80 FR 18896 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Specify That a Member Organization May Request That the Exchange Aggregate Its Eligible Activity With Activity of the Member Organization's Affiliates for Purposes of Charges or Credits Based on Volume
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 67 (April 8, 2015)
Federal Register Volume 80, Issue 67 (April 8, 2015)
| Page Range | 18896-18898 | |
| FR Document | 2015-07969 |
[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)] [Notices] [Pages 18896-18898] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07969] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74641; File No. SR-NYSEMKT-2015-20] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Specify That a Member Organization May Request That the Exchange Aggregate Its Eligible Activity With Activity of the Member Organization's Affiliates for Purposes of Charges or Credits Based on Volume April 2, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on March 25, 2015, NYSE MKT LLC (``NYSE MKT'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C.78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend its Price List to specify that a member organization may request that the Exchange aggregate its eligible activity with activity of the member organization's affiliates for purposes of charges or credits based on volume. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend its Price List to specify that member organizations may request that the Exchange aggregate their eligible activity with activity of member organization's affiliates for purposes of charges or credits based on volume. The proposed rule change is based on NASDAQ Stock Market LLC (``NASDAQ'') Rule 7027, NASDAQ Options Market LLC (``NOM'') Rules at Chapter XV, and the NASDAQ OMX PHLX LLC (``PHLX'') Pricing Schedule.\4\ --------------------------------------------------------------------------- \4\ Effective December 1, 2014, NASDAQ amended Rule 7027 to harmonize the treatment of aggregation of affiliate activity of affiliated members to be consistent with the rules governing NOM and PHLX. See Securities Exchange Act Release No. 72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014) (SR-NASDAQ-2014-083). NOM and PHLX also amended their respective rules to harmonize the process by which it collects information from its members for purposes of aggregating member activity between its equity and options markets. See Securities Exchange Act Release Nos. 72967 (Sept. 2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR-NASDAQ-2014-082) and 72969 (Sept. 3, 2014), 79 FR 53485 (Sept. 9, 2014) (SR-PHLX-2014-56). --------------------------------------------------------------------------- As proposed, for purposes of applying any provision of the Exchange's Price List where the charge assessed, or credit provided, by the Exchange depends on the volume of a member organization's activity, a member organization may request that the Exchange aggregate its eligible activity with activity of such member organization's affiliates. The Exchange further proposes that a member organization requesting aggregation of eligible affiliate activity would be required to (1) certify to the Exchange the affiliate status of member organizations whose activity it seeks to aggregate prior to receiving approval for aggregation, and (2) inform the Exchange immediately of any event that causes an entity to cease being an affiliate. The Exchange would review available information regarding the entities and reserves the right to request additional information to verify the affiliate status of an entity. As further proposed, the Exchange would approve a request, unless it determines that the certificate is not accurate.\5\ --------------------------------------------------------------------------- \5\ See NASDAQ Rule 7027(a)(1). --------------------------------------------------------------------------- The Exchange also proposes that if two or more member organizations become affiliated on or prior to the sixteenth day of a month, and submit the required request for aggregation on or prior to the twenty- second day of the month, an approval of the request would be deemed to be effective as of the first day of that month. If two or more member organizations become affiliated after the sixteenth day of a month, or submit a request for aggregation after the twenty second day of the month, an approval of the request would be deemed to be effective as of the first day of the next calendar month.\6\ The Exchange believes that this requirement, which is also similar to requirements of other exchanges,\7\ would be a fair and objective way to apply the aggregation rule to fees and streamline the billing process. --------------------------------------------------------------------------- \6\ See NASDAQ Rule 7027(a)(2). \7\ See supra note 4. --------------------------------------------------------------------------- The Exchange further proposes to provide that for purposes of applying any provision of the Price List where the charge assessed, or credit provided, by the Exchange depends upon the volume of a member organization's activity, references to an entity would be deemed to include the entity and its affiliates that have been approved for aggregation.\8\ The Exchange notes that its designated market makers (``DMM'') are subject to specified pricing on the Price List. For purposes of the Price List, a DMM may not aggregate its volume either with other units within the same member organization or affiliates of the member organization operating the DMM unit. In addition, the Exchange proposes to provide that member organizations may not aggregate volume where the Price List specifies that aggregation is not permitted.\9\ --------------------------------------------------------------------------- \8\ See supra note 5. \9\ For example, the Price List specifies whether quoting and trading activity relating to Supplemental Liquidity Provider activity may be aggregated. --------------------------------------------------------------------------- [[Page 18897]] Finally, the Exchange proposes that for purposes of the Price List, the term ``affiliate'' would mean any member organization under 75% common ownership or control of that member organization.\10\ --------------------------------------------------------------------------- \10\ See NASDAQ Rule 7027(c). --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\11\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among member organizations and issuers and other persons using any facility or system with [sic] the Exchange operates or controls and because it is designed to prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange further believes that the proposed rule change is reasonable because it establishes a manner for the Exchange to treat affiliated member organizations for purposes of assessing charges or credits that are based on volume. The provision is equitable because all member organizations seeking to aggregate their activity are subject to the same parameters, in accordance with a standard that recognizes an affiliation as of the month's beginning or close in time to when the affiliation occurs, provided the member organization submits a timely request. Moreover, the proposed billing aggregation language, which would lower the Exchange's administrative burden, is substantially similar to aggregation language adopted by other exchanges.\13\ --------------------------------------------------------------------------- \13\ See supra note 4. --------------------------------------------------------------------------- The Exchange further notes that the proposal would serve to reduce disparity of treatment between member organizations with regard to the pricing of different services and reduce any potential for confusion on how activity can be aggregated. The Exchange believes that the proposed rule change avoids disparate treatment of member organizations that have divided their various business activities between separate corporate entities as compared to member organizations that operate those business activities within a single corporate entity. The Exchange further notes that the proposed rule change is reasonable and is designed to remove impediments to and perfect the mechanism of a free and open market by harmonizing the manner by which the Exchanges permits member organizations to aggregate volume with other exchanges. In particular, the Exchange notes that NASDAQ, PHLX and BX all have the same standard that the Exchange is proposing to adopt. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\14\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As stated above, the proposed rule change, which applies equally to all member organizations, is intended to reduce the Exchange's administrative burden in applying volume price discounts for firms which have requested aggregation with that of an affiliate member organization, and is substantially similar to rules adopted by other exchanges. Because the market for order execution and routing is extremely competitive, member organizations may readily opt to disfavor the Exchange if they believe that alternatives offer them better value. The Exchange does not believe the proposed changes will impair the ability of member organizations or competing order execution venues to maintain their competitive standing in the financial markets. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing rule does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, provided that the self-regulatory organization has given the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change or such shorter time as designated by the Commission,\15\ the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\ --------------------------------------------------------------------------- \15\ The Exchange has fulfilled this requirement. \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEMKT-2015-20 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEMKT-2015-20. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and [[Page 18898]] printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available for inspection and copying at the NYSE's principal office and on its Internet Web site at www.nyse.com. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEMKT-2015-20 and should be submitted on or before April 29, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2015-07969 Filed 4-7-15; 8:45 am] BILLING CODE 8011-01-P
![18896 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
Washington, DC 20549 on official with activity of the member aggregation of eligible affiliate activity
business days between the hours of organization’s affiliates for purposes of would be required to (1) certify to the
10:00 a.m. and 3:00 p.m. Copies of such charges or credits based on volume. The Exchange the affiliate status of member
filing also will be available for text of the proposed rule change is organizations whose activity it seeks to
inspection and copying at the principal available on the Exchange’s Web site at aggregate prior to receiving approval for
office of the Exchange. All comments www.nyse.com, at the principal office of aggregation, and (2) inform the
received will be posted without change; the Exchange, and at the Commission’s Exchange immediately of any event that
the Commission does not edit personal Public Reference Room. causes an entity to cease being an
identifying information from affiliate. The Exchange would review
submissions. You should submit only II. Self-Regulatory Organization’s
available information regarding the
information that you wish to make Statement of the Purpose of, and
entities and reserves the right to request
available publicly. All submissions Statutory Basis for, the Proposed Rule
additional information to verify the
should refer to File Number SR–MIAX– Change
affiliate status of an entity. As further
2015–25, and should be submitted on or In its filing with the Commission, the proposed, the Exchange would approve
before April 29, 2015. self-regulatory organization included a request, unless it determines that the
For the Commission, by the Division of statements concerning the purpose of, certificate is not accurate.5
Trading and Markets, pursuant to delegated and basis for, the proposed rule change The Exchange also proposes that if
authority.10 and discussed any comments it received two or more member organizations
Brent J. Fields, on the proposed rule change. The text become affiliated on or prior to the
Secretary. of those statements may be examined at sixteenth day of a month, and submit
[FR Doc. 2015–07961 Filed 4–7–15; 8:45 am]
the places specified in Item IV below. the required request for aggregation on
BILLING CODE 8011–01–P
The Exchange has prepared summaries, or prior to the twenty-second day of the
set forth in sections A, B, and C below, month, an approval of the request
of the most significant parts of such would be deemed to be effective as of
SECURITIES AND EXCHANGE statements. the first day of that month. If two or
COMMISSION A. Self-Regulatory Organization’s more member organizations become
[Release No. 34–74641; File No. SR– Statement of the Purpose of, and the affiliated after the sixteenth day of a
NYSEMKT–2015–20] Statutory Basis for, the Proposed Rule month, or submit a request for
Change aggregation after the twenty second day
Self-Regulatory Organizations; NYSE of the month, an approval of the request
MKT LLC; Notice of Filing and 1. Purpose would be deemed to be effective as of
Immediate Effectiveness of Proposed The Exchange proposes to amend its the first day of the next calendar
Rule Change Amending Its Price List Price List to specify that member month.6 The Exchange believes that this
To Specify That a Member organizations may request that the requirement, which is also similar to
Organization May Request That the Exchange aggregate their eligible requirements of other exchanges,7
Exchange Aggregate Its Eligible activity with activity of member would be a fair and objective way to
Activity With Activity of the Member organization’s affiliates for purposes of apply the aggregation rule to fees and
Organization’s Affiliates for Purposes charges or credits based on volume. The streamline the billing process.
of Charges or Credits Based on proposed rule change is based on The Exchange further proposes to
Volume NASDAQ Stock Market LLC provide that for purposes of applying
(‘‘NASDAQ’’) Rule 7027, NASDAQ any provision of the Price List where the
April 2, 2015. Options Market LLC (‘‘NOM’’) Rules at charge assessed, or credit provided, by
Pursuant to Section 19(b)(1) 1 of the Chapter XV, and the NASDAQ OMX the Exchange depends upon the volume
Securities Exchange Act of 1934 (the PHLX LLC (‘‘PHLX’’) Pricing Schedule.4 of a member organization’s activity,
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 As proposed, for purposes of applying references to an entity would be deemed
notice is hereby given that on March 25, any provision of the Exchange’s Price to include the entity and its affiliates
2015, NYSE MKT LLC (‘‘NYSE MKT’’ or List where the charge assessed, or credit that have been approved for
the ‘‘Exchange’’) filed with the provided, by the Exchange depends on aggregation.8 The Exchange notes that
Securities and Exchange Commission the volume of a member organization’s its designated market makers (‘‘DMM’’)
(the ‘‘Commission’’) the proposed rule activity, a member organization may are subject to specified pricing on the
change as described in Items I and II request that the Exchange aggregate its Price List. For purposes of the Price List,
below, which Items have been prepared eligible activity with activity of such a DMM may not aggregate its volume
by the self-regulatory organization. The member organization’s affiliates. The either with other units within the same
Commission is publishing this notice to Exchange further proposes that a member organization or affiliates of the
solicit comments on the proposed rule member organization requesting member organization operating the
change from interested persons. DMM unit. In addition, the Exchange
I. Self-Regulatory Organization’s 4 Effective December 1, 2014, NASDAQ amended
proposes to provide that member
Rule 7027 to harmonize the treatment of aggregation organizations may not aggregate volume
Statement of the Terms of Substance of of affiliate activity of affiliated members to be
the Proposed Rule Change consistent with the rules governing NOM and where the Price List specifies that
aggregation is not permitted.9
asabaliauskas on DSK5VPTVN1PROD with NOTICES
PHLX. See Securities Exchange Act Release No.
The Exchange proposes to amend its 72966 (Sept. 3, 2014), 79 FR 53473 (Sept. 9, 2014)
Price List to specify that a member (SR–NASDAQ–2014–083). NOM and PHLX also 5 See NASDAQ Rule 7027(a)(1).
organization may request that the amended their respective rules to harmonize the 6 See
process by which it collects information from its NASDAQ Rule 7027(a)(2).
Exchange aggregate its eligible activity 7 See supra note 4.
members for purposes of aggregating member
8 See supra note 5.
10 17
activity between its equity and options markets. See
CFR 200.30–3(a)(12). Securities Exchange Act Release Nos. 72967 (Sept. 9 For example, the Price List specifies whether
1 15 U.S.C.78s(b)(1). 2, 2014), 79 FR 53471 (Sept. 9, 2014) (SR– quoting and trading activity relating to
2 15 U.S.C. 78a.
NASDAQ–2014–082) and 72969 (Sept. 3, 2014), 79 Supplemental Liquidity Provider activity may be
3 17 CFR 240.19b–4. FR 53485 (Sept. 9, 2014) (SR–PHLX–2014–56). aggregated.
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![Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 18897
Finally, the Exchange proposes that reasonable and is designed to remove filing of the proposed rule change or
for purposes of the Price List, the term impediments to and perfect the such shorter time as designated by the
‘‘affiliate’’ would mean any member mechanism of a free and open market by Commission,15 the proposed rule
organization under 75% common harmonizing the manner by which the change has become effective pursuant to
ownership or control of that member Exchanges permits member Section 19(b)(3)(A) of the Act 16 and
organization.10 organizations to aggregate volume with Rule 19b–4(f)(6) thereunder.17
other exchanges. In particular, the At any time within 60 days of the
2. Statutory Basis
Exchange notes that NASDAQ, PHLX filing of the proposed rule change, the
The Exchange believes that the and BX all have the same standard that Commission summarily may
proposed rule change is consistent with the Exchange is proposing to adopt. temporarily suspend such rule change if
Section 6(b) of the Act,11 in general, and it appears to the Commission that such
furthers the objectives of Sections B. Self-Regulatory Organization’s
action is necessary or appropriate in the
6(b)(4) and 6(b)(5) of the Act,12 in Statement on Burden on Competition
public interest, for the protection of
particular, because it provides for the In accordance with Section 6(b)(8) of investors, or otherwise in furtherance of
equitable allocation of reasonable dues, the Act,14 the Exchange does not believe the purposes of the Act. If the
fees, and other charges among member that the proposed rule change will Commission takes such action, the
organizations and issuers and other impose any burden on intermarket or Commission will institute proceedings
persons using any facility or system intramarket competition that is not to determine whether the proposed rule
with [sic] the Exchange operates or necessary or appropriate in furtherance change should be approved or
controls and because it is designed to of the purposes of the Act. As stated disapproved.
prevent fraudulent and manipulative above, the proposed rule change, which
acts and practices, promote just and applies equally to all member IV. Solicitation of Comments
equitable principles of trade, remove organizations, is intended to reduce the Interested persons are invited to
impediments to and perfect the Exchange’s administrative burden in submit written data, views, and
mechanism of a free and open market applying volume price discounts for arguments concerning the foregoing,
and a national market system, and firms which have requested aggregation including whether the proposed rule
protect investors and the public interest. with that of an affiliate member change is consistent with the Act.
The Exchange further believes that the organization, and is substantially Comments may be submitted by any of
proposed rule change is reasonable similar to rules adopted by other the following methods:
because it establishes a manner for the exchanges. Because the market for order
Exchange to treat affiliated member execution and routing is extremely Electronic Comments
organizations for purposes of assessing competitive, member organizations may • Use the Commission’s Internet
charges or credits that are based on readily opt to disfavor the Exchange if comment form (http://www.sec.gov/
volume. The provision is equitable they believe that alternatives offer them rules/sro.shtml); or
because all member organizations better value. The Exchange does not • Send an email to rule-comments@
seeking to aggregate their activity are believe the proposed changes will sec.gov. Please include File Number SR–
subject to the same parameters, in impair the ability of member NYSEMKT–2015–20 on the subject line.
accordance with a standard that organizations or competing order Paper Comments
recognizes an affiliation as of the execution venues to maintain their
month’s beginning or close in time to competitive standing in the financial • Send paper comments in triplicate
when the affiliation occurs, provided markets. to Brent J. Fields, Secretary, Securities
the member organization submits a and Exchange Commission, 100 F Street
C. Self-Regulatory Organization’s NE., Washington, DC 20549–1090.
timely request. Moreover, the proposed
Statement on Comments on the All submissions should refer to File
billing aggregation language, which
Proposed Rule Change Received From Number SR–NYSEMKT–2015–20. This
would lower the Exchange’s
Members, Participants, or Others file number should be included on the
administrative burden, is substantially
similar to aggregation language adopted No written comments were solicited subject line if email is used. To help the
by other exchanges.13 or received with respect to the proposed Commission process and review your
The Exchange further notes that the rule change. comments more efficiently, please use
proposal would serve to reduce only one method. The Commission will
III. Date of Effectiveness of the
disparity of treatment between member post all comments on the Commission’s
Proposed Rule Change and Timing for
organizations with regard to the pricing Internet Web site (http://www.sec.gov/
Commission Action
of different services and reduce any rules/sro.shtml). Copies of the
potential for confusion on how activity Because the foregoing rule does not (i) submission, all subsequent
can be aggregated. The Exchange significantly affect the protection of amendments, all written statements
believes that the proposed rule change investors or the public interest; (ii) with respect to the proposed rule
avoids disparate treatment of member impose any significant burden on change that are filed with the
organizations that have divided their competition; and (iii) become operative Commission, and all written
various business activities between for 30 days from the date on which it communications relating to the
separate corporate entities as compared was filed, or such shorter time as the proposed rule change between the
Commission may designate if consistent
asabaliauskas on DSK5VPTVN1PROD with NOTICES
to member organizations that operate Commission and any person, other than
those business activities within a single with the protection of investors and the those that may be withheld from the
corporate entity. The Exchange further public interest, provided that the self- public in accordance with the
notes that the proposed rule change is regulatory organization has given the provisions of 5 U.S.C. 552, will be
Commission written notice of its intent available for Web site viewing and
10 See NASDAQ Rule 7027(c). to file the proposed rule change at least
11 15 U.S.C. 78f(b). five business days prior to the date of 15 The Exchange has fulfilled this requirement.
12 15 U.S.C. 78f(b)(4) and (5). 16 15 U.S.C. 78s(b)(3)(A).
13 See supra note 4. 14 15 U.S.C. 78f(b)(8). 17 17 CFR 240.19b–4(f)(6).
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![18898 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices
printing in the Commission’s Public purchase and redemption of Creation Trust is registered under the Act as an
Reference Room, 100 F Street NE., Units; (e) certain registered management open-end management investment
Washington, DC 20549 on official investment companies and unit company and will offer multiple series.
business days between the hours of investment trusts outside of the same 2. John Hancock Advisers, LLC will
10:00 a.m. and 3:00 p.m. Copies of the group of investment companies as the be the investment adviser to the Initial
filing will also be available for series to acquire Shares; and (f) certain Fund (defined below). Each of John
inspection and copying at the NYSE’s series to perform creations and Hancock Advisers, LLC and John
principal office and on its Internet Web redemptions of Creation Units in-kind Hancock Investment Management
site at www.nyse.com. All comments in a master-feeder structure. Services, LLC is registered as an
received will be posted without change; Applicants: John Hancock Exchange- investment adviser under the
the Commission does not edit personal Traded Fund Trust (‘‘Trust’’), John Investment Advisers Act of 1940 (the
identifying information from Hancock Advisers, LLC and John ‘‘Advisers Act’’). Any other Adviser
submissions. You should submit only Hancock Investment Management (defined below) will also be registered
information that you wish to make Services, LLC (together, ‘‘John as an investment adviser under the
available publicly. All submissions Hancock’’), and John Hancock Funds, Advisers Act. The Adviser may enter
should refer to File Number SR– LLC. into sub-advisory agreements with one
NYSEMKT–2015–20 and should be Filing Dates: The application was or more investment advisers to act as
submitted on or before April 29, 2015. filed on August 21, 2009, and amended sub-advisers to particular Funds (each,
For the Commission, by the Division of on August 27, 2010, August 29, 2011, a ‘‘Sub-Adviser’’). Any Sub-Adviser will
Trading and Markets, pursuant to delegated November 6, 2014, and March 17, 2015. either be registered under the Advisers
authority.18 Hearing or Notification of Hearing: An Act or will not be required to register
Brent J. Fields, order granting the requested relief will thereunder.
Secretary. be issued unless the Commission orders 3. The Trust will enter into a
[FR Doc. 2015–07969 Filed 4–7–15; 8:45 am] a hearing. Interested persons may distribution agreement with one or more
BILLING CODE 8011–01–P
request a hearing by writing to the distributors, including John Hancock
Commission’s Secretary and serving Funds, LLC. Each distributor will act as
applicants with a copy of the request, distributor and principal underwriter
SECURITIES AND EXCHANGE personally or by mail. Hearing requests (‘‘Distributor’’) of one or more of the
COMMISSION should be received by the Commission Funds. Each Distributor will be a
by 5:30 p.m. on April 27, 2015, and broker-dealer registered under the
[Investment Company Act Release No.
should be accompanied by proof of Securities Exchange Act of 1934 (the
31546; File No. 812–13683]
service on applicants, in the form of an ‘‘Exchange Act’’). The Distributor of any
John Hancock Exchange-Traded Fund affidavit or, for lawyers, a certificate of Fund may be an affiliated person or an
Trust, et al.; Notice of Application service. Pursuant to rule 0–5 under the affiliated person of an affiliated person
Act, hearing requests should state the of that Fund’s Adviser and/or Sub-
April 2, 2015. nature of the writer’s interest, any facts Adviser(s). The Distributor will not be
AGENCY: Securities and Exchange bearing upon the desirability of a affiliated with any Exchange (defined
Commission (‘‘Commission’’). hearing on the matter, the reason for the below).
ACTION: Notice of an application for an request, and the issues contested. 4. Applicants request that the order
order under section 6(c) of the Persons who wish to be notified of a apply to the initial series of the Trust
Investment Company Act of 1940 (the hearing may request notification by described in the application (‘‘Initial
‘‘Act’’) for an exemption from sections writing to the Commission’s Secretary. Fund’’), and any additional series of the
2(a)(32), 5(a)(1), 22(d), and 22(e) of the ADDRESSES: The Commission: Secretary, Trust, and any other open-end
Act and rule 22c–1 under the Act, under U.S. Securities and Exchange management investment company or
sections 6(c) and 17(b) of the Act for an Commission, 100 F Street NE.,
exemption from sections 17(a)(1) and series thereof, that may be created in the
Washington, DC 20549–1090; future (‘‘Future Funds’’), each of which
17(a)(2) of the Act, and under section Applicants: 601 Congress Street, Boston,
12(d)(1)(J) of the Act for an exemption will operate as an exchanged-traded
MA 02210–2805. fund (‘‘ETF’’) and will track a specified
from sections 12(d)(1)(A) and
FOR FURTHER INFORMATION CONTACT: index comprised of domestic or foreign
12(d)(1)(B) of the Act.
Christine Y. Greenlees, Senior Counsel equity and/or fixed income securities
Summary of Application: Applicants at (202) 551–6879, or David P. Bartels, (each, an ‘‘Underlying Index’’). Any
request an order that would permit (a) Branch Chief, at (202) 551–6821 Future Fund will (a) be advised by John
series of certain open-end management (Division of Investment Management, Hancock Advisers, LLC, John Hancock
investment companies to issue shares Chief Counsel’s Office). Investment Management Services, LLC,
(‘‘Shares’’) redeemable in large SUPPLEMENTARY INFORMATION: The or an entity controlling, controlled by,
aggregations only (‘‘Creation Units’’); (b) following is a summary of the or under common control with John
secondary market transactions in Shares application. The complete application Hancock Advisers, LLC or John Hancock
to occur at negotiated market prices may be obtained via the Commission’s Investment Management Services, LLC
rather than at net asset value (‘‘NAV’’); Web site by searching for the file (each, an ‘‘Adviser’’) and (b) comply
(c) certain series to pay redemption
asabaliauskas on DSK5VPTVN1PROD with NOTICES
number, or for an applicant using the with the terms and conditions of the
proceeds, under certain circumstances, Company name box, at http:// application. The Initial Fund and Future
more than seven days after the tender of www.sec.gov/search/search.htm or by Funds, together, are the ‘‘Funds.’’ 1
Shares for redemption; (d) certain calling (202) 551–8090.
affiliated persons of the series to deposit 1 All existing entities that intend to rely on the
securities into, and receive securities Applicants’ Representations requested order have been named as applicants.
Any other existing or future entity that
from, the series in connection with the 1. The Trust is a business trust subsequently relies on the order will comply with
organized under the laws of the the terms and conditions of the order. A Fund of
18 17 CFR 200.30–3(a)(12). Commonwealth of Massachusetts. The Funds (as defined below) may rely on the order
VerDate Sep<11>2014 17:55 Apr 07, 2015 Jkt 235001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\08APN1.SGM 08APN1](https://thefederalregister.org/doc/80_FR_18963/page/3.svg)
Document Created: 2018-02-21 10:06:57
Document Modified: 2018-02-21 10:06:57
| 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 18896 |
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