82 FR 51311 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt NYSE Arca Equities Rule 8.900 To Permit Listing and Trading of Managed Portfolio Shares and To List and Trade Shares of the Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF Under Proposed NYSE Arca Equities Rule 8.900

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 212 (November 3, 2017)

Page Range		51311-51312
FR Document		2017-23923

Federal Register, Volume 82 Issue 212 (Friday, November 3, 2017)

[Federal Register Volume 82, Number 212 (Friday, November 3, 2017)]
[Notices]
[Pages 51311-51312]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-23923]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81977; File No. SR-NYSEArca-2017-36]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Adopt NYSE Arca Equities Rule 8.900 To Permit Listing and Trading of 
Managed Portfolio Shares and To List and Trade Shares of the Royce 
Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF Under 
Proposed NYSE Arca Equities Rule 8.900

October 30, 2017.
    On April 14, 2017, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to: (1) Adopt NYSE Arca Equities Rule 8.900 (Managed Portfolio 
Shares); and (2) list and trade shares of the Royce Pennsylvania ETF, 
Royce Premier ETF, and Royce Total Return ETF under proposed NYSE Arca 
Equities Rule 8.900. The proposed rule change was published for comment 
in the Federal Register on May 4, 2017.\3\ On June 15, 2017, pursuant 
to Section 19(b)(2) of the Exchange 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 disapprove the proposed rule change.\5\ The 
Commission received four comments on the proposed rule change.\6\ On 
July 31, 2017, the Commission instituted proceedings under Section 
19(b)(2)(B) of the Exchange Act \7\ to determine whether to approve or 
disapprove the proposed rule change.\8\ Since then, the Commission has 
received five additional comments on the proposed rule change.\9\
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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. 80553 (April 28, 
2017), 82 FR 20932.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 80935, 82 FR 28152 
(June 20, 2017). The Commission designated August 2, 2017, as the 
date by which it should approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change.
    \6\ See Letter from Gary L. Gastineau, President, ETF 
Consultants.com, Inc., to Brent J. Fields, Secretary, Commission, 
dated May 24, 2017; Letter from Todd J. Broms, Chief Executive 
Officer, Broms & Company LLC, to Brent J. Fields, Secretary, 
Commission, dated May 25, 2017; Letter from James J. Angel, 
Associate Professor of Finance, Georgetown University, McDonough 
School of Business, to the Commission, dated May 25, 2017; and 
Terence W. Norman, Founder, Blue Tractor Group, LLC, to Brent J. 
Fields, Secretary, Commission, dated July 18, 2017. The comment 
letters are available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2017-36/nysearca2017-36.htm.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 81267, 82 FR 36510 
(August 4, 2017).
    \9\ See Letter from Christopher P. Wilcox, J.P. Morgan Asset 
Management, to David W. Grim, Director, Division of Investment 
Management, Commission, dated July 7, 2017; Letter from Mark 
Criscitello, Chairman, Precidian Funds LLC, to Brent J. Fields, 
Secretary, Commission, dated October 11, 2017; Letter from Daniel J. 
McCabe, Chief Executive, Precidian Investments, to Brent J. Fields, 
Secretary, Commission, dated October 12, 2017; Letter from Andrew M. 
Gross, Jr., to Jay Clayton, Chairman, Commission, dated October 16, 
2017; and Letter from Joseph A. Sullivan, Chairman and Chief 
Executive Officer, Legg Mason, Inc., to Brent J. Fields, Secretary, 
Commission, dated October 12, 2017. The comment letters are 
available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2017-36/nysearca201736.htm.
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    Section 19(b)(2) of the Act \10\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission, however, may extend the period for issuing an order 
approving or disapproving the proposed rule change by not more than 60 
days if the

[[Page 51312]]

Commission determines that a longer period is appropriate and publishes 
the reasons for such determination. The proposed rule change was 
published for notice and comment in the Federal Register on May 4, 
2017.\11\ October 31, 2017, is 180 days from that date, and December 
30, 2017, is an additional 60 days from that date.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3.
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider the proposed 
rule change and the issues raised in the comment letters that have been 
submitted in connection therewith. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\12\ designates December 30, 
2017, as the date by which the Commission should either approve or 
disapprove the proposed rule change (File No SR-NYSEArca-2017-36).
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    \12\ 15 U.S.C. 78s(b)(2).

    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)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23923 Filed 11-2-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices 51311

III. Date of Effectiveness of the Reference Room, 100 F Street NE., Register on May 4, 2017.3 On June 15,
Proposed Rule Change and Timing for Washington, DC 20549, on official 2017, pursuant to Section 19(b)(2) of the
Commission Action business days between the hours of Exchange Act,4 the Commission
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of the designated a longer period within which
effective pursuant to Section 19(b)(3)(A) filing also will be available for to approve the proposed rule change,
of the Act 7 and paragraph (f) of Rule inspection and copying at the principal disapprove the proposed rule change, or
19b–4 8 thereunder. At any time within office of the Exchange. All comments institute proceedings to determine
60 days of the filing of the proposed rule received will be posted without change. whether to disapprove the proposed
change, the Commission summarily may Persons submitting comments are rule change.5 The Commission received
temporarily suspend such rule change if cautioned that we do not redact or edit four comments on the proposed rule
it appears to the Commission that such personal identifying information from change.6 On July 31, 2017, the
action is necessary or appropriate in the comment submissions. You should Commission instituted proceedings
public interest, for the protection of submit only information that you wish under Section 19(b)(2)(B) of the
investors, or otherwise in furtherance of to make available publicly. All Exchange Act 7 to determine whether to
the purposes of the Act. If the submissions should refer to File approve or disapprove the proposed
Commission takes such action, the Number SR–CBOE–2017–066 and rule change.8 Since then, the
Commission will institute proceedings should be submitted on or before Commission has received five
to determine whether the proposed rule November 24, 2017. additional comments on the proposed
change should be approved or rule change.9
For the Commission, by the Division of
disapproved. Section 19(b)(2) of the Act 10 provides
Trading and Markets, pursuant to delegated
authority.9 that, after initiating proceedings, the
IV. Solicitation of Comments Commission shall issue an order
Eduardo A. Aleman,
Interested persons are invited to approving or disapproving the proposed
Assistant Secretary. rule change not later than 180 days after
submit written data, views, and
[FR Doc. 2017–23927 Filed 11–2–17; 8:45 am] the date of publication of notice of filing
arguments concerning the foregoing,
including whether the proposed rule BILLING CODE 8011–01–P of the proposed rule change. The
change is consistent with the Act. Commission, however, may extend the
Comments may be submitted by any of period for issuing an order approving or
SECURITIES AND EXCHANGE disapproving the proposed rule change
the following methods:
COMMISSION by not more than 60 days if the
Electronic Comments
• Use the Commission’s Internet [Release No. 34–81977; File No. SR– 3 See Securities Exchange Act Release No. 80553

comment form (http://www.sec.gov/ NYSEArca–2017–36] (April 28, 2017), 82 FR 20932.
4 15 U.S.C. 78s(b)(2).
rules/sro.shtml); or 5 See Securities Exchange Act Release No. 80935,
• Send an email to rule-comments@ Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of 82 FR 28152 (June 20, 2017). The Commission
sec.gov. Please include File Number SR– designated August 2, 2017, as the date by which it
CBOE–2017–066 on the subject line. Longer Period for Commission Action should approve or disapprove, or institute
on Proceedings To Determine Whether proceedings to determine whether to disapprove,
Paper Comments To Approve or Disapprove a Proposed the proposed rule change.
• Send paper comments in triplicate
6 See Letter from Gary L. Gastineau, President,
Rule Change To Adopt NYSE Arca
ETF Consultants.com, Inc., to Brent J. Fields,
to Brent J. Fields, Secretary, Securities Equities Rule 8.900 To Permit Listing Secretary, Commission, dated May 24, 2017; Letter
and Exchange Commission, 100 F Street and Trading of Managed Portfolio from Todd J. Broms, Chief Executive Officer, Broms
NE., Washington, DC 20549–1090. Shares and To List and Trade Shares & Company LLC, to Brent J. Fields, Secretary,
of the Royce Pennsylvania ETF, Royce Commission, dated May 25, 2017; Letter from James
All submissions should refer to File J. Angel, Associate Professor of Finance,
Number SR–CBOE–2017–066. This file Premier ETF, and Royce Total Return Georgetown University, McDonough School of
number should be included on the ETF Under Proposed NYSE Arca Business, to the Commission, dated May 25, 2017;
subject line if email is used. To help the Equities Rule 8.900 and Terence W. Norman, Founder, Blue Tractor
Group, LLC, to Brent J. Fields, Secretary,
Commission process and review your Commission, dated July 18, 2017. The comment
October 30, 2017.
comments more efficiently, please use letters are available on the Commission’s Web site
only one method. The Commission will On April 14, 2017, NYSE Arca, Inc. at: https://www.sec.gov/comments/sr-nysearca-
post all comments on the Commission’s (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 2017-36/nysearca2017-36.htm.
7 15 U.S.C. 78s(b)(2)(B).
Internet Web site (http://www.sec.gov/ with the Securities and Exchange
8 See Securities Exchange Act Release No. 81267,
rules/sro.shtml). Copies of the Commission (‘‘Commission’’), pursuant
82 FR 36510 (August 4, 2017).
submission, all subsequent to Section 19(b)(1) of the Securities 9 See Letter from Christopher P. Wilcox, J.P.
amendments, all written statements Exchange Act of 1934 (‘‘Exchange Morgan Asset Management, to David W. Grim,
with respect to the proposed rule Act’’) 1 and Rule 19b–4 thereunder,2 a Director, Division of Investment Management,
change that are filed with the proposed rule change to: (1) Adopt Commission, dated July 7, 2017; Letter from Mark
Criscitello, Chairman, Precidian Funds LLC, to
Commission, and all written NYSE Arca Equities Rule 8.900 Brent J. Fields, Secretary, Commission, dated
communications relating to the (Managed Portfolio Shares); and (2) list October 11, 2017; Letter from Daniel J. McCabe,
proposed rule change between the and trade shares of the Royce Chief Executive, Precidian Investments, to Brent J.
Commission and any person, other than Pennsylvania ETF, Royce Premier ETF, Fields, Secretary, Commission, dated October 12,
2017; Letter from Andrew M. Gross, Jr., to Jay
those that may be withheld from the and Royce Total Return ETF under
ethrower on DSK3G9T082PROD with NOTICES

Clayton, Chairman, Commission, dated October 16,
public in accordance with the proposed NYSE Arca Equities Rule 2017; and Letter from Joseph A. Sullivan, Chairman
provisions of 5 U.S.C. 552, will be 8.900. The proposed rule change was and Chief Executive Officer, Legg Mason, Inc., to
available for Web site viewing and published for comment in the Federal Brent J. Fields, Secretary, Commission, dated
October 12, 2017. The comment letters are available
printing in the Commission’s Public on the Commission’s Web site at: https://
9 17 CFR 200.30–3(a)(12). www.sec.gov/comments/sr-nysearca-2017-36/
7 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). nysearca201736.htm.
8 17 CFR 240.19b–4(f). 2 17 CFR 240.19b–4. 10 15 U.S.C. 78s(b)(2).

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51312 Federal Register / Vol. 82, No. 212 / Friday, November 3, 2017 / Notices

Commission determines that a longer I. Self-Regulatory Organization’s Paragraph (a) currently reads,
period is appropriate and publishes the Statement of the Terms of Substance of ‘‘Definitions. For purposes of this Rule
reasons for such determination. The the Proposed Rule Change and any interpretation thereof, ‘options
proposed rule change was published for The Exchange is filing a proposal to communications’ consist of:.’’ The
notice and comment in the Federal make minor corrective changes to language after the word ‘‘Definition’’
Register on May 4, 2017.11 October 31, should be in a separate sub-paragraph,
Exchange Rule 700, Exercise of Option
2017, is 180 days from that date, and therefore, the Exchange proposes to
Contracts; Rule 1322, Options
December 30, 2017, is an additional 60 amend this Rule to move the language
Communications; and Rule 517, Quote
days from that date. after the word ‘‘Definition’’ to sub-
Types Defined.
The Commission finds it appropriate paragraph (a)(1). Accordingly, sub-
The text of the proposed rule change
to designate a longer period within paragraphs (a)(1) through (a)(3) will be
is available on the Exchange’s Web site
which to issue an order approving or renumbered as (a)(1)(i) through
at http://www.miaxoptions.com/rule-
disapproving the proposed rule change (a)(1)(iii); sub-paragraph (a)(4) will be
filings/ at MIAX Options’ principal
so that it has sufficient time to consider renumbered as (a)(2); sub-paragraphs
office, and at the Commission’s Public
the proposed rule change and the issues (a)(4)(1) through (a)(4)(3) will be
Reference Room.
raised in the comment letters that have renumbered as (a)(2)(i) through
been submitted in connection therewith. II. Self-Regulatory Organization’s (a)(2)(iii); sub-paragraph (a)(5) will be
Accordingly, the Commission, pursuant Statement of the Purpose of, and renumbered as (a)(3); sub-paragraphs
Statutory Basis for, the Proposed Rule (a)(5)(A) through (a)(5)(F) will be
to Section 19(b)(2) of the Act,12
Change renumbered as (a)(3)(i) through
designates December 30, 2017, as the
(a)(3)(vi); sub-paragraphs (h)(i) through
date by which the Commission should In its filing with the Commission, the
(h)(viii) will be renumbered as (h)(1)
either approve or disapprove the Exchange included statements
through (h)(8); and finally, the reference
proposed rule change (File No SR– concerning the purpose of and basis for
to Rule (a)(4) located in current Rule
NYSEArca–2017–36). the proposed rule change and discussed
(a)(5) will be renumbered to reference
For the Commission, by the Division of any comments it received on the
Rule (a)(2).
Trading and Markets, pursuant to delegated proposed rule change. The text of these Finally, the Exchange proposes to
authority.13 statements may be examined at the amend Exchange Rule 517(a)(2)(i) to
Eduardo A. Aleman, places specified in Item IV below. The correct a typographical error. Currently,
Assistant Secretary. Exchange has prepared summaries, set the second to last sentence reads ‘‘[i]f
[FR Doc. 2017–23923 Filed 11–2–17; 8:45 am]
forth in sections A, B, and C below, of the Exchange determines to establish a
the most significant aspects of such limit, it will be no more ten Day
BILLING CODE 8011–01–P
statements. eQuotes on the same side of an
A. Self-Regulatory Organization’s individual option.’’ The word ‘‘than’’ is
SECURITIES AND EXCHANGE Statement of the Purpose of, and missing between the words ‘‘more’’ and
COMMISSION Statutory Basis for, the Proposed Rule ‘‘ten.’’ Therefore, the Exchange proposes
Change to amend the sentence to read ‘‘[i]f the
[Release No. 34–81976; File No. SR–MIAX– Exchange determines to establish a
2017–43]
1. Purpose limit, it will be no more than ten Day
The Exchange proposes to amend eQuotes on the same side of an
Self-Regulatory Organizations; Miami Exchange Rule 700, Exercise of Option individual option.’’
International Securities Exchange, Contracts; Rule 1322, Options
LLC; Notice of Filing and Immediate 2. Statutory Basis
Communications; and Rule 517, Quote
Effectiveness of a Proposed Rule Types Defined, to make minor non- The Exchange believes that its
Change To Amend MIAX Options Rules substantive corrective changes. proposed rule change is consistent with
700, 1322, and 517 First, the Exchange proposes to Section 6(b) of the Act 4 in general, and
amend Exchange Rule 700 to remove a furthers the objectives of Section 6(b)(5)
October 30, 2017. of the Act 5 in particular, in that they are
duplicate item identifier. The Exchange
Pursuant to the provisions of Section recently amended Rule 700 by adding designed to prevent fraudulent and
19(b)(1) of the Securities Exchange Act new paragraph (h).3 However, the manipulative acts and practices, to
of 1934 (‘‘Act’’) 1 and Rule 19b–4 Exchange inadvertently numbered the promote just and equitable principles of
thereunder,2 notice is hereby given that paragraph as (h) when it should have trade, to foster cooperation and
on October 16, 2017, Miami been numbered as (l). The Exchange is coordination with persons engaged in
International Securities Exchange, LLC not proposing any change to the facilitating transactions in securities, to
(‘‘MIAX Options’’ or the ‘‘Exchange’’) wording of the Rule or to its application. remove impediments to and perfect the
filed with the Securities and Exchange The Exchange is only proposing to mechanisms of a free and open market
Commission (‘‘Commission’’) a amend Rule 700(h) to be renumbered to and a national market system and, in
proposed rule change as described in Rule 700(l). general, to protect investors and the
Items I and II below, which Items have Second, the Exchange proposes to public interest.
been prepared by the Exchange. The amend Exchange Rule 1322, Options The Exchange believes the proposed
Commission is publishing this notice to Communications to make minor changes promote just and equitable
solicit comments on the proposed rule principles of trade and remove
ethrower on DSK3G9T082PROD with NOTICES

corrective changes to the numerical list
change from interested persons. item identifiers to properly conform to impediments to and perfect the
the hierarchical heading scheme used mechanism of a free and open market
11 See supra note 3. throughout the Exchange’s rulebook. and a national market system because
12 15 U.S.C. 78s(b)(2). the proposed rule change corrects minor
13 17 CFR 200.30–3(a)(57). 3 See Securities Exchange Act Release No. 81739
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
(September 27, 2017), 82 FR 46111 (October 3,
2 17 CFR 240.19b–4. 2017) (SR–MIAX–2017–39). 5 15 U.S.C. 78f(b)(5).

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Document Created: 2018-10-25 10:23:15
Document Modified: 2018-10-25 10:23:15

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		82 FR 51311