81 FR 49286 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 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 Nos. 1 and 2 Thereto, To List and Trade Shares of the First Trust Municipal High Income ETF of First Trust Exchange-Traded Fund III

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 144 (July 27, 2016)

Page Range		49286-49286
FR Document		2016-17670

Federal Register, Volume 81 Issue 144 (Wednesday, July 27, 2016)

[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Notices]
[Page 49286]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-17670]



[[Page 49286]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78384; File No. SR-Nasdaq-2016-002]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
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 Nos. 1 and 2 Thereto, To List and 
Trade Shares of the First Trust Municipal High Income ETF of First 
Trust Exchange-Traded Fund III

July 21, 2016.
    On January 6, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to list and trade shares 
(``Shares'') of the First Trust Municipal High Income ETF (``Fund'') 
under Nasdaq Rule 5735. The proposed rule change was published for 
comment in the Federal Register on January 27, 2016.\3\ On February 16, 
2016, the Exchange filed Amendment No. 1.\4\ On March 8, 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 April 26, 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\ On June 24, 2016, the Exchange 
filed Amendment No. 2, which replaced the originally filed proposed 
rule change in its entirety.\10\ The Commission has not received any 
comments on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 76944 (Jan. 21, 
2016), 81 FR 4712 (``Notice'').
    \4\ Amendment No. 1 is available on the Commission's Web site 
at: http://www.sec.gov/comments/sr-nasdaq-2016-002/nasdaq2016002-1.pdf.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 34-77320, 81 FR 
13429 (Mar. 14, 2016). The Commission designated April 26, 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. 77871, 81 FR 26265 
(May 2, 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 26268.
    \9\ See id.
    \10\ Amendment No. 2 is available on the Commission's Web site 
at: https://www.sec.gov/comments/sr-nasdaq-2016-002/nasdaq2016002-2.pdf.
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    Section 19(b)(2) of the Act \11\ 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 January 27, 2016.\12\ The 180th day after 
publication of the notice of the filing of the proposed rule change in 
the Federal Register is July 25, 2016.
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    \11\ 15 U.S.C. 78s(b)(2).
    \12\ See supra note 3.
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    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 Nos. 1 and 2 thereto.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\13\ designates September 23, 2016, as the date by which the 
Commission shall either approve or disapprove the proposed rule change, 
as modified by Amendment Nos. 1 and 2 thereto (File No. SR-Nasdaq-2016-
002).
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    \13\ 15 U.S.C. 78s(b)(2).
    \14\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-17670 Filed 7-26-16; 8:45 am]
 BILLING CODE 8011-01-P

49286 Federal Register / Vol. 81, No. 144 / Wednesday, July 27, 2016 / Notices

SECURITIES AND EXCHANGE In the Order Instituting Proceedings, the SECURITIES AND EXCHANGE
COMMISSION Commission solicited comments to COMMISSION
[Release No. 34–78384; File No. SR–
specified matters related to the
Nasdaq–2016–002] proposal.9 On June 24, 2016, the [Release No. 34–78381; File No. SR–
Exchange filed Amendment No. 2, NYSEArca–2016–103]
Self-Regulatory Organizations; The which replaced the originally filed
NASDAQ Stock Market LLC; Notice of proposed rule change in its entirety.10 Self-Regulatory Organizations; NYSE
Designation of a Longer Period for The Commission has not received any Arca, Inc.; Notice of Filing of Proposed
Commission Action on Proceedings To comments on the proposed rule change. Rule Change Amending Rules 2.17(c)
Determine Whether To Approve or and 2.23(i) To Harmonize the
Section 19(b)(2) of the Act 11 provides Requirement of When OTP Holders
Disapprove a Proposed Rule Change,
that, after initiating disapproval and OTP Firms Must File a Uniform
as Modified by Amendment Nos. 1 and
2 Thereto, To List and Trade Shares of proceedings, the Commission shall issue Termination Notice for Securities
the First Trust Municipal High Income an order approving or disapproving the Industry Registration With the Rules of
ETF of First Trust Exchange-Traded proposed rule change not later than 180 Other Exchanges and FINRA
Fund III days after the date of publication of
notice of the filing of the proposed rule July 21, 2016.
July 21, 2016. change. The Commission may, however, Pursuant to Section 19(b)(1) 1 of the
On January 6, 2016, The NASDAQ extend the period for issuing an order Securities Exchange Act of 1934 (the
Stock Market LLC (‘‘Nasdaq’’ or the approving or disapproving the proposed ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
‘‘Exchange’’) filed with the Securities rule change by not more than 60 days notice is hereby given that, on July 14,
and Exchange Commission if the Commission determines that a 2016, NYSE Arca, Inc. (the ‘‘Exchange’’
(‘‘Commission’’), pursuant to Section or ‘‘NYSE Arca’’) filed with the
longer period is appropriate and
19(b)(1) of the Securities Exchange Act Securities and Exchange Commission
publishes the reasons for such
of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and (the ‘‘Commission’’) the proposed rule
Rule 19b–4 thereunder,2 a proposed rule determination. The proposed rule
change was published for notice and change as described in Items I and II
change to list and trade shares below, which Items have been prepared
(‘‘Shares’’) of the First Trust Municipal comment in the Federal Register on
January 27, 2016.12 The 180th day after by the self-regulatory organization. The
High Income ETF (‘‘Fund’’) under Commission is publishing this notice to
Nasdaq Rule 5735. The proposed rule publication of the notice of the filing of
the proposed rule change in the Federal solicit comments on the proposed rule
change was published for comment in change from interested persons.
the Federal Register on January 27, Register is July 25, 2016.
2016.3 On February 16, 2016, the The Commission finds that it is I. Self-Regulatory Organization’s
Exchange filed Amendment No. 1.4 On appropriate to designate a longer period Statement of the Terms of Substance of
March 8, 2016, pursuant to Section within which to issue an order the Proposed Rule Change
19(b)(2) of the Act,5 the Commission approving or disapproving the proposed
designated a longer period within which The Exchange proposes to amend
rule change so that it has sufficient time Rules 2.17(c) and 2.23(i) to harmonize
to approve the proposed rule change,
to consider the proposed rule change, as the requirement of when OTP Holders
disapprove the proposed rule change, or
modified by Amendment Nos. 1 and 2 and OTP Firms must file an [sic]
institute proceedings to determine
whether to disapprove the proposed thereto. Uniform Termination Notice for
rule change.6 On April 26, 2016, the Accordingly, the Commission, Securities Industry Registration (‘‘Form
Commission instituted proceedings pursuant to Section 19(b)(2) of the U–5’’) with the rules of other exchanges
under Section 19(b)(2)(B) of the Act 7 to Act,13 designates September 23, 2016, as and FINRA. The proposed rule change
determine whether to approve or the date by which the Commission shall is available on the Exchange’s Web site
disapprove the proposed rule change, as either approve or disapprove the at www.nyse.com, at the principal office
modified by Amendment No. 1 thereto.8 proposed rule change, as modified by of the Exchange, and at the
Commission’s Public Reference Room.
Amendment Nos. 1 and 2 thereto (File
1 15 U.S.C. 78s(b)(1).
2 17
No. SR–Nasdaq–2016–002). II. Self-Regulatory Organization’s
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 76944 For the Commission, by the Division of Statement of the Purpose of, and
(Jan. 21, 2016), 81 FR 4712 (‘‘Notice’’). Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
4 Amendment No. 1 is available on the
authority.14 Change
Commission’s Web site at: http://www.sec.gov/
comments/sr-nasdaq-2016-002/nasdaq2016002- Robert W. Errett, In its filing with the Commission, the
1.pdf. Deputy Secretary. self-regulatory organization included
5 15 U.S.C. 78s(b)(2).
[FR Doc. 2016–17670 Filed 7–26–16; 8:45 am] statements concerning the purpose of,
6 See Securities Exchange Act Release No. 34–
BILLING CODE 8011–01–P
and basis for, the proposed rule change
77320, 81 FR 13429 (Mar. 14, 2016). The
Commission designated April 26, 2016 as the date and discussed any comments it received
by which the Commission shall either approve or promote just and equitable principles of trade,’’ and
on the proposed rule change. The text
disapprove, or institute proceedings to determine ‘‘to protect investors and the public interest.’’ See of those statements may be examined at
whether to disapprove, the proposed rule change. id., 81 FR at 26268. the places specified in Item IV below.
7 15 U.S.C. 78s(b)(2)(B).
sradovich on DSK3GMQ082PROD with NOTICES

8 See Securities Exchange Act Release No. 77871,
9 See id.
The Exchange has prepared summaries,
81 FR 26265 (May 2, 2016) (‘‘Order Instituting
10 Amendment No. 2 is available on the
set forth in sections A, B, and C below,
Commission’s Web site at: https://www.sec.gov/ of the most significant parts of such
Proceedings’’). Specifically, the Commission
comments/sr-nasdaq-2016-002/nasdaq2016002-
instituted proceedings to allow for additional
2.pdf. statements.
analysis of the proposed rule change’s consistency 11 15 U.S.C. 78s(b)(2).
with Section 6(b)(5) of the Act, which requires,
12 See supra note 3. 1 15 U.S.C.78s(b)(1).
among other things, that the rules of a national
13 15 U.S.C. 78s(b)(2). 2 15 U.S.C. 78a.
securities exchange be ‘‘designed to prevent
fraudulent and manipulative acts and practices, to 14 17 CFR 200.30–3(a)(57). 3 17 CFR 240.19b–4.

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Document Created: 2018-02-08 08:02:55
Document Modified: 2018-02-08 08:02:55

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 49286