80 FR 54330 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, As Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Equities Rule 8.600 To Adopt Generic Listing Standards for Managed Fund Shares

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 174 (September 9, 2015)

Page Range		54330-54331
FR Document		2015-22605

Federal Register, Volume 80 Issue 174 (Wednesday, September 9, 2015)

[Federal Register Volume 80, Number 174 (Wednesday, September 9, 2015)]
[Notices]
[Pages 54330-54331]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-22605]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75813; SR-NYSEArca-2015-02]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, As 
Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Equities Rule 
8.600 To Adopt Generic Listing Standards for Managed Fund Shares

September 2, 2015.
    On February 17, 2015, 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 amend NYSE Arca 
Equities Rule 8.600 to adopt generic listing standards for Managed Fund 
Shares.\3\ The proposed rule change was published for comment in the 
Federal Register on March 10, 2015.\4\ The Commission initially 
received three comment letters on the proposal.\5\ On April 17, 2015, 
pursuant

[[Page 54331]]

to section 19(b)(2) of the Act,\6\ the Commission designated a longer 
period within which to either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to disapprove the proposed rule change.\7\ On June 3, 
2015, the Exchange filed Amendment No. 1 to the proposed rule change. 
On June 11, 2015, the Commission published a notice of filing of 
Amendment No. 1 to the proposed rule change and an order instituting 
proceedings under section 19(b)(2)(B) of the Act \8\ to determine 
whether to approve or disapprove the proposed rule change, as modified 
by Amendment No. 1 thereto.\9\ The Commission subsequently received one 
additional comment letter on the proposal.\10\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The term ``Managed Fund Share'' is defined in NYSE Arca 
Equities Rule 8.600(c)(1).
    \4\ See Securities Exchange Act Release No. 74433 (Mar. 4, 
2015), 80 FR 12690.
    \5\ See letter dated March 31, 2015 from Anonymous; letter dated 
March 31, 2015 from Dorothy Donohue, Deputy General Counsel, 
Securities Regulation, Investment Company Institute, to Brent J. 
Fields, Secretary, Commission; and letter dated March 31, 2015 from 
Thomas E. Faust Jr., Chairman and Chief Executive Officer, Eaton 
Vance Corp., to Brent J. Fields, Secretary, Commission. All comments 
to the proposed rule change are available on the Commission's Web 
site at http://www.sec.gov/comments/sr-nysearca-2015-02/nysearca201502.shtml.
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 74755, 80 FR 22762 
(Apr. 23, 2014). The Commission determined that it was 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 
proposed rule change and the comments received. Accordingly, the 
Commission designated June 8, 2015 as the date by which it should 
approve, disapprove, or institute proceedings to determine whether 
to disapprove the proposed rule change.
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ See Securities Exchange Act Release No. 75115 (Jun. 5, 2015) 
80 FR 33309. Specifically, the Commission instituted proceedings to 
allow: (a) Commenters to address the sufficiency of the Exchange's 
statements in support of the proposal, as modified by Amendment No. 
1 thereto; (b) commenters to respond to specific questions posed by 
the Commission relating to the proposal, as modified by Amendment 
No. 1 thereto; and (c) 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.
    \10\ See letter dated July 2, 2015 from E. Russell Ives, Jr., 
President, Ives Associates, Inc., to Brent J. Fields, Secretary, 
Commission. See also supra note 5.
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    Section 19(b)(2) of the Act \11\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of the filing of the proposed rule 
change. The Commission may, however, extend the period for issuing an 
order approving or disapproving the proposed rule change by not more 
than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for that determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on March 10, 2015.\12\ The 180th day after publication 
of the notice of the filing of the proposed rule change in the Federal 
Register is September 6, 2015. The 240th day after publication of the 
notice of the filing of the proposed rule change in the Federal 
Register is November 5, 2015.
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    \11\ 15 U.S.C. 78s(b)(2).
    \12\ See supra text accompanying note 4.
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change, as modified by Amendment No. 1 thereto, and the issues 
raised in the comment letters submitted on the proposed rule change.
    Accordingly, the Commission, pursuant to section 19(b)(2) of the 
Act,\13\ designates November 5, 2015 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(SR-NYSEArca-2015-02).
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    \13\ 15 U.S.C. 78s(b)(2).
    \14\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-22605 Filed 9-8-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 174 / Wednesday, September 9, 2015 / Notices 54331

to section 19(b)(2) of the Act,6 the change was published for notice and Commission designated a longer period
Commission designated a longer period comment in the Federal Register on within which to take action on the
within which to either approve the March 10, 2015.12 The 180th day after proposed rule change.4 On August 24,
proposed rule change, disapprove the publication of the notice of the filing of 2015, the Exchange filed Amendment
proposed rule change, or institute the proposed rule change in the Federal No. 1 to the proposed rule change.5 The
proceedings to determine whether to Register is September 6, 2015. The Commission is publishing this notice to
disapprove the proposed rule change.7 240th day after publication of the notice solicit comments from interested
On June 3, 2015, the Exchange filed of the filing of the proposed rule change persons on Amendment No. 1. Items I,
Amendment No. 1 to the proposed rule in the Federal Register is November 5, II, and III below have been prepared by
change. On June 11, 2015, the 2015. the Exchange.
Commission published a notice of filing The Commission finds it appropriate
of Amendment No. 1 to the proposed to designate a longer period within I. Self-Regulatory Organization’s
rule change and an order instituting which to issue an order approving or Statement of the Terms of Substance of
proceedings under section 19(b)(2)(B) of disapproving the proposed rule change the Proposed Rule Change
the Act 8 to determine whether to so that it has sufficient time to consider
approve or disapprove the proposed the proposed rule change, as modified CHX proposes to adopt and amend
rule change, as modified by Amendment by Amendment No. 1 thereto, and the rules to implement CHX SNAPSM, an
No. 1 thereto.9 The Commission issues raised in the comment letters intra-day and on-demand auction
subsequently received one additional submitted on the proposed rule change. service. The text of this proposed rule
comment letter on the proposal.10 Accordingly, the Commission, change is available on the Exchange’s
Section 19(b)(2) of the Act 11 provides pursuant to section 19(b)(2) of the Act,13 Web site at http://www.chx.com/rules/
that, after initiating disapproval designates November 5, 2015 as the date proposed_rules.htm, at the principal
proceedings, the Commission shall issue by which the Commission should either office of the Exchange, and at the
an order approving or disapproving the approve or disapprove the proposed Commission’s Public Reference Room.
proposed rule change not later than 180 rule change (SR–NYSEArca–2015–02).
days after the date of publication of II. Self-Regulatory Organization’s
For the Commission, by the Division of Statement of the Purpose of, and
notice of the filing of the proposed rule Trading and Markets, pursuant to delegated
change. The Commission may, however, Statutory Basis for, the Proposed Rule
authority.14 Change
extend the period for issuing an order Robert W. Errett,
approving or disapproving the proposed In its filing with the Commission, the
Deputy Secretary.
rule change by not more than 60 days self-regulatory organization included
[FR Doc. 2015–22605 Filed 9–8–15; 8:45 am]
if the Commission determines that a
BILLING CODE 8011–01–P statements concerning the purpose of,
longer period is appropriate and
and basis for, the proposed rule change
publishes the reasons for that
and discussed any comments it received
determination. The proposed rule
SECURITIES AND EXCHANGE on the proposed rule change. The text
Eaton Vance Corp., to Brent J. Fields, Secretary,
COMMISSION of those statements may be examined at
Commission. All comments to the proposed rule the places specified in Item IV below.
[Release No. 34–75816; File No. SR–CHX–
change are available on the Commission’s Web site
2015–03] The Exchange has prepared summaries,
at http://www.sec.gov/comments/sr-nysearca-2015– set forth in sections A, B and C below,
02/nysearca201502.shtml.
6 15 U.S.C. 78s(b)(2). Self-Regulatory Organizations; of the most significant parts of such
7 See Securities Exchange Act Release No. 74755, Chicago Stock Exchange, Inc.; Notice statements.
80 FR 22762 (Apr. 23, 2014). The Commission of Filing of Amendment No. 1 to a
determined that it was appropriate to designate a Proposed Rule Change To Implement 4 See Securities Exchange Act Release No. 75630,
longer period within which to take action on the 80 FR 48375 (Aug. 12, 2015). The Commission
proposed rule change so that it has sufficient time CHX SNAPSM, an Intra-Day and On-
designated October 6, 2015 as the date by which it
to consider the proposed rule change and the Demand Auction Service should either approve, disapprove, or institute
comments received. Accordingly, the Commission proceedings to determine whether to disapprove the
designated June 8, 2015 as the date by which it September 2, 2015. proposed rule change. See id.
should approve, disapprove, or institute On June 23, 2015, the Chicago Stock 5 Amendment No. 1 is publicly available on the
proceedings to determine whether to disapprove the
proposed rule change.
Exchange, Inc. (‘‘CHX’’ or ‘‘Exchange’’) Commission’s Web site at: https://www.sec.gov/
8 15 U.S.C. 78s(b)(2)(B). filed with the Securities and Exchange comments/sr-chx-2015-03/chx201503-1.pdf. In
Amendment No. 1, the Exchange proposes to
9 See Securities Exchange Act Release No. 75115 Commission (‘‘SEC’’ or ‘‘Commission’’), amend the minimum size requirements for the
(Jun. 5, 2015) 80 FR 33309. Specifically, the pursuant to section 19(b)(1) of the following: (1) Limit orders marked Start SNAP for
Commission instituted proceedings to allow: (a) Securities Exchange Act of 1934 securities that do not have a special minimum size
Commenters to address the sufficiency of the requirement; and (2) SNAP AOO Orders for
Exchange’s statements in support of the proposal,
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
securities that do not have a special minimum size
as modified by Amendment No. 1 thereto; (b) proposed rule change to implement requirement. In the Exchange’s initial filing, it
commenters to respond to specific questions posed CHX SNAPSM, an intra-day and on- proposed tier-based minimum size requirements for
by the Commission relating to the proposal, as demand auction service. The proposed Start SNAP and SNAP AOO Orders. See Notice,
modified by Amendment No. 1 thereto; and (c) for supra note 3, 80 FR 39174–75. In Amendment No.
additional analysis of the proposed rule change’s
rule change was published in the
1, the Exchange represents that it received feedback
consistency with section 6(b)(5) of the Act, which Federal Register for comment on July 8, from certain Participants indicating that those tier-
requires, among other things, that the rules of a 2015.3 No comments have been based minimum size requirements are counter-
national securities exchange be ‘‘designed to received. On August 6, 2015, the intuitive and would unnecessarily complicate the
prevent fraudulent and manipulative acts and
Lhorne on DSK5TPTVN1PROD with NOTICES

programming of those Participants’ respective
practices, to promote just and equitable principles 12 See systems to automatically initiate and participate in
of trade,’’ and ‘‘to protect investors and the public supra text accompanying note 4.
13 15 SNAP Cycles. See Amendment No. 1, supra, at pg.
interest.’’ See id. U.S.C. 78s(b)(2).
14 17 CFR 200.30–3(a)(57).
3. In response to that feedback, the Exchange states
10 See letter dated July 2, 2015 from E. Russell
that it is proposing to simplify the minimum size
1 15 U.S.C. 78s(b)(1).
Ives, Jr., President, Ives Associates, Inc., to Brent J. requirements for Start SNAP and SNAP AOO
Fields, Secretary, Commission. See also supra note 2 17 CFR 240.19b–4.
Orders for securities without special minimum size
5. 3 See Securities Exchange Act Release No. 75346 requirements, as described below. See infra, Section
11 15 U.S.C. 78s(b)(2). (Jul. 1, 2015), 80 FR 39172 (‘‘Notice’’). 3.

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Document Created: 2015-12-15 09:53:04
Document Modified: 2015-12-15 09:53:04

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 54330