10562 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices 

50 15 U.S.C. 78f(b)(5). 

51 15 U.S.C. 78s(b)(2). 

52 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 73943 

(December 24, 2014), 80 FR 69 (January 2, 2015) 

(SR–NASDAQ–2014–123). 

4See Rule 4751(h)(6). 

5See Rule 4751(h)(8). 

6 17 CFR 240.19b–4(f)(6)(iii). 

futures, or forwards with respect to 

commodities. 

(10) Under normal circumstances, the 

combined total of corporate, sovereign, 

non-agency and all other debt rated 

below investment grade will not exceed 

40% of the Fund’s net assets. The SubAdviser will strive to allocate below 

investment grade securities broadly by 

industry and issuer in an attempt to 

reduce the impact of negative events on 

an industry or issuer. 

(11) Although there is no limit on the 

percentage of Fund assets that can be 

used in connection with reverse 

repurchase agreements, the Portfolio 

does not expect to engage, under normal 

circumstances, in reverse repurchase 

agreements with respect to more than 

331⁄3% of its net assets. 

(12) Not more than 10% of the net 

assets of the Fund will be invested in 

unsponsored ADRs. With the exception 

of unsponsored ADRs, all equity 

securities (i.e., common stocks, 

Depositary Receipts, certain preferred 

securities, ETPs, and certain other 

exchange-traded investment company 

securities) in which the Portfolio or 

Fund may invest will trade on markets 

that are members of ISG or that have 

entered into a comprehensive 

surveillance agreement with the 

Exchange. 

(13) A minimum of 100,000 Shares for 

the Fund will be outstanding at the 

commencement of trading on the 

Exchange. 

This approval order is based on all of 

the Exchange’s representations, 

including those set forth above and in 

the Notice, and the Exchange’s 

description of the Fund. The 

Commission notes that the Fund and the 

Shares must comply with the 

requirements of NYSE Arca Equities 

Rule 8.600 to be initially and 

continuously listed and traded on the 

Exchange. 

For the foregoing reasons, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act 50 and the rules and 

regulations thereunder applicable to a 

national securities exchange. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,51

that the proposed rule change (SR– 

NYSEArca–2014–143) be, and it hereby 

is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.52

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–03961 Filed 2–25–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74342; File No. SR– 

NASDAQ–2015–014] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Postpone 

Implementation of Changes to Rules 

4751(h) and 4754(b) Relating to the 

Closing Process 

February 20, 2015. 

Pursuant to section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on February 

11, 2015, The NASDAQ Stock Market 

LLC (‘‘NASDAQ’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

in Items I and II below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to postpone 

implementation of changes to Rules 

4751(h) and 4754(b) relating to the 

closing process. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaq.cchwallstreet.com, at 

the principal office of the Exchange, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

NASDAQ is proposing to delay 

implementation of changes to Rules 

4751(h) and 4754(b) relating to the 

closing process, which are effective but 

not yet implemented. On December 16, 

2014, the Exchange filed an 

immediately effective filing 3 to amend 

the processing of the Closing Cross 

under Rule 4754(b) to adopt a 

‘‘Lockdown Period,’’ the point at which 

NASDAQ will close the order book for 

participation in the Closing Cross. The 

Exchange also amended Rule 4751(h) to 

harmonize the processing of Market 

Hours Day orders 4 and Good-til-market 

close orders 5 upon initiation of the 

Lockdown Period. 

The Exchange had originally 

anticipated implementing the changes 

in mid-February 2015, after the 

expiration of the 30 day operative delay 

provided by Rule 19b–4(f)(6)(iii) under 

the Act.6 The Exchange, however, has 

experienced unanticipated delay in the 

development of the changes to its 

systems, which has made the original 

implementation date unachievable. The 

Exchange believes it will be able to 

implement the changes on April 13, 

2015, and is providing notice of the 

delay and new implementation date. 

2. Statutory Basis 

NASDAQ believes that the proposed 

rule change is consistent with the 

provisions of section 6 of the Act, in 

general, and with section 6(b)(5) of the 

Act, in particular, because it is designed 

to prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in regulating, clearing, 

settling, processing information with 

respect to, and facilitating transactions 

in securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest; and is 

not designed to permit unfair 

discrimination between customers, 


rmajette on DSK2VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices 10563 

7 15 U.S.C. 78f(b)(8). 

8 15 U.S.C. 78s(b)(3)(A)(iii). 

9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 

10 17 CFR 240.19b–4(f)(6). 

11 17 CFR 240.19b–4(f)(6)(iii). 

12For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 13 17 CFR 200.30–3(a)(12). 

issuers, brokers, or dealers. The 

Exchange believes that the changes 

NASDAQ is making to Rules 4751(h) 

and 4754(b) promote consistency and 

transparency in the process for handling 

orders in the closing process. Delaying 

implementation of the changes for brief 

period so that NASDAQ may implement 

the changes to its systems necessary to 

ensure that the Lockdown Period and 

processing of Market Hours Day and 

Good-til-market close orders are 

handled in the Closing Cross operate as 

planned promotes fair and orderly 

markets, the protection of investors and 

the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NASDAQ does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended.7

The Exchange believes that the proposal 

is irrelevant to competition because it is 

not driven by, and will have no impact 

on, competition. Specifically, the 

proposal is representative of the 

Exchange’s efforts to harmonize and 

simplify the processing of orders during 

the closing process. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to section 

19(b)(3)(A)(iii) of the Act 8 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.9

A proposed rule change filed under 

Rule 19b–4(f)(6) 10 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),11 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so the Exchange may 

provide immediate notice of its intent to 

delay implementation of the closing 

process due to unanticipated system 

development issues. The Commission 

believes that waiving the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest because it will allow the 

Exchange to provide immediate notice 

of this delay. Therefore, the Commission 

hereby waives the 30-day operative 

delay and designates the proposed rule 

change to be operative upon filing with 

the Commission.12

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

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 rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2015–014 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549. 

All submissions should refer to File 

Number SR–NASDAQ–2015–014. 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 such 

filing 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– 

NASDAQ–2015–014 and should be 

submitted on or before March 19, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. 2015–03965 Filed 2–25–15; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 9046] 

Determination by the Secretary of 

State Relating to Iran Sanctions 

This notice is to inform the public 

that the Secretary of State determined 

on February 19, 2015, pursuant to 

Section 1245(d)(4)(D) of the National 

Defense Authorization Act for Fiscal 

Year 2012 (NDAA), (Pub. L. 112–81), as 

amended, that as of February 19, 2015, 

each of the following countries: 

Belgium, the Czech Republic, France, 

Germany, Greece, Italy, the Netherlands, 

Poland, Spain, Sri Lanka, and the 

United Kingdom have significantly 

reduced their crude oil purchases from 

Iran, or have maintained their crude oil 

purchases from Iran at zero, over the 

preceding 180-day period. 


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