81_FR_86990 81 FR 86759 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend the Continued Listing Requirements for Exchange-Traded Products

81 FR 86759 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend the Continued Listing Requirements for Exchange-Traded Products

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 231 (December 1, 2016)

Page Range86759-86760
FR Document2016-28826

Federal Register, Volume 81 Issue 231 (Thursday, December 1, 2016) 
[Federal Register Volume 81, Number 231 (Thursday, December 1, 2016)]
[Notices]
[Pages 86759-86760]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28826]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79399; File No. SR-NASDAQ-2016-135]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change To Amend the Continued Listing Requirements for 
Exchange-Traded Products

November 25, 2016.
    On September 30, 2016, The NASDAQ Stock Market LLC (``Nasdaq'') 
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 
amend: (a) The continued listing requirements for exchange-traded 
products in the Nasdaq Rule 5700 Series; and (b) certain requirements 
under Nasdaq Rule 5810 (Notification of Deficiency by the Listing 
Qualifications Department). The proposed rule change was published for 
comment in the Federal Register on October 17, 2016.\3\ The Commission 
received no comment letters 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. 79081 (October 11, 
2016), 81 FR 71548.

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

[[Page 86760]]

    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 
45th day after publication of the notice for this proposed rule change 
is December 1, 2016. The Commission is extending this 45-day time 
period.
---------------------------------------------------------------------------

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

    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. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates January 15, 2017, as the date by which the 
Commission shall either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change (File 
Number SR-NASDAQ-2016-135).
---------------------------------------------------------------------------

    \5\ Id.
    \6\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Brent J. Fields,
Secretary.
[FR Doc. 2016-28826 Filed 11-30-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 231 / Thursday, December 1, 2016 / Notices 86759 proposed new products on the C. Self-Regulatory Organization’s public in accordance with the Exchange, just as they are currently Statement on Comments on the provisions of 5 U.S.C. 552, will be traded on other exchanges. The Proposed Rule Change Received from available for Web site viewing and proposed changes do nothing more than Members, Participants, or Others printing in the Commission’s Public match Exchange rules with what is No written comments were solicited Reference Room, 100 F Street NE., currently available on other exchanges. or received with respect to the proposed Washington, DC 20549 on official The Exchange believes that by rule change. business days between the hours of conforming its rules and allowing 10:00 a.m. and 3:00 p.m. Copies of the trading opportunities on the Exchange III. Date of Effectiveness of the filing also will be available for that are already allowed by rule on Proposed Rule Change and Timing for inspection and copying at the principal another market, the proposal would Commission Action office of the Exchange. All comments offer another venue for trading Within 45 days of the date of received will be posted without change; Exchange Traded Products and thereby publication of this notice in the Federal the Commission does not edit personal promote broader competition among Register or up to 90 days (i) as the identifying information from exchanges. The Exchange believes that Commission may designate if it finds submissions. You should submit only individuals and entities permitted to such longer period to be appropriate information that you wish to make make markets on the Exchange in the and publishes its reasons for so finding available publicly. All submissions proposed new products should enhance or (ii) as to which the self-regulatory should refer to File Number SR– competition within the mechanism of a organization consents, the Commission NYSEMKT–2016–103 and should be free and open market and a national will: submitted on or before December 22, market system, and customers and other (A) By order approve or disapprove 2016. investors in the national market system the proposed rule change, or For the Commission, by the Division of should benefit from more depth and (B) institute proceedings to determine Trading and Markets, pursuant to delegated liquidity in the market for the proposed whether the proposed rule change authority.80 new products. should be disapproved. Brent J. Fields, The proposed change is not designed Secretary. IV. Solicitation of Comments to address any competitive issue, but [FR Doc. 2016–28827 Filed 11–30–16; 8:45 am] rather to adopt new rules that are word- Interested persons are invited to BILLING CODE 8011–01–P for-word identical to the rules of NYSE submit written data, views, and Arca (other than with respects[sic] to arguments concerning the foregoing, certain non-substantive and technical including whether the proposed rule SECURITIES AND EXCHANGE amendments described above), to change is consistent with the Act. COMMISSION support the Exchange’s new Pillar Comments may be submitted by any of trading platform. As discussed in detail the following methods: [Release No. 34–79399; File No. SR– NASDAQ–2016–135] above, with this rule filing, the Electronic Comments Exchange is not proposing to change its • Use the Commission’s Internet Self-Regulatory Organizations; The core functionality, but rather to adopt a comment form (http://www.sec.gov/ NASDAQ Stock Market LLC; Notice of rule numbering framework and rules rules/sro.shtml); or Designation of a Longer Period for based on the rules of NYSE Arca. The • Send an email to rule-comments@ Commission Action on a Proposed Exchange believes that the proposed sec.gov. Please include File Number SR– Rule Change To Amend the Continued rule change would promote consistent NYSEMKT–2016–103 on the subject Listing Requirements for Exchange- use of terminology to support the Pillar line. Traded Products trading platform on both the Exchange and its affiliate, NYSE Arca, thus Paper Comments November 25, 2016. making the Exchange’s rules easier to • Send paper comments in triplicate On September 30, 2016, The navigate. to Brent J. Fields, Secretary, Securities NASDAQ Stock Market LLC (‘‘Nasdaq’’) and Exchange Commission, 100 F Street filed with the Securities and Exchange B. Self-Regulatory Organization’s Commission (‘‘Commission’’), pursuant Statement on Burden on Competition NE., Washington, DC 20549–1090. to Section 19(b)(1) of the Securities All submissions should refer to File Exchange Act of 1934 (‘‘Act’’) 1 and Rule The Exchange does not believe that Number SR–NYSEMKT–2016–103. This 19b–4 thereunder,2 a proposed rule the proposed rule change will impose file number should be included on the change to amend: (a) The continued any burden on competition that is not subject line if email is used. To help the listing requirements for exchange-traded necessary or appropriate in furtherance Commission process and review your products in the Nasdaq Rule 5700 of the purposes of the Act. To the comments more efficiently, please use Series; and (b) certain requirements contrary, the current variances between only one method. The Commission will under Nasdaq Rule 5810 (Notification of the Exchange’s rules for the trading post all comments on the Commission’s Deficiency by the Listing Qualifications pursuant to UTP and the rules of other Internet Web site (http://www.sec.gov/ Department). The proposed rule change exchanges limit competition in that rules/sro.shtml). Copies of the was published for comment in the there are certain products that the submission, all subsequent Federal Register on October 17, 2016.3 Exchange cannot trade pursuant to UTP, amendments, all written statements jstallworth on DSK7TPTVN1PROD with NOTICES The Commission received no comment while other exchanges can trade such with respect to the proposed rule letters on the proposed rule change. products. Thus, approval of the change that are filed with the proposed rule change will promote Commission, and all written 80 17 CFR 200.30–3(a)(12). competition because it will allow the communications relating to the 1 15 U.S.C. 78s(b)(1). Exchange to compete with other proposed rule change between the 2 17 CFR 240.19b–4. national securities exchanges for the Commission and any person, other than 3 See Securities Exchange Act Release No. 79081 trading of securities pursuant to UTP. those that may be withheld from the (October 11, 2016), 81 FR 71548. VerDate Sep<11>2014 15:02 Nov 30, 2016 Jkt 241001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\01DEN1.SGM 01DEN1

86760 Federal Register / Vol. 81, No. 231 / Thursday, December 1, 2016 / Notices Section 19(b)(2) of the Act 4 provides thereunder,2 a proposed rule change to The investment adviser to the Fund that, within 45 days of the publication list and trade shares (‘‘Shares’’) of the will be Virtus ETF Advisers LLC of notice of the filing of a proposed rule Virtus Enhanced U.S. Equity ETF (‘‘Adviser’’). ETF Distributors LLC will change, or within such longer period up (‘‘Fund’’), a series of Virtus ETF Trust II serve as the distributor (‘‘Distributor’’) to 90 days as the Commission may (‘‘Trust’’), under Commentary .01 to of Fund shares on an agency basis. The designate if it finds such longer period NYSE Arca Equities Rule 5.2(j)(3) Bank of New York Mellon to be appropriate and publishes its (‘‘Investment Company Units’’). The (‘‘Administrator’’) will be the reasons for so finding or as to which the proposed rule change was published for administrator, custodian and transfer self-regulatory organization consents, comment in the Federal Register on agent for the Fund. the Commission shall either approve the October 20, 2016.3 The Commission A. The Fund’s Principal Investments proposed rule change, disapprove the received no comments on the proposed proposed rule change, or institute rule change. This order approves the According to the Exchange, the proceedings to determine whether the proposed rule change. Fund’s investment objective is to seek proposed rule change should be investment results that, before fees and II. Exchange’s Description of the expenses, closely correspond to the disapproved. The 45th day after Proposal 4 price and yield performance of the publication of the notice for this proposed rule change is December 1, The Exchange proposes to list and Rampart Enhanced U.S. Equity Index 2016. The Commission is extending this trade Shares of the Fund under (‘‘Index’’).7 Under normal market 45-day time period. Commentary .01 to NYSE Arca Equities conditions,8 the Fund will invest not The Commission finds that it is Rule 5.2(j)(3), which governs the listing less than 80% of its total assets in appropriate to designate a longer period and trading of Investment Company component securities of the Index. within which to take action on the Units on the Exchange. The Exchange Additionally, under normal market proposed rule change so that it has represents that it has submitted the conditions, the Fund will invest not less sufficient time to consider the proposed proposed rule change because the than 80% of its total assets in U.S. rule change. Accordingly, the underlying index of the Fund does not exchange-traded common stocks. The Commission, pursuant to Section meet all of the generic listing Fund will also seek to generate 19(b)(2) of the Act,5 designates January requirements of Commentary .01(a)(A) additional income by writing SPX call 15, 2017, as the date by which the to NYSE Arca Equities Rule 5.2(j)(3), options and will seek additional capital Commission shall either approve or applicable to the listing of Investment appreciation by purchasing SPX call disapprove or institute proceedings to options. Company Units based upon an index of determine whether to disapprove the ‘‘US Component Stocks.’’ Specifically, B. The Fund’s Non-Principal proposed rule change (File Number SR– as discussed in the Notice,5 options on Investments NASDAQ–2016–135). the S&P 500 index may be Index While the Fund, under normal market For the Commission, by the Division of components. Consequently, the Index is conditions will invest at least 80% of its Trading and Markets, pursuant to delegated not composed entirely of US net assets in the securities and financial authority.6 Component Stocks, and therefore the instruments described above, the Fund Brent J. Fields, Shares do not satisfy the requirements may invest its remaining assets in the Secretary. for generic listing under Commentary securities and financial instruments [FR Doc. 2016–28826 Filed 11–30–16; 8:45 am] .01(a)(A) to NYSE Arca Equities Rule described below. BILLING CODE 8011–01–P 5.2(j)(3). The Fund may invest in short-term, The Fund will be an index-based high quality securities issued or exchange traded fund (‘‘ETF’’). The guaranteed by the U.S. government (in SECURITIES AND EXCHANGE Shares will be offered by the Trust, addition to U.S. Treasury securities) and COMMISSION which is registered with the non-U.S. governments, and each of their [Release No. 34–79402; File No. SR– Commission as an investment company agencies and instrumentalities; debt NYSEArca–2016–131] and has filed a registration statement on securities issued by U.S. government Form N–1A (the ‘‘Registration sponsored enterprises; repurchase Self-Regulatory Organizations; NYSE Statement’’) with the Commission on Arca, Inc.; Order Approving a behalf of the Fund.6 Company Act Release No. 30825 (December 11, Proposed Rule Change Relating To 2013) (File No. 812–14212). 7 According to the Exchange, the Index was 2 17 CFR 240.19b–4. Listing and Trading of Shares of the developed by Rampart Investment Management 3 See Securities Exchange Act Release No. 79101 Virtus Enhanced U.S. Equity ETF Company, LLC (‘‘Index Provider’’), and is (October 14, 2016), 81 FR 72630 (‘‘Notice’’). Under Commentary .01 to NYSE Arca 4 The Commission notes that additional calculated and maintained by NYSE Global Index Equities Rule 5.2(j)(3) Group (‘‘Index Calculation Agent’’). The Index information regarding the Fund, the Trust, and the Provider is affiliated with the Adviser and the Shares, including investment strategies, risks, Distributor. The Index Calculation Agent is not November 25, 2016. creation and redemption procedures, fees, portfolio affiliated with the Adviser, Distributor, holdings disclosure policies, calculation of net asset Administrator, or the Trust. I. Introduction value (‘‘NAV’’), distributions, and taxes, among 8 The term ‘‘normal market conditions’’ is defined On October 3, 2016, NYSE Arca, Inc. other things, can be found in the Notice, and the in NYSE Arca Equities Rule 8.600(c)(5). On a Registration Statement, as applicable. See Notice, (‘‘Exchange’’) filed with the Securities supra note 3, and Registration Statement, infra temporary basis, including for defensive purposes, and Exchange Commission during the initial invest-up period and during note 6. periods of high cash inflows or outflows, the Fund jstallworth on DSK7TPTVN1PROD with NOTICES (‘‘Commission’’), pursuant to Section 5 See Notice, supra note 3, 81 FR at 72631. may depart from its principal investment strategies; 19(b)(1) of the Securities Exchange Act 6 The Exchange represents that, on September 1, for example, it may hold a higher than normal of 1934 (‘‘Act’’) 1 and Rule 19b–4 2016, the Trust filed a Registration Statement on proportion of its assets in cash. During such Form N–1A under the Securities and Exchange Act periods, the Fund may not be able to achieve its 4 15 of 1933 and the Investment Company Act of 1940 investment objectives. The Fund may adopt a U.S.C. 78s(b)(2). (‘‘1940 Act’’) (File Nos. 333–206600 and 811– defensive strategy when the Adviser believes 5 Id. 23078). According to the Exchange, the Trust has securities in which the Fund normally invests have 6 17 CFR 200.30–3(a)(31). obtained certain exemptive relief from the elevated risks due to political or economic factors 1 15 U.S.C. 78s(b)(1). Commission under the 1940 Act. See Investment and in other extraordinary circumstances. VerDate Sep<11>2014 15:02 Nov 30, 2016 Jkt 241001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 E:\FR\FM\01DEN1.SGM 01DEN1


Document Created: 2018-02-14 09:00:55
Document Modified: 2018-02-14 09:00:55
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 86759 
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR