81 FR 38258 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Listing and Trading of Shares of the Cumberland Municipal Bond ETF Under NYSE Arca Equities Rule 8.600
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 113 (June 13, 2016)
Federal Register Volume 81, Issue 113 (June 13, 2016)
| Page Range | 38258-38259 | |
| FR Document | 2016-13823 |
[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)] [Notices] [Pages 38258-38259] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-13823] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78003; File No. SR-NYSEArca-2015-93] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to Listing and Trading of Shares of the Cumberland Municipal Bond ETF Under NYSE Arca Equities Rule 8.600 June 7, 2016. On November 24, 2015, NYSE Arca, 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 of the Cumberland Municipal Bond ETF, a series of the ETFis Series Trust I. The proposed rule change was published for comment in the Federal Register on December 14, 2015.\3\ On December 29, 2015, the Exchange submitted Amendment No. 1 to the proposed rule change.\4\ On [[Page 38259]] January 21, 2016, pursuant to Section 19(b)(2) of the Act,\5\ the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.\6\ On March 10, 2016, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act \7\ to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1 thereto.\8\ In the Order Instituting Proceedings, the Commission solicited comments to specified matters related to the proposal.\9\ The Commission received no comments on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 76590 (Dec. 8, 2015), 80 FR 77384 (``Notice''). \4\ In Amendment No. 1, the Exchange clarified that each Municipal Bond (as defined herein) held by the Fund must be a constituent of a deal where the deal's original offering amount was at least $100 million, clarified whether certain securities would be exchange-traded or over-the-counter, deleted a statement relating to redemption of Shares, clarified pricing information for certain assets, and corrected a typographical error. Because Amendment No. 1 to the proposed rule change is technical in nature and does not materially alter the substance of the proposed rule change or raise any novel regulatory issues, it is not subject to notice and comment. Amendment No. 1, which amended and replaced the original proposal in its entirety, is available on the Commission's Web site at: http://www.sec.gov/comments/sr-nysearca-2015-93/nysearca201593-1.pdf. \5\ 15 U.S.C. 78s(b)(2). \6\ See Securities Exchange Act Release No. 76955, 81 FR 4724 (Jan. 27, 2016). The Commission designated March 11, 2016 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. See Securities Exchange Act Release No. 76955A (Mar. 2, 2016), 81 FR 12174 (Mar. 8, 2016) (correcting the date to ``March 11, 2016'' as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change). \7\ 15 U.S.C. 78s(b)(2)(B). \8\ See Securities Exchange Act Release No. 77340, 81 FR 14163 (Mar. 16, 2016) (``Order Instituting Proceedings''). Specifically, the Commission instituted proceedings to allow for additional analysis of the proposed rule change's consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be ``designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,'' and ``to protect investors and the public interest.'' See id., 81 FR at 14165-66. \9\ See id., 81 FR at 14166. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \10\ provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of the filing of the proposed rule change. The Commission may, however, extend the period for issuing an order approving or disapproving the proposed rule change by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on December 14, 2015.\11\ The 180th day after publication of the notice of the filing of the proposed rule change in the Federal Register is June 11, 2016. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(2). \11\ See supra note 3 and accompanying text. --------------------------------------------------------------------------- The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1 thereto. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\12\ designates August 10, 2016, as the date by which the Commission shall either approve or disapprove the proposed rule change, as modified by Amendment No. 1 thereto (File No. SR-NYSEArca-2015-93). --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(57). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-13823 Filed 6-10-16; 8:45 am] BILLING CODE 8011-01-P
![38258 Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices
(202) 551–6826, or David J. Marcinkus, state that such transactions will be Commission to exempt any persons or
Branch Chief, at (202) 551–6821 consistent with the policies of each transactions from any provision of the
(Division of Investment Management, Fund of Funds and each Underlying Act if such exemption is necessary or
Chief Counsel’s Office). Fund and with the general purposes of appropriate in the public interest and
SUPPLEMENTARY INFORMATION: The the Act and will be based on the net consistent with the protection of
following is a summary of the asset values of the Underlying Funds. investors and the purposes fairly
application. The complete application 2. Certain Underlying Funds may intended by the policy and provisions of
may be obtained via the Commission’s invest up to 25% of their assets in a the Act.
Web site by searching for the file wholly-owned and controlled
For the Commission, by the Division of
number, or for an applicant using the subsidiary of the Underlying Fund Investment Management, pursuant to
Company name box, at http:// organized under the laws of the Cayman delegated authority.
www.sec.gov/search/search.htm, or by Islands as an exempted company or Robert W. Errett,
calling (202) 551–8090. under the laws of another non-U.S.
Deputy Secretary.
jurisdiction (each, a ‘‘Cayman Sub’’), in
Summary of the Application order to invest in commodity-related [FR Doc. 2016–13826 Filed 6–10–16; 8:45 am]
instruments and certain other BILLING CODE 8011–01–P
1. Applicants request an order to
permit (a) a Fund 1 (each a ‘‘Fund of instruments. Applicants state that these
Funds’’) to acquire shares of Underlying Cayman Subs are created for tax
purposes in order to ensure that the SECURITIES AND EXCHANGE
Funds 2 in excess of the limits in
sections 12(d)(1)(A) and (C) of the Act Underlying Fund would remain COMMISSION
and (b) the Underlying Funds that are qualified as a regulated investment [Release No. 34–78003; File No. SR–
registered open-end investment company for U.S. federal income tax NYSEArca–2015–93]
companies or series thereof, their purposes.
principal underwriters and any broker 3. Applicants agree that any order Self-Regulatory Organizations; NYSE
or dealer registered under the Exchange granting the requested relief will be Arca, Inc.; Notice of Designation of a
Act to sell shares of the Underlying subject to the terms and conditions Longer Period for Commission Action
Fund to the Fund of Funds in excess of stated in the application. Such terms on Proceedings To Determine Whether
the limits in section 12(d)(1)(B) of the and conditions are designed to, among To Approve or Disapprove a Proposed
Act.3 Applicants also request an order of other things, help prevent any potential Rule Change, as Modified by
exemption under sections 6(c) and 17(b) (i) undue influence over an Underlying Amendment No. 1 Thereto, Relating to
of the Act from the prohibition on Fund that is not in the same ‘‘group of Listing and Trading of Shares of the
certain affiliated transactions in section investment companies’’ as the Fund of Cumberland Municipal Bond ETF
17(a) of the Act to the extent necessary Funds through control or voting power, Under NYSE Arca Equities Rule 8.600
to permit the Underlying Funds to sell or in connection with certain services,
June 7, 2016.
their shares to, and redeem their shares transactions, and underwritings, (ii)
excessive layering of fees, and (iii) On November 24, 2015, NYSE Arca,
from, the Funds of Funds.4 Applicants
overly complex fund structures, which Inc. (‘‘Exchange’’) filed with the
1 Applicants request that the order apply to each are the concerns underlying the limits Securities and Exchange Commission
existing and future series of the Trusts and to each in sections 12(d)(1)(A), (B), and (C) of (‘‘Commission’’), pursuant to Section
existing and future registered open-end investment
the Act. 19(b)(1) of the Securities Exchange Act
company or series thereof that is advised by GPIM of 1934 (‘‘Act’’) 1 and Rule 19b–4
or Security Investors or their successors or by any 4. Section 12(d)(1)(J) of the Act
other investment adviser controlling, controlled by, provides that the Commission may thereunder,2 a proposed rule change to
or under common control with GPIM or Security exempt any person, security, or list and trade shares of the Cumberland
Investors or their successors and is part of the same
transaction, or any class or classes of Municipal Bond ETF, a series of the
‘‘group of investment companies’’ as the Trusts ETFis Series Trust I. The proposed rule
(each, a ‘‘Fund’’). For purposes of the requested persons, securities, or transactions, from
order, ‘‘successor’’ is limited to an entity that any provision of section 12(d)(1) if the change was published for comment in
results from a reorganization into another exemption is consistent with the public the Federal Register on December 14,
jurisdiction or a change in the type of business
interest and the protection of investors. 2015.3 On December 29, 2015, the
organization. For purposes of the request for relief, Exchange submitted Amendment No. 1
the term ‘‘group of investment companies’’ means Section 17(b) of the Act authorizes the
any two or more registered investment companies, Commission to grant an order to the proposed rule change.4 On
including closed-end investment companies or permitting a transaction otherwise
BDCs, that hold themselves out to investors as 1 15 U.S.C. 78s(b)(1).
related companies for purposes of investment and
prohibited by section 17(a) if it finds 2 17 CFR 240.19b–4.
investor services. that (a) the terms of the proposed 3 See Securities Exchange Act Release No. 76590
2 Certain of the Underlying Funds have obtained transaction are fair and reasonable and (Dec. 8, 2015), 80 FR 77384 (‘‘Notice’’).
exemptions from the Commission necessary to do not involve overreaching on the part 4 In Amendment No. 1, the Exchange clarified
permit their shares to be listed and traded on a of any person concerned; (b) the that each Municipal Bond (as defined herein) held
national securities exchange at negotiated prices by the Fund must be a constituent of a deal where
and, accordingly, to operate as an exchange-traded proposed transaction is consistent with
the deal’s original offering amount was at least $100
fund (‘‘ETF’’). the policies of each registered million, clarified whether certain securities would
3 Applicants do not request relief for the Funds investment company involved; and (c) be exchange-traded or over-the-counter, deleted a
of Funds to invest in reliance on the order in BDCs the proposed transaction is consistent statement relating to redemption of Shares, clarified
and registered closed-end investment companies pricing information for certain assets, and corrected
that are not listed and traded on a national
with the general purposes of the Act.
a typographical error. Because Amendment No. 1 to
srobinson on DSK5SPTVN1PROD with NOTICES
securities exchange. Section 6(c) of the Act permits the the proposed rule change is technical in nature and
4 A Fund of Funds generally would purchase and does not materially alter the substance of the
sell shares of an Underlying Fund that operates as Underlying Fund that is a closed-end fund or BDC proposed rule change or raise any novel regulatory
an ETF through secondary market transactions through secondary market transactions at market issues, it is not subject to notice and comment.
rather than through principal transactions with the prices rather than through principal transactions Amendment No. 1, which amended and replaced
Underlying Fund. Applicants nevertheless request with the closed-end fund or BDC. Accordingly, the original proposal in its entirety, is available on
relief from section 17(a) to permit a Fund of Funds applicants are not requesting section 17(a) relief the Commission’s Web site at: http://www.sec.gov/
to purchase or redeem shares from the ETF. A Fund with respect to transactions in shares of closed-end comments/sr-nysearca-2015-93/nysearca201593-
of Funds will purchase and sell shares of an funds (including BDCs). 1.pdf.
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![Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices 38259
January 21, 2016, pursuant to Section to consider the proposed rule change, as Louisiana: Washington
19(b)(2) of the Act,5 the Commission modified by Amendment No. 1 thereto. The Interest Rates are:
designated a longer period within which Accordingly, the Commission,
to approve the proposed rule change, pursuant to Section 19(b)(2) of the Percent
disapprove the proposed rule change, or Act,12 designates August 10, 2016, as
institute proceedings to determine the date by which the Commission shall For Physical Damage:
whether to disapprove the proposed either approve or disapprove the Homeowners With Credit Avail-
able Elsewhere ...................... 3.625
rule change.6 On March 10, 2016, the proposed rule change, as modified by Homeowners Without Credit
Commission instituted proceedings Amendment No. 1 thereto (File No. SR– Available Elsewhere .............. 1.813
under Section 19(b)(2)(B) of the Act 7 to NYSEArca–2015–93). Businesses With Credit Avail-
determine whether to approve or For the Commission, by the Division of able Elsewhere ...................... 6.250
disapprove the proposed rule change, as Trading and Markets, pursuant to delegated Businesses Without Credit
modified by Amendment No. 1 thereto.8 authority.13 Available Elsewhere .............. 4.000
In the Order Instituting Proceedings, the Robert W. Errett, Non-Profit Organizations With
Commission solicited comments to Credit Available Elsewhere ... 2.625
Deputy Secretary. Non-Profit Organizations With-
specified matters related to the
[FR Doc. 2016–13823 Filed 6–10–16; 8:45 am] out Credit Available Else-
proposal.9 The Commission received no
BILLING CODE 8011–01–P where ..................................... 2.625
comments on the proposed rule change.
For Economic Injury:
Section 19(b)(2) of the Act 10 provides
Businesses & Small Agricultural
that, after initiating disapproval Cooperatives Without Credit
proceedings, the Commission shall issue SMALL BUSINESS ADMINISTRATION Available Elsewhere .............. 4.000
an order approving or disapproving the Non-Profit Organizations With-
[Disaster Declaration #14734 and #14735]
proposed rule change not later than 180 out Credit Available Else-
days after the date of publication of Mississippi Disaster #MS–00087 where ..................................... 2.625
notice of the filing of the proposed rule
change. The Commission may, however, AGENCY: U.S. Small Business The number assigned to this disaster
extend the period for issuing an order Administration. for physical damage is 14734 6 and for
approving or disapproving the proposed ACTION: Notice. economic injury is 14735 0.
rule change by not more than 60 days The States which received an EIDL
if the Commission determines that a SUMMARY: This is a notice of an Declaration # are Mississippi, Louisiana.
longer period is appropriate and Administrative declaration of a disaster (Catalog of Federal Domestic Assistance
publishes the reasons for such for the State of Mississippi dated 06/06/ Number 59008)
determination. The proposed rule 2016.
Dated: June 6, 2016.
change was published for notice and Incident: Torrential Rains and
Maria Contreras-Sweet,
comment in the Federal Register on Flooding.
December 14, 2015.11 The 180th day Incident Period: 03/09/2016 through Administrator.
after publication of the notice of the 03/14/2016. [FR Doc. 2016–13876 Filed 6–10–16; 8:45 am]
filing of the proposed rule change in the Effective Date: 06/06/2016. BILLING CODE 8025–01–P
Federal Register is June 11, 2016. Physical Loan Application Deadline
The Commission finds that it is Date: 08/05/2016.
appropriate to designate a longer period Economic Injury (EIDL) Loan SOCIAL SECURITY ADMINISTRATION
within which to issue an order Application Deadline Date: 03/06/2017. [Docket No. SSA 2016–0066]
approving or disapproving the proposed ADDRESSES: Submit completed loan
rule change so that it has sufficient time applications to: U.S. Small Business Privacy Act of 1974, as Amended;
5 15
Administration, Processing and Computer Matching Program (SSA/
U.S.C. 78s(b)(2).
6 See
Disbursement Center, 14925 Kingsport Centers for Medicare and Medicaid
Securities Exchange Act Release No. 76955,
81 FR 4724 (Jan. 27, 2016). The Commission Road, Fort Worth, TX 76155. Services (CMS))—Match Number 1076
designated March 11, 2016 as the date by which the FOR FURTHER INFORMATION CONTACT: A. AGENCY: Social Security Administration
Commission shall either approve or disapprove, or Escobar, Office of Disaster Assistance,
institute proceedings to determine whether to (SSA).
disapprove, the proposed rule change. See U.S. Small Business Administration, ACTION: Notice of a renewal of an
Securities Exchange Act Release No. 76955A (Mar. 409 3rd Street SW., Suite 6050, existing computer matching program
2, 2016), 81 FR 12174 (Mar. 8, 2016) (correcting the Washington, DC 20416
date to ‘‘March 11, 2016’’ as the date by which the that will expire on April 19, 2016.
Commission shall either approve or disapprove, or SUPPLEMENTARY INFORMATION: Notice is
institute proceedings to determine whether to hereby given that as a result of the SUMMARY: In accordance with the
disapprove, the proposed rule change). Administrator’s disaster declaration, provisions of the Privacy Act, as
7 15 U.S.C. 78s(b)(2)(B).
applications for disaster loans may be amended, this notice announces a
8 See Securities Exchange Act Release No. 77340,
filed at the address listed above or other renewal of an existing computer
81 FR 14163 (Mar. 16, 2016) (‘‘Order Instituting
Proceedings’’). Specifically, the Commission locally announced locations. matching program that we are currently
instituted proceedings to allow for additional The following areas have been conducting with CMS.
analysis of the proposed rule change’s consistency determined to be adversely affected by DATES: We will file a report of the
with Section 6(b)(5) of the Act, which requires,
the disaster: subject matching program with the
srobinson on DSK5SPTVN1PROD with NOTICES
among other things, that the rules of a national
securities exchange be ‘‘designed to prevent Primary Counties: Walthall Committee on Homeland Security and
fraudulent and manipulative acts and practices, to Contiguous Counties: Governmental Affairs of the Senate; the
promote just and equitable principles of trade,’’ and Committee on Oversight and
‘‘to protect investors and the public interest.’’ See Mississippi: Lawrence, Lincoln,
id., 81 FR at 14165–66. Marion, Pike Government Reform of the House of
9 See id., 81 FR at 14166. Representatives; and the Office of
10 15 U.S.C. 78s(b)(2). 12 15 U.S.C. 78s(b)(2). Information and Regulatory Affairs,
11 See supra note 3 and accompanying text. 13 17 CFR 200.30–3(a)(57). Office of Management and Budget
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Document Created: 2018-02-08 07:39:40
Document Modified: 2018-02-08 07:39:40
| 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 38258 |
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