82_FR_12290 82 FR 12251 - Self-Regulatory Organizations; NYSE MKT LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Allowing the Exchange To Trade, Pursuant to Unlisted Trading Privileges, Any NMS Stock Listed on Another National Securities Exchange; Establishing Rules for the Trading Pursuant to UTP of Exchange-Traded Products; and Adopting New Equity Trading Rules Relating to Trading Halts of Securities Traded Pursuant to UTP on the Pillar Platform

82 FR 12251 - Self-Regulatory Organizations; NYSE MKT LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Allowing the Exchange To Trade, Pursuant to Unlisted Trading Privileges, Any NMS Stock Listed on Another National Securities Exchange; Establishing Rules for the Trading Pursuant to UTP of Exchange-Traded Products; and Adopting New Equity Trading Rules Relating to Trading Halts of Securities Traded Pursuant to UTP on the Pillar Platform

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 39 (March 1, 2017)

Page Range12251-12252
FR Document2017-03981

Federal Register, Volume 82 Issue 39 (Wednesday, March 1, 2017) 
[Federal Register Volume 82, Number 39 (Wednesday, March 1, 2017)]
[Notices]
[Pages 12251-12252]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03981]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80097; File No. SR-NYSEMKT-2016-103]


Self-Regulatory Organizations; NYSE MKT LLC; Order Instituting 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change Allowing the Exchange To Trade, Pursuant to Unlisted 
Trading Privileges, Any NMS Stock Listed on Another National Securities 
Exchange; Establishing Rules for the Trading Pursuant to UTP of 
Exchange-Traded Products; and Adopting New Equity Trading Rules 
Relating to Trading Halts of Securities Traded Pursuant to UTP on the 
Pillar Platform

February 24, 2017.
    On November 17, 2016, NYSE MKT LLC (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'' or 
``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to (1) allow the Exchange to trade, pursuant to unlisted trading 
privileges (``UTP''), any NMS Stock listed on another national 
securities exchange; (2) establish rules for the trading pursuant to 
UTP of exchange-traded products (``ETPs'' or ``Exchange-Traded 
Products''); and (3) adopt new equity trading rules relating to trading 
halts of securities traded pursuant to UTP on the Exchange's Pillar 
trading platform. The proposed rule change was published for comment in 
the Federal Register on December 1, 2016.\3\
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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. 79400 (Nov. 25, 
2016), 81 FR 86750 (Dec. 1, 2016) (``Notice'').
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    On January 4, 2017, pursuant to Section 19(b)(2) of the Act,\4\ the 
Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\5\ The Commission has received no comments on the proposed 
rule change.
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 79738, 82 FR 3068 
(Jan. 10, 2017). The Commission designated March 1, 2017, as the 
date by which it should approve, disapprove, or institute 
proceedings to determine whether to approve or disapprove the 
proposed rule change.
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    This order institutes proceedings under Section 19(b)(2)(B) of the 
Act \6\ to determine whether to approve or disapprove the proposed rule 
change.
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    \6\ 15 U.S.C. 78s(b)(2)(B).
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I. Summary of the Proposed Rule Change

    The Exchange states that it does not currently trade any securities 
on a UTP basis. The Exchange proposes new rules to trade all Tape A and 
Tape C symbols, on a UTP basis, on its new trading platform, Pillar.\7\ 
In addition, the Exchange proposes to adopt rules for the trading of 
the following types of Exchange-Traded Products: \8\ Equity Linked 
Notes; Investment Company Units; Index-Linked Exchangeable Notes; 
Equity Gold Shares; Equity Index-Linked Securities; Commodity-Linked 
Securities; Currency-Linked Securities; Fixed-Income Index-Linked 
Securities; Futures-Linked Securities; Multifactor-Index-Linked 
Securities; Trust Certificates; Currency and Index Warrants; Portfolio 
Depositary Receipts; Trust Issued Receipts; Commodity-Based Trust 
Shares; Currency Trust Shares; Commodity Index Trust Shares; Commodity 
Futures Trust Shares; Partnership Units; Paired Trust Shares; Trust 
Units; Managed Fund Shares; and Managed Trust Securities.\9\
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    \7\ According to the Exchange, on January 29, 2015, the Exchange 
announced the implementation of Pillar, which is an integrated 
trading technology platform designed to use a single specification 
for connecting to the equities and options markets operated by the 
Exchange and its affiliates, NYSE Arca, Inc. (``NYSE Arca'') and New 
York Stock Exchange LLC. See Trader Update dated January 29, 2015, 
available at https://www.nyse.com/publicdocs/nyse/markets/nyse/Pillar_Trader_Update_Jan_2015.pdf.
    \8\ The Exchange is proposing to define the term ``Exchange 
Traded Product'' to mean a security that meets the definition of 
``derivative securities product'' in Rule 19b-4(e) under the 
Exchange Act. This proposed definition is identical to the 
definition of ``Derivatives Securities Product'' in NYSE Arca 
Equities Rule 1.1(bbb).
    \9\ See Notice, supra note 3.
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    The Exchange represents that the proposed rules for these ETPs are 
substantially identical (other than with respect to certain non-
substantive and technical amendments) to the rules of the NYSE Arca 
Equities exchange for the qualification, listing, and trading of these 
ETPs.\10\
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    \10\ See Notice, supra note 3, at 86750, n.6 (citing NYSE Arca 
Equities Rules 5 (Listings) and 8 (Trading of Certain Equities 
Derivatives)).
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    According to the Exchange, it will trade securities pursuant to UTP 
only on its Pillar platform, not on its current trading platform. 
Further, the Exchange states that it does not at this time intend to 
list ETPs pursuant to the proposed rules. The Exchange does not propose 
to change any of the current rules of the Exchange pertaining to the 
listing and trading of ETPs in the NYSE MKT Company Guide or in its 
other rules.

[[Page 12252]]

II. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEMKT-2016-103 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section 
19(b)(2)(B) of the Act \11\ to determine whether the proposed rule 
change should be approved or disapproved. Institution of such 
proceedings is appropriate at this time in view of the legal and policy 
issues raised by the proposed rule change. Institution of proceedings 
does not indicate that the Commission has reached any conclusions with 
respect to any of the issues involved. Rather, as described below, the 
Commission seeks and encourages interested persons to provide comments 
on the proposed rule change.
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    \11\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\12\ the Commission is 
providing notice of the grounds for disapproval under consideration. 
The Commission is instituting proceedings to allow for additional 
analysis of the proposed rule change's consistency with Section 6(b)(5) 
of the Act, which requires, among other things, that the rules of a 
national securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade,'' and ``to protect investors and the public 
interest.'' \13\
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    \12\ Id.
    \13\ 15 U.S.C. 78f(b)(5).
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III. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written 
submissions of their views, data, and arguments with respect to the 
issues identified above, as well as any other concerns they may have 
with the proposal. In particular, the Commission invites the written 
views of interested persons concerning whether the proposal is 
consistent with Section 6(b)(5) or any other provision of the Act, or 
the rules and regulations thereunder. Although there do not appear to 
be any issues relevant to approval or disapproval that would be 
facilitated by an oral presentation of views, data, or arguments, the 
Commission will consider, pursuant to Rule 19b-4, any request for an 
opportunity to make an oral presentation.\14\
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    \14\ Section 19(b)(2) of the Act, as amended by the Securities 
Act Amendments of 1975, Pub. L. 94-29 (June 4, 1975), grants the 
Commission flexibility to determine what type of proceeding--either 
oral or notice and opportunity for written comments--is appropriate 
for consideration of a particular proposal by a self-regulatory 
organization. See Securities Act Amendments of 1975, Senate Comm. on 
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st 
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and 
arguments regarding whether the proposal should be approved or 
disapproved by March 22, 2017. Any person who wishes to file a rebuttal 
to any other person's submission must file that rebuttal by April 5, 
2017. The Commission asks that commenters address the sufficiency of 
the Exchange's statements in support of the proposal, which are set 
forth in the Notice,\15\ in addition to any other comments they may 
wish to submit about the proposed rule change.
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    \15\ See Notice, supra note 3.
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    In particular, the Commission seeks comment on whether the proposed 
rules regarding ETPs, which would not expressly apply on a continuing 
basis, are consistent with the Act.\16\
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    \16\ The Commission has recently approved an exchange proposal 
to amend its listing standards to specify continued listing 
requirements for ETPs, to add issuer-notification requirements 
related to failures to comply with the continued listing 
requirements, and to incorporate specific delisting procedures for 
ETPs. See Securities Exchange Act Release No. 79784 (Jan. 12, 2017), 
82 FR 6664 (Jan. 19, 2017) (SR-NASDAQ-2016-135). In addition, the 
Commission's orders approving the generic listing and trading of 
actively managed ETFs relied upon, among other things, the listing 
exchanges' representations that the listing criteria would apply on 
a continuing basis. See, e.g., Securities Exchange Act Releases No. 
78396 (July 22, 2016), 81 FR 49698, 49701 (July 28, 2016) (File No. 
SR-BATS-2015-100); No. 78397 (July 22, 2016), 81 FR 49320, 49324 
(July 27, 2016) (File No. SR-NYSEArca-2015-110); and No. 78918 
(Sept. 23, 2016), 81 FR 67033, 67035 (Sept. 29, 2016) (File No. SR-
NASDAQ-2016-104). Recent Commission orders approving the listing and 
trading of individual ETPs have similarly relied upon 
representations by the listing exchange that all statements and 
representations made regarding (a) the description of the portfolio, 
(b) limitations on portfolio holdings or reference assets, or (c) 
the applicability of exchange rules and surveillance procedures 
shall constitute continued listing requirements. See, e.g., 
Securities Exchange Act Release No. 77920 (May 25, 2016), 81 FR 
35086, 35090 (June 1, 2016) (SR-NYSEArca-2016-46; approving listing 
and trading of shares of the AdvisorShares Cornerstone Small Cap 
ETF); No. 78847 (Sept. 15, 2016), 81 FR 64560, 64562 (Sept. 20, 
2016) (File No. SR-BATS-2016-34; approving listing and trading of 
shares of the ProShares Crude Oil Strategy ETF).
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    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-NYSEMKT-2016-103 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-NYSEMKT-2016-103. 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 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 these filings 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-NYSEMKT-2016-103 and should 
be submitted on or before March 22, 2017. Rebuttal comments should be 
submitted by April 5, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
Robert W. Errett,
Deputy Secretary.
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    \17\ 17 CFR 200.30-3(a)(57).
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[FR Doc. 2017-03981 Filed 2-28-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices 12251 Commission process and review your SECURITIES AND EXCHANGE I. Summary of the Proposed Rule comments more efficiently, please use COMMISSION Change only one method. The Commission will post all comments on the Commission’s [Release No. 34–80097; File No. SR– The Exchange states that it does not NYSEMKT–2016–103] currently trade any securities on a UTP Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the basis. The Exchange proposes new rules Self-Regulatory Organizations; NYSE to trade all Tape A and Tape C symbols, submission, all subsequent MKT LLC; Order Instituting on a UTP basis, on its new trading amendments, all written statements Proceedings To Determine Whether To platform, Pillar.7 In addition, the with respect to the proposed rule Approve or Disapprove a Proposed Exchange proposes to adopt rules for the change that are filed with the Rule Change Allowing the Exchange trading of the following types of Commission, and all written To Trade, Pursuant to Unlisted Trading Exchange-Traded Products: 8 Equity communications relating to the Privileges, Any NMS Stock Listed on Linked Notes; Investment Company proposed rule change between the Another National Securities Exchange; Units; Index-Linked Exchangeable Commission and any person, other than Establishing Rules for the Trading Pursuant to UTP of Exchange-Traded Notes; Equity Gold Shares; Equity those that may be withheld from the Index-Linked Securities; Commodity- public in accordance with the Products; and Adopting New Equity Trading Rules Relating to Trading Linked Securities; Currency-Linked provisions of 5 U.S.C. 552, will be Securities; Fixed-Income Index-Linked available for Web site viewing and Halts of Securities Traded Pursuant to UTP on the Pillar Platform Securities; Futures-Linked Securities; printing in the Commission’s Public Multifactor-Index-Linked Securities; Reference Room, 100 F Street NE., February 24, 2017. Trust Certificates; Currency and Index Washington, DC 20549, on official On November 17, 2016, NYSE MKT Warrants; Portfolio Depositary Receipts; business days between the hours of LLC (‘‘Exchange’’) filed with the Trust Issued Receipts; Commodity- 10:00 a.m. and 3:00 p.m. Copies of the Securities and Exchange Commission Based Trust Shares; Currency Trust filing also will be available for (‘‘Commission’’), pursuant to Section Shares; Commodity Index Trust Shares; inspection and copying at the principal 19(b)(1) of the Securities Exchange Act Commodity Futures Trust Shares; office of the Exchange. All comments of 1934 (‘‘Act’’ or ‘‘Exchange Act’’) 1 and Partnership Units; Paired Trust Shares; received will be posted without change; Rule 19b–4 thereunder,2 a proposed rule Trust Units; Managed Fund Shares; and the Commission does not edit personal change to (1) allow the Exchange to Managed Trust Securities.9 identifying information from trade, pursuant to unlisted trading The Exchange represents that the submissions. You should submit only privileges (‘‘UTP’’), any NMS Stock proposed rules for these ETPs are information that you wish to make listed on another national securities substantially identical (other than with available publicly. exchange; (2) establish rules for the respect to certain non-substantive and All submissions should refer to File trading pursuant to UTP of exchange- technical amendments) to the rules of traded products (‘‘ETPs’’ or ‘‘Exchange- Number SR–BX–2017–010 and should the NYSE Arca Equities exchange for Traded Products’’); and (3) adopt new be submitted on or before March 22, the qualification, listing, and trading of equity trading rules relating to trading 2017. these ETPs.10 halts of securities traded pursuant to For the Commission, by the Division of UTP on the Exchange’s Pillar trading According to the Exchange, it will Trading and Markets, pursuant to delegated platform. The proposed rule change was trade securities pursuant to UTP only on authority.13 published for comment in the Federal its Pillar platform, not on its current Eduardo A. Aleman, Register on December 1, 2016.3 trading platform. Further, the Exchange Assistant Secretary. On January 4, 2017, pursuant to states that it does not at this time intend Section 19(b)(2) of the Act,4 the to list ETPs pursuant to the proposed [FR Doc. 2017–03908 Filed 2–28–17; 8:45 am] Commission designated a longer period rules. The Exchange does not propose to BILLING CODE 8011–01–P within which to approve the proposed change any of the current rules of the rule change, disapprove the proposed Exchange pertaining to the listing and rule change, or institute proceedings to trading of ETPs in the NYSE MKT determine whether to approve or Company Guide or in its other rules. disapprove the proposed rule change.5 The Commission has received no 7 According to the Exchange, on January 29, 2015, comments on the proposed rule change. the Exchange announced the implementation of Pillar, which is an integrated trading technology This order institutes proceedings platform designed to use a single specification for under Section 19(b)(2)(B) of the Act 6 to connecting to the equities and options markets determine whether to approve or operated by the Exchange and its affiliates, NYSE disapprove the proposed rule change. Arca, Inc. (‘‘NYSE Arca’’) and New York Stock Exchange LLC. See Trader Update dated January 29, 2015, available at https://www.nyse.com/ 1 15 U.S.C. 78s(b)(1). publicdocs/nyse/markets/nyse/Pillar_Trader_ 2 17 CFR 240.19b–4. Update_Jan_2015.pdf. 3 See Securities Exchange Act Release No. 79400 8 The Exchange is proposing to define the term asabaliauskas on DSK3SPTVN1PROD with NOTICES (Nov. 25, 2016), 81 FR 86750 (Dec. 1, 2016) ‘‘Exchange Traded Product’’ to mean a security that (‘‘Notice’’). meets the definition of ‘‘derivative securities 4 15 U.S.C. 78s(b)(2). product’’ in Rule 19b–4(e) under the Exchange Act. 5 See Securities Exchange Act Release No. 79738, This proposed definition is identical to the 82 FR 3068 (Jan. 10, 2017). The Commission definition of ‘‘Derivatives Securities Product’’ in designated March 1, 2017, as the date by which it NYSE Arca Equities Rule 1.1(bbb). should approve, disapprove, or institute 9 See Notice, supra note 3. proceedings to determine whether to approve or 10 See Notice, supra note 3, at 86750, n.6 (citing disapprove the proposed rule change. NYSE Arca Equities Rules 5 (Listings) and 8 13 17 CFR 200.30–3(a)(12). 6 15 U.S.C. 78s(b)(2)(B). (Trading of Certain Equities Derivatives)). VerDate Sep<11>2014 18:09 Feb 28, 2017 Jkt 241001 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\01MRN1.SGM 01MRN1

12252 Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices II. Proceedings To Determine Whether Interested persons are invited to Commission, 100 F Street NE., To Approve or Disapprove SR– submit written data, views, and Washington, DC 20549–1090. NYSEMKT–2016–103 and Grounds for arguments regarding whether the Disapproval Under Consideration proposal should be approved or All submissions should refer to File disapproved by March 22, 2017. Any Number SR–NYSEMKT–2016–103. This The Commission is instituting file number should be included on the proceedings pursuant to Section person who wishes to file a rebuttal to any other person’s submission must file subject line if email is used. To help the 19(b)(2)(B) of the Act 11 to determine that rebuttal by April 5, 2017. The Commission process and review your whether the proposed rule change Commission asks that commenters comments more efficiently, please use should be approved or disapproved. Institution of such proceedings is address the sufficiency of the only one method. The Commission will appropriate at this time in view of the Exchange’s statements in support of the post all comments on the Commission’s legal and policy issues raised by the proposal, which are set forth in the Internet Web site (http://www.sec.gov/ proposed rule change. Institution of Notice,15 in addition to any other rules/sro.shtml). Copies of the proceedings does not indicate that the comments they may wish to submit submission, all subsequent Commission has reached any about the proposed rule change. amendments, all written statements conclusions with respect to any of the In particular, the Commission seeks with respect to the proposed rule issues involved. Rather, as described comment on whether the proposed rules change that are filed with the below, the Commission seeks and regarding ETPs, which would not Commission, and all written encourages interested persons to expressly apply on a continuing basis, communications relating to the provide comments on the proposed rule are consistent with the Act.16 proposed rule change between the Comments may be submitted by any change. Commission and any person, other than Pursuant to Section 19(b)(2)(B) of the of the following methods: those that may be withheld from the Act,12 the Commission is providing Electronic Comments public in accordance with the notice of the grounds for disapproval • Use the Commission’s Internet provisions of 5 U.S.C. 552, will be under consideration. The Commission is comment form (http://www.sec.gov/ available for Web site viewing and instituting proceedings to allow for rules/sro.shtml); or printing in the Commission’s Public additional analysis of the proposed rule • Send an email to rule-comments@ Reference Room, 100 F Street NE., change’s consistency with Section sec.gov. Please include File Number SR– Washington, DC 20549, on official 6(b)(5) of the Act, which requires, NYSEMKT–2016–103 on the subject among other things, that the rules of a business days between the hours of line. 10:00 a.m. and 3:00 p.m. Copies of these national securities exchange be ‘‘designed to prevent fraudulent and Paper Comments filings also will be available for manipulative acts and practices, to • Send paper comments in triplicate inspection and copying at the principal promote just and equitable principles of to Secretary, Securities and Exchange office of the Exchange. All comments trade,’’ and ‘‘to protect investors and the received will be posted without change; public interest.’’ 13 Securities Act Amendments of 1975, Senate Comm. the Commission does not edit personal on Banking, Housing & Urban Affairs, S. Rep. No. identifying information from III. Procedure: Request for Written 75, 94th Cong., 1st Sess. 30 (1975). submissions. You should submit only Comments 15 See Notice, supra note 3. information that you wish to make 16 The Commission has recently approved an The Commission requests that exchange proposal to amend its listing standards to available publicly. All submissions interested persons provide written specify continued listing requirements for ETPs, to should refer to File Number SR– submissions of their views, data, and add issuer-notification requirements related to NYSEMKT–2016–103 and should be arguments with respect to the issues failures to comply with the continued listing requirements, and to incorporate specific delisting submitted on or before March 22, 2017. identified above, as well as any other procedures for ETPs. See Securities Exchange Act Rebuttal comments should be submitted concerns they may have with the Release No. 79784 (Jan. 12, 2017), 82 FR 6664 (Jan. by April 5, 2017. proposal. In particular, the Commission 19, 2017) (SR–NASDAQ–2016–135). In addition, invites the written views of interested the Commission’s orders approving the generic For the Commission, by the Division of listing and trading of actively managed ETFs relied Trading and Markets, pursuant to delegated persons concerning whether the upon, among other things, the listing exchanges’ proposal is consistent with Section authority.17 representations that the listing criteria would apply 6(b)(5) or any other provision of the Act, on a continuing basis. See, e.g., Securities Exchange Robert W. Errett, or the rules and regulations thereunder. Act Releases No. 78396 (July 22, 2016), 81 FR Deputy Secretary. 49698, 49701 (July 28, 2016) (File No. SR–BATS– Although there do not appear to be any 2015–100); No. 78397 (July 22, 2016), 81 FR 49320, [FR Doc. 2017–03981 Filed 2–28–17; 8:45 am] issues relevant to approval or 49324 (July 27, 2016) (File No. SR–NYSEArca– BILLING CODE 8011–01–P disapproval that would be facilitated by 2015–110); and No. 78918 (Sept. 23, 2016), 81 FR an oral presentation of views, data, or 67033, 67035 (Sept. 29, 2016) (File No. SR– NASDAQ–2016–104). Recent Commission orders arguments, the Commission will approving the listing and trading of individual ETPs consider, pursuant to Rule 19b–4, any have similarly relied upon representations by the request for an opportunity to make an listing exchange that all statements and oral presentation.14 representations made regarding (a) the description of the portfolio, (b) limitations on portfolio holdings asabaliauskas on DSK3SPTVN1PROD with NOTICES 11 15 or reference assets, or (c) the applicability of U.S.C. 78s(b)(2)(B). exchange rules and surveillance procedures shall 12 Id. constitute continued listing requirements. See, e.g., 13 15 U.S.C. 78f(b)(5). Securities Exchange Act Release No. 77920 (May 14 Section 19(b)(2) of the Act, as amended by the 25, 2016), 81 FR 35086, 35090 (June 1, 2016) (SR– Securities Act Amendments of 1975, Pub. L. 94–29 NYSEArca–2016–46; approving listing and trading (June 4, 1975), grants the Commission flexibility to of shares of the AdvisorShares Cornerstone Small determine what type of proceeding—either oral or Cap ETF); No. 78847 (Sept. 15, 2016), 81 FR 64560, notice and opportunity for written comments—is 64562 (Sept. 20, 2016) (File No. SR–BATS–2016– appropriate for consideration of a particular 34; approving listing and trading of shares of the proposal by a self-regulatory organization. See ProShares Crude Oil Strategy ETF). 17 17 CFR 200.30–3(a)(57). VerDate Sep<11>2014 18:09 Feb 28, 2017 Jkt 241001 PO 00000 Frm 00063 Fmt 4703 Sfmt 9990 E:\FR\FM\01MRN1.SGM 01MRN1


Document Created: 2017-03-01 03:39:05
Document Modified: 2017-03-01 03:39:05
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 12251 
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