81 FR 51239 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Operation of the Regulation NMS Plan To Address Extraordinary Market Volatility
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 149 (August 3, 2016)
Federal Register Volume 81, Issue 149 (August 3, 2016)
| Page Range | 51239-51241 | |
| FR Document | 2016-18317 |
[Federal Register Volume 81, Number 149 (Wednesday, August 3, 2016)] [Notices] [Pages 51239-51241] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18317] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78435; File No. SR-FINRA-2016-028] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Operation of the Regulation NMS Plan To Address Extraordinary Market Volatility July 28, 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 July 22, 2016, Financial Industry Regulatory Authority, Inc. (``FINRA'') 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 FINRA. FINRA has designated the proposed rule change as constituting a ``non- controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under the Act,\3\ which renders the proposal effective upon receipt of this filing by the Commission. 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. \3\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to clarify the operation of the Regulation NMS Plan to Address Extraordinary Volatility (``Plan'') following a Trading Pause or Regulatory Halt in a security subject to the Plan.\4\ --------------------------------------------------------------------------- \4\ Unless otherwise specified, the capitalized terms used herein have the same meanings as set forth in the Plan. --------------------------------------------------------------------------- The text of the proposed rule change is available on FINRA's Web site at http://www.finra.org, at the principal office of FINRA 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, FINRA 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. FINRA 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 FINRA Rule 6121.01 (Trading Pauses) (``Rule'') sets forth requirements applicable to member firms in connection with Trading Pauses.\5\ The Rule addresses the Plan's provisions regarding Trading Pause, including that no trades in an NMS Stock are permitted to occur during a Trading Pause, and sets forth the circumstances under which trading in an NMS Stock can resume after a Trading Pause. Currently, the Rule also provides that FINRA may permit the resumption of trading otherwise than on an exchange if trading has commenced on at least one other national securities exchange. In addition, FINRA Rule 6190 (Compliance with Regulation NMS Plan to Address Extraordinary Market Volatility) provides, among other things, that a member that is a Trading Center in an NMS Stock must establish, maintain and enforce written policies and procedures reasonably designed to comply with the requirements of the Plan, including to prevent the execution of trades at prices below the Lower Price Band or above the Upper Price Band for an NMS Stock. The pilot period for the Plan was recently extended through April 21, 2017.\6\ --------------------------------------------------------------------------- \5\ 17 CFR 242.608. \6\ See Securities Exchange Act Release No. 77679 (April 21, 2016), 81 FR 24908 (April 27, 2016). --------------------------------------------------------------------------- FINRA and other self-regulatory organizations (SROs) are taking measures to clarify the operation of the Plan that results from the short period of time (generally up to three milliseconds) following the resumption of trading after a Trading Pause or Regulatory Halt and before the Price Bands are received from the Processor for securities that are subject to the [[Page 51240]] Plan.\7\ Specifically, FINRA is proposing an amendment to Rule 6121.01 to provide that, following a Trading Pause or Regulatory Halt in an NMS Stock that is subject to the Plan, a member may resume trading otherwise than on an exchange if trading has commenced on the primary listing exchange (or on another national securities exchange in the case of the resumption of trading following a ten-minute trading pause) and either: (1) The member has received the Price Bands from the Processor; or (2) if immediately following a Trading Pause or Regulatory Halt the member has not yet received the Price Bands from the Processor, the member has calculated an upper price band and lower price band consistent with the methodology provided for in Section V of the Plan and ensures that any transactions prior to the receipt of the Price Bands from the Processor are within the ranges provided for pursuant to the Plan, consistent with Section VI(A)(1) of the Plan. --------------------------------------------------------------------------- \7\ See NASDAQ Equity Trader Alert #2016-79 (NASDAQ Announces Improved Protections for Equity Markets Coming Out of Halts (``Leaky Bands'')) (April 12, 2016); See Bats Release Notes (Bats Announces Updates to Halt Resumption Behavior Effective July 15, 2016) (June 2, 2016). FINRA anticipates that other SROs will adopt similar measures to calculate an interim band for their listed securities to be applied in the brief time between the resumption of trading and when the Price Bands are subsequently received from the Processor. --------------------------------------------------------------------------- The proposed rule change also clarifies what activity is permitted around the resumption of trading following a Trading Pause. Previously, the Rule provided that FINRA may permit the resumption of trading following a Trading Pause if trading has resumed on any national securities exchange. FINRA is revising the Rule to provide that members may resume trading following a Trading Pause if trading has resumed on the Primary Listing Exchange or, where the Primary Listing Exchange does not reopen for trading at the end of a ten-minute Trading Pause (and has issued notice that it cannot resume trading for a reason other than a significant imbalance), a member may resume trading otherwise than on an exchange if trading has commenced in such NMS Stock on at least one other national securities exchange.\8\ --------------------------------------------------------------------------- \8\ Deleted language from paragraph (b) is no longer applicable because it addressed a transitional period in Plan implementation prior to the Plan becoming effective as to all NMS Stocks. The Plan applied to all NMS Stocks on December 8, 2013. Rights and warrants are excluded from the Plan. See Securities Exchange Act Release No. 70273 (August 27, 2013), 78 FR 54321 (September 3, 2013) (File No. 4-631). --------------------------------------------------------------------------- Thus, the proposed amendment addresses the brief time between the resumption of trading following a Trading Pause or Regulatory Halt and when the Price Bands are received from the Processor by requiring members to take measures to ensure bands are in place (either by waiting for the receipt of the Price Bands from the Processor or calculating an interim upper price band and lower price band and ensuring that trades occur within those bands). Members may not rely on interim bands beyond the short period of time (generally up to three milliseconds) between the resumption of trading and the receipt of Price Bands by market participants. FINRA has filed the proposed rule change for immediate effectiveness. The operative date of the proposed rule change will be August 22, 2016. 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(6) of the Act,\9\ which requires, among other things, that FINRA rules must be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and, in general, to protect investors and the public interest. The proposed rule change also is designed to support the principles of Section 11A(a)(1) of the Act \10\ in that it seeks to assure fair competition among brokers and dealers and among exchange markets. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78o-3(b)(6). \10\ 15 U.S.C. 78k-1(a)(1). --------------------------------------------------------------------------- The proposed rule change is designed to better implement the goals of the Plan, which has been approved by the Commission as reasonably designed to prevent potentially harmful price volatility, including severe volatility of the kind that occurred on May 6, 2010. In clarifying the operation of the Plan, the proposed rule change seeks to help ensure that the goals of the Plan are met. Accordingly, FINRA believes that the proposed rule change will further the goals of investor protection and fair and orderly markets. B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change seeks to require members to take measures to ensure that their trading activity is in compliance with FINRA Rule 6190 and the Plan, and does not impose requirements that do not currently exist under FINRA rules, FINRA guidance and the Plan. Specifically, a member that is a Trading Center in an NMS Stock already is required to establish, maintain and enforce written policies and procedures that are reasonably designed to comply with the requirements of the Plan, including to prevent the execution of trades at prices that are outside of the Price Bands. To comply with this requirement, members must be aware of the upper and lower price bands applicable to their trading activity. This proposal provides that, immediately following a halt of a security subject to the Plan, a member may not resume trading until trading has resumed on the primary listing exchange (or on another national securities exchange in the case of the resumption of trading following a ten-minute pause) and either the member has received the Price Bands from the processor or has established interim bands calculated in compliance with the Plan. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor 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) of the Act \11\ and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 necessary or appropriate in the public interest, for the protection of investors, or 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. [[Page 51241]] 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-FINRA-2016-028 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2016-028. 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/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 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of FINRA. 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-FINRA-2016-028 and should be submitted on or before August 24, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-18317 Filed 8-2-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 149 / Wednesday, August 3, 2016 / Notices 51239
Act to permit persons that are Affiliated For the Commission, by the Division of II. Self-Regulatory Organization’s
Persons, or Second Tier Affiliates, of the Investment Management, under delegated Statement of the Purpose of, and
Funds, solely by virtue of certain authority. Statutory Basis for, the Proposed Rule
ownership interests, to effectuate Robert W. Errett, Change
purchases and redemptions in-kind. The Deputy Secretary.
In its filing with the Commission,
deposit procedures for in-kind [FR Doc. 2016–18321 Filed 8–2–16; 8:45 am]
FINRA included statements concerning
purchases of Creation Units and the BILLING CODE 8011–01–P the purpose of and basis for the
redemption procedures for in-kind
proposed rule change and discussed any
redemptions of Creation Units will be
comments it received on the proposed
the same for all purchases and SECURITIES AND EXCHANGE rule change. The text of these statements
redemptions and Deposit Instruments COMMISSION may be examined at the places specified
and Redemption Instruments will be in Item IV below. FINRA has prepared
valued in the same manner as those [Release No. 34–78435; File No. SR–FINRA– summaries, set forth in sections A, B,
investment positions currently held by 2016–028] and C below, of the most significant
the Funds. Applicants also seek relief aspects of such statements.
from the prohibitions on affiliated Self-Regulatory Organizations;
transactions in section 17(a) to permit a Financial Industry Regulatory A. Self-Regulatory Organization’s
Fund to sell its shares to and redeem its Authority, Inc.; Notice of Filing and Statement of the Purpose of, and
shares from a Fund of Funds, and to Immediate Effectiveness of a Proposed Statutory Basis for, the Proposed Rule
engage in the accompanying in-kind Rule Change To Clarify the Operation Change
transactions with the Fund of Funds.3 of the Regulation NMS Plan To 1. Purpose
The purchase of Creation Units by a Address Extraordinary Market
Fund of Funds directly from a Fund will Volatility FINRA Rule 6121.01 (Trading Pauses)
be accomplished in accordance with the (‘‘Rule’’) sets forth requirements
July 28, 2016.
policies of the Fund of Funds and will applicable to member firms in
be based on the NAVs of the Funds. Pursuant to Section 19(b)(1) of the connection with Trading Pauses.5 The
Securities Exchange Act of 1934 Rule addresses the Plan’s provisions
9. Section 6(c) of the Act permits the
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 regarding Trading Pause, including that
Commission to exempt any persons or
notice is hereby given that on July 22, no trades in an NMS Stock are
transactions from any provision of the 2016, Financial Industry Regulatory permitted to occur during a Trading
Act if such exemption is necessary or Authority, Inc. (‘‘FINRA’’) filed with the Pause, and sets forth the circumstances
appropriate in the public interest and Securities and Exchange Commission under which trading in an NMS Stock
consistent with the protection of (‘‘SEC’’ or ‘‘Commission’’) the proposed can resume after a Trading Pause.
investors and the purposes fairly rule change as described in Items I, II, Currently, the Rule also provides that
intended by the policy and provisions of and III below, which Items have been FINRA may permit the resumption of
the Act. Section 12(d)(1)(J) of the Act prepared by FINRA. FINRA has trading otherwise than on an exchange
provides that the Commission may designated the proposed rule change as if trading has commenced on at least
exempt any person, security, or constituting a ‘‘non-controversial’’ rule one other national securities exchange.
transaction, or any class or classes of change under paragraph (f)(6) of Rule In addition, FINRA Rule 6190
persons, securities, or transactions, from 19b–4 under the Act,3 which renders (Compliance with Regulation NMS Plan
any provision of section 12(d)(1) if the the proposal effective upon receipt of to Address Extraordinary Market
exemption is consistent with the public this filing by the Commission. The Volatility) provides, among other things,
interest and the protection of investors. Commission is publishing this notice to that a member that is a Trading Center
Section 17(b) of the Act authorizes the solicit comments on the proposed rule in an NMS Stock must establish,
Commission to grant an order change from interested persons. maintain and enforce written policies
permitting a transaction otherwise and procedures reasonably designed to
prohibited by section 17(a) if it finds I. Self-Regulatory Organization’s comply with the requirements of the
Statement of the Terms of Substance of Plan, including to prevent the execution
that (a) the terms of the proposed
the Proposed Rule Change of trades at prices below the Lower Price
transaction are fair and reasonable and
do not involve overreaching on the part FINRA is proposing to clarify the Band or above the Upper Price Band for
of any person concerned; (b) the operation of the Regulation NMS Plan to an NMS Stock. The pilot period for the
proposed transaction is consistent with Address Extraordinary Volatility Plan was recently extended through
the policies of each registered (‘‘Plan’’) following a Trading Pause or April 21, 2017.6
investment company involved; and (c) Regulatory Halt in a security subject to FINRA and other self-regulatory
the proposed transaction is consistent the Plan.4 organizations (SROs) are taking
with the general purposes of the Act. The text of the proposed rule change measures to clarify the operation of the
is available on FINRA’s Web site at Plan that results from the short period
3 The requested relief would apply to direct sales
http://www.finra.org, at the principal of time (generally up to three
asabaliauskas on DSK3SPTVN1PROD with NOTICES
of shares in Creation Units by a Fund to a Fund of
office of FINRA and at the milliseconds) following the resumption
Funds and redemptions of those shares. Applicants,
Commission’s Public Reference Room. of trading after a Trading Pause or
moreover, are not seeking relief from section 17(a) Regulatory Halt and before the Price
for, and the requested relief will not apply to,
Bands are received from the Processor
transactions where a Fund could be deemed an 1 15 U.S.C. 78s(b)(1).
Affiliated Person, or a Second-Tier Affiliate, of a 2 17 CFR 240.19b–4.
for securities that are subject to the
Fund of Funds because an Adviser or an entity 3 17 CFR 240.19b–4(f)(6).
controlling, controlled by or under common control 4 Unless otherwise specified, the capitalized 5 17 CFR 242.608.
with an Adviser provides investment advisory terms used herein have the same meanings as set 6 See Securities Exchange Act Release No. 77679
services to that Fund of Funds. forth in the Plan. (April 21, 2016), 81 FR 24908 (April 27, 2016).
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![Federal Register / Vol. 81, No. 149 / Wednesday, August 3, 2016 / Notices 51241
Comments may be submitted by any of SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
the following methods: COMMISSION Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Electronic Comments Change
[Release No. 34–78433; File No. SR–
• Use the Commission’s Internet NYSEArca–2016–100] 1. Purpose
comment form (http://www.sec.gov/
Self-Regulatory Organizations; NYSE The Exchange proposes to list and
rules/sro.shtml); or
Arca, Inc.; Notice of Filing of Proposed trade shares (‘‘Shares’’) of the Direxion
• Send an email to rule-comments@ Daily Municipal Bond Taxable Bear 1X
Rule Change Relating to the Listing
sec.gov. Please include File Number SR– Fund (‘‘Fund’’) under NYSE Arca
and Trading of Shares of the Direxion
FINRA–2016–028 on the subject line. Equities Rule 5.2(j)(3), Commentary .02,
Daily Municipal Bond Taxable Bear 1X
which governs the listing and trading of
Paper Comments Fund Under NYSE Arca Equities Rule
Investment Company Units (‘‘Units’’)
5.2(j)(3)
• Send paper comments in triplicate based on fixed income securities
to Brent J. Fields, Secretary, Securities July 28, 2016. indexes.4 The Fund is a series of the
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) 1 of the 4 The Commission previously has approved
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 (the proposed rule changes relating to listing and trading
All submissions should refer to File ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 on the Exchange of Units based on municipal bond
notice is hereby given that, on July 13, indexes. See Securities Exchange Act Release Nos.
Number SR–FINRA–2016–028. This file 67985 (October 4, 2012), 77 FR 61804 (October 11,
number should be included on the 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ 2012) (SR–NYSEArca–2012–92) (order approving
subject line if email is used. To help the or ‘‘NYSE Arca’’) filed with the proposed rule change relating to the listing and
Commission process and review your Securities and Exchange Commission trading of iShares 2018 S&P AMT-Free Municipal
Series and iShares 2019 S&P AMT-Free Municipal
comments more efficiently, please use (the ‘‘Commission’’) the proposed rule Series under NYSE Arca Equities Rule 5.2(j)(3),
only one method. The Commission will change as described in Items I, II, and Commentary .02); 67729 (August 24, 2012), 77 FR
post all comments on the Commission’s III below, which Items have been 52776 (August 30, 2012) (SR–NYSEArca–2012–92)
(notice of proposed rule change relating to the
Internet Web site (http://www.sec.gov/ prepared by the self-regulatory listing and trading of iShares 2018 S&P AMT-Free
rules/sro.shtml). Copies of the organization. The Commission is Municipal Series and iShares 2019 S&P AMT-Free
submission, all subsequent publishing this notice to solicit Municipal Series under NYSE Arca Equities Rule
comments on the proposed rule change 5.2(j)(3), Commentary .02); 71232 (January 3, 2014),
amendments, all written statements 79 FR 1662 (January 9, 2014) (SR–NYSEArca–2013–
with respect to the proposed rule from interested persons. 118) (order approving listing and trading of shares
change that are filed with the I. Self-Regulatory Organization’s
of the Market Vectors Short High-Yield Municipal
Commission, and all written Index ETF under NYSE Arca Equities Rule 5.2(j)(3),
Statement of the Terms of Substance of Commentary .02); 72523, (July 2, 2014), 79 FR
communications relating to the the Proposed Rule Change 39016 (July 9, 2014) (SR–NYSEArca–2014–37)
proposed rule change between the (order approving proposed rule change relating to
Commission and any person, other than The Exchange proposes to list and the listing and trading of iShares 2020 S&P AMT-
Free Municipal Series under NYSE Arca Equities
those that may be withheld from the trade under NYSE Arca Equities Rule Rule 5.2(j)(3), Commentary .02); 72172 (May 15,
public in accordance with the 5.2(j)(3), Commentary .02, the shares of 2014), 79 FR 29241 (May 21, 2014) (SR–NYSEArca–
provisions of 5 U.S.C. 552, will be the Direxion Daily Municipal Bond 2014–37) (notice of proposed rule change relating
to the listing and trading of iShares 2020 S&P AMT-
available for Web site viewing and Taxable Bear 1X Fund. The proposed Free Municipal Series under NYSE Arca Equities
printing in the Commission’s Public rule change is available on the Rule 5.2(j)(3), Commentary .02); 75376 (July 7,
Reference Room, 100 F Street NE., Exchange’s Web site at www.nyse.com, 2015), 80 FR 40113 (July 13, 2015) (SR–NYSEArca–
Washington, DC 20549, on official 2015–18) (order approving proposed rule change
at the principal office of the Exchange, relating to the listing and trading of Vanguard Tax-
business days between the hours of 10 and at the Commission’s Public Exempt Bond Index Fund under NYSE Arca
a.m. and 3 p.m. Copies of such filing Reference Room. Equities Rule 5.2(j)(3), Commentary .02); 75468
also will be available for inspection and (July 16, 2015), 80 FR 43500 (July 22, 2015) (SR–
copying at the principal office of II. Self-Regulatory Organization’s NYSEArca–2015–25) (order approving proposed
Statement of the Purpose of, and rule change relating to the listing and trading of
FINRA. All comments received will be iShares iBonds 2021 and 2022 AMT-Free Muni
posted without change; the Commission Statutory Basis for, the Proposed Rule Bond ETF under NYSE Arca Equities Rule 5.2(j)(3)).
does not edit personal identifying Change The Commission also has issued a notice of filing
and immediate effectiveness of a proposed rule
information from submissions. You In its filing with the Commission, the change relating to listing and trading on the
should submit only information that self-regulatory organization included Exchange of shares of the iShares Taxable
you wish to make available publicly. All Municipal Bond Fund. See Securities Exchange Act
statements concerning the purpose of, Release No. 63176 (October 25, 2010), 75 FR 66815
submissions should refer to File and basis for, the proposed rule change (October 29, 2010) (SR–NYSEArca–2010–94). The
Number SR–FINRA–2016–028 and and discussed any comments it received Commission has approved for Exchange listing and
should be submitted on or before on the proposed rule change. The text
trading of shares of two actively managed funds of
August 24, 2016. the PIMCO ETF Trust that principally hold
of those statements may be examined at municipal bonds. See Securities Exchange Act
For the Commission, by the Division of the places specified in Item IV below. Release No. 60981 (November 10, 2009), 74 FR
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Trading and Markets, pursuant to delegated 59594 (November 18, 2009) (SR–NYSEArca–2009–
The Exchange has prepared summaries, 79) (order approving listing and trading of shares
authority.13 set forth in sections A, B, and C below, of the PIMCO Short-Term Municipal Bond Strategy
Robert W. Errett, of the most significant parts of such Fund and PIMCO Intermediate Municipal Bond
Strategy Fund). The Commission also has approved
Deputy Secretary. statements. listing and trading on the Exchange of shares of the
[FR Doc. 2016–18317 Filed 8–2–16; 8:45 am] SPDR® Nuveen S&P High Yield Municipal Bond
BILLING CODE 8011–01–P 1 15
Fund under Commentary .02 of NYSE Arca Equities
U.S.C.78s(b)(1).
Rule 5.2(j)(3). See Securities Exchange Act Release
2 15 U.S.C. 78a. No.63881 (February 9, 2011), 76 FR 9065 (February
13 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. 16, 2011) (SR–NYSEArca–2010–120).
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Document Created: 2016-08-02 23:44:14
Document Modified: 2016-08-02 23:44:14
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 51239 |
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