81_FR_45712 81 FR 45577 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Adopt NYSE Arca Equities Rule 8.900 To Permit Listing and Trading of Managed Portfolio Shares and To Permit Listing and Trading of Shares of Fifteen Issues of the Precidian ETFs Trust

81 FR 45577 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Adopt NYSE Arca Equities Rule 8.900 To Permit Listing and Trading of Managed Portfolio Shares and To Permit Listing and Trading of Shares of Fifteen Issues of the Precidian ETFs Trust

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 135 (July 14, 2016)

Page Range45577-45578
FR Document2016-16603

Federal Register, Volume 81 Issue 135 (Thursday, July 14, 2016) 
[Federal Register Volume 81, Number 135 (Thursday, July 14, 2016)]
[Notices]
[Pages 45577-45578]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-16603]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78261; SR-NYSEArca-2016-08]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 1 
Thereto, To Adopt NYSE Arca Equities Rule 8.900 To Permit Listing and 
Trading of Managed Portfolio Shares and To Permit Listing and Trading 
of Shares of Fifteen Issues of the Precidian ETFs Trust

July 8, 2016.
    On January 27, 2016, 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: (1) Adopt NYSE 
Arca Equities Rule 8.900; and (2) approve the listing and trading of 
shares of fifteen series of the Precidian ETFs Trust. The proposed rule 
change was published for comment in the Federal Register on February 
18, 2016.\3\ On March 9, 2016, the Exchange

[[Page 45578]]

filed Amendment No. 1 to the proposed rule change.\4\
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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. 76944 (Feb. 11, 
2016), 81 FR 8269 (``Notice'').
    \4\ In Amendment No. 1 to the proposed rule change, the Exchange 
corrected the citations to the Trust's Form N-1A and Exemptive 
Application, which were misstated in the proposal. Amendment No. 1 
to the proposed rule change is available on the Commission's Web 
site at: http://www.sec.gov/comments/sr-nysearca-2016-08/nysearca201608-1.pdf.
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    On March 18, 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 May 17, 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.\8\ The Commission received eleven 
comments on the proposal.\9\
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 77405, 81 FR 15774 
(Mar. 24, 2016).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 77845, 81 FR 32376 
(May 23, 2016).
    \9\ See Letters from Douglas M. Yones, Head of Exchange Traded 
Products, New York Stock Exchange (Jul. 5, 2016); Eric Swanson, 
General Counsel & Secretary, Bats Global Markets, Inc. (Jul. 1, 
2016); Todd J. Broms, CEO, Broms and Company LLC (Jun. 27, 2016); 
Daniel J. McCabe, CEO, Precidian Investments LLC (Jun. 15, 2016); 
Gary L. Gastineau, President, ETF Consultants.com, Inc. (Jun. 13, 
2016); Daniel J. McCabe, CEO, Precidian Investments LLC (Jun. 13, 
2016); James J. Angel, Ph.D., CFA, Associate Professor, McDonough 
School of Business, Georgetown University (Jun. 9, 2016); Joseph A. 
Sullivan, Chairman and Chief Executive Officer, Legg Mason Global 
Asset Management (Apr. 15, 2016); Andrew M. Gross, Jr. (Apr. 5, 
2016); David Nadig (Mar. 31, 2016); and Gary L. Gastineau, 
President, ETF Consultants.com, Inc. (Mar. 10, 2016) (comment 
letters available at: https://www.sec.gov/comments/sr-nysearca-2016-08/nysearca201608.shtml).
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    On July 7, 2016, the Exchange withdrew the proposed rule change 
(SR-NYSEArca-2016-08).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(57).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2016-16603 Filed 7-13-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 135 / Thursday, July 14, 2016 / Notices 45577 to determine whether the proposed rule For the Commission, by the Division of Commission instituted proceedings should be approved or disapproved. Trading and Markets, pursuant to delegated under Section 19(b)(2)(B) of the Act 7 to authority.15 determine whether to approve or IV. Solicitation of Comments Jill M. Peterson, disapprove the proposed rule change, as Assistant Secretary. modified by Amendment No. 1 thereto.8 Interested persons are invited to submit written data, views, and [FR Doc. 2016–16617 Filed 7–13–16; 8:45 am] On June 7, 2016, the Commission issued arguments concerning the foregoing, BILLING CODE 8011–01–P a notice of designation of a longer including whether the proposed rule period for Commission action on change is consistent with the Act. proceedings to determine whether to Comments may be submitted by any of SECURITIES AND EXCHANGE approve or disapprove the proposed the following methods: COMMISSION rule change, as modified by Amendment [Release No. 34–78259; SR–NYSEArca– No. 1 thereto.9 The Commission Electronic Comments 2015–93] received no comments on the proposed rule change. • Use the Commission’s Internet Self-Regulatory Organizations; NYSE comment form (http://www.sec.gov/ On June 29, 2016, the Exchange Arca, Inc.; Notice of Withdrawal of a withdrew the proposed rule change rules/sro.shtml); or Proposed Rule Change, as Modified by (SR–NYSEArca–2015–93). • Send an email to rule-comments@ Amendment No. 1 Thereto, Relating to sec.gov. Please include File Number SR– Listing and Trading of Shares of the For the Commission, by the Division of NYSEMKT–2016–66 on the subject line. Trading and Markets, pursuant to delegated Cumberland Municipal Bond ETF authority.10 Under NYSE Arca Equities Rule 8.600 Paper Comments Jill M. Peterson, July 8, 2016. Assistant Secretary. • Send paper comments in triplicate On November 24, 2015, NYSE Arca, to Brent J. Fields, Secretary, Securities [FR Doc. 2016–16601 Filed 7–13–16; 8:45 am] Inc. (‘‘Exchange’’) filed with the and Exchange Commission, 100 F Street Securities and Exchange Commission BILLING CODE 8011–01–P NE., Washington, DC 20549–1090. (‘‘Commission’’), pursuant to Section All submissions should refer to File 19(b)(1) of the Securities Exchange Act SECURITIES AND EXCHANGE Number SR–NYSEMKT–2016–66. This of 1934 (‘‘Act’’) 1 and Rule 19b–4 COMMISSION file number should be included on the thereunder,2 a proposed rule change to subject line if email is used. To help the list and trade shares of the Cumberland Municipal Bond ETF, a series of the [Release No. 34–78261; SR–NYSEArca– Commission process and review your 2016–08] comments more efficiently, please use ETFis Series Trust I. The proposed rule only one method. The Commission will change was published for comment in Self-Regulatory Organizations; NYSE post all comments on the Commission’s the Federal Register on December 14, Arca, Inc.; Notice of Withdrawal of a Internet Web site (http://www.sec.gov/ 2015.3 On December 29, 2015, the Proposed Rule Change, as Modified by rules/sro.shtml). Copies of the Exchange submitted Amendment No. 1 Amendment No. 1 Thereto, To Adopt submission, all subsequent to the proposed rule change.4 On NYSE Arca Equities Rule 8.900 To amendments, all written statements January 21, 2016, pursuant to Section Permit Listing and Trading of Managed with respect to the proposed rule 19(b)(2) of the Act,5 the Commission Portfolio Shares and To Permit Listing change that are filed with the designated a longer period within which and Trading of Shares of Fifteen Commission, and all written to approve the proposed rule change, Issues of the Precidian ETFs Trust communications relating to the disapprove the proposed rule change, or proposed rule change between the institute proceedings to determine July 8, 2016. Commission and any person, other than whether to disapprove the proposed rule change.6 On March 10, 2016, the On January 27, 2016, NYSE Arca, Inc. those that may be withheld from the (‘‘Exchange’’) filed with the Securities public in accordance with the 1 15 and Exchange Commission U.S.C. 78s(b)(1). provisions of 5 U.S.C. 552, will be 2 17 (‘‘Commission’’), pursuant to Section CFR 240.19b–4. available for Web site viewing and 3 See Securities Exchange Act Release No. 76590 19(b)(1) of the Securities Exchange Act printing in the Commission’s Public (Dec. 8, 2015), 80 FR 77384 (‘‘Notice’’). of 1934 (‘‘Act’’) 1 and Rule 19b–4 Reference Room, 100 F Street NE., 4 In Amendment No. 1, the Exchange clarified thereunder,2 a proposed rule change to: Washington, DC 20549 on official that each Municipal Bond (as defined herein) held (1) Adopt NYSE Arca Equities Rule business days between the hours of by the Fund must be a constituent of a deal where the deal’s original offering amount was at least $100 8.900; and (2) approve the listing and 10:00 a.m. and 3:00 p.m. Copies of such million, clarified whether certain securities would trading of shares of fifteen series of the filing also will be available for be exchange-traded or over-the-counter, deleted a Precidian ETFs Trust. The proposed inspection and copying at the principal statement relating to redemption of Shares, clarified rule change was published for comment office of the Exchange. All comments pricing information for certain assets, and corrected a typographical error. Amendment No. 1, which in the Federal Register on February 18, received will be posted without change; amended and replaced the original proposal in its 2016.3 On March 9, 2016, the Exchange the Commission does not edit personal entirety, is available on the Commission’s Web site identifying information from at: http://www.sec.gov/comments/sr-nysearca-2015- asabaliauskas on DSK3SPTVN1PROD with NOTICES 7 15 U.S.C. 78s(b)(2)(B). submissions. You should submit only 93/nysearca201593-1.pdf. 8 See 5 15 U.S.C. 78s(b)(2). Securities Exchange Act Release No. 77340, information that you wish to make 6 See Securities Exchange Act Release No. 76955, 81 FR 14163 (Mar. 16, 2016). available publicly. All submissions 81 FR 4724 (Jan. 27, 2016). See also Securities 9 See Securities Exchange Act Release No. 78003, should refer to File Number SR– 81 FR 38258 (Jun. 13, 2016). Exchange Act Release No. 76955A (Mar. 2, 2016), 10 17 CFR 200.30–3(a)(57). NYSEMKT–2016–66, and should be 81 FR 12174 (Mar. 8, 2016) (correcting the date to 1 15 U.S.C.78s(b)(1). submitted on or before August 4, 2016. ‘‘March 11, 2016’’ as the date by which the 2 17 CFR 240.19b–4. Commission shall either approve or disapprove, or institute proceedings to determine whether to 3 See Securities Exchange Act Release No. 76944 15 17 CFR 200.30–3(a)(12). disapprove, the proposed rule change). (Feb. 11, 2016), 81 FR 8269 (‘‘Notice’’). VerDate Sep<11>2014 19:33 Jul 13, 2016 Jkt 238001 PO 00000 Frm 00129 Fmt 4703 Sfmt 4703 E:\FR\FM\14JYN1.SGM 14JYN1

45578 Federal Register / Vol. 81, No. 135 / Thursday, July 14, 2016 / Notices filed Amendment No. 1 to the proposed SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s rule change.4 COMMISSION Statement of the Purpose of, and On March 18, 2016, pursuant to Statutory Basis for, the Proposed Rule Section 19(b)(2) of the Act,5 the [Release No. 34–78265; File No. SR–MIAX– Change 2016–19] Commission designated a longer period 1. Purpose within which to approve the proposed Self-Regulatory Organizations; Miami rule change, disapprove the proposed International Securities Exchange LLC; The Exchange proposes to extend the rule change, or institute proceedings to Notice of Filing and Immediate pilot period applicable to certain determine whether to disapprove the Effectiveness of a Proposed Rule aspects of the Pilot Program which is proposed rule change.6 On May 17, Change To Amend Exchange Rule currently set to expire on July 18, 2016,3 2016, the Commission instituted 515A To Extend the MIAX Price until January 18, 2017. proceedings under Section 19(b)(2)(B) of Improvement Mechanism (‘‘PRIME’’) The current pilot allows PRIME the Act 7 to determine whether to Auction Pilot Program Until January Agency Orders of any size to initiate a approve or disapprove the proposed 18, 2017 PRIME Auction on MIAX at a price rule change.8 The Commission received which is at or better than the national July 8, 2016. eleven comments on the proposal.9 best bid or offer (‘‘NBBO’’).4 The Pursuant to the provisions of Section Exchange implemented the pilot in On July 7, 2016, the Exchange 19(b)(1) of the Securities Exchange Act order to benefit customers through the withdrew the proposed rule change of 1934 (‘‘Act’’) 1 and Rule 19b–4 encouragement of the entry of more (SR–NYSEArca–2016–08). thereunder,2 notice is hereby given that orders into the PRIME Auction, thus For the Commission, by the Division of on July 7, 2016, Miami International making it more likely that such orders Trading and Markets, pursuant to delegated Securities Exchange LLC (‘‘MIAX’’ or may receive price improvement. The authority.10 ‘‘Exchange’’) filed with the Securities Exchange believes that the Pilot Jill M. Peterson, and Exchange Commission Program attracts order flow and (‘‘Commission’’) a proposed rule change promotes competition and price Assistant Secretary. as described in Items I and II below, improvement opportunities for Agency [FR Doc. 2016–16603 Filed 7–13–16; 8:45 am] which Items have been prepared by the Orders of fewer than 50 contracts. The BILLING CODE 8011–01–P Exchange. The Commission is Exchange believes that extending the publishing this notice to solicit Pilot Program period is appropriate comments on the proposed rule change because it would allow the Exchange from interested persons. and the Commission additional time to I. Self-Regulatory Organization’s analyze data regarding the pilot that the Statement of the Terms of Substance of Exchange has committed to provide. the Proposed Rule Change In its filing to adopt the MIAX PRIME The Exchange is filing a proposal to Price Improvement Mechanism in 2014 4 In amend Exchange Rule 515A, the Exchange committed to submit Amendment No. 1 to the proposed rule Interpretations and Policies .08 to reports periodically based on the change, the Exchange corrected the citations to the Trust’s Form N–1A and Exemptive Application, extend certain aspects of the MIAX comprehensive list of data the Exchange which were misstated in the proposal. Amendment Price Improvement Mechanism represented it would collect in order to No. 1 to the proposed rule change is available on (‘‘PRIME’’) Auction pilot program aid the Commission in its evaluation of the Commission’s Web site at: http://www.sec.gov/ (‘‘Pilot Program’’). the PRIME mechanism.5 In November comments/sr-nysearca-2016-08/nysearca201608- The text of the proposed rule change 2014 the Exchange established a Pilot 1.pdf. Program to allow orders of less than 50 5 15 U.S.C. 78s(b)(2). is available on the Exchange’s Web site at http://www.miaxoptions.com/filter/ contracts or 500 mini-option contracts 6 See Securities Exchange Act Release No. 77405, 81 FR 15774 (Mar. 24, 2016). wotitle/rule_filing, at MIAX’s principal 7 15 U.S.C. 78s(b)(2)(B). office, and at the Commission’s Public 3 See Exchange Act Release Nos. 73590 Reference Room. (November 13, 2014), 79 FR 68919 (SR–MIAX– 8 See Securities Exchange Act Release No. 77845, 2014–56) (establishing the PRIME Pilot Program) 81 FR 32376 (May 23, 2016). II. Self-Regulatory Organization’s and 75486 (July 20, 2015), 80 FR 44174 (July 24, 9 See Letters from Douglas M. Yones, Head of 2015) (SR–MIAX–2015–48) (extending certain Statement of the Purpose of, and aspects of the PRIME Pilot Program to July 18, Exchange Traded Products, New York Stock Statutory Basis for, the Proposed Rule 2016). Exchange (Jul. 5, 2016); Eric Swanson, General Counsel & Secretary, Bats Global Markets, Inc. (Jul. Change 4 The Exchange notes that prior to the pilot, for 1, 2016); Todd J. Broms, CEO, Broms and Company PRIME Agency Orders for less than 50 standard In its filing with the Commission, the option contracts or 500 mini-option contracts, the LLC (Jun. 27, 2016); Daniel J. McCabe, CEO, Exchange included statements Initiating Member must stop the entire PRIME Precidian Investments LLC (Jun. 15, 2016); Gary L. concerning the purpose of and basis for Agency Order as principal or with a solicited order Gastineau, President, ETF Consultants.com, Inc. at the better of the NBBO price improved by a $0.01 (Jun. 13, 2016); Daniel J. McCabe, CEO, Precidian the proposed rule change and discussed increment or the PRIME Agency Order’s limit price Investments LLC (Jun. 13, 2016); James J. Angel, any comments it received on the (if the order is a limit order). In addition, to initiate Ph.D., CFA, Associate Professor, McDonough proposed rule change. The text of these the PRIME Auction for auto-match submissions, the statements may be examined at the Initiating Member must stop the PRIME Agency asabaliauskas on DSK3SPTVN1PROD with NOTICES School of Business, Georgetown University (Jun. 9, 2016); Joseph A. Sullivan, Chairman and Chief places specified in Item IV below. The Order for less than 50 standard option contracts or Executive Officer, Legg Mason Global Asset 500 mini-option contracts at the better of the NBBO Exchange has prepared summaries, set price improved by a $0.01 increment or the PRIME Management (Apr. 15, 2016); Andrew M. Gross, Jr. forth in sections A, B, and C below, of Agency Order’s limit price. See Securities Exchange (Apr. 5, 2016); David Nadig (Mar. 31, 2016); and Gary L. Gastineau, President, ETF Consultants.com, the most significant aspects of such Act Release No. 73590 (November 13, 2014), 79 FR statements. 68919 (November 19, 2014) (SR–MIAX–2014–56). Inc. (Mar. 10, 2016) (comment letters available at: 5 See Securities Exchange Act Release No. 72009 https://www.sec.gov/comments/sr-nysearca-2016- (April 23, 2014) 79 FR 24032 (April 29, 2014) (SR– 08/nysearca201608.shtml). 1 15 U.S.C. 78s(b)(1). MIAX–2014–09) (Order approving adoption of the 10 17 CFR 200.30–3(a)(57). 2 17 CFR 240.19b–4. MIAX PRIME Price Improvement Mechanism). VerDate Sep<11>2014 19:33 Jul 13, 2016 Jkt 238001 PO 00000 Frm 00130 Fmt 4703 Sfmt 4703 E:\FR\FM\14JYN1.SGM 14JYN1


Document Created: 2016-07-14 01:55:22
Document Modified: 2016-07-14 01:55:22
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 45577 
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