81_FR_12219 81 FR 12174 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, Relating to Listing and Trading of Shares of the Cumberland Municipal Bond ETF Under NYSE Arca Equities Rule 8.600; Correction

81 FR 12174 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, Relating to Listing and Trading of Shares of the Cumberland Municipal Bond ETF Under NYSE Arca Equities Rule 8.600; Correction

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 45 (March 8, 2016)

Page Range12174-12175
FR Document2016-05045

The Securities and Exchange Commission published a document in the Federal Register on January 27, 2016 (81 FR 4724), concerning a Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, Relating to Listing and Trading of Shares of the Cumberland Municipal Bond ETF under NYSE Arca Equities Rule 8.600. The document contained a typographical error.

Federal Register, Volume 81 Issue 45 (Tuesday, March 8, 2016)
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12174-12175]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05045]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76955A; File No. SR-NYSEArca-2015-93]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change, as Modified by Amendment No. 1, Relating to Listing and Trading 
of Shares of the Cumberland Municipal Bond ETF Under NYSE Arca Equities 
Rule 8.600; Correction

March 2, 2016.
AGENCY: Securities and Exchange Commission.

ACTION: Correction.

-----------------------------------------------------------------------

SUMMARY: The Securities and Exchange Commission published a document in 
the Federal Register on January 27, 2016 (81 FR 4724), concerning a 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change, as Modified by Amendment No. 1, Relating to 
Listing and Trading of Shares of the Cumberland Municipal Bond ETF 
under NYSE Arca Equities Rule 8.600. The document contained a 
typographical error.

FOR FURTHER INFORMATION CONTACT: Kristie Diemer, Division of Trading 
and Markets, Securities and Exchange

[[Page 12175]]

Commission, 100 F Street NE., Washington, DC 20549, (202) 551-5613.

Correction

    In the Federal Register of January 27, 2016, in FR Doc. 2016-01536, 
on page 4724, in the third line in the second column, correct the 
reference ``April 27, 2016'' to read ``March 11, 2016.''

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05045 Filed 3-7-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                    12174                          Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices

                                                    purposes and subject to the other                       existing Co-Investment Transactions is                and the Affiliated Funds, the pro rata
                                                    Conditions set forth in the application.                in the Regulated Fund’s best interests.               transaction fees described above and
                                                       10. Board Reporting, Compliance and                     11. Record Keeping. Each Regulated                 fees or other compensation described in
                                                    Annual Re-Approval.                                     Fund will maintain the records required               Condition 2(c)(iii)(B)(z), (ii) brokerage or
                                                       (a) Each Adviser to a Regulated Fund                 by Section 57(f)(3) of the Act as if each             underwriting compensation permitted
                                                    will present to the Board of each                       of the Regulated Funds were a BDC and                 by Section 17(e) or 57(k) or (iii) in the
                                                    Regulated Fund, on a quarterly basis,                   each of the investments permitted under               case of the Advisers, investment
                                                    and at such other times as the Board                    these Conditions were approved by the                 advisory compensation paid in
                                                    may request, (i) a record of all                        Required Majority under Section 57(f).                accordance with investment advisory
                                                    investments in Potential Co-Investment                     12. Director Independence. No                      agreements between the applicable
                                                    Transactions made by any of the other                   Independent Director (including the                   Regulated Fund(s) or Affiliated Fund(s)
                                                    Regulated Funds or any of the Affiliated                non-interested members of any                         and its Adviser.
                                                    Funds during the preceding quarter that                 Independent Party) of a Regulated Fund                   15. If the Holders own in the aggregate
                                                    fell within the Regulated Fund’s then-                  will also be a director, general partner,             more than 25 percent of the Shares of
                                                    current Objectives and Strategies and                   managing member or principal, or                      a Regulated Fund, then the Holders will
                                                    Board-Established Criteria that were not                otherwise be an ‘‘affiliated person’’ (as             vote such Shares as directed by an
                                                    made available to the Regulated Fund,                   defined in the Act) of any Affiliated                 independent third party (such as the
                                                    and an explanation of why such                          Fund.                                                 trustee of a voting trust or a proxy
                                                    investment opportunities were not made                     13. Expenses. The expenses, if any,                adviser) when voting on (1) the election
                                                    available to the Regulated Fund; (ii) a                 associated with acquiring, holding or                 of directors; (2) the removal of one or
                                                    record of all Follow-On Investments in                  disposing of any securities acquired in               more directors; or (3) any other matter
                                                    and Dispositions of investments in any                  a Co-Investment Transaction (including,               under either the Act or applicable State
                                                    issuer in which the Regulated Fund                      without limitation, the expenses of the               law affecting the Board’s composition,
                                                    holds any investments by any Affiliated                 distribution of any such securities                   size or manner of election.
                                                    Fund or other Regulated Fund during                     registered for sale under the Securities
                                                    the prior quarter; and (iii) all                                                                                For the Commission, by the Division of
                                                                                                            Act) will, to the extent not payable by               Investment Management, under delegated
                                                    information concerning Potential Co-                    the Advisers under their respective                   authority.
                                                    Investment Transactions and Co-                         advisory agreements with the Regulated
                                                    Investment Transactions, including                                                                            Robert W. Errett,
                                                                                                            Funds and the Affiliated Funds, be                    Deputy Secretary.
                                                    investments made by other Regulated                     shared by the Regulated Funds and the
                                                    Funds or Affiliated Funds that the                                                                            [FR Doc. 2016–05043 Filed 3–7–16; 8:45 am]
                                                                                                            participating Affiliated Funds in
                                                    Regulated Fund considered but declined                  proportion to the relative amounts of the             BILLING CODE 8011–01–P
                                                    to participate in, so that the                          securities held or being acquired or
                                                    Independent Directors, may determine                    disposed of, as the case may be.
                                                    whether all Potential Co-Investment                                                                           SECURITIES AND EXCHANGE
                                                                                                               14. Transaction Fees.32 Any
                                                    Transactions and Co-Investment                                                                                COMMISSION
                                                                                                            transaction fee (including break-up,
                                                    Transactions during the preceding                       structuring, monitoring or commitment                 [Release No. 34–76955A; File No. SR–
                                                    quarter, including those investments                    fees but excluding brokerage or                       NYSEArca–2015–93]
                                                    that the Regulated Fund considered but                  underwriting compensation permitted
                                                    declined to participate in, comply with                 by Section 17(e) or 57(k)) received in                Self-Regulatory Organizations; NYSE
                                                    the Conditions.                                         connection with any Co-Investment                     Arca, Inc.; Notice of Designation of a
                                                       (b) All information presented to the                                                                       Longer Period for Commission Action
                                                                                                            Transaction will be distributed to the
                                                    Regulated Fund’s Board pursuant to this                                                                       on Proposed Rule Change, as Modified
                                                                                                            participants on a pro rata basis based on
                                                    Condition will be kept for the life of the                                                                    by Amendment No. 1, Relating to
                                                                                                            the amounts they invested or
                                                    Regulated Fund and at least two years                                                                         Listing and Trading of Shares of the
                                                                                                            committed, as the case may be, in such
                                                    thereafter, and will be subject to                                                                            Cumberland Municipal Bond ETF
                                                                                                            Co-Investment Transaction. If any
                                                    examination by the Commission and its                                                                         Under NYSE Arca Equities Rule 8.600;
                                                                                                            transaction fee is to be held by an
                                                    staff.                                                                                                        Correction
                                                       (c) Each Regulated Fund’s chief                      Adviser pending consummation of the
                                                    compliance officer, as defined in rule                  transaction, the fee will be deposited                March 2, 2016.
                                                    38a–1(a)(4), will prepare an annual                     into an account maintained by the                     AGENCY:  Securities and Exchange
                                                    report for its Board each year that                     Adviser at a bank or banks having the                 Commission.
                                                    evaluates (and documents the basis of                   qualifications prescribed in Section
                                                                                                                                                                  ACTION: Correction.
                                                    that evaluation) the Regulated Fund’s                   26(a)(1), and the account will earn a
                                                    compliance with the terms and                           competitive rate of interest that will also           SUMMARY:   The Securities and Exchange
                                                    Conditions of the application and the                   be divided pro rata among the                         Commission published a document in
                                                    procedures established to achieve such                  participants. None of the Advisers, the               the Federal Register on January 27,
                                                    compliance. In the case of a BDC                        Affiliated Funds, the other Regulated                 2016 (81 FR 4724), concerning a Notice
                                                    Downstream Fund that does not have a                    Funds or any affiliated person of the                 of Designation of a Longer Period for
                                                    chief compliance officer, the chief                     Affiliated Funds or the Regulated Funds               Commission Action on Proposed Rule
                                                    compliance officer of the BDC that                      will receive any additional                           Change, as Modified by Amendment No.
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    controls the BDC Downstream Fund will                   compensation or remuneration of any                   1, Relating to Listing and Trading of
                                                    prepare the report for the relevant                     kind as a result of or in connection with             Shares of the Cumberland Municipal
                                                    Independent Party.                                      a Co-Investment Transaction other than                Bond ETF under NYSE Arca Equities
                                                       (d) The Independent Directors                        (i) in the case of the Regulated Funds                Rule 8.600. The document contained a
                                                    (including the non-interested members                                                                         typographical error.
                                                                                                               32 Applicants are not requesting and the
                                                    of each Independent Party) will                         Commission is not providing any relief for
                                                                                                                                                                  FOR FURTHER INFORMATION CONTACT:
                                                    consider at least annually whether                      transaction fees received in connection with any      Kristie Diemer, Division of Trading and
                                                    continued participation in new and                      Co-Investment Transaction.                            Markets, Securities and Exchange


                                               VerDate Sep<11>2014   17:02 Mar 07, 2016   Jkt 238001   PO 00000   Frm 00110   Fmt 4703   Sfmt 4703   E:\FR\FM\08MRN1.SGM   08MRN1


                                                                                    Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices                                                   12175

                                                    Commission, 100 F Street NE.,                              The text of the proposed rule change               3:55 p.m. Eastern Time. For both the
                                                    Washington, DC 20549, (202) 551–5613.                   is available at the Exchange’s Web site               Opening and Closing Auction, the BZX
                                                                                                            at www.batstrading.com, at the                        Auction Information is updated and
                                                    Correction
                                                                                                            principal office of the Exchange, and at              disseminated every five (5) seconds via
                                                      In the Federal Register of January 27,                the Commission’s Public Reference                     electronic means to subscribers to the
                                                    2016, in FR Doc. 2016–01536, on page                    Room.                                                 BZX Depth 13 and BZX Auction Feed 14
                                                    4724, in the third line in the second                                                                         market data products and is also made
                                                    column, correct the reference ‘‘April 27,               II. Self-Regulatory Organization’s
                                                                                                                                                                  available to other market participants by
                                                    2016’’ to read ‘‘March 11, 2016.’’                      Statement of the Purpose of, and
                                                                                                                                                                  market data vendors. The BZX Auction
                                                                                                            Statutory Basis for, the Proposed Rule
                                                    Robert W. Errett,                                                                                             Information is also made available on
                                                                                                            Change
                                                                                                                                                                  the Bats public Web site.
                                                    Deputy Secretary.                                          In its filing with the Commission, the               The Exchange now propose to
                                                    [FR Doc. 2016–05045 Filed 3–7–16; 8:45 am]              Exchange included statements                          lengthen the periods during which it
                                                    BILLING CODE 8011–01–P                                  concerning the purpose of and basis for               disseminates BZX Auction Information
                                                                                                            the proposed rule change and discussed                for the Opening and Closing Auctions in
                                                                                                            any comments it received on the                       BZX listed securities. As amended, Rule
                                                    SECURITIES AND EXCHANGE                                 proposed rule change. The text of these               11.23(b)(2)(A) would state that the
                                                    COMMISSION                                              statements may be examined at the                     Exchange will begin to disseminate BZX
                                                    [Release No. 34–77284; File No. SR–BATS–                places specified in Item IV below. The                Auction Information for the Opening
                                                    2016–24]                                                Exchange has prepared summaries, set                  Auction at 8:00 a.m. Eastern Time,
                                                                                                            forth in Sections A, B, and C below, of               rather than 9:28 a.m. Eastern Time. Rule
                                                    Self-Regulatory Organizations; Bats                     the most significant parts of such                    11.23(c)(2)(A) would be amended to
                                                    BZX Exchange, Inc.; Notice of Filing                    statements.                                           state that the Exchange will begin to
                                                    and Immediate Effectiveness of a                                                                              disseminate BZX Auction Information
                                                    Proposed Rule Change To Amend Rule                      A. Self-Regulatory Organization’s
                                                                                                            Statement of the Purpose of, and                      for the Closing Auction at 3:00 p.m.
                                                    11.23, Auctions, To Lengthen the                                                                              Eastern Time, rather than 3:55 p.m.
                                                    Auction Information Dissemination                       Statutory Basis for, the Proposed Rule
                                                                                                            Change                                                Eastern Time.15
                                                    Periods for the Opening and Closing
                                                    Auctions in BZX Listed Securities                       1. Purpose                                            2. Statutory Basis
                                                                                                               The Exchange proposes to amend                        The Exchange believes that the
                                                    March 3, 2016.                                                                                                proposed rule change is consistent with
                                                       Pursuant to Section 19(b)(1) of the                  paragraphs (b)(2)(A) and (c)(2)(A) of
                                                                                                            Rule 11.23, Auctions, to lengthen the                 the requirements of the Act and the
                                                    Securities Exchange Act of 1934 (the                                                                          rules and regulations thereunder that
                                                    ‘‘Act’’),1 and Rule 19b–4 thereunder,2                  auction information dissemination
                                                                                                            periods for the Opening and Closing                   are applicable to a national securities
                                                    notice is hereby given that on February                                                                       exchange, and, in particular, with the
                                                    25, 2016, Bats BZX Exchange, Inc. (the                  Auctions in BZX listed securities. In
                                                                                                            sum, Users 6 may begin to enter orders                requirements of Section 6(b) of the
                                                    ‘‘Exchange’’ or ‘‘BZX’’) (f/k/a BATS                                                                          Act.16 Specifically, the proposed change
                                                    Exchange, Inc.) filed with the Securities               to participate in the Opening or Closing
                                                                                                            Auction at 8:00 a.m. Eastern Time, the                is consistent with Section 6(b)(5) of the
                                                    and Exchange Commission                                                                                       Act,17 because it is designed to promote
                                                    (‘‘Commission’’) the proposed rule                      beginning of the Pre-Opening Session.7
                                                                                                            Orders designated to participate in the               just and equitable principles of trade, to
                                                    change as described in Items I and II                                                                         remove impediments to, and perfect the
                                                    below, which Items have been prepared                   Opening Auction will be queued until
                                                                                                            9:30 a.m. Eastern Time, at which time                 mechanism of, a free and open market
                                                    by the Exchange. The Exchange has                                                                             and a national market system, and, in
                                                    designated this proposal as a ‘‘non-                    they will be eligible to execute in the
                                                                                                            Opening Auction. Orders designated to                 general, to protect investors and the
                                                    controversial’’ proposed rule change                                                                          public interest. Specifically, the
                                                    pursuant to Section 19(b)(3)(A) of the                  participate in the Closing Auction will
                                                                                                            be queued until 4:00 p.m. Eastern Time,               proposal supports the objectives of
                                                    Act 3 and Rule 19b–4(f)(6)(iii)                                                                               perfecting the mechanism of a free and
                                                    thereunder,4 which renders it effective                 at which time they will be eligible to
                                                                                                            execute in the Closing Auction.                       open market and the national market
                                                    upon filing with the Commission. The                                                                          system because lengthening the periods
                                                                                                               Currently, the Exchange begins to
                                                    Commission is publishing this notice to                                                                       when which BZX Auction Information
                                                                                                            disseminate at 9:28 a.m. Eastern Time
                                                    solicit comments on the proposed rule                                                                         will be disseminated for the Opening
                                                                                                            the Reference Price,8 Indicative Price,9
                                                    change from interested persons.                                                                               and Closing Auctions will provide
                                                                                                            Auction Only Price,10 and the lesser of
                                                    I. Self-Regulatory Organization’s                       Reference Buy Shares 11 and Reference                 market participants with more
                                                    Statement of the Terms of the Substance                 Sell Shares 12 (collectively, the ‘‘BZX               information and time for them to
                                                    of the Proposed Rule Change                             Auction Information’’) associated with                evaluate the market for the security. The
                                                                                                            the Opening Auction. The Exchange                     Exchange believes lengthening the
                                                       The Exchange filed a proposal to                                                                           dissemination period will enable greater
                                                    amend paragraphs (b)(2)(A) and                          begins to disseminate the BZX Auction
                                                                                                            Information for the Closing Auction at                participation in the Opening and
                                                    (c)(2)(A) of Rule 11.23, Auctions, to                                                                         Closing Auctions because it will provide
                                                    lengthen the auction information                                                                              periodic information about the ability of
                                                                                                            Rules and includes both corporate listed securities
                                                    dissemination periods for the Opening                                                                         investors to execute orders at particular
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                                                                            and Exchange Traded Products (‘‘ETPs’’).
                                                    and Closing Auctions in BZX listed                        6 See Exchange Rule 1.5(cc).                        sizes and prices over a longer period of
                                                    securities.5                                              7 See Exchange Rule 11.23(b)(1)(A) and (c)(1)(A).

                                                                                                            The Pre-Opening Session is defined in Exchange          13 See Exchange Rule 11.22(a) and (c).
                                                      1 15 U.S.C. 78s(b)(1).                                Rule 1.5(r).                                            14 See Exchange Rule 11.22(i).
                                                      2 17 CFR 240.19b–4.                                     8 See Exchange Rule 11.23(a)(19).
                                                                                                                                                                    15 The order entry cut off times for the Opening
                                                      3 15 U.S.C. 78s(b)(3)(A).                               9 See Exchange Rule 11.23(a)(10).
                                                                                                                                                                  and Closing Auctions under Rules 11.23(b)((1)(A)
                                                      4 17 CFR 240.19b–4(f)(6)(iii).                          10 See Exchange Rule 11.23(a)(2).                   and (c)(1)(A), respectively, will remain unchanged.
                                                      5 A BZX listed security is a security listed on the     11 See Exchange Rule 11.23(a)(18).                    16 15 U.S.C. 78f(b).

                                                    Exchange pursuant to Chapter 14 of the Exchange’s         12 See Exchange Rule 11.23(a)(21).                    17 15 U.S.C. 78f(b)(5).




                                               VerDate Sep<11>2014   17:02 Mar 07, 2016   Jkt 238001   PO 00000   Frm 00111   Fmt 4703   Sfmt 4703   E:\FR\FM\08MRN1.SGM     08MRN1



Document Created: 2018-02-02 15:09:45
Document Modified: 2018-02-02 15:09:45
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
ActionCorrection.
ContactKristie Diemer, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, (202) 551-5613.
FR Citation81 FR 12174 

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR