83 FR 28894 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade the Shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF Under NYSE Arca Rule 8.200-E, Commentary .02

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 120 (June 21, 2018)

Page Range		28894-28895
FR Document		2018-13301

Federal Register, Volume 83 Issue 120 (Thursday, June 21, 2018)

[Federal Register Volume 83, Number 120 (Thursday, June 21, 2018)]
[Notices]
[Pages 28894-28895]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13301]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83452; File No. SR-NYSEArca&2017-139]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
List and Trade the Shares of the ProShares Bitcoin ETF and the 
ProShares Short Bitcoin ETF Under NYSE Arca Rule 8.200-E, Commentary 
.02

June 15, 2018.
    On December 4, 2017, NYSE Arca, Inc. (``NYSE Arca'') 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 
the shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin 
ETF under NYSE Arca Rule 8.200-E, Commentary .02. The proposed rule 
change was published for comment in the Federal Register on December 
26, 2017.\3\ On January 30, 2018, 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 disapprove the 
proposed rule change.\5\ On March 23, 2018, the Commission instituted 
proceedings under Section 19(b)(2)(B) of the Act \6\ to determine 
whether to approve or disapprove the proposed rule change.\7\ The 
Commission has received 11 comments on the proposed rule change.\8\
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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. 82350 (Dec. 19, 
2017), 82 FR 61100 (Dec. 26, 2017).
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 82602 (Jan. 30, 
2018), 83 FR 4941 (Feb. 2, 2018).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 82939 (Mar. 23, 
2018), 83 FR 13537 (Mar. 29, 2018). Specifically, the Commission 
instituted 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.'' See id. at 13538 (citing 15 U.S.C. 78f(b)(5)).
    \8\ See Letters from Abe Kohen, AK Financial Engineering 
Consultants, LLC (Dec. 27, 2017); Anita Desai (Apr. 6, 2018); Ed 
Kaleda (Apr. 6, 2018); Scott Moberg (Apr. 6, 2018); Adam Malkin 
(Apr. 8, 2018); Gisan Mohammed (Apr. 11, 2018); Shravan Kumar (Apr. 
11, 2018); Louise Fitzgerald (Apr. 19, 2018); Joshua Rousseau (Apr. 
30, 2018); Thomas W. Fink (May 3, 2018); and Sharon Brown-Hruska, 
Managing Director, and Trevor Wagener, Consultant, NERA Economic 
Consulting (May 18, 2018). All comments on the proposed rule change 
are available on the Commission's website at: https://www.sec.gov/comments/sr-nysearca-2017-139/nysearca2017139.htm.

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[[Page 28895]]

    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval 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 may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the 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 December 26, 2017. June 24, 2018 is 180 days from 
that date, and August 23, 2018 is 240 days from that date.
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    \9\ 15 U.S.C. 78s(b)(2).
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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 this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\10\ designates August 23, 2018 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NYSEArca-2017-139).
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13301 Filed 6-20-18; 8:45 am]
 BILLING CODE 8011-01-P

28894 Federal Register / Vol. 83, No. 120 / Thursday, June 21, 2018 / Notices

proposed change represents a significant Electronic Comments SECURITIES AND EXCHANGE
departure from pricing offered by the COMMISSION
Exchange’s affiliates. Additionally, • Use the Commission’s internet
comment form (http://www.sec.gov/ [Release No. 34–83452; File No. SR–
TPHs may opt to disfavor the NYSEArca&2017–139]
Exchange’s pricing if they believe that rules/sro.shtml); or
alternatives offer them better value. • Send an email to rule-comments@ Self-Regulatory Organizations; NYSE
Accordingly, the Exchange does not sec.gov. Please include File Number SR– Arca, Inc.; Notice of Designation of a
believe that the proposed change will C2–2018–014 on the subject line. Longer Period for Commission Action
impair the ability of TPHs or competing on Proceedings To Determine Whether
Paper Comments To Approve or Disapprove a Proposed
venues to maintain their competitive
standing in the financial markets. The • Send paper comments in triplicate Rule Change To List and Trade the
Exchange believes that fees for to Secretary, Securities and Exchange Shares of the ProShares Bitcoin ETF
connectivity are constrained by the and the ProShares Short Bitcoin ETF
Commission, 100 F Street NE,
robust competition for order flow among Under NYSE Arca Rule 8.200–E,
Washington, DC 20549–1090.
Commentary .02
exchanges and non-exchange markets.
All submissions should refer to File
Further, excessive fees for connectivity, June 15, 2018.
Number SR–C2–2018–014. This file
would serve to impair an exchange’s On December 4, 2017, NYSE Arca,
number should be included on the
ability to compete for order flow rather Inc. (‘‘NYSE Arca’’) filed with the
subject line if email is used. To help the Securities and Exchange Commission
than burdening competition. The
Commission process and review your (‘‘Commission’’), pursuant to Section
Exchange also does not believe the
comments more efficiently, please use 19(b)(1) of the Securities Exchange Act
proposed rule change would impact
only one method. The Commission will of 1934 (‘‘Act’’) 1 and Rule 19b–4
intramarket competition as it would
post all comments on the Commission’s thereunder,2 a proposed rule change to
apply to all TPHs and non-TPHs
internet website (http://www.sec.gov/ list and trade the shares of the
equally.
rules/sro.shtml). Copies of the ProShares Bitcoin ETF and the
C. Self-Regulatory Organization’s submission, all subsequent ProShares Short Bitcoin ETF under
Statement on Comments on the amendments, all written statements NYSE Arca Rule 8.200–E, Commentary
Proposed Rule Change Received From with respect to the proposed rule .02. The proposed rule change was
Members, Participants, or Others change that are filed with the published for comment in the Federal
Commission, and all written Register on December 26, 2017.3 On
The Exchange has neither solicited communications relating to the January 30, 2018, pursuant to Section
nor received written comments on the proposed rule change between the 19(b)(2) of the Act,4 the Commission
proposed rule change. Commission and any person, other than designated a longer period within which
III. Date of Effectiveness of the those that may be withheld from the to approve the proposed rule change,
public in accordance with the disapprove the proposed rule change, or
Proposed Rule Change and Timing for
provisions of 5 U.S.C. 552, will be institute proceedings to determine
Commission Action
available for website viewing and whether to disapprove the proposed
The foregoing rule change has become printing in the Commission’s Public rule change.5 On March 23, 2018, the
effective pursuant to Section 19(b)(3)(A) Commission instituted proceedings
Reference Room, 100 F Street NE,
of the Act 11 and paragraph (f) of Rule under Section 19(b)(2)(B) of the Act 6 to
Washington, DC 20549, on official
19b–4 12 thereunder. At any time within determine whether to approve or
business days between the hours of disapprove the proposed rule change.7
60 days of the filing of the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the
change, the Commission summarily may The Commission has received 11
filing also will be available for comments on the proposed rule
temporarily suspend such rule change if inspection and copying at the principal change.8
it appears to the Commission that such office of the Exchange. All comments
action is necessary or appropriate in the received will be posted without change. 1 15 U.S.C. 78s(b)(1).
public interest, for the protection of Persons submitting comments are 2 17 CFR 240.19b–4.
investors, or otherwise in furtherance of cautioned that we do not redact or edit 3 See Securities Exchange Act Release No. 82350

the purposes of the Act. If the (Dec. 19, 2017), 82 FR 61100 (Dec. 26, 2017).
personal identifying information from 4 15 U.S.C. 78s(b)(2).
Commission takes such action, the comment submissions. You should 5 See Securities Exchange Act Release No. 82602
Commission will institute proceedings submit only information that you wish (Jan. 30, 2018), 83 FR 4941 (Feb. 2, 2018).
to determine whether the proposed rule to make available publicly. All 6 15 U.S.C. 78s(b)(2)(B).

change should be approved or submissions should refer to File 7 See Securities Exchange Act Release No. 82939

disapproved. (Mar. 23, 2018), 83 FR 13537 (Mar. 29, 2018).
Number SR–C2–2018–014 and should Specifically, the Commission instituted proceedings
IV. Solicitation of Comments be submitted on or before July 12, 2018. to allow for additional analysis of the proposed rule
change’s consistency with Section 6(b)(5) of the
For the Commission, by the Division of
Interested persons are invited to Act, which requires, among other things, that the
Trading and Markets, pursuant to delegated rules of a national securities exchange be ‘‘designed
submit written data, views, and authority.13 to prevent fraudulent and manipulative acts and
arguments concerning the foregoing, Eduardo A. Aleman, practices, to promote just and equitable principles
amozie on DSK3GDR082PROD with NOTICES1

including whether the proposed rule of trade,’’ and ‘‘to protect investors and the public
Assistant Secretary. interest.’’ See id. at 13538 (citing 15 U.S.C.
change is consistent with the Act. 78f(b)(5)).
[FR Doc. 2018–13304 Filed 6–20–18; 8:45 am]
Comments may be submitted by any of 8 See Letters from Abe Kohen, AK Financial
BILLING CODE 8011–01–P
the following methods: Engineering Consultants, LLC (Dec. 27, 2017); Anita
Desai (Apr. 6, 2018); Ed Kaleda (Apr. 6, 2018); Scott
Moberg (Apr. 6, 2018); Adam Malkin (Apr. 8, 2018);
11 15 U.S.C. 78s(b)(3)(A). Gisan Mohammed (Apr. 11, 2018); Shravan Kumar
12 17 CFR 240.19b–4(f). 13 17 CFR 200.30–3(a)(12). (Apr. 11, 2018); Louise Fitzgerald (Apr. 19, 2018);

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Federal Register / Vol. 83, No. 120 / Thursday, June 21, 2018 / Notices 28895

Section 19(b)(2) of the Act 9 provides Incident: Severe Winter Storm and ACTION: Notice.
that, after initiating disapproval Snowstorm.
proceedings, the Commission shall issue Incident Period: 03/13/2018 through SUMMARY: This is a Notice of the
an order approving or disapproving the 03/14/2018. Presidential declaration of a major
proposed rule change not later than 180 DATES: Issued on 06/08/2018. disaster for the State of HAWAII
days after the date of publication of Physical Loan Application Deadline (FEMA–4366–DR), dated 06/14/2018.
notice of filing of the proposed rule Date: 08/07/2018. Incident: Kilauea Volcanic Eruption
change. The Commission may extend Economic Injury (EIDL) Loan and Earthquakes.
the period for issuing an order Application Deadline Date: 03/08/2019. Incident Period: 05/03/2018 and
approving or disapproving the proposed ADDRESSES: Submit completed loan continuing.
rule change, however, by not more than applications to: U.S. Small Business
60 days if the Commission determines Administration, Processing and Issued on 06/14/2018.
DATES:
that a longer period is appropriate and Disbursement Center, 14925 Kingsport Physical Loan Application Deadline
publishes the reasons for such Road, Fort Worth, TX 76155. Date: 08/13/2018.
determination. The proposed rule FOR FURTHER INFORMATION CONTACT: A. Economic Injury (EIDL) Loan
change was published for notice and Escobar, Office of Disaster Assistance, Application Deadline Date: 03/14/2019.
comment in the Federal Register on U.S. Small Business Administration, ADDRESSES: Submit completed loan
December 26, 2017. June 24, 2018 is 180 409 3rd Street SW, Suite 6050, applications to: U.S. Small Business
days from that date, and August 23, Washington, DC 20416, (202) 205–6734. Administration, Processing and
2018 is 240 days from that date. SUPPLEMENTARY INFORMATION: Notice is Disbursement Center, 14925 Kingsport
The Commission finds it appropriate Road, Fort Worth, TX 76155.
hereby given that as a result of the
to designate a longer period within
President’s major disaster declaration on FOR FURTHER INFORMATION CONTACT: A.
which to issue an order approving or
06/08/2018, Private Non-Profit Escobar, Office of Disaster Assistance,
disapproving the proposed rule change
organizations that provide essential U.S. Small Business Administration,
so that it has sufficient time to consider
this proposed rule change. Accordingly, services of a governmental nature may 409 3rd Street SW, Suite 6050,
the Commission, pursuant to Section file disaster loan applications at the Washington, DC 20416, (202) 205–6734.
19(b)(2) of the Act,10 designates August address listed above or other locally SUPPLEMENTARY INFORMATION: Notice is
23, 2018 as the date by which the announced locations. hereby given that as a result of the
The following areas have been
Commission shall either approve or President’s major disaster declaration on
determined to be adversely affected by
disapprove the proposed rule change 06/14/2018, applications for disaster
the disaster:
(File No. SR–NYSEArca–2017–139). loans may be filed at the address listed
Primary Counties: Carroll, Rockingham, above or other locally announced
For the Commission, by the Division of Strafford
Trading and Markets, pursuant to delegated locations.
authority.11 The Interest Rates are: The following areas have been
Eduardo A. Aleman, determined to be adversely affected by
Percent
Assistant Secretary. the disaster:
[FR Doc. 2018–13301 Filed 6–20–18; 8:45 am] For Physical Damage: Primary Counties (Physical Damage and
BILLING CODE 8011–01–P Non-Profit Organizations with Economic Injury Loans): Hawaii
Credit Available Elsewhere ... 2.500
Contiguous Counties (Economic Injury
Non-Profit Organizations with-
out Credit Available Else- Loans Only): None
SMALL BUSINESS ADMINISTRATION where ..................................... 2.500 The Interest Rates are:
[Disaster Declaration #15559 and #15560; For Economic Injury:
NEW HAMPSHIRE Disaster Number NH– Non-Profit Organizations with- Percent
00043] out Credit Available Else-
where ..................................... 2.500 For Physical Damage:
Presidential Declaration of a Major Homeowners with Credit Avail-
Disaster for Public Assistance Only for The number assigned to this disaster able Elsewhere ...................... 3.875
the State of New Hampshire for physical damage is 15559B and for Homeowners without Credit
economic injury is 155600. Available Elsewhere .............. 1.938
AGENCY: U.S. Small Business Businesses with Credit Avail-
Administration. (Catalog of Federal Domestic Assistance able Elsewhere ...................... 7.220
Number 59008) Businesses without Credit
ACTION: Notice.
Rafaela Monchek, Available Elsewhere .............. 3.610
SUMMARY: This is a Notice of the Acting Associate Administrator for Disaster
Non-Profit Organizations with
Presidential declaration of a major Credit Available Elsewhere ... 2.500
Assistance.
disaster for Public Assistance Only for Non-Profit Organizations with-
[FR Doc. 2018–13284 Filed 6–20–18; 8:45 am] out Credit Available Else-
the State of New Hampshire (FEMA– BILLING CODE 8025–01–P where ..................................... 2.500
4371–DR), dated 06/08/2018. For Economic Injury:
Businesses & Small Agricultural
Joshua Rousseau (Apr. 30, 2018); Thomas W. Fink
(May 3, 2018); and Sharon Brown-Hruska, SMALL BUSINESS ADMINISTRATION Cooperatives without Credit
Available Elsewhere .............. 3.610
amozie on DSK3GDR082PROD with NOTICES1

Managing Director, and Trevor Wagener, [Disaster Declaration #15567 and #15568;
Consultant, NERA Economic Consulting (May 18, Non-Profit Organizations with-
2018). All comments on the proposed rule change
HAWAII Disaster Number HI–00049] out Credit Available Else-
are available on the Commission’s website at: where ..................................... 2.500
https://www.sec.gov/comments/sr-nysearca-2017- Presidential Declaration of a Major
139/nysearca2017139.htm. Disaster for the State of Hawaii
9 15 U.S.C. 78s(b)(2). The number assigned to this disaster
10 Id. AGENCY:U.S. Small Business for physical damage is 15567D and for
11 17 CFR 200.30–3(a)(57). Administration. economic injury is 155680.

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Document Created: 2018-06-21 01:23:19
Document Modified: 2018-06-21 01:23:19

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		83 FR 28894