83_FR_54361 83 FR 54153 - 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, as Modified by Amendment No. 1, Regarding the Continued Listing and Trading of Shares of the Natixis Loomis Sayles Short Duration Income ETF

83 FR 54153 - 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, as Modified by Amendment No. 1, Regarding the Continued Listing and Trading of Shares of the Natixis Loomis Sayles Short Duration Income ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 208 (October 26, 2018)

Page Range54153-54154
FR Document2018-23387

Federal Register, Volume 83 Issue 208 (Friday, October 26, 2018) 
[Federal Register Volume 83, Number 208 (Friday, October 26, 2018)]
[Notices]
[Pages 54153-54154]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-23387]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84462; File No. SR-NYSEArca-2018-25]


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, as 
Modified by Amendment No. 1, Regarding the Continued Listing and 
Trading of Shares of the Natixis Loomis Sayles Short Duration Income 
ETF

October 22, 2018.
    On April 16, 2018, NYSE Arca, Inc. (``NYSE Arca'' or ``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 
continue listing and trading shares of the Natixis Loomis Sayles Short 
Duration Income ETF under NYSE Arca Rule 8.600-E, Managed Fund 
Shares.\3\ The proposed rule change was published for comment in the 
Federal Register on May 3, 2018.\4\ On June 5, 2018, pursuant to 
Section 19(b)(2) of the Act,\5\ the Commission designated August 1, 
2018 as the date by which to approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to disapprove the proposed rule change.\6\ On June 6, 
2018, the Exchange filed Amendment No. 1 to the proposed rule 
change.\7\ On July 27, 2018, the Commission instituted proceedings to 
determine whether to approve or disapprove the proposed rule change.\8\ 
The Commission has received no comments on the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Currently, the Exchange lists and trades the shares pursuant 
to NYSE Arca Rule 8.600-E. As discussed in Amendment No. 1, infra 
note 7, the Exchange submitted this proposed rule change to permit 
the fund's portfolio to deviate from two of the ``generic'' listing 
requirements applicable to Managed Fund Shares.
    \4\ See Securities Exchange Act Release No. 83122 (April 27, 
2018), 83 FR 19578.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 83385, 83 FR 27034 
(June 11, 2018).
    \7\ Amendment No. 1, which amended and replaced the proposed 
rule change in its entirety, is available at: https://www.sec.gov/comments/sr-nysearca-2018-25/nysearca201825-3795048-162717.pdf.
    \8\ See Securities Exchange Act Release No. 83733, 83 FR 37831 
(August 2, 2018).
---------------------------------------------------------------------------

    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 May 3, 2018. October 30, 2018 is 180 days from that 
date, and December 29, 2018 is 240 days from that date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or

[[Page 54154]]

disapproving the proposed rule change so that it has sufficient time to 
consider this proposed rule change, as modified by Amendment No. 1. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\10\ designates December 29, 2018 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NYSEArca-2018-25), as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Eduardo A. Aleman,
Assistant Secretary.
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

[FR Doc. 2018-23387 Filed 10-25-18; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 83, No. 208 / Friday, October 26, 2018 / Notices 54153 shares from trading at a material The purchase of Creation Units by a to Section 19(b)(1) of the Securities discount or premium from NAV. Fund of Funds directly from a Fund will Exchange Act of 1934 (‘‘Act’’) 1 and Rule 6. With respect to Funds that effect be accomplished in accordance with the 19b–4 thereunder,2 a proposed rule creations and redemptions of Creation policies of the Fund of Funds and will change to continue listing and trading Units in kind and that are based on be based on the NAVs of the Funds. shares of the Natixis Loomis Sayles certain Underlying Indexes that include 9. Section 6(c) of the Act permits the Short Duration Income ETF under NYSE foreign securities, applicants request Commission to exempt any persons or Arca Rule 8.600–E, Managed Fund relief from the requirement imposed by transactions from any provision of the Shares.3 The proposed rule change was section 22(e) in order to allow such Act if such exemption is necessary or published for comment in the Federal Funds to pay redemption proceeds appropriate in the public interest and Register on May 3, 2018.4 On June 5, within fifteen calendar days following consistent with the protection of 2018, pursuant to Section 19(b)(2) of the the tender of Creation Units for investors and the purposes fairly Act,5 the Commission designated redemption. Applicants assert that the intended by the policy and provisions of August 1, 2018 as the date by which to requested relief would not be the Act. Section 12(d)(1)(J) of the Act approve the proposed rule change, inconsistent with the spirit and intent of provides that the Commission may disapprove the proposed rule change, or section 22(e) to prevent unreasonable, exempt any person, security, or institute proceedings to determine undisclosed or unforeseen delays in the transaction, or any class or classes of whether to disapprove the proposed actual payment of redemption proceeds. persons, securities, or transactions, from rule change.6 On June 6, 2018, the 7. Applicants request an exemption to any provision of section 12(d)(1) if the Exchange filed Amendment No. 1 to the permit Funds of Funds to acquire Fund exemption is consistent with the public proposed rule change.7 On July 27, shares beyond the limits of section interest and the protection of investors. 2018, the Commission instituted 12(d)(1)(A) of the Act; and the Funds, Section 17(b) of the Act authorizes the proceedings to determine whether to and any principal underwriter for the Commission to grant an order approve or disapprove the proposed Funds, and/or any broker or dealer permitting a transaction otherwise rule change.8 The Commission has registered under the Exchange Act, to prohibited by section 17(a) if it finds received no comments on the proposed sell shares to Funds of Funds beyond that (a) the terms of the proposed rule change. the limits of section 12(d)(1)(B) of the transaction are fair and reasonable and Section 19(b)(2) of the Act 9 provides Act. The application’s terms and do not involve overreaching on the part that, after initiating disapproval conditions are designed to, among other of any person concerned; (b) the proceedings, the Commission shall issue things, help prevent any potential (i) proposed transaction is consistent with an order approving or disapproving the undue influence over a Fund through the policies of each registered proposed rule change not later than 180 control or voting power, or in investment company involved; and (c) days after the date of publication of connection with certain services, the proposed transaction is consistent notice of filing of the proposed rule transactions, and underwritings, (ii) with the general purposes of the Act. change. The Commission may extend excessive layering of fees, and (iii) the period for issuing an order overly complex fund structures, which For the Commission, by the Division of Investment Management, under delegated approving or disapproving the proposed are the concerns underlying the limits authority. rule change, however, by not more than in sections 12(d)(1)(A) and (B) of the 60 days if the Commission determines Eduardo A. Aleman, Act. that a longer period is appropriate and 8. Applicants request an exemption Assistant Secretary. publishes the reasons for such from sections 17(a)(1) and 17(a)(2) of the [FR Doc. 2018–23376 Filed 10–25–18; 8:45 am] determination. The proposed rule Act to permit persons that are Affiliated BILLING CODE 8011–01–P change was published for notice and Persons, or Second-Tier Affiliates, of the comment in the Federal Register on Funds, solely by virtue of certain May 3, 2018. October 30, 2018 is 180 ownership interests, to effectuate SECURITIES AND EXCHANGE COMMISSION days from that date, and December 29, purchases and redemptions in-kind. The 2018 is 240 days from that date. deposit procedures for in-kind [Release No. 34–84462; File No. SR– The Commission finds it appropriate purchases of Creation Units and the NYSEArca–2018–25] to designate a longer period within redemption procedures for in-kind which to issue an order approving or redemptions of Creation Units will be Self-Regulatory Organizations; NYSE the same for all purchases and Arca, Inc.; Notice of Designation of a 1 15 U.S.C. 78s(b)(1). redemptions and Deposit Instruments Longer Period for Commission Action 2 17 CFR 240.19b–4. and Redemption Instruments will be on Proceedings To Determine Whether 3 Currently, the Exchange lists and trades the valued in the same manner as those To Approve or Disapprove a Proposed shares pursuant to NYSE Arca Rule 8.600–E. As Rule Change, as Modified by discussed in Amendment No. 1, infra note 7, the investment positions currently held by Exchange submitted this proposed rule change to the Funds. Applicants also seek relief Amendment No. 1, Regarding the permit the fund’s portfolio to deviate from two of from the prohibitions on affiliated Continued Listing and Trading of the ‘‘generic’’ listing requirements applicable to transactions in section 17(a) to permit a Shares of the Natixis Loomis Sayles Managed Fund Shares. 4 See Securities Exchange Act Release No. 83122 Fund to sell its shares to and redeem its Short Duration Income ETF (April 27, 2018), 83 FR 19578. shares from a Fund of Funds, and to October 22, 2018. 5 15 U.S.C. 78s(b)(2). engage in the accompanying in-kind On April 16, 2018, NYSE Arca, Inc. 6 See Securities Exchange Act Release No. 83385, khammond on DSK30JT082PROD with NOTICES transactions with the Fund of Funds.3 (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed 83 FR 27034 (June 11, 2018). 7 Amendment No. 1, which amended and 3 The requested relief would apply to direct sales with the Securities and Exchange replaced the proposed rule change in its entirety, of shares in Creation Units by a Fund to a Fund of Commission (‘‘Commission’’), pursuant is available at: https://www.sec.gov/comments/sr- Funds and redemptions of those shares. Applicants nysearca-2018-25/nysearca201825-3795048- are not seeking relief from section 17(a) for, and the Funds because an Adviser or an entity controlling, 162717.pdf. 8 See Securities Exchange Act Release No. 83733, requested relief will not apply to, transactions controlled by or under common control with an where a Fund could be deemed an Affiliated Adviser provides investment advisory services to 83 FR 37831 (August 2, 2018). Person, or a Second-Tier Affiliate, of a Fund of that Fund of Funds. 9 15 U.S.C. 78s(b)(2). VerDate Sep<11>2014 18:32 Oct 25, 2018 Jkt 247001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM 26OCN1

54154 Federal Register / Vol. 83, No. 208 / Friday, October 26, 2018 / Notices disapproving the proposed rule change Procedures’’) 5 with respect to the relevant parties for delivery under the so that it has sufficient time to consider delivery terms relating to the ICE Permian WTI Contracts, supplementing this proposed rule change, as modified Futures Europe (‘‘ICE Futures Europe’’ the existing provisions of the Rules. by Amendment No. 1. Accordingly, the or ‘‘IFEU’’) Permian West Texas Specifically, neither the Clearing House Commission, pursuant to Section Intermediate Crude Oil Futures nor ICE Futures Europe are responsible 19(b)(2) of the Act,10 designates Contract. for the performance of Magellan or any December 29, 2018 as the date by which person operating MEH nor do they make II. Clearing Agency’s Statement of the any representation regarding the the Commission shall either approve or Purpose of, and Statutory Basis for, the authenticity, validity or accuracy of any disapprove the proposed rule change Proposed Rule Change delivery tender notice, confirmation of (File No. SR–NYSEArca–2018–25), as modified by Amendment No. 1. In its filing with the Commission, ICE transfer or any other notice, document, Clear Europe included statements file, record or instrument used or For the Commission, by the Division of Trading and Markets, pursuant to delegated concerning the purpose of and basis for delivered pursuant to the Rules and authority.11 the proposed rule change and discussed Procedures. Eduardo A. Aleman, any comments it received on the The amendments address delivery proposed rule change. The text of these margin and relevant contract security Assistant Secretary. statements may be examined at the with respect to Permian WTI Contracts. [FR Doc. 2018–23387 Filed 10–25–18; 8:45 am] places specified in Item IV below. ICE The amendments specify certain details BILLING CODE 8011–01–P of the delivery process. Delivery of ICE Clear Europe has prepared summaries, set forth in sections (A), (B), and (C) Permian WTI Contracts will be based on below, of the most significant aspects of open contract positions at the close of SECURITIES AND EXCHANGE trading on the last trading day for which such statements. COMMISSION physical delivery is specified. A (A) Clearing Agency’s Statement of the delivery schedule must be agreed [Release No. 34–84463; File No. SR–ICEEU– Purpose of, and Statutory Basis for, the between Magellan and the Buyer and 2018–016 ] Proposed Rule Change Seller. The procedures include a Self-Regulatory Organizations; ICE (a) Purpose detailed timeframe for relevant notices Clear Europe Limited; Notice of Filing of intent to deliver or receive, ICE Clear Europe is amending its and Immediate Effectiveness of a nominations of parties to delivery or Delivery Procedures to add a new Part Proposed Rule Change Relating to receive, delivery confirmations, CC addressing delivery under a new Amendments to the ICE Clear Europe invoicing, release of delivery margin Permian West Texas Intermediate Crude Delivery Procedures following completion of delivery and Oil Futures Contract (the ‘‘Permian WTI other matters. Contract’’) that will be traded on ICE The amendments also contemplate October 22, 2018. Futures Europe and cleared by ICE Clear the use of alternative delivery Pursuant to Section 19(b)(1) of the Europe, and to make certain related Securities Exchange Act of 1934 procedures for Permian WTI Contracts, changes. ICE Clear Europe does not under which the buyer and seller under (‘‘Act’’),1 and Rule 19b–4 thereunder,2 otherwise propose to amend its Clearing notice is hereby given that on October a contract may agree to arrange delivery Rules (the ‘‘Rules’’) 6 or Procedures in and payment for a specific tender 10, 2018, ICE Clear Europe Limited connection with these changes. (‘‘ICE Clear Europe’’ or the ‘‘Clearing outside of the exchange rules and in lieu New Part CC of the Delivery House’’) filed with the Securities and of the standard delivery arrangements Procedures provides specifications and Exchange Commission (‘‘Commission’’) and procedures. The amendments set procedures for deliveries under the the proposed rule changes described in out notice and other requirements for Permian WTI Contract, which will take Items I, II and III below, which Items such alternative delivery procedures. place at the Magellan Crude Oil Pipeline ICE Clear Europe is also adding a new have been prepared primarily by ICE Company, L.P. (‘‘Magellan’’) East Clear Europe. ICE Clear Europe filed the section 16.7 requiring Clearing Houston terminal (‘‘MEH’’). Consistent Members, Buyers, Seller, Transferors proposed rule changes pursuant to with the exchange contract terms, the Section 19(b)(3)(A) of the Act,3 and Rule and Transferees that make or take buyer and seller must be approved delivery pursuant to a Contract to 19b–4(f)(4)(ii) thereunder,4 so that the shippers with delivery documentation proposal was immediately effective comply with requirements relating to with Magellan. Delivery may be effected filing, notification, reporting, upon filing with the Commission. The through orders for inter-facility transfer, Commission is publishing this notice to registration, certification or in-line (or in-system) transfer or in-tank authorization under Applicable Laws or solicit comments on the proposed rule transfer of title, in accordance with change from interested persons. from the Delivery Facility. relevant Magellan documentation and I. Clearing Agency’s Statement of the tariffs, as set out in Part CC and the (b) Statutory Basis Terms of Substance of the Proposed relevant exchange contract terms. The Section 17A(b)(3)(F) of the Act 7 Rule Change amendments also establish standards for requires, among other things, that the delivery quality, as well as relevant rules of a clearing agency be designed to The principal purpose of the procedures for exchange of futures for proposed amendments is for ICE Clear promote the prompt and accurate physical transactions under exchange clearance and settlement of securities Europe to amend its Delivery rules. transactions and, to the extent khammond on DSK30JT082PROD with NOTICES Procedures (the ‘‘Delivery Part CC addresses certain the applicable, derivative agreements, responsibility of the Clearing House and contracts, and transactions, the 10 Id. 11 17 CFR 200.30–3(a)(57). safeguarding of securities and funds in 5 Capitalized terms used but not defined herein 1 15 U.S.C. 78s(b)(1). have the meanings specified in the ICE Clear the custody or control of the clearing 2 17 CFR 240.19b–4. Europe Delivery Procedures. agency or for which it is responsible, 3 15 U.S.C. 78s(b)(3)(A). 6 Capitalized terms used but not defined herein 4 17 CFR 240.19b–4(f)(4)(ii). have the meanings specified in the Rules. 7 15 U.S.C. 78q–1(b)(3)(F). VerDate Sep<11>2014 18:32 Oct 25, 2018 Jkt 247001 PO 00000 Frm 00075 Fmt 4703 Sfmt 4703 E:\FR\FM\26OCN1.SGM 26OCN1


Document Created: 2018-10-26 02:28:11
Document Modified: 2018-10-26 02:28:11
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 Citation83 FR 54153 
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR