule change
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 83728
(July 27, 2018), 83 FR 37853 (August 2, 2018).
4 17 CFR 200.30–3(a)(57) and (58).
5 15 U.S.C. 78s(b)(3)(C).
6 15 U.S.C. 78s(b)(2)(B).
2 17

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(‘‘Order Instituting Proceedings’’).7 On
October 17, 2018, the Commission
received one comment letter on the
proposed rule change, supporting the
decision to suspend and institute
proceedings on the proposed fee
changes.8
On September 19, 2018, pursuant to
Rule 430 of the Commission Rules of
Practice,9 the Exchange filed a notice of
intention to petition for review of the
Order Instituting Proceedings. Pursuant
to Rule 431(e) of the Commission Rules
of Practice,10 a notice of intention to
petition for review results in an
automatic stay of the action by
delegated authority. On September 26,
2018, the Exchange filed a petition for
review of the Order Instituting
Proceedings.
Pursuant to Rule 431 of the
Commission Rules of Practice,11 the
Exchange’s petition for review of the
Order Instituting Proceedings is granted.
Further, the Commission hereby
establishes that any party to the action
or other person may file a written
statement in support of or in opposition
to the Order Instituting Proceedings on
or before December 10, 2018.
Further, the Commission finds that it
is in the public interest to lift the stay
during the pendency of the
Commission’s review. The Commission
believes the continued suspension of
the proposed rule change while the
Commission conducts proceedings to
consider the Exchange’s proposal will
allow the Commission to further
consider the proposed fees’ consistency
with the Exchange Act without the risk
of allowing a fee that is potentially
inconsistent with the Exchange Act to
remain in effect. The Commission also
does not believe that lifting the stay
precludes meaningful review of the
Order Instituting Proceedings.
For the reasons stated above, it is
hereby:
Ordered that the Exchange’s petition
for review of the Division’s action, by
delegated authority, to temporarily
suspend the proposed rule change and
simultaneously institute proceedings to
determine whether to approve or
disapprove the proposed rule change be
granted; and
7 See Securities Exchange Act Release No. 84168
(September 17, 2018), 83 FR 47947 (September 21,
2018).
8 See letter to Brent J. Fields, Secretary,
Commission, from Theodore R. Lazo, Managing
Director and Associate General Counsel, and Ellen
Greene, Managing Director, Financial Services
Operations, Securities Industry and Financial
Markets Association, dated October 15, 2018.
9 17 CFR 201.430.
10 17 CFR 201.431(e).
11 17 CFR 201.431.

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It is further ordered that any party or
other person may file a statement in
support of or in opposition to the action
made pursuant to delegated authority on
or before December 10, 2018; and
It is further ordered that the automatic
stay of delegated action pursuant to
Commission Rule of Practice 431(e) 12 is
hereby discontinued.
The order temporarily suspending
such proposed rule change and
instituting proceedings to determine
whether to approve or disapprove such
proposed rule change shall remain in
effect.
By the Commission.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–25471 Filed 11–21–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Extension:
Form N–8A; SEC File No. 270–135, OMB
Control No. 3235–0175

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
The Investment Company Act of 1940
(‘‘Investment Company Act’’) (15 U.S.C.
80a–1 et seq.) requires investment
companies to register with the
Commission before they conduct any
business in interstate commerce.
Section 8(a) of the Investment Company
Act provides that an investment
company shall be deemed to be
registered upon receipt by the
Commission of a notification of
registration in such form as the
Commission prescribes. Form N–8A (17
CFR 274.10) is the form for notification
of registration that the Commission has
adopted under section 8(a). The purpose
of such notification of registration
provided on Form N–8A is to notify the
Commission of the existence of
investment companies required to be
registered under the Investment
12 17

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CFR 201.431(e).

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amozie on DSK3GDR082PROD with NOTICES1

Federal Register / Vol. 83, No. 226 / Friday, November 23, 2018 / Notices
Company Act and to enable the
Commission to administer the
provisions of the Investment Company
Act with respect to those companies.
After an investment company has filed
its notification of registration under
section 8(a), the company is then subject
to the provisions of the Investment
Company Act which govern certain
aspects of its organization and activities,
such as the composition of its board of
directors and the issuance of senior
securities. Form N–8A requires an
investment company to provide its
name, state of organization, form of
organization, classification, the name
and address of each investment adviser
of the investment company, the current
value of its total assets, and certain
other information readily available to
the investment company. If the
investment company is filing a
registration statement as required by
Section 8(b) of the Investment Company
Act concurrently with its notification of
registration, Form N–8A requires only
that the registrant file the cover page
(giving its name, address, and agent for
service of process) and sign the form in
order to effect registration.
Based on recent filings of notifications
of registration on Form N–8A, we
estimate that about 96 investment
companies file such notifications each
year. An investment company must only
file a notification of registration on
Form N–8A once. The currently
approved average hour burden per
investment company of preparing and
filing a notification of registration on
Form N–8A is one hour. Based on the
Commission staff’s experience with the
requirements of Form N–8A and with
disclosure documents generally—and
considering that investment companies
that are filing notifications of
registration on Form N–8A
simultaneously with the registration
statement under the Investment
Company Act are only required by Form
N–8A to file a signed cover page—we
continue to believe that this estimate is
appropriate. Therefore, we estimate that
the total annual hour burden to prepare
and file notifications of registration on
Form N–8A is 96 hours. The currently
approved cost burden of Form N–8A is
$449. We continue to believe that this
estimate is appropriate. Therefore, we
estimate that the total annual cost
burden to associated with preparing and
filing notifications of registration on
Form N–8A is about $43,104.
Estimates of average burden hours
and costs are made solely for the
purposes of the Paperwork Reduction
Act, and are not derived from a
comprehensive or even representative
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Commission rules and forms.
Compliance with the collection of
information requirements of Form N–8A
is mandatory. Responses to the
collection of information will not be
kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless it displays a
currently valid OMB control number.
The public may view the background
documentation for this information
collection at the following website,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to:
[email protected] ; and (ii)
Charles Riddle, Acting Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Candace
Kenner, 100 F Street NE, Washington,
DC 20549 or send an email to: PRA_
[email protected]. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: November 19, 2018.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–25490 Filed 11–21–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–84610; File No. SR–Phlx–
2018–59]

Self-Regulatory Organizations; Nasdaq
PHLX LLC; Order Approving a
Proposed Rule Change To Amend
Rules 1000, 1064, and 1069 To Allow
for the Snapshot Functionality of the
Floor-Based Management System To
Be Used for All Orders
November 16, 2018.

I. Introduction
On September 18, 2018, Nasdaq PHLX
LLC (‘‘Phlx’’ 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 allow the Snapshot
functionality of the Floor-Based
Management System (‘‘FBMS’’) to be
used for all orders on the trading floor.
The proposed rule change was
published for comment in the Federal
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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59433

Register on October 2, 2018.3 The
Commission received no comment
letters on the proposed rule change.
This order approves the proposed rule
change.
II. Description of the Proposed Rule
Change
The ‘‘Snapshot’’ functionality of the
FBMS allows a Floor Broker, Registered
Options Trader (‘‘ROT’’), or Specialist to
‘‘provisionally execute’’ 4 a trade in the
trading crowd and capture and record
the market conditions that exist at the
time of the provisional execution.5 Once
the member triggers the Snapshot, the
member has up to 30 seconds to use the
information recorded on the Snapshot
for purposes of entering the terms of the
provisionally-executed trade into FBMS
and submitting the trade to the Trading
System.6 Once submitted, the Trading
System will only execute the trade if it
is consistent with the applicable priority
and trade-through rules based upon the
prevailing market as reflected on the
Snapshot at the time of the provisional
execution. The Trading System will
reject a trade that is subject to a
Snapshot if it would violate tradethough or priority rules.7
Currently, the ‘‘Snapshot’’ feature of
the FBMS may only be used to
provisionally execute certain types of
orders in the trading crowd.
Specifically, Floor Brokers, Specialists,
and ROTS may only use Snapshot to
provisionally execute multi-leg orders
and simple orders in options on
Exchange Traded Funds (‘‘ETFs’’) that
are included in the Options Penny
Pilot.8 The Exchange proposes to
expand the use of the Snapshot
functionality to all orders on the trading
floor, subject to the current procedures
for and the limitations on the use of
Snapshot.9 The Exchange believes that
3 See Securities Exchange Act Release No. 84290
(September 26, 2018), 83 FR 49596 (‘‘Notice’’).
4 A ‘‘provisional execution’’ occurs in the trading
crowd when either (1) the participants to a trade
reach a verbal agreement in the trading crowd as to
the terms of the trade; or (ii) a member announces
that he is crossing an order in accordance with Phlx
Rule 1064(a). See Phlx Rule 1069(a)(i)(A). See also
Notice, supra note 3, at 49596–97 n.5.
5 See Securities Exchange Act Release No. 81980
(October 30, 2017), 82 FR 51313 (November 3, 2017)
(SR–Phlx–2017–34) (approving the Snapshot
functionality as an exception to Phlx Rule 1000(f))
(‘‘Snapshot Approval’’). See also Securities
Exchange Act Release No. 83656 (July 17, 2018), 82
FR 34899 (July 23, 2018) (SR–Phlx–2018–40)
(expanding the availability of the Snapshot feature
to ROTS and Specialists).
6 See Notice, supra note 3, at 49596–97.
7 See id. at 49597.
8 See Phlx Rule 1069(a)(i)(A).
9 See Notice, supra note 3, at 49596–97. The
procedures and limitations regarding the current

Continued

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