81 FR 18660 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 2, to List and Trade Shares of the SPDR DoubleLine Short Duration Total Return Tactical ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 62 (March 31, 2016)

Page Range		18660-18660
FR Document		2016-07205

Federal Register, Volume 81 Issue 62 (Thursday, March 31, 2016)

[Federal Register Volume 81, Number 62 (Thursday, March 31, 2016)]
[Notices]
[Page 18660]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-07205]



[[Page 18660]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77451; File No. SR-BATS-2016-04]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change, as Modified by Amendment No. 2, to List and Trade Shares of the 
SPDR DoubleLine Short Duration Total Return Tactical ETF

March 25, 2016.
    On February 4, 2016, BATS Exchange, Inc. (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission''), pursuant to 
section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade 
shares (``Shares'') of the SPDR DoubleLine Short Duration Total Return 
Tactical ETF (``Fund''). The proposed rule change was published for 
comment in the Federal Register on February 12, 2016.\3\ On March 8, 
2016, the Exchange filed Amendment No. 1 to the proposed rule change. 
On March 24, 2016, the Exchange withdrew Amendment No. 1 and filed 
Amendment No. 2 to the proposed rule change.\4\ The Commission received 
no comment letters on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77078 (February 8, 
2016), 81 FR 7599.
    \4\ Amendment No. 2 replaced the original filing in its 
entirety. In Amendment No. 2, the Exchange: (1) Modified the name of 
the Fund by replacing the word ``Term'' with ``Duration;'' (2) 
clarified that, under normal circumstances, at least 80% of the 
Fund's net assets (plus the amount of borrowings for investment 
purposes) will be invested in its principal holdings; (3) stated 
that the Fund may invest up to 20% of its portfolio in securities 
issued or guaranteed by state or local governments or their agencies 
or instrumentalities; (4) clarified which assets held by the Fund 
would trade on markets that are members of the Intermarket 
Surveillance Group or that have entered into a comprehensive 
surveillance agreement with the Exchange; (5) clarified the 
application of the investment restrictions to derivatives and 
restricted securities; (6) described how fixed income instruments, 
including municipal securities, would be valued for purposes of 
calculating the net asset value of the Fund; (7) clarified that all 
statements and representations made in the filing regarding the 
description of the portfolio, limitations on portfolio holdings or 
reference assets, or the applicability of Exchange rules and 
surveillance procedures constitute continued listing requirements 
for listing the Shares on the Exchange; (8) stated that the issuer 
has represented to the Exchange that it will advise the Exchange of 
any failure by the Fund to comply with the continued listing 
requirements, and, pursuant to its obligations under section 
19(g)(1) of the Act, the Exchange will surveil for compliance with 
the continued listing requirements, and if the Fund is not in 
compliance with the applicable listing requirements, the Exchange 
will commence delisting procedures under Exchange Rule 14.12; and 
(9) made other technical amendments. Amendment No. 2 is available 
at: http://www.sec.gov/comments/sr-bats-2016-04/bats201604.shtml.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is March 28, 2016. The Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change. 
Accordingly, the Commission, pursuant to section 19(b)(2) of the 
Act,\6\ designates May 12, 2016, as the date by which the Commission 
should either approve or disapprove or institute proceedings to 
determine whether to disapprove the proposed rule change (File Number 
SR-BATS-2016-04), as modified by Amendment No. 2.
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-07205 Filed 3-30-16; 8:45 am]
 BILLING CODE 8011-01-P

18660 Federal Register / Vol. 81, No. 62 / Thursday, March 31, 2016 / Notices

SECURITIES AND EXCHANGE comment letters on the proposed rule notice is hereby given that on March 11,
COMMISSION change. 2016, ICE Clear Europe Limited (‘‘ICE
Section 19(b)(2) of the Act 5 provides Clear Europe’’ or ‘‘Clearing House’’)
[Release No. 34–77451; File No. SR–BATS– that, within 45 days of the publication filed with the Securities and Exchange
2016–04]
of notice of the filing of a proposed rule Commission (‘‘Commission’’) the
Self-Regulatory Organizations; BATS change, or within such longer period up proposed rule changes described in
Exchange, Inc.; Notice of Designation to 90 days as the Commission may Items I, II and III below, which Items
of a Longer Period for Commission designate if it finds such longer period have been prepared by ICE Clear
Action on a Proposed Rule Change, as to be appropriate and publishes its Europe. ICE Clear Europe filed the
Modified by Amendment No. 2, to List reasons for so finding or as to which the proposal pursuant to Section 19(b)(3)(A)
and Trade Shares of the SPDR self-regulatory organization consents, of the Act,3 and Rule 19b–4(f)(4)(ii) 4
DoubleLine Short Duration Total the Commission shall either approve the thereunder, so that the proposal was
Return Tactical ETF proposed rule change, disapprove the effective upon filing with the
proposed rule change, or institute Commission. The Commission is
March 25, 2016. proceedings to determine whether the publishing this notice to solicit
On February 4, 2016, BATS Exchange, proposed rule change should be comments on the proposed rule change
Inc. (‘‘Exchange’’) filed with the disapproved. The 45th day after from interested persons.
Securities and Exchange Commission publication of the notice for this I. Self-Regulatory Organization’s
(‘‘Commission’’), pursuant to section proposed rule change is March 28, 2016. Statement of the Terms of Substance of
19(b)(1) of the Securities Exchange Act The Commission is extending this 45- the Proposed Rule Change
of 1934 (‘‘Act’’) 1 and Rule 19b–4 day time period.
thereunder,2 a proposed rule change to The Commission finds that it is The principal purpose of the changes
list and trade shares (‘‘Shares’’) of the appropriate to designate a longer period is to modify certain aspects of the ICE
SPDR DoubleLine Short Duration Total within which to take action on the Clear Europe Clearing Procedures and
Return Tactical ETF (‘‘Fund’’). The proposed rule change so that it has the ICE Clear Europe Delivery
proposed rule change was published for sufficient time to consider the proposed Procedures in connection with equity
comment in the Federal Register on rule change. Accordingly, the futures and options contracts traded on
February 12, 2016.3 On March 8, 2016, Commission, pursuant to section the ICE Futures Europe market and
the Exchange filed Amendment No. 1 to 19(b)(2) of the Act,6 designates May 12, cleared by ICE Clear Europe.
the proposed rule change. On March 24, 2016, as the date by which the II. Self-Regulatory Organization’s
2016, the Exchange withdrew Commission should either approve or Statement of the Purpose of, and
Amendment No. 1 and filed disapprove or institute proceedings to Statutory Basis for, the Proposed Rule
Amendment No. 2 to the proposed rule determine whether to disapprove the Change
change.4 The Commission received no proposed rule change (File Number SR– In its filing with the Commission, ICE
BATS–2016–04), as modified by Clear Europe included statements
1 15 U.S.C. 78s(b)(1). Amendment No. 2. concerning the purpose of and basis for
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 77078
For the Commission, by the Division of the proposed rule change. The text of
(February 8, 2016), 81 FR 7599. Trading and Markets, pursuant to delegated these statements may be examined at
4 Amendment No. 2 replaced the original filing in authority.7 the places specified in Item IV below.
its entirety. In Amendment No. 2, the Exchange: (1) Robert W. Errett, ICE Clear Europe has prepared
Modified the name of the Fund by replacing the Deputy Secretary. summaries, set forth in sections A, B,
word ‘‘Term’’ with ‘‘Duration;’’ (2) clarified that,
under normal circumstances, at least 80% of the [FR Doc. 2016–07205 Filed 3–30–16; 8:45 am] and C below, of the most significant
Fund’s net assets (plus the amount of borrowings BILLING CODE 8011–01–P aspects of such statements.
for investment purposes) will be invested in its
principal holdings; (3) stated that the Fund may A. Self-Regulatory Organization’s
invest up to 20% of its portfolio in securities issued Statement of the Purpose of, and
or guaranteed by state or local governments or their SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
agencies or instrumentalities; (4) clarified which COMMISSION Change
assets held by the Fund would trade on markets
that are members of the Intermarket Surveillance [Release No. 34–77448; File No. SR–ICEEU–
1. Purpose
Group or that have entered into a comprehensive 2016–005]
surveillance agreement with the Exchange; (5) The principal purpose of the
clarified the application of the investment Self-Regulatory Organizations; ICE amendments is to modify certain
restrictions to derivatives and restricted securities; Clear Europe Limited; Notice of Filing aspects of the ICE Clear Europe Clearing
(6) described how fixed income instruments,
including municipal securities, would be valued for and Immediate Effectiveness of a Procedures and the ICE Clear Europe
purposes of calculating the net asset value of the Proposed Rule Change Relating to Delivery Procedures relating to equity
Fund; (7) clarified that all statements and Equity Futures and Options futures and options contracts traded on
representations made in the filing regarding the the ICE Futures Europe market and
description of the portfolio, limitations on portfolio March 25, 2016. cleared by ICE Clear Europe.
holdings or reference assets, or the applicability of
Exchange rules and surveillance procedures
Pursuant to Section 19(b)(1) of the The ICE Clear Europe Clearing
constitute continued listing requirements for listing Securities Exchange Act of 1934 Procedures have been amended to revise
the Shares on the Exchange; (8) stated that the (‘‘Act’’),1 and Rule 19b–4 thereunder,2 certain provisions relating to option
issuer has represented to the Exchange that it will
mstockstill on DSK4VPTVN1PROD with NOTICES

advise the Exchange of any failure by the Fund to
exercise and expiration, particularly in
technical amendments. Amendment No. 2 is the context of equity options. In
comply with the continued listing requirements, available at: http://www.sec.gov/comments/sr-bats-
and, pursuant to its obligations under section 2016–04/bats201604.shtml. particular, in paragraph 5.8 of the
19(g)(1) of the Act, the Exchange will surveil for 5 15 U.S.C. 78s(b)(2). Clearing Procedures, amendments are
compliance with the continued listing
requirements, and if the Fund is not in compliance
6 15 U.S.C. 78s(b)(2). made to clarify that allocations of
7 17 CFR 200.30–3(a)(31).
with the applicable listing requirements, the
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A).
Exchange will commence delisting procedures
under Exchange Rule 14.12; and (9) made other 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(4)(ii).

VerDate Sep<11>2014 19:09 Mar 30, 2016 Jkt 238001 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 E:\FR\FM\31MRN1.SGM 31MRN1

Document Created: 2016-03-31 00:55:45
Document Modified: 2016-03-31 00:55:45

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 18660