80 FR 43140 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 139 (July 21, 2015)

Page Range		43140-43141
FR Document		2015-17970

Federal Register, Volume 80 Issue 139 (Tuesday, July 21, 2015)

[Federal Register Volume 80, Number 139 (Tuesday, July 21, 2015)]
[Notices]
[Pages 43140-43141]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-17970]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Thursday, July 
23, 2015 at 2:00 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii)

[[Page 43141]]

and (10), permit consideration of the scheduled matter at the Closed 
Meeting.
    Commissioner Aguilar, as duty officer, voted to consider the items 
listed for the Closed Meeting in closed session.
    The subject matter of the Closed Meeting will be:
    Settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Resolution of litigation claims;
    Litigation matters; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact the Office of the 
Secretary at (202) 551-5400.

    Dated: July 16, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-17970 Filed 7-17-15; 4:15 pm]
 BILLING CODE 8011-01-P

43140 Federal Register / Vol. 80, No. 139 / Tuesday, July 21, 2015 / Notices

provided by NYSE Arca Equities Rule arguments concerning whether to, among other things, provide
5.3. Amendment Nos. 1, 2, and 3 is clarifying details about the investments
(6) While the Fund may invest in consistent with the Act. Comments may the Portfolio would be permitted to hold
inverse ETFs, the Fund will not invest be submitted by any of the following and the valuation of OTC-traded
in leveraged or inverse leveraged ETFs methods: derivative assets, and to limit the
or ETNs (e.g., 2X or 3X).28 percentage of the Portfolio that may be
(7) The Portfolio may invest up to Electronic Comments
comprised of options that are listed on
20% of its assets in derivatives.29 • Use the Commission’s Internet markets that are not members of the ISG
(8) The Portfolio may invest up to comment form (http://www.sec.gov/ or with which the Exchange does not
25% of its total assets in one or more rules/sro.shtml); or have a CSSA.36
ETPs that are QPTPs and whose • Send an email to rule-comments@ This information is useful for
principal activities are the buying and sec.gov. Please include File Number SR– evaluating the likelihood of market
selling of commodities or options, NYSEArca–2015–44 on the subject line. participants engaging in effective
futures, or forwards with respect to Paper Comments arbitrage and the Exchange’s ability to
commodities.30 detect improper trading activity that
(9) The Portfolio may invest up to • Send paper comments in triplicate
impacts the price of the Shares.
10% of its net assets in high yield debt to Secretary, Securities and Exchange
Commission, 100 F Street NE., Accordingly, the Commission believes
securities.31 that Amendment Nos. 1, 2, and 3 are
(10) Not more than 10% of the net Washington, DC 20549–1090.
consistent with the provisions of section
assets of the Fund will consist of equity All submissions should refer to File 6(b)(5) of the Act,37 and therefore finds
securities that trade in markets that are Number SR–NYSEArca–2015–44. This
good cause, pursuant to section 19(b)(2)
not members of the ISG or are not file number should be included on the
of the Act,38 for approving the proposed
parties to CSSA with the Exchange.32 subject line if email is used. To help the
rule change, as modified by Amendment
(11) The Fund may hold up to an Commission process and review your
Nos. 1, 2, and 3, on an accelerated basis.
aggregate amount of 15% of its net comments more efficiently, please use
assets in illiquid assets (calculated at only one method. The Commission will VI. Conclusion
the time of investment), including Rule post all comments on the Commission’s It is therefore ordered, pursuant to
144A securities deemed illiquid by the Internet Web site (http://www.sec.gov/ section 19(b)(2) of the Exchange Act,
Adviser, consistent with Commission rules/sro.shtml). Copies of the that the proposed rule change (SR–
guidance. The Fund will monitor its submission, all subsequent NYSEArca–2015–44), as modified by
portfolio liquidity on an ongoing basis amendments, all written statements Amendment Nos. 1, 2, and 3, is hereby
to determine whether, in light of current with respect to the proposed rule approved on an accelerated basis.
circumstances, an adequate level of change that are filed with the
liquidity is being maintained, and will Commission, and all written For the Commission, by the Division of
communications relating to the Trading and Markets, pursuant to delegated
consider taking appropriate steps in authority.39
order to maintain adequate liquidity if, proposed rule change between the
Commission and any person, other than Robert W. Errett,
through a change in values, net assets,
or other circumstances, more than 15% those that may be withheld from the Deputy Secretary.
of the Fund’s net assets are held in public in accordance with the [FR Doc. 2015–17780 Filed 7–20–15; 8:45 am]
illiquid assets.33 provisions of 5 U.S.C. 552, will be BILLING CODE 8011–01–P
(12) A minimum of 100,000 Shares available for Web site viewing and
will be outstanding at the printing in the Commission’s Public
commencement of trading on the Reference Room, 100 F Street NE., SECURITIES AND EXCHANGE
Exchange.34 Washington, DC 20549, on official COMMISSION
This approval order is based on all of business days between the hours of
the Exchange’s representations, 10:00 a.m. and 3:00 p.m. Copies of such Sunshine Act Meeting
including those set forth above and in filing will also be available for Notice is hereby given, pursuant to
the Notice. inspection and copying at the principal the provisions of the Government in the
For the foregoing reasons, the office of the Exchange. All comments Sunshine Act, Public Law 94–409, that
Commission finds that the proposed received will be posted without change; the Securities and Exchange
rule change, as modified by Amendment the Commission does not edit personal Commission will hold a Closed Meeting
Nos. 1, 2, and 3, is consistent with identifying information from on Thursday, July 23, 2015 at 2:00 p.m.
section 6(b)(5) of the Act 35 and the rules submissions. You should submit only Commissioners, Counsel to the
and regulations thereunder applicable to information that you wish to make Commissioners, the Secretary to the
a national securities exchange. available publicly. All submissions Commission, and recording secretaries
IV. Solicitation of Comments on should refer to File Number SR– will attend the Closed Meeting. Certain
Amendment Nos. 1, 2 and 3 NYSEArca–2015–44 and should be staff members who have an interest in
submitted on or before August 11, 2015. the matters also may be present.
Interested persons are invited to The General Counsel of the
submit written data, views, and V. Accelerated Approval of Proposed
Rule Change as Modified by Commission, or her designee, has
asabaliauskas on DSK5VPTVN1PROD with NOTICES

28 See Amendment Nos. 1, 2, and 3 certified that, in her opinion, one or
Amendment No. 2, supra note 5.
29 See Amendment No. 1, supra note 4, at 12,
more of the exemptions set forth in 5
The Commission finds good cause to U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
n.24.
30 See id. at 9.
approve the proposed rule change, as and 17 CFR 200.402(a)(3), (5), (7), 9(ii)
31 See id. at 11. modified by Amendment Nos. 1, 2, and
32 See id. at 10. 3, prior to the 30th day after the date of 36 See Amendment No. 1, supra note 4.
33 See id. at 14. publication of notice of the amendment 37 15 U.S.C. 78f(b)(5).
34 See id. at 23. in the Federal Register. The Exchange 38 15 U.S.C. 78s(b)(2).
35 15 U.S.C. 78f(b)(5). submitted Amendment Nos. 1, 2, and 3 39 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 80, No. 139 / Tuesday, July 21, 2015 / Notices 43141

and (10), permit consideration of the Rule 971.1NY, until July 18, 2016. The initiating ATP Holder complies with
scheduled matter at the Closed Meeting. text of the proposed rule change is Rule 971.1NY.6 Rule 971.1NY(b)(1) sets
Commissioner Aguilar, as duty available on the Exchange’s Web site at forth the permissible range of
officer, voted to consider the items www.nyse.com, at the principal office of executions for a CUBE Order.7 Pursuant
listed for the Closed Meeting in closed the Exchange, and at the Commission’s to the CUBE Pilot, a CUBE Order for
session. Public Reference Room. fewer than 50 contracts is subject to
The subject matter of the Closed tighter ranges of execution than larger
Meeting will be: II. Self-Regulatory Organization’s
CUBE Orders to maximize price
Settlement of injunctive actions; Statement of the Purpose of, and
improvement.8 Specifically, if the CUBE
Institution and settlement of Statutory Basis for, the Proposed Rule
Order is for fewer than 50 contracts, the
administrative proceedings; Change
range of permissible execution will be
Resolution of litigation claims; In its filing with the Commission, the equal to or better than the National Best
Litigation matters; and self-regulatory organization included Bid/Offer (‘‘NBBO’’), provided that such
Other matters relating to enforcement statements concerning the purpose of, price must be at least one cent better
proceedings. and basis for, the proposed rule change
At times, changes in Commission than any displayed interest in the
and discussed any comments it received Exchange’s Consolidated Book.9
priorities require alterations in the
on the proposed rule change. The text The CUBE Pilot was initially
scheduling of meeting items.
For further information and to of those statements may be examined at approved for a one-year pilot.10
ascertain what, if any, matters have been the places specified in Item IV below. Pursuant to Commentary .01 to Rule
added, deleted or postponed, please The Exchange has prepared summaries, 971.1NY, the CUBE Pilot would, if not
contact the Office of the Secretary at set forth in sections A, B, and C below, amended, end on July 17, 2015. In
(202) 551–5400. of the most significant parts of such connection with the CUBE Pilot, the
statements. Exchange agreed to submit certain data
Dated: July 16, 2015. to provide supporting evidence that,
Brent J. Fields, A. Self-Regulatory Organization’s
among other things, there is meaningful
Secretary.
Statement of the Purpose of, and the
competition for all size orders and that
Statutory Basis for, the Proposed Rule
[FR Doc. 2015–17970 Filed 7–17–15; 4:15 pm] there is an active and liquid market
Change
BILLING CODE 8011–01–P functioning on the Exchange outside of
1. Purpose the CUBE Auction.11
The Exchange proposes to extend the Proposal To Extend the Operation of the
SECURITIES AND EXCHANGE pilot period applicable to certain
COMMISSION CUBE Pilot
aspects of the Customer Best
The Exchange implemented the CUBE
[Release No. 34–75460; File No. SR– Execution—or CUBE—Auction, which
NYSEMKT–2015–48]
Auction to provide an electronic
is currently set to expire on July 17,
crossing mechanism for single-leg
2015, until July 18, 2016.
Self-Regulatory Organizations; NYSE orders with a price improvement
MKT LLC; Notice of Filing and Background auction. The CUBE Pilot was designed
Immediate Effectiveness of Proposed Rule 971.1NY sets forth an electronic to create tighter markets and ensure that
Rule Change Extending the Pilot crossing mechanism for single-leg each order receives the best possible
Period Applicable to the Customer orders with a price improvement price. The Exchange believes that the
Best Execution Auction per Rule auction on the Exchange, referred to as CUBE Pilot attracts order flow and
971.1NY Until July 18, 2016 the CUBE Auction.4 The CUBE Auction, promotes competition and price
improvement opportunities for CUBE
July 15, 2015. which was approved in April 2014, is
Orders of fewer than 50 contracts. The
Pursuant to Section 19(b)(1) 1 of the designed to provide price improvement
Exchange believes that extending the
Securities Exchange Act of 1934 (the for paired orders of any size.5 Two
pilot period is appropriate because it
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 aspects of the CUBE were approved on
notice is hereby given that on July 2, a pilot basis—Rule 971.1NY(b)(1)(B), 6 In addition, CUBE provides for the automatic

2015, NYSE MKT LLC (the ‘‘Exchange’’ which establishes the permissible range execution, under certain conditions, of a crossing
or ‘‘NYSE MKT’’) filed with the of executions for CUBE Auctions for transaction where there is a public customer order
Securities and Exchange Commission fewer than 50 contracts; and Rule in the same options series on each side.
7 Subject to specified exceptions, a CUBE Order
(the ‘‘Commission’’) the proposed rule 971.1NY(b)(8), which establishes that
to buy (sell) may execute at prices equal to or
change as described in Items I and II the minimum size for a CUBE Auction between the initiating price as the upper (lower)
below, which Items have been prepared is one contract (together, the ‘‘CUBE bound and the National Best Bid (‘‘NBB’’) (National
by the self-regulatory organization. The Pilot’’). Best Offer (‘‘NBO’’)) as the lower (upper) bound.
An ATP Holder may initiate a CUBE See Rule 971.1NY(b).
Commission is publishing this notice to 8 See Rule 971.1NY(b)(1)(B). Rule 971.1NY(b)(8),

solicit comments on the proposed rule Auction by electronically submitting for
also subject to the pilot period, provides that the
change from interested persons. execution a limit order it represents as minimum size for a CUBE Auction is one contract.
agent on behalf of a public customer, 9 See Rule 971.1NY(b)(1)(B).

I. Self-Regulatory Organization’s broker dealer, or any other entity 10 See CUBE Approval Order, supra, n. 5. The

Statement of the Terms of Substance of (‘‘CUBE Order’’) against principal CUBE Pilot was subsequently extended, until July
asabaliauskas on DSK5VPTVN1PROD with NOTICES

the Proposed Rule Change interest or against any other order it 17, 2015, in order to align the expiration of the pilot
period with that of other competing options
The Exchange proposes to extend the represents as agent, provided the exchange that offer electronic price improvement
pilot period applicable to the Customer auctions similar to the CUBE. See Securities
4 See generally Rule 971.1NY (Electronic Cross Exchange Act Release No. 74695 (April 9, 2015), 80
Best Execution Auction (‘‘CUBE’’), per Transactions). FR 20274 (April 15, 2015) (SR–NYSEMKT–2015–
5 See Securities Exchange Act Release No. 72025 28).
1 15 U.S.C. 78s(b)(1). (April 25, 2014), 79 FR 24779 (May 1, 2014) 11 See CUBE Approval Order, supra, n. 5 at 79 FR
2 15 U.S.C. 78a. (NYSEMKT–2014–17) (the ‘‘CUBE Approval 24779, at 24785–86, fn. 94–95. See also
3 17 CFR 240.19b–4. Order’’). Commentary .01 to Rule 971.1NY.

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Document Created: 2018-02-23 09:23:33
Document Modified: 2018-02-23 09:23:33

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 43140