[Federal Register: July 14, 2008 (Volume 73, Number 135)]
[Notices]
[Page 40356]
[DOCID:fr14jy08-74]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[FEMA-1763-DR]

Iowa; Amendment No. 13 to Notice of a Major Disaster Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Iowa (FEMA-1763-DR), dated May 27, 2008, and related
determinations.

DATES: Effective Date: July 7, 2008.

FOR FURTHER INFORMATION CONTACT: Peggy Miller, Disaster Assistance
Directorate, Federal Emergency Management Agency, 500 C Street, SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Iowa is hereby amended to include the following areas
among those areas determined to have been adversely affected by the
catastrophe declared a major disaster by the President in his
declaration of May 27, 2008.

    Clinton, Decatur, Dubuque, Greene, Keokuk, Pottawattamie, Van
Buren, and Washington Counties for Individual Assistance (already
designated for Public Assistance.)

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidential Declared Disaster Areas; 97.049, Presidential Declared
Disaster Assistance--Disaster Housing Operations for Individuals and
Households; 97.050 Presidential Declared Disaster Assistance to
Individuals and Households--Other Needs, 97.036, Disaster Grants--
Public Assistance (Presidentially Declared Disasters); 97.039,
Hazard Mitigation Grant.)

R. David Paulison,
Administrator, Federal Emergency Management Agency.
[FR Doc. E8-15972 Filed 7-11-08; 8:45 am]

BILLING CODE 9110-10-P


[Federal Register Volume 81, Number 102 (Thursday, May 26, 2016)]
[Notices]
[Pages 33521-33522]
[FR Doc No: 2016-12423]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM93-11-000]

Revisions to Oil Pipeline Regulations Pursuant to the Energy
Policy Act of 1992; Notice of Annual Change in the Producer Price Index
for Finished Goods

    The Commission's regulations include a methodology for oil
pipelines to change their rates through use of an index system that
establishes ceiling levels for such rates. The Commission bases the
index system, found at 18 CFR 342.3, on the annual change in the
Producer Price Index for Finished Goods (PPI-FG), plus one point two
three percent (PPI-FG + 1.23). The Commission determined in an Order
Establishing Index Level,\1\ issued December 17, 2015, that PPI-FG +
1.23 is the appropriate oil pricing index factor for pipelines to use
for the five-year period commencing July 1, 2016.
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    \1\ 153 FERC ] 61,312 at P 52 (2015).
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    The regulations provide that the Commission will publish annually,
an index figure reflecting the final change in the PPI-FG, after the
Bureau of Labor Statistics publishes the final PPI-FG in May of each
calendar year. The annual average PPI-FG index figures were 200.4 for
2014 and 193.9 for 2015.\2\ Thus, the percent change (expressed as a
decimal) in the annual average PPI-FG from 2014 to 2015, plus 1.23
percent, is negative 0.020135.\3\ Oil pipelines must multiply their
July 1, 2015, through June 30, 2016, index ceiling levels by positive
0.979865 \4\ to compute their index ceiling levels for July 1, 2016,
through June 30, 2017, in accordance with 18 CFR 342.3(d). For guidance
in calculating the ceiling levels for each 12-month period beginning
January 1, l995,\5\ see Explorer Pipeline Company, 71 FERC ] 61,416 at
n.6 (1995).
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    \2\ Bureau of Labor Statistics (BLS) publishes the final figure
in mid-May of each year. This figure is publicly available from the
Division of Industrial Prices and Price Indexes of the BLS, at 202-
691-7705, and in print in August in Table 1 of the annual data
supplement to the BLS publication Producer Price Indexes via the
Internet at http://www.bls.gov/ppi/home.htm. To obtain the BLS data,
scroll down to ``PPI Databases'' and click on ``Top Picks'' of the
Commodity Data including ``headline'' FD-ID indexes (Producer Price
Index--PPI). At the next screen, under the heading ``Producer Price
Index Commodity Data,'' select the box, ``Finished goods--
WPUFD49207,'' then scroll to the bottom of this screen and click on
Retrieve data.
    \3\ [193.9 - 200.4]/200.4 =-0.032435 + 0.0123 = -0.020135.
    \4\ 1-0.020135 = 0.979865.
    \5\ For a listing of all prior multipliers issued by the
Commission, see the Commission's Web site, http://www.ferc.gov/industries/oil/gen-info/pipeline-index.asp.
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    In addition to publishing the full text of this Notice in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print this Notice via the Internet through
FERC's Home Page (http://www.ferc.gov) and in FERC's Public Reference
Room during normal business hours (8:30 a.m. to 5:00 p.m. Eastern time)
at 888 First Street NE., Room 2A, Washington, DC 20426. The full text
of this Notice is available on FERC's Home Page at the eLibrary link.
To access this document in eLibrary, type the docket number excluding
the last three digits of this document in the docket number field and
follow other directions on the search page.
    User assistance is available for eLibrary and other aspects of
FERC's

Web site during normal business hours. For assistance, please contact
the Commission's Online Support at 1-866-208-3676 (toll free) or 202-
502-6652 (email at FERCOnlineSupport@ferc.gov), or the Public Reference
Room at<PHONE_NUMBER>, TTY<PHONE_NUMBER>. E-Mail the Public Reference
Room at<EMAIL_ADDRESS>
    Dated: May 19, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-12423 Filed 5-25-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 241 (Tuesday, December 16, 2014)]
[Notices]
[Page 74719]
[FR Doc No: 2014-29304]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL15-26-000]

Consolidated Edison Company of New York, Inc., Orange and
Rockland Utilities, Inc., New York State Electric and Gas Corp.,
Rochester Gas and Electric Corp., and Central Hudson Gas and Electric
Corp., Complainants v. New York Independent System Operator,
Respondent; Notice of Complaint

    Take notice that on December 4, 2014, pursuant to Rule 206 of the
Federal Energy Regulatory Commission's (Commission) Rules of Practice
and Procedure, 18 CFR 385.206, Consolidated Edison Company of New York,
Inc., Orange and Rockland Utilities, Inc., New York State Electric and
Gas Corp., Rochester Gas and Electric Corp. and Central Hudson Gas and
Electric Corp. (collectively, Complainants) filed a complaint against
the New York Independent System Operator (NYISO or Respondent).
Complainants request that the Commission order the Respondent to amend
its buyer-side market mitigation rules found in Section 23 of the
NYISO's Market Services Tariff (Services Tariff) to include a
competitive entry exemption as more fully explained in the complaint.
    The complainants certify that copies of the Complaint were served
on the contacts of the Respondent as listed on the Commission's list of
Corporate Officials.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on December 24, 2014.

    Dated: December 5, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-29304 Filed 12-15-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: July 11, 2006 (Volume 71, Number 132)]
[Notices]
[Page 39084]
[DOCID:fr11jy06-62]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP06-416-000]

Northwest Pipeline Corporation; Notice of Proposed Changes in
FERC Gas Tariff

July 3, 2006.
    Take notice that on June 30, 2006, Northwest Pipeline Corporation
(Northwest) tendered for filing as part of its FERC Gas Tariff, Third
Revised Volume No. 1, the following tariff sheets to become effective
August 1, 2006:

Thirty-First Revised Sheet No. 5.
Third Revised Sheet No. 5-B.
Sixth Revised Sheet No. 5-C.
First Revised Sheet No. 5-D.
Fourteenth Revised Sheet No. 6.
Fifteenth Revised Sheet No. 7.
Seventeenth Revised Sheet No. 8.
Fifteenth Revised Sheet No. 8.1.
Fifth Revised Sheet No. 91.
Third Revised Sheet No. 91-A.

    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed in accordance with the provisions of
Section 154.210 of the Commission's regulations (18 CFR 154.210).
Anyone filing an intervention or protest must serve a copy of that
document on the Applicant. Anyone filing an intervention or protest on
or before the intervention or protest date need not serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible online at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.

Magalie R. Salas,
Secretary.
[FR Doc. E6-10821 Filed 7-10-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 114 (Wednesday, June 13, 2018)]
[Notices]
[Pages 27640-27643]
[FR Doc No: 2018-12649]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83395; File No. SR-NASDAQ-2018-041]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Adopt Listing Standard for Paired Share Units

June 7, 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 May 30, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``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 adopt a listing standard for Paired Share
Units.
    The text of the proposed rule change is set forth below. Proposed
new language is italicized; deleted text is in brackets.
* * * * *

The Nasdaq Stock Market Rules

* * * * *

5225. Listing Requirements for Units (other than Paired Share Units)

    No change.

5226. Paired Share Units

    A ``Paired Share Unit'' is a security consisting of a share of the
common stock of a Company (the ``Parent'') and a share of the common
stock of that Company's controlled subsidiary, which: (1) are attached
together; and (2) only can be traded together as a unit pursuant to a
pairing agreement. Instead of the requirements in Rule 5225 (except as
indicated below), a Paired Share Unit can list on the Nasdaq Global or
Global Select Markets if it meets the following requirements:
    (a) For initial and continued listing, the controlled subsidiary
must be a real estate investment trust (the ``REIT'') and the Parent
must maintain ownership control, including voting control, over the
REIT.
    (b) For initial listing, the Parent and the REIT must each
separately satisfy the entity-level requirements of Rule 5315(f)(3) or
Rule 5405(b) (e.g., the stockholders' equity, income, market
capitalization, assets, revenue and operating history requirements), as
applicable, and the Paired Share Unit must satisfy the security-level
requirements of Rule 5315 or Rule 5405 (e.g., the price, publicly held
shares, holder, market value of publicly held shares and market maker
requirements), as applicable.
    (c) For continued listing, the Parent and the REIT must each
separately satisfy the applicable entity-level requirements of Rule
5450(b) and the Paired Share Unit must satisfy the applicable security-
level requirements of Rules 5450(a) and 5450(b).
    (d) For initial and continued listing, the Parent and the REIT must
each separately satisfy all other requirements of the listing rules
applicable to a Company listing its primary equity security, including,
without limitation, the corporate governance requirements in the Rule
5600 Series.
    (e) For initial and continued listing, the common stock of the
Parent, the common stock of the REIT and the Paired Share Unit must
each be registered pursuant to Section 12(b) of the Act.
    (f) For initial and continued listing, the common stock of the
Parent and the common stock of the REIT, as attached and traded
together in the Paired Share Unit, must be the only securities of each
of the Parent and the REIT available to public investors.
    (g) The provisions of Rules 5225(a)(2) and 5225(a)(3) are
applicable to Paired Share Units.

    (h) In the event the common stock of the REIT becomes separately
tradable from the common stock of the Parent, Nasdaq will immediately
issue a Staff Delisting Determination for the Paired Share Unit
pursuant to Listing Rule 5810(c)(1), and each of the Parent and the
REIT must apply, and each of the Parent and the REIT, and their
respective securities, must separately qualify for initial listing to
remain listed on Nasdaq.
* * * * *

5810. Notification of Deficiency by the Listing Qualifications
Department

    When the Listing Qualifications Department determines that a
Company does not meet a listing standard set forth in the Rule 5000
Series, it will immediately notify the Company of the deficiency. As
explained in more detail below, deficiency notifications are of four
types:
    (1)-(4) No change.
    Notifications of deficiencies that allow for submission of a
compliance plan or an automatic cure or compliance period may result,
after review of the compliance plan or expiration of the cure or
compliance period, in issuance of a Staff Delisting Determination or a
Public Reprimand Letter.
    (a)-(b) No change.

(c) Types of Deficiencies and Notifications

    The type of deficiency at issue determines whether the Company will
be immediately suspended and delisted, or whether it may submit a
compliance plan for review or is entitled to an automatic cure or
compliance period before a Staff Delisting Determination is issued. In
the case of a deficiency not specified below, Staff will issue the
Company a Staff Delisting Determination or a Public Reprimand Letter.

(1) Deficiencies That Immediately Result in a Staff Delisting
Determination

    Staff's notice will inform the Company that its securities are
immediately subject to suspension and delisting when:
     A Company fails to timely solicit proxies;
     an Equity Investment Tracking Stock fails to comply with
the additional continued listing requirements in Rule 5222(c) or a
Staff Delisting Determination has been issued with respect to the
security such Equity Investment Tracking Stock tracks;
     the common stock of the REIT in a Paired Share
Unit listed under Rule 5226 becomes separately tradable from the common
stock of the Parent; or
     Staff has determined, under its discretionary authority in
the Rule 5100 Series, that the Company's continued listing raises a
public interest concern.
    (2)-(4) No change.
    (d) No change.
* * * * *

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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Nasdaq Listing Rule 5225 provides the requirements to list units on
the Nasdaq Stock Market. Listing Rule 5225(a)(1)(C) provides that all
components of a unit listed on the Nasdaq Global or Global Select
Market must be issued by the same issuer.
    Nasdaq notes that in limited circumstances the securities of a
company and its controlled subsidiary are attached and only can be
traded together as a ``Paired Share.'' Nasdaq proposes to adopt new
Listing Rule 5226 to allow the listing of this specific type of unit,
called a Paired Share Unit, on the Nasdaq Global or Global Select
Markets \3\ under limited circumstances, even though one component of
the unit is issued by a controlled subsidiary of the issuer of the
other security in the unit and they are, therefore, not technically
issued by the same issuer.
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    \3\ A Paired Share Unit would not be eligible to list on the
Nasdaq Capital Market.
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    Under the proposed rule, a Paired Share Unit, consisting of a share
of the common stock of a company (the ``Parent'') and a share of the
common stock of that company's controlled subsidiary, which are
attached together and can only be traded together as a unit pursuant to
a pairing agreement, can be listed on the Nasdaq Global or Global
Select Market provided it meets the following requirements.
    First, the controlled subsidiary must be a real estate investment
trust (the ``REIT'') and the Parent must maintain ownership control,
including voting control, over the REIT. Ownership control will be
determined based on an analysis of the facts and circumstances
surrounding the relationship between the Parent and the REIT, but will
require that the Parent control at least a majority (i.e., over 50%) of
the voting power of the REIT. In addition, the common stock of the
Parent and the common stock of the REIT, as attached and traded
together in the Paired Share Unit, must be the only security of each of
the Parent and the REIT available to public investors, and the common
stock of the Parent and the REIT must not trade separately. Thus, an
investment in the Paired Share Unit represents an investment in the
combined company and the only way for a public shareholder to invest in
either company.
    For initial listing, the Parent and the REIT must each separately
satisfy the entity-level requirements of Rule 5315(f)(3) or Rule
5405(b), as applicable, and the Paired Share Unit must satisfy the
security-level requirements of Rule 5315 or Rule 5405, as
applicable.\4\ For continued listing, the Parent and the REIT must each
separately satisfy the entity-level requirements of Rule 5450(b), and
the Paired Share Unit must satisfy the security-level requirements of
Rules 5450(a) and (b). For these purposes the entity-level requirements
include the stockholders' equity, income, market capitalization, asset,
revenue and operating history requirements, and the security-level
requirements include the price, publicly held shares, holder, market
value of publicly held shares and market maker requirements. While the
Parent and the REIT may satisfy different entity-level listing
standards, in such a case the Paired Share Unit must satisfy the higher
security-level requirements of those different standards.\5\ In
addition, for both initial and continued listing, the Parent and the
REIT must each separately satisfy all other requirements of the listing
rules applicable to a Company listing its primary equity security,
including, without limitation,

the corporate governance requirements in the Rule 5600 Series.
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    \4\ The provisions of Rule 5315(b), (c) and (d) would not apply
because neither the Parent nor the REIT would be a closed end
management investment company or a business development company.
    \5\ For example, if the Parent only satisfies the entity-level
requirements of the income standard in Rule 5405(b)(1) and the REIT
only satisfies the entity-level requirements of the market value
standard in Rule 5405(b)(3), the Paired Share Unit must satisfy the
higher market value of publicly held shares and market maker
requirements in Rule 5405(b)(3).
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    While proposed Rule 5226 is a new rule for listing a specific type
of unit on the Nasdaq Global or Global Select Markets, the provisions
of Rule 5225(a)(2), which provides the minimum listing period and
notice of withdrawal requirements for units, and Rule 5225(a)(3), which
provides disclosure requirements for units, are applicable to Paired
Share Units. The other provisions of Rule 5225(a) are either separately
incorporated in the requirements for a Paired Share Unit or are not
applicable. Specifically, the first sentence of Rule 5225(a)(1)(A),
which requires all units to have at least one equity component, is
incorporated in the definition of a Paired Share Unit because a Paired
Share Unit must contain the common stock of the Parent and the REIT.
Rule 5225(a)(1)(B) is not applicable because a Paired Share Unit does
not contain debt components. As described above, the first sentence of
Rule 5225(a)(1)(C) is not applicable because the Paired Share Unit is a
special type of unit, which contains the common stock of a company and
its controlled subsidiary. The remainder of the requirements in Rules
5225(a)(1)(A) and (C) are addressed by the requirements of proposed
Rules 5226(b), (c) and (d) that for initial and continued listing,
respectively, the Parent and the REIT must each separately satisfy the
entity-level requirements and all other requirements applicable to a
company listing its primary equity security, and that the Paired Share
Unit must satisfy the security-level requirements for listing on the
Nasdaq Global or Global Select Market.
    Rule 5225(a)(4), which imposes market maker requirements for units,
is incorporated in the requirement that the Paired Share Unit must
satisfy the highest applicable market maker requirement under the
listing standard that each the Parent and the REIT qualify. The minimum
market maker requirements under any of those standards are at least as
high as in Rule 5225(a)(4): Three market makers for initial listing and
two market makers for continued listing.
    For initial and continued listing, the common stock of the Parent,
the common stock of the REIT and the Paired Share Unit must each be
registered pursuant to Section 12(b) of the Act. Finally, in the event
the common stock of the REIT becomes separately tradable from the
common stock of the Parent, Nasdaq will immediately issue a Staff
Delisting Determination for the Paired Share Unit. Nasdaq proposes to
modify Rule 5810(c)(1) to include this situation in the list of
deficiencies where a company's securities are immediately subject to
suspension and delisting. Each of the Parent and the REIT must apply,
and each of the Parent and the REIT, and their respective securities,
must separately qualify for initial listing to remain listed on Nasdaq.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\6\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\7\ in particular, 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, in general to protect investors and the public interest,
by allowing a unit to list on the Nasdaq Global or Global Select
Markets where it includes the securities of a company and a REIT that
is that company's controlled subsidiary if those entities each
separately satisfy the entity-level listing requirements, the combined
security satisfies the security-specific listing requirements, and the
securities do not trade separately.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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    In these situations, the security to be listed is substantially
similar to a traditional unit in that one of the companies maintains
ownership and voting control of the other, and the proposed rule would
adopt additional protections ensuring that both entities and the
combined security have achieved sufficient size and market interest for
listing on Nasdaq to be appropriate. Under the proposed rule, each
company with securities in the Paired Share Unit must satisfy all
listing requirements applicable to a company listing its primary equity
security on the Nasdaq Global or Global Select Markets and the security
itself must satisfy all applicable requirements for listing as a
primary equity security. In addition, the common stock of the Parent,
the common stock of the REIT and the Paired Share Unit must each be
registered pursuant to Section 12(b) of the Act. Accordingly, the
proposed rule change continues to impose Nasdaq's existing listing
requirements, which are designed protect investors and the public
interest. Further, the additional requirements proposed will supplement
those existing requirements with investor protections designed to
ensure that one company controls the other in the combined security. In
the event the common stock of the REIT becomes separately tradable from
the common stock of the Parent, Nasdaq would immediately issue a Staff
Delisting Determination for the Paired Share Unit, which would be
subject to suspension and delisting. Each of the Parent and the REIT
must apply, and each of the Parent and the REIT, and their respective
securities, must separately qualify for initial listing to remain
listed on Nasdaq. Thus, adopting the proposed rule to address this
unique situation with appropriate investor protections will eliminate
the impediment to listing such a unit on the Nasdaq Global and Global
Select Markets.

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. Nasdaq believes that the New
York Stock Exchange currently lists securities similar to the Paired
Share Unit described in the proposed rule change. Further, other
markets could adopt comparable rules to the extent they believe it
appropriate.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ Because
the 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 and Rule 19b-4(f)(6) thereunder.\10\
    A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally
does not become operative for 30 days after the

date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the
Commission may designate a shorter time if such action is consistent
with the protection of investors and the public interest. In its filing
with the Commission, Nasdaq has asked the Commission to waive the 30-
day operative delay so that the proposal may become operative
immediately upon filing to allow Nasdaq to immediately list units
issued by a company and its controlled subsidiary and compete with
other exchanges for such listing. As noted above, Nasdaq states that
the proposed rule will continue to impose all of the existing listing
requirements applicable to units, supplemented by additional
requirements and investor protections designed to address this specific
type of unit.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 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 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.
    \11\ 17 CFR 240.19b-4(f)(6).
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest
because the Paired Share Units for which Nasdaq proposes to adopt
initial and continued listing requirements are substantially similar to
the traditional units that may be listed pursuant to Nasdaq Rule 5225
and the additional requirements in the proposal address the specific
characteristics of Paired Share Units and how Nasdaq's existing listing
rules will be applied. The Commission notes that a Paired Share Unit
would consist of a share of common stock of a Company and a share of
the common stock of a REIT that is that Company's controlled
subsidiary, which are attached and only can be traded together. The
proposed listing requirements would be substantially similar to
existing listing requirements for units, but with clarification about
how certain aspects will apply to a Paired Share Unit and its
components and additional requirements designed to address issues
relating to this specific type of unit. Therefore, the Commission
designates the proposed rule change operative upon filing.\13\
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    \13\ For purposes only of waiving the operative delay, the
Commission 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 such 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 under
Section 19(b)(2)(B) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \14\ 15 U.S.C. 78s(b)(2)(B).
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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-2018-041 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-NASDAQ-2018-041. 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-2018-041, and should be submitted
on or before July 5, 2018.
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    \15\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12649 Filed 6-12-18; 8:45 am]
 BILLING CODE 8011-01-P