[Federal Register Volume 80, Number 174 (Wednesday, September 9, 2015)]
[Notices]
[Pages 54330-54331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-22605]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75813; SR-NYSEArca-2015-02]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change, As
Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Equities Rule
8.600 To Adopt Generic Listing Standards for Managed Fund Shares
September 2, 2015.
On February 17, 2015, 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 to amend NYSE Arca
Equities Rule 8.600 to adopt generic listing standards for Managed Fund
Shares.\3\ The proposed rule change was published for comment in the
Federal Register on March 10, 2015.\4\ The Commission initially
received three comment letters on the proposal.\5\ On April 17, 2015,
pursuant
[[Page 54331]]
to section 19(b)(2) of the Act,\6\ 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.\7\ On June 3,
2015, the Exchange filed Amendment No. 1 to the proposed rule change.
On June 11, 2015, the Commission published a notice of filing of
Amendment No. 1 to the proposed rule change and an order instituting
proceedings under section 19(b)(2)(B) of the Act \8\ to determine
whether to approve or disapprove the proposed rule change, as modified
by Amendment No. 1 thereto.\9\ The Commission subsequently received one
additional comment letter on the proposal.\10\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ The term ``Managed Fund Share'' is defined in NYSE Arca
Equities Rule 8.600(c)(1).
\4\ See Securities Exchange Act Release No. 74433 (Mar. 4,
2015), 80 FR 12690.
\5\ See letter dated March 31, 2015 from Anonymous; letter dated
March 31, 2015 from Dorothy Donohue, Deputy General Counsel,
Securities Regulation, Investment Company Institute, to Brent J.
Fields, Secretary, Commission; and letter dated March 31, 2015 from
Thomas E. Faust Jr., Chairman and Chief Executive Officer, Eaton
Vance Corp., to Brent J. Fields, Secretary, Commission. All comments
to the proposed rule change are available on the Commission's Web
site at http://www.sec.gov/comments/sr-nysearca-2015-02/nysearca201502.shtml.
\6\ 15 U.S.C. 78s(b)(2).
\7\ See Securities Exchange Act Release No. 74755, 80 FR 22762
(Apr. 23, 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 and the comments received. Accordingly, the
Commission designated June 8, 2015 as the date by which it should
approve, disapprove, or institute proceedings to determine whether
to disapprove the proposed rule change.
\8\ 15 U.S.C. 78s(b)(2)(B).
\9\ See Securities Exchange Act Release No. 75115 (Jun. 5, 2015)
80 FR 33309. Specifically, the Commission instituted proceedings to
allow: (a) Commenters to address the sufficiency of the Exchange's
statements in support of the proposal, as modified by Amendment No.
1 thereto; (b) commenters to respond to specific questions posed by
the Commission relating to the proposal, as modified by Amendment
No. 1 thereto; and (c) 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.
\10\ See letter dated July 2, 2015 from E. Russell Ives, Jr.,
President, Ives Associates, Inc., to Brent J. Fields, Secretary,
Commission. See also supra note 5.
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Section 19(b)(2) of the Act \11\ 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 the filing of the proposed rule
change. The Commission may, however, extend the period for issuing an
order approving or disapproving the proposed rule change by not more
than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for that determination. The
proposed rule change was published for notice and comment in the
Federal Register on March 10, 2015.\12\ The 180th day after publication
of the notice of the filing of the proposed rule change in the Federal
Register is September 6, 2015. The 240th day after publication of the
notice of the filing of the proposed rule change in the Federal
Register is November 5, 2015.
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\11\ 15 U.S.C. 78s(b)(2).
\12\ See supra text accompanying note 4.
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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, as modified by Amendment No. 1 thereto, and the issues
raised in the comment letters submitted on the proposed rule change.
Accordingly, the Commission, pursuant to section 19(b)(2) of the
Act,\13\ designates November 5, 2015 as the date by which the
Commission should either approve or disapprove the proposed rule change
(SR-NYSEArca-2015-02).
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\13\ 15 U.S.C. 78s(b)(2).
\14\ 17 CFR 200.30-3(a)(57).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-22605 Filed 9-8-15; 8:45 am]
BILLING CODE 8011-01-P