2019-13305. Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Relocate ISE's Rules From Their Current Place in the Rulebook Into the New Rulebook Shell  

  • Start Preamble Start Printed Page 29567 June 18, 2019.

    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 6, 2019, 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 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 Substance of the Proposed Rule Change

    The Exchange proposes to relocate rules from its current Rulebook into its new Rulebook shell.

    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

    The purpose of this rule change is to relocate ISE rules into the new Rulebook shell with some amendments to the shell.[3] The Exchange is relocating the ISE Rules first and plans on relocating the Rulebooks of its Affiliated Exchanges so that it may harmonize its rules, where applicable, across Nasdaq markets. The relocation and harmonization of the ISE Rules is part of the Exchange's continued effort to promote efficiency and conformity of its processes with those of its Affiliated Exchanges. The Exchange believes that the placement of the ISE Rules into their new location in the shell will facilitate the use of the Rulebook by Members.

    Universal Changes

    The Exchange proposes to amend the defined term “System” [4] and replace “trading system” or “system” with the defined term throughout the new rules. The Exchange proposes to capitalize the defined term “market maker” within proposed Options 1, Section 1(a)(21) and also capitalize the term throughout the Rulebook. The Exchange proposes to capitalize the defined term “Member” [5] throughout the new rules where it is not already capitalized. The Exchange proposes to correct references to the non-defined term “member organization” to the defined term “Member.” The Exchange proposes to capitalize the “t” in the defined term “Exchange Transactions” [6] where the term is not properly capitalized within the Rules. The Exchange proposes to change references to “Commentary” to “Supplementary Material” to conform the term throughout the Rulebook. References to the term “Regulatory Information Circular” are being amended to the updated term “Options Regulatory Alert.”

    The Exchange proposes to update all cross-references within the Rule to the new relocated rule cites. The Exchange proposes to replace internal rule references to simply state “this Rule” where the rule is citing itself without a more specific cite included in the Rule. For example, if ISE Rule 715 refers currently to “Rule 715” or “this Rule 715” the Exchange will amend the phrase to simply “this Rule.” The Exchange proposes to conform numbering and lettering in certain rules to the remainder of the Rulebook. Finally, the Exchange proposes to delete any current Rules that are reserved in the Rulebook.

    General 1

    The Exchange proposes to relocate certain definitions from Rule 100 into proposed General 1, Section 1 and the remainder of the rules into Options 1, Section 1. The Exchange proposes to relocate definitions that are specific to the options product into Options 1, Section 1 and the more general definitions will be relocated into the General provisions.[7]

    General 2

    The Exchange will not relocate ISE Rules 200-203 into General 2 Organization and Administration. The Exchange will separately file a proposed rule change to delete these rules. General 2 would be comprised of the following rules:

    Proposed new rule No.Current rule No.
    Section 1Rule 204. Divisions of the Exchange.
    Section 2 (all 4 rules combined)Rule 205. Access Fees. Rule 206. Transaction Fees. Rule 207. Communication Fees. Rule 208. Regulatory Fees or Charges.
    Section 3Rule 211. Exchange's Costs of Defending Legal Proceedings.
    Section 4Rule 312. Limitation on Affiliation between the Exchange and Members.
    Start Printed Page 29568

    The Exchange is combining Rules 205-208 into a single rule to conform the content to that of other Affiliated Exchanges.[8] Rule 212, Sales Value Fee, will be relocated into Options 7. The Exchange intends to locate similar rules within other Nasdaq Rulebooks in similar locations when it files to relocate other Affiliate Exchange Rulebooks in separate rule changes. The Exchange proposes to reserve Sections 5 and 6 within General 2.

    General 3

    The Exchange proposes to relocate the following rules into General 3, “Membership and Access.”

    Proposed new rule No.Current rule No.
    Section 1Rule 301. Qualification of Members.
    Section 2Rule 302. Denial of and Conditions to Becoming a Member.
    Section 3Rule 304. Persons Associated with Members.
    Section 4Rule 305. Documents Required of Applicants and Members.
    Section 5Rule 306. Member Application Procedures.
    Section 6Rule 310. Dissolution and Liquidation of Members.

    General 5

    The Exchange proposes to relocate the following rules into General 5 Discipline:

    Proposed new rule No.Current rule No.
    Section 1Rule 1600. Disciplinary Jurisdiction.
    Section 280. Investigations and Sanctions.
    Section 390. Code of Procedure.

    Options 1

    The Exchange proposes to rename current Options 1 from “Options Definitions” to “General Provisions.” The Exchange proposes to relocate certain definitions from Rule 100 into proposed General 1, Section 1 and the remainder of the rules into Options 1, Section 1. The Exchange proposes to relocate definitions that are specific to the options product into Options 1, Section 1. Section 2 of Options 1 is being reserved.

    Options 2

    The Exchange proposes to rename Options 2 from “Options Trading Rules” to “Options Market Participants” and relocate the following rules into this chapter:

    Proposed new rule No.Current rule No.
    Section 1Rule 800. Registration of Market Makers.
    Section 2Rule 801. Designated Trading Representatives.
    Section 3Rule 802. Appointment of Market Makers.
    Section 4Rule 803. Obligations of Market Makers.
    Section 5Rule 804. Market Maker Quotations except 804(h) which will be relocated into Options 3.
    Section 6Rule 805. Market Maker Orders.
    Section 7Rule 807. Securities Accounts and Orders of Market Makers.
    Section 8Rule 809. Financial Requirements for Market Makers.

    Sections 9 and 10 will be reserved.

    Options 2A

    The Exchange proposes a new Options Section 2A titled “ISE Market Maker Rights” and proposes to relocate the following rules into this chapter:

    Proposed new rule No.Current rule No.
    Section 1Rule 300. Market Maker Rights.
    Section 2Rule 303. Approval to Operate Multiple Memberships.
    Section 3Rule 307. Sale and Transfer of Market Maker Rights.
    Section 4Rule 308. Leasing Memberships.
    Section 5Rule 309. Registration of Memberships by Individuals for Members.
    Section 6Rule 311. Obligations of Terminating Members and Transferors of Market Maker Rights and Memberships.
    Section 7Rule 209. Transfer Fees.
    Start Printed Page 29569

    Options 3

    The Exchange proposes to

    rename Options 3 from “Options Market Participants” to “Options Trading Rules” and relocate the following rules into this chapter:
    Proposed new rule No.Current rule No.
    Section 1Rule 700. Days and Hours of Business.
    Section 2Rule 708. Units of Trading/Rule 709. Meaning of Premium Quotes and Orders (combined into one rule).
    Section 3Rule 710. Minimum Trading Increments.
    Section 4Rule 711. Acceptance of Quotes and Orders, except (c) and (d).
    Section 5Reserved.
    Section 6Rule 704. Collection and Dissemination of Quotations.
    Section 7Rule 715. Types of Orders.
    Section 8Rule 701. Opening.
    Section 9Rule 702. Trading Halts/Rule 703. Trading Halts Due To Extraordinary Market Volatility.
    Section 10Rule 713. Priority of Quotes and Orders.
    Section 11Rule 716. Auction Mechanisms.
    Section 12Rule 721. Crossing Orders.
    Section 13Rule 723. Price Improvement Mechanism for Crossing Transactions.
    Section 14Rule 722. Complex Orders.
    Section 15Rule 714. Automatic Execution of Orders.
    Section 16Rule 724. Complex Order Risk Protections.
    Section 17Kill Switch (relocating 711(c)).
    Section 18Detection of Loss of Communication (relocating 711(d)).
    Section 19Reserved.
    Section 20Rule 720. Nullification and Adjustment of Options Transactions including Obvious Errors/Rule 720A. Erroneous Trades due to System Disruptions and Malfunctions (combined into one rule).
    Section 21Rule 706. Access to and Conduct on the Exchange.
    Section 22Rule 717. Limitations on Orders.
    Section 23Rule 718. Data Feeds and Trade Information.
    Section 24Rule 719. Transaction Price Binding.
    Section 25Reserved.
    Section 26Message Traffic Mitigation (relocating Rule 804(h)).
    Section 27Rule 705. Limitation of Liability.

    The Exchange proposes to combine ISE Rules 708 and 709 within Section 2.[9] ISE Rule 714 is being relocated into Options 3, Section 15 and is being renamed from “Automatic Execution of Orders” to “Simple Order Risk Protections.” ISE Rules 702 and 703 are being combined into Section 9. The Exchange proposes to combine ISE Rules 720 and 720A into Section 20.[10] The Exchange proposes to relocate ISE Rule 711(c) and (d) into new separate Rules at Sections 17 and 18. The Exchange proposes to create a separate rule in Section 26 relocated from Rule 804(h) and title the rule “Message Traffic Mitigation.”

    Options 4

    The Exchange proposes to relocate rules within Options 4 Options Listing Rules as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 500. Designation of Securities.
    Section 2Rule 501. Rights and Obligations of Holders and Writers.
    Section 3Rule 502. Criteria for Underlying Securities.
    Section 4Rule 503. Withdrawal of Approval of Underlying Securities.
    Section 5Rule 504. Series of Options Contracts Open for Trading.
    Section 6Rule 504A. Select Provisions of Options Listing Procedures Plan.
    Section 7Rule 505. Adjustments.
    Section 8Rule 506. Long-Term Options Contracts.
    Section 9Rule 507. Limitation on the Liability of Index Licensors for Options on Fund Shares.
    Section 10Rule 508. Back-Up Trading Arrangements.

    Rule 509, “Authority to Take Action Under Emergency Conditions” is not being relocated as this rule will be deleted.

    Options 4A

    The Exchange proposes to relocate rules within new proposed Options 4A, which is proposed to be titled “Options Index Rules” as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 2000. Application of Index Rules.
    Section 2Rule 2001. Definitions.
    Start Printed Page 29570
    Section 3Rule 2002. Designation of an Index.
    Section 4Reserved.
    Section 5Rule 2003. Dissemination of Information.
    Section 6Rule 2004. Position Limits for Broad-Based Index Options.
    Section 7Rule 2005. Position Limits for Industry Index Options.
    Section 8Rule 2005A. Position Limits for Foreign Currency Index Options.
    Section 9Rule 2006. Exemptions from Position Limits.
    Section 10Rule 2007. Exercise Limits.
    Section 11Rule 2008. Trading Sessions.
    Section 12Rule 2009. Terms of Index Options Contracts.
    Section 13Rule 2010. Debit Put Spread Cash Account Transactions.
    Section 14Rule 2011. Disclaimers.
    Section 15Rule 2012. Exercise of American-Style Index Options.
    Section 16Rule 2013. Market Maker Trading License.

    Options 5

    The Exchange proposes to rename Options 5 from “Options Trade Administration” to “Order Protection and Locked and Crossed Markets” and relocate rules within Options 5 as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 1900. Definitions.
    Section 2Rule 1901. Order Protection.
    Section 3Rule 1902. Locked and Crossed Markets.
    Section 4Rule 1903. Order Routing to Other Exchanges.
    Section 5Rule 1904. Cancellation of Orders and Error Account.

    Options 6

    The Exchange proposes rename Options 6 from “Order Protection and Locked and Cross Markets” to “Options Trade Administration” and relocate rules within Options 6 as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 707. Clearing Member Give Up.
    Section 2Rule 712. Submission of Orders and Clearance of Transactions.
    Section 3Rule 806. Trade Reporting and Comparison.
    Section 4Rule 808. Letters of Guarantee.

    Options 6A

    The Exchange proposes to relocate rules within new proposed Options 6A titled “Closing Transactions” as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 1000. Contracts of Suspended Members.
    Section 2Rule 1001. Failure to Pay Premium.

    Options 6B

    The Exchange proposes to relocate rules within new proposed Options 6B titled “Exercises and Deliveries” as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 1100. Exercise of Options Contracts.
    Section 2Rule 1101. Allocation of Exercise Notices.
    Section 3Rule 1102. Delivery and Payment.
    Start Printed Page 29571

    Options 6C

    The Exchange proposes to relocate rules within new proposed Options 6C titled “Margins” as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 1200. General Rule.
    Section 2Rule 1201. Time Margin Must Be Obtained.
    Section 3Rule 1202. Margin Requirements.
    Section 4Rule 1203. Meeting Margin Calls by Liquidation Prohibited.
    Section 5Rule 1204. Margin Required Is Minimum.
    Section 6Rule 1205. Margin Requirements Exception.

    Options 6D

    The Exchange proposes to relocate

    rules within new proposed Options 6D titled “Net Capital Requirements” as follows:
    Proposed new rule No.Current rule No.
    Section 1Rule 1300. Minimum Requirements.
    Section 2Rule 1301. “Early Warning” Notification Requirements.
    Section 3Rule 1302. Power of President to Impose Restrictions.
    Section 4Rule 1303. Joint Back Office Arrangements.

    Options 6E

    The Exchange proposes to relocate

    rules within new proposed Options 6E titled “Records, Reports and Audits” as follows:
    Proposed new rule No.Current rule No.
    Section 1Rule 1400. Maintenance, Retention and Furnishing of Books, Records and Other Information.
    Section 2Rule 1401. Reports of Uncovered Short Positions.
    Section 3Rule 1402. Financial Reports.
    Section 4Rule 1403. Audits.
    Section 5Rule 1404. Automated Submission of Trade Data.
    Section 6Rule 1405. Risk Analysis of Market Maker Accounts.
    Section 7Rule 1406. Regulatory Cooperation.
    Section 8Rule 1408. Fingerprint-Based Background Checks of Exchange Employees and Independent Contractors and Other Service Providers.

    Options 7

    The Exchange proposes to relocate Rule 212 titled “Sales Value Fee” to Options 7, Options Pricing at new proposed Section 12.

    The Exchange is updating various cross-references within Options 7 to reflect the new rule locations. Within the definition of Options 7, Section 1, the Exchange is also deleting rule references to “SSF-Option Orders” which terminology no longer exists within current Rule 722.[11]

    Options 9

    The Exchange proposes to relocate rules within new proposed Options 9 titled “Business Conduct” as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 400. Just and Equitable Principles of Trade.
    Section 2Rule 401. Adherence to Law.
    Section 3Rule 402. Sharing of Offices and Wire Connections.
    Section 4Rule 403. Disruptive Quoting and Trading Activity Prohibited.
    Section 5Rule 404. False Statements.
    Section 6Rule 405. Manipulation.
    Section 7Rule 406. Gratuities.
    Section 8Rule 407. Rumors.
    Section 9Rule 408. Prevention of the Misuse of Material Nonpublic Information.
    Section 10Rule 409. Disciplinary Action by Other Organizations.
    Section 11Rule 410. Other Restrictions on Members.
    Section 12Rule 411. Significant Business Transactions.
    Section 13Rule 412. Position Limits.
    Section 14Rule 413. Exemptions from Position Limits.
    Section 15Rule 414. Exercise Limits.
    Section 16Rule 415. Reports Related to Position Limits.
    Start Printed Page 29572
    Section 17Rule 416. Liquidation Positions.
    Section 18Rule 417. Limit on Outstanding Uncovered Short Positions.
    Section 19Rule 418. Other Restrictions on Options Transactions and Exercises.
    Section 20Rule 419. Mandatory Systems Testing.
    Section 21Rule 420. Anti-Money Laundering Compliance Program.
    Section 22Rule 421. Proxy Voting.
    Section 23Reserved.

    Options 10

    The Exchange proposes to relocate rules within new proposed Options 10 titled “Doing Business with the Public” as follows:

    Proposed new rule No.Current rule No.
    Section 1Rule 600. Exchange Approval.
    Section 2Rule 601. Registration of Options Principals.
    Section 3Rule 602. Registration of Representatives.
    Section 4Rule 606. Discipline, Suspension, Expulsion of Registered Persons.
    Section 5Rule 607. Branch Offices.
    Section 6Rule 608. Opening of Accounts.
    Section 7Rule 609. Supervision of Accounts.
    Section 8Rule 610. Suitability of Recommendations.
    Section 9Rule 611. Discretionary Accounts.
    Section 10Rule 612. Confirmation to Customers.
    Section 11Rule 613. Statement of Accounts to Customers.
    Section 12Rule 614. Statements of Financial Condition to Customers.
    Section 13Rule 616. Delivery of Current Options Disclosure Documents and Prospectus.
    Section 14Rule 617. Restrictions on Pledge and Lending of Customers' Securities.
    Section 15Rule 618. Transactions of Certain Customers.
    Section 16Rule 619. Guarantees.
    Section 17Rule 620. Profit Sharing.
    Section 18Rule 621. Assuming Losses.
    Section 19Rule 622. Transfer of Accounts.
    Section 20Rule 623. Options Communications.
    Section 21Rule 624. Brokers' Blanket Bonds.
    Section 22Rule 625. Customer Complaints.
    Section 23Rule 626. Telemarketing.

    The Exchange proposes to reserve Options 10, Sections 24 and 25.

    Options 11

    Finally, the Exchange proposes to relocate Rule 1614, titled “Imposition of Fines for Minor Rule Violations” to Options 11 titled “Minor Rule Plan Violations” at Section 1.

    2. Statutory Basis

    The Exchange believes that its proposal is consistent with Section 6(b) of the Act,[12] in general, and furthers the objectives of Section 6(b)(5) of the Act,[13] in particular, in that it is designed to promote just and equitable principles of trade and to protect investors and the public interest by bringing greater transparency to its rules by relocating its Rules into the new Rulebook shell together with other rules which have already been relocated. The Exchange's proposal is consistent with the Act and will protect investors and the public interest by harmonizing its rules, where applicable, across Nasdaq markets so that Members can readily locate rules which cover similar topics. The relocation and harmonization of the ISE Rules is part of the Exchange's continued effort to promote efficiency and conformity of its processes with those of its Affiliated Exchanges. The Exchange believes that the placement of the ISE Rules into their new location in the shell will facilitate the use of the Rulebook by Members. Specifically, the Exchange believes that market participants that are members of more than one Nasdaq market will benefit from the ability to compare Rulebooks.

    The Exchange is not substantively amending rule text unless noted otherwise within this rule change. The renumbering, re-lettering, deleting reserved rules, amending cross-references and other minor technical changes will bring greater transparency to ISE's Rules. The Exchange intends to file other rule change to relocate Affiliated Exchange Rulebooks to relocate corresponding rules into the same location in each Rulebook for ease of reference. The Exchange believes its proposal will benefit investors and the general public by increasing the transparency of its Rulebook and promoting easy comparisons among the various Nasdaq Rulebooks.

    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 the proposed amendments do not impose an undue burden on competition because the amendments to relocate the Rules are non-substantive. This rule change is intended to bring greater clarity to the Exchange's Rules. Renumbering, re-lettering, deleting reserved rules and amending cross-references will bring greater transparency to ISE's Rules.Start Printed Page 29573

    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) of the Act [14] and Rule 19b-4(f)(6) thereunder.[15]

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act [16] normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) [17] permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay so that the proposed rule change may become operative upon filing. As the proposed rule change raises no novel issues and is largely organizational, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.[18]

    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 change 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

    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-2019-17. 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-2019-17 and should be submitted on or before July 15, 2019.

    Start Signature

    For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[19]

    Vanessa A. Countryman,

    Acting Secretary.

    End Signature End Preamble

    Footnotes

    3.  Previously, the Exchange added a shell structure to its Rulebook with the purpose of improving efficiency and readability and to align its rules closer to those of its five sister exchanges, Nasdaq BX, Inc.; Nasdaq PHLX LLC; The Nasdaq Stock Market LLC; Nasdaq GEMX, LLC; and Nasdaq MRX, LLC (“Affiliated Exchanges”). The shell structure currently contains eight (8) Chapters which, once complete, will apply a common set of rules to the Affiliated Exchanges. See Securities Exchange Act Release No. 82175 (November 29, 2017), 82 FR 57494 (December 5, 2017) (SR-NASDAQ-2017-125).

    Back to Citation

    4.  The term “System” is defined at Rule 100(a)(63).

    Back to Citation

    5.  The term “Member” is defined at Rule 100(a)(30).

    Back to Citation

    6.  The term “Exchange Transactions” is defined at Rule 100(a)(22).

    Back to Citation

    7.  These rules are being relocated into Section 1 of the General Provisions: Chapter I(a)(4), (9), (10), (13A), (17), (18), (20), (20A), (22), (25), (26), (27), (30), (31), (48), (57), (58), (62) and (66).

    Back to Citation

    8.  The Exchange is not proposing any substantive changes in consolidating these rules.

    Back to Citation

    9.  The Exchange is not proposing any substantive changes in consolidating these rules.

    Back to Citation

    11.  See Securities Exchange Act Release No. 82999 (April 5, 2018), 83 FR 15662 (April 11, 2018) (SR-ISE-2018-28).

    Back to Citation

    15.  17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of 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.

    Back to Citation

    18.  For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).

    Back to Citation

    [FR Doc. 2019-13305 Filed 6-21-19; 8:45 am]

    BILLING CODE 8011-01-P

Document Information

Published:
06/24/2019
Department:
Securities and Exchange Commission
Entry Type:
Notice
Document Number:
2019-13305
Pages:
29567-29573 (7 pages)
Docket Numbers:
Release No. 34-86138, File No. SR-ISE-2019-17
PDF File:
2019-13305.Pdf