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###### Securities and Exchange Commission

          - [Release No. 34-74559; File No. SR-NYSEArca-2014-100]

                    On September 5, 2014, NYSE Arca, Inc. (“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 list and trade shares of the SPDR SSgA Global Managed Volatility ETF (“Fund”) under NYSE Arca Equities Rule 8.600. The proposed rule change was published for comment in the                     **Federal Register**                     on September 24, 2014.[3]                                          On November 4, 2014, 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 December 22, 2014, 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]                                          In the Order Instituting Proceedings, the Commission solicited responses to specified matters related to the proposal.[8]                                          The Commission received no comment letters on the proposed rule change. The Exchange subsequently filed Amendment No. 1 to the proposed rule change.[9] 

                    Section 19(b)(2) of the Act [10]                                          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 the filing of the proposed rule change. The Commission may, however, extend the period for issuing an order approving or disapproving the proposed rule change 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 September 24, 2014.[11]                                          The 180th day after publication of the notice of the filing of the proposed rule change in the                     **Federal Register**                     is March 23, 2015.                

The Commission finds that it is 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, as modified by Amendment No. 1 thereto.

                    Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,[12]                                          designates May 7, 2015, as the date by which the Commission shall either approve or disapprove the proposed rule change, as modified by Amendment No. 1 thereto (File No. SR-NYSEArca-2014-100).                

                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[13] 

Brent J. Fields,

Secretary. 

# Footnotes

1.                             15 U.S.C. 78s(b)(1).                    
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2.                             17 CFR 240.19b-4.                    
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3.                                                     *See*                         Securities Exchange Act Release No. 73141 (Sept. 18, 2014), 79 FR 57161 (“Notice”).                    
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4.                             15 U.S.C. 78s(b)(2).                    
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5.                                                     *See*                         Securities Exchange Act Release No. 73515, 79 FR 66758 (Nov. 10, 2014). The Commission designated a longer period within which to take action on the proposed rule change and designated December 23, 2014 as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.                    
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6.                             15 U.S.C. 78s(b)(2)(B).                    
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7.                                                     *See*                         Securities Exchange Act Release No. 73914, 79 FR 78524 (Dec. 30, 2014) (“Order Instituting Proceedings”). 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.,*                         79 FR at 78530.                    
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8.                                                     *See id.*                         (specifically soliciting comment on the statements of the Exchange contained in the Notice, including the statements made in connection with information sharing procedures with respect to certain non-U.S. equity security holdings and the Exchange's arguments regarding the applicability of the definition of “Actively-Traded Securities” under Regulation M (“Reg M”)).                    
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9.                                                     *See*                         Letter from Martha Redding, Senior Counsel and Assistant Secretary, New York Stock Exchange, to Kevin M. O'Neill, Deputy Secretary, Commission (dated Jan. 22, 2015). Amendment No. 1 replaces and supersedes SR-NYSEArca-2014-100 in its entirety as originally filed. In Amendment No. 1, the Exchange: (a) Deletes the statement in the original filing that the exchange-listed and traded equity securities in which the Fund's portfolio would be permitted to invest would be limited to: (1) Equity securities that trade in markets that are members of the Intermarket Surveillance Group (“ISG”) or are parties to a comprehensive surveillance sharing agreement (“CSSA”) with the Exchange, or (2) “Actively-Traded Securities” as defined in Reg M under the Act that are traded on U.S. and non-U.S. exchanges with last sale reporting; (b) represents that the Fund's non-U.S. equity securities holdings will be subject quantitative criteria that are substantially identical to the “generic” listing criteria in NYSE Arca Equities Rule 5.2(j)(3), Commentary .01(a)(B), relating to an index or portfolio of U.S. and non-U.S. stocks underlying a series of Investment Company Units; and (c) deletes discussion relating to information sharing procedures in the absence of CSSAs with, or ISG membership of, markets on which “Actively-Traded Securities” are listed or traded.                    
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10.                             15 U.S.C. 78s(b)(2).                    
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11.                                                     *See supra*                         note 3 and accompanying text.                    
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12.                             15 U.S.C. 78s(b)(2).                    
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13.                                 17 CFR 200.30-3(a)(57).                        
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[FR Doc. 2015-06892 Filed 3-25-15; 8:45 am]

 BILLING CODE 8011-01-P