[Federal Register Volume 80, Number 21 (Monday, February 2, 2015)]
[Notices]
[Pages 5597-5598]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-01867]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74150; File No. SR-MIAX-2014-39)
Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Designation of a Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To List and Trade Options on Shares of the Market
Vectors ETFs
January 27, 2015.
On July 28, 2014, Miami International Securities Exchange LLC
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange
Commission (``Commission''), pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (``Exchange Act'' or ``Act'') \1\ and
Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade
options on shares of the Market Vectors Brazil Small-Cap ETF, Market
Vectors Indonesia Index ETF, Market Vectors Poland ETF, and Market
Vectors Russia ETF (collectively ``Market Vectors ETFs''). The proposed
rule change was published for comment in the Federal Register on August
12, 2014.\3\ On September 25, 2014, the Commission instituted
proceedings to determine whether to approve or disapprove the proposed
rule change.\4\ The Commission received a letter from MIAX on the
proposal.\5\
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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. 72777 (August 6,
2014), 79 FR 47165 (SR-MIAX-2014-39) (``Market Vectors ETFs
Proposal'').
\4\ See Securities Exchange Act Release No. 73212 (September 25,
2014), 79 FR 59332 (October 1, 2014).
\5\ See Letter to Elizabeth M. Murphy, Secretary, Commission,
from Brian O'Neill, Vice President and Senior Counsel, MIAX, dated
October 22, 2014 (providing comment on SR-MIAX-2014-30 and SR-MIAX-
2014-39) (``MIAX Letter'').
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Section 19(b)(2) of the Act \6\ 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. In this
case, the proposed rule change was published for notice and comment in
the Federal
[[Page 5598]]
Register on August 12, 2014. February 8, 2015, is 180 days from that
date, and April 9, 2015, is 240 days from that date.
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\6\ 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 evaluate the proposed
rule change and whether it is consistent with the Act.\7\ The proposed
rule change would allow the Exchange to list for trading on the
Exchange options on shares of the Market Vectors ETFs without
satisfying the Exchange's listing standards, which require, in part,
that the component securities of an index or portfolio of securities on
which the Exchange Traded Fund Shares are based for which the primary
market is in any one country that is not subject to a comprehensive
surveillance sharing agreement do not represent 20% or more of the
weight of the index.\8\
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\7\ The Commission notes that MIAX also submitted a similar
proposed rule change to list and trade options on shares of certain
iShares ETFs. See Securities Exchange Act Release No. 72492 (June
27, 2014), 79 FR 38099 (July 3, 2014) (MIAX-2014-30). The Commission
similarly designated a longer period for Commission action on
proceedings to determine whether to approve or disapprove that
proposed rule change as well. See Securities Exchange Act Release
No. 73856 (December 17, 2014), 79 FR 77075 (December 23, 2014).
\8\ See MIAX Rule 402(i)(5)(ii)(B). The Exchange represents that
each of the Market Vectors ETFs are comprised of component
securities for which the primary market is a single foreign market,
and that, for each ETF, MIAX does not have a CSSA with its foreign
counterpart in the applicable foreign market.
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Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\9\ designates April 9, 2015, as the date by which the Commission
shall either approve or disapprove the proposed rule change (File No.
SR-MIAX-2014-39).
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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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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-01867 Filed 1-30-15; 8:45 am]
BILLING CODE 8011-01-P