[Federal Register Volume 79, Number 102 (Wednesday, May 28, 2014)]
[Notices]
[Pages 30680-30681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-12230]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72216; File No. SR-NYSEArca-2013-122]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove Proposed Rule Change, as
Modified by Amendment No. 2 Thereto, Relating to the Use of Derivative
Instruments by PIMCO Total Return Exchange Traded Fund
May 21, 2014.
On November 6, 2013, NYSE Arca, Inc. (``Exchange'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change relating to the
use of derivative instruments by the PIMCO Total Return Exchange Traded
Fund (``Fund''). The proposed rule change was published for comment in
the Federal Register on November 26, 2013.\3\ On January 9, 2014,
pursuant to Section 19(b)(2) of the Act,\4\ the Commission designated a
longer period within which to either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\5\ On
February 24, 2014, the Commission instituted proceedings to determine
whether to approve or disapprove the proposed rule change.\6\ On April
15, 2014, the Exchange submitted Amendment Nos. 1 and 2 to
[[Page 30681]]
the proposed rule change.\7\ The Commission received no comments on the
proposed rule change.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 70905 (Nov. 20,
2013), 78 FR 70610 (``Notice'').
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 71271, 79 FR 2736
(Jan. 15, 2014). The Commission determined that it was appropriate
to designate a longer period within which to take action on the
proposed rule change so that it has sufficient time to consider the
proposed rule change. Accordingly, the Commission designated
February 24, 2014 as the date by which it should approve,
disapprove, or institute proceedings to determine whether to
disapprove the proposed rule change.
\6\ See Securities Exchange Act Release No. 71606, 79 FR 11486
(Feb. 28, 2014).
\7\ The Exchange submitted and subsequently withdrew Amendment
No. 1 to the proposed rule change. In Amendment No. 2, the Exchange
provided additional details describing how the contents of the
portfolio composition of the Fund would be disclosed on a daily
basis. Specifically, the Fund will disclose on the Fund's Web site
the following information regarding each portfolio holding, as
applicable to the type of holding: ticker symbol, CUSIP number or
other identifier, if any; a description of the holding (including
the type of holding, such as the type of swap); the identity of the
security, commodity, index or other asset or instrument underlying
the holding, if any; for options, the option strike price; quantity
held (as measured by, for example, par value, notional value or
number of shares, contracts or units); maturity date, if any; coupon
rate, if any; effective date, if any; market value of the holding;
and the percentage weighting of the holding in the Fund's portfolio.
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Section 19(b)(2) of the Act \8\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on November 26, 2013. May 25, 2014 is 180 days from
that date, and July 24, 2014 is 240 days from that date.
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\8\ 15 U.S.C. 78s(b)(2).
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider this proposed
rule change. The proposed rule change would, among other things, permit
the continued listing and trading of shares of the Fund that seeks to
invest in certain derivative instruments, including forwards, exchange-
traded and over-the-counter options contracts, exchange-traded futures
contracts, options on futures contracts, and swap agreements.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\9\ designates July 24, 2014 as the date by which the Commission
should either approve or disapprove the proposed rule change (File
Number SR-NYSEArca-2013-122), as modified by Amendment No. 2 thereto.
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\9\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-12230 Filed 5-27-14; 8:45 am]
BILLING CODE 8011-01-P