[Federal Register Volume 79, Number 175 (Wednesday, September 10, 2014)]
[Notices]
[Page 53808]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-21520]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72987; File No. SR-NASDAQ-2014-020]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change Relating To Listing and Trading of Exchange-Traded Managed
Fund Shares
September 4, 2014.
On February 26, 2014, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt Nasdaq Rule 5745, which would govern the
listing and trading of Exchange-Traded Managed Fund Shares (``ETMF
Shares''), and to amend related references under Nasdaq Rules 4120,
5615, IM-5615-4, and 5940. The proposed rule change was published for
comment in the Federal Register on March 12, 2014.\3\ The Commission
received four comment letters on the proposal.\4\ On April 23, 2014,
pursuant to Section 19(b)(2) of the Act,\5\ 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.\6\ On June 9,
2014, the Commission instituted proceedings under Section 19(b)(2)(B)
of the Act \7\ to determine whether to approve or disapprove the
proposed rule change.\8\ In response to the Order Instituting
Proceedings, the Commission received one additional comment letter on
the proposal.\9\
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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. 71657 (Mar. 6,
2014), 79 FR 14092.
\4\ See Letters to the Commission from Christopher Davis,
President, Money Management Institute, dated March 27, 2014; Robert
Tull, President, Robert Tull & Co., dated March 31, 2014; Avi
Nachmany, Co-Founder, Director of Research, E.V.P, Strategic
Insight, dated April 1, 2014; and Eric Noll, President and Chief
Executive Officer, ConvergEx Group, LLC, dated April 1, 2014.
\5\ 15 U.S.C. 78s(b)(2).
\6\ See Securities Exchange Act Release No. 72007, 79 FR 24045
(Apr. 29, 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 had sufficient time to consider the
proposed rule change. Accordingly, the Commission designated June
10, 2014 as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 72350, 79 FR 33959
(Jun. 13, 2014) (``Order Instituting Proceedings''). Specifically,
the Commission instituted proceedings to allow for additional
analysis of the proposed rule change's consistency with Section
6(b)(5) of the Act, which requires, among other things, that the
rules of a national securities exchange be ``designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade,'' and ``to protect investors and the
public interest.'' See id.
\9\ See Letter to the Commission from Thomas E. Faust, Jr.,
Chairman and Chief Executive Officer, Eaton Vance Corporation, dated
July 3, 2014.
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Section 19(b)(2) of the Act \10\ 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 March 12, 2014.\11\ The 180th day after publication
of the notice of the filing of the proposed rule change in the Federal
Register is September 8, 2014, and the 240th day after publication of
the notice of the filing of the proposed rule change in the Federal
Register is November 7, 2014.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ See supra note 3 and accompanying text.
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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 the proposed
rule change, including the matters raised in the comment letters to the
proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\12\ designates November 7, 2014 as the date by which the
Commission shall either approve or disapprove the proposed rule change
(File No. SR-NASDAQ-2014-020).
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\12\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-21520 Filed 9-9-14; 8:45 am]
BILLING CODE 8011-01-P