81_FR_75055 81 FR 74847 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 497

81 FR 74847 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 497

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 208 (October 27, 2016)

Page Range74847-74849
FR Document2016-25937

Federal Register, Volume 81 Issue 208 (Thursday, October 27, 2016)
[Federal Register Volume 81, Number 208 (Thursday, October 27, 2016)]
[Notices]
[Pages 74847-74849]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-25937]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79130; File No. SR-NYSE-2016-67]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Amending Rule 497

October 21, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that on October 13, 2016, New York Stock Exchange LLC (``NYSE'' 
or the ``Exchange'') filed with the Securities and Exchange Commission 
(the ``Commission'') the proposed rule change as described in Items I 
and II below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 497 regarding the requirements 
for the listing of securities that are issued by the Exchange or any of 
its affiliates. The proposed rule change is available on the Exchange's 
Web site at www.nyse.com, at the principal office of the Exchange, 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, the self-regulatory organization 
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 those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 497 (Additional Requirements 
for Listed Securities Issued by Intercontinental Exchange, Inc. or its 
Affiliates) regarding the requirements for the listing of securities 
that are issued by the Exchange or any of its affiliates. Rule 497 sets 
forth certain requirements that securities issued by the Exchange's 
ultimate parent, Intercontinental Exchange, Inc. (``ICE''), or its 
affiliates, must meet before they can be listed on the Exchange, 
including certain pre-listing approvals and post-listing monitoring 
requirements.
    Specifically, the Exchange is proposing to make the following 
changes to Rule 497: (i) Expand the definition of Affiliate Security 
under Rule 497(a)(2); (ii) require that the annual review required 
under Rule 497(c)(2) be forwarded to the Exchange's Regulatory 
Oversight Committee (``ROC''); and (iii) make non-substantive 
typographical changes.
    Rule 497(a)(2) currently defines ``Affiliate Security'' as ``any 
security issued by an ICE Affiliate, with the exception of Investment 
Company Units as defined in Para. 703.16 of the Listed Company 
Manual.'' \4\ The Exchange proposes to expand the definition of 
Affiliate Security to include any Exchange-listed option on any 
security issued by an ICE Affiliate. As a consequence, under Rule 
497(b), prior to listing any new class of options on a security issued 
by an ICE Affiliate, Exchange regulatory staff would be required to 
make a finding that the option class satisfies the Exchange's rules for 
listing, and the ROC would be required to approve such finding. 
Likewise, throughout the continued listing of such option class on the 
Exchange, it would be covered by the reporting requirements of Rule 
497(c). In a non-substantive grammatical change to Rule 497(a)(2), the 
Exchange also proposes to replace the ``a'' before ``ICE Affiliate'' 
with ``an.''
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    \4\ For purposes of Rule 497, an ``ICE Affiliate'' is ``ICE and 
any entity that directly or indirectly, through one or more 
intermediaries, controls, is controlled by, or is under common 
control with ICE, where `control' means that one entity possesses, 
directly or indirectly, voting control of the other entity either 
through ownership of capital stock or other equity securities or 
through majority representation on the board of directors or other 
management body of such entity.'' Rule 497(a)(1).
---------------------------------------------------------------------------

    In the event that an ICE Affiliate lists an Affiliate Security, 
Rule 497(c)(2) requires that, throughout the continued listing of the 
Affiliate Security on the Exchange, an independent accounting firm will 
review the listing standards for the Affiliate Security and a copy of 
the report shall be forwarded promptly to the Securities and Exchange 
Commission (``Commission''). The Exchange proposes to expand Rule 
497(c)(2) to require that such report also be forwarded to the ROC.
    The Exchange proposes to make the following additional, non-
substantive changes to Rule 497(c):
     It proposes to move ``the Exchange shall'' from the end of 
Rule 497(c) to the start of Rule 497(c)(1), as the text only applies to 
Rule 497(c)(1), and not sub-paragraphs (2) or (3), and change ``shall'' 
to ``will.''
     It proposes to add ``and trading'' after ``Throughout the 
continued listing'' in Rule 497(c), as Rule 497 (c)(1)

[[Page 74848]]

references the listing of Affiliate Securities, as well as their 
trading.
     The Exchange proposes to delete an extraneous ``that'' 
from the final clause of Rule 497(c)(1)(b), so that it reads as 
follows:
    Exchange regulatory staff's monitoring of the trading of the 
Affiliate Security including summaries of all related surveillance 
alerts, complaints, regulatory referrals, adjusted trades, 
investigations, examinations, formal and informal disciplinary actions, 
exception reports and trading data used to ensure the Affiliate 
Security's compliance with the Exchange's listing and trading rules.
    The Exchange notes that the proposed amendments would be consistent 
with recent changes to the Bats BZX Exchange, Inc. (``BZX'') Rule 14.3 
regarding requirements for the listing of securities listed by BZX or 
any of its affiliates.\5\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 77639 (April 18, 
2016), 81 FR 23768 (April 22, 2016) (SR-BatsBZX-2016-08).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Exchange Act \6\ in general, and Section 
6(b)(5) \7\ in particular, in that it because it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to foster cooperation and coordination 
with persons engaged in regulating, clearing, settling, processing 
information with respect to, and facilitating transactions in 
securities, to remove impediments to, and perfect the mechanism of a 
free and open market and a national market system and, in general, to 
protect investors and the public interest.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Specifically, the Exchange believes that the proposed rule change, 
by requiring heightened reporting by the Exchange to the Commission and 
the ROC with respect to oversight of the listing and trading on the 
Exchange of Affiliate Securities, will continue to help protect against 
concerns that the Exchange will not effectively enforce its rules with 
respect to the listing and trading of these securities. By adding 
Exchange-listed options on any security issued by an ICE Affiliate to 
the definition of ``Affiliate Securities,'' the proposed changes would 
expand the scope of Rule 497. The Exchange accordingly believes that 
the proposed amendments to Rule 497 would continue to eliminate any 
perception of a potential conflict of interest if an ICE Affiliate 
seeks to list a security on the Exchange.
    Lastly, the Exchange believes that the proposed non-substantive 
grammatical changes would promote just and equitable principles of 
trade and remove impediments to a free and open market by providing 
greater clarity in the Exchange's rules.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Exchange Act. The proposed rule 
change is not intended to address competitive issues but rather provide 
market participants with additional specificity and transparency 
regarding the Exchange's controls that are in place to address the 
potential conflicts of interest that may arise in the listing of 
Affiliate Securities on the Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the 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 \8\ and Rule 19b-4(f)(6) thereunder.\9\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its intent to file the proposed rule change, along with a 
brief description and the text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \10\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative immediately upon filing. The 
Commission believes that waiver of the operative delay is consistent 
with the protection of investors and the public interest as it will 
allow the Exchange to implement the proposed changes to Rule 497 
without delay. Therefore, the Commission hereby waives the operative 
delay and designates the proposal operative upon filing.\12\
---------------------------------------------------------------------------

    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the 30-day operative delay, 
the Commission has also considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    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 change 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. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use 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-NYSE-2016-67 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2016-67. 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

[[Page 74849]]

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 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. 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-NYSE-2016-67, and should be 
submitted on or before November 17, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-25937 Filed 10-26-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                            Federal Register / Vol. 81, No. 208 / Thursday, October 27, 2016 / Notices                                                    74847

                                                using its facilities; (2) Section 6(b)(5) of            ‘‘Act’’) 2 and Rule 19b–4 thereunder,3                changes to Rule 497: (i) Expand the
                                                the Act,78 which requires that the rules                notice is hereby given that on October                definition of Affiliate Security under
                                                of a national securities exchange be                    13, 2016, New York Stock Exchange                     Rule 497(a)(2); (ii) require that the
                                                designed, among other things, to                        LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed              annual review required under Rule
                                                prevent fraudulent and manipulative                     with the Securities and Exchange                      497(c)(2) be forwarded to the Exchange’s
                                                acts and practices, to promote just and                 Commission (the ‘‘Commission’’) the                   Regulatory Oversight Committee
                                                equitable principles of trade, to remove                proposed rule change as described in                  (‘‘ROC’’); and (iii) make non-substantive
                                                impediments to and perfect the                          Items I and II below, which Items have                typographical changes.
                                                mechanism of a free and open market                     been prepared by the self-regulatory                     Rule 497(a)(2) currently defines
                                                and a national market system, and, in                   organization. The Commission is                       ‘‘Affiliate Security’’ as ‘‘any security
                                                general, to protect investors and the                   publishing this notice to solicit                     issued by an ICE Affiliate, with the
                                                public interest, and not be designed to                 comments on the proposed rule change                  exception of Investment Company Units
                                                permit unfair discrimination between                    from interested persons.                              as defined in Para. 703.16 of the Listed
                                                customers, issuers, brokers, or dealers;                I. Self-Regulatory Organization’s                     Company Manual.’’ 4 The Exchange
                                                and (3) Section 6(b)(8) of the Act,79                   Statement of the Terms of Substance of                proposes to expand the definition of
                                                which requires that the rules of a                      the Proposed Rule Change                              Affiliate Security to include any
                                                national securities exchange do not                                                                           Exchange-listed option on any security
                                                impose any burden on competition not                       The Exchange proposes to amend                     issued by an ICE Affiliate. As a
                                                necessary or appropriate in furtherance                 Rule 497 regarding the requirements for               consequence, under Rule 497(b), prior
                                                of the purposes of the Act. Because any                 the listing of securities that are issued             to listing any new class of options on a
                                                of these determinations under the Act                   by the Exchange or any of its affiliates.             security issued by an ICE Affiliate,
                                                independently necessitates                              The proposed rule change is available                 Exchange regulatory staff would be
                                                disapproving the proposal, the                          on the Exchange’s Web site at                         required to make a finding that the
                                                Commission does so.                                     www.nyse.com, at the principal office of              option class satisfies the Exchange’s
                                                                                                        the Exchange, and at the Commission’s                 rules for listing, and the ROC would be
                                                V. Conclusion                                           Public Reference Room.                                required to approve such finding.
                                                  For the reasons set forth above, the                  II. Self-Regulatory Organization’s                    Likewise, throughout the continued
                                                Commission does not find that the                       Statement of the Purpose of, and                      listing of such option class on the
                                                proposed rule change is consistent with                 Statutory Basis for, the Proposed Rule                Exchange, it would be covered by the
                                                the Act and the rules and regulations                   Change                                                reporting requirements of Rule 497(c).
                                                thereunder applicable to a national                                                                           In a non-substantive grammatical
                                                                                                           In its filing with the Commission, the
                                                securities exchange, and in particular,                 self-regulatory organization included                 change to Rule 497(a)(2), the Exchange
                                                Sections 6(b)(4), 6(b)(5), and 6(b)(8) of               statements concerning the purpose of,                 also proposes to replace the ‘‘a’’ before
                                                the Act.                                                and basis for, the proposed rule change               ‘‘ICE Affiliate’’ with ‘‘an.’’
                                                  It is therefore ordered, pursuant to                  and discussed any comments it received                   In the event that an ICE Affiliate lists
                                                Section 19(b)(2) of the Act,80 that the                 on the proposed rule change. The text                 an Affiliate Security, Rule 497(c)(2)
                                                proposed rule change (SR–NYSEMKT–                       of those statements may be examined at                requires that, throughout the continued
                                                2016–45) be, and hereby is,                             the places specified in Item IV below.                listing of the Affiliate Security on the
                                                disapproved.                                            The Exchange has prepared summaries,                  Exchange, an independent accounting
                                                  For the Commission, by the Division of                set forth in sections A, B, and C below,              firm will review the listing standards for
                                                Trading and Markets, pursuant to delegated              of the most significant parts of such                 the Affiliate Security and a copy of the
                                                authority.81                                            statements.                                           report shall be forwarded promptly to
                                                Brent J. Fields,                                                                                              the Securities and Exchange
                                                                                                        A. Self-Regulatory Organization’s                     Commission (‘‘Commission’’). The
                                                Secretary.
                                                                                                        Statement of the Purpose of, and the                  Exchange proposes to expand Rule
                                                [FR Doc. 2016–25941 Filed 10–26–16; 8:45 am]
                                                                                                        Statutory Basis for, the Proposed Rule                497(c)(2) to require that such report also
                                                BILLING CODE 8011–01–P                                  Change                                                be forwarded to the ROC.
                                                                                                        1. Purpose                                               The Exchange proposes to make the
                                                SECURITIES AND EXCHANGE                                                                                       following additional, non-substantive
                                                                                                           The Exchange proposes to amend
                                                COMMISSION                                                                                                    changes to Rule 497(c):
                                                                                                        Rule 497 (Additional Requirements for
                                                                                                                                                                 • It proposes to move ‘‘the Exchange
                                                                                                        Listed Securities Issued by
                                                [Release No. 34–79130; File No. SR–NYSE–                                                                      shall’’ from the end of Rule 497(c) to the
                                                                                                        Intercontinental Exchange, Inc. or its
                                                2016–67]                                                                                                      start of Rule 497(c)(1), as the text only
                                                                                                        Affiliates) regarding the requirements
                                                                                                        for the listing of securities that are                applies to Rule 497(c)(1), and not sub-
                                                Self-Regulatory Organizations; New                                                                            paragraphs (2) or (3), and change ‘‘shall’’
                                                York Stock Exchange LLC; Notice of                      issued by the Exchange or any of its
                                                                                                        affiliates. Rule 497 sets forth certain               to ‘‘will.’’
                                                Filing and Immediate Effectiveness of
                                                                                                        requirements that securities issued by                   • It proposes to add ‘‘and trading’’
                                                Proposed Rule Change Amending Rule                                                                            after ‘‘Throughout the continued
                                                497                                                     the Exchange’s ultimate parent,
                                                                                                        Intercontinental Exchange, Inc. (‘‘ICE’’),            listing’’ in Rule 497(c), as Rule 497 (c)(1)
                                                October 21, 2016.                                       or its affiliates, must meet before they                 4 For purposes of Rule 497, an ‘‘ICE Affiliate’’ is
sradovich on DSK3GMQ082PROD with NOTICES




                                                  Pursuant to Section 19(b)(1) 1 of the                 can be listed on the Exchange, including              ‘‘ICE and any entity that directly or indirectly,
                                                Securities Exchange Act of 1934 (the                    certain pre-listing approvals and post-               through one or more intermediaries, controls, is
                                                                                                        listing monitoring requirements.                      controlled by, or is under common control with
                                                  78 15                                                    Specifically, the Exchange is                      ICE, where ‘control’ means that one entity
                                                        U.S.C. 78f(b)(5).
                                                                                                                                                              possesses, directly or indirectly, voting control of
                                                  79 15 U.S.C. 78f(b)(8).                               proposing to make the following                       the other entity either through ownership of capital
                                                  80 15 U.S.C. 78s(b)(2).
                                                                                                                                                              stock or other equity securities or through majority
                                                  81 17 CFR 200.30–3(a)(57) and (58).                     2 15   U.S.C. 78a.                                  representation on the board of directors or other
                                                  1 15 U.S.C.78s(b)(1).                                   3 17   CFR 240.19b–4.                               management body of such entity.’’ Rule 497(a)(1).



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                                                74848                       Federal Register / Vol. 81, No. 208 / Thursday, October 27, 2016 / Notices

                                                references the listing of Affiliate                     Affiliate seeks to list a security on the               operative delay so that the proposal may
                                                Securities, as well as their trading.                   Exchange.                                               become operative immediately upon
                                                   • The Exchange proposes to delete an                   Lastly, the Exchange believes that the                filing. The Commission believes that
                                                extraneous ‘‘that’’ from the final clause               proposed non-substantive grammatical                    waiver of the operative delay is
                                                of Rule 497(c)(1)(b), so that it reads as               changes would promote just and                          consistent with the protection of
                                                follows:                                                equitable principles of trade and remove                investors and the public interest as it
                                                   Exchange regulatory staff’s monitoring               impediments to a free and open market                   will allow the Exchange to implement
                                                of the trading of the Affiliate Security                by providing greater clarity in the                     the proposed changes to Rule 497
                                                including summaries of all related                      Exchange’s rules.                                       without delay. Therefore, the
                                                surveillance alerts, complaints,                        B. Self-Regulatory Organization’s                       Commission hereby waives the
                                                regulatory referrals, adjusted trades,                  Statement on Burden on Competition                      operative delay and designates the
                                                investigations, examinations, formal and                                                                        proposal operative upon filing.12
                                                informal disciplinary actions, exception                   The Exchange does not believe that                      At any time within 60 days of the
                                                reports and trading data used to ensure                 the proposed rule change will impose                    filing of the proposed rule change, the
                                                the Affiliate Security’s compliance with                any burden on competition that is not                   Commission summarily may
                                                the Exchange’s listing and trading rules.               necessary or appropriate in furtherance                 temporarily suspend such rule change if
                                                   The Exchange notes that the proposed                 of the purposes of the Exchange Act.                    it appears to the Commission that such
                                                amendments would be consistent with                     The proposed rule change is not                         action is necessary or appropriate in the
                                                recent changes to the Bats BZX                          intended to address competitive issues                  public interest, for the protection of
                                                Exchange, Inc. (‘‘BZX’’) Rule 14.3                      but rather provide market participants                  investors, or otherwise in furtherance of
                                                regarding requirements for the listing of               with additional specificity and                         the purposes of the Act. If the
                                                                                                        transparency regarding the Exchange’s                   Commission takes such action, the
                                                securities listed by BZX or any of its
                                                                                                        controls that are in place to address the               Commission shall institute proceedings
                                                affiliates.5
                                                                                                        potential conflicts of interest that may                to determine whether the proposed rule
                                                2. Statutory Basis                                      arise in the listing of Affiliate Securities            change should be approved or
                                                   The Exchange believes that the                       on the Exchange.                                        disapproved.
                                                proposed rule change is consistent with                 C. Self-Regulatory Organization’s                       IV. Solicitation of Comments
                                                Section 6(b) of the Exchange Act 6 in                   Statement on Comments on the
                                                general, and Section 6(b)(5) 7 in                                                                                 Interested persons are invited to
                                                                                                        Proposed Rule Change Received From
                                                particular, in that it because it is                                                                            submit written data, views, and
                                                                                                        Members, Participants, or Others
                                                designed to prevent fraudulent and                                                                              arguments concerning the foregoing,
                                                                                                          No written comments were solicited                    including whether the proposed rule
                                                manipulative acts and practices, to                     or received with respect to the proposed                change is consistent with the Act.
                                                promote just and equitable principles of                rule change.                                            Comments may be submitted by any of
                                                trade, to foster cooperation and
                                                                                                        III. Date of Effectiveness of the                       the following methods:
                                                coordination with persons engaged in
                                                regulating, clearing, settling, processing              Proposed Rule Change and Timing for                     Electronic Comments
                                                information with respect to, and                        Commission Action
                                                                                                                                                                  • Use the Commission’s Internet
                                                facilitating transactions in securities, to                Because the proposed rule change                     comment form (http://www.sec.gov/
                                                remove impediments to, and perfect the                  does not (i) significantly affect the                   rules/sro.shtml); or
                                                mechanism of a free and open market                     protection of investors or the public                     • Send an email to rule-
                                                and a national market system and, in                    interest; (ii) impose any significant                   comments@sec.gov. Please include File
                                                general, to protect investors and the                   burden on competition; and (iii) become                 Number SR–NYSE–2016–67 on the
                                                public interest.                                        operative for 30 days from the date on                  subject line.
                                                   Specifically, the Exchange believes                  which it was filed, or such shorter time
                                                that the proposed rule change, by                       as the Commission may designate, it has                 Paper Comments
                                                requiring heightened reporting by the                   become effective pursuant to Section                      • Send paper comments in triplicate
                                                Exchange to the Commission and the                      19(b)(3)(A) of the Act 8 and Rule 19b–                  to Secretary, Securities and Exchange
                                                ROC with respect to oversight of the                    4(f)(6) thereunder.9                                    Commission, 100 F Street NE.,
                                                listing and trading on the Exchange of                     A proposed rule change filed                         Washington, DC 20549–1090.
                                                Affiliate Securities, will continue to                  pursuant to Rule 19b–4(f)(6) under the                  All submissions should refer to File
                                                help protect against concerns that the                  Act 10 normally does not become                         Number SR–NYSE–2016–67. This file
                                                Exchange will not effectively enforce its               operative for 30 days after the date of its             number should be included on the
                                                rules with respect to the listing and                   filing. However, Rule 19b–4(f)(6)(iii) 11               subject line if email is used. To help the
                                                trading of these securities. By adding                  permits the Commission to designate a                   Commission process and review your
                                                Exchange-listed options on any security                 shorter time if such action is consistent               comments more efficiently, please use
                                                issued by an ICE Affiliate to the                       with the protection of investors and the                only one method. The Commission will
                                                definition of ‘‘Affiliate Securities,’’ the             public interest. The Exchange has asked                 post all comments on the Commission’s
                                                proposed changes would expand the                       the Commission to waive the 30-day                      Internet Web site (http://www.sec.gov/
                                                scope of Rule 497. The Exchange                                                                                 rules/sro.shtml). Copies of the
                                                accordingly believes that the proposed                    8 15  U.S.C. 78s(b)(3)(A).                            submission, all subsequent
                                                amendments to Rule 497 would                              9 17  CFR 240.19b–4(f)(6). As required under Rule     amendments, all written statements
sradovich on DSK3GMQ082PROD with NOTICES




                                                continue to eliminate any perception of                 19b–4(f)(6)(iii), the Exchange provided the
                                                                                                        Commission with written notice of its intent to file    with respect to the proposed rule
                                                a potential conflict of interest if an ICE              the proposed rule change, along with a brief            change that are filed with the
                                                                                                        description and the text of the proposed rule
                                                  5 See Securities Exchange Act Release No. 77639       change, at least five business days prior to the date      12 For purposes only of waiving the 30-day
                                                (April 18, 2016), 81 FR 23768 (April 22, 2016) (SR–     of filing of the proposed rule change, or such          operative delay, the Commission has also
                                                BatsBZX–2016–08).                                       shorter time as designated by the Commission.           considered the proposed rule’s impact on
                                                  6 15 U.S.C. 78f(b).                                     10 17 CFR 240.19b–4(f)(6).
                                                                                                                                                                efficiency, competition, and capital formation. See
                                                  7 15 U.S.C. 78f(b)(5).                                  11 17 CFR 240.19b–4(f)(6)(iii).                       15 U.S.C. 78c(f).



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                                                                              Federal Register / Vol. 81, No. 208 / Thursday, October 27, 2016 / Notices                                                 74849

                                                Commission, and all written                               AMT-Free Municipal Value Fund,                        NASDAQ 100 Dynamic Overwrite Fund,
                                                communications relating to the                            Nuveen AMT-Free Quality Municipal                     Nuveen New Jersey Dividend Advantage
                                                proposed rule change between the                          Income Fund, Nuveen Arizona Premium                   Municipal Fund, Nuveen New Jersey
                                                Commission and any person, other than                     Income Municipal Fund, Nuveen Build                   Municipal Value Fund, Nuveen New
                                                those that may be withheld from the                       America Bond Fund, Nuveen Build                       York AMT-Free Municipal Income
                                                public in accordance with the                             America Bond Opportunity Fund,                        Fund, Nuveen New York Dividend
                                                provisions of 5 U.S.C. 552, will be                       Nuveen California AMT-Free Municipal                  Advantage Municipal Fund, Nuveen
                                                available for Web site viewing and                        Income Fund, Nuveen California                        New York Municipal Value Fund 2,
                                                printing in the Commission’s Public                       Dividend Advantage Municipal Fund,                    Nuveen New York Municipal Value
                                                Reference Room, 100 F Street NE.,                         Nuveen California Dividend Advantage                  Fund, Inc., Nuveen New York Select
                                                Washington, DC 20549, on official                         Municipal Fund 2, Nuveen California                   Tax-Free Income Portfolio, Nuveen
                                                business days between the hours of                        Dividend Advantage Municipal Fund 3,                  North Carolina Premium Income
                                                10:00 a.m. and 3:00 p.m. Copies of the                    Nuveen California Municipal Value                     Municipal Fund, Nuveen Ohio Quality
                                                filing also will be available for                         Fund 2, Nuveen California Municipal                   Income Municipal Fund, Nuveen
                                                inspection and copying at the principal                   Value Fund, Inc., Nuveen California                   Pennsylvania Investment Quality
                                                office of the Exchange. All comments                      Select Tax-Free Income Portfolio,                     Municipal Fund, Nuveen Pennsylvania
                                                received will be posted without change;                   Nuveen Connecticut Premium Income                     Municipal Value Fund, Nuveen
                                                the Commission does not edit personal                     Municipal Fund, Nuveen Core Equity                    Preferred and Income Term Fund,
                                                identifying information from                              Alpha Fund, Nuveen Credit Strategies                  Nuveen Preferred Income Opportunities
                                                submissions. You should submit only                       Income Fund, Nuveen Diversified                       Fund, Nuveen Preferred Securities
                                                information that you wish to make                         Dividend and Income Fund, Nuveen                      Income Fund, Nuveen Quality
                                                available publicly. All submissions                       Dow 30SM Dynamic Overwrite Fund,                      Municipal Income Fund, Nuveen Real
                                                should refer to File Number SR–NYSE–                      Nuveen Energy MLP Total Return Fund,                  Asset Income and Growth Fund,
                                                2016–67, and should be submitted on or                    Nuveen Enhanced AMT-Free Municipal                    Nuveen Real Estate Income Fund,
                                                before November 17, 2016.                                 Credit Opportunities Fund, Nuveen                     Nuveen S&P 500 Buy-Write Income
                                                  For the Commission, by the Division of                  Enhanced Municipal Credit                             Fund, Nuveen S&P 500 Dynamic
                                                Trading and Markets, pursuant to delegated                Opportunities Fund, Nuveen Enhanced                   Overwrite Fund, Nuveen Select
                                                authority.13                                              Municipal Value Fund, Nuveen Flexible                 Maturities Municipal Fund, Nuveen
                                                Brent J. Fields,                                          Investment Income Fund, Nuveen                        Select Tax-Free Income Portfolio,
                                                Secretary.                                                Floating Rate Income Fund, Nuveen                     Nuveen Select Tax-Free Income
                                                [FR Doc. 2016–25937 Filed 10–26–16; 8:45 am]              Floating Rate Income Opportunity                      Portfolio 2, Nuveen Select Tax-Free
                                                                                                          Fund, Nuveen Georgia Dividend                         Income Portfolio 3, Nuveen Senior
                                                BILLING CODE 8011–01–P
                                                                                                          Advantage Municipal Fund 2, Nuveen                    Income Fund, Nuveen Short Duration
                                                                                                          Global High Income Fund, Nuveen                       Credit Opportunities Fund, Nuveen
                                                SECURITIES AND EXCHANGE                                   Global Equity Income Fund, Nuveen                     Strategy Funds, Inc., Nuveen Tax-
                                                COMMISSION                                                High Income 2020 Target Term Fund,                    Advantaged Dividend Growth Fund,
                                                                                                          Nuveen High Income December 2018                      Nuveen Tax-Advantaged Total Return
                                                [Investment Company Act Release No.                                                                             Strategy Fund, Nuveen Texas Quality
                                                                                                          Target Term Fund, Nuveen High Income
                                                32322; File No. 812–14619]                                                                                      Income Municipal Fund, Nuveen
                                                                                                          December 2019 Target Term Fund,
                                                                                                          Nuveen High Income November 2021                      Virginia Premium Income Municipal
                                                Nuveen Fund Advisors, LLC, et al.;
                                                                                                          Target Term Fund, Nuveen Intermediate                 Fund, Diversified Real Asset Income
                                                Notice of Application
                                                                                                          Duration Municipal Term Fund, Nuveen                  Fund, each an investment company
                                                October 21, 2016.                                         Intermediate Duration Quality                         organized as a business trust or a
                                                AGENCY:    Securities and Exchange                        Municipal Term Fund, Nuveen                           corporation under the laws of
                                                Commission (‘‘Commission’’).                              Investment Funds, Inc., Nuveen                        Massachusetts, Maryland or Minnesota
                                                ACTION: Notice of an application for an                   Investment Trust, Nuveen Investment                   and registered under the Act as an open-
                                                order pursuant to: (a) Section 6(c) of the                Trust II, Nuveen Investment Trust III,                end or closed-end management
                                                Investment Company Act of 1940                            Nuveen Investment Trust V, Nuveen                     investment company,1 and Nuveen
                                                (‘‘Act’’) granting an exemption from                      Managed Accounts Portfolios Trust,                    Fund Advisors, LLC (the ‘‘Adviser’’), a
                                                sections 18(f) and 21(b) of the Act; (b)                  Nuveen Maryland Premium Income                        Delaware limited liability company
                                                section 12(d)(1)(J) of the Act granting an                Municipal Fund, Nuveen Massachusetts                  registered as an investment adviser
                                                exemption from section 12(d)(1) of the                    Premium Income Municipal Fund,                        under the Investment Advisers Act of
                                                Act; (c) sections 6(c) and 17(b) of the                   Nuveen Michigan Quality Income                        1940.
                                                Act granting an exemption from sections                   Municipal Fund, Nuveen Minnesota                      FILING DATES: The application was filed
                                                17(a)(1), 17(a)(2) and 17(a)(3) of the Act;               Municipal Income Fund, Nuveen                         on February 23, 2016 and amended on
                                                and (d) section 17(d) of the Act and rule                 Missouri Premium Income Municipal                     July 1, 2016 and September 30, 2016.
                                                17d–1 under the Act to permit certain                     Fund, Nuveen Mortgage Opportunity                     HEARING OR NOTIFICATION OF HEARING:
                                                joint arrangements and transactions.                      Term Fund 2, Nuveen Mortgage                          An order granting the requested relief
                                                Applicants request an order that would                    Opportunity Term Fund, Nuveen Multi-                  will be issued unless the Commission
                                                permit certain registered open-end                        Market Income Fund, Nuveen Multistate                 orders a hearing. Interested persons may
                                                                                                          Trust I, Nuveen Multistate Trust II,
sradovich on DSK3GMQ082PROD with NOTICES




                                                management investment companies to                                                                              request a hearing by writing to the
                                                participate in a joint lending and                        Nuveen Multistate Trust III, Nuveen                   Commission’s Secretary and serving
                                                borrowing facility.                                       Multistate Trust IV, Nuveen Municipal
                                                                                                          2021 Target Term Fund, Nuveen                           1 The Funds (as defined below) that are closed-

                                                          Nuveen All Cap Energy
                                                APPLICANTS:                                               Municipal High Income Opportunity                     end management investment companies will not
                                                                                                                                                                participate as borrowers in the interfund lending
                                                MLP Opportunities Fund, Nuveen                            Fund, Nuveen Municipal Income Fund,                   facility. None of the Funds are, or will be, money
                                                                                                          Inc., Nuveen Municipal Trust, Nuveen                  market funds that comply with rule 2a–7 under the
                                                  13 17   CFR 200.30–3(a)(12).                            Municipal Value Fund, Inc., Nuveen                    Act.



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Document Created: 2016-10-27 01:52:57
Document Modified: 2016-10-27 01:52:57
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 74847 

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