64444 Federal Register / Vol. 79, No. 209 / Wednesday, October 29, 2014 / Notices 

6(c) of the 1940 Act for an exemption from sections 

2(a)(32), 5(a)(1), 22(d) and 22(e) of the 1940 Act and 

rule 22c–1 under the 1940 Act; under sections 6(c) 

and 17(b) of the 1940 Act for an exemption from 

sections 17(a)(1) and 17(a)(2) of the 1940 Act; and 

under section 12(d)(1)(J) of the 1940 Act for an 

exemption from sections 12(d)(1)(A) and 12(d)(1)(B) 

of the 1940 Act. 

129Notice of Application for Exemptive Relief, 

supra note 3, at 3. 

130 Id. at 29. 

131The Commission’s determinations under 

Section 6(c) of the 1940 Act with respect to the 

Funds are preliminary and could change if a 

hearing were requested, the Commission were to 

grant the request, and persuasive new information 

were presented. Under Section 19(b)(2) of the 

Exchange Act, however, the last date on which the 

Commission can take final action to approve or 

disapprove the Exchange’s proposed rule change is 

no later than 240 days after notice of the proposed 

rule change was published in the Federal Register. 

As a result, the Commission must either approve or 

disapprove the proposed rule change by October 24, 

2014, and it must do so on the basis of the facts 

as they currently exist, irrespective of any 

information that might be presented to or 

considered by the Commission at a later date in the 

context of its final determination under Section 6(c) 

of the 1940 Act. 

132Having found for the reasons explained above 

that the Exchange’s proposed rule change is not 

consistent with the requirements of the Exchange 

Act, the Commission does not believe it is 

necessary to address each of the particular 

objections raised by the commenter who opposes 

the proposed rule change. 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 71990 

(April 22, 2014), 79 FR 23389 (‘‘Notice’’). 

4See Securities Exchange Act Release No. 72328, 

79 FR 33605 (June 11, 2014). 

5See Securities Exchange Act Release No. 72654, 

79 FR 43808 (July 28, 2014) (‘‘Order Instituting 

Proceedings’’). 

6 15 U.S.C. 78s(b)(2). 

7See Order Instituting Proceedings, supra note 5. 

8 15 U.S.C. 78s(b)(2). 

9 17 CFR 200.30–3(a)(31). 

Notice of an Application for Exemptive 

Relief, however, ‘‘the Commission 

preliminarily believes that [Precidian’s] 

proposed ETFs do not meet the standard 

for exemptive relief under section 6(c) 

of the [1940] Act,’’ 129 and accordingly, 

‘‘absent a request for a hearing that is 

granted by the Commission, the 

Commission intends to deny 

[Precidian’s] request for an exemption 

under section 6(c) of the [1940] Act as 

not necessary or appropriate in the 

public interest and as not consistent 

with the protection of investors and the 

purposes fairly intended by the policy 

and provisions of the [1940] Act.’’ 130

The purpose of the Exchange’s 

proposed rule change is to allow the 

listing and trading of the proposed 

Funds and future Funds of the same 

type. The Commission does not believe 

that approving this proposed rule 

change would be consistent with the 

requirement under the Exchange Act 

that an exchange’s rules be consistent 

with the protection of investors and the 

public interest, because the Commission 

has stated its intention to deny the 

Funds exemptive relief under the 1940 

Act and because denying this exemptive 

relief would mean that the Funds could 

not legally operate.131

IV. Conclusion 

For the reasons set forth above, the 

Commission does not find that the 

proposed rule change is consistent with 

the requirements of the Exchange Act 

and the rules and regulations 

thereunder applicable to a national 

securities exchange, and in particular, 

with Section 6(b)(5) of the Exchange 

Act.132

It is therefore ordered, pursuant to 

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

that the proposed rule change (SR– 

NYSEArca–2014–10) be, and it hereby 

is, disapproved. 

By the Commission. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25714 Filed 10–28–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73416; File No. SR– 

NASDAQ–2014–034] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change Relating to Proposed 

Changes To Remove From the 

Exchange Rules Fee Provisions 

Regarding Re-Transmission of ‘‘ThirdParty Data’’ 

October 23, 2014. 

On April 7, 2014, The NASDAQ Stock 

Market LLC (‘‘Nasdaq’’ or the 

‘‘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 

remove, from the Exchange rules, fee 

provisions with respect to third-party 

data feeds that Nasdaq receives from 

multiple sources and then re-transmits 

to clients in connection with the 

Exchange’s co-location services. The 

proposed rule change was published for 

comment in the Federal Register on 

April 28, 2014.3 On June 5, 2014, the 

Commission extended the time to act on 

the proposal until July 25, 2014.4 On 

July 22, 2014, the Commission 

instituted proceedings to determine 

whether to disapprove the proposed 

rule change in an order published in the 

Federal Register.5 The Commission 

received no comment letters on the 

proposed rule change. 

Section 19(b)(2) of the Act 6 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 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 

April 28, 2014. October 25, 2014 is 180 

days from that date, and December 24, 

2014 is an additional 60 days from that 

date. 

The Commission finds that it is 

appropriate to designate a longer period 

within which to take action on the 

proposed rule change so that it has 

sufficient time to consider the issues 

raised in connection with the proposed 

rule change. Specifically, as the 

Commission noted in the Order 

Instituting Proceedings, the proposed 

rule change raises issues such as 

whether the proposed rule change is 

consistent with the statutory definition 

of the term ‘‘facility’’ and the statutory 

requirements applicable to national 

securities exchanges.7

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,8

designates December 24, 2014, as the 

date by which the Commission should 

either approve or disapprove the 

proposed rule change. 

For the Commission, by the Division 

of Trading and Markets, pursuant to 

delegated authority.9

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–25672 Filed 10–28–14; 8:45 am] 

BILLING CODE 8011–01–P 

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