80 FR 22242 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment Nos. 1 and 2 to Proposed Rule Change 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 76 (April 21, 2015)

Page Range		22242-22243
FR Document		2015-09065

Federal Register, Volume 80 Issue 76 (Tuesday, April 21, 2015)

[Federal Register Volume 80, Number 76 (Tuesday, April 21, 2015)]
[Notices]
[Pages 22242-22243]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2015-09065]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74729; File No. SR-NYSEArca-2014-100]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment Nos. 1 and 2 to Proposed Rule Change Relating to Listing
and Trading of Shares of the SPDR SSgA Global Managed Volatility ETF
Under NYSE Arca Equities Rule 8.600

April 15, 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 (``Shares'') of the SPDR SSgA Global Managed Volatility ETF
(``Fund'') under NYSE Arca Equities Rule 8.600, which governs the
listing and trading of Managed Fund Shares. 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
on January 20, 2015.\9\ On March 20, 2015, pursuant to Section 19(b)(2)
of the Act,\10\ the Commission designated a longer period for
Commission action on proceedings to determine whether to disapprove the
proposed rule change.\11\ On April 7, 2015, the Exchange filed
Amendment No. 2 to the proposed rule change.\12\ The Commission is
publishing this notice to solicit comments from interested persons on
Amendment Nos. 1 and 2 to 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. 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. (soliciting public 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\ The text of Amendment No. 1, which amends and replaces the
proposed rule change in its entirety, is available on the Exchange's
Web site, at the principal office of the Exchange, and at the
Commission's Public Reference Room. The text of Amendment No. 1 to
the proposed rule change is also available on the Commission's Web
site. See Letter from Martha Redding, Senior Counsel and Assistant
Secretary, New York Stock Exchange, to Kevin M. O'Neill, Deputy
Secretary, Commission (Jan. 22, 2015), available at http://www.sec.gov/comments/sr-nysearca-2014-100/nysearca2014100-1.pdf.
\10\ 15 U.S.C. 78s(b)(2).
\11\ See Securities Exchange Act Release No. 74559, 80 FR 16047
(Mar. 26, 2015). The Commission designated a longer period within
which to take action on the proposed rule change and designated May
7, 2015 as the date by which it should determine whether to
disapprove the proposed rule change. See also Securities Exchange
Act Release No. 74559A (Apr. 13, 2015) (correcting the date by which
the Commission must take action on proceedings to determine whether
to disapprove the proposed rule change to May 22, 2015).
\12\ See Amendment No. 2, available at http://www.sec.gov/comments/sr-nysearca-2014-100/nysearca2014100-2.pdf.
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I. Description of Amendment No. 1 to the Proposed Rule Change

As noted above, the Exchange filed Amendment No. 1 to the proposed
rule change on January 20, 2015. Amendment No. 1 replaced the original
proposed rule change in its entirety, but made only certain, specific
changes to the proposed rule change as published in the Notice. The
changes effected by Amendment No. 1 are described below.
First, Amendment No. 1 deletes the statement in the original filing
that the exchange-listed and traded equity securities in which the Fund
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.\13\
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\13\ See Notice, supra note 3, at 57162.
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Second, Amendment No. 1 replaces the deleted language described
above with the requirement that the Fund's non-U.S. equity securities
holdings would be subject to 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. Specifically, the Exchange states that, under
normal circumstances, the non-U.S. equity securities in the Fund's
portfolio would be required to meet the following criteria at time of
purchase: (1) Non-U.S. equity securities each shall have a minimum
market value of at least $100 million; (2) non-U.S. equity securities
each shall have a minimum global monthly trading volume of 250,000
shares, or minimum global notional volume traded per month of
$25,000,000, averaged over the last six months; (3) the most heavily
weighted non-U.S. equity security shall not exceed 25% of the weight of
the Fund's entire portfolio, and, to the extent applicable, the five
most heavily weighted non-U.S. equity securities shall not exceed 60%
of the weight of the Fund's entire portfolio; and (4) each non-U.S.
equity security shall be listed and traded on an exchange that has
last-sale reporting.\14\
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\14\ See supra note 9, at 8.
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Third, Amendment No. 1 clarifies that the Fund's non-U.S. equity
securities holdings would be common stocks and preferred securities of
foreign corporations; non-U.S. exchange-traded real estate investment
trusts; and ``Depositary Receipts'' (excluding Depositary Receipts that
are registered under the Act).\15\
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\15\ Id. at 7. According to the Exchange, Depositary Receipts
are defined to include investments in common stock of foreign
corporations in the form of American Depositary Receipts (``ADRs''),
Global Depositary Receipts (``GDRs''), and European Depositary
Receipts (``EDRs''). Depositary Receipts are receipts, typically
issued by a bank or trust company, which evidence ownership of
underlying securities issued by a foreign corporation. For ADRs, the
depository is typically a U.S. financial institution and the
underlying securities are issued by a foreign issuer. For other
Depositary Receipts, the depository may be a foreign or a U.S.
entity, and the underlying securities may have a foreign or a U.S.
issuer. Depositary Receipts will not necessarily be denominated in
the same currency as their underlying securities. Generally, ADRs,
in registered form, are designed for use in the U.S. securities
market, and EDRs, in bearer form, are designated for use in European
securities markets. GDRs are tradable both in the United States and
in Europe and are designed for use throughout the world. The Fund's
portfolio may invest in unsponsored Depositary Receipts. The issuers
of unsponsored Depositary Receipts are not obligated to disclose
material information in the United States, and, therefore, there may
be less information available regarding such issuers and there may
not be a correlation between such information and the market value
of the Depositary Receipts. Unsponsored Depositary Receipts will not
exceed 10% of the Fund's net assets. See Notice, supra note 3, at
57162, n.10.

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[[Page 22243]]

Finally, Amendment No. 1 deletes the section in the Notice titled
``Information Sharing Procedures,'' in which the Exchange stated that
its ability to monitor trading in the Fund would not be affected by the
listing and trading of Actively-Traded Securities on non-ISG-member
markets, or by the absence of CSSAs with markets on which ``Actively-
Traded Securities'' are listed or traded.\16\
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\16\ See Notice, supra note 3, at 57167-57169.
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In all other material respects, the proposed rule change as set
forth in Amendment No. 1 is otherwise identical to the original
proposed rule change set forth in the Notice.\17\
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\17\ See Notice, supra note 3.
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II. Description of Amendment 2 to the Proposed Rule Change

As noted above, the Exchange filed Amendment No. 2 to the proposed
rule change on April 7, 2015. The specific changes effected by
Amendment No. 2 are described below.
First, Amendment No. 2 adds a statement to the proposed rule change
requiring, under normal circumstances, the Portfolio \18\ to include a
minimum of 20 exchange-listed and -traded equity securities. Second,
Amendment No. 2 (a) deletes the statement in the original filing that
pricing information regarding each asset class in which the Fund or
Portfolio will invest will generally be available through nationally
recognized data service providers through subscription arrangements,
and (b) replaces the deleted language described in (a) above with a
statement clarifying that pricing information regarding each asset
class in which the Fund or Portfolio will invest, including Rule 144A
securities, repurchase agreements, reverse repurchase agreements, and
securities of investment companies (other than ETFs registered under
the 1940 Act), will generally be available through nationally
recognized data service providers through subscription arrangements.
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\18\ The ``Portfolio'' is defined as SSgA Global Managed
Volatility Portfolio, a separate series of the SSgA Master Trust
with an identical investment objective as the Fund. See Notice,
supra note 3, at 57162. In general, the Portfolio (i.e., the master
fund) will be where investments will be held, which investments will
primarily consist of equity securities, and may, to a lesser extent,
include other investments as described under ``Non-Principal
Investment Policies.'' The Fund (i.e., the feeder fund) will invest
in shares of the Portfolio and will not invest in investments
described under ``Non-Principal Investment Policies,'' but may be
exposed to such investments by means of the Fund's investment in
shares of the Portfolio. In extraordinary instances, the Fund
reserves the right to make direct investments in equity securities
and other investments. See Notice, supra note 3, at id., n.11.
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Additional information regarding the Trust, Fund, Portfolio, and
the Shares, including investment strategies, risks, creation and
redemption procedures, fees, portfolio holdings disclosure policies,
trading halts, dissemination and availability of information,
distributions, and taxes can be found in Amendment No.1 to the proposed
rule change and the Registration Statement, as applicable.\19\
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\19\ See supra note 9; see also Notice, supra note 3, at 57161
n.6 (referring to the Registration Statement on Form N-1A relating
to the Fund (File Nos. 333-173276 and 811-22542)).
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III. Solicitation of Comments

Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the filing, as
modified by Amendment Nos. 1 and 2, is consistent with the Act.
Comments may be submitted by any of the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2014-100 on the subject line.

Paper Comments

Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2014-100. 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
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 such filing will also be available
for inspection and copying at the principal office of the Exchange. 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-NYSEArca-2014-100 and should
be submitted on or before May 12, 2015.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(57).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09065 Filed 4-20-15; 8:45 am]
BILLING CODE 8011-01-P

22242 Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices

NYSEArca–2015–25 and should be In the Order Instituting Proceedings, the First, Amendment No. 1 deletes the
submitted on or before May 12, 2015. Commission solicited responses to statement in the original filing that the
For the Commission, by the Division of specified matters related to the exchange-listed and traded equity
Trading and Markets, pursuant to delegated proposal.8 The Commission received no securities in which the Fund would be
authority.27 comment letters on the proposed rule permitted to invest would be limited to:
Brent J. Fields, change. The Exchange subsequently (1) Equity securities that trade in
Secretary. filed Amendment No. 1 to the proposed markets that are members of the
[FR Doc. 2015–09066 Filed 4–20–15; 8:45 am]
rule change on January 20, 2015.9 On Intermarket Surveillance Group (‘‘ISG’’)
March 20, 2015, pursuant to Section or are parties to a comprehensive
BILLING CODE 8011–01–P
19(b)(2) of the Act,10 the Commission surveillance sharing agreement
designated a longer period for (‘‘CSSA’’) with the Exchange; or (2)
SECURITIES AND EXCHANGE Commission action on proceedings to ‘‘Actively-Traded Securities,’’ as
COMMISSION determine whether to disapprove the defined in Reg M under the Act that are
proposed rule change.11 On April 7, traded on U.S. and non-U.S. exchanges
[Release No. 34–74729; File No. SR– 2015, the Exchange filed Amendment with last sale reporting.13
NYSEArca–2014–100] No. 2 to the proposed rule change.12 The Second, Amendment No. 1 replaces
Commission is publishing this notice to the deleted language described above
Self-Regulatory Organizations; NYSE with the requirement that the Fund’s
solicit comments from interested
Arca, Inc.; Notice of Filing of persons on Amendment Nos. 1 and 2 to non-U.S. equity securities holdings
Amendment Nos. 1 and 2 to Proposed the proposed rule change. would be subject to quantitative criteria
Rule Change Relating to Listing and that are substantially identical to the
Trading of Shares of the SPDR SSgA I. Description of Amendment No. 1 to
‘‘generic’’ listing criteria in NYSE Arca
Global Managed Volatility ETF Under the Proposed Rule Change
Equities Rule 5.2(j)(3), Commentary
NYSE Arca Equities Rule 8.600 As noted above, the Exchange filed .01(a)(B), relating to an index or
April 15, 2015. Amendment No. 1 to the proposed rule portfolio of U.S. and non-U.S. stocks
On September 5, 2014, NYSE Arca, change on January 20, 2015. underlying a series of Investment
Inc. (‘‘Exchange’’) filed with the Amendment No. 1 replaced the original Company Units. Specifically, the
Securities and Exchange Commission proposed rule change in its entirety, but Exchange states that, under normal
(‘‘Commission’’), pursuant to Section made only certain, specific changes to circumstances, the non-U.S. equity
the proposed rule change as published securities in the Fund’s portfolio would
19(b)(1) of the Securities Exchange Act
in the Notice. The changes effected by be required to meet the following
of 1934 (‘‘Act’’) 1 and Rule 19b–4
Amendment No. 1 are described below. criteria at time of purchase: (1) Non-U.S.
thereunder,2 a proposed rule change to
list and trade shares (‘‘Shares’’) of the equity securities each shall have a
instituted proceedings to allow for additional
SPDR SSgA Global Managed Volatility analysis of the proposed rule change’s consistency
minimum market value of at least $100
ETF (‘‘Fund’’) under NYSE Arca with Section 6(b)(5) of the Act, which requires, million; (2) non-U.S. equity securities
Equities Rule 8.600, which governs the among other things, that the rules of a national each shall have a minimum global
securities exchange be ‘‘designed to prevent monthly trading volume of 250,000
listing and trading of Managed Fund fraudulent and manipulative acts and practices, to
Shares. The proposed rule change was promote just and equitable principles of trade,’’ and shares, or minimum global notional
published for comment in the Federal ‘‘to protect investors and the public interest.’’ See volume traded per month of
id., 79 FR at 78530. $25,000,000, averaged over the last six
Register on September 24, 2014.3 On 8 See id. (soliciting public comment on the
November 4, 2014, pursuant to Section months; (3) the most heavily weighted
statements of the Exchange contained in the Notice,
19(b)(2) of the Act,4 the Commission including the statements made in connection with non-U.S. equity security shall not
designated a longer period within which information sharing procedures with respect to exceed 25% of the weight of the Fund’s
certain non-U.S. equity security holdings and the entire portfolio, and, to the extent
to approve the proposed rule change, Exchange’s arguments regarding the applicability of
disapprove the proposed rule change, or the definition of ‘‘Actively-Traded Securities’’
applicable, the five most heavily
institute proceedings to determine under Regulation M (‘‘Reg M’’)). weighted non-U.S. equity securities
whether to disapprove the proposed 9 The text of Amendment No. 1, which amends shall not exceed 60% of the weight of
and replaces the proposed rule change in its the Fund’s entire portfolio; and (4) each
rule change.5 On December 22, 2014, entirety, is available on the Exchange’s Web site, at
the Commission instituted proceedings the principal office of the Exchange, and at the
non-U.S. equity security shall be listed
under Section 19(b)(2)(B) of the Act 6 to Commission’s Public Reference Room. The text of and traded on an exchange that has last-
determine whether to approve or Amendment No. 1 to the proposed rule change is sale reporting.14
also available on the Commission’s Web site. See Third, Amendment No. 1 clarifies that
disapprove the proposed rule change.7 Letter from Martha Redding, Senior Counsel and
Assistant Secretary, New York Stock Exchange, to
the Fund’s non-U.S. equity securities
27 17 CFR 200.30–3(a)(12). Kevin M. O’Neill, Deputy Secretary, Commission holdings would be common stocks and
1 15 U.S.C. 78s(b)(1). (Jan. 22, 2015), available at http://www.sec.gov/ preferred securities of foreign
2 17 CFR 240.19b–4. comments/sr-nysearca-2014–100/nysearca2014100- corporations; non-U.S. exchange-traded
1.pdf.
3 See Securities Exchange Act Release No. 73141
10 15 U.S.C. 78s(b)(2). real estate investment trusts; and
(Sept. 18, 2014), 79 FR 57161 (‘‘Notice’’). ‘‘Depositary Receipts’’ (excluding
11 See Securities Exchange Act Release No. 74559,
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 73515,
80 FR 16047 (Mar. 26, 2015). The Commission Depositary Receipts that are registered
designated a longer period within which to take under the Act).15
79 FR 66758 (Nov. 10, 2014). The Commission action on the proposed rule change and designated
designated a longer period within which to take May 7, 2015 as the date by which it should
action on the proposed rule change and designated determine whether to disapprove the proposed rule
13 See Notice, supra note 3, at 57162.
tkelley on DSK3SPTVN1PROD with NOTICES

December 23, 2014, as the date by which it should change. See also Securities Exchange Act Release 14 See supra note 9, at 8.
approve, disapprove, or institute proceedings to No. 74559A (Apr. 13, 2015) (correcting the date by 15 Id. at 7. According to the Exchange, Depositary
determine whether to disapprove the proposed rule which the Commission must take action on Receipts are defined to include investments in
change. proceedings to determine whether to disapprove the common stock of foreign corporations in the form
6 15 U.S.C. 78s(b)(2)(B).
proposed rule change to May 22, 2015). of American Depositary Receipts (‘‘ADRs’’), Global
7 See Securities Exchange Act Release No. 73914, 12 See Amendment No. 2, available at http:// Depositary Receipts (‘‘GDRs’’), and European
79 FR 78524 (Dec. 30, 2014) (‘‘Order Instituting www.sec.gov/comments/sr-nysearca-2014–100/ Depositary Receipts (‘‘EDRs’’). Depositary Receipts
Proceedings’’). Specifically, the Commission nysearca2014100-2.pdf. are receipts, typically issued by a bank or trust

VerDate Sep<11>2014 18:07 Apr 20, 2015 Jkt 235001 PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 E:\FR\FM\21APN1.SGM 21APN1

Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices 22243

Finally, Amendment No. 1 deletes the (a) deletes the statement in the original Internet Web site (http://www.sec.gov/
section in the Notice titled ‘‘Information filing that pricing information regarding rules/sro.shtml). Copies of the
Sharing Procedures,’’ in which the each asset class in which the Fund or submission, all subsequent
Exchange stated that its ability to Portfolio will invest will generally be amendments, all written statements
monitor trading in the Fund would not available through nationally recognized with respect to the proposed rule
be affected by the listing and trading of data service providers through change that are filed with the
Actively-Traded Securities on non-ISG- subscription arrangements, and (b) Commission, and all written
member markets, or by the absence of replaces the deleted language described communications relating to the
CSSAs with markets on which in (a) above with a statement clarifying proposed rule change between the
‘‘Actively-Traded Securities’’ are listed that pricing information regarding each Commission and any person, other than
or traded.16 asset class in which the Fund or those that may be withheld from the
In all other material respects, the Portfolio will invest, including Rule public in accordance with the
proposed rule change as set forth in 144A securities, repurchase agreements, provisions of 5 U.S.C. 552, will be
Amendment No. 1 is otherwise identical reverse repurchase agreements, and available for Web site viewing and
to the original proposed rule change set securities of investment companies printing in the Commission’s Public
forth in the Notice.17 (other than ETFs registered under the Reference Room, 100 F Street NE.,
II. Description of Amendment 2 to the 1940 Act), will generally be available Washington, DC 20549, on official
Proposed Rule Change through nationally recognized data business days between the hours of
service providers through subscription 10:00 a.m. and 3:00 p.m. Copies of such
As noted above, the Exchange filed arrangements. filing will also be available for
Amendment No. 2 to the proposed rule Additional information regarding the inspection and copying at the principal
change on April 7, 2015. The specific Trust, Fund, Portfolio, and the Shares, office of the Exchange. All comments
changes effected by Amendment No. 2 received will be posted without change;
including investment strategies, risks,
are described below. the Commission does not edit personal
creation and redemption procedures,
First, Amendment No. 2 adds a identifying information from
statement to the proposed rule change fees, portfolio holdings disclosure
policies, trading halts, dissemination submissions. You should submit only
requiring, under normal circumstances, information that you wish to make
the Portfolio 18 to include a minimum of and availability of information,
distributions, and taxes can be found in available publicly. All submissions
20 exchange-listed and -traded equity should refer to File Number SR–
securities. Second, Amendment No. 2 Amendment No.1 to the proposed rule
change and the Registration Statement, NYSEArca–2014–100 and should be
as applicable.19 submitted on or before May 12, 2015.
company, which evidence ownership of underlying
securities issued by a foreign corporation. For For the Commission, by the Division of
ADRs, the depository is typically a U.S. financial
III. Solicitation of Comments Trading and Markets, pursuant to delegated
institution and the underlying securities are issued Interested persons are invited to authority.20
by a foreign issuer. For other Depositary Receipts, Brent J. Fields,
the depository may be a foreign or a U.S. entity, and
submit written data, views, and
the underlying securities may have a foreign or a arguments concerning the foregoing, Secretary.
U.S. issuer. Depositary Receipts will not necessarily including whether the filing, as [FR Doc. 2015–09065 Filed 4–20–15; 8:45 am]
be denominated in the same currency as their modified by Amendment Nos. 1 and 2, BILLING CODE 8011–01–P
underlying securities. Generally, ADRs, in
registered form, are designed for use in the U.S. is consistent with the Act. Comments
securities market, and EDRs, in bearer form, are may be submitted by any of the
designated for use in European securities markets. following methods: SECURITIES AND EXCHANGE
GDRs are tradable both in the United States and in COMMISSION
Europe and are designed for use throughout the Electronic Comments
world. The Fund’s portfolio may invest in [Release No. 34–74734; File No. SR–FINRA–
unsponsored Depositary Receipts. The issuers of • Use the Commission’s Internet 2015–007]
unsponsored Depositary Receipts are not obligated comment form (http://www.sec.gov/
to disclose material information in the United rules/sro.shtml); or
States, and, therefore, there may be less information
Self-Regulatory Organizations;
available regarding such issuers and there may not • Send an email to rule-comments@ Financial Industry Regulatory
be a correlation between such information and the sec.gov. Please include File Number SR– Authority, Inc.; Notice of Filing and
market value of the Depositary Receipts. NYSEArca–2014–100 on the subject Immediate Effectiveness of a Proposed
Unsponsored Depositary Receipts will not exceed line.
10% of the Fund’s net assets. See Notice, supra note
Rule Change To Waive Trade
3, at 57162, n.10. Paper Comments Reporting Fees Under Rule 7710 Due
16 See Notice, supra note 3, at 57167–57169. to an OTC Reporting Facility Systems
17 See Notice, supra note 3. • Send paper comments in triplicate Issue
18 The ‘‘Portfolio’’ is defined as SSgA Global to Secretary, Securities and Exchange
Managed Volatility Portfolio, a separate series of the Commission, 100 F Street NE., April 15, 2015.
SSgA Master Trust with an identical investment Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
objective as the Fund. See Notice, supra note 3, at Securities Exchange Act of 1934
57162. In general, the Portfolio (i.e., the master All submissions should refer to File
fund) will be where investments will be held, Number SR–NYSEArca–2014–100. This (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
which investments will primarily consist of equity file number should be included on the notice is hereby given that on April 10,
securities, and may, to a lesser extent, include other
subject line if email is used. To help the 2015, Financial Industry Regulatory
investments as described under ‘‘Non-Principal Authority, Inc. (‘‘FINRA’’) filed with the
Investment Policies.’’ The Fund (i.e., the feeder Commission process and review your
fund) will invest in shares of the Portfolio and will comments more efficiently, please use Securities and Exchange Commission
tkelley on DSK3SPTVN1PROD with NOTICES

not invest in investments described under ‘‘Non- only one method. The Commission will (‘‘SEC’’ or ‘‘Commission’’) the proposed
Principal Investment Policies,’’ but may be exposed
post all comments on the Commission’s rule change as described in Items I, II,
to such investments by means of the Fund’s and III below, which Items have been
investment in shares of the Portfolio. In
extraordinary instances, the Fund reserves the right 19 See supra note 9; see also Notice, supra note
20 17 CFR 200.30–3(a)(57).
to make direct investments in equity securities and 3, at 57161 n.6 (referring to the Registration
1 15 U.S.C. 78s(b)(1).
other investments. See Notice, supra note 3, at id., Statement on Form N–1A relating to the Fund (File
n.11. Nos. 333–173276 and 811–22542)). 2 17 CFR 240.19b–4.

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Document Created: 2015-12-16 08:33:20
Document Modified: 2015-12-16 08:33:20

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 22242