82_FR_11992 82 FR 11955 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to the Listing and Trading of the Shares of the United States 3x Oil Fund and United States 3x Short Oil Fund Under NYSE Arca Equities Rule 8.200

82 FR 11955 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to the Listing and Trading of the Shares of the United States 3x Oil Fund and United States 3x Short Oil Fund Under NYSE Arca Equities Rule 8.200

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 37 (February 27, 2017)

Page Range11955-11956
FR Document2017-03798

Federal Register, Volume 82 Issue 37 (Monday, February 27, 2017) 
[Federal Register Volume 82, Number 37 (Monday, February 27, 2017)]
[Notices]
[Pages 11955-11956]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03798]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80079; File No. SR-NYSEArca-2016-173]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change Relating to the Listing and Trading of the Shares of the United 
States 3x Oil Fund and United States 3x Short Oil Fund Under NYSE Arca 
Equities Rule 8.200

February 22, 2017.
    On December 23, 2016, NYSE Arca, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade 
shares of the United States 3x Oil Fund and United States 3x Short Oil 
Fund under NYSE Arca Equities Rule 8.200, Commentary .02. The proposed 
rule change was published for comment in the Federal Register on 
January 11, 2017.\3\ The Commission received no comments on the 
proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79742 (January 5, 
2017), 82 FR 3366.
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    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.
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    \4\ 15 U.S.C. 78s(b)(2).
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    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

[[Page 11956]]

to Section 19(b)(2) of the Act,\5\ designates April 11, 2017 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-NYSEArca-2016-173).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-03798 Filed 2-24-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices 11955 of the purposes of the Act. The (A) By order approve or disapprove For the Commission, by the Division of Exchange believes the proposal adds the proposed rule change, or Trading and Markets, pursuant to delegated value to market making on the (B) institute proceedings to determine authority.29 Exchange. The Exchange does not whether the proposed rule change Eduardo A. Aleman, believe the proposal would impose a should be disapproved. Assistant Secretary. burden on competition among the IV. Solicitation of Comments [FR Doc. 2017–03728 Filed 2–24–17; 8:45 am] options exchanges because of vigorous BILLING CODE 8011–01–P competition for order flow among the Interested persons are invited to options exchanges. In this highly submit written data, views, and competitive market, market participants arguments concerning the foregoing, SECURITIES AND EXCHANGE can easily and readily direct order flow including whether the proposed rule COMMISSION to competing venues. The proposal does change is consistent with the Act. Comments may be submitted by any of [Release No. 34–80079; File No. SR– not impose an undue burden on NYSEArca–2016–173] intramarket competition because the the following methods: proposed change would apply to all Electronic Comments Self-Regulatory Organizations; NYSE Market Makers on the Exchange. The Arca, Inc.; Notice of Designation of a proposal is structured to offer the same • Use the Commission’s Internet comment form (http://www.sec.gov/ Longer Period for Commission Action enhancement to all Market Makers, on a Proposed Rule Change Relating regardless of size, and would not rules/sro.shtml); or • Send an email to rule-comments@ to the Listing and Trading of the impose a competitive burden on any Shares of the United States 3x Oil sec.gov. Please include File Number SR– participant. Fund and United States 3x Short Oil The proposed MMLO, which provides NYSEMKT–2017–08 on the subject line. Fund Under NYSE Arca Equities Rule Market Makers with enhanced Paper Comments 8.200 determinism over their quotes, may • Send paper comments in triplicate contribute to more aggressive quoting by to Brent J. Fields, Secretary, Securities February 22, 2017. Market Makers, resulting in more and Exchange Commission, 100 F Street On December 23, 2016, NYSE Arca, trading opportunities and tighter NE., Washington, DC 20549–1090. Inc. (‘‘Exchange’’) filed with the spreads. To the extent this purpose is Securities and Exchange Commission achieved, the MMLO would enhance All submissions should refer to File (‘‘Commission’’), pursuant to Section the market making function on the Number SR–NYSEMKT–2017–08. This 19(b)(1) of the Securities Exchange Act Exchange, which would improve overall file number should be included on the of 1934 (‘‘Act’’) 1 and Rule 19b–4 market quality and improve competition subject line if email is used. To help the thereunder,2 a proposed rule change to on the Exchange to the benefit of all Commission process and review your list and trade shares of the United States market participants. comments more efficiently, please use 3x Oil Fund and United States 3x Short The Exchange believes the proposal is only one method. The Commission will Oil Fund under NYSE Arca Equities pro-competitive because when an post all comments on the Commission’s Rule 8.200, Commentary .02. The exchange offers enhanced functionality Internet Web site (http://www.sec.gov/ proposed rule change was published for that distinguishes it from other rules/sro.shtml). Copies of the comment in the Federal Register on exchanges and participants find it submission, all subsequent January 11, 2017.3 The Commission useful, it has been the Exchange’s amendments, all written statements received no comments on the proposed experience that competing exchanges with respect to the proposed rule rule change. will move to adopt similar functionality. change that are filed with the Section 19(b)(2) of the Act 4 provides Thus, the Exchange believes that this Commission, and all written that, within 45 days of the publication type of competition amongst exchanges communications relating to the of notice of the filing of a proposed rule is beneficial to the market place as a proposed rule change between the change, or within such longer period up whole as it can result in enhanced Commission and any person, other than to 90 days as the Commission may processes, functionality, and those that may be withheld from the designate if it finds such longer period technologies. public in accordance with the to be appropriate and publishes its provisions of 5 U.S.C. 552, will be C. Self-Regulatory Organization’s reasons for so finding or as to which the available for Web site viewing and Statement on Comments on the self-regulatory organization consents, printing in the Commission’s Public Proposed Rule Change Received From the Commission shall either approve the Reference Room, 100 F Street NE., Members, Participants, or Others proposed rule change, disapprove the Washington, DC 20549, on official proposed rule change, or institute No written comments were solicited business days between the hours of proceedings to determine whether the or received with respect to the proposed 10:00 a.m. and 3:00 p.m. Copies of the proposed rule change should be rule change. filing also will be available for disapproved. The Commission is inspection and copying at the principal III. Date of Effectiveness of the extending this 45-day time period. office of the Exchange. All comments Proposed Rule Change and Timing for The Commission finds it appropriate received will be posted without change; Commission Action to designate a longer period within the Commission does not edit personal Within 45 days of the date of which to take action on the proposed identifying information from publication of this notice in the Federal rule change so that it has sufficient time submissions. You should submit only mstockstill on DSK3G9T082PROD with NOTICES Register or such longer period up to 90 to consider the proposed rule change. information that you wish to make days (i) as the Commission may Accordingly, the Commission, pursuant available publicly. All submissions designate if it finds such longer period should refer to File Number SR– 1 15 U.S.C. 78s(b)(1). to be appropriate and publishes its NYSEMKT–2017–08 and should be 2 17 CFR 240.19b–4. reasons for so finding or (ii) as to which submitted on or before March 20,2017. 3 See Securities Exchange Act Release No. 79742 the self-regulatory organization (January 5, 2017), 82 FR 3366. consents, the Commission will: 29 17 CFR 200.30–3(a)(12). 4 15 U.S.C. 78s(b)(2). VerDate Sep<11>2014 20:23 Feb 24, 2017 Jkt 241001 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 E:\FR\FM\27FEN1.SGM 27FEN1

11956 Federal Register / Vol. 82, No. 37 / Monday, February 27, 2017 / Notices to Section 19(b)(2) of the Act,5 Unit size to investors participating in a exchange traded funds (‘‘ETFs’’).1 Fund designates April 11, 2017 as the date by distribution reinvestment program. shares will be purchased and redeemed which the Commission should either at their NAV in Creation Units (other approve or disapprove, or institute APPLICANTS: Morgan Stanley ETF Trust than pursuant to a distribution proceedings to determine whether to (the ‘‘Trust’’), a Delaware statutory trust, reinvestment program), as described in disapprove, the proposed rule change which will register under the Act as an the application. All orders to purchase (File No. SR–NYSEArca–2016–173). open-end management investment Creation Units and all redemption company with multiple series, Morgan requests will be placed by or through an For the Commission, by the Division of Trading and Markets, pursuant to delegated Stanley Investment Management Inc. ‘‘Authorized Participant’’, which will authority.6 (the ‘‘Initial Adviser’’), a Delaware have signed a participant agreement Eduardo A. Aleman, corporation registered as an investment with the Distributor. Shares will be adviser under the Investment Advisers listed and traded individually on a Assistant Secretary. Act of 1940, and Morgan Stanley national securities exchange, where [FR Doc. 2017–03798 Filed 2–24–17; 8:45 am] Distribution, Inc. (the ‘‘Distributor’’), a share prices will be based on the current BILLING CODE 8011–01–P Pennsylvania corporation and broker- bid/offer market. Certain Funds may dealer registered under the Securities operate as Feeder Funds in a master- Exchange Act of 1934 (‘‘Exchange Act’’). feeder structure. Any order granting the SECURITIES AND EXCHANGE FILING DATES: The application was filed requested relief would be subject to the COMMISSION on June 3, 2016 and amended on terms and conditions stated in the [Investment Company Act Release No. IC– November 7, 2016. application. 32484; 812–14656] HEARING OR NOTIFICATION OF HEARING: An 2. Each Fund will hold investment order granting the requested relief will positions selected to correspond closely Morgan Stanley ETF Trust, et al.; to the performance of an Underlying Notice of Application be issued unless the Commission orders a hearing. Interested persons may Index. In the case of Self-Indexing February 21, 2017. request a hearing by writing to the Funds, an affiliated person, as defined Commission’s Secretary and serving in section 2(a)(3) of the Act (‘‘Affiliated AGENCY: Securities and Exchange applicants with a copy of the request, Person’’), or an affiliated person of an Commission (‘‘Commission’’). personally or by mail. Hearing requests Affiliated Person (‘‘Second-Tier ACTION: Notice of an application for an Affiliate’’), of the Trust or a Fund, of the order under section 6(c) of the should be received by the Commission by 5:30 p.m. on March 20, 2017, and Adviser, of any sub-adviser to or Investment Company Act of 1940 (the promoter of a Fund, or of the Distributor ‘‘Act’’) for an exemption from sections should be accompanied by proof of service on applicants, in the form of an will compile, create, sponsor or 2(a)(32), 5(a)(1), 22(d), and 22(e) of the maintain the Underlying Index.2 Act and rule 22c-1 under the Act, under affidavit, or for lawyers, a certificate of 3. Shares will be purchased and sections 6(c) and 17(b) of the Act for an service. Pursuant to rule 0–5 under the redeemed in Creation Units and exemption from sections 17(a)(1) and Act, hearing requests should state the generally on an in-kind basis, or issued 17(a)(2) of the Act, and under section nature of the writer’s interest, any facts in less than Creation Unit size to 12(d)(1)(J) for an exemption from bearing upon the desirability of a investors participating in a distribution sections 12(d)(1)(A) and 12(d)(1)(B) of hearing on the matter, the reason for the reinvestment program. Except where the the Act. The requested order would request, and the issues contested. purchase or redemption will include permit (a) index-based series of certain Persons who wish to be notified of a cash under the limited circumstances open-end management investment hearing may request notification by specified in the application, purchasers companies (‘‘Funds’’) to issue shares writing to the Commission’s Secretary. will be required to purchase Creation redeemable in large aggregations ADDRESSES: Brent J. Fields, Secretary, Units by depositing specified (‘‘Creation Units’’); (b) secondary market Securities and Exchange Commission, instruments (‘‘Deposit Instruments’’), transactions in Fund shares to occur at 100 F Street NE., Washington, DC and shareholders redeeming their shares negotiated market prices rather than at 20549–1090; Applicants: Morgan will receive specified instruments net asset value (‘‘NAV’’); (c) certain Stanley Investment Management Inc., (‘‘Redemption Instruments’’). The Funds to pay redemption proceeds, 522 Fifth Avenue, New York, New York Deposit Instruments and the under certain circumstances, more than 10036. Redemption Instruments will each seven days after the tender of shares for FOR FURTHER INFORMATION CONTACT: Erin redemption; (d) certain affiliated C. Loomis, Senior Counsel, at (202) 551– 1 Applicants request that the order apply to the persons of a Fund to deposit securities 6721, or Parisa Haghshenas, Branch initial fund and any additional series of the Trust, and any other existing or future open-end into, and receive securities from, the Chief at (202) 551–6723 (Division of management investment company or existing or Fund in connection with the purchase Investment Management, Chief future series thereof (each, included in the term and redemption of Creation Units; (e) Counsel’s Office). ‘‘Fund’’), each of which will operate as an ETF and certain registered management SUPPLEMENTARY INFORMATION: The will track a specified index comprised of domestic and/or foreign equity securities and/or domestic investment companies and unit following is a summary of the and/or foreign fixed income securities (each, an investment trusts outside of the same application. The complete application ‘‘Underlying Index’’). Any Fund will (a) be advised group of investment companies as the may be obtained via the Commission’s by the Initial Adviser or an entity controlling, Funds (‘‘Funds of Funds’’) to acquire Web site by searching for the file controlled by, or under common control with the Initial Adviser (each, an ‘‘Adviser’’) and (b) comply mstockstill on DSK3G9T082PROD with NOTICES shares of the Funds; (f) certain Funds number, or for an applicant using the with the terms and conditions of the application. (‘‘Feeder Funds’’) to create and redeem Company name box, at http:// 2 Each Self-Indexing Fund will post on its Web Creation Units in-kind in a master- www.sec.gov/search/search.htm or by site the identities and quantities of the investment feeder structure; and (g) certain Funds calling (202) 551–8090. positions that will form the basis for the Fund’s calculation of its NAV at the end of the day. to issue Shares in less than Creation Summary of the Application Applicants believe that requiring Self-Indexing Funds to maintain full portfolio transparency will 5 15 U.S.C. 78s(b)(2). 1. Applicants request an order that help address, together with other protections, 6 17 CFR 200.30–3(a)(31). would allow Funds to operate as index conflicts of interest with respect to such Funds. VerDate Sep<11>2014 20:23 Feb 24, 2017 Jkt 241001 PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 E:\FR\FM\27FEN1.SGM 27FEN1


Document Created: 2017-02-25 01:05:21
Document Modified: 2017-02-25 01:05:21
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 Citation82 FR 11955 
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