81 FR 38230 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Rules Governing Trading of Index Options
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 113 (June 13, 2016)
Federal Register Volume 81, Issue 113 (June 13, 2016)
| Page Range | 38230-38232 | |
| FR Document | 2016-13824 |
[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)] [Notices] [Pages 38230-38232] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-13824] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78004; File No. SR-Phlx-2016-61] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Rules Governing Trading of Index Options June 7, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on May 25, 2016, NASDAQ PHLX LLC (``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend certain rules governing trading of index options. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.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 Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these 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 aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is amending various rules regarding index options. The amendments delete certain outdated language relating primarily to index options which the Exchange no longer lists. The amendments also conform certain language in the Phlx rules to that of Chapter XIV, Index Rules, of the NASDAQ Options Market LLC (``NOM''), and make a number of grammatical and technical corrections. Deletions of Obsolete Rule Text The Exchange is deleting references to the following in Rule 1001A, Position Limits, Rule 1009A, Designation of the Index, Sections (g) and (h), and Rule 1101A, Terms of Options Contracts, Section (a) and Commentary .01, as applicable, relating to indexes on which the Exchange no longer lists options: SIG Energy MLP Index, NASDAQ China Index, MSCI EM Index, MSCI EAFE Index, PHLX Computer Box Maker Index, PHLX Defense Index, PHLX Drug Index, PHLX Europe Index, PHLX World Energy Index, SIG Investment Managers Index, SIG Cable, Media & Entertainment Index, SIG Semiconductor Equipment Index, SIG Semiconductor Device Index, SIG Specialty Retail Index, SIG Steel [[Page 38231]] Producers Index, SIG Footwear and Athletic Index, SIG Education Index, SIG Restaurant Index, SIG Coal Producers Index, U.S. Top 100 Index, the OTC Industrial Average Index, TheStreet.com Internet Sector Index, Wellspring Bioclinical Trials Index, Hapoalim American Israeli Index, Hapoalim Index, SIG KCI Coal Index, NASDAQ Internet Index, Full Value MSCI EM Index, Full Value MSCI EAFE Index, Value Line Composite Index, National Over-the-Counter Index and the SIG Casino Gaming Index. The Exchange is also deleting obsolete language from Rule 1000A(14), the definition of ``expiration date'' regarding index options expiring prior to February 1, 2015. It is also deleting Rule 1101A(b)(iv), Quarterly Expiring Index Options, and is also amending the definition of ``expiration date'' in Rule 1000A(b)(14) because the Exchange no longer lists quarterly expiring index options. Rules Amended To Conform to NOM Rules The Exchange has amended certain rules to conform more closely to NOM rules governing the same subject matter. In Rule 1000A(b)(5) the word ``securities'' replaces the word ``stocks'' in the definition of ``underlying security'' or ``underlying securities''.\3\ In Rule 1000A(b)(13), the definition of European options is amended to take into account the case of an option expiring on a day that is not a business day.\4\ The Exchange has also added to Rule 1000A(b) in section (17) a new definition of ``American option'' or ``American- style index option''.\5\ --------------------------------------------------------------------------- \3\ See NOM Chapter XIV, Section 2(q). \4\ See NOM Chapter XIV, Section 2(h). \5\ See NOM Chapter XIV, Section 2(b). --------------------------------------------------------------------------- Rules Amended To Correct Cross References or Provide Clarity The Exchange has rewritten Rule 1001A, Position Limits, subsection (a) solely for clarity. No change in meaning is intended. As revised, the rule states that ``[t]he position limit for a broad-based (market) index option shall be 25,000 contracts on the same side of the market except as provided below. Certain positions must be aggregated in accordance with paragraph (d) or (e) below''. Rule 1001A, Commentary .04, Delta-Based Index Hedge Exemption is amended at section (C) in the definition of ``permitted pricing model'' by replacing an incorrect reference to ``Commentary .09(c)(3), Exchange Rule 1001'', which was recently deleted, with a reference to ``Exchange Rule 1001(n)'' which replaced it. For the same reason, in Section (D)(2)(i) of that Commentary, an incorrect reference to ``Commentary .06 to Exchange Rule 1001'' is replaced with a reference to Exchange Rule 1001(k). Rule 1000A(b)(14) which defines ``expiration date'' is amended by the deletion of a reference to the Exchange ``on which such option is listed,'' since the rule applies only to options listed on Phlx. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \6\ in general, and furthers the objectives of Section 6(b)(5) of the Act \7\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest, by updating and clarifying outdated rules relating to index options trading. The proposed rule change is also consistent with Section 6(b)(1) of the Act \8\ in that it enables the Exchange to be so organized as to have the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its exchange members and persons associated with its exchange members, with the provisions of the Act, the rules and regulations thereunder, and the rules of the Exchange. The amendments should enable Phlx members to better understand the Exchange's index options rules and the Exchange to better enforce compliance with those rules. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b). \7\ 15 U.S.C. 78f(b)(5). \8\ 15 U.S.C. 78f(b)(1). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act because the rule merely updates and clarifies outdated rules relating to index options and conforms certain Phlx rules to NOM rules. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing 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, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \9\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(a)(iii). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-Phlx-2016-61 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2016-61. 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/ [[Page 38232]] rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR- Phlx-2016-61 and should be submitted on or before July 5, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\11\ --------------------------------------------------------------------------- \11\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-13824 Filed 6-10-16; 8:45 am] BILLING CODE 8011-01-P
![38230 Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices
MSHD.Resource@nrc.gov, or by a toll- date of publication of this notice. I. Self-Regulatory Organization’s
free call to 1–866–672–7640. The NRC Requests for hearing, petitions for leave Statement of the Terms of Substance of
Meta System Help Desk is available to intervene, and motions for leave to the Proposed Rule Change
between 8 a.m. and 8 p.m., Eastern file new or amended contentions that The Exchange proposes to amend
Time, Monday through Friday, are filed after the 60-day deadline will certain rules governing trading of index
excluding government holidays. not be entertained absent a options.
Participants who believe that they determination by the presiding officer The text of the proposed rule change
have a good cause for not submitting that the filing demonstrates good cause is available on the Exchange’s Web site
documents electronically must file an at http://
by satisfying the three factors in 10 CFR
exemption request, in accordance with nasdaqomxphlx.cchwallstreet.com/, at
2.309(c)(1)(i)–(iii).
10 CFR 2.302(g), with their initial paper the principal office of the Exchange, and
filing requesting authorization to For further details with respect to this
at the Commission’s Public Reference
continue to submit documents in paper action, see the application for
Room.
format. Such filings must be submitted amendment, dated May 8, 2015, as
by: (1) First class mail addressed to the supplemented by letters dated January II. Self-Regulatory Organization’s
Office of the Secretary of the 28, February 25, March 23, March 29, Statement of the Purpose of, and
Commission, U.S. Nuclear Regulatory and May 2, 2016, in ADAMS. Statutory Basis for, the Proposed Rule
Commission, Washington, DC 20555– Change
Attorney for licensee: Lillian M.
0001, Attention: Rulemaking and In its filing with the Commission, the
Cuoco, Senior Counsel, Dominion
Adjudications Staff; or (2) courier, Exchange included statements
express mail, or expedited delivery Resources Services, Inc., 120 Tredegar
Street, RS–2, Richmond, VA 23219. concerning the purpose of and basis for
service to the Office of the Secretary, the proposed rule change and discussed
Sixteenth Floor, One White Flint North, NRC Branch Chief: Travis L. Tate. any comments it received on the
11555 Rockville Pike, Rockville, Dated at Rockville, Maryland, this 6th day proposed rule change. The text of these
Maryland, 20852, Attention: of June 2016. statements may be examined at the
Rulemaking and Adjudications Staff. For the Nuclear Regulatory Commission. places specified in Item IV below. The
Participants filing a document in this Exchange has prepared summaries, set
Richard V. Guzman,
manner are responsible for serving the forth in sections A, B, and C below, of
document on all other participants. Senior Project Manager, Plant Licensing
Branch I–1, Division of Operating Reactor the most significant aspects of such
Filing is considered complete by first- statements.
Licensing, Office of Nuclear Reactor
class mail as of the time of deposit in
Regulation. A. Self-Regulatory Organization’s
the mail, or by courier, express mail, or
expedited delivery service upon [FR Doc. 2016–13882 Filed 6–10–16; 8:45 am] Statement of the Purpose of, and
depositing the document with the BILLING CODE 7590–01–P Statutory Basis for, the Proposed Rule
provider of the service. A presiding Change
officer, having granted an exemption
1. Purpose
request from using E-Filing, may require
a participant or party to use E-Filing if SECURITIES AND EXCHANGE The Exchange is amending various
the presiding officer subsequently COMMISSION rules regarding index options. The
determines that the reason for granting amendments delete certain outdated
the exemption from use of E-Filing no [Release No. 34–78004; File No. SR–Phlx– language relating primarily to index
longer exists. 2016–61] options which the Exchange no longer
Documents submitted in adjudicatory lists. The amendments also conform
proceedings will appear in NRC’s Self-Regulatory Organizations; certain language in the Phlx rules to that
electronic hearing docket which is NASDAQ PHLX LLC; Notice of Filing of Chapter XIV, Index Rules, of the
available to the public at http:// and Immediate Effectiveness of NASDAQ Options Market LLC
ehd1.nrc.gov/ehd/, unless excluded Proposed Rule Change To Amend (‘‘NOM’’), and make a number of
pursuant to an order of the Commission, Certain Rules Governing Trading of grammatical and technical corrections.
or the presiding officer. Participants are Index Options Deletions of Obsolete Rule Text
requested not to include personal
privacy information, such as social June 7, 2016. The Exchange is deleting references to
security numbers, home addresses, or the following in Rule 1001A, Position
Pursuant to Section 19(b)(1) of the Limits, Rule 1009A, Designation of the
home phone numbers in their filings,
Securities Exchange Act of 1934 Index, Sections (g) and (h), and Rule
unless an NRC regulation or other law
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 1101A, Terms of Options Contracts,
requires submission of such
information. However, in some notice is hereby given that on May 25, Section (a) and Commentary .01, as
instances, a request to intervene will 2016, NASDAQ PHLX LLC applicable, relating to indexes on which
require including information on local (‘‘Exchange’’) filed with the Securities the Exchange no longer lists options:
residence in order to demonstrate a and Exchange Commission (‘‘SEC’’ or SIG Energy MLP Index, NASDAQ China
proximity assertion of interest in the ‘‘Commission’’) the proposed rule Index, MSCI EM Index, MSCI EAFE
proceeding. With respect to copyrighted change as described in Items I, II, and Index, PHLX Computer Box Maker
works, except for limited excerpts that III, below, which Items have been Index, PHLX Defense Index, PHLX Drug
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serve the purpose of the adjudicatory prepared by the Exchange. The Index, PHLX Europe Index, PHLX
filings and would constitute a Fair Use Commission is publishing this notice to World Energy Index, SIG Investment
application, participants are requested solicit comments on the proposed rule Managers Index, SIG Cable, Media &
not to include copyrighted materials in change from interested persons. Entertainment Index, SIG
their submission. Semiconductor Equipment Index, SIG
Petitions for leave to intervene must 1 15 U.S.C. 78s(b)(1). Semiconductor Device Index, SIG
be filed no later than 60 days from the 2 17 CFR 240.19b–4. Specialty Retail Index, SIG Steel
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Producers Index, SIG Footwear and which replaced it. For the same reason, III. Date of Effectiveness of the
Athletic Index, SIG Education Index, in Section (D)(2)(i) of that Commentary, Proposed Rule Change and Timing for
SIG Restaurant Index, SIG Coal an incorrect reference to ‘‘Commentary Commission Action
Producers Index, U.S. Top 100 Index, .06 to Exchange Rule 1001’’ is replaced Because the foregoing proposed rule
the OTC Industrial Average Index, with a reference to Exchange Rule change does not: (i) Significantly affect
TheStreet.com Internet Sector Index, 1001(k). Rule 1000A(b)(14) which the protection of investors or the public
Wellspring Bioclinical Trials Index, defines ‘‘expiration date’’ is amended by interest; (ii) impose any significant
Hapoalim American Israeli Index, the deletion of a reference to the burden on competition; and (iii) become
Hapoalim Index, SIG KCI Coal Index, Exchange ‘‘on which such option is operative for 30 days from the date on
NASDAQ Internet Index, Full Value listed,’’ since the rule applies only to which it was filed, or such shorter time
MSCI EM Index, Full Value MSCI EAFE options listed on Phlx. as the Commission may designate, it has
Index, Value Line Composite Index, become effective pursuant to Section
National Over-the-Counter Index and 2. Statutory Basis 19(b)(3)(A)(iii) of the Act 9 and
the SIG Casino Gaming Index. subparagraph (f)(6) of Rule 19b–4
The Exchange is also deleting obsolete The Exchange believes that its
proposal is consistent with Section 6(b) thereunder.10
language from Rule 1000A(14), the At any time within 60 days of the
definition of ‘‘expiration date’’ regarding of the Act 6 in general, and furthers the
filing of the proposed rule change, the
index options expiring prior to February objectives of Section 6(b)(5) of the Act 7 Commission summarily may
1, 2015. It is also deleting Rule in particular, in that it is designed to temporarily suspend such rule change if
1101A(b)(iv), Quarterly Expiring Index promote just and equitable principles of it appears to the Commission that such
Options, and is also amending the trade, to remove impediments to and action is: (i) Necessary or appropriate in
definition of ‘‘expiration date’’ in Rule perfect the mechanism of a free and the public interest; (ii) for the protection
1000A(b)(14) because the Exchange no open market and a national market of investors; or (iii) otherwise in
longer lists quarterly expiring index system, and, in general to protect furtherance of the purposes of the Act.
options. investors and the public interest, by If the Commission takes such action, the
Rules Amended To Conform to NOM updating and clarifying outdated rules Commission shall institute proceedings
Rules relating to index options trading. The to determine whether the proposed rule
proposed rule change is also consistent should be approved or disapproved.
The Exchange has amended certain
with Section 6(b)(1) of the Act 8 in that
rules to conform more closely to NOM IV. Solicitation of Comments
rules governing the same subject matter. it enables the Exchange to be so
organized as to have the capacity to be Interested persons are invited to
In Rule 1000A(b)(5) the word submit written data, views, and
‘‘securities’’ replaces the word ‘‘stocks’’ able to carry out the purposes of the Act
and to comply, and to enforce arguments concerning the foregoing,
in the definition of ‘‘underlying including whether the proposed rule
security’’ or ‘‘underlying securities’’.3 In compliance by its exchange members
and persons associated with its change is consistent with the Act.
Rule 1000A(b)(13), the definition of Comments may be submitted by any of
European options is amended to take exchange members, with the provisions
the following methods:
into account the case of an option of the Act, the rules and regulations
expiring on a day that is not a business thereunder, and the rules of the Electronic Comments
day.4 The Exchange has also added to Exchange. The amendments should • Use the Commission’s Internet
Rule 1000A(b) in section (17) a new enable Phlx members to better comment form (http://www.sec.gov/
definition of ‘‘American option’’ or understand the Exchange’s index rules/sro.shtml); or
‘‘American-style index option’’.5 options rules and the Exchange to better • Send an email to rule-comments@
Rules Amended To Correct Cross enforce compliance with those rules. sec.gov. Please include File Number SR–
References or Provide Clarity Phlx–2016–61 on the subject line.
B. Self-Regulatory Organization’s
The Exchange has rewritten Rule Statement on Burden on Competition Paper Comments
1001A, Position Limits, subsection (a) • Send paper comments in triplicate
solely for clarity. No change in meaning The Exchange does not believe that
to Secretary, Securities and Exchange
is intended. As revised, the rule states the proposed rule change will impose Commission, 100 F Street NE.,
that ‘‘[t]he position limit for a broad- any burden on competition not Washington, DC 20549–1090.
based (market) index option shall be necessary or appropriate in furtherance
All submissions should refer to File
25,000 contracts on the same side of the of the purposes of the Act because the Number SR–Phlx–2016–61. This file
market except as provided below. rule merely updates and clarifies number should be included on the
Certain positions must be aggregated in outdated rules relating to index options subject line if email is used. To help the
accordance with paragraph (d) or (e) and conforms certain Phlx rules to NOM Commission process and review your
below’’. rules. comments more efficiently, please use
Rule 1001A, Commentary .04, Delta- only one method. The Commission will
Based Index Hedge Exemption is C. Self-Regulatory Organization’s
Statement on Comments on the post all comments on the Commission’s
amended at section (C) in the definition Internet Web site (http://www.sec.gov/
of ‘‘permitted pricing model’’ by Proposed Rule Change Received From
Members, Participants, or Others
srobinson on DSK5SPTVN1PROD with NOTICES
replacing an incorrect reference to 9 15 U.S.C. 78s(b)(3)(a)(iii).
‘‘Commentary .09(c)(3), Exchange Rule 10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
No written comments were either
1001’’, which was recently deleted, with 4(f)(6) requires a self-regulatory organization to give
solicited or received. the Commission written notice of its intent to file
a reference to ‘‘Exchange Rule 1001(n)’’
the proposed rule change at least five business days
6 15
prior to the date of filing of the proposed rule
3 See NOM Chapter XIV, Section 2(q). U.S.C. 78f(b).
change, or such shorter time as designated by the
4 See 7 15 U.S.C. 78f(b)(5).
NOM Chapter XIV, Section 2(h). Commission. The Exchange has satisfied this
5 See NOM Chapter XIV, Section 2(b). 8 15 U.S.C. 78f(b)(1). requirement.
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![38232 Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices
rules/sro.shtml). Copies of the below, which Items have been prepared addition, the Exchange proposes to (1)
submission, all subsequent by the Exchange. The Commission is reflect changes to the operation of the
amendments, all written statements publishing this notice to solicit Funds, as described herein, and (2)
with respect to the proposed rule comments on the proposed rule change permit the continued listing and trading
change that are filed with the from interested persons. of Shares of the Funds on the Exchange
Commission, and all written pursuant to NYSE MKT Rules 1600 et
I. Self-Regulatory Organization’s
communications relating to the seq., as proposed to be amended,
Statement of the Terms of Substance of
proposed rule change between the following changes to the operation of
the Proposed Rule Change
Commission and any person, other than the Funds, as described below.5
those that may be withheld from the The Exchange proposes to amend
public in accordance with the NYSE MKT Rules 1600 et seq. (Trading The Funds are currently structured as
provisions of 5 U.S.C. 552, will be of Trust Units), pursuant to which the actively managed closed-end
available for Web site viewing and Exchange currently lists and trades commodity pools. On December 19,
printing in the Commission’s Public shares of the Nuveen Diversified 2014, Nuveen Investments, parent
Reference Room, 100 F Street NE., Commodity Fund (the ‘‘Diversified company of Nuveen Commodities Asset
Washington, DC 20549, on official Fund’’) and the Nuveen Long/Short Management, LLC (the ‘‘Manager’’),
business days between the hours of Commodity Total Return Fund (the announced (the ‘‘Conversion Plan
10:00 a.m. and 3:00 p.m. Copies of the ‘‘Long/Short Fund,’’ with the Announcement’’) that the Manager had
filing also will be available for Diversified Fund and the Long/Short approved a plan to convert the Funds
inspection and copying at the principal Fund each being referred to herein as a into exchange-traded products (‘‘ETPs’’)
office of the Exchange. All comments ‘‘Fund,’’ and collectively, as the that utilize a creation/redemption
received will be posted without change; ‘‘Funds’’), and to reflect changes to the
mechanism, subject to approval by
the Commission does not edit personal names and operation of the Funds, as
shareholders of each Fund (such plan,
identifying information from described herein. The proposed rule
with respect to each Fund, is referred to
submissions. You should submit only change is available on the Exchange’s
Web site at www.nyse.com, at the herein as the ‘‘Conversion,’’ and
information that you wish to make
principal office of the Exchange, and at collectively, the ‘‘Conversions’’).
available publicly. All submissions
the Commission’s Public Reference Subsequently, at meetings of
should refer to File Number SR–Phlx–
2016–61 and should be submitted on or Room. shareholders in 2015, shareholders of
before July 5, 2016. each Fund likewise approved the
II. Self-Regulatory Organization’s Conversions. The purpose of the
For the Commission, by the Division of Statement of the Purpose of, and Conversions, which would implement a
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
authority.11 process for continual creation and
Change redemption of Shares at net asset value
Robert W. Errett,
In its filing with the Commission, the (‘‘NAV’’) after receipt of an order in
Deputy Secretary.
self-regulatory organization included proper form on any business day (as
[FR Doc. 2016–13824 Filed 6–10–16; 8:45 am]
statements concerning the purpose of, described below), is to promote the
BILLING CODE 8011–01–P
and basis for, the proposed rule change trading of the Funds’ Shares at prices
and discussed any comments it received equal to or near their NAV. Indeed,
on the proposed rule change. The text since the Conversion Plan
SECURITIES AND EXCHANGE
of those statements may be examined at Announcement, each Fund has traded at
COMMISSION
the places specified in Item IV below. a substantially reduced discount to
[Release No. 34–78000; File No. SR– The Exchange has prepared summaries, NAV,6 which suggests that the
NYSEMKT–2016–58] set forth in sections A, B, and C below,
of the most significant parts of such No. 61571 (February 23, 2010), 75 FR 9265 (March
Self-Regulatory Organizations; NYSE statements. 1, 2010) (SR–NYSE Amex–2010–09) (notice of filing
MKT LLC; Notice of Filing of Proposed of proposed rule change amending NYSE Amex
Rule Change Relating to Amendments A. Self-Regulatory Organization’s LLC Trust Unit rules and proposing the listing of
to NYSE MKT Rules 1600 et seq. and Statement of the Purpose of, and the the Nuveen Diversified Commodity Fund) (the
to Changes to the Names and Statutory Basis for, the Proposed Rule ‘‘Prior Diversified Notice’’ and, together with the
Change Prior Diversified Order, the ‘‘Prior Diversified
Operation of the Nuveen Diversified Release’’); and Securities Exchange Act Release No.
Commodity Fund and the Nuveen 1. Purpose 66887 (May 1, 2012), 77 FR 26798 (May 7, 2012)
Long/Short Commodity Total Return (SR–NYSEAmex–2012–24) (notice of filing of
Fund The Exchange proposes to amend proposed rule change relating to listing Nuveen
NYSE MKT Rules 1600 et seq. (Trading Long/Short Commodity Total Return Fund under
June 7, 2016. of Trust Units), pursuant to which the NYSE Amex LLC Rule 1600) (the ‘‘Prior Long/Short
Notice’’ and, together with the Prior Long/Short
Pursuant to section 19(b)(1) 1 of the Exchange currently lists and trades Order, the ‘‘Prior Long/Short Release,’’ with the
Securities Exchange Act of 1934 shares (‘‘Shares’’) of the Funds.4 In Prior Diversified Release and the Prior Long/Short
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Release each being referred to herein as a ‘‘Prior
notice is hereby given that, on May 24, 4 The Commission approved listing and trading of Release,’’ and collectively, as the ‘‘Prior Releases’’).
5 See, for the Diversified Fund, Pre-Effective
2016, NYSE MKT LLC (‘‘Exchange’’ or Shares of the Funds on the Exchange in Securities
Exchange Act Release Nos. 61807 (March 31, 2010), Amendment No. 1 to the registration statement on
‘‘NYSE MKT’’) filed with the Securities 75 FR 17818 (April 7, 2010) (SR–NYSEAmex–2010– Form S–3 (File No. 333–205590), filed on November
srobinson on DSK5SPTVN1PROD with NOTICES
and Exchange Commission 09) (order approving amendments to NYSE Amex 30, 2015; see also, for the Long/Short Fund, Pre-
(‘‘Commission’’) the proposed rule LLC Rule 1600 and listing and trading of shares of Effective Amendment No. 1 to the registration
change as described in Items I and II the Nuveen Diversified Commodity Fund) (‘‘Prior statement on Form S–3 (File No. 333–205587), filed
Diversified Order’’); and 67223 (June 20, 2012) (SR– on November 30, 2015 (collectively referred to
NYSEAmex–2012–24) (order approving listing and herein as the ‘‘Registration Statement’’).
11 17 CFR 200.30–3(a)(12). trading on NYSE Amex LLC of shares of the Nuveen 6 From December 18, 2014, to March 9, 2016, the
1 15 U.S.C. 78s(b)(1). Long/Short Commodity Total Return Fund under discount to NAV has been reduced for the
2 15 U.S.C. 78a.
NYSE Amex LLC Rule 1600) (‘‘Prior Long/Short Diversified Fund from 18.02% to 5.11% and for the
3 17 CFR 240.19b–4. Order’’). See also Securities Exchange Act Release Long/Short Fund from 19.80% to 3.75%.
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Document Created: 2018-02-08 07:39:45
Document Modified: 2018-02-08 07:39:45
| 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 38230 |
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