80_FR_72101 80 FR 71880 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Listing and Trading of Shares of the RiverFront Strategic Income Fund Under NYSE Arca Equities Rule 8.600

80 FR 71880 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Listing and Trading of Shares of the RiverFront Strategic Income Fund Under NYSE Arca Equities Rule 8.600

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 221 (November 17, 2015)

Page Range71880-71883
FR Document2015-29232

Federal Register, Volume 80 Issue 221 (Tuesday, November 17, 2015)
[Federal Register Volume 80, Number 221 (Tuesday, November 17, 2015)]
[Notices]
[Pages 71880-71883]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29232]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76412; File No. SR-NYSEArca-2015-111]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Relating to the 
Listing and Trading of Shares of the RiverFront Strategic Income Fund 
Under NYSE Arca Equities Rule 8.600

November 10, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on November 4, 2015, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to reflect a change to the means of achieving 
the investment objective applicable to shares of the RiverFront 
Strategic Income Fund, which has been approved by the Securities and 
Exchange Commission (``Commission''), and is currently listed and 
traded on the Exchange, under NYSE Arca Equities Rule 8.600. The 
proposed rule change is available on the Exchange's Web site at 
www.nyse.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 self-regulatory organization 
included statements concerning the purpose of,

[[Page 71881]]

and basis for, the proposed rule change and discussed any comments it 
received on the proposed rule change. The text of those statements may 
be examined at the places specified in Item IV below. The 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Commission has approved listing and trading on the Exchange of 
shares (``Shares'') of the RiverFront Strategic Income Fund (the 
``Fund''), a series of the ALPS ETF Trust (the ``Trust''),\4\ under 
NYSE Arca Equities Rule 8.600, which governs the listing and trading of 
Managed Fund Shares. The Fund is an actively managed exchange traded 
fund. The Shares are offered by the Trust.\5\ Shares of the Fund are 
currently listed and traded on the Exchange under NYSE Arca Equities 
Rule 8.600.
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    \4\ See Securities Exchange Act Release No. 68030 (October 10, 
2012), 77 FR 63380 (October 16, 2012) (SR-NYSEArca-2012-88) (``Prior 
Order''). See also Securities Exchange Act Release No. 67715 (August 
22, 2012), 77 FR 52083 (August 28, 2012) (``Prior Notice'', and 
together with the Prior Order, the ``Prior Release'').
    \5\ The Trust is registered under the Investment Company Act of 
1940 (``1940 Act''). On March 30, 2015, the Trust filed with the 
Commission an amendment to its registration statement on Form N-1A 
under the Securities Act of 1933 (``Securities Act'') and the1940 
Act relating to the Fund (File Nos. 333-148826 and 811-22175) 
(``Registration Statement''). The description of the operation of 
the Trust and the Fund herein is based, in part, on the Registration 
Statement.
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    RiverFront Investment Group, LLC (``RiverFront'') is the investment 
sub-adviser for the Fund (the ``Sub-Adviser'').
    As stated in the Prior Release, the Fund's investment objective is 
to seek total return, with an emphasis on income as the source of that 
total return. The Fund seeks to achieve its investment objective by 
investing in a global portfolio of fixed income securities of various 
maturities, ratings and currency denominations. The Fund utilizes 
various investment strategies in a broad array of fixed income sectors. 
The Fund allocates its investments based upon the analysis of the Sub-
Adviser of the pertinent economic and market conditions, as well as 
yield, maturity and currency considerations.
    In this proposed rule change, the Exchange proposes to reflect a 
change to the description of the investments the Sub-Adviser will 
utilize to implement the Fund's investment objective, as described 
below.\6\
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    \6\ The changes described herein will be effective upon filing 
with the Commission of another amendment to the Trust's Registration 
Statement and/or a supplement to the Fund's prospectus and/or 
Statement of Additional Information. See note 5, supra. The Sub-
Adviser represents that the Sub-Adviser will not implement the 
changes described herein until the instant proposed rule change is 
operative.
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    First, the Prior Release stated that the Fund may invest up to 5% 
of its assets in mortgage-backed securities (``MBS'') (which may 
include commercial MBS) or other asset-backed securities (``ABS'') 
issued or guaranteed by private issuers.\7\ The Sub-Adviser wishes to 
change this representation to state that the Fund may invest up to 20% 
of its total assets in MBS and ABS that are privately issued, non-
agency and non-government sponsored entity (``Private MBS/ABS'').\8\ 
Such holdings would be subject to the limitation on the Fund's 
investments in illiquid assets. The liquidity of a security, especially 
in the case of Private MBS/ABS, will be a substantial factor in the 
Fund's security selection process.
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    \7\ This limitation does not apply to securities issued or 
guaranteed by federal agencies and/or U.S. government sponsored 
instrumentalities, such as the Government National Mortgage 
Administration (``GNMA''), the Federal Housing Administration 
(``FHA''), the Federal National Mortgage Association (``FNMA''), and 
the Federal Home Loan Mortgage Corporation (``FHLMC'').
    \8\ As described in the Prior Release, the MBS in which the Fund 
may invest are either pass-through securities or collateralized 
mortgage obligations (``CMOs'').
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    The Sub-Adviser believes the revised representations will permit 
the Sub-Adviser, through such additional flexibility, to better achieve 
the Fund's stated investment objective to seek total return, with an 
emphasis on income as the source of that total return. The Fund will 
continue to primarily invest in fixed income instruments. The Sub-
Adviser represents that the purpose of this change is to provide 
additional flexibility to the Sub-Adviser to meet the Fund's investment 
objective by potentially expanding the percentage of the Fund's assets 
that may be allocated to Private MBS/ABS that would provide the Fund 
with an enhanced ability to identify debt issues that have sound 
investment characteristics while providing the potential for an 
increased yield for investors.
    Second, the Prior Release stated that the Fund may not hold more 
than 15% of its net assets in: (1) illiquid securities (which include 
participation interests); and (2) Rule 144A securities. Going forward, 
the Fund wishes to change this representation to state that, as an 
investment restriction of the Fund, the Fund may not hold more than 15% 
of its net assets in illiquid assets (calculated at the time of 
investment),\9\ including Rule 144A securities deemed illiquid by the 
Sub-Adviser, consistent with Commission guidance.\10\ The Exchange 
notes that the Commission has approved similar representations relating 
to issues of Managed Fund Shares proposed to be listed and traded on 
the Exchange.\11\ The Sub-Adviser represents that the Sub-Adviser and 
the Trust's Board of Trustees will continue to evaluate each Rule 144A 
security based on the Fund's valuation procedures to oversee liquidity 
and valuation concerns.
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    \9\ In reaching liquidity decisions, the Sub-Adviser may 
consider the following factors: the frequency of trades and quotes 
for the security; the number of dealers wishing to purchase or sell 
the security and the number of other potential purchasers; dealer 
undertakings to make a market in the security; and the nature of the 
security and the nature of the marketplace trades (e.g., the time 
needed to dispose of the security, the method of soliciting offers, 
and the mechanics of transfer).
    \10\ The Commission has stated that long-standing Commission 
guidelines have required open-end funds to hold no more than 15% of 
their net assets in illiquid securities and other illiquid assets. 
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR 
14618 (March 18, 2008), footnote 34. See also, Investment Company 
Act Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 
1970) (Statement Regarding ``Restricted Securities''); Investment 
Company Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 
20, 1992) (Revisions of Guidelines to Form N-1A). A fund's portfolio 
security is illiquid if it cannot be disposed of in the ordinary 
course of business within seven days at approximately the value 
ascribed to it by the fund. See Investment Company Act Release No. 
14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting 
amendments to Rule 2a-7 under the 1940 Act); Investment Company Act 
Release No. 17452 (April 23, 1990), 55 FR 17933 (April 30, 1990) 
(adopting Rule 144A under the 1933 Act).
    \11\ See, e.g., Securities Exchange Act Release No. 70282 
(August 29, 2013), 78 FR 54700 (September 5, 2013) (SR-NYSEArca-
2013-70) (order approving listing and trading on the exchange of 
First Trust Inflation Managed Fund).
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    Third, the Prior Release stated that the Fund may also invest in 
structured notes.\12\ Going forward, the Fund proposes that the Fund 
may invest up to 20% of its total assets in structured notes. The 
Exchange notes that the Commission has previously approved listing and 
trading on the Exchange of issues of Managed Fund Shares that may hold 
up to 20% of total assets in structured notes.\13\
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    \12\ As noted in the Prior Release, structured notes are notes 
on which the amount of principal repayment and interest payments are 
based on the movement of one or more specified factors, such as the 
movement of a particular bond or bond index.
    \13\ See, e.g., Securities Exchange Act Release No. 74093 
(January 20, 2015), 80 FR 4015 (January 26, 2015) (SR-NYSEArca-2014-
126) (order approving listing and trading of Shares of the 
AdvisorShares Pacific Asset Enhanced Floating Rate ETF under NYSE 
Arca Equities Rule 8.600).
---------------------------------------------------------------------------

    Fourth, the Prior Release stated the Fund may invest without 
limitation in debt securities denominated in foreign

[[Page 71882]]

currencies and in U.S. dollar-denominated debt securities of foreign 
issuers, including securities of issuers located in emerging markets. 
Going forward, the Fund wishes to change this representation to state 
that the debt securities in which the Fund may invest may be 
denominated in foreign currencies or U.S. dollars.
    The Sub-Adviser represents that there is no change to the Fund's 
investment objective. The Fund will continue to comply with all initial 
and continued listing requirements under NYSE Arca Equities Rule 8.600.
    Except for the changes noted above, all other facts presented 
(except the statement ``[t]he Fund will be managed by WisdomTree Asset 
Management, Inc.'', given that ALPS Advisors, Inc. currently serves as 
the Fund's investment adviser) and representations made in the Prior 
Release remain unchanged.
    All terms referenced but not defined herein are defined in the 
Prior Release.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \14\ that an exchange have rules that 
are 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, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change is designed to 
prevent fraudulent and manipulative acts and practices in that the 
Shares will continue to be listed and traded on the Exchange pursuant 
to the initial and continued listing criteria in NYSE Arca Equities 
Rule 8.600. The Sub-Adviser represents that increasing the Fund's 
flexibility to invest in Private MBS/ABS would allow the Sub-Adviser to 
better achieve the Fund's investment objective. In addition, the 
liquidity of Private MBS/ABS will be a substantial factor in the Fund's 
security selection process. The Fund's proposed limitation on 
investments in structured notes to up to 20% of its total assets is 
comparable to the limitation for investments in structured notes 
previously approved by the Commission for other issues of Managed Fund 
Shares.\15\ The Exchange believes that the proposed changes are 
consistent with the representation in the Prior Release that the 
operation of the Fund as described in the Prior Release is designed to 
prevent fraudulent and manipulative acts and practices. The proposed 
expansion of permitted investments would provide the Fund with an 
enhanced ability to identify debt issues that have sound investment 
characteristics while providing the potential for an increased yield 
for investors. The Fund will continue to comply with all initial and 
continued listing requirements under NYSE Arca Equities Rule 8.600.
---------------------------------------------------------------------------

    \15\ See note 13, supra.
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    The proposed rule change is designed to promote just and equitable 
principles of trade and to protect investors and the public interest in 
that the Sub-Adviser represents that there is no change to the Fund's 
investment objective. As noted above, the liquidity of Private MBS/ABS 
will be a substantial factor in the Fund's security selection process. 
The Sub-Adviser also represents that the purpose of this change is to 
provide additional flexibility to the Sub-Adviser to meet the Fund's 
investment objective by potentially expanding the percentage of the 
Fund's assets that may be allocated to Private MBS/ABS that would 
provide the Fund with an enhanced ability to identify debt issues that 
have sound investment characteristics while providing the potential for 
an increased yield for investors.
    With respect to the 15% limitation on investments in illiquid 
assets, the Exchange notes that the Commission has approved similar 
representations relating to issues of Managed Fund Shares proposed to 
be listed and traded on the Exchange.\16\ The Sub-Adviser represents 
that the Sub-Adviser and the Trust's Board of Trustees will continue to 
evaluate each Rule 144A security based on the Fund's valuation 
procedures to oversee liquidity and valuation concerns.
---------------------------------------------------------------------------

    \16\ See note 11, supra.
---------------------------------------------------------------------------

    The proposed rule change is designed to perfect the mechanism of a 
free and open market and, in general, to protect investors and the 
public interest in that the Fund will continue to comply with all 
initial and continued listing requirements under NYSE Arca Equities 
Rule 8.600. Except for the changes noted above, all other 
representations made in the Rule 19b-4 filing underlying the Prior 
Release remain unchanged.

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. The Exchange believes the 
proposed rule change regarding investments in asset-backed and/or 
mortgage-backed debt securities is consistent with other similar 
actively managed fixed income funds which the Commission has approved 
for listing and trading \17\ and will promote competition among 
actively managed funds utilizing such investments, to the benefit of 
the investing public.
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    \17\ See, e.g., Securities Exchange Act Release No. 75566 (July 
30, 2015), 80 FR 46612 (August 5, 2015) (SR-NYSEArca-2015-42) (order 
approving listing and trading of shares of the Newfleet Multi-Sector 
Unconstrained Bond ETF under NYSE Arca Equities Rule 8.600).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

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, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act \18\ and Rule 19b-
4(f)(6) thereunder.\19\
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    \18\ 15 U.S.C. 78s(b)(3)(A).
    \19\ 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.
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    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) of the Act \20\ to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule

[[Page 71883]]

change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use 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-2015-111 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-NYSEArca-2015-111. 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 Section, 100 F Street 
NE., Washington, DC 20549 on official business days between 10 a.m. and 
3 p.m. Copies of the filing will also be available for inspection and 
copying at the NYSE's principal office and on its Internet Web site at 
www.nyse.com. 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-2015-111 and should be submitted on or before December 8, 
2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\21\
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    \21\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29232 Filed 11-16-15; 8:45 am]
 BILLING CODE 8011-01-P



                                                  71880                           Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices

                                                  proposed amendment is non-                                 temporarily suspend such rule change if                 For the Commission, by the Division of
                                                  discriminatory because it applies                          it appears to the Commission that such                Trading and Markets, pursuant to delegated
                                                  uniformly to all Members. The                              action is necessary or appropriate in the             authority.11
                                                  Exchange also believes that the changes                    public interest, for the protection of                Robert W. Errett,
                                                  to add EDGX Options to the list of                         investors, or otherwise in furtherance of             Deputy Secretary.
                                                  affiliates under Unicast Access and the                    the purposes of the Act.                              [FR Doc. 2015–29222 Filed 11–16–15; 8:45 am]
                                                  re-naming of BATS Options as BZX                                                                                 BILLING CODE 8011–01–P
                                                                                                             IV. Solicitation of Comments
                                                  Options is consistent with the Act. Such
                                                  changes reflect and are in connection                        Interested persons are invited to
                                                  with the launch of EDGX Options but do                     submit written data, views, and                       SECURITIES AND EXCHANGE
                                                  not result in any material change to the                   arguments concerning the foregoing,                   COMMISSION
                                                  Exchange’s Fee Schedule or impose any                      including whether the proposed rule
                                                                                                             change is consistent with the Act.                    [Release No. 34–76412; File No. SR–
                                                  new or different fee.                                                                                            NYSEArca–2015–111]
                                                                                                             Comments may be submitted by any of
                                                  (B) Self-Regulatory Organization’s                         the following methods:
                                                  Statement on Burden on Competition                                                                               Self-Regulatory Organizations; NYSE
                                                                                                             Electronic Comments                                   Arca, Inc.; Notice of Filing and
                                                     These proposed rule changes do not                                                                            Immediate Effectiveness of Proposed
                                                  impose any burden on competition that                        • Use the Commission’s Internet
                                                                                                             comment form (http://www.sec.gov/                     Rule Change Relating to the Listing
                                                  is not necessary or appropriate in                                                                               and Trading of Shares of the
                                                  furtherance of the purposes of the Act.                    rules/sro.shtml); or
                                                                                                               • Send an email to rule-                            RiverFront Strategic Income Fund
                                                  The Exchange does not believe that any                                                                           Under NYSE Arca Equities Rule 8.600
                                                  of these changes represent a significant                   comments@sec.gov. Please include File
                                                  departure from previous pricing offered                    Number SR–BYX–2015–47 on the                          November 10, 2015.
                                                  by the Exchange or pricing offered by                      subject line.                                            Pursuant to Section 19(b)(1) 1 of the
                                                  the Exchange’s competitors.                                Paper Comments                                        Securities Exchange Act of 1934 (the
                                                  Additionally, Members may opt to                              • Send paper comments in triplicate                ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
                                                  disfavor the Exchange’s pricing if they                    to Brent J. Fields, Secretary, Securities             notice is hereby given that, on
                                                  believe that alternatives offer them                       and Exchange Commission, 100 F Street                 November 4, 2015, NYSE Arca, Inc. (the
                                                  better value. Accordingly, the Exchange                    NE., Washington, DC 20549–1090.                       ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
                                                  does not believe that the proposed                                                                               the Securities and Exchange
                                                                                                             All submissions should refer to File
                                                  changes will impair the ability of                                                                               Commission (the ‘‘Commission’’) the
                                                                                                             Number SR–BYX–2015–47. This file
                                                  Members or competing venues to                                                                                   proposed rule change as described in
                                                                                                             number should be included on the
                                                  maintain their competitive standing in                                                                           Items I and II below, which Items have
                                                                                                             subject line if email is used. To help the
                                                  the financial markets. The Exchange                                                                              been prepared by the self-regulatory
                                                                                                             Commission process and review your
                                                  believes that its proposal to charge a fee                                                                       organization. The Commission is
                                                                                                             comments more efficiently, please use
                                                  of $0.00265 per share for Members’                                                                               publishing this notice to solicit
                                                                                                             only one method. The Commission will
                                                  orders that yield fee code D would                                                                               comments on the proposed rule change
                                                                                                             post all comments on the Commission’s
                                                  increase intermarket competition                                                                                 from interested persons.
                                                                                                             Internet Web site (http://www.sec.gov/
                                                  because it offers customers an
                                                                                                             rules/sro.shtml). Copies of the                       I. Self-Regulatory Organization’s
                                                  alternative means to route to NYSE at a
                                                                                                             submission, all subsequent                            Statement of the Terms of Substance of
                                                  discounted rate. The Exchange believes
                                                                                                             amendments, all written statements                    the Proposed Rule Change
                                                  that its proposal would not burden
                                                                                                             with respect to the proposed rule                       The Exchange proposes to reflect a
                                                  intramarket competition because the
                                                                                                             change that are filed with the                        change to the means of achieving the
                                                  proposed rate would apply uniformly to
                                                                                                             Commission, and all written                           investment objective applicable to
                                                  all Members.
                                                                                                             communications relating to the                        shares of the RiverFront Strategic
                                                  (C) Self-Regulatory Organization’s                         proposed rule change between the                      Income Fund, which has been approved
                                                  Statement on Comments on the                               Commission and any person, other than                 by the Securities and Exchange
                                                  Proposed Rule Change Received From                         those that may be withheld from the                   Commission (‘‘Commission’’), and is
                                                  Members, Participants or Others                            public in accordance with the                         currently listed and traded on the
                                                    The Exchange has not solicited, and                      provisions of 5 U.S.C. 552, will be                   Exchange, under NYSE Arca Equities
                                                  does not intend to solicit, comments on                    available for Web site viewing and                    Rule 8.600. The proposed rule change is
                                                  this proposed rule change. The                             printing in the Commission’s Public                   available on the Exchange’s Web site at
                                                  Exchange has not received any                              Reference Room, 100 F Street NE.,                     www.nyse.com, at the principal office of
                                                  unsolicited written comments from                          Washington, DC 20549, on official                     the Exchange, and at the Commission’s
                                                  Members or other interested parties.                       business days between the hours of                    Public Reference Room.
                                                                                                             10:00 a.m. and 3:00 p.m. Copies of the
                                                  III. Date of Effectiveness of the                          filing will also be available for                     II. Self-Regulatory Organization’s
                                                  Proposed Rule Change and Timing for                        inspection and copying at the principal               Statement of the Purpose of, and
                                                  Commission Action                                          office of the Exchange. All comments                  Statutory Basis for, the Proposed Rule
                                                     The foregoing rule change has become                    received will be posted without change;               Change
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  effective pursuant to Section 19(b)(3)(A)                  the Commission does not edit personal                   In its filing with the Commission, the
                                                  of the Act 9 and paragraph (f) of Rule                     identifying information from                          self-regulatory organization included
                                                  19b–4 thereunder.10 At any time within                     submissions. You should submit only                   statements concerning the purpose of,
                                                  60 days of the filing of the proposed rule                 information that you wish to make
                                                  change, the Commission summarily may                       available publicly. All submissions                     11 17 CFR 200.30–3(a)(12).
                                                                                                             should refer to File Number SR–BYX–                     1 15 U.S.C.78s(b)(1).
                                                    9 15   U.S.C. 78s(b)(3)(A).                              2015–47 and should be submitted on or                   2 15 U.S.C. 78a.
                                                    10 17   CFR 240.19b–4(f).                                before December 8, 2015.                                3 17 CFR 240.19b–4.




                                             VerDate Sep<11>2014      18:14 Nov 16, 2015   Jkt 238001   PO 00000   Frm 00111   Fmt 4703   Sfmt 4703   E:\FR\FM\17NON1.SGM    17NON1


                                                                             Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices                                                    71881

                                                  and basis for, the proposed rule change                 the Fund’s investment objective, as                   (calculated at the time of investment),9
                                                  and discussed any comments it received                  described below.6                                     including Rule 144A securities deemed
                                                  on the proposed rule change. The text                      First, the Prior Release stated that the           illiquid by the Sub-Adviser, consistent
                                                  of those statements may be examined at                  Fund may invest up to 5% of its assets                with Commission guidance.10 The
                                                  the places specified in Item IV below.                  in mortgage-backed securities (‘‘MBS’’)               Exchange notes that the Commission
                                                  The Exchange has prepared summaries,                    (which may include commercial MBS)                    has approved similar representations
                                                  set forth in sections A, B, and C below,                or other asset-backed securities (‘‘ABS’’)            relating to issues of Managed Fund
                                                  of the most significant parts of such                   issued or guaranteed by private issuers.7             Shares proposed to be listed and traded
                                                  statements.                                             The Sub-Adviser wishes to change this                 on the Exchange.11 The Sub-Adviser
                                                                                                          representation to state that the Fund                 represents that the Sub-Adviser and the
                                                  A. Self-Regulatory Organization’s                       may invest up to 20% of its total assets              Trust’s Board of Trustees will continue
                                                  Statement of the Purpose of, and the                    in MBS and ABS that are privately                     to evaluate each Rule 144A security
                                                  Statutory Basis for, the Proposed Rule                  issued, non-agency and non-government                 based on the Fund’s valuation
                                                  Change                                                  sponsored entity (‘‘Private MBS/ABS’’).8              procedures to oversee liquidity and
                                                  1. Purpose                                              Such holdings would be subject to the                 valuation concerns.
                                                                                                          limitation on the Fund’s investments in                  Third, the Prior Release stated that the
                                                     The Commission has approved listing                  illiquid assets. The liquidity of a                   Fund may also invest in structured
                                                  and trading on the Exchange of shares                   security, especially in the case of Private           notes.12 Going forward, the Fund
                                                  (‘‘Shares’’) of the RiverFront Strategic                MBS/ABS, will be a substantial factor in              proposes that the Fund may invest up
                                                  Income Fund (the ‘‘Fund’’), a series of                 the Fund’s security selection process.                to 20% of its total assets in structured
                                                  the ALPS ETF Trust (the ‘‘Trust’’),4                       The Sub-Adviser believes the revised               notes. The Exchange notes that the
                                                  under NYSE Arca Equities Rule 8.600,                    representations will permit the Sub-                  Commission has previously approved
                                                  which governs the listing and trading of                Adviser, through such additional                      listing and trading on the Exchange of
                                                  Managed Fund Shares. The Fund is an                     flexibility, to better achieve the Fund’s             issues of Managed Fund Shares that
                                                  actively managed exchange traded fund.                  stated investment objective to seek total             may hold up to 20% of total assets in
                                                  The Shares are offered by the Trust.5                   return, with an emphasis on income as                 structured notes.13
                                                  Shares of the Fund are currently listed                 the source of that total return. The Fund                Fourth, the Prior Release stated the
                                                  and traded on the Exchange under                        will continue to primarily invest in                  Fund may invest without limitation in
                                                  NYSE Arca Equities Rule 8.600.                          fixed income instruments. The Sub-                    debt securities denominated in foreign
                                                     RiverFront Investment Group, LLC                     Adviser represents that the purpose of
                                                  (‘‘RiverFront’’) is the investment sub-                 this change is to provide additional                     9 In reaching liquidity decisions, the Sub-Adviser

                                                                                                          flexibility to the Sub-Adviser to meet                may consider the following factors: the frequency
                                                  adviser for the Fund (the ‘‘Sub-                                                                              of trades and quotes for the security; the number of
                                                  Adviser’’).                                             the Fund’s investment objective by                    dealers wishing to purchase or sell the security and
                                                                                                          potentially expanding the percentage of               the number of other potential purchasers; dealer
                                                     As stated in the Prior Release, the
                                                                                                          the Fund’s assets that may be allocated               undertakings to make a market in the security; and
                                                  Fund’s investment objective is to seek                                                                        the nature of the security and the nature of the
                                                                                                          to Private MBS/ABS that would provide
                                                  total return, with an emphasis on                                                                             marketplace trades (e.g., the time needed to dispose
                                                                                                          the Fund with an enhanced ability to                  of the security, the method of soliciting offers, and
                                                  income as the source of that total return.
                                                                                                          identify debt issues that have sound                  the mechanics of transfer).
                                                  The Fund seeks to achieve its
                                                                                                          investment characteristics while                         10 The Commission has stated that long-standing
                                                  investment objective by investing in a                                                                        Commission guidelines have required open-end
                                                                                                          providing the potential for an increased
                                                  global portfolio of fixed income                                                                              funds to hold no more than 15% of their net assets
                                                                                                          yield for investors.
                                                  securities of various maturities, ratings                  Second, the Prior Release stated that
                                                                                                                                                                in illiquid securities and other illiquid assets. See
                                                  and currency denominations. The Fund                                                                          Investment Company Act Release No. 28193 (March
                                                                                                          the Fund may not hold more than 15%                   11, 2008), 73 FR 14618 (March 18, 2008), footnote
                                                  utilizes various investment strategies in               of its net assets in: (1) illiquid securities         34. See also, Investment Company Act Release No.
                                                  a broad array of fixed income sectors.                  (which include participation interests);              5847 (October 21, 1969), 35 FR 19989 (December
                                                  The Fund allocates its investments                                                                            31, 1970) (Statement Regarding ‘‘Restricted
                                                                                                          and (2) Rule 144A securities. Going                   Securities’’); Investment Company Act Release No.
                                                  based upon the analysis of the Sub-                     forward, the Fund wishes to change this               18612 (March 12, 1992), 57 FR 9828 (March 20,
                                                  Adviser of the pertinent economic and                   representation to state that, as an                   1992) (Revisions of Guidelines to Form N–1A). A
                                                  market conditions, as well as yield,                    investment restriction of the Fund, the               fund’s portfolio security is illiquid if it cannot be
                                                  maturity and currency considerations.                                                                         disposed of in the ordinary course of business
                                                                                                          Fund may not hold more than 15% of                    within seven days at approximately the value
                                                     In this proposed rule change, the                    its net assets in illiquid assets                     ascribed to it by the fund. See Investment Company
                                                  Exchange proposes to reflect a change to                                                                      Act Release No. 14983 (March 12, 1986), 51 FR
                                                  the description of the investments the                     6 The changes described herein will be effective   9773 (March 21, 1986) (adopting amendments to
                                                                                                          upon filing with the Commission of another            Rule 2a–7 under the 1940 Act); Investment
                                                  Sub-Adviser will utilize to implement                                                                         Company Act Release No. 17452 (April 23, 1990),
                                                                                                          amendment to the Trust’s Registration Statement
                                                                                                          and/or a supplement to the Fund’s prospectus and/     55 FR 17933 (April 30, 1990) (adopting Rule 144A
                                                     4 See Securities Exchange Act Release No. 68030
                                                                                                          or Statement of Additional Information. See note 5,   under the 1933 Act).
                                                                                                                                                                   11 See, e.g., Securities Exchange Act Release No.
                                                  (October 10, 2012), 77 FR 63380 (October 16, 2012)      supra. The Sub-Adviser represents that the Sub-
                                                  (SR–NYSEArca–2012–88) (‘‘Prior Order’’). See also       Adviser will not implement the changes described      70282 (August 29, 2013), 78 FR 54700 (September
                                                  Securities Exchange Act Release No. 67715 (August       herein until the instant proposed rule change is      5, 2013) (SR–NYSEArca–2013–70) (order approving
                                                  22, 2012), 77 FR 52083 (August 28, 2012) (‘‘Prior       operative.                                            listing and trading on the exchange of First Trust
                                                  Notice’’, and together with the Prior Order, the           7 This limitation does not apply to securities     Inflation Managed Fund).
                                                  ‘‘Prior Release’’).                                     issued or guaranteed by federal agencies and/or          12 As noted in the Prior Release, structured notes
                                                     5 The Trust is registered under the Investment       U.S. government sponsored instrumentalities, such     are notes on which the amount of principal
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                                                  Company Act of 1940 (‘‘1940 Act’’). On March 30,        as the Government National Mortgage                   repayment and interest payments are based on the
                                                  2015, the Trust filed with the Commission an            Administration (‘‘GNMA’’), the Federal Housing        movement of one or more specified factors, such as
                                                  amendment to its registration statement on Form N–      Administration (‘‘FHA’’), the Federal National        the movement of a particular bond or bond index.
                                                  1A under the Securities Act of 1933 (‘‘Securities       Mortgage Association (‘‘FNMA’’), and the Federal         13 See, e.g., Securities Exchange Act Release No.

                                                  Act’’) and the1940 Act relating to the Fund (File       Home Loan Mortgage Corporation (‘‘FHLMC’’).           74093 (January 20, 2015), 80 FR 4015 (January 26,
                                                  Nos. 333–148826 and 811–22175) (‘‘Registration             8 As described in the Prior Release, the MBS in    2015) (SR–NYSEArca–2014–126) (order approving
                                                  Statement’’). The description of the operation of the   which the Fund may invest are either pass-through     listing and trading of Shares of the AdvisorShares
                                                  Trust and the Fund herein is based, in part, on the     securities or collateralized mortgage obligations     Pacific Asset Enhanced Floating Rate ETF under
                                                  Registration Statement.                                 (‘‘CMOs’’).                                           NYSE Arca Equities Rule 8.600).



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                                                  71882                         Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices

                                                  currencies and in U.S. dollar-                             manipulative acts and practices. The                   securities is consistent with other
                                                  denominated debt securities of foreign                     proposed expansion of permitted                        similar actively managed fixed income
                                                  issuers, including securities of issuers                   investments would provide the Fund                     funds which the Commission has
                                                  located in emerging markets. Going                         with an enhanced ability to identify                   approved for listing and trading 17 and
                                                  forward, the Fund wishes to change this                    debt issues that have sound investment                 will promote competition among
                                                  representation to state that the debt                      characteristics while providing the                    actively managed funds utilizing such
                                                  securities in which the Fund may invest                    potential for an increased yield for                   investments, to the benefit of the
                                                  may be denominated in foreign                              investors. The Fund will continue to                   investing public.
                                                  currencies or U.S. dollars.                                comply with all initial and continued
                                                     The Sub-Adviser represents that there                                                                          C. Self-Regulatory Organization’s
                                                                                                             listing requirements under NYSE Arca
                                                  is no change to the Fund’s investment                                                                             Statement on Comments on the
                                                                                                             Equities Rule 8.600.
                                                  objective. The Fund will continue to                          The proposed rule change is designed                Proposed Rule Change Received From
                                                  comply with all initial and continued                      to promote just and equitable principles               Members, Participants, or Others
                                                  listing requirements under NYSE Arca                       of trade and to protect investors and the                No written comments were solicited
                                                  Equities Rule 8.600.                                       public interest in that the Sub-Adviser                or received with respect to the proposed
                                                     Except for the changes noted above,                     represents that there is no change to the              rule change.
                                                  all other facts presented (except the                      Fund’s investment objective. As noted                  III. Date of Effectiveness of the
                                                  statement ‘‘[t]he Fund will be managed                     above, the liquidity of Private MBS/ABS                Proposed Rule Change and Timing for
                                                  by WisdomTree Asset Management,                            will be a substantial factor in the Fund’s             Commission Action
                                                  Inc.’’, given that ALPS Advisors, Inc.                     security selection process. The Sub-
                                                  currently serves as the Fund’s                             Adviser also represents that the purpose                  Because the proposed rule change
                                                  investment adviser) and representations                    of this change is to provide additional                does not (i) significantly affect the
                                                  made in the Prior Release remain                           flexibility to the Sub-Adviser to meet                 protection of investors or the public
                                                  unchanged.                                                 the Fund’s investment objective by                     interest; (ii) impose any significant
                                                     All terms referenced but not defined                    potentially expanding the percentage of                burden on competition; and (iii) become
                                                  herein are defined in the Prior Release.                   the Fund’s assets that may be allocated                operative for 30 days from the date on
                                                                                                             to Private MBS/ABS that would provide                  which it was filed, or such shorter time
                                                  2. Statutory Basis                                                                                                as the Commission may designate, if
                                                                                                             the Fund with an enhanced ability to
                                                     The basis under the Act for this                        identify debt issues that have sound                   consistent with the protection of
                                                  proposed rule change is the requirement                    investment characteristics while                       investors and the public interest, the
                                                  under Section 6(b)(5) 14 that an                           providing the potential for an increased               proposed rule change has become
                                                  exchange have rules that are designed to                   yield for investors.                                   effective pursuant to Section 19(b)(3)(A)
                                                  prevent fraudulent and manipulative                           With respect to the 15% limitation on               of the Act 18 and Rule 19b–4(f)(6)
                                                  acts and practices, to promote just and                    investments in illiquid assets, the                    thereunder.19
                                                  equitable principles of trade, to remove                   Exchange notes that the Commission                        At any time within 60 days of the
                                                  impediments to, and perfect the                            has approved similar representations                   filing of such proposed rule change, the
                                                  mechanism of a free and open market                        relating to issues of Managed Fund                     Commission summarily may
                                                  and, in general, to protect investors and                  Shares proposed to be listed and traded                temporarily suspend such rule change if
                                                  the public interest.                                       on the Exchange.16 The Sub-Adviser                     it appears to the Commission that such
                                                     The Exchange believes that the                          represents that the Sub-Adviser and the                action is necessary or appropriate in the
                                                  proposed rule change is designed to                        Trust’s Board of Trustees will continue                public interest, for the protection of
                                                  prevent fraudulent and manipulative                        to evaluate each Rule 144A security                    investors, or otherwise in furtherance of
                                                  acts and practices in that the Shares will                 based on the Fund’s valuation                          the purposes of the Act. If the
                                                  continue to be listed and traded on the                    procedures to oversee liquidity and                    Commission takes such action, the
                                                  Exchange pursuant to the initial and                       valuation concerns.                                    Commission shall institute proceedings
                                                  continued listing criteria in NYSE Arca                       The proposed rule change is designed                under Section 19(b)(2)(B) of the Act 20 to
                                                  Equities Rule 8.600. The Sub-Adviser                       to perfect the mechanism of a free and                 determine whether the proposed rule
                                                  represents that increasing the Fund’s                      open market and, in general, to protect                change should be approved or
                                                  flexibility to invest in Private MBS/ABS                   investors and the public interest in that              disapproved.
                                                  would allow the Sub-Adviser to better                      the Fund will continue to comply with                  IV. Solicitation of Comments
                                                  achieve the Fund’s investment                              all initial and continued listing
                                                  objective. In addition, the liquidity of                                                                            Interested persons are invited to
                                                                                                             requirements under NYSE Arca Equities
                                                  Private MBS/ABS will be a substantial                                                                             submit written data, views, and
                                                                                                             Rule 8.600. Except for the changes noted
                                                  factor in the Fund’s security selection                                                                           arguments concerning the foregoing,
                                                                                                             above, all other representations made in
                                                  process. The Fund’s proposed limitation                                                                           including whether the proposed rule
                                                                                                             the Rule 19b–4 filing underlying the
                                                  on investments in structured notes to up                   Prior Release remain unchanged.                          17 See, e.g., Securities Exchange Act Release No.
                                                  to 20% of its total assets is comparable                                                                          75566 (July 30, 2015), 80 FR 46612 (August 5, 2015)
                                                  to the limitation for investments in                       B. Self-Regulatory Organization’s
                                                                                                                                                                    (SR–NYSEArca–2015–42) (order approving listing
                                                  structured notes previously approved by                    Statement on Burden on Competition                     and trading of shares of the Newfleet Multi-Sector
                                                  the Commission for other issues of                           The Exchange does not believe that                   Unconstrained Bond ETF under NYSE Arca
                                                                                                                                                                    Equities Rule 8.600).
                                                  Managed Fund Shares.15 The Exchange                        the proposed rule change will impose                     18 15 U.S.C. 78s(b)(3)(A).
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  believes that the proposed changes are                     any burden on competition that is not                    19 17 CFR 240.19b–4(f)(6). As required under Rule
                                                  consistent with the representation in the                  necessary or appropriate in furtherance                19b–4(f)(6)(iii), the Exchange provided the
                                                  Prior Release that the operation of the                    of the purposes of the Act. The                        Commission with written notice of its intent to file
                                                  Fund as described in the Prior Release                     Exchange believes the proposed rule                    the proposed rule change, along with a brief
                                                                                                                                                                    description and the text of the proposed rule
                                                  is designed to prevent fraudulent and                      change regarding investments in asset-                 change, at least five business days prior to the date
                                                                                                             backed and/or mortgage-backed debt                     of filing of the proposed rule change, or such
                                                    14 15   U.S.C. 78f(b)(5).                                                                                       shorter time as designated by the Commission.
                                                    15 See   note 13, supra.                                   16 See   note 11, supra.                               20 15 U.S.C. 78s(b)(2)(B).




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                                                                               Federal Register / Vol. 80, No. 221 / Tuesday, November 17, 2015 / Notices                                                  71883

                                                  change is consistent with the Act.                        SECURITIES AND EXCHANGE                               concerning the purpose of and basis for
                                                  Comments may be submitted by any of                       COMMISSION                                            the proposed rule change and discussed
                                                  the following methods:                                                                                          any comments it received on the
                                                                                                            [Release No. 34–76405; File No. SR–MIAX–              proposed rule change. The text of these
                                                  Electronic Comments                                       2015–63]                                              statements may be examined at the
                                                    • Use the Commission’s Internet                         Self-Regulatory Organizations: Miami                  places specified in Item IV below. The
                                                  comment form (http://www.sec.gov/                         International Securities Exchange LLC;                Exchange has prepared summaries, set
                                                  rules/sro.shtml); or                                      Notice of Filing and Immediate                        forth in sections A, B, and C below, of
                                                    • Send an email to rule-                                Effectiveness of a Proposed Rule                      the most significant aspects of such
                                                  comments@sec.gov. Please include File                     Change To Delete Exchange Rule 610,                   statements.
                                                  Number SR–NYSEArca–2015–111 on                            Limitations on Dealings                               A. Self-Regulatory Organization’s
                                                  the subject line.                                                                                               Statement of the Purpose of, and
                                                                                                            November 10, 2015.
                                                  Paper Comments                                                                                                  Statutory Basis for, the Proposed Rule
                                                                                                               Pursuant to the provisions of Section              Change
                                                     • Send paper comments in triplicate                    19(b)(1) of the Securities Exchange Act
                                                  to Brent J. Fields, Secretary, Securities                 of 1934 (‘‘Act’’) 1 and Rule 19b–4                    1. Purpose
                                                  and Exchange Commission, 100 F Street                     thereunder,2 notice is hereby given that                 The Exchange proposes to adopt a
                                                  NE., Washington, DC 20549–1090.                           on November 4, 2015, Miami                            principles-based approach to prohibit
                                                                                                            International Securities Exchange LLC                 the misuse of material, non-public
                                                  All submissions should refer to File
                                                                                                            (‘‘MIAX’’ or ‘‘Exchange’’) filed with the             information by Market Makers by
                                                  Number SR–NYSEArca–2015–111. This
                                                                                                            Securities and Exchange Commission                    deleting Rule 610 (Limitations on
                                                  file number should be included on the
                                                                                                            (‘‘Commission’’) a proposed rule change               Dealings). In so doing, the Exchange
                                                  subject line if email is used. To help the
                                                                                                            as described in Items I, II, and III below,           would harmonize its rules amongst its
                                                  Commission process and review your
                                                                                                            which Items have been prepared by the                 Members 4 relating to protecting against
                                                  comments more efficiently, please use
                                                                                                            Exchange. The Commission is                           the misuse of material, non-public
                                                  only one method. The Commission will
                                                                                                            publishing this notice to solicit                     information. The Exchange believes that
                                                  post all comments on the Commission’s
                                                                                                            comments on the proposed rule change                  Rule 610 is no longer necessary because
                                                  Internet Web site (http://www.sec.gov/
                                                                                                            from interested persons.                              all Members, including Market Makers,
                                                  rules/sro.shtml). Copies of the
                                                  submission, all subsequent                                I. Self-Regulatory Organization’s                     are subject to the Exchange’s general
                                                  amendments, all written statements                        Statement of the Terms of Substance of                principles-based requirements
                                                  with respect to the proposed rule                         the Proposed Rule Change                              governing the protection against the
                                                  change that are filed with the                                                                                  misuse of material, non-public
                                                                                                               The Exchange is filing a proposal to               information, pursuant to Exchange Rule
                                                  Commission, and all written                               adopt a principles-based approach to
                                                  communications relating to the                                                                                  303 (Prevention of the Misuse of
                                                                                                            prohibit the misuse of material, non-                 Material Nonpublic Information), which
                                                  proposed rule change between the                          public information by Exchange Market
                                                  Commission and any person, other than                                                                           obviates the need for separately-
                                                                                                            Makers 3 by deleting Exchange Rule 610,               prescribed requirements for a subset of
                                                  those that may be withheld from the                       Limitations on Dealings.
                                                  public in accordance with the                                                                                   market participants on the Exchange.
                                                                                                               The text of the proposed rule change
                                                  provisions of 5 U.S.C. 552, will be                       is available on the Exchange’s Web site               Background
                                                  available for Web site viewing and                        at http://www.miaxoptions.com/filter/                   The Exchange has three classes of
                                                  printing in the Commission’s Public                       wotitle/rule_filing, at MIAX’s principal              registered Market Makers. Pursuant to
                                                  Reference Section, 100 F Street NE.,                      office, and at the Commission’s Public                Rule 600, a Market Maker is a Member
                                                  Washington, DC 20549 on official                          Reference Room.                                       with Registered Options Traders that is
                                                  business days between 10 a.m. and 3
                                                                                                            II. Self-Regulatory Organization’s                    registered with the Exchange for the
                                                  p.m. Copies of the filing will also be
                                                                                                            Statement of the Purpose of, and                      purpose of making transactions as a
                                                  available for inspection and copying at
                                                                                                            Statutory Basis for, the Proposed Rule                dealer-specialist. As the rule further
                                                  the NYSE’s principal office and on its
                                                                                                            Change                                                provides, a Market Maker can be either
                                                  Internet Web site at www.nyse.com. All
                                                                                                                                                                  a RMM, a LMM or a PLMM. All Market
                                                  comments received will be posted                            In its filing with the Commission, the              Makers are subject to the requirements
                                                  without change; the Commission does                       Exchange included statements                          of Rules 603 and 604, which set forth
                                                  not edit personal identifying
                                                                                                                                                                  the obligations of Market Makers,
                                                  information from submissions. You                           1 15 U.S.C. 78s(b)(1).                              particularly relating to quoting.
                                                  should submit only information that                         2 17 CFR 240.19b–4.
                                                                                                                                                                    Rule 603 specifies the obligations of
                                                  you wish to make available publicly. All                     3 The term ‘‘Market Makers’’ refers to ‘‘Lead

                                                                                                            Market Makers,’’ ‘‘Primary Lead Market Makers’’       Market Makers, which include making
                                                  submissions should refer to File
                                                                                                            and ‘‘Registered Market Makers’’ collectively. A      markets ‘‘that, absent changed market
                                                  Number SR–NYSEArca–2015–111 and                           Lead Market Maker (‘‘LMM’’) is a Member               conditions, will be honored for the
                                                  should be submitted on or before                          registered with the Exchange for the purpose of       number of contracts entered into the
                                                  December 8, 2015.                                         making markets in securities traded on the
                                                                                                            Exchange and that is vested with the rights and       Exchange’s System in all series of
                                                    For the Commission, by the Division of                  responsibilities specified in Chapter VI of the       options classes to which the Market
                                                  Trading and Markets, pursuant to delegated                Exchange Rules with respect to Lead Market            Maker is appointed.’’ The quoting
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  authority.21                                              Makers. A Primary Lead Market Maker (‘‘PLMM’’)        obligations of Market Makers are set
                                                  Robert W. Errett,                                         is a Lead Market Maker appointed by the Exchange
                                                                                                            to act as the Primary Lead Market Maker for the       forth in Rule 604. Rules 603 and 604
                                                  Deputy Secretary.                                         purpose of making markets in securities traded on
                                                  [FR Doc. 2015–29232 Filed 11–16–15; 8:45 am]              the Exchange. A Registered Market Maker (‘‘RMM’’)       4 The term ‘‘Member’’ means an individual or

                                                  BILLING CODE 8011–01–P
                                                                                                            is a Member registered with the Exchange for the      organization approved to exercise trading rights
                                                                                                            purpose of making markets in securities traded on     associated with a Trading Permit. Members are
                                                                                                            the Exchange, who is not a Lead Market Maker. See     deemed ‘‘members’’ under the Exchange Act. See
                                                    21 17   CFR 200.30–3(a)(12).                            Exchange Rule 100.                                    Exchange Rule 100.



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Document Created: 2015-12-14 14:01:15
Document Modified: 2015-12-14 14:01:15
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 71880 

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