81 FR 51248 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to Amendments to NYSE MKT Rules 1600 et seq.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 149 (August 3, 2016)

Page Range		51248-51249
FR Document		2016-18314

Federal Register, Volume 81 Issue 149 (Wednesday, August 3, 2016)

[Federal Register Volume 81, Number 149 (Wednesday, August 3, 2016)]
[Notices]
[Pages 51248-51249]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-18314]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78432; File No. SR-NYSEMKT-2016-58]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change Relating to Amendments to NYSE MKT Rules 1600 et seq. and the 
Listing Rules Applicable to the Shares of the Nuveen Diversified 
Commodity Fund and the Nuveen Long/Short Commodity Total Return Fund

July 28, 2016.
    On May 24, 2016, NYSE MKT LLC (``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 among other 
things, amend NYSE MKT Rules 1600 et seq. and to amend the listing 
rules applicable to the shares of the Nuveen Diversified Commodity Fund 
and the Nuveen Long/Short Commodity Total Return Fund, which the 
Exchange currently lists and trades. The proposed rule change was 
published for comment in the Federal Register on June 13, 2016.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 78000 (June 7, 
2016), 81 FR 38232.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \4\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
Commission is extending this 45-day time period. The Commission finds 
that it is appropriate to designate a longer period within which to 
take action on the proposed rule change so that it has sufficient time 
to consider the proposed rule change.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates September 9, 2016, as the date by which the 
Commission shall either approve or disapprove or institute proceedings 
to determine whether to

[[Page 51249]]

disapprove the proposed rule change (File Number SR-NYSEMKT-2016-58).
---------------------------------------------------------------------------

    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-18314 Filed 8-2-16; 8:45 am]
 BILLING CODE 8011-01-P

51248 Federal Register / Vol. 81, No. 149 / Wednesday, August 3, 2016 / Notices

investors and the public interest in that Electronic Comments SECURITIES AND EXCHANGE
it will facilitate the listing and trading COMMISSION
of an additional type of exchange-traded • Use the Commission’s Internet
product that invests principally in comment form (http://www.sec.gov/
[Release No. 34–78432; File No. SR–
municipal securities and that will rules/sro.shtml); or NYSEMKT–2016–58]
enhance competition among market • Send an email to rule-comments@
participants, to the benefit of investors sec.gov. Please include File Number SR– Self-Regulatory Organizations; NYSE
and the marketplace. As noted above, NYSEArca–2016–100 on the subject MKT LLC; Notice of Designation of a
the Exchange has in place surveillance line. Longer Period for Commission Action
procedures relating to trading in the on a Proposed Rule Change Relating
Shares and may obtain information via Paper Comments to Amendments to NYSE MKT Rules
ISG from other exchanges that are 1600 et seq. and the Listing Rules
• Send paper comments in triplicate
members of ISG or with which the Applicable to the Shares of the Nuveen
Exchange has entered into a CSSA. In to Secretary, Securities and Exchange Diversified Commodity Fund and the
addition, investors will have ready Commission, 100 F Street NE., Nuveen Long/Short Commodity Total
access to information regarding the IIV Washington, DC 20549–1090. Return Fund
and quotation and last sale information All submissions should refer to File
for the Shares. July 28, 2016.
Number SR–NYSEArca–2016–100. This
On May 24, 2016, NYSE MKT LLC
B. Self-Regulatory Organization’s file number should be included on the (‘‘Exchange’’) filed with the Securities
Statement on Burden on Competition subject line if email is used. To help the and Exchange Commission
Commission process and review your (‘‘Commission’’), pursuant to Section
The Exchange does not believe that
comments more efficiently, please use 19(b)(1) of the Securities Exchange Act
the proposed rule change will impose
any burden on competition that is not only one method. The Commission will of 1934 (‘‘Act’’) 1 and Rule 19b–4
necessary or appropriate in furtherance post all comments on the Commission’s thereunder,2 a proposed rule change to
of the purpose of the Act. The Exchange Internet Web site (http://www.sec.gov/ among other things, amend NYSE MKT
notes that the proposed rule change will rules/sro.shtml). Copies of the Rules 1600 et seq. and to amend the
facilitate the listing and trading of submission, all subsequent listing rules applicable to the shares of
financial investments related to amendments, all written statements the Nuveen Diversified Commodity
exchange-traded product that invests with respect to the proposed rule Fund and the Nuveen Long/Short
principally in municipal securities and change that are filed with the Commodity Total Return Fund, which
that will enhance competition among Commission, and all written the Exchange currently lists and trades.
market participants, to the benefit of communications relating to the The proposed rule change was
investors and the marketplace. proposed rule change between the published for comment in the Federal
Commission and any person, other than Register on June 13, 2016.3
C. Self-Regulatory Organization’s Section 19(b)(2) of the Act 4 provides
Statement on Comments on the those that may be withheld from the
public in accordance with the that, within 45 days of the publication
Proposed Rule Change Received From of notice of the filing of a proposed rule
Members, Participants, or Others provisions of 5 U.S.C. 552, will be
available for Web site viewing and change, or within such longer period up
No written comments were solicited printing in the Commission’s Public to 90 days as the Commission may
or received with respect to the proposed Reference Room, 100 F Street NE., designate if it finds such longer period
rule change. to be appropriate and publishes its
Washington, DC 20549, on official
reasons for so finding or as to which the
III. Date of Effectiveness of the business days between the hours of
self-regulatory organization consents,
Proposed Rule Change and Timing for 10:00 a.m. and 3:00 p.m. Copies of the
the Commission shall either approve the
Commission Action filing also will be available for proposed rule change, disapprove the
Within 45 days of the date of inspection and copying at the principal proposed rule change, or institute
publication of this notice in the Federal office of the Exchange. All comments proceedings to determine whether the
Register or up to 90 days (i) as the received will be posted without change; proposed rule change should be
Commission may designate if it finds the Commission does not edit personal disapproved. The Commission is
such longer period to be appropriate identifying information from extending this 45-day time period. The
and publishes its reasons for so finding submissions. You should submit only Commission finds that it is appropriate
or (ii) as to which the self-regulatory information that you wish to make to designate a longer period within
organization consents, the Commission available publicly. All submissions which to take action on the proposed
will: should refer to File Number SR– rule change so that it has sufficient time
(A) By order approve or disapprove NYSEArca–2016–100 and should be to consider the proposed rule change.
the proposed rule change, or submitted on or before August 24, 2016. Accordingly, the Commission,
(B) institute proceedings to determine pursuant to Section 19(b)(2) of the Act,5
whether the proposed rule change For the Commission, by the Division of
Trading and Markets, pursuant to delegated designates September 9, 2016, as the
should be disapproved. date by which the Commission shall
authority.27
asabaliauskas on DSK3SPTVN1PROD with NOTICES

IV. Solicitation of Comments either approve or disapprove or institute
Robert W. Errett,
proceedings to determine whether to
Interested persons are invited to Deputy Secretary.
submit written data, views, and [FR Doc. 2016–18315 Filed 8–2–16; 8:45 am] 1 15 U.S.C. 78s(b)(1).
arguments concerning the foregoing, 2 17
BILLING CODE P CFR 240.19b–4.
including whether the proposed rule 3 See Securities Exchange Act Release No. 78000
change is consistent with the Act. (June 7, 2016), 81 FR 38232.
Comments may be submitted by any of 4 15 U.S.C. 78s(b)(2).

the following methods: 27 17 CFR 200.30–3(a)(12). 5 Id.

VerDate Sep<11>2014 18:21 Aug 02, 2016 Jkt 238001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\03AUN1.SGM 03AUN1

Federal Register / Vol. 81, No. 149 / Wednesday, August 3, 2016 / Notices 51249

disapprove the proposed rule change on the proposed rule change. The text such determination instead of the ICE
(File Number SR–NYSEMKT–2016–58). of those statements may be examined at NGC.
For the Commission, by the Division of the places specified in Item IV below. Currently, the nomination by the ICE
Trading and Markets, pursuant to delegated The Exchange has prepared summaries, NGC is the final step in the process for
authority.6 set forth in sections A, B, and C below, electing a Non-Affiliated Director. First,
Robert W. Errett, of the most significant parts of such the DCRC recommends a candidate,
Deputy Secretary. statements. whose name then is announced to the
[FR Doc. 2016–18314 Filed 8–2–16; 8:45 am]
Exchange’s Member Organizations. The
A. Self-Regulatory Organization’s Member Organizations may propose
BILLING CODE 8011–01–P Statement of the Purpose of, and the alternate candidates by petition. If there
Statutory Basis for, the Proposed Rule are no petition candidates, the DCRC
Change recommends its candidate(s) to the ICE
SECURITIES AND EXCHANGE
COMMISSION 1. Purpose NGC. If petition candidates are
proposed, the ICE NGC makes the
[Release No. 34–78436; File No. SR–NYSE– The Exchange proposes to amend the determination of whether the candidates
2016–51] Operating Agreement to change the are eligible, and then all of the eligible
process for nominating non-affiliated candidates are submitted to the Member
Self-Regulatory Organizations; New directors and replace an obsolete Organizations for a vote. The DCRC
York Stock Exchange LLC; Notice of reference to NYSE Market (DE), Inc. recommends to the ICE NGC the
Filing of Proposed Rule Change (‘‘NYSE Market (DE)’’). candidate receiving the highest number
Amending the Ninth Amended and of votes. The ICE NGC is obligated to
Restated Operating Agreement of the Process for Nominating Non-Affiliated
Directors designate the DCRC-recommended
Exchange candidate(s) as the nominee, and NYSE
July 28, 2016.
Pursuant to the Operating Agreement, Group is obligated to elect such
Pursuant to Section 19(b)(1) 1
of the at least 20% of the Board of Directors of candidate(s) as a Non-Affiliated
Securities Exchange Act of 1934 (the the Exchange (‘‘Board’’) is made up of Director.
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 ‘‘Non-Affiliated Directors’’ (commonly The Exchange believes obligating the
notice is hereby given that, on July 22, referred to as ‘‘fair representation ICE NGC to nominate the candidate(s)
2016, New York Stock Exchange LLC directors’’).4 Pursuant to Section 2.03(a) for Non-Affiliated Directors based on
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with of the Operating Agreement, the the DCRC’s unalterable recommendation
the Securities and Exchange nominating and governance committee is neither necessary nor meaningful.
Commission (the ‘‘Commission’’) the (‘‘NGC’’) of the board of directors of ICE, Pursuant to Section 2.03(a)(iii), the ICE
proposed rule change as described in the indirect parent of the Exchange, NGC is obligated to designate whomever
Items I, II, and III below, which Items nominates the candidates for Non- the DCRC recommends or, if there is a
have been prepared by the self- Affiliated Directors, who are then petition candidate, whomever emerges
regulatory organization. The elected by NYSE Group, as the sole from the petition process. The ICE NGC
Commission is publishing this notice to member of the Exchange. The Exchange does not have any discretion. Removing
solicit comments on the proposed rule proposes to amend Section 2.03(a) to this unnecessary step would make the
change from interested persons. have the Director Candidate NYSE process more efficient.
Recommendation Committee (‘‘DCRC’’) The Exchange believes that having the
I. Self-Regulatory Organization’s of the Exchange assume the role Exchange determine whether persons
Statement of the Terms of Substance of currently played by the ICE NGC, and to endorsed to be petition candidates are
the Proposed Rule Change make a conforming change to Section eligible also would be more efficient, as
The Exchange proposes to amend the 2.03(h)(i). it would not require action from the ICE
Ninth Amended and Restated Operating In addition, if the Member NGC, thereby removing the possibility
Agreement of the Exchange (‘‘Operating Organizations endorse a petition of any delay in the process. The
Agreement’’) to change the process for candidate for Non-Affiliated Director, proposed change would be consistent
nominating non-affiliated directors and pursuant to Section 2.03(a)(iv) the ICE with the petition processes of the
remove an obsolete reference. The NGC makes the determination of Exchange’s affiliate, NYSE MKT LLC
proposed rule change is available on the whether the person is eligible.5 The (‘‘NYSE MKT’’), and the Nasdaq Stock
Exchange’s Web site at www.nyse.com, Exchange proposes to amend Section Market LLC. In both cases the exchange
at the principal office of the Exchange, 2.03(a)(iv) to have the Exchange make determines the eligibility of proposed
and at the Commission’s Public nominees.6
The Exchange believes that the
Reference Room. 4 Pursuant to Section 2.03(a) of the Operating

Agreement, Non-Affiliated Directors are persons proposed changes will make its process
II. Self-Regulatory Organization’s who are not members of the board of directors of more consistent with the process by
Statement of the Purpose of, and Intercontinental Exchange, Inc. (‘‘ICE’’) but qualify which its affiliates, NYSE MKT and
Statutory Basis for, the Proposed Rule as independent. A person may not be a Non-
Affiliated Director unless he or she is free of any
NYSE Arca, Inc. (‘‘NYSE Arca’’),
Change statutory disqualification, as defined in Section designate their fair representation
In its filing with the Commission, the 3(a)(39) of the Exchange Act. The Exchange’s
independence requirements are set forth in the
asabaliauskas on DSK3SPTVN1PROD with NOTICES

6 See Article II, Section 2.03(a) of the Ninth
self-regulatory organization included Company Director Independence Policy of the Amended and Restated Operating Agreement of
statements concerning the purpose of, Exchange. See Securities Exchange Act Release No. NYSE MKT LLC; Securities Exchange Act Release
and basis for, the proposed rule change 67564 (August 1, 2012), 77 FR 47161 (August 7, No. 77901 (May 25, 2016), 81 FR 35092 (June 1,
and discussed any comments it received 2012) (SR–NYSE–2012–17) (approving, among 2016) (SR–NYSEMKT–2016–26) (‘‘NYSE MKT 2016
other things, the Exchange’s Company Director Release’’) and By-Laws of the Nasdaq Stock Market
Independence Policy). LLC, Art. II, Sec. 1(b) (‘‘The Company may require
6 17 CFR 200.30–3(a)(31). 5 Pursuant to Section 2.02 of the Operating any proposed nominee to furnish such other
1 15 U.S.C. 78s(b)(1). Agreement, ‘‘Member Organizations’’ refers to information as it may reasonably require to
2 15 U.S.C. 78a.
members, allied members and member determine the eligibility of such proposed nominee
3 17 CFR 240.19b–4. organizations of the Exchange. to serve as a Member Representative Director.’’).

VerDate Sep<11>2014 18:21 Aug 02, 2016 Jkt 238001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\03AUN1.SGM 03AUN1

Document Created: 2016-08-02 23:43:51
Document Modified: 2016-08-02 23:43:51

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 51248