80 FR 12228 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of Eight PIMCO Exchange-Traded Funds

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 44 (March 6, 2015)

Page Range		12228-12228
FR Document		2015-05161
Federal Register, Volume 80 Issue 44 (Friday, March 6, 2015)
[Federal Register Volume 80, Number 44 (Friday, March 6, 2015)]
[Notices]
[Page 12228]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05161]



[[Page 12228]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74407; File No. SR-NYSEArca-2014-89]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 1, To List and Trade Shares of Eight PIMCO 
Exchange-Traded Funds

March 2, 2015.
    On August 15, 2014, 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 list and trade 
shares of the following eight PIMCO exchange-traded funds, pursuant to 
NYSE Arca Equities Rule 8.600: PIMCO StocksPLUS[supreg] Absolute Return 
Exchange-Traded Fund, PIMCO Small Cap StocksPLUS[supreg] AR Strategy 
Exchange-Traded Fund, PIMCO Fundamental IndexPLUS[supreg] AR Exchange-
Traded Fund, PIMCO Small Company Fundamental IndexPLUS[supreg] AR 
Strategy Exchange-Traded Fund, PIMCO EM Fundamental IndexPLUS[supreg] 
AR Strategy Exchange-Traded Fund, PIMCO International Fundamental 
IndexPLUS[supreg] AR Strategy Exchange-Traded Fund, PIMCO EM 
StocksPLUS[supreg] AR Strategy Exchange-Traded Fund, and PIMCO 
International StocksPLUS[supreg] AR Strategy Exchange-Traded Fund 
(Unhedged) (each a ``Fund'' and collectively, the ``Funds''). The 
proposed rule change was published for comment in the Federal Register 
on September 3, 2014.\3\ On October 15, 2014, pursuant to section 
19(b)(2) of the Act,\4\ the Commission designated a longer period 
within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether to 
disapprove the proposed rule change.\5\ On December 1, 2014, the 
Commission instituted proceedings under section 19(b)(2)(B) of the Act 
\6\ to determine whether to approve or disapprove the proposed rule 
change.\7\ On December 23, 2014, the Exchange filed Amendment No. 1 to 
the proposed rule change, which entirely replaced and superseded its 
proposal as originally filed.\8\ The Commission has not received any 
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. 72937 (Aug. 27, 
2014), 79 FR 52385.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 73364, 79 FR 62988 
(Oct. 21, 2014). The Commission designated a longer period within 
which to take action on the proposed rule change and designated 
December 2, 2014 as the date by which it should approve, disapprove, 
or institute proceedings to determine whether to disapprove the 
proposed rule change.
    \6\ 16 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 73706, 79 FR 72223 
(December 5, 2014) (``Order Instituting Proceedings''). In the Order 
Instituting Proceedings, the Commission noted that it was 
instituting proceedings to allow for additional analysis of the 
proposed rule change's consistency with the requirement of 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.
    \8\ In Amendment No. 1, the Exchange: (1) Clarified the 
definition of Fixed Income Instruments; (2) clarified that the types 
of securities and instruments specified as permitted investments may 
be economically tied to foreign countries; (3) clarified that the 
types of securities specified as permitted investments may be 
denominated in foreign currencies; (4) clarified that the Funds may 
invest in OTC foreign currency options contracts; (5) eliminated the 
ability of the Funds to enter into any series of purchase and sale 
contracts; (6) modified the proposal to exclude from the Funds' 
permitted investments variable and floating rate securities and 
floaters and inverse floaters that are not Fixed Income Instruments; 
(7) modified the proposal to provide that a Fund may invest up to 
20% of its total assets in (a) trade claims, (b) junior bank loans, 
(c) exchange-traded and OTC-traded structured products, and (d) 
privately placed and unregistered securities (except that no limit 
will apply to privately placed and unregistered securities that 
satisfy the listing requirements in the Exchange's Rule 5.2(j)(3), 
Commentary .02(a)(6)); and (8) clarified that each Fund may invest 
up to 20% of its total assets in senior bank loans.
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    Section 19(b)(2) of the Act \9\ 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 such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on September 3, 2014,\10\ and the 180th day after 
publication of the notice of the filing of the proposed rule change in 
the Federal Register is March 2, 2015.
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See supra note 3.
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    The Commission finds that it is 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. Accordingly, the 
Commission, pursuant to section 19(b)(2) of the Act,\11\ designates May 
1, 2015 as the date by which the Commission shall either approve or 
disapprove the proposed rule change (File No. SR-NYSEArca-2014-89).
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-05161 Filed 3-5-15; 8:45 am]
 BILLING CODE 8011-01-P
12228 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices

SECURITIES AND EXCHANGE the Act 6 to determine whether to to consider the proposed rule change, as
COMMISSION approve or disapprove the proposed modified by Amendment No. 1.
rule change.7 On December 23, 2014, Accordingly, the Commission, pursuant
[Release No. 34–74407; File No. SR– the Exchange filed Amendment No. 1 to to section 19(b)(2) of the Act,11
NYSEArca–2014–89] the proposed rule change, which designates May 1, 2015 as the date by
Self-Regulatory Organizations; NYSE entirely replaced and superseded its which the Commission shall either
proposal as originally filed.8 The approve or disapprove the proposed
Arca, Inc.; Notice of Designation of a
Commission has not received any rule change (File No. SR–NYSEArca–
Longer Period for Commission Action
comments on the proposed rule change. 2014–89).
on Proceedings To Determine Whether Section 19(b)(2) of the Act 9 provides
To Approve or Disapprove a Proposed For the Commission, by the Division of
that, after initiating disapproval Trading and Markets, pursuant to delegated
Rule Change, as Modified by proceedings, the Commission shall issue
Amendment No. 1, To List and Trade authority.12
an order approving or disapproving the Brent J. Fields,
Shares of Eight PIMCO Exchange- proposed rule change not later than 180
Traded Funds Secretary.
days after the date of publication of
[FR Doc. 2015–05161 Filed 3–5–15; 8:45 am]
March 2, 2015. notice of the filing of the proposed rule
BILLING CODE 8011–01–P
On August 15, 2014, NYSE Arca, Inc. change. The Commission may, however,
(‘‘Exchange’’) filed with the Securities extend the period for issuing an order
and Exchange Commission approving or disapproving the proposed SECURITIES AND EXCHANGE
(‘‘Commission’’), pursuant to section rule change by not more than 60 days COMMISSION
19(b)(1) of the Securities Exchange Act if the Commission determines that a
longer period is appropriate and [Release No. 34–74405; File No. SR–NYSE–
of 1934 (‘‘Act’’) 1 and Rule 19b–4 2015–08]
thereunder,2 a proposed rule change to publishes the reasons for such
list and trade shares of the following determination. The proposed rule
Self-Regulatory Organizations; New
eight PIMCO exchange-traded funds, change was published for notice and
York Stock Exchange LLC; Notice of
pursuant to NYSE Arca Equities Rule comment in the Federal Register on
Filing and Immediate Effectiveness of
8.600: PIMCO StocksPLUS® Absolute September 3, 2014,10 and the 180th day
Proposed Rule Change Amending Its
Return Exchange-Traded Fund, PIMCO after publication of the notice of the
Price List
Small Cap StocksPLUS® AR Strategy filing of the proposed rule change in the
Exchange-Traded Fund, PIMCO Federal Register is March 2, 2015. March 2, 2015.
The Commission finds that it is Pursuant to section 19(b)(1) 1 of the
Fundamental IndexPLUS® AR
appropriate to designate a longer period Securities Exchange Act of 1934
Exchange-Traded Fund, PIMCO Small
within which to issue an order (‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Company Fundamental IndexPLUS® AR
approving or disapproving the proposed notice is hereby given that on February
Strategy Exchange-Traded Fund, PIMCO
rule change so that it has sufficient time 26, 2015, New York Stock Exchange
EM Fundamental IndexPLUS® AR
Strategy Exchange-Traded Fund, PIMCO LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
6 16 U.S.C. 78s(b)(2)(B).
International Fundamental IndexPLUS® the Securities and Exchange
7 See Securities Exchange Act Release No. 73706,
AR Strategy Exchange-Traded Fund, 79 FR 72223 (December 5, 2014) (‘‘Order Instituting
Commission (‘‘Commission’’) the
PIMCO EM StocksPLUS® AR Strategy Proceedings’’). In the Order Instituting Proceedings, proposed rule change as described in
Exchange-Traded Fund, and PIMCO the Commission noted that it was instituting Items I, II, and III below, which Items
proceedings to allow for additional analysis of the have been prepared by the self-
International StocksPLUS® AR Strategy proposed rule change’s consistency with the
Exchange-Traded Fund (Unhedged) requirement of Section (6)(b)(5) of the Act, which
regulatory organization. The
(each a ‘‘Fund’’ and collectively, the requires, among other things, that the rules of a Commission is publishing this notice to
‘‘Funds’’). The proposed rule change national securities exchange be designed to prevent solicit comments on the proposed rule
fraudulent and manipulative acts and practices, to change from interested persons.
was published for comment in the promote just and equitable principles of trade, and
Federal Register on September 3, 2014.3 to protect investors and the public interest. I. Self-Regulatory Organization’s
On October 15, 2014, pursuant to 8 In Amendment No. 1, the Exchange: (1) Clarified
Statement of the Terms of Substance of
section 19(b)(2) of the Act,4 the the definition of Fixed Income Instruments; (2) the Proposed Rule Change
Commission designated a longer period clarified that the types of securities and instruments
specified as permitted investments may be The Exchange proposes to amend its
within which to approve the proposed economically tied to foreign countries; (3) clarified Price List to (1) revise credits applicable
rule change, disapprove the proposed that the types of securities specified as permitted
to certain Designated Market Maker
rule change, or institute proceedings to investments may be denominated in foreign
currencies; (4) clarified that the Funds may invest transactions, and (2) revise the credits
determine whether to disapprove the
in OTC foreign currency options contracts; (5) for Supplemental Liquidity Providers.
proposed rule change.5 On December 1, eliminated the ability of the Funds to enter into any The Exchange also proposes to amend
2014, the Commission instituted series of purchase and sale contracts; (6) modified
its Price List to remove certain trading
proceedings under section 19(b)(2)(B) of the proposal to exclude from the Funds’ permitted
investments variable and floating rate securities and license fees that expire on February 27,
1 15
floaters and inverse floaters that are not Fixed 2015. The Exchange proposes to
U.S.C. 78s(b)(1). Income Instruments; (7) modified the proposal to
2 17 CFR 240.19b–4.
implement the fee change effective
provide that a Fund may invest up to 20% of its
3 See Securities Exchange Act Release No. 72937 total assets in (a) trade claims, (b) junior bank loans, March 1, 2015. The text of the proposed
(Aug. 27, 2014), 79 FR 52385. (c) exchange-traded and OTC-traded structured rule change is available on the
mstockstill on DSK4VPTVN1PROD with NOTICES

4 15 U.S.C. 78s(b)(2). products, and (d) privately placed and unregistered Exchange’s Web site at www.nyse.com,
5 See Securities Exchange Act Release No. 73364, securities (except that no limit will apply to at the principal office of the Exchange,
79 FR 62988 (Oct. 21, 2014). The Commission privately placed and unregistered securities that
designated a longer period within which to take satisfy the listing requirements in the Exchange’s
11 15 U.S.C. 78s(b)(2).
action on the proposed rule change and designated Rule 5.2(j)(3), Commentary .02(a)(6)); and (8)
12 17 CFR 200.30–3(a)(57).
December 2, 2014 as the date by which it should clarified that each Fund may invest up to 20% of
its total assets in senior bank loans. 1 15 U.S.C. 78s(b)(1).
approve, disapprove, or institute proceedings to
9 15 U.S.C. 78s(b)(2). 2 15 U.S.C. 78a.
determine whether to disapprove the proposed rule
change. 10 See supra note 3. 3 17 CFR 240.19b–4.

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Document Created: 2018-02-21 09:33:38
Document Modified: 2018-02-21 09:33:38
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 12228