80 FR 65266 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of the First Trust Heitman Global Prime Real Estate ETF Under NYSE Arca Equities Rule 8.600
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 206 (October 26, 2015)
Federal Register Volume 80, Issue 206 (October 26, 2015)
| Page Range | 65266-65269 | |
| FR Document | 2015-27073 |
[Federal Register Volume 80, Number 206 (Monday, October 26, 2015)] [Notices] [Pages 65266-65269] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-27073] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76202; File No. SR-NYSEArca-2015-77] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of the First Trust Heitman Global Prime Real Estate ETF Under NYSE Arca Equities Rule 8.600 October 20, 2015. I. Introduction On August 28, 2015, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') 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 First Trust Heitman Global Prime Real Estate ETF (the ``Fund,'') under NYSE Arca Equities Rule 8.600. The proposed rule change was published for comment in the Federal Register on September 17, 2015.\3\ On October 1, 2015, the Exchange filed Amendment No. 1 to the proposed rule change.\4\ The Commission received no comments on the proposed rule change. The Commission is publishing this notice to solicit comments on Amendment No. 1 from interested persons, and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 75901 (September 11, 2015), 80 FR 55892 (``Notice''). \4\ In Amendment No. 1, the Exchange: (1) Identified the investment objective of the Fund; (2) clarified the scope of the Fund's permitted investments; (3) modified its description of the Fund's Share redemption process; (4) supplemented its description of the availability of price information for the Shares and the underlying assets; (5) identified another entity as the administrator, custodian, and transfer agent for the Fund; and (6) made other technical changes. Amendment No. 1 is available at: http://www.sec.gov/rules/sro/nysearca/2015/34-75901-amendment1.pdf. --------------------------------------------------------------------------- II. The Exchange's Description of the Proposed Rule Change \5\ --------------------------------------------------------------------------- \5\ The Commission notes that additional information regarding the Trust, the Fund, its investments, and the Shares, including investment strategies, risks, creation and redemption procedures, fees, portfolio holdings disclosure policies, calculation of net asset value (``NAV''), distributions, and taxes, among other things, can be found in the Notice and the Registration Statement, as applicable. See Notice, supra note 3, and Registration Statement, infra note 6. --------------------------------------------------------------------------- The Exchange proposes to list and trade the Shares under NYSE Arca Equities Rule 8.600, which governs the listing and trading of Managed Fund Shares. The Shares will be offered by First Trust Exchange-Traded Fund IV (``Trust''), a Massachusetts business trust which is registered with the Commission as an open-end management investment company.\6\ First Trust Advisors L.P. (``First Trust'' or the ``Adviser'') will serve as the investment adviser of the Fund. Heitman Real Estate Securities LLC (``Sub-Adviser'') will be the sub-adviser to the Fund. Heitman International Real Estate Securities HK Limited and Heitman International Real Estate Securities GmbH (``Sub-Sub-Advisers'') will be the sub-sub-advisers to the Fund. First Trust Portfolios L.P. will be the principal underwriter and distributor of the Fund's Shares. Brown Brothers Harriman & Co. (the ``BBH'') will serve as administrator, custodian and transfer agent for the Fund. --------------------------------------------------------------------------- \6\ The Exchange states that the Trust is registered under the 1940 Act. According to the Exchange, on August 27, 2014, the Trust filed an amendment to the Trust's registration statement on Form N- 1A under the Securities Act of 1933 (the ``1933 Act'') (15 U.S.C. 77a), and under the 1940 Act relating to the Fund (File Nos. 333- 174332 and 811-22559) (the ``Registration Statement''). The Exchange states that the Commission has issued an order granting certain exemptive relief to the Trust under the 1940 Act. See Investment Company Act Release No. 28468 (October 27, 2008) (File No. 812- 13477). --------------------------------------------------------------------------- Principal Investments The Exchange states that, under normal market conditions,\7\ at least 80% of the Fund's net assets in the following U.S. and non-U.S. exchange-traded real estate securities: Real estate investment trusts (``REITs''), real estate operating companies (``REOCs'') and common stocks or ``Depositary Receipts'' of companies primarily engaged in the real estate industry (collectively, ``Real Estate Securities'').\8\ The Fund may invest in non-U.S. securities (including securities of certain non-U.S. companies), which include securities issued or guaranteed by companies [[Page 65267]] organized under the laws of countries other than the United States (including emerging markets). Certain Real Estate Securities in which the Fund invests may be restricted securities (Rule 144A securities).\9\ During the initial invest-up period, the Fund may depart from its principal investment strategies and invest a larger amount or all of its assets in cash equivalents or it may hold cash. --------------------------------------------------------------------------- \7\ The term ``under normal market conditions'' includes, but is not limited to, the absence of extreme volatility or trading halts in the equity markets or the financial markets generally; operational issues causing dissemination of inaccurate market information; or force majeure type events such as systems failure, natural or man-made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance. \8\ The Fund's investments in Real Estate Securities and certain non-U.S. companies (as referred to below under ``Non-Principal Investments'') may be in the form of Depositary Receipts, which include American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts. All Depositary Receipts in which the Fund invests will be traded on a U.S. or a non-U.S. exchange. \9\ Any such Real Estate Securities will be traded on a non-U.S. exchange and will not be traded on a U.S. exchange. --------------------------------------------------------------------------- Other Investments According to the Exchange, the Fund, under normal market conditions, will invest up to 20% of the value of its net assets (plus borrowings for investment purposes) in the following securities and financial instruments described below. Equity securities, other than Real Estate Securities, in which the Fund will invest may include common and preferred stocks. The Fund may also invest in warrants and rights related to common stocks, preferred equity securities and restricted securities (Rule 144A securities) that are not also Real Estate Securities. The Fund may invest in exchange- traded pooled investment vehicles, open-end or closed-end investment company securities, other exchange-traded funds (``ETFs'') and business development companies (``BDCs'') that invest primarily in securities of the types in which the Fund may invest directly. The Fund may invest in companies that are considered to be ``passive foreign investment companies'' (``PFICs''), which are generally certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income. Fixed income investments and cash equivalents held by the Fund may include, the following types of investments: (1) U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities; (2) certificates of deposit issued against funds deposited in a bank or savings and loan association; (3) bankers' acceptances, which are short-term credit instruments used to finance commercial transactions; (4) repurchase agreements, which involve purchases of debt securities with counterparties that are deemed by the Adviser to present acceptable credit risks; (5) bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest; (6) commercial paper, which are short-term unsecured promissory notes, including variable rate master demand notes (direct lending arrangements between the Fund and a corporation) issued by corporations to finance their current operations; (7) shares of money market funds. The Fund may invest in the following types of non-U.S. fixed income securities (including securities of certain non-U.S. companies): Securities issued or guaranteed by companies organized under the laws of countries other than the United States (including emerging markets), securities issued or guaranteed by foreign, national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities and debt obligations of supranational governmental entities such as the World Bank or European Union. Non- U.S. securities may also include U.S. dollar-denominated debt obligations, such as ``Yankee Dollar'' obligations (U.S. dollar- denominated obligations issued in the U.S. capital markets by foreign corporations, banks and governments) of foreign issuers and of supra- national government entities. The Fund also may invest in forward foreign currency exchange contracts. III. Discussion and Commission's Findings After careful review, the Commission finds that the proposed rule change is consistent with the requirements of section 6 of the Act \10\ and the rules and regulations thereunder applicable to a national securities exchange.\11\ In particular, the Commission finds that the proposed rule change is consistent with section 6(b)(5) of the Act,\12\ which requires, among other things, that the Exchange's rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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. The Commission notes that the Fund and the Shares must comply with the requirements of NYSE Arca Equities Rule 8.600 for the Shares to be listed and traded on the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f. \11\ In approving this proposed rule change, the Commission notes that it has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Commission finds that the proposal to list and trade the Shares on the Exchange is consistent with section 11A(a)(1)(C)(iii) of the Act,\13\ which sets forth Congress's finding that it is in the public interest and appropriate for the protection of investors and the maintenance of fair and orderly markets to assure the availability to brokers, dealers, and investors of information with respect to quotations for, and transactions in, securities. According to the Exchange, quotation and last sale information for the Shares and the following U.S. exchange-traded equity securities will be available via the Consolidated Tape Association high-speed line, and from the national securities exchange on which they are listed: Real Estate Securities, common stocks, preferred stocks, warrants, rights, pooled investment vehicles, ETFs, closed end investment company securities, BDCs, and PFICs. In addition, the Portfolio Indicative Value (``PIV'') as defined in NYSE Arca Equities Rule 8.600 (c)(3), will be widely disseminated every 15 seconds throughout the Exchange's Core Trading Session by one or more major market data vendors. On each business day, before commencement of trading in Shares in the Core Trading Session (as defined in NYSE Arca Equities Rule 7.34(a)(2)), each Fund will disclose on its Web site the Disclosed Portfolio (as defined in NYSE Arca Equities Rule 8.600(c)(2)) that will form the basis for such Fund's calculation of NAV at the end of the business day.\14\ The Fund's NAV will be determined as of the close of regular trading on the NYSE on each day the NYSE is open for trading. A basket composition file, which will include the security names and share quantities required to be delivered in exchange for the Shares, together with estimates and actual cash components, will be publicly disseminated daily prior to the opening of the New York Stock Exchange via the National Securities Clearing Corporation. Information regarding market price and trading volume of the Shares will be [[Page 65268]] continually available on a real-time basis throughout the day on brokers' computer screens and other electronic services. Information regarding the previous day's closing price and trading volume information for the Shares will be published daily in the financial section of newspapers. The Web site for the Fund will include a form of the prospectus for the Fund and additional data relating to NAV and other applicable quantitative information. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78k-1(a)(1)(C)(iii). \14\ On a daily basis, the Fund will disclose on the Fund's Web site the following information regarding each portfolio holding, as applicable to the type of holding: Ticker symbol, CUSIP number or other identifier, if any; a description of the holding (including the type of holding); the identity of the security, commodity, index or other asset or instrument underlying the holding, if any; maturity date, if any; coupon rate, if any; effective date, if any; market value of the holding; and the percentage weighting of the holding in the Fund's portfolio. This information will be publicly available at no charge. --------------------------------------------------------------------------- The Commission further believes that the proposal to list and trade the Shares is reasonably designed to promote fair disclosure of information that may be necessary to price the Shares appropriately and to prevent trading when a reasonable degree of transparency cannot be assured. The Commission notes that the Exchange will obtain a representation from the issuer of the Shares that the NAV per Share will be calculated daily and that the NAV and the Disclosed Portfolio will be made available to all market participants at the same time.\15\ In addition, trading in the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth circumstances under which Shares of a Fund may be halted. The Exchange may halt trading in the Shares if trading is not occurring in the securities and/or the financial instruments constituting the Disclosed Portfolio of a Fund, or if other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present.\16\ Further, the Commission notes that the Reporting Authority that provides the Disclosed Portfolio of the Fund must implement and maintain, or be subject to, procedures designed to prevent the use and dissemination of material, non-public information regarding the actual components of the portfolio.\17\ The Commission notes that the Financial Industry Regulatory Authority (``FINRA''), on behalf of the Exchange,\18\ will communicate as needed regarding trading in the Shares and certain exchange-traded equity securities with other markets and other entities that are members of the Intermarket Surveillance Group (``ISG''), and FINRA, on behalf of the Exchange, may obtain trading information regarding trading in the Shares and certain exchange-traded equity securities from such markets and other entities. In addition, the Exchange may obtain information regarding trading in the Shares and certain exchange-traded equity securities from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. The Exchange states that it has a general policy prohibiting the distribution of material, non-public information by its employees. According to the Exchange, the Adviser, the Sub-Adviser and the Sub-Sub-Advisers are not broker-dealers, but the Adviser is affiliated with First Trust Portfolios L.P., a broker-dealer, and the Sub-Adviser and the Sub-Sub- Advisers are affiliated with Heitman Securities LLC and Heitman UK Limited, each a broker-dealer. The Exchange states that the Adviser, the Sub-Adviser and the Sub-Sub-Advisers have each implemented fire walls with respect to their respective broker-dealer affiliate(s) regarding access to information concerning the composition and/or changes to the portfolio. In the event (a) the Adviser, the Sub-Adviser or either Sub-Sub-Adviser becomes registered as a broker-dealer or newly affiliated with a broker-dealer, or (b) any new adviser, sub- adviser or sub-sub-adviser is a registered broker-dealer or becomes affiliated with a broker-dealer, the Exchange states that it will implement a fire wall with respect to its relevant personnel or its broker-dealer affiliate regarding access to information concerning the composition and/or changes to the portfolio, and will be subject to procedures designed to prevent the use and dissemination of material non-public information regarding such portfolio. --------------------------------------------------------------------------- \15\ See NYSE Arca Equities Rule 8.600(d)(1)(B). \16\ See NYSE Arca Equities Rule 8.600(d)(2)(C) (providing additional considerations for the suspension of trading in or removal from listing of Managed Fund Shares on the Exchange). With respect to trading halts, the Exchange may consider all relevant factors in exercising its discretion to halt or suspend trading in the Shares of each Fund. Trading in Shares of a Fund will be halted if the circuit breaker parameters in NYSE Arca Equities Rule 7.12 have been reached. Trading also may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. \17\ See NYSE Arca Equities Rule 8.600(d)(2)(B)(ii). \18\ The Exchange states that, while FINRA surveils trading on the Exchange pursuant to a regulatory services agreement, the Exchange is responsible for FINRA's performance under this regulatory services agreement. --------------------------------------------------------------------------- The Exchange deems the Shares to be equity securities, which renders trading in the Shares subject to the Exchange's existing rules governing the trading of equity securities. In support of this proposal, the Exchange has made additional representations, including: (1) The Shares will conform to the initial and continued listing criteria under NYSE Arca Equities Rule 8.600. (2) The Exchange has appropriate rules to facilitate transactions in the Shares during all trading sessions. (3) The Exchange represents that trading in the Shares will be subject to the existing trading surveillances, administered by FINRA on behalf of the Exchange, which are designed to detect violations of Exchange rules and applicable federal securities laws. The Exchange represents that these procedures are adequate to properly monitor Exchange trading of the Shares in all trading sessions and to deter and detect violations of Exchange rules and federal securities laws applicable to trading on the Exchange. (4) Prior to the commencement of trading, the Exchange will inform its Equity Trading Permit (``ETP'') Holders in an Information Bulletin of the special characteristics and risks associated with trading the Shares. Specifically, the Bulletin will discuss the following: (a) The procedures for purchases and redemptions of Shares in Creation Units (and that Shares are not individually redeemable); (b) NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence on its ETP Holders to learn the essential facts relating to every customer prior to trading the Shares; (c) the risks involved in trading the Shares during the Opening and Late Trading Sessions when an updated PIV will not be calculated or publicly disseminated; (d) how information regarding the PIV will be disseminated; (e) the requirement that ETP Holders deliver a prospectus to investors purchasing newly issued Shares prior to or concurrently with the confirmation of a transaction; and (f) trading information. (5) For initial and/or continued listing, the Fund will be in compliance with Rule 10A-3\19\ under the Act, as provided by NYSE Arca Equities Rule 5.3. --------------------------------------------------------------------------- \19\ 17 CFR 240.10A-3. --------------------------------------------------------------------------- (6) A minimum of 100,000 Shares for the Fund will be outstanding at the commencement of trading on the Exchange. (7) Not more than 10% of the net assets of the Fund in the aggregate invested in equity securities (other than non-exchange-traded investment company securities) shall consist of equity securities whose principal market is not a member of the ISG or is a market with which the Exchange does not have a comprehensive surveillance sharing agreement. This approval order is based on all of the Exchange's representations. For the foregoing reasons, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with section 6(b)(5) of the Act \20\ and the rules and [[Page 65269]] regulations thereunder applicable to a national securities exchange. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- IV. Solicitation of Comments on Amendment No. 1 Interested persons are invited to submit written data, views, and arguments concerning whether Amendment No. 1 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-NYSEArca-2015-77 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-2015-77. 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 the 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-NYSEArca-2015-77 and should be submitted on or before November 16, 2015. V. Accelerated Approval of Proposed Rule Change as Modified by Amendment No. 1 The Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of notice in the Federal Register. Amendment No. 1 supplements the proposed rule change by, among other things, clarifying the scope of the Fund's permitted investments and adding additional information about the availability of prices for the Shares and underlying assets. This new information aided the Commission in evaluating the likelihood of effective arbitrage in the Shares. Accordingly, the Commission finds good cause, pursuant to section 19(b)(2) of the Act,\21\ to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- VI. Conclusion It is therefore ordered, pursuant to section 19(b)(2) of the Act,\22\ that the proposed rule change (SR-NYSEArca-2015-77), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis. --------------------------------------------------------------------------- \22\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\23\ --------------------------------------------------------------------------- \23\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-27073 Filed 10-23-15; 8:45 am] BILLING CODE 8011-01-P
![65266 Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices
• Send an email to rule-comments@ SECURITIES AND EXCHANGE Equities Rule 8.600, which governs the
sec.gov. Please include File Number SR– COMMISSION listing and trading of Managed Fund
EDGX–2015–48 on the subject line. Shares. The Shares will be offered by
[Release No. 34–76202; File No. SR–
First Trust Exchange-Traded Fund IV
Paper Comments NYSEArca–2015–77]
(‘‘Trust’’), a Massachusetts business
• Send paper comments in triplicate Self-Regulatory Organizations; NYSE trust which is registered with the
Arca, Inc.; Notice of Filing of Commission as an open-end
to Secretary, Securities and Exchange
Amendment No. 1 and Order Granting management investment company.6
Commission, 100 F Street NE.,
Accelerated Approval of a Proposed First Trust Advisors L.P. (‘‘First Trust’’
Washington, DC 20549–1090. or the ‘‘Adviser’’) will serve as the
Rule Change, as Modified by
All submissions should refer to File Amendment No. 1, To List and Trade investment adviser of the Fund.
Number SR–EDGX–2015–48. This file Shares of the First Trust Heitman Heitman Real Estate Securities LLC
number should be included on the Global Prime Real Estate ETF Under (‘‘Sub-Adviser’’) will be the sub-adviser
subject line if email is used. To help the NYSE Arca Equities Rule 8.600 to the Fund. Heitman International Real
Commission process and review your Estate Securities HK Limited and
comments more efficiently, please use October 20, 2015. Heitman International Real Estate
only one method. The Commission will Securities GmbH (‘‘Sub-Sub-Advisers’’)
I. Introduction
will be the sub-sub-advisers to the
post all comments on the Commission’s On August 28, 2015, NYSE Arca, Inc. Fund. First Trust Portfolios L.P. will be
Internet Web site (http://www.sec.gov/ (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed the principal underwriter and
rules/sro.shtml). Copies of the with the Securities and Exchange distributor of the Fund’s Shares. Brown
submission, all subsequent Commission (‘‘Commission’’), pursuant Brothers Harriman & Co. (the ‘‘BBH’’)
amendments, all written statements to section 19(b)(1) of the Securities will serve as administrator, custodian
with respect to the proposed rule Exchange Act of 1934 (‘‘Act’’) 1 and Rule and transfer agent for the Fund.
change that are filed with the 19b–4 thereunder,2 a proposed rule
Commission, and all written change to list and trade shares Principal Investments
communications relating to the (‘‘Shares’’) of the First Trust Heitman The Exchange states that, under
proposed rule change between the Global Prime Real Estate ETF (the normal market conditions,7 at least 80%
Commission and any person, other than ‘‘Fund,’’) under NYSE Arca Equities of the Fund’s net assets in the following
those that may be withheld from the Rule 8.600. The proposed rule change U.S. and non-U.S. exchange-traded real
public in accordance with the was published for comment in the estate securities: Real estate investment
provisions of 5 U.S.C. 552, will be Federal Register on September 17, trusts (‘‘REITs’’), real estate operating
available for Web site viewing and 2015.3 On October 1, 2015, the companies (‘‘REOCs’’) and common
printing in the Commission’s Public Exchange filed Amendment No. 1 to the stocks or ‘‘Depositary Receipts’’ of
proposed rule change.4 The Commission companies primarily engaged in the real
Reference Room, 100 F Street NE.,
received no comments on the proposed estate industry (collectively, ‘‘Real
Washington, DC 20549 on official
rule change. The Commission is Estate Securities’’).8 The Fund may
business days between the hours of invest in non-U.S. securities (including
10:00 a.m. and 3:00 p.m. Copies of such publishing this notice to solicit
comments on Amendment No. 1 from securities of certain non-U.S.
filing also will be available for companies), which include securities
interested persons, and is approving the
inspection and copying at the principal issued or guaranteed by companies
proposed rule change, as modified by
office of the Exchange. All comments
Amendment No. 1, on an accelerated
received will be posted without change; basis. found in the Notice and the Registration Statement,
the Commission does not edit personal as applicable. See Notice, supra note 3, and
II. The Exchange’s Description of the Registration Statement, infra note 6.
identifying information from 6 The Exchange states that the Trust is registered
submissions. You should submit only Proposed Rule Change 5
under the 1940 Act. According to the Exchange, on
information that you wish to make The Exchange proposes to list and August 27, 2014, the Trust filed an amendment to
available publicly. All submissions trade the Shares under NYSE Arca the Trust’s registration statement on Form N–1A
under the Securities Act of 1933 (the ‘‘1933 Act’’)
should refer to File Number SR–EDGX– (15 U.S.C. 77a), and under the 1940 Act relating to
2015–48, and should be submitted on or 1 15 U.S.C. 78s(b)(1). the Fund (File Nos. 333–174332 and 811–22559)
2 17 CFR 240.19b–4.
before November 16, 2015. (the ‘‘Registration Statement’’). The Exchange states
3 See Securities Exchange Act Release No. 75901 that the Commission has issued an order granting
For the Commission, by the Division of (September 11, 2015), 80 FR 55892 (‘‘Notice’’). certain exemptive relief to the Trust under the 1940
Trading and Markets, pursuant to delegated 4 In Amendment No. 1, the Exchange: (1) Act. See Investment Company Act Release No.
authority.24 Identified the investment objective of the Fund; (2) 28468 (October 27, 2008) (File No. 812–13477).
clarified the scope of the Fund’s permitted 7 The term ‘‘under normal market conditions’’
Brent J. Fields, investments; (3) modified its description of the includes, but is not limited to, the absence of
Secretary. Fund’s Share redemption process; (4) supplemented extreme volatility or trading halts in the equity
its description of the availability of price markets or the financial markets generally;
[FR Doc. 2015–27071 Filed 10–23–15; 8:45 am]
information for the Shares and the underlying operational issues causing dissemination of
BILLING CODE 8011–01–P assets; (5) identified another entity as the inaccurate market information; or force majeure
administrator, custodian, and transfer agent for the type events such as systems failure, natural or man-
Fund; and (6) made other technical changes. made disaster, act of God, armed conflict, act of
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Amendment No. 1 is available at: http:// terrorism, riot or labor disruption or any similar
www.sec.gov/rules/sro/nysearca/2015/34-75901- intervening circumstance.
amendment1.pdf. 8 The Fund’s investments in Real Estate Securities
5 The Commission notes that additional and certain non-U.S. companies (as referred to
information regarding the Trust, the Fund, its below under ‘‘Non-Principal Investments’’) may be
investments, and the Shares, including investment in the form of Depositary Receipts, which include
strategies, risks, creation and redemption American Depositary Receipts, Global Depositary
procedures, fees, portfolio holdings disclosure Receipts, and European Depositary Receipts. All
policies, calculation of net asset value (‘‘NAV’’), Depositary Receipts in which the Fund invests will
24 17 CFR 200.30–3(a)(12). distributions, and taxes, among other things, can be be traded on a U.S. or a non-U.S. exchange.
VerDate Sep<11>2014 18:53 Oct 23, 2015 Jkt 238001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM 26OCN1](https://thefederalregister.org/doc/80_FR_65472/page/1.svg)
![Federal Register / Vol. 80, No. 206 / Monday, October 26, 2015 / Notices 65269
regulations thereunder applicable to a V. Accelerated Approval of Proposed below, which Items have been primarily
national securities exchange. Rule Change as Modified by prepared by ICE Clear Europe. ICE Clear
Amendment No. 1 Europe filed the proposal pursuant to
IV. Solicitation of Comments on section 19(b)(3)(A) of the Act,3 and Rule
Amendment No. 1 The Commission finds good cause to
approve the proposed rule change, as 19b–4(f)(4)(ii) 4 thereunder, so that the
Interested persons are invited to modified by Amendment No. 1, prior to proposal was effective upon filing with
submit written data, views, and the thirtieth day after the date of the Commission. The Commission is
arguments concerning whether publication of notice in the Federal publishing this notice to solicit
Register. Amendment No. 1 comments on the proposed rule change
Amendment No. 1 is consistent with the
supplements the proposed rule change from interested persons.
Act. Comments may be submitted by
any of the following methods: by, among other things, clarifying the I. Self-Regulatory Organization’s
scope of the Fund’s permitted Statement of the Terms of Substance of
Electronic Comments investments and adding additional the Proposed Rule Change
information about the availability of
• Use the Commission’s Internet prices for the Shares and underlying The principal purpose of the rule
comment form (http://www.sec.gov/ assets. This new information aided the change is to amend certain provisions of
rules/sro.shtml); or Commission in evaluating the the ICE Clear Europe rules and
• Send an email to rule-comments@ likelihood of effective arbitrage in the procedures that address clearing
sec.gov. Please include File Number SR– Shares. Accordingly, the Commission services for European natural gas spot
finds good cause, pursuant to section contracts.
NYSEArca–2015–77 on the subject line.
19(b)(2) of the Act,21 to approve the II. Self-Regulatory Organization’s
Paper Comments proposed rule change, as modified by Statement of the Purpose of, and
• Send paper comments in triplicate Amendment No. 1, on an accelerated Statutory Basis for, the Proposed Rule
basis. Change
to Secretary, Securities and Exchange
Commission, 100 F Street NE., VI. Conclusion In its filing with the Commission, ICE
Washington, DC 20549–1090. It is therefore ordered, pursuant to Clear Europe included statements
section 19(b)(2) of the Act,22 that the concerning the purpose of and basis for
All submissions should refer to File the proposed rule change. The text of
Number SR–NYSEArca–2015–77. This proposed rule change (SR–NYSEArca–
2015–77), as modified by Amendment these statements may be examined at
file number should be included on the the places specified in Item IV below.
No. 1, be, and it hereby is, approved on
subject line if email is used. To help the ICE Clear Europe has prepared
an accelerated basis.
Commission process and review your summaries, set forth in sections A, B
comments more efficiently, please use For the Commission, by the Division of
Trading and Markets, pursuant to delegated
and C below, of the most significant
only one method. The Commission will aspects of such statements.
authority.23
post all comments on the Commission’s
Brent J. Fields, A. Self-Regulatory Organization’s
Internet Web site (http://www.sec.gov/
Secretary. Statement of the Purpose of, and
rules/sro.shtml). Copies of the
[FR Doc. 2015–27073 Filed 10–23–15; 8:45 am] Statutory Basis for, the Proposed Rule
submission, all subsequent
BILLING CODE 8011–01–P Change
amendments, all written statements
with respect to the proposed rule 1. Purpose
change that are filed with the SECURITIES AND EXCHANGE ICE Clear Europe has agreed to act as
Commission, and all written COMMISSION the clearing organization for certain
communications relating to the natural gas spot contracts (the ‘‘Natural
proposed rule change between the [Release No. 34–76196; File No. SR–ICEEU– Gas Spot Contracts’’) traded on the ICE
Commission and any person, other than 2015–017]
Endex Gas B.V. (‘‘ICE Endex
those that may be withheld from the Self-Regulatory Organizations; ICE Continental’’) and ICE Endex Gas Spot
public in accordance with the Clear Europe Limited; Notice of Filing Ltd. (‘‘ICE Endex UK’’) markets and has
provisions of 5 U.S.C. 552, will be and Immediate Effectiveness of a previously adopted amendments to its
available for Web site viewing and Proposed Rule Change Relating to Rules and Procedures with respect to
printing in the Commission’s Public Clearing Services for European Natural the clearing of such contracts.5 ICE
Reference Room, 100 F Street NE., Gas Spot Contracts Clear Europe is proposing to adopt
Washington, DC 20549, on official certain additional amendments to its
business days between the hours of October 20, 2015. Rules and Procedures with respect to
10:00 a.m. and 3:00 p.m. Copies of the Pursuant to section 19(b)(1) of the the clearing of the Natural Gas Spot
filing also will be available for Securities Exchange Act of 1934 Contracts to clarify certain delivery
inspection and copying at the principal (‘‘Act’’),1 and Rule 19b–4 thereunder,2 procedures and related arrangements,
office of the Exchange. All comments notice is hereby given that on October including with respect to the interaction
received will be posted without change; 9, 2015, ICE Clear Europe Limited (‘‘ICE with relevant gas delivery facilities and
the Commission does not edit personal Clear Europe’’) filed with the Securities systems. These amendments reflect
asabaliauskas on DSK5VPTVN1PROD with NOTICES
identifying information from and Exchange Commission input from Clearing Members and other
submissions. You should submit only (‘‘Commission’’) the proposed rule market participants with respect to the
information that you wish to make change described in Items I, II and III Natural Gas Spot Contracts. ICE Clear
available publicly. All submissions 21 15 U.S.C. 78s(b)(2). 3 15 U.S.C. 78s(b)(3)(A).
should refer to File Number SR– 22 15 U.S.C. 78s(b)(2). 4 17 CFR 240.19b–4(f)(4)(ii).
NYSEArca–2015–77 and should be 23 17 CFR 200.30–3(a)(12). 5 Exchange Act Release No. 34–75170 (June 15,
submitted on or before November 16, 1 15 U.S.C. 78s(b)(1).
2015) (File No. SR–ICEEU–2015–011), 80 FR 35418
2015. 2 17 CFR 240.19b–4. (June 19, 2015) (the ‘‘Initial Spot Contract Filing’’).
VerDate Sep<11>2014 18:53 Oct 23, 2015 Jkt 238001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM 26OCN1](https://thefederalregister.org/doc/80_FR_65472/page/4.svg)
Document Created: 2018-02-27 08:56:27
Document Modified: 2018-02-27 08:56:27
| 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 65266 |
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