[Federal Register Volume 82, Number 69 (Wednesday, April 12, 2017)]
[Notices]
[Pages 17659-17660]
[FR Doc No: 2017-07406]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2016-0013; FRL-9960-01]

Pesticide Product Registration; Receipt of Applications for New
Uses

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: EPA has received applications to add new food uses on
previously registered pesticide products. Pursuant to the Federal
Insecticide, Fungicide, and Rodenticide Act (FIFRA), EPA is hereby
providing notice of receipt and opportunity to comment on these
applications.

DATES: Comments must be received on or before May 12, 2017.

ADDRESSES: Submit your comments, identified by the docket
identification (ID) number of interest as shown in the body of this
document, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online instructions for submitting comments. Do not submit
electronically any information you consider to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute.
     Mail: OPP Docket, Environmental Protection Agency Docket
Center (EPA/DC), (28221T), 1200 Pennsylvania Ave. NW., Washington, DC
20460-0001.
     Hand Delivery: To make special arrangements for hand
delivery or delivery of boxed information, please follow the
instructions at http://www.epa.gov/dockets/contacts.html.
    Additional instructions on commenting or visiting the docket, along
with more information about dockets generally, is available at http://www.epa.gov/dockets.

FOR FURTHER INFORMATION CONTACT: Michael L. Goodis, P.E., Director,
Registration Division (7505P), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460-0001; main telephone number:<PHONE_NUMBER>; email
address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
The following list of North American Industrial Classification System
(NAICS) codes is not intended to be exhaustive, but rather provides a
guide to help readers determine whether this document applies to them.
Potentially affected entities may include:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).

B. What should I consider as I prepare my comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
regulations.gov or email. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD-ROM that you mail to EPA, mark the outside of the disk or CD-ROM as
CBI and then identify electronically within the disk or CD-ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When preparing and submitting
your comments, see the commenting tips at http://www.epa.gov/dockets/comments.html.

II. Registration Applications

    EPA has received applications to add new food uses on previously
registered pesticide products. Pursuant to the provisions of FIFRA
section 3(c)(4) (7 U.S.C. 136a(c)(4)), EPA is hereby providing notice
of receipt and opportunity to comment on these applications. Notice of
receipt of these

applications does not imply a decision by the Agency on these
applications.

Addition of New Food Uses on Previously Registered Pesticide Products

    1. Registration Number: 71512-7 (Technical Flonicamid Insecticide;
Decision No. 512337). Docket Number: EPA-HQ-OPP-2016-0013. Company name
and address: By IR-4 Project Headquarters, Rutgers, The State
University of New Jersey, 500 College Road East, Suite 201 W,
Princeton, NJ 08540. Active ingredient: Flonicamid. Proposed Use(s):
Vegetable, legume, edible podded, Subgroup 6A; Pea and bean, succulent
shelled, Subgroup 6B; and Pea and bean dried shelled, except soybean,
Subgroup 6C. Contact: RD.
    2. Registration Number: 71512-9 (Flonicamid 50WG; Decision No.
512339). Docket Number: EPA-HQ-OPP-2016-0013. Company name and address:
By IR-4 Project Headquarters, Rutgers, The State University of New
Jersey, 500 College Road East, Suite 201 W, Princeton, NJ 08540. Active
ingredient: Flonicamid. Proposed Use(s): Vegetable, legume, edible
podded, Subgroup 6A; Pea and bean, succulent shelled, Subgroup 6B; and
Pea and bean dried shelled, except soybean, Subgroup 6C. Contact: RD.
    3. Registration Number: 71512-10 (Beleaf 50SG Insecticide; Decision
No. 512340). Docket Number: EPA-HQ-OPP-2016-0013. Company name and
address: By IR-4 Project Headquarters, Rutgers, The State University of
New Jersey, 500 College Road East, Suite 201 W, Princeton, NJ 08540.
Active ingredient: Flonicamid. Proposed Use(s): Vegetable, legume,
edible podded, Subgroup 6A; Pea and bean, succulent shelled, Subgroup
6B; and Pea and bean dried shelled, except soybean, Subgroup 6C.
Contact: RD.
    4. Registration Number: 71512-14 (Flonicamid 50WG for Manufacturing
and Repacking Use Only; Decision No. 512341). Docket Number: EPA-HQ-
OPP-2016-0013. Company name and address: By IR-4 Project Headquarters,
Rutgers, The State University of New Jersey, 500 College Road East,
Suite 201 W, Princeton, NJ 08540. Active ingredient: Flonicamid.
Proposed Use(s): Vegetable, legume, edible podded, Subgroup 6A; Pea and
bean, succulent shelled, Subgroup 6B; and Pea and bean dried shelled,
except soybean, Subgroup 6C. Contact: RD.

    Authority: 7 U.S.C. 136 et seq.

    Dated: March 13, 2017.
Michael Goodis,
Director, Registration Division, Office of Pesticide Programs.
[FR Doc. 2017-07406 Filed 4-11-17; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 83, Number 227 (Monday, November 26, 2018)]
[Notices]
[Pages 60522-60526]
[FR Doc No: 2018-25736]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84634; File No. SR-NASDAQ-2018-092]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Eliminate Expired and Obsolete Provisions in Connection With Nasdaq's
Transition to an All-Inclusive Annual Fee Program, Rename Certain
Existing Annual Fees as All-Inclusive Annual Listing Fees, and Make
Other Related Changes

November 20, 2018.
    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 November 13, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' 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.
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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 eliminate expired and obsolete provisions
in connection with Nasdaq's transition to an all-inclusive annual fee
program for all listed companies effective January 1, 2018; clarify
that Linked Securities, SEEDS, Other Securities and Exchange Traded
Products are also subject to an all-inclusive annual fee applicable to
such issues; and modify existing fee waiver rules related to listing
transfers in light of differences between Nasdaq's all-inclusive annual
fee and the listing fees of other exchanges.
    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.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 2014, Nasdaq adopted an all-inclusive annual listing fee
schedule to simplify, clarify and enhance transparency around the
annual fee to which listed companies are subject.\3\ The new annual fee
schedule became operative on January 1, 2015, and applied to all
companies listed after that date. Companies already listed at that time
could voluntarily elect the new fee schedule, but were not then
required to do so. Effective January 1, 2018, however, all listed
companies became subject to the all-inclusive annual fee schedule and
the standard annual fee schedule has ceased to have applicability or
effect.
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    \3\ Securities Exchange Act Release No. 73647 (November 19,
2014), 79 FR 70232 (November 25, 2014) (SR-NASDAQ-2014-87).
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    Accordingly, as a result of the completion as of January 1, 2018,
of the transition of all listed companies from the standard annual fee
schedule to the all-inclusive annual fee schedule, Nasdaq is proposing
to revise the listing rules to delete obsolete and out of date
references to the standard annual fee schedule, the transition to the
all-inclusive annual fee schedule, and other listing fees no longer in
effect. In addition, Nasdaq is proposing other clarifying and
conforming adjustments necessitated by completion of the transition,
including relocating and renumbering revised rules as applicable.
    As of January 1, 2018, the all-inclusive annual listing fee program
completely supersedes and replaces the standard annual fee, which is no
longer applicable to any listed company.\4\ Accordingly, Nasdaq is
proposing to

delete the obsolete language in Rules 5910(c)-(f) and 5920(c)-(e) that
describes and sets forth the standard annual fee as well as language in
IM-5900-1, IM-5900-4, IM-5900-5(b) and IM-5900-6 that refers to the
standard annual fee and to rules about the standard annual fee that
Nasdaq is proposing to delete. The all-inclusive annual listing fee
program also encompasses the additional shares fee, which is also no
longer applicable to any listed company. Thus, Nasdaq is proposing to
delete Rules 5910(b) and 5920(b), which describe and set forth the
additional shares fee. The all-inclusive annual listing fee program,
however, does not encompass the annual fee for convertible debentures,
which remains in effect. Therefore, Nasdaq is proposing to relocate the
provision for the annual fee for convertible debentures, formerly in
Rule 5920(c)(2), to new Rule 5920(b)(2)(F).
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    \4\ Entry fees are not encompassed by the All-Inclusive Annual
Listings Fee. Accordingly, Nasdaq is not proposing to revise or
amend the entry fees set forth in the Rule 5900 Series.
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    The provisions that refer to the transition from the standard
annual fee to the all-inclusive annual listing fee program are also
obsolete. Accordingly, to reflect completion of this transition, Nasdaq
is proposing to delete references to the transition in IM-5900-6(b)(1),
Rule 5901, and IM-5910-1 and IM-5920-1. With respect to the remaining
provisions in IM-5910-1 and IM-5920-1, which relate to the all-
inclusive annual listing fee, Nasdaq is proposing to relocate them to
Rule 5910(b) and 5920(b). Therefore, as a result of these changes, the
Exchange is also proposing to delete IM-5910-1 and IM-5920-1.
    Certain other fees previously applicable to listed companies have
been superseded by the all-inclusive annual fee program. Accordingly,
Nasdaq is proposing to delete references to these listing fees, which
include the record-keeping fee, substitution listing fee, request for
written interpretation fee, and compliance plan review fee. These fees
are referenced in Rules 5250(e), 5250(e)(3)(A) and (B), 5250(e)(4),
5602(a)-(d), 5810(c)(2)(A), 5901, 5910(e) and (f), IM-5910-1(c),
5920(d) and (e), and IM-5920-1(c). Nasdaq also proposes to relocate
into Rule 5602(a) provisions currently in Rule 5602(c) and (f), which
specify that applicants and certain companies in the delisting process
can request a written interpretation of the Listing Rules, and delete
the provision for listed companies to request an expedited response in
Rule 5602(b). To reflect the proposed changes to Rule 5602, Nasdaq is
proposing to renumber the paragraphs of that rule that remain
applicable.
    Nasdaq endeavors to respond to all requests for written
interpretations of the Listing Rules in as timely a manner as possible.
Thus, notwithstanding that Nasdaq is proposing to delete the provision
for listed companies to request an expedited response to such requests,
a Company may nonetheless request an expedited response and Nasdaq will
respond as promptly as practicable.
    Listed companies, however, remain subject to the fees described in
Rules 5815(a)(3) and 5820(a) that apply to review by a Hearings Panel
or the Nasdaq Listing and Hearing Review Council, respectively, of a
Staff Delisting Determination or Public Reprimand Letter. Listed
companies also remain subject to the entry fees described in Rules
5910(a) and 5920(a) relating to the listing of an additional class of
securities of the listed company.\5\
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    \5\ Listing Rules 5910(a) and 5920(a) provide that a Company
that submits an application to list any class of its securities
shall pay to Nasdaq an entry fee. Equity Investment Tracking Stocks
listed pursuant to Rule 5222 are subject to the entry fees described
in Rules 5910(a) and 5920(a).
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    In addition, Nasdaq is proposing to renumber certain of the rules
regarding the authority of the Nasdaq Board of Directors or its
designee, in its discretion, to defer or waive all or any part of the
annual fee prescribed therein. The authority to defer or waive the
annual fee, which is currently set forth in Rules 5910(c)(2),
5910(d)(5), 5920(c)(4), 5930(b)(2) and 5940(b)(3) [sic], is generally
exercised only in limited cases, under circumstances that are not
likely to be frequently replicated and where requiring payment of an
annual fee would be inequitable.\6\ To Nasdaq's knowledge, it has never
used this authority to defer an annual fee. The Exchange represents it
would do so only under the same circumstances as it would to waive an
annual fee.
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    \6\ For example, the Exchange granted a waiver to a company that
was removed during the first week of January pursuant to a decision
of a Nasdaq Listing Qualifications Panel, where the Panel had all
the information necessary to make its decision in the prior year.
The Exchange also granted a waiver to a company thet [sic] intended
to voluntarily delist prior to the end of a calendar year but was
delayed until early in January, where there was clear evidence of
the company's intent to delist before the end of the year and there
was limited trading prior to the delisting. In each of these cases,
the Exchange believed it would be inequitable to subject the company
to the annual fee.
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    Because Nasdaq, as described above, is proposing to delete the
language in Rules 5910(c)-(f) and 5920(c)-(e) that describes and sets
forth the standard annual fee, which encompasses Rules 5910(c)(2),
5910(d)(5) and 5920(c)(4) that set forth the authority of the Nasdaq
Board of directors or its designees to defer or waive all or any part
of the annual fee, Nasdaq is proposing, without substantive changes, to
renumber these rules in proposed new Rules 5910(b)(3)(G) and
5920(b)(3)(G) that apply to the all-inclusive annual listing fee.\7\ To
fully reflect these proposed changes, Nasdaq is proposing to eliminate
cross references to these rules and other similar provisions contained
in IM-5900-1 and IM-5900-4.
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    \7\ Nasdaq is not proposing to renumber Rules 5930(b)(2) and
5940(b)(3) [sic]. These rules remain unchanged by this proposal and
the authority to defer or waive an annual fee set forth therein will
continue to apply.
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    Nasdaq is also proposing revisions to Rules 5930(b)(1) and
5940(b)(1) and (2) and to add new Rules 5930(b)(4) and 5940(b)(5) to
provide that Linked Securities, SEEDS, Other Securities and Exchange
Traded Products are subject to an all-inclusive annual listing fee
applicable to such issues. Currently, Linked Securities, SEEDS, and
Other Securities are subject to the annual fee set forth in Rule
5930(b) and Exchange Traded Products are subject to the annual fee set
forth in Rule 5940(b). Previously, Nasdaq eliminated the fees for
record-keeping changes and substitution listing events charged to these
entities \8\ and they are not subject to the compliance plan or
additional shares fees.\9\ Under these circumstances, and to promote
clarity, consistency and uniformity, Nasdaq is proposing to rename the
annual fee for Linked Securities, SEEDS, Other Securities and Exchange
Traded Products to make clear that these securities are subject to an
all-inclusive annual listing fee applicable to such issues.\10\
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    \8\ Securities Exchange Act Release No. 78047 (June 13, 2016),
81 FR 39736 (June 17, 2016) (SR-NASDAQ-2016-077).
    \9\ Rule 5810(c)(2)(A) currently does not require the compliance
plan fee for plans submitted for failure to meet a continued listing
standard contained in the Rule 5700 Series, which includes continued
listing standards for those securities charged fees under Rules 5930
and 5940.
    \10\ Because Linked Securities, SEEDS, Other Securities and
Exchange Traded Products are now subject to an all-inclusive annual
listing fee applicable to such issues, consistent with the treatment
of equity securities, Nasdaq proposes to no longer subject the
issuer of these securities to the written interpretation fee.
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    Nasdaq also proposes to remove a January 1, 2018 effective date
contained in current IM-5910-1(d)(5) and IM-5920-1(d)(5) because that
date has passed and these rules are now effective and to clarify that
the annual fee referred to in those rules is the all-inclusive annual
listing fee.
    Finally, given completion of Nasdaq's transition to the all-
inclusive annual listing fee, Nasdaq is also proposing revisions to IM-
5900-4 to account for differences between Nasdaq's all-

inclusive annual fee and the fees of other listing exchanges.
Specifically, IM-5900-4 currently provides for the waiver of a portion
of the applicable annual fee for a company whose securities: (i) Are
listed on a national securities exchange but not listed on Nasdaq, if
the issuer of such securities transfers their listing exclusively to
Nasdaq; or (ii) are listed on the New York Stock Exchange and Nasdaq,
if the issuer of such securities ceases to maintain their listing on
the New York Stock Exchange and the securities instead are designated
under the plan governing Nasdaq securities. This waiver is provided as
a pro-rated credit in the amount of any annual listing fees paid to the
prior exchange applicable to the period of time after the transfer. The
purpose of this waiver is to remove a disincentive for companies to
switch markets when they had already paid an annual fee in that
year.\11\ While Nasdaq's all-inclusive annual listing fee remains lower
in most cases than the annual fee of competitor exchanges, in limited
cases it can be higher than just the annual fee charged by a competitor
exchange, which (unlike Nasdaq's all-inclusive annual listing fee) does
not include fees that the competitor exchange separately charges for
additional shares or other events such as record keeping changes or
substitution listing events. To ensure uniform treatment and simplify
application of this waiver given these structural differences between
Nasdaq's all-inclusive annual fee and the potential range of other fees
encompassed by the all-inclusive annual fee that a company may have
also paid to the competitor exchange in the year of the switch in
addition to the annual fee, Nasdaq proposes to modify the rule to waive
the entire all-inclusive annual listing fee in the year of transfer.
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    \11\ Securities Exchange Act Release No. 53696 (April 21, 2006),
71 FR 25273 (April 28, 2006) (SR-NASD-2006-47) (adopting the
predecessor to IM-5900-4).
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    Nasdaq acknowledges the possibility that the all-inclusive annual
listing fee it charges may be higher in some cases than the annual fee
charged by a competitor exchange and that in such cases an issuer that
transfers its listing may receive a relatively greater benefit than
other issuers that transfer their listings where the all-inclusive
annual listing fee is lower than the annual fee charged by a competitor
exchange. However, Nasdaq does not believe that this possibility is
unfairly discriminatory. Nasdaq anticipates that there will be few
instances where Nasdaq's all-inclusive annual listing fee is higher
than the annual fee charged by a competitor exchange. Further, by
simplifying these provisions, they are transparent to issuers and the
public, ensure consistent application, and limit any unnecessary
burdens related to the administration and implementation of these
provisions. Nasdaq represents that this proposed modification will have
no impact on the resources available for its regulatory programs or
Nasdaq's ability to enforce its listing standards and protect
investors.
2. Statutory Basis
    The Exchange believes that its proposal, by eliminating obsolete or
unnecessary provisions from its rule book and, thus, simplifying and
adding clarity to the fees charged by the Exchange, is consistent with
Section 6(b) of the Act,\12\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\13\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using its
facilities. For the same reasons, the Exchange also believes its
proposal 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; and is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
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    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4) and (5).
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    Except as described below with respect to the proposed changes to
IM-5900-4, the proposal does not change the listing fees to which
listed companies are subject. Rather, Nasdaq is making this proposal to
make certain the rules fully reflect completion of the phased
transition from the standard annual fee schedule to the all-inclusive
annual fee schedule. Completion of this transition rendered certain
existing fee provisions obsolete, unnecessary or out of date and
necessitated their deletion or modification. Completion of the
transition also necessitated other clarifying and conforming
adjustments, including relocating or renumbering certain rules. Nasdaq
believes that updating Nasdaq's rules to eliminate obsolete provisions
and make related clarifications and conforming changes will simplify
Nasdaq's rule book and add transparency. As noted above, except as
described below with respect to the changes to IM-5900-4, it will not
change the listing fees to which listed companies are subject. Thus,
the proposal does not reduce the resources available for Nasdaq's
regulatory program or otherwise hinder or limit the ability of Nasdaq
to enforce its listing standards and protect investors.
    The proposal's clarification in Rules 5930 and 5940 that Linked
Securities, SEEDS, Other Securities and Exchange Traded Products are
also subject to an all-inclusive annual fee applicable to such issues
is similarly consistent with Section 6(b) of the Act. In this regard,
by adding clarity to the rules regarding the fees applicable to these
products, the proposal simplifies and adds transparency to Nasdaq's
rule book, including by fully reflecting the fact that, as noted above,
these products are not subject to fees for Record Keeping, Substitution
Listing Events and compliance plans.\14\ This proposed change does not
change the listing fees to which these products are subject. Instead,
it ensures the rules reflect that these products, like all other
listings, are subject to an all-inclusive annual fee.
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    \14\ See, supra, notes 8 and 9.
---------------------------------------------------------------------------

    Also, because the proposal does not change the fees to which these
listings are subject, the proposal does not reduce the resources
available for Nasdaq's regulatory program or otherwise hinder or limit
the ability of Nasdaq to enforce its listing standards and protect
investors. As such, Nasdaq believes these changes are consistent with
the Section 6(b)(4) of the Act in that they provide for the equitable
allocation of reasonable dues, fees and other charges among members and
issuers and other persons using its facilities. For the same reasons,
they are also consistent with the investor protection objectives of
Section 6(b)(5) of the Act.
    The proposed modifications to IM-5900-4 are similarly consistent
with the Act because they are designed to simplify and clarify
application of the pre-existing annual fee waiver to companies that
transfer their listing from a national securities exchange to Nasdaq
or, if they are already listed on Nasdaq, cease to be listed on the New
York Stock Exchange. This change was necessitated because the all-
inclusive annual fee schedule may not, in certain cases, be directly
equivalent or comparable to other listing exchanges' annual fees
because it includes a range of fees, such as for listing additional
shares, record keeping changes and substitution listing events, that
other listing exchanges charge separately in addition to an annual
listing fee. As such, while most companies under the all-inclusive
annual fee schedule incur lower fees in comparison to the annual

fee charged by other exchanges, in some cases a company's fee under the
all-inclusive annual fee schedule may be higher. In these cases, the
existing waiver under the rules of a pro rata portion of the annual fee
paid to the other listing exchange may not give the company full credit
for other fees paid to the other exchange and may not completely remove
the disincentive to transferring listing attributable to the fact that
the company has already paid the annual fee for that year. Under the
proposed change, all companies switching their listing will have the
entire annual fee waived in the year of the switch.
    As noted above, Nasdaq acknowledges the possibility that the all-
inclusive annual listing fee it charges may be higher in some cases
than the annual fee charged by a competitor exchange and that in such
cases an issuer that transfers its listing may receive a relatively
greater benefit than other issuers that transfer their listings where
the all-inclusive annual listing fee is lower than the annual fee
charged by a competitor exchange. However, for several reasons, Nasdaq
does not believe that this possibility is unfairly discriminatory.
First, Nasdaq anticipates that there will be few instances where
Nasdaq's all-inclusive annual listing fee is higher than the annual fee
charged by a competitor exchange. Second, as described above, the
waiver is intended to remove a disincentive to transfer and Nasdaq does
not believe that the possibility that the all-inclusive annual listing
fee is higher than the annual fee charged by a competitor exchange
would have a material impact on a decision to transfer or not. Third,
by simplifying these provisions, they are transparent to issuers and
the public, ensure consistent application, and limit any unnecessary
burdens related to the administration and implementation of these
provisions.
    For these reasons, Nasdaq believes that this proposed change is
consistent with Section 6(b)(4) of the Act. Nasdaq also believes this
proposed change is similarly consistent with Section 6(b)(5) of the Act
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 is not designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
Further, given the limited number of listings transfers each year, it
is not expected that this waiver would materially impact the resources
available for Nasdaq's regulatory program or otherwise hinder or limit
the ability of Nasdaq to enforce its listing standards and protect
investors. As such, Nasdaq believes these changes are consistent with
the investor protection objectives of Section 6(b)(5) of the Act.

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 market for listing services
is extremely competitive and listed companies may freely choose
alternative venues based on the aggregate fees assessed and the value
provided by each listing. As such, because this proposal does not
change the listing fees to which listed companies are subject, but
merely reflects the completion of the phased transition from the prior
standard annual fee schedule to the all-inclusive annual listing fee
schedule, the application of an all-inclusive annual listing fee
schedule to Linked Securities, SEEDS, Other Securities and Exchange
Traded Products, and refinement and clarification of the operation of
certain existing waivers based on the introduction of the all-inclusive
listing fee schedule, Nasdaq believes that this proposed rule change
does not encumber the competition for listings with other listing
venues, which are similarly free to set their fees. Rather, it reflects
the competition among listing venues and will further enhance such
competition.

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 \15\ and Rule 19b-
4(f)(6) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \17\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \18\ 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 asked the Commission to waive the 30-day operative delay so that
its rules may fully reflect completion of the transition to the all-
inclusive annual fee program, thereby providing clarity to this fee
program and making the rule book simpler and more transparent. The
Exchange represents that, as of January 1, 2018, all listed companies
are subject to the all-inclusive annual listing fee program, which has
completely superseded and replaced the standard annual fee. For these
reasons, the Commission believes that waiver of the 30-day operative
delay is consistent with the protection of investors and the public
interest. Therefore, the Commission hereby waives the operative delay
and designates the proposal as operative upon filing.\19\
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    \17\ 17 CFR 240.19b-4(f)(6).
    \18\ 17 CFR 240.19b-4(f)(6)(iii).
    \19\ 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).
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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 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

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2018-092 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2018-092. 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 such 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-NASDAQ-2018-092, and should be submitted
on or before December 17, 2018.
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    \20\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-25736 Filed 11-23-18; 8:45 am]
 BILLING CODE 8011-01-P