80 FR 36385 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Amending Sections 312.03(b) and 312.04 of the NYSE Listed Company Manual To Exempt Early Stage Companies From Having To Obtain Shareholder Approval Before Issuing Shares for Cash to Related Parties, Affiliates of Related Parties or Entities In Which a Related Party has a Substantial Interest
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 121 (June 24, 2015)
Federal Register Volume 80, Issue 121 (June 24, 2015)
| Page Range | 36385-36385 | |
| FR Document | 2015-15456 |
[Federal Register Volume 80, Number 121 (Wednesday, June 24, 2015)] [Notices] [Page 36385] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-15456] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75248; File No. SR-NYSE-2015-02] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Amending Sections 312.03(b) and 312.04 of the NYSE Listed Company Manual To Exempt Early Stage Companies From Having To Obtain Shareholder Approval Before Issuing Shares for Cash to Related Parties, Affiliates of Related Parties or Entities In Which a Related Party has a Substantial Interest June 18, 2015. On April 16, 2015, New York Stock Exchange (``NYSE'') 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 amend sections 312.03(b) and 312.04 of the NYSE Listed Company Manual (``Manual'') to exempt early stage companies \3\ from having to obtain shareholder approval before issuing shares for cash to related parties, affiliates of related parties or entities in which a related party has a substantial interest. A related party is defined under section 312.04 of the Manual as a director, officer or substantial security holder of a company. The proposed rule change was published for comment in the Federal Register on May 6, 2015.\4\ The Commission received no comment letters on the proposal. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ The Exchange proposes to define the term ``Early Stage Company'' to mean ``a company that has not reported revenues greater than $20 million in any two consecutive fiscal years since its incorporation and any Early Stage Company will lose that designation at any time after listing on the Exchange that it files an annual report with the SEC in which it reports two consecutive fiscal years in which it has revenues greater than $20 million in each year.'' \4\ See Securities Exchange Act Release No. 74849 (April 30, 2015), 80 FR 26118. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \5\ provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day for this filing is June 20, 2015. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission is extending the 45-day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the Exchange's proposal, as described above. Accordingly, pursuant to section 19(b)(2) of the Act,\6\ the Commission designates August 4, 2015, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File No. SR-NYSE-2015-02). --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-15456 Filed 6-23-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 121 / Wednesday, June 24, 2015 / Notices 36385
trading the Shares; (iii) the risks IV. Conclusion change was published for comment in
involved in trading the Shares during It is therefore ordered, pursuant to the Federal Register on May 6, 2015.4
the Opening and Late Trading Sessions section 19(b)(2) of the Exchange Act,30 The Commission received no comment
when an updated IIV or Index value will that the proposed rule change (SR– letters on the proposal.
not be calculated or publicly NYSEArca–2015–23), as modified by Section 19(b)(2) of the Act 5 provides
disseminated; (iv) how information Amendment Nos. 1 and 3 thereto, be, that, within 45 days of the publication
regarding the IIV, the Disclosed and it hereby is, approved. of notice of the filing of a proposed rule
Portfolio, and the Index value will be
disseminated; (v) the requirement that For the Commission, by the Division of change, or within such longer period up
ETP Holders deliver a prospectus to
Trading and Markets, pursuant to delegated to 90 days as the Commission may
authority.31 designate if it finds such longer period
investors purchasing newly issued
Brent J. Fields, to be appropriate and publishes its
Shares prior to or concurrently with the
confirmation of a transaction; and (vi) Secretary. reasons for so finding or as to which the
trading information. [FR Doc. 2015–15452 Filed 6–23–15; 8:45 am] self-regulatory organization consents,
(6) For initial and continued listing, BILLING CODE 8011–01–P the Commission shall either approve the
the Fund will be in compliance with proposed rule change, disapprove the
Rule 10A–3 under the Act,28 as proposed rule change, or institute
provided by NYSE Arca Equities Rule SECURITIES AND EXCHANGE proceedings to determine whether the
5.3. COMMISSION proposed rule change should be
(7) The Fund may hold up to an [Release No. 34–75248; File No. SR–NYSE– disapproved. The 45th day for this filing
aggregate amount of 15% of its net 2015–02] is June 20, 2015.
assets in illiquid assets (calculated at The Commission is extending the 45-
the time of investment), including Rule Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of day time period for Commission action
144A restricted securities deemed on the proposed rule change. The
illiquid by the Adviser or Sub-Adviser, Designation of a Longer Period for
Commission Action on Proposed Rule Commission finds that it is appropriate
consistent with Commission guidance.
Change Amending Sections 312.03(b) to designate a longer period within
(8) The Fund’s investments will be
and 312.04 of the NYSE Listed which to take action on the proposed
consistent with its investment objective
Company Manual To Exempt Early rule change so that it has sufficient time
and will not be used to enhance
Stage Companies From Having To to consider the Exchange’s proposal, as
leverage.
(9) To the extent the Fund utilizes Obtain Shareholder Approval Before described above.
futures and options on futures, the Fund Issuing Shares for Cash to Related Accordingly, pursuant to section
will utilize U.S. exchange-traded futures Parties, Affiliates of Related Parties or 19(b)(2) of the Act,6 the Commission
contracts on the S&P 500 Index and U.S. Entities In Which a Related Party has designates August 4, 2015, as the date
exchange-traded options on futures a Substantial Interest by which the Commission should either
contracts on the S&P 500 Index. To the June 18, 2015. approve or disapprove or institute
extent the Fund enters into swap On April 16, 2015, New York Stock proceedings to determine whether to
agreements, the Fund will enter into Exchange (‘‘NYSE’’) filed with the disapprove the proposed rule change
swap agreements based on the S&P 500 Securities and Exchange Commission (File No. SR–NYSE–2015–02).
Index. (‘‘Commission’’), pursuant to Section For the Commission, by the Division of
(10) Not more than 20% of the net 19(b)(1) of the Securities Exchange Act Trading and Markets, pursuant to delegated
assets of the Fund will be invested in of 1934 (‘‘Act’’) 1 and Rule 19b–4 authority.7
MBS and ABS in the aggregate. thereunder,2 a proposed rule change to
(11) A minimum of 100,000 Shares for Brent J. Fields,
amend sections 312.03(b) and 312.04 of
the Fund will be outstanding at the Secretary.
the NYSE Listed Company Manual
commencement of trading on the (‘‘Manual’’) to exempt early stage [FR Doc. 2015–15456 Filed 6–23–15; 8:45 am]
Exchange. companies 3 from having to obtain BILLING CODE 8011–01–P
This approval order is based on all of shareholder approval before issuing
the Exchange’s representations, shares for cash to related parties,
including those set forth above and in affiliates of related parties or entities in
the Notice, and Amendment Nos. 1 and which a related party has a substantial
3 to the proposed rule change. The interest. A related party is defined
Commission notes that the Fund and the under section 312.04 of the Manual as
Shares must comply with the a director, officer or substantial security
requirements of NYSE Arca Equities holder of a company. The proposed rule
Rule 8.600 to be initially and
continuously listed and traded on the 30 15 U.S.C. 78s(b)(2).
Exchange. 31 17 CFR 200.30–3(a)(12).
For the foregoing reasons, the 1 15 U.S.C. 78s(b)(1).
Commission finds that the proposed 2 17 CFR 240.19b–4.
3 The Exchange proposes to define the term
rule change, as modified by Amendment
‘‘Early Stage Company’’ to mean ‘‘a company that
tkelley on DSK3SPTVN1PROD with NOTICES
Nos. 1 and 3 thereto, is consistent with has not reported revenues greater than $20 million
section 6(b)(5) of the Act 29 and the rules in any two consecutive fiscal years since its
and regulations thereunder applicable to incorporation and any Early Stage Company will 4 See Securities Exchange Act Release No. 74849
a national securities exchange. lose that designation at any time after listing on the (April 30, 2015), 80 FR 26118.
Exchange that it files an annual report with the SEC 5 15 U.S.C. 78s(b)(2).
in which it reports two consecutive fiscal years in
28 17 6 15 U.S.C. 78s(b)(2).
CFR 240.10A–3. which it has revenues greater than $20 million in
29 15 U.S.C. 78f(b)(5). each year.’’ 7 17 CFR 200.30–3(a)(31).
VerDate Sep<11>2014 16:43 Jun 23, 2015 Jkt 235001 PO 00000 Frm 00070 Fmt 4703 Sfmt 9990 E:\FR\FM\24JNN1.SGM 24JNN1](https://thefederalregister.org/doc/80_FR_36506/page/1.svg)
Document Created: 2015-12-15 14:08:50
Document Modified: 2015-12-15 14:08:50
| 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 36385 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR