80 FR 16047 - 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 Thereto, Relating To Listing and Trading of Shares of the SPDR SSgA Global Managed Volatility ETF Under NYSE Arca Equities Rule 8.600

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 58 (March 26, 2015)

Page Range		16047-16047
FR Document		2015-06892

Federal Register, Volume 80 Issue 58 (Thursday, March 26, 2015)

[Federal Register Volume 80, Number 58 (Thursday, March 26, 2015)]
[Notices]
[Page 16047]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-06892]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74559; File No. SR-NYSEArca-2014-100]


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 Thereto, Relating To Listing and Trading of 
Shares of the SPDR SSgA Global Managed Volatility ETF Under NYSE Arca 
Equities Rule 8.600

March 20, 2015.
    On September 5, 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 SPDR SSgA Global Managed Volatility ETF (``Fund'') under 
NYSE Arca Equities Rule 8.600. The proposed rule change was published 
for comment in the Federal Register on September 24, 2014.\3\ On 
November 4, 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 22, 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\ In the Order 
Instituting Proceedings, the Commission solicited responses to 
specified matters related to the proposal.\8\ The Commission received 
no comment letters on the proposed rule change. The Exchange 
subsequently filed Amendment No. 1 to the proposed rule change.\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. 73141 (Sept. 18, 
2014), 79 FR 57161 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 73515, 79 FR 66758 
(Nov. 10, 2014). The Commission designated a longer period within 
which to take action on the proposed rule change and designated 
December 23, 2014 as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 73914, 79 FR 78524 
(Dec. 30, 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., 79 FR at 78530.
    \8\ See id. (specifically soliciting comment on the statements 
of the Exchange contained in the Notice, including the statements 
made in connection with information sharing procedures with respect 
to certain non-U.S. equity security holdings and the Exchange's 
arguments regarding the applicability of the definition of 
``Actively-Traded Securities'' under Regulation M (``Reg M'')).
    \9\ See Letter from Martha Redding, Senior Counsel and Assistant 
Secretary, New York Stock Exchange, to Kevin M. O'Neill, Deputy 
Secretary, Commission (dated Jan. 22, 2015). Amendment No. 1 
replaces and supersedes SR-NYSEArca-2014-100 in its entirety as 
originally filed. In Amendment No. 1, the Exchange: (a) Deletes the 
statement in the original filing that the exchange-listed and traded 
equity securities in which the Fund's portfolio would be permitted 
to invest would be limited to: (1) Equity securities that trade in 
markets that are members of the Intermarket Surveillance Group 
(``ISG'') or are parties to a comprehensive surveillance sharing 
agreement (``CSSA'') with the Exchange, or (2) ``Actively-Traded 
Securities'' as defined in Reg M under the Act that are traded on 
U.S. and non-U.S. exchanges with last sale reporting; (b) represents 
that the Fund's non-U.S. equity securities holdings will be subject 
quantitative criteria that are substantially identical to the 
``generic'' listing criteria in NYSE Arca Equities Rule 5.2(j)(3), 
Commentary .01(a)(B), relating to an index or portfolio of U.S. and 
non-U.S. stocks underlying a series of Investment Company Units; and 
(c) deletes discussion relating to information sharing procedures in 
the absence of CSSAs with, or ISG membership of, markets on which 
``Actively-Traded Securities'' are listed or traded.
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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 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 24, 2014.\11\ The 180th day after 
publication of the notice of the filing of the proposed rule change in 
the Federal Register is March 23, 2015.
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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 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 thereto.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\12\ designates May 7, 2015, as the date by which the Commission 
shall either approve or disapprove the proposed rule change, as 
modified by Amendment No. 1 thereto (File No. SR-NYSEArca-2014-100).
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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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Brent J. Fields,
Secretary.
[FR Doc. 2015-06892 Filed 3-25-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 58 / Thursday, March 26, 2015 / Notices 16047

6(b)(5) of the Act,10 which requires, Global Managed Volatility ETF Section 19(b)(2) of the Act 10 provides
among other things, that the rules of a (‘‘Fund’’) under NYSE Arca Equities that, after initiating disapproval
national securities exchange be Rule 8.600. The proposed rule change proceedings, the Commission shall issue
designed to prevent fraudulent and was published for comment in the an order approving or disapproving the
manipulative acts and practices, to Federal Register on September 24, proposed rule change not later than 180
promote just and equitable principles of 2014.3 On November 4, 2014, pursuant days after the date of publication of
trade, to remove impediments to and to Section 19(b)(2) of the Act,4 the notice of the filing of the proposed rule
perfect the mechanism of a free and Commission designated a longer period change. The Commission may, however,
open market and a national market within which to approve the proposed extend the period for issuing an order
system, and, in general, to protect rule change, disapprove the proposed
approving or disapproving the proposed
investors and the public interest. The rule change, or institute proceedings to
rule change by not more than 60 days
Commission notes that the proposed determine whether to disapprove the
rule change maintains the current if the Commission determines that a
proposed rule change.5 On December
allocation and priority rules for open 22, 2014, the Commission instituted longer period is appropriate and
outcry trading, including the complex proceedings under Section 19(b)(2)(B) of publishes the reasons for such
order priority exception, and that any the Act 6 to determine whether to determination. The proposed rule
orders represented to the crowd at a approve or disapprove the proposed change was published for notice and
customer’s total order price will execute rule change.7 In the Order Instituting comment in the Federal Register on
in accordance with the Exchange’s Proceedings, the Commission solicited September 24, 2014.11 The 180th day
current allocation and priority rules.11 responses to specified matters related to after publication of the notice of the
Further, the Commission notes that the proposal.8 The Commission received filing of the proposed rule change in the
orders represented to the crowd at a no comment letters on the proposed rule Federal Register is March 23, 2015.
customer’s order price will be executed change. The Exchange subsequently The Commission finds that it is
at the applicable increment for the class filed Amendment No. 1 to the proposed appropriate to designate a longer period
(or the complex order minimum rule change.9 within which to issue an order
increment if eligible) and in accordance approving or disapproving the proposed
with all other pricing rules.12 3 See Securities Exchange Act Release No. 73141
rule change so that it has sufficient time
(Sept. 18, 2014), 79 FR 57161 (‘‘Notice’’).
For the Commission, by the Division of 4 15 U.S.C. 78s(b)(2). to consider the proposed rule change, as
Trading and Markets, pursuant to delegated 5 See Securities Exchange Act Release No. 73515, modified by Amendment No. 1 thereto.
authority.13 79 FR 66758 (Nov. 10, 2014). The Commission
Brent J. Fields, designated a longer period within which to take Accordingly, the Commission,
Secretary. action on the proposed rule change and designated pursuant to Section 19(b)(2) of the
December 23, 2014 as the date by which it should Act,12 designates May 7, 2015, as the
[FR Doc. 2015–06886 Filed 3–25–15; 8:45 am] approve, disapprove, or institute proceedings to
BILLING CODE 8011–01–P determine whether to disapprove the proposed rule
date by which the Commission shall
change. either approve or disapprove the
6 15 U.S.C. 78s(b)(2)(B). proposed rule change, as modified by
SECURITIES AND EXCHANGE 7 See Securities Exchange Act Release No. 73914,
Amendment No. 1 thereto (File No. SR–
79 FR 78524 (Dec. 30, 2014) (‘‘Order Instituting
COMMISSION Proceedings’’). Specifically, the Commission
NYSEArca–2014–100).
[Release No. 34–74559; File No. SR– instituted proceedings to allow for additional For the Commission, by the Division of
analysis of the proposed rule change’s consistency Trading and Markets, pursuant to delegated
NYSEArca–2014–100]
with Section 6(b)(5) of the Act, which requires,
among other things, that the rules of a national authority.13
Self-Regulatory Organizations; NYSE securities exchange be ‘‘designed to prevent Brent J. Fields,
Arca, Inc.; Notice of Designation of a fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade,’’ and Secretary.
Longer Period for Commission Action
‘‘to protect investors and the public interest.’’ See [FR Doc. 2015–06892 Filed 3–25–15; 8:45 am]
on Proceedings To Determine Whether id., 79 FR at 78530.
To Approve or Disapprove a Proposed 8 See id. (specifically soliciting comment on the
BILLING CODE 8011–01–P

Rule Change, as Modified by statements of the Exchange contained in the Notice,
Amendment No. 1 Thereto, Relating To including the statements made in connection with
Listing and Trading of Shares of the information sharing procedures with respect to
certain non-U.S. equity security holdings and the
SPDR SSgA Global Managed Volatility Exchange’s arguments regarding the applicability of
ETF Under NYSE Arca Equities Rule the definition of ‘‘Actively-Traded Securities’’
8.600 under Regulation M (‘‘Reg M’’)).
9 See Letter from Martha Redding, Senior Counsel

March 20, 2015. and Assistant Secretary, New York Stock Exchange,
On September 5, 2014, NYSE Arca, to Kevin M. O’Neill, Deputy Secretary, Commission
(dated Jan. 22, 2015). Amendment No. 1 replaces
Inc. (‘‘Exchange’’) filed with the and supersedes SR–NYSEArca–2014–100 in its
Securities and Exchange Commission entirety as originally filed. In Amendment No. 1, to the ‘‘generic’’ listing criteria in NYSE Arca
(‘‘Commission’’), pursuant to Section the Exchange: (a) Deletes the statement in the Equities Rule 5.2(j)(3), Commentary .01(a)(B),
19(b)(1) of the Securities Exchange Act original filing that the exchange-listed and traded
relating to an index or portfolio of U.S. and non-
equity securities in which the Fund’s portfolio
of 1934 (‘‘Act’’) 1 and Rule 19b–4 would be permitted to invest would be limited to: U.S. stocks underlying a series of Investment
thereunder,2 a proposed rule change to (1) Equity securities that trade in markets that are Company Units; and (c) deletes discussion relating
mstockstill on DSK4VPTVN1PROD with NOTICES

list and trade shares of the SPDR SSgA members of the Intermarket Surveillance Group to information sharing procedures in the absence of
(‘‘ISG’’) or are parties to a comprehensive CSSAs with, or ISG membership of, markets on
10 15 U.S.C. 78f(b)(5). surveillance sharing agreement (‘‘CSSA’’) with the which ‘‘Actively-Traded Securities’’ are listed or
11 See Exchange, or (2) ‘‘Actively-Traded Securities’’ as traded.
Notice, supra note 3, at 7517.
12 Id.
defined in Reg M under the Act that are traded on 10 15 U.S.C. 78s(b)(2).
U.S. and non-U.S. exchanges with last sale 11 See supra note 3 and accompanying text.
13 17 CFR 200.30–3(a)(12). reporting; (b) represents that the Fund’s non-U.S.
1 15 12 15 U.S.C. 78s(b)(2).
U.S.C. 78s(b)(1). equity securities holdings will be subject
2 17 CFR 240.19b–4. quantitative criteria that are substantially identical 13 17 CFR 200.30–3(a)(57).

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Document Created: 2015-12-18 11:46:29
Document Modified: 2015-12-18 11:46:29

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 16047