80 FR 34946 - Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 19.3(i)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 117 (June 18, 2015)
Federal Register Volume 80, Issue 117 (June 18, 2015)
| Page Range | 34946-34949 | |
| FR Document | 2015-14971 |
[Federal Register Volume 80, Number 117 (Thursday, June 18, 2015)] [Notices] [Pages 34946-34949] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-14971] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75166; File No. SR-BATS-2015-43] Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 19.3(i) June 12, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on June 5, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6) thereunder,\4\ which renders it effective upon filing with the Commission. 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\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange filed a proposal to allow the listing of options overlying portfolio depositary receipts and index fund shares (collectively, ``ETFs'') that are listed pursuant to generic listing standards on equities exchanges for series of ETFs based on international or global indexes under which a comprehensive surveillance sharing agreement is not required. The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.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 Exchange 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 these statements may be examined at the places specified in Item IV below. The [[Page 34947]] 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend Rule 19.3(i) to allow the Exchange's options platform (``BATS Options'') to list options overlying ETFs that are listed pursuant to generic listing standards on equities exchanges for series of ETFs based on international or global indexes under which a comprehensive surveillance sharing agreement (``CSSA'') is not required.\5\ This proposal will enable the Exchange to list and trade options on ETFs without a CSSA provided that the ETF is listed on an equities exchange pursuant to the generic listing standards that do not require a CSSA pursuant to Rule 19b-4(e) of the Exchange Act.\6\ Rule 19b-4(e) provides that the listing and trading of a new derivative securities product by a self-regulatory organization (``SRO'') shall not be deemed a proposed rule change, pursuant to paragraph (c)(1) of Rule 19b-4, if the Commission has approved, pursuant to Section 19(b) of the Exchange Act, the SRO's trading rules, procedures, and listing standards for the product class that would include the new derivatives securities product and the SRO has a surveillance program for the product class.\7\ In other words, the proposal will amend the listing standards to allow the Exchange to list and trade options on ETFs based on international or global indexes to a similar degree that they are allowed to be listed on several equities exchanges.\8\ --------------------------------------------------------------------------- \5\ See, e.g., BATS Rule 14.11(b)(3)(A)(ii); NYSE MKT Rule 1000 Commentary .03(a)(B); NYSE Arca Equities Rule 5.2(j)(3) Commentary .01 (a)(B); and NASDAQ Rule 5705(a)(3)(A)(ii). \6\ 17 CFR 240.19b-4(e). \7\ When relying on Rule 19b-4(e), the SRO must submit Form 19b- 4(e) to the Commission within five business days after the SRO begins trading the new derivative securities products. See Exchange Act Release No. 40761 (December 8, 1998), 63 FR 70952 (December 22, 1998). \8\ See BATS Rules 14.11(b)(3)(A)(ii); NYSE MKT Rule 1000 Commentary .03(a)(B); NYSE Arca Equities Rule 5.2(j)(3) Commentary .01 (a)(B); and NASDAQ Rule 5705(a)(3)(A)(ii). See also Securities Exchange Act Release Nos. 54739 (November 9, 2006), 71 FR 66993 (SR- Amex-2006-78); 55269 (February 9, 2007), 72 FR 7490 (February 15, 2007) (SR-NASDAQ-2006-050); 55621 (April 12, 2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-2006-86) --------------------------------------------------------------------------- Currently, BATS Options allows for the listing and trading of options on Fund Shares. Rule 19.3(i)(1)-(3) provide the listings standards for options on Fund Shares with non-U.S. component stocks, such as Fund Shares based on international or global indexes. Rule 19.3(i)(1) requires that any non-U.S. component stocks of an index or portfolio of stocks on which the Fund Shares are based that are not subject to a CSSA do not in the aggregate represent more than 50% of the weight of the index or portfolio. Rule 19.3(i)(2) requires stocks for which the primary market is in any one country that is not subject to a CSSA do not represent 20% or more of the weight of the index. Rule 19.3(i)(3) requires that stocks for which the primary market is in any two countries that are not subject to a CSSA do not represent 33% or more of the weight of the index. The Exchange notes that the Commission has previously approved generic listing standards pursuant to Rule 19b-4(e) of the Exchange Act for ETFs based on indexes that consist of stocks listed on U.S. exchanges.\9\ In general, the criteria for the underlying component stocks in the international and global indexes are similar to those for the domestic indexes, but with modifications as appropriate for the issues and risks associated with non-U.S. stocks. In addition, the Commission has previously approved the listing and trading of ETFs based on international indexes--those based on non-U.S. component stocks--as well as global indexes--those based on non-U.S. and U.S. component stocks.\10\ --------------------------------------------------------------------------- \9\ See Commentary .03 to Amex Rule 1000 and Commentary .02 to Amex Rule 1000A. See also Securities Exchange Act Release No. 42787 (May 15, 2000), 65 FR 33598 (May 24, 2000). \10\ See, e.g., Securities Exchange Act Release Nos. 50189 (August 12, 2004), 69 FR 51723 (August 20, 2004) (approving the listing and trading of certain Vanguard International Equity Index Funds); 44700 (August 14, 2001), 66 FR 43927 (August 21, 2001) (approving the listing and trading of series of the iShares Trust based on certain S&P global indexes). --------------------------------------------------------------------------- In approving ETFs for equities exchange trading, the Commission thoroughly considered the structure of the ETFs, their usefulness to investors and to the markets, and SRO rules that govern their trading. The Exchange believes that allowing the listing of options overlying ETFs that are listed pursuant to the generic listing standards on equities exchanges for ETFs based on international and global indexes and applying Rule 19b-4(e) should fulfill the intended objective of that Rule by allowing options on those ETFs that have satisfied the generic listing standards to commence trading, without the need for the public comment period and Commission approval. The proposed rule has the potential to reduce the time frame for bringing options on ETFs to market, thereby reducing the burdens on issuers and other market participants. The failure of a particular ETF to comply with the generic listing standards under Rule 19b-4(e) would not, however, preclude the Exchange from submitting a separate filing pursuant to Section 19(b)(2),\11\ requesting Commission approval to list and trade options on a particular ETF. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- Options on ETFs listed pursuant to these generic standards for international and global indexes would be traded, in all other respects, under the Exchange's existing trading rules and procedures that apply to options on ETFs and would be covered under the Exchange's surveillance program for options on ETFs. Pursuant to the proposed rule, the Exchange may list and trade options on an ETF without a CSSA provided that the ETF is listed pursuant to generic listing standards for series of ETFs based on international or global indexes under which a comprehensive surveillance agreement is not required. The Exchange believes that these generic listing standards are intended to ensure that stocks with substantial market capitalization and trading volume account for a substantial portion of the weight of an index or portfolio. The Exchange believes that this proposed listing standard for options on ETFs is reasonable for international and global indexes, and, when applied in conjunction with the other listing requirements,\12\ will result in options overlying ETFs that are sufficiently broad-based in scope and not readily susceptible to manipulation. The Exchange also believes that allowing the Exchange to list options overlying ETFs that are listed on equities exchanges pursuant to generic standards for series of portfolio depositary receipts or index fund shares \13\ based on international or global indexes under which a CSSA is not required, will result in options overlying ETFs that are adequately diversified in weighting for any single security or small group of securities to significantly reduce concerns that trading in options overlying ETFs based on international or global indexes could [[Page 34948]] become a surrogate for trading in unregistered securities. --------------------------------------------------------------------------- \12\ All of the other listing criteria under the Exchange's rules will continue to apply to any options listed pursuant to the proposed rule change. \13\ The Exchange notes that the proposed rule text differs slightly from that of other exchanges in order to make clear that the rule applies to ETFs that have been listed on equities exchanges pursuant to generic listing standards for series of ``portfolio depositary receipts or index fund shares'' rather than ``portfolio depositary receipts and index fund shares.'' Such difference does not represent a substantive difference from the rules of other Exchanges. See infra note 16. --------------------------------------------------------------------------- The Exchange believes that ETFs based on international and global indexes that have been listed pursuant to the generic standards are sufficiently broad-based enough as to make options overlying such ETFs not susceptible instruments for manipulation. The Exchange believes that the threat of manipulation is sufficiently mitigated for underlying ETFs that have been listed on equities exchanges pursuant to generic listing standards for series of portfolio depositary receipts or index fund shares based on international or global indexes under which a comprehensive surveillance agreement is not required and for the overlying options, that the Exchange does not see the need for CSSA to be in place before listing and trading options on such ETFs. The Exchange notes that its proposal does not replace the need for a CSSA as provided in the current rule. The provisions of the current rule, including the need for a CSSA, remain materially unchanged in the proposed rule and will continue to apply to options on ETFs that are not listed on an equities exchange pursuant to generic listing standards for series of portfolio depositary receipts or index fund shares based on international or global indexes under which a comprehensive surveillance agreement is not required. Instead, the proposed rule adds an additional listing mechanism for certain qualifying options on ETFs to be listed on the Exchange. Finally, the Exchange is also proposing to make several non- substantive changes to the rule text in order to make it easier to read and understand. Specifically, the Exchange is proposing to move paragraph (4) to become paragraph (1), to renumber each of paragraphs (1), (2), (3), (5), and (6) to (B), (C), (D), (E), and (F), respectively, and to make clear that each of the proposed newly numbered paragraphs (B), (C), (D), (E), and (F) apply to the series of Fund Shares that do not meet the criteria proposed in proposed new paragraph (A). 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\14\ In particular, the proposal is consistent with Section 6(b)(5) of the Act \15\ because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. In particular, the proposed rules have the potential to reduce the time frame for bringing options on ETFs to market, thereby reducing the burdens on issuers and other market participants. The Exchange also believes that enabling the listing and trading of options on ETFs pursuant to this new listing standard will benefit investors by providing them with valuable risk management tools. The Exchange notes that its proposal does not replace the need for a CSSA as provided in the current rule. The provisions of the current rule, including the need for a comprehensive surveillance sharing agreement, remain materially unchanged in the proposed rule and will continue to apply to options on ETFs that are not listed on an equities exchange pursuant to generic listing standards for series of portfolio depositary receipts or index fund shares based on international or global indexes under which a comprehensive surveillance agreement is not required. Instead, the proposed rule adds an additional listing mechanism for certain qualifying options on ETFs to be listed on the Exchange in a manner that is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange also believes that the proposed non-substantive organizational changes are reasonable, fair, and equitable because they are designed to make the rule easier to comprehend. As noted above, the proposed non-substantive changes do not change the need for a CSSA as provided in the current rule. The provisions of the current rule, including the need for a CSSA, remain materially unchanged in the proposed rule and will continue to apply to options on ETFs that are not listed on an equities exchange pursuant to generic listing standards for series of portfolio depositary receipts or index fund shares based on international or global indexes under which a comprehensive surveillance agreement is not required. These non- substantive changes to the rules are intended to make the rules clearer and less confusing for participants and investors and to eliminate potential confusion, thereby removing impediments to and perfecting the mechanism of a free and open market and a national market system, and, in general, protecting investors and the public interest. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the proposed rule change is a competitive change that is substantially similar to recent rule changes filed by the MIAX Options Exchange (``MIAX''), NASDAQ OMX PHLX, LLC (``Phlx''), and International Stock Exchange LLC (``ISE'').\16\ Furthermore, the Exchange believes this proposed rule change will benefit investors by providing additional methods to trade options on ETFs, and by providing them with valuable risk management tools. Specifically, the Exchange believes that market participants on the Exchange would benefit from the introduction and availability of options on ETFs in a manner that is similar to equities exchanges and will provide investors with a venue on which to trade options on these products. For all the reasons stated above, the Exchange does not believe that the proposed rule changes will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act, and believes the proposed change will enhance competition. --------------------------------------------------------------------------- \16\ See Securities Exchange Act Release Nos. 74509 (March 13, 2015), 80 FR 14425 (March 19, 2015) (SR-MIAX-2015-04); 74553 (March 20, 2015), 80 FR 16072 (March 26, 2015) (SR-Phlx-2015-27); and 74832 (April 29, 2015), 80 FR 25738 (May 5, 2015) (SR-ISE-2015-16). --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. [[Page 34949]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \17\ and Rule 19b-4(f)(6) thereunder.\18\ --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \19\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \20\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange stated that waiver of the operative delay will permit the Exchange to list and trade certain ETF options on the same basis as other options markets.\21\ The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\22\ --------------------------------------------------------------------------- \19\ 17 CFR 240.19b-4(f)(6). \20\ 17 CFR 240.19b-4(f)(6)(iii). \21\ See supra note 16. \22\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 shall 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 rule-comments@sec.gov. Please include File Number SR-BATS-2015-43 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-BATS-2015-43. 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 also will 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-BATS-2015-43, and should be submitted on or before July 9, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-14971 Filed 6-17-15; 8:45 am] BILLING CODE 8011-01-P
![34946 Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Notices
securities of the Fund exceeds the limit Fund in excess of the limit in section SECURITIES AND EXCHANGE
of section 12(d)(1)(A)(i) of the Act, 12(d)(1)(A)(i), an Investing Fund will COMMISSION
including any purchases made directly notify the Fund of the investment. At
[Release No. 34–75166; File No. SR–BATS–
from an Underwriting Affiliate. The such time, the Investing Fund will also 2015–43]
Board will review these purchases transmit to the Fund a list of the names
periodically, but no less frequently than of each Investing Fund Affiliate and Regulatory Organizations; BATS
annually, to determine whether the Underwriting Affiliate. The Investing Exchange, Inc.; Notice of Filing and
purchases were influenced by the Fund will notify the Fund of any Immediate Effectiveness of a Proposed
investment by the Investing Fund in the changes to the list as soon as reasonably Rule Change to Rule 19.3(i)
Fund. The Board will consider, among
practicable after a change occurs. The
other things: (i) Whether the purchases June 12, 2015.
Fund and the Investing Fund will
were consistent with the investment Pursuant to Section 19(b)(1) of the
objectives and policies of the Fund; (ii) maintain and preserve a copy of the Securities Exchange Act of 1934 (the
how the performance of securities order, the FOF Participation Agreement, ‘‘Act’’),1 and Rule 19b–4 thereunder,2
purchased in an Affiliated Underwriting and the list with any updated notice is hereby given that on June 5,
compares to the performance of information for the duration of the 2015, BATS Exchange, Inc. (the
comparable securities purchased during investment and for a period of not less ‘‘Exchange’’ or ‘‘BATS’’) filed with the
a comparable period of time in than six years thereafter, the first two Securities and Exchange Commission
underwritings other than Affiliated years in an easily accessible place. (‘‘Commission’’) the proposed rule
Underwritings or to a benchmark such 10. Before approving any advisory change as described in Items I and II
as a comparable market index; and (iii) contract under section 15 of the Act, the below, which Items have been prepared
whether the amount of securities board of directors or trustees of each by the Exchange. The Exchange has
purchased by the Fund in Affiliated Investing Management Company, designated this proposal as a ‘‘non-
Underwritings and the amount including a majority of the independent controversial’’ proposed rule change
purchased directly from an directors or trustees, will find that the pursuant to Section 19(b)(3)(A) of the
Underwriting Affiliate have changed Act 3 and Rule 19b–4(f)(6) thereunder,4
advisory fees charged under such
significantly from prior years. The which renders it effective upon filing
Board will take any appropriate actions contract are based on services provided
that will be in addition to, rather than with the Commission. The Commission
based on its review, including, if is publishing this notice to solicit
appropriate, the institution of duplicative of, the services provided
comments on the proposed rule change
procedures designed to assure that under the advisory contract(s) of any
from interested persons.
purchases of securities in Affiliated Fund in which the Investing
Underwritings are in the best interest of Management Company may invest. I. Self-Regulatory Organization’s
shareholders of the Fund. These findings and their basis will be Statement of the Terms of the Substance
8. Each Fund will maintain and recorded fully in the minute books of of the Proposed Rule Change
preserve permanently in an easily the appropriate Investing Management The Exchange filed a proposal to
accessible place a written copy of the Company. allow the listing of options overlying
procedures described in the preceding 11. Any sales charges and/or service portfolio depositary receipts and index
condition, and any modifications to fund shares (collectively, ‘‘ETFs’’) that
fees charged with respect to shares of an
such procedures, and will maintain and are listed pursuant to generic listing
Investing Fund will not exceed the
preserve for a period of not less than six standards on equities exchanges for
years from the end of the fiscal year in limits applicable to a fund of funds as
set forth in NASD Conduct Rule 2830. series of ETFs based on international or
which any purchase in an Affiliated global indexes under which a
Underwriting occurred, the first two 12. No Fund relying on the section comprehensive surveillance sharing
years in an easily accessible place, a 12(d)(1) relief will acquire securities of agreement is not required.
written record of each purchase of any investment company or company The text of the proposed rule change
securities in Affiliated Underwritings relying on section 3(c)(1) or 3(c)(7) of is available at the Exchange’s Web site
once an investment by an Investing the Act in excess of the limits contained at www.batstrading.com, at the
Fund in the securities of the Fund in section 12(d)(1)(A) of the Act, except principal office of the Exchange, and at
exceeds the limit of section to the extent permitted by exemptive the Commission’s Public Reference
12(d)(1)(A)(i) of the Act, setting forth relief from the Commission permitting Room.
from whom the securities were the Fund to purchase shares of other
acquired, the identity of the II. Self-Regulatory Organization’s
investment companies for short-term Statement of the Purpose of, and
underwriting syndicate’s members, the
cash management purposes. Statutory Basis for, the Proposed Rule
terms of the purchase, and the
information or materials upon which For the Commission, by the Division of Change
the Board’s determinations were made. Investment Management, under delegated In its filing with the Commission, the
9. Before investing in a Fund in authority. Exchange included statements
excess of the limits in section Robert W. Errett, concerning the purpose of and basis for
12(d)(1)(A)(i), an Investing Fund will Deputy Secretary. the proposed rule change and discussed
execute a FOF Participation Agreement [FR Doc. 2015–14969 Filed 6–17–15; 8:45 am] any comments it received on the
with the Fund stating that their proposed rule change. The text of these
tkelley on DSK3SPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
respective boards of directors or trustees statements may be examined at the
and their investment advisers, or places specified in Item IV below. The
Trustee and Sponsor, as applicable,
understand the terms and conditions of 1 15 U.S.C. 78s(b)(1).
the order, and agree to fulfill their 2 17 CFR 240.19b–4.
responsibilities under the order. At the 3 15 U.S.C. 78s(b)(3)(A).
time of its investment in Shares of a 4 17 CFR 240.19b–4(f)(6).
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![Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Notices 34949
III. Date of Effectiveness of the IV. Solicitation of Comments For the Commission, by the Division of
Proposed Rule Change and Timing for Trading and Markets, pursuant to delegated
Commission Action Interested persons are invited to authority.23
submit written data, views, and Robert W. Errett,
Because the proposed rule change arguments concerning the foregoing, Deputy Secretary.
does not (i) significantly affect the including whether the proposed rule [FR Doc. 2015–14971 Filed 6–17–15; 8:45 am]
protection of investors or the public change is consistent with the Act. BILLING CODE 8011–01–P
interest; (ii) impose any significant Comments may be submitted by any of
burden on competition; and (iii) become the following methods:
operative for 30 days from the date on SECURITIES AND EXCHANGE
which it was filed, or such shorter time Electronic Comments COMMISSION
as the Commission may designate, it has
become effective pursuant to Section • Use the Commission’s Internet [Release No. 34–75167; File No. SR–
19(b)(3)(A) of the Act 17 and Rule 19b– comment form (http://www.sec.gov/ NYSEMKT–2015–40]
4(f)(6) thereunder.18 rules/sro.shtml); or
Self-Regulatory Organizations; NYSE
A proposed rule change filed • Send an email to rule-comments@ MKT LLC; Notice of Filing and
pursuant to Rule 19b–4(f)(6) under the sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed
Act 19 normally does not become BATS–2015–43 on the subject line. Rule Change to Sections 401, 402 and
operative for 30 days after the date of its 404 of the NYSEMKT Company Guide
filing. However, Rule 19b–4(f)(6)(iii) 20 Paper Comments
To (i) Provide That Companies Can
permits the Commission to designate a • Send paper comments in triplicate Comply With the Exchange’s
shorter time if such action is consistent to Brent J. Fields, Secretary, Securities Immediate Release Policy by
with the protection of investors and the Disseminating the Information
and Exchange Commission, 100 F Street
public interest. The Exchange has asked Required To Be Disseminated
NE., Washington, DC 20549–1090.
the Commission to waive the 30-day Pursuant to This Policy by Any
operative delay so that the proposal may All submissions should refer to File Regulation Fair Disclosure Compliant
become operative immediately upon Number SR–BATS–2015–43. This file Method or Combination of Methods, (ii)
filing. The Exchange stated that waiver number should be included on the Clarify the Procedures Taken by the
of the operative delay will permit the subject line if email is used. To help the Exchange in the Event of Unusual
Exchange to list and trade certain ETF Commission process and review your Market Activity and (iii) Update
options on the same basis as other comments more efficiently, please use References to Exchange Departments
options markets.21 The Commission only one method. The Commission will and Personnel and Make Other Non-
believes the waiver of the operative post all comments on the Commission’s Substantive Conforming Updates
delay is consistent with the protection Internet Web site (http://www.sec.gov/
of investors and the public interest. rules/sro.shtml). Copies of the June 12, 2015.
Therefore, the Commission hereby submission, all subsequent Pursuant to Section 19(b)(1) 1 of the
waives the operative delay and Securities Exchange Act of 1934 (the
amendments, all written statements
designates the proposal operative upon ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
with respect to the proposed rule
filing.22 notice is hereby given that on June 3,
change that are filed with the
At any time within 60 days of the 2015, NYSE MKT LLC (the ‘‘Exchange’’
Commission, and all written
filing of the proposed rule change, the or ‘‘NYSE MKT’’) filed with the
communications relating to the Securities and Exchange Commission
Commission summarily may
proposed rule change between the (the ‘‘Commission’’) the proposed rule
temporarily suspend such rule change if
it appears to the Commission that such Commission and any person, other than change as described in Items I and II
action is necessary or appropriate in the those that may be withheld from the below, which Items have been prepared
public interest, for the protection of public in accordance with the by the self-regulatory organization. The
investors, or otherwise in furtherance of provisions of 5 U.S.C. 552, will be Commission is publishing this notice to
the purposes of the Act. If the available for Web site viewing and solicit comments on the proposed rule
Commission takes such action, the printing in the Commission’s Public change from interested persons.
Commission shall institute proceedings Reference Room, 100 F Street NE.,
Washington, DC 20549 on official I. Self-Regulatory Organization’s
to determine whether the proposed rule Statement of the Terms of Substance of
change should be approved or business days between the hours of
the Proposed Rule Change
disapproved. 10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for The Exchange proposes to amend
17 15 U.S.C. 78s(b)(3)(A). inspection and copying at the principal Sections 401, 402 and 404 of the
18 17 CFR 240.19b–4(f)(6). As required under Rule office of the Exchange. All comments Company Guide to provide that
19b–4(f)(6)(iii), the Exchange provided the received will be posted without change; companies can comply with the
Commission with written notice of its intent to file Exchange’s immediate release policy by
the proposed rule change, along with a brief the Commission does not edit personal
description and the text of the proposed rule identifying information from disseminating the information required
change, at least five business days prior to the date to be disseminated pursuant to this
submissions. You should submit only
of filing of the proposed rule change, or such policy by any Regulation Fair Disclosure
shorter time as designated by the Commission. information that you wish to make
(‘‘Regulation FD’’) compliant method or
tkelley on DSK3SPTVN1PROD with NOTICES
19 17 CFR 240.19b–4(f)(6). available publicly. All submissions
combination of methods, (ii) clarify the
20 17 CFR 240.19b–4(f)(6)(iii). should refer to File Number SR–BATS– procedures taken by the Exchange in the
21 See supra note 16.
2015–43, and should be submitted on or
22 For purposes only of waiving the 30-day
before July 9, 2015. 23 17 CFR 200.30–3(a)(12).
operative delay, the Commission has also
1 15 U.S.C. 78s(b)(1).
considered the proposed rule’s impact on
2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 3 17 CFR 240.19b–4.
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Document Created: 2018-02-22 11:11:51
Document Modified: 2018-02-22 11:11:51
| 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 34946 |
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