81 FR 57967 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the JPMorgan Global Bond Opportunities ETF
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 164 (August 24, 2016)
Federal Register Volume 81, Issue 164 (August 24, 2016)
| Page Range | 57967-57968 | |
| FR Document | 2016-20207 |
[Federal Register Volume 81, Number 164 (Wednesday, August 24, 2016)] [Notices] [Pages 57967-57968] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-20207] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78613; File No. SR-BatsBZX-2016-35] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the JPMorgan Global Bond Opportunities ETF August 18, 2016. On July 1, 2016, Bats BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') 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 JPMorgan Global Bond Opportunities ETF of the J.P. Morgan Exchange-Traded Fund Trust under BZX Rule 14.11(i). The proposed rule change was published for comment in the Federal Register on July 14, 2016.\3\ 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. 78264 (July 8, 2016), 81 FR 45546. --------------------------------------------------------------------------- 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. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds it 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. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates October 12, 2016 as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-BatsBZX-2016-35). --------------------------------------------------------------------------- \5\ Id. [[Page 57968]] --------------------------------------------------------------------------- For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\6\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \6\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- [FR Doc. 2016-20207 Filed 8-23-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 164 / Wednesday, August 24, 2016 / Notices 57967
but this may change as the relative costs Comments may be submitted by any of SECURITIES AND EXCHANGE
for trade reporting services shift. If a the following methods: COMMISSION
member chooses to use the ADF as a
primary or secondary trade reporting Electronic Comments
[Release No. 34–78613; File No. SR–
venue, it will be because it is • Use the Commission’s Internet BatsBZX–2016–35]
determined to be advantageous to that comment form (http://www.sec.gov/
member. rules/sro.shtml); or Self-Regulatory Organizations; Bats
C. Self-Regulatory Organization’s BZX Exchange, Inc.; Notice of
• Send an email to rule-comments@
Statement on Comments on the Designation of a Longer Period for
sec.gov. Please include File Number SR–
Proposed Rule Change Received From Commission Action on a Proposed
FINRA–2016–031 on the subject line.
Members, Participants, or Others Rule Change To List and Trade Shares
Paper Comments of the JPMorgan Global Bond
Written comments were neither
Opportunities ETF
solicited nor received. • Send paper comments in triplicate
III. Date of Effectiveness of the to Brent J. Fields, Secretary, Securities August 18, 2016.
Proposed Rule Change and Timing for and Exchange Commission, 100 F Street On July 1, 2016, Bats BZX Exchange,
Commission Action NE., Washington, DC 20549–1090. Inc. (the ‘‘Exchange’’ or ‘‘BZX’’) filed
Because the foregoing proposed rule All submissions should refer to File with the Securities and Exchange
change does not: (i) Significantly affect Number SR–FINRA–2016–031. This file Commission (‘‘Commission’’), pursuant
the protection of investors or the public number should be included on the to Section 19(b)(1) of the Securities
interest; (ii) impose any significant subject line if email is used. To help the Exchange Act of 1934 (‘‘Act’’) 1 and Rule
burden on competition; and (iii) become Commission process and review your 19b–4 thereunder,2 a proposed rule
operative for 30 days from the date on comments more efficiently, please use change to list and trade shares of the
which it was filed, or such shorter time only one method. The Commission will JPMorgan Global Bond Opportunities
as the Commission may designate, it has post all comments on the Commission’s ETF of the J.P. Morgan Exchange-Traded
become effective pursuant to Section Internet Web site (http://www.sec.gov/ Fund Trust under BZX Rule 14.11(i).
19(b)(3)(A) of the Act 21 and Rule 19b– rules/sro.shtml). Copies of the The proposed rule change was
4(f)(6) thereunder.22 FINRA believes submission, all subsequent published for comment in the Federal
that the filing is appropriately amendments, all written statements Register on July 14, 2016.3 The
designated as ‘‘non-controversial’’ with respect to the proposed rule Commission received no comments on
because the proposed rule change does the proposed rule change.
change that are filed with the
not create any new trade reporting Section 19(b)(2) of the Act 4 provides
Commission, and all written
obligations to members, but rather
communications relating to the that, within 45 days of the publication
provides another alternative for
proposed rule change between the of notice of the filing of a proposed rule
members to meet their existing equity
Commission and any person, other than change, or within such longer period up
trade reporting obligations. Members
those that may be withheld from the to 90 days as the Commission may
that do not wish to be subject to the
public in accordance with the designate if it finds such longer period
proposed testing requirements and fees
provisions of 5 U.S.C. 552, will be to be appropriate and publishes its
or otherwise determine that the ADF is
not a cost-effective option for them—as available for Web site viewing and reasons for so finding or as to which the
either a primary or secondary facility for printing in the Commission’s Public self-regulatory organization consents,
trade reporting—can elect to use one (or Reference Room, 100 F Street NE., the Commission shall either approve the
both) of the TRFs to fulfill their trade Washington, DC 20549 on official proposed rule change, disapprove the
reporting obligations under FINRA business days between the hours of proposed rule change, or institute
rules. 10:00 a.m. and 3:00 p.m. Copies of the proceedings to determine whether the
At any time within 60 days of the filing also will be available for proposed rule change should be
filing of the proposed rule change, the inspection and copying at the principal disapproved. The Commission is
Commission summarily may extending this 45-day time period.
office of the Exchange. All comments
temporarily suspend such rule change if received will be posted without change; The Commission finds it appropriate
it appears to the Commission that such the Commission does not edit personal to designate a longer period within
action is necessary or appropriate in the identifying information from which to take action on the proposed
public interest, for the protection of submissions. You should submit only rule change so that it has sufficient time
investors, or otherwise in furtherance of information that you wish to make to consider the proposed rule change.
the purposes of the Act. If the available publicly. All submissions Accordingly, the Commission, pursuant
Commission takes such action, the to Section 19(b)(2) of the Act,5
should refer to File Number SR–FINRA–
Commission shall institute proceedings designates October 12, 2016 as the date
2016–031 and should be submitted on
to determine whether the proposed rule by which the Commission should either
should be approved or disapproved. or before September 14, 2016.
approve or disapprove, or institute
For the Commission, by the Division of proceedings to determine whether to
IV. Solicitation of Comments Trading and Markets, pursuant to delegated disapprove, the proposed rule change
mstockstill on DSK3G9T082PROD with NOTICES
Interested persons are invited to authority.23 (File No. SR–BatsBZX–2016–35).
submit written data, views, and Robert W. Errett,
arguments concerning the foregoing, Deputy Secretary. 1 15 U.S.C. 78s(b)(1).
including whether the proposed rule 2 17 CFR 240.19b–4.
[FR Doc. 2016–20203 Filed 8–23–16; 8:45 am]
change is consistent with the Act. 3 See Securities Exchange Act Release No. 78264
BILLING CODE 8011–01–P
(July 8, 2016), 81 FR 45546.
21 15 U.S.C. 78s(b)(3)(A). 4 15 U.S.C. 78s(b)(2).
22 17 CFR 240.19b–4(f)(6). 23 17 CFR 200.30–3(a)(12). 5 Id.
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![57968 Federal Register / Vol. 81, No. 164 / Wednesday, August 24, 2016 / Notices
For the Commission, by the Division of the most significant aspects of such with the Investment Company’s
Trading and Markets, pursuant to delegated statements. investment objectives and policies;
authority.6
A. Self-Regulatory Organization’s (b) is issued in a specified aggregate
Robert W. Errett,
Statement of the Purpose of, and minimum number in return for a
Deputy Secretary.
Statutory Basis for, the Proposed Rule deposit of a specified portfolio of
[FR Doc. 2016–20207 Filed 8–23–16; 8:45 am]
Change securities and/or a cash amount with a
BILLING CODE 8011–01–P value equal to the next determined net
1. Purpose asset value; and
SECURITIES AND EXCHANGE The Exchange proposes to amend (c) when aggregated in the same
COMMISSION Nasdaq Rule 5735 to adopt generic specified minimum number, may be
listing standards for Managed Fund redeemed at a holder’s request, which
[Release No. 34–78616; File No. SR– Shares, as well as to make additional holder will be paid a specified portfolio
NASDAQ–2016–104] changes as described below. Under the of securities and/or cash with a value
Exchange’s current rules, a proposed equal to the next determined net asset
Self-Regulatory Organizations; The rule change must be filed with the
Nasdaq Stock Market LLC; Notice of value.
Commission for the listing and trading
Filing of Proposed Rule Change To of each new series of Managed Fund Effectively, Managed Fund Shares are
Amend Nasdaq Rule 5735 To Adopt Shares. The Exchange believes that it is securities issued by an actively-
Generic Listing Standards for Managed appropriate to codify certain rules managed open-end Investment
Fund Shares within Rule 5735 that would generally Company (i.e., an actively-managed
eliminate the need for such proposed exchange-traded fund (‘‘ETF’’)). Because
August 18, 2016.
rule changes, which would create Managed Fund Shares are actively-
Pursuant to Section 19(b)(1) of the managed, they do not seek to replicate
Securities Exchange Act of 1934 greater efficiency and promote uniform
standards in the listing process.3 the performance of a specified passive
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 index of securities. Instead, they
notice is hereby given that on August Background generally use an active investment
16, 2016, The Nasdaq Stock Market LLC strategy to seek to meet their investment
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the Rule 5735 sets forth certain rules
related to the listing and trading of objectives. In contrast, an open-end
Securities and Exchange Commission
Managed Fund Shares.4 Under Rule Investment Company that issues Index
(‘‘Commission’’) the proposed rule
5735(c)(1), the term ‘‘Managed Fund Fund Shares, listed and traded on the
change as described in Items I and II
Share’’ means a security that: Exchange pursuant to Nasdaq Rule
below, which Items have been prepared
(a) Represents an interest in a 5705(b), seeks to provide investment
by the Exchange. The Commission is
registered investment company results that generally correspond to the
publishing this notice to solicit
(‘‘Investment Company’’) organized as price and yield performance of a
comments on the proposed rule change
an open-end management investment specific foreign or domestic stock index,
from interested persons.
company or similar entity, that invests fixed income securities index, or
I. Self-Regulatory Organization’s in a portfolio of securities selected by combination thereof.
Statement of the Terms of Substance of the Investment Company’s investment All Managed Fund Shares listed and/
the Proposed Rule Change adviser (hereafter ‘‘Adviser’’) consistent or traded pursuant to Rule 5735
The Exchange proposes to amend (including pursuant to unlisted trading
Nasdaq Rule 5735 to adopt generic 3 Except as noted below, this proposed rule privileges) are subject to the full
listing standards for Managed Fund change is substantively identical to changes panoply of Exchange rules and
Shares. approved by the Commission to NYSE Arca
Equities Rule 8.600. See Securities Exchange Act
procedures that currently govern the
The text of the proposed rule change Release No. 78397 (July 22, 2016) (SR–NYSEArca– trading of equity securities on the
is available on the Exchange’s Web site 2015–110) (order approving generic listing Exchange.5
at http://nasdaq.cchwallstreet.com, at standards for Managed Fund Shares listed per
In addition, Rule 5735(d) currently
the principal office of the Exchange, and NYSE Arca Equities Rule 8.600). The definition of
‘‘Exchange Traded Derivative Securities’’ provided provides for the criteria that Managed
at the Commission’s Public Reference in proposed Rule 5735(c)(6) is similar to, but more Fund Shares must satisfy for initial and
Room. narrow than, the definition of ‘‘Derivative Securities continued listing on the Exchange,
Product’’ used in NYSE Arca Rule 8.600 because
II. Self-Regulatory Organization’s the proposed definition of Exchange Traded including, for example, that a minimum
Statement of the Purpose of, and Derivative Securities does not include an Exchange number of Managed Fund Shares are
Statutory Basis for, the Proposed Rule rule comparable to NYSE Arca Equities Rule 8.400 required to be outstanding at the time of
(Paired Trust Shares). In addition, non-substantive
Change changes are made in order to conform the proposal
commencement of trading on the
In its filing with the Commission, the to the structure of the Exchange’s current rules. See Exchange. However, the current process
Exchange included statements also Securities Exchange Act Release No. 78396 for listing and trading new series of
(July 22, 2016) (SR–BATS–2015–100) (order Managed Fund Shares on the Exchange
concerning the purpose of and basis for approving generic BATS listing standards for
the proposed rule change and discussed Managed Fund Shares).
requires that the Exchange submit a
any comments it received on the 4 See Securities Exchange Act Release No. 57962 proposed rule change with the
proposed rule change. The text of these (June 13, 2008), 73 FR 35175 (June 20, 2008) (SR– Commission. In this regard, Rule
NASDAQ–2008–039) (order approving Nasdaq Rule 5735(b)(1) specifies that the Exchange
mstockstill on DSK3G9T082PROD with NOTICES
statements may be examined at the 4420(o) and listing and trading of shares of certain
places specified in Item IV below. The will file separate proposals under
issues of Managed Fund Shares) (the ‘‘Approval
Exchange has prepared summaries, set Order’’). The Approval Order approved, among Section 19(b) of the Act (hereafter, a
forth in sections A, B, and C below, of other things, the rules permitting the listing and ‘‘proposed rule change’’) before listing
trading of Managed Fund Shares. Rule 4420(o) was and trading shares of an issue of
subsequently relocated to Rule 5735. See Securities Managed Fund Shares.
6 17 CFR 200.30–3(a)(31). Exchange Act Release No. 59663 (March 31, 2009),
1 15 U.S.C. 78s(b)(1). 74 FR 15552 (April 6, 2009) (SR–NASDAQ–2009–
2 17 CFR 240.19b–4. 018). 5 See Approval Order, note 4 above, at 35177.
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Document Created: 2016-08-24 03:02:47
Document Modified: 2016-08-24 03:02:47
| 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 57967 |
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