81 FR 37220 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change Relating to the GCF Repo® Service
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 111 (June 9, 2016)
Federal Register Volume 81, Issue 111 (June 9, 2016)
| Page Range | 37220-37222 | |
| FR Document | 2016-13611 |
[Federal Register Volume 81, Number 111 (Thursday, June 9, 2016)] [Notices] [Pages 37220-37222] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-13611] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77988; File No. SR-FICC-2016-001] Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change Relating to the GCF Repo[supreg] Service June 3, 2016. On April 19, 2016, the Fixed Income Clearing Corporation (``FICC'' or the ``Corporation'') filed with the Securities and Exchange Commission (``Commission'') proposed rule change SR-FICC-2016-001 pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder.\2\ The proposed rule change was published for comment in the Federal Register on April 27, 2016.\3\ The Commission received no comments on the proposed rule change. For the [[Page 37221]] reasons discussed below, the Commission is approving the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ Securities Exchange Act Release No. 34-77675 (April 21, 2016), 81 FR 24922 (April 27, 2016) (SR-FICC-2016-001). --------------------------------------------------------------------------- I. Description of the Proposed Rule Change FICC seeks the Commission's approval to amend the Government Securities Division (``GSD'') Rulebook \4\ (``GSD Rules'') in order to: (1) Permanently adopt the pilot program (the ``2015 Pilot Program'') \5\ that is currently in effect for the GCF Repo[supreg] \6\ service and that is scheduled to expire on June 22, 2016; (2) add clarifying rule changes regarding a process that is currently in effect with respect to the GCF Repo service and that FICC refers to as the ``net- of-net'' settlement process; and (3) make technical changes to the GSD Rules. The proposed rule changes consist of changes to GSD Rule 1, GSD Rule 20, and the Schedule of GCF Timeframes. --------------------------------------------------------------------------- \4\ The GSD Rulebook is available at DTCC's Web site, www.dtcc.com/legal/rules-and-procedures.aspx. \5\ Securities Exchange Act Release No. 34-75258 (June 22, 2015), 80 FR 36879 (June 26, 2015) (SR-FICC-2015-002). \6\ GCF Repo is a registered trademark of FICC/DTCC. --------------------------------------------------------------------------- A. The GCF Repo Service The GCF Repo service allows dealer members of FICC's Government Services Division to trade general collateral finance repos (``GCF Repos'') \7\ throughout the day without requiring intraday, trade-for- trade settlement on a delivery-versus-payment \8\ basis. The service allows dealers to trade GCF Repos, based on rate and term, with inter- dealer broker netting members on a blind basis. Standardized, generic CUSIP numbers have been established exclusively for GCF Repo processing, and are used to specify the type of underlying security that is eligible to serve as collateral for GCF Repos. Only Fedwire eligible, book-entry securities may serve as collateral for GCF Repos. Acceptable collateral for GCF Repos include most U.S. Treasury securities, non-mortgage-backed federal agency securities, fixed and adjustable rate mortgage-backed securities, Treasury Inflation- Protected Securities and separate trading of registered interest and principal securities.\9\ --------------------------------------------------------------------------- \7\ A GCF Repo is one in which the lender of funds is willing to accept any of a class of U.S. Treasuries, U.S. government agency securities, and certain mortgage-backed securities as collateral for the repurchase obligation. This is in contrast to a specific collateral repo. \8\ Delivery-versus-payment is a settlement procedure in which the buyer's cash payment for the securities it has purchased is due at the time the securities are delivered. \9\ See Securities Exchange Act Release No. 34-58696 (September 30, 2008), 73 FR 58698, 58699 (October 7, 2008) (SR-FICC-2008-04). --------------------------------------------------------------------------- B. Background of the Pilot Program Because FICC's GCF Repo service operates as a tri-party mechanism, FICC states that it was asked to alter the service to align it with the recommendations of the Tri-Party Repo Infrastructure Reform Task Force (``TPR'').\10\ FICC consequently developed a pilot program (``2011 Pilot Program'') to address the TPR's recommendations,\11\ and sought Commission approval to institute that program.\12\ The Commission approved the 2011 Pilot Program on August 29, 2011 for a period of one year.\13\ When the expiration date for the 2011 Pilot Program approached, FICC sought Commission approval to implement the 2012 Pilot Program, which continued the 2011 Pilot Program in some aspects, and modified it in others.\14\ The Commission approved the 2012 Pilot Program, as well as subsequent one-year extensions of the pilot program in 2013, 2014, and 2015 (respectively, the ``2013 Pilot Program,'' ``2014 Pilot Program,'' and ``2015 Pilot Program'').\15\ The 2015 Pilot Program, as well its predecessors, the 2014, 2013, and 2012 Pilot Programs, have been the subject of a number of notices and approval orders published by the Commission.\16\ These notices and orders provide extensive detail on both the GCF Repo service and the pilot program itself. --------------------------------------------------------------------------- \10\ The TPR was an industry group formed and sponsored in 2009 by the Federal Reserve Bank of New York to address weaknesses that emerged in the tri-party repo market during the financial crisis. The TPR's chief goal was to develop recommendations to address the risks presented by the reversal of tri-party repo transactions, and to develop procedures to ensure that tri-party repos would be collateralized throughout the day, rather than at the end of the day. \11\ The TPR issued preliminary and final reports setting forth its recommendations for the reform of the tri-party repo market. See Tri-Party Repo Infrastructure Reform Task Force Report of May 17, 2000, available at http://www.newyorkfed.org/prc/files/report_100517.pdf; see also Tri-Party Repo Infrastructure Reform Task Force Final Report (February 15, 2012), available at http://www.newyorkfed.org/tripartyrepo/pdf/report_120215.pdf. \12\ Securities Exchange Act Release No. 34-64955 (July 25, 2011), 76 FR 45638 (July 29, 2011) (SR-FICC-2011-05). \13\ Securities Exchange Act Release No. 34-65213 (August 29, 2011), 76 FR 54824 (September 2, 2011) (SR-FICC-2011-05). \14\ The 2012 Pilot Program implemented several changes which, although described in the rule filing that accompanied the 2011 Pilot Program, were not implemented during the 2011 Pilot Program's period of effectiveness. They include: (i) Moving the time for unwinding repos from 7:30 a.m. to 3:30 p.m.; (ii) moving the net- free-equity process from morning to the evening; and (iii) establishing rules for intraday GCF Repo collateral substitutions. See Securities Exchange Act Release No. 34-67227 (June 20, 2012), 77 FR 38108 (June 26, 2012) (SR-FICC-2012-05). \15\ Securities Exchange Release No. 34-67621 (August 8, 2012), 77 FR 48572 (August 14, 2012) (SR-FICC-2012-05); Securities Exchange Release No. 34-70068 (July 30, 2013), 78 FR 47453 (August 5, 2013) (SR-FICC-2013-06); Securities Exchange Act Release No. 34-72457 (June 24, 2014), 79 FR 36856 (June 30, 2014) (SR-FICC-2014-02); and Securities Exchange Act Release No. 34-75258 (June 22, 2015), 80 FR 36879 (June 26, 2015) (SR-FICC-2015-002). \16\ See Securities Exchange Act Release Nos. 34-67227 (June 20, 2012), 77 FR 38108 (June 26, 2012) (SR-FICC-2012-05); 34-67621 (August 8, 2012), 77 FR 48572 (August 14, 2012) (SR-FICC-2012-05); 34-69774 (June 17, 2013), 78 FR 37631 (June 21, 2013) (SR-FICC-2013- 06); 34-70068 (July 30, 2013), 78 FR 47453 (August 5, 2013) (SR- FICC-2013-06); 34-72184 (May 19, 2014), 79 FR 29828 (May 23, 2014) (SR-FICC-2014-02); 34-72457 (June 24, 2014), 79 FR 36856 (June 30, 2014) (SR-FICC-2014-02); 34-74973 (May 15, 2015), 80 FR 29352 (May 21, 2015) (SR-FICC-2015-002); and 34-75258 (June 22, 2015), 80 FR 36879 (June 26, 2015) (SR-FICC-2015-002). --------------------------------------------------------------------------- In proposed rule change SR-FICC-2016-001, FICC seeks the Commission's approval to permanently adopt the GSD Rules associated with the 2015 Pilot Program, which expires on June 22, 2016. In addition, FICC also seeks to add a clarification to the GSD Rules to reflect the net-of-net settlement process in the GCF Repo service. According to FICC, the net-of-net settlement clarification is also a result of Tri-Party Reform and reflects current practice at the GSD. FICC seeks to permanently adopt these changes rather than continually file annual extensions of the pilot program. The rule changes associated with the pilot have been in place since 2011 with certain additional modifications made in 2012, and FICC's members are accustomed to them. FICC states that this is also the case regarding the net-of-net settlement changes, which came into effect when the clearing banks implemented this process in 2014 and 2015. According to FICC, changes to the GSD Rules regarding the net-of-net settlement process require no operational changes on the part of FICC. However, FICC seeks to update the GSD Rules in an effort to ensure that the GSD Rules reflect the current net-of-net settlement process. According to FICC, any future changes that arise as a result of Tri-Party Reform will constitute stand-alone rule changes, and are not expected to affect the rule changes covered in this present filing. Finally, in addition to the above, FICC seeks to amend the GSD Rules to include non-substantive, technical changes for clarity. [[Page 37222]] II. Discussion Section 19(b)(2)(C) of the Act \17\ directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such organization. Section 17A(b)(3)(F) of the Act \18\ requires, among other things, that the rules of a clearing agency be designed to achieve several goals, including (i) promoting the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, (ii) assuring the safeguarding of securities and funds that are in the custody or control of the clearing agency or for which it is responsible, and (iii) protecting investors and the public interest. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(2)(C). \18\ 15 U.S.C. 78q-1(b)(3)(F). --------------------------------------------------------------------------- The Commission finds that the proposed rule change is consistent with Section 17A of the Act \19\ and the rules thereunder applicable to FICC. The proposal will permanently adopt the rules in the 2015 Pilot Program, which were intended to advance the TPR's Tri-Party Reform recommendations by moving the morning unwind process to the afternoon to ensure that such transactions are collateralized all day and, therefore, limiting the amount of intraday credit that is extended by clearing banks during the day. Permanently adopting these rules will serve to minimize systemic risk and avoid the need for seeking future approvals of renewing the 2015 Pilot Program annually, thereby bringing certainty to market participants as to FICC's rules implementing the Tri-Party Reform recommendations. Accordingly, the permanent adoption of the 2015 Pilot Program rules should help to protect investors and promote the public interest, consistent with Section 17A(b)(3)(F) of the Act. --------------------------------------------------------------------------- \19\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- The proposal also eliminates obsolete language from the GSD Rules by codifying the net-of-net settlement process in the GSD Rules, and makes non-substantive clarifying corrections to the GSD Rules. Accordingly, the changes related to the net-of-net settlement process and the clarifying changes to the GSD Rules should provide for a more well-founded and transparent legal framework for FICC's activities, consistent with Act Rule 17Ad-22(d)(1).\20\ --------------------------------------------------------------------------- \20\ 17 CFR 240.17Ad-22(d)(1). --------------------------------------------------------------------------- III. Conclusion On the basis of the foregoing, the Commission finds that the proposed rule change is consistent with the requirements of the Act, particularly those set forth in Section 17A,\21\ and the rules and regulations thereunder. --------------------------------------------------------------------------- \21\ 15 U.S.C. 78q-1. --------------------------------------------------------------------------- It is therefore ordered, pursuant to Section 19(b)(2) of the Act,\22\ that the proposed rule change (SR-FICC-2016-001) be, and hereby is, approved.\23\ --------------------------------------------------------------------------- \22\ 15 U.S.C. 78s(b)(2). \23\ In approving the proposed rule change, the Commission considered the proposal's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\24\ --------------------------------------------------------------------------- \24\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2016-13611 Filed 6-8-16; 8:45 am] BILLING CODE 8011-01-P
![37220 Federal Register / Vol. 81, No. 111 / Thursday, June 9, 2016 / Notices
same fee. Moreover, the proposed fee is rule change reflects this competitive submission, all subsequent
reasonable because other exchanges environment because the hourly rate is amendments, all written statements
charge for similar services at their data competitive with the rates offered by with respect to the proposed rule
centers.6 other exchanges for similar services.9 change that are filed with the
Additionally, Members and Non- Commission, and all written
C. Self-Regulatory Organization’s
Members are not required to use the communications relating to the
Statement on Comments on the
service but instead it is offered as a proposed rule change between the
Proposed Rule Change Received From
convenience to all Members and Non- Commission and any person, other than
Members, Participants, or Others
Members. The proposed fee is those that may be withheld from the
reasonably designed because it will Written comments were neither public in accordance with the
permit both Members and Non-Members solicited nor received. provisions of 5 U.S.C. 552, will be
to request the use of the Exchange’s on- III. Date of Effectiveness of the available for Web site viewing and
site data center personnel as technical Proposed Rule Change and Timing for printing in the Commission’s Public
support and as a convenience that is Commission Action Reference Room, 100 F Street NE.,
equally available to them. Washington, DC 20549, on official
The foregoing rule change has become business days between the hours of
B. Self-Regulatory Organization’s effective pursuant to Section 10:00 a.m. and 3:00 p.m. Copies of the
Statement on Burden on Competition 19(b)(3)(A)(ii) of the Act,10 and Rule filing also will be available for
The Exchange does not believe that 19b–4(f)(2) 11 thereunder. At any time inspection and copying at the principal
the proposed rule change will result in within 60 days of the filing of the office of the Exchange. All comments
any burden on competition that is not proposed rule change, the Commission received will be posted without change;
necessary or appropriate in furtherance summarily may temporarily suspend the Commission does not edit personal
of the purposes of the Act. The such rule change if it appears to the identifying information from
proposed enhancement of services by Commission that such action is submissions. You should submit only
the Exchange provided to its Members necessary or appropriate in the public information that you wish to make
and others using its facilities will not interest, for the protection of investors, available publicly. All submissions
have an impact on competition. In fact, or otherwise in furtherance of the should refer to File Number SR–MIAX–
MIAX’s proposed technical support purposes of the Act. If the Commission 2016–13, and should be submitted on or
services at a Member or Non-Member’s takes such action, the Commission shall beforeJune 30, 2016 June 30, 2016.
request will benefit all who use such institute proceedings to determine
For the Commission, by the Division of
services. As stated above, other whether the proposed rule should be Trading and Markets, pursuant to delegated
exchanges charge for similar services at approved or disapproved. authority.12
their data centers.7 The Exchange’s IV. Solicitation of Comments Brent J. Fields,
hourly rate for such services is within Secretary.
the range of prices for similar services Interested persons are invited to
submit written data, views, and [FR Doc. 2016–13612 Filed 6–8–16; 8:45 am]
offered by other exchanges, and
therefore the Exchange believes that the arguments concerning the foregoing, BILLING CODE 8011–01–P
proposed hourly rate for technical including whether the proposed rule
support does not impose a burden on change is consistent with the Act.
Comments may be submitted by any of SECURITIES AND EXCHANGE
competition.8 COMMISSION
The Exchange notes that it operates in the following methods:
a highly competitive market in which [Release No. 34–77988; File No. SR–FICC–
Electronic Comments
market participants can readily favor 2016–001]
• Use the Commission’s Internet
competing venues if they deem fee Self-Regulatory Organizations; Fixed
comment form (http://www.sec.gov/
levels at a particular venue to be Income Clearing Corporation; Order
rules/sro.shtml); or
excessive. In such an environment, the
• Send an email to rule-comments@ Approving Proposed Rule Change
Exchange must continually adjust its Relating to the GCF Repo® Service
sec.gov. Please include File Number SR–
fees and rebates to remain competitive
MIAX–2016–13 on the subject line.
with other exchanges and to attract June 3, 2016.
order flow to the Exchange. The Paper Comments On April 19, 2016, the Fixed Income
Exchange believes that the proposed • Send paper comments in triplicate Clearing Corporation (‘‘FICC’’ or the
to Secretary, Securities and Exchange ‘‘Corporation’’) filed with the Securities
6 See Chicago Board Options Exchange,
Commission, 100 F Street NE., and Exchange Commission
Incorporated (‘‘CBOE’’) Fees Schedule, p. 9. CBOE
charges $100 per hour for technical support outside Washington, DC 20549–1090. (‘‘Commission’’) proposed rule change
normal hours and for after-hours technician SR–FICC–2016–001 pursuant to Section
All submissions should refer to File
services with a four hour minimum required. See 19(b)(1) of the Securities Exchange Act
also NYSE Amex Options (‘‘Amex’’) Fee Schedule, Number SR–MIAX–2016–13. This file
of 1934 (‘‘Act’’) 1 and Rule 19b–4
Section V(B) and NYSE Arca Options (‘‘Arca’’) Fees number should be included on the
thereunder.2 The proposed rule change
and Charges, p. 18. Both Amex and Arca charge subject line if email is used. To help the
$100 per half hour for ‘‘Hot Hands Services,’’ which was published for comment in the
Commission process and review your
consists of allowing Amex and Arca Users to use Federal Register on April 27, 2016.3
Amex or Arca on-site data center personnel to comments more efficiently, please use
The Commission received no comments
sradovich on DSK3TPTVN1PROD with NOTICES
maintain User equipment, support network only one method. The Commission will
on the proposed rule change. For the
troubleshooting, rack and stack, power recycling post all comments on the Commission’s
and install and document cable. See also NASDAQ Internet Web site (http://www.sec.gov/ 12 17 CFR 200.30–3(a)(12).
PHLX LLC (‘‘Phlx’’) Pricing Schedule, Section X(d).
Phlx charges $150 per hour for ‘‘Remote Hands rules/sro.shtml). Copies of the 1 15 U.S.C. 78s(b)(1).
Service’’ and $250 per hour plus materials if 2 17 CFR 240.19b–4.
necessary for ‘‘Power Consulting Services.’’ 9 See supra note 6. 3 Securities Exchange Act Release No. 34–77675
7 Id. 10 15 U.S.C. 78s(b)(3)(A)(ii). (April 21, 2016), 81 FR 24922 (April 27, 2016) (SR–
8 See id. 11 17 CFR 240.19b–4(f)(2). FICC–2016–001).
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![37222 Federal Register / Vol. 81, No. 111 / Thursday, June 9, 2016 / Notices
II. Discussion III. Conclusion and at the Commission’s Public
Section 19(b)(2)(C) of the Act 17 On the basis of the foregoing, the Reference Room.
directs the Commission to approve a Commission finds that the proposed II. Self-Regulatory Organization’s
proposed rule change of a self- rule change is consistent with the Statement of the Purpose of, and
regulatory organization if it finds that requirements of the Act, particularly Statutory Basis for, the Proposed Rule
such proposed rule change is consistent those set forth in Section 17A,21 and the Change
with the requirements of the Act and the rules and regulations thereunder. In its filing with the Commission, the
rules and regulations thereunder It is therefore ordered, pursuant to self-regulatory organization included
applicable to such organization. Section Section 19(b)(2) of the Act,22 that the statements concerning the purpose of,
17A(b)(3)(F) of the Act 18 requires, proposed rule change (SR–FICC–2016– and basis for, the proposed rule change
among other things, that the rules of a 001) be, and hereby is, approved.23 and discussed any comments it received
clearing agency be designed to achieve For the Commission, by the Division of on the proposed rule change. The text
several goals, including (i) promoting Trading and Markets, pursuant to delegated of those statements may be examined at
the prompt and accurate clearance and authority.24 the places specified in Item IV below.
settlement of securities transactions Brent J. Fields, The Exchange has prepared summaries,
and, to the extent applicable, derivative Secretary. set forth in sections A, B, and C below,
agreements, contracts, and transactions, [FR Doc. 2016–13611 Filed 6–8–16; 8:45 am] of the most significant parts of such
(ii) assuring the safeguarding of statements.
BILLING CODE 8011–01–P
securities and funds that are in the
custody or control of the clearing agency A. Self-Regulatory Organization’s
or for which it is responsible, and (iii) Statement of the Purpose of, and
SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule
protecting investors and the public COMMISSION
interest. Change
The Commission finds that the [Release No. 34–77992; File No. SR–
1. Purpose
proposed rule change is consistent with NYSEArca–2016–79]
The Exchange proposes to list and
Section 17A of the Act 19 and the rules
Self-Regulatory Organizations; NYSE trade shares (‘‘Shares’’) of the following
thereunder applicable to FICC. The Arca, Inc.; Notice of Filing of Proposed under NYSE Arca Equities Rule 8.600,
proposal will permanently adopt the Rule Change Relating to the Listing which governs the listing and trading of
rules in the 2015 Pilot Program, which and Trading of Shares of the Virtus Managed Fund Shares: 4 Virtus Japan
were intended to advance the TPR’s Tri- Japan Alpha ETF Under NYSE Arca Alpha ETF (‘‘Fund’’).5
Party Reform recommendations by The Shares will be offered by Virtus
Equities Rule 8.600
moving the morning unwind process to ETF Trust II (‘‘Trust’’), which is
the afternoon to ensure that such June 3, 2016. registered with the Commission as an
transactions are collateralized all day Pursuant to Section 19(b)(1) 1 of the open-end management investment
and, therefore, limiting the amount of Securities Exchange Act of 1934 (the company.6 Virtus ETF Advisers LLC
intraday credit that is extended by ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
clearing banks during the day. notice is hereby given that, on May 24, 4 A Managed Fund Share is a security that
Permanently adopting these rules will 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ represents an interest in an investment company
serve to minimize systemic risk and or ‘‘NYSE Arca’’) filed with the registered under the Investment Company Act of
1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
avoid the need for seeking future Securities and Exchange Commission an open-end investment company or similar entity
approvals of renewing the 2015 Pilot (the ‘‘Commission’’) the proposed rule that invests in a portfolio of securities selected by
Program annually, thereby bringing change as described in Items I and II its investment adviser consistent with its
certainty to market participants as to below, which Items have been prepared investment objectives and policies. In contrast, an
open-end investment company that issues
FICC’s rules implementing the Tri-Party by the self-regulatory organization. The Investment Company Units, listed and traded on
Reform recommendations. Accordingly, Commission is publishing this notice to the Exchange under NYSE Arca Equities Rule
the permanent adoption of the 2015 solicit comments on the proposed rule 5.2(j)(3), seeks to provide investment results that
Pilot Program rules should help to correspond generally to the price and yield
change from interested persons. performance of a specific foreign or domestic stock
protect investors and promote the index, fixed income securities index or combination
public interest, consistent with Section I. Self-Regulatory Organization’s
thereof.
17A(b)(3)(F) of the Act. Statement of the Terms of the Substance 5 The Commission has previously approved
The proposal also eliminates obsolete of the Proposed Rule Change listing and trading on the Exchange of a number of
language from the GSD Rules by actively managed funds under Rule 8.600. See, e.g.,
The Exchange proposes to list and Securities Exchange Act Release Nos. 57801 (May
codifying the net-of-net settlement trade shares of the Virtus Japan Alpha 8, 2008), 73 FR 27878 (May 14, 2008) (SR–
process in the GSD Rules, and makes ETF under NYSE Arca Equities Rule NYSEArca–2008–31) (order approving Exchange
non-substantive clarifying corrections to 8.600 (‘‘Managed Fund Shares’’). The listing and trading of twelve actively-managed
the GSD Rules. Accordingly, the funds of the WisdomTree Trust); 62502 (July 15,
proposed rule change is available on the 2010), 75 FR 42471 (July 21, 2010) (SR–NYSEArca–
changes related to the net-of-net Exchange’s Web site at www.nyse.com, 2010–57) (order approving listing and trading of
settlement process and the clarifying at the principal office of the Exchange, AdviserShares WCM/BNY Mellon Focused Growth
changes to the GSD Rules should ADR ETF); 63076 (October 12, 2010), 75 FR 63874
provide for a more well-founded and 21 15 U.S.C. 78q–1. (October 18, 2010) (SR–NYSEArca–2010–79) (order
approving listing and trading of Cambria Global
sradovich on DSK3TPTVN1PROD with NOTICES
transparent legal framework for FICC’s 22 15 U.S.C. 78s(b)(2).
Tactical ETF); 71540 (February 12, 2014), 79 FR
23 In approving the proposed rule change, the
activities, consistent with Act Rule 9515 (February 19, 2014) (SR–NYSEArca–2013–
Commission considered the proposal’s impact on
17Ad–22(d)(1).20 efficiency, competition, and capital formation. See
138) (order approving listing and trading of shares
of the iShares Enhanced International Large-Cap
15 U.S.C. 78c(f). ETF and iShares Enhanced International Small-Cap
17 15 U.S.C. 78s(b)(2)(C). 24 17 CFR 200.30–3(a)(12).
ETF).
18 15 U.S.C. 78q–1(b)(3)(F). 1 15 U.S.C. 78s(b)(1). 6 The Trust is registered under the 1940 Act. On
19 15 U.S.C. 78q–1. 2 15 U.S.C. 78a.
February 26, 2016, the Trust filed with the
20 17 CFR 240.17Ad–22(d)(1). 3 17 CFR 240.19b–4. Commission an amendment to its registration
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Document Created: 2018-02-08 07:33:40
Document Modified: 2018-02-08 07:33:40
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 37220 |
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