Federal Register / Vol. 79, No. 246 / Tuesday, December 23, 2014 / Notices 77069 

27See Notice, supra note 5, at 67227 n.30 and 

accompanying text. 

28The Commission notes that, as amended, the 

provision in ISE’s LLC Agreement governing 

distributions will be consistent with similar 

provisions the Commission has previously 

approved for other self-regulatory organizations. 

See, e.g., Securities Exchange Act Release Nos. 

70050 (July 26, 2013), 78 FR 46622 (August 1, 2013) 

(approving the application for registration as a 

national securities exchange of Topaz Exchange, 

LLC); and 68341 (December 3, 2012), 77 FR 73065 

(December 7, 2012) (approving the application for 

registration as a national securities exchange of 

Miami International Securities Exchange, LLC). 

29 15 U.S.C. 78f(b)(2). 

30 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4On June 24, 2014, the Trust filed an amendment 

to its registration statement on Form N–1A under 

the Securities Act of 1933 (15 U.S.C. 77a) (‘‘1933 

Act’’) and the Investment Company Act of 1940 

(‘‘1940 Act’’) (15 U.S.C. 80a–1) (File Nos. 333– 

92935 and 811–09729) (the ‘‘Registration 

Statement’’). The description of the operation of the 

Trust and the Funds herein is based, in part, on the 

Registration Statement. The Commission has issued 

an order granting certain exemptive relief to the 

Trust under the 1940 Act. See Investment Company 

Act Release No. 27608 (December 21, 2006) (File 

No. 812–13208) (‘‘Exemptive Order’’). 

5The Funds were initially listed on the American 

Stock Exchange, Inc. (‘‘Amex’’) (now NYSE MKT) 

on October 4, 2007 pursuant to the generic listing 

criteria of Amex Rule 1000A. On October 6, 2008, 

the listings transferred from the Amex to NYSE 

Arca, which changes were effected pursuant to 

NYSE Arca Equities Rule 5.2(j)(3), Commentary .02. 

6The Commission previously has approved a 

proposed rule change relating to listing and trading 

on the Exchange of Units based on municipal bond 

indexes. See Securities Exchange Act Release No. 

67985 (October 4, 2012), 77 FR 61804 (October 11, 

2012) (SR–NYSEArca–2012–92) (order approving 

proposed rule change relating to the listing and 

trading of iShares 2018 S&P AMT-Free Municipal 

Series and iShares 2019 S&P AMT-Free Municipal 

Series under NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02). The Commission also has issued 

a notice of filing and immediate effectiveness of a 

proposed rule change relating to listing and trading 

on the Exchange of the iShares Taxable Municipal 

Bond Fund. See Securities Exchange Act Release 

No. 63176 (October 25, 2010), 75 FR 66815 (October 

29, 2010) (SR–NYSEArca–2010–94). The 

Commission has approved two actively managed 

funds of the PIMCO ETF Trust that hold municipal 

bonds. See Securities Exchange Act Release No. 

60981 (November 10, 2009), 74 FR 59594 

(November 18, 2009) (SR–NYSEArca–2009–79) 

(order approving listing and trading of PIMCO 

Short-Term Municipal Bond Strategy Fund and 

PIMCO Intermediate Municipal Bond Strategy 

Fund, among others). 

7An investment adviser to an open-end fund is 

required to be registered under the Investment 

Advisers Act of 1940 (the ‘‘Advisers Act’’). As a 

result, the Adviser and its related personnel are 

subject to the provisions of Rule 204A–1 under the 

Advisers Act relating to codes of ethics. This Rule 

requires investment advisers to adopt a code of 

ethics that reflects the fiduciary nature of the 

relationship to clients as well as compliance with 

other applicable securities laws. Accordingly, 

procedures designed to prevent the communication 

and misuse of non-public information by an 

investment adviser must be consistent with Rule 

204A–1 under the Advisers Act. In addition, Rule 

206(4)–7 under the Advisers Act makes it unlawful 

for an investment adviser to provide investment 

advice to clients unless such investment adviser has 

(i) adopted and implemented written policies and 

procedures reasonably designed to prevent 

violation, by the investment adviser and its 

supervised persons, of the Advisers Act and the 

Commission rules adopted thereunder; (ii) 

implemented, at a minimum, an annual review 

regarding the adequacy of the policies and 

procedures established pursuant to subparagraph (i) 

above and the effectiveness of their 

implementation; and (iii) designated an individual 

(who is a supervised person) responsible for 

administering the policies and procedures adopted 

under subparagraph (i) above. 

made in violation of the Exchange’s 

legal and regulatory responsibilities or 

with Regulatory Funds.27 The 

Commission believes that the proposed 

rule change is designed to facilitate the 

ability of ISE to fulfill its regulatory 

obligations under the Act and will help 

ensure the independence of its 

regulatory function from its market 

operations and other commercial 

interests.28

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act 29 that the 

proposed rule change (SR–ISE–2014– 

44), as modified by Amendment No. 1, 

be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29972 Filed 12–22–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73857; File No. SR– 

NYSEArca–2014–139] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to Shares of the 

iShares California AMT-Free Muni 

Bond ETF and iShares New York AMTFree Muni Bond ETF 

December 17, 2014. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on December 

3, 2014, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which have been 

prepared by the self-regulatory 

organization. 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes a rule change 

relating to shares of the following series 

of Investment Company Units that are 

currently listed and traded on the 

Exchange under NYSE Arca Equities 

Rule 5.2(j)(3): iShares California AMTFree Muni Bond ETF and iShares New 

York AMT-Free Muni Bond ETF. The 

text of the proposed rule change is 

available on the Exchange’s Web site at 

www.nyse.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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange currently lists and 

trades shares (‘‘Shares’’) of the iShares 

California AMT-Free Muni Bond ETF 

(‘‘CA Fund’’) and iShares New York 

AMT-Free Muni Bond ETF (‘‘NY Fund’’ 

and, together with the CA Fund, the 

‘‘Funds’’) 4 under NYSE Arca Equities 

Rule 5.2(j)(3), Commentary .02, which 

governs the listing and trading of 

Investment Company Units (‘‘Units’’) 

based on fixed income securities 

indexes.5 The Funds are series of the 

iShares Trust (‘‘Trust’’).6

Blackrock Fund Advisors is the 

investment adviser (‘‘BFA’’ or 

‘‘Adviser’’) for the Funds.7 Blackrock 

Investments, LLC. is the Funds’ 

distributor (‘‘Distributor’’). State Street 

Bank and Trust Company is the 

administrator, custodian and fund 

accounting and transfer agent for each 

Fund. 

Changes to Indexes Underlying the 

Funds 

The index currently underlying the 

CA Fund is the S&P California AMTFree Muni Bond Index (‘‘CA Index’’) 

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8On November 7, 2014, S&P Dow Jones Indices 

issued a press release announcing methodology 

changes for the Municipal Bond Indexes, as 

described below, to be implemented prior to the 

February 2015 month end rebalance for such 

indexes. The proposed changes to the underlying 

indexes for the Funds will be reflected in an 

amendment to the Funds’ Registration Statement. 

9The Index Provider with respect to the Revised 

Indexes is Standard & Poor’s Financial Services LLC 

(a subsidiary of The McGraw-Hill Companies) 

(‘‘S&P’’). The Index Provider is not a broker-dealer 

or affiliated with a broker-dealer and has 

implemented procedures designed to prevent the 

and the index underlying the NY Fund 

is the S&P New York AMT-Free Muni 

Bond Index (‘‘NY Index’’, and, together 

with the CA Index, the ‘‘Municipal 

Bond Indexes’’). As described below, 

Standard & Poor’s Financial Services 

LLC (a subsidiary of the McGraw-Hill 

Companies, the index provider (‘‘Index 

Provider’’) of the Municipal Bond 

Indexes has proposed changes to the 

inclusion rules of both the CA Index 

and the NY Index.8

The Funds and the Municipal Bond 

Indexes 

The iShares California AMT-Free Muni 

Bond ETF 

The CA Fund currently seeks to track 

the investment results of the CA Index, 

which measures the performance of the 

investment-grade segment of the 

California municipal bond market. As of 

March 17, 2014, there were 1,740 issues 

in the CA Index. 

The CA Fund generally holds 

municipal bond securities issued by the 

State of California and its municipalities 

whose interest payments are exempt 

from U.S. federal and California state 

income tax, the federal AMT and the 

federal Medicare contribution tax of 

3.8% on ‘‘net investment income.’’ In 

addition, the Fund intends to invest any 

cash assets in one or more affiliated 

municipal money market funds, which 

may be advised by BFA or its affiliates. 

The Fund seeks to track the investment 

results of the Underlying Index before 

the fees and expenses of the Fund. 

The CA Fund generally invests at 

least 80% of its assets in the securities 

of the CA Index and generally invests 

90% of its assets in the securities of the 

CA Index and in securities that provide 

substantially similar exposure to the 

securities in the CA Index. The Fund 

may at times invest up to 20% of its 

assets in cash and cash equivalents, 

including money market funds advised 

by BFA or its affiliates, AMT-free taxexempt municipal notes, variable rate 

demand notes and obligations, tender 

option bonds, municipal commercial 

paper, and municipal bonds not 

included in the CA Index, but which 

BFA believes will help the Fund track 

the CA Index. 

The CA Index is a subset of the S&P 

National AMT-Free Municipal Bond 

IndexTM and is comprised of municipal 

bonds issued in the State of California. 

The CA Index includes municipal bonds 

from issuers in the State of California 

that are California state or local 

governments or agencies whose interest 

payments are exempt from U.S. federal 

and California state income taxes and 

the federal alternative minimum tax 

(‘‘AMT’’). Each bond must have a rating 

of at least BBB¥ by Standard & Poor’s 

Ratings Services, Baa3 by Moody’s 

Investors Service, Inc. (‘‘Moody’s’’), or 

BBB¥ by Fitch, Inc. (‘‘Fitch’’). A bond 

must be rated by at least one of the three 

rating agencies in order to qualify for 

the Underlying Index. For the avoidance 

of doubt, the lowest rating will be used 

in determining if the bond is 

investment-grade. Each bond must be 

denominated in U.S. dollars. Each bond 

in the CA Index must be a constituent 

of an offering where the original offering 

amount was at least $100 million. The 

bond must have a minimum par amount 

of $25 million to be eligible for 

inclusion. To remain in the CA Index, 

bonds must maintain a minimum par 

amount greater than or equal to $25 

million as of the next Rebalancing Date. 

In addition, each bond must have a 

minimum term to maturity and/or prerefunded or call date greater than or 

equal to one calendar month to be 

included in the CA Index. The CA Index 

is a market-value weighted index, and 

the securities in the CA Index are 

updated after the close on the last 

business day of each month. 

iShares New York AMT-Free Muni 

Bond ETF 

The NY Fund seeks to track the 

investment results of the NY Index, 

which measures the performance of the 

investment-grade segment of the New 

York municipal bond market. As of 

March 17, 2014, there were 1837 issues 

in the NY Index. 

The NY Fund generally holds 

municipal bond securities issued by the 

State of New York and its municipalities 

whose interest payments are exempt 

from U.S. federal and New York State 

income tax, the federal AMT and the 

federal Medicare contribution tax of 

3.8% on ‘‘net investment income.’’ In 

addition, the Fund intends to invest any 

cash assets in one or more affiliated 

municipal money market funds, which 

may be advised by BFA or its affiliates. 

The Fund seeks to track the investment 

results of the Underlying Index before 

the fees and expenses of the Fund. 

The Fund generally invests at least 

80% of its assets in the securities of the 

NY Index and generally invests 90% of 

its assets in the securities of the 

Underlying Index and in securities that 

provide substantially similar exposure 

to the securities in the NY Index. The 

Fund may at times invest up to 20% of 

its assets in cash and cash equivalents, 

including money market funds advised 

by BFA or its affiliates, AMT-free taxexempt municipal notes, variable rate 

demand notes and obligations, tender 

option bonds, municipal commercial 

paper, and municipal bonds not 

included in the NY Index, but which 

BFA believes will help the Fund track 

the NY Index. 

The NY Index also is a subset of the 

S&P National AMT-Free Municipal 

Bond IndexTM and is comprised of 

municipal bonds issued in the State of 

New York. The NY Index includes 

municipal bonds from issuers in the 

State of New York that are New York 

state or local governments or agencies 

whose interest payments are exempt 

from U.S. federal and New York state 

income taxes and the federal AMT. Each 

bond must have a rating of at least 

BBB¥ by Standard & Poor’s Ratings 

Services, Baa3 by Moody’s, or BBB¥ by 

Fitch. A bond must be rated by at least 

one of the three rating agencies in order 

to qualify for the index. For avoidance 

of doubt, the lowest rating will be used 

in determining if the bond is 

investment-grade. Each bond must be 

denominated in U.S. dollars. Each bond 

in the NY Index must be a constituent 

of an offering where the original offering 

amount was at least $100 million. The 

bond must have a minimum par amount 

of $25 million to be eligible for 

inclusion. To remain in the NY Index, 

bonds must maintain a minimum par 

amount greater than or equal to $25 

million as of the next Rebalancing Date. 

In addition, each bond must have a 

minimum term to maturity and/or prerefunded or call date greater than or 

equal to one calendar month to be 

included in the NY Index. The NY 

Index is a market-value weighted index, 

and the securities in the Underlying 

Index are updated after the close on the 

last business day of each month. 

The Revised Indexes 

The Index Provider is proposing to 

change the rules relating to the 

Municipal Bond Indexes. The ‘‘Revised 

NY Index’’ and the ‘‘Revised CA Index’’ 

(each, a ‘‘Revised Index’’ and, together, 

the ‘‘Revised Indexes’’) will remain 

rules based, as described below, though 

the S&P Dow Jones Indices’ Municipal 

Bond Index Committee (‘‘Committee’’) 

reserves the right to exercise discretion, 

when necessary.9

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Federal Register / Vol. 79, No. 246 / Tuesday, December 23, 2014 / Notices 77071 

use and dissemination of material, non-public 

information regarding the Revised Indexes. S&P 

Capital IQ’s Securities Evaluations (SPSE) will 

report the price of each bond in the Revised 

Indexes. S&P Capital IQ is a trademark of Standard 

& Poor’s Financial Services LLC. S&P Capital IQ is 

a leading provider of multi-asset class and real time 

data, research and analytics to institutional 

investors, investment and commercial banks, 

investment advisors and wealth managers, 

corporations and universities around the world. 

10For the avoidance of doubt, the lowest rating 

will be used in determining if a bond is investment 

grade. 

11For clarity, the following bond types are 

specifically excluded: Bonds subject to the AMT; 

commercial paper; inverse floaters; forwards; 

housing bonds; insured conduit bonds where the 

obligor is a for-profit institution; non-insured 

conduit bonds; non-rated bonds; notes; taxable 

municipals; tobacco bonds; variable rate debt. 

12For the avoidance of doubt, the lowest rating 

will be used in determining if a bond is investment 

grade. 

13Commentary .02(a)(2) to NYSE Arca Equities 

Rule 5.2(j)(3) provides that components that in the 

aggregate account for at least 75% of the weight of 

the index or portfolio each shall have a minimum 

original principal amount outstanding of $100 

million or more. 

14Commentary .02(a)(4) to NYSE Arca Equities 

Rule 5.2(j)(3) provides that no component fixedincome security (excluding Treasury Securities and 

GSE Securities, as defined therein) shall represent 

more than 30% of the weight of the index or 

portfolio, and the five most heavily weighted 

component fixed-income securities in the index or 

portfolio shall not in the aggregate account for more 

than 65% of the weight of the index or portfolio. 

15When bonds are close substitutes for one 

another, pricing vendors can use executed trade 

information from all similar bonds as pricing inputs 

for an individual security. This can make 

individual securities more liquid, because 

valuations for a single security are better estimators 

of actual trading prices when they are informed by 

trades in a large group of closely related securities. 

As a result, securities are more likely to trade at 

prices close to their valuation when they need to 

be sold. 

16Commentary .02(a)(4) to NYSE Arca Equities 

Rule 5.2(j)(3) provides that no component fixedincome security (excluding Treasury Securities and 

GSE Securities, as defined therein) shall represent 

more than 30% of the weight of the index or 

portfolio, and the five most heavily weighted 

component fixed-income securities in the index or 

Continued 

The Committee is comprised of 

employees or agents of S&P Dow Jones 

Indices. The Committee oversees the 

day-to-day management of the Index, 

including monthly rebalancing, 

maintenance and inclusion policies 

including additions and deletions of 

bonds, and other matters affecting the 

maintenance and calculation of the 

Revised Indexes. 

The following are the criteria that will 

be applied to bonds included in the 

Revised CA Index. On each 

‘‘Rebalancing Date’’ (i.e., the last 

business day of each month), a bond 

must meet all of the following criteria in 

order to be classified as an ‘‘Eligible 

Bond’’ for inclusion in the Revised CA 

Index: (1) The bond issuer must be a 

local government or agency in the state 

of California such that interest on the 

bond is exempt from U.S. federal 

income taxes; (2) the bond must have an 

investment grade rating of at least 

BBB¥ by Standard & Poor’s, Baa3 by 

Moody’s, or BBB¥ by Fitch, and a bond 

must be rated by at least one of the three 

rating agencies; 10 and (3) the bond must 

be denominated in U.S. dollars.11

The following are the criteria that will 

be applied to bonds included in the 

Revised NY Index. On each 

‘‘Rebalancing Date’’ (i.e., the last 

business day of each month), a bond 

must meet all of the following criteria in 

order to be classified as an ‘‘Eligible 

Bond’’ for inclusion in the Revised NY 

Index; (1) the bond issuer must be a 

local government or agency in the state 

of New York such that interest on the 

bond is exempt from U.S. federal 

income taxes; (2) the bond must have an 

investment grade rating of at least 

BBB¥ by Standard & Poor’s, Baa3 by 

Moody’s, or BBB¥ by Fitch, and a bond 

must be rated by at least one of the three 

rating agencies; 12 and (3) the bond must 

be denominated in U.S. dollars. 

With respect to each of the Revised 

Indexes, the market value will be used 

to determine the weight of the bond in 

the Revised Index. With respect to the 

Revised CA Index, the bond must have 

a minimum Par Amount of $15 million, 

and be part of an offering with an 

original total offering amount of at least 

$100 million to be eligible for inclusion. 

To remain in the Revised CA Index, 

bonds must maintain a minimum Par 

Amount greater than or equal to $15 

million as of the next Rebalancing Date. 

With respect to the Revised NY Index, 

the bond must have a minimum Par 

Amount of $5 million and be part of an 

offering with an original total offering 

amount of at least $20 million to be 

eligible for inclusion. To remain in the 

Revised NY Index, bonds must maintain 

a minimum Par Amount greater than or 

equal to $5 million as of the next 

Rebalancing Date. 

For each of the Revised Indexes, as of 

the Rebalancing Date, the bond must 

have a minimum term to maturity and/ 

or call date greater than or equal to the 

next subsequent rebalance date. In 

addition, at each monthly rebalancing, 

no one issuer can represent more than 

25% of the weight of the applicable 

Revised Index, and individual issuers 

that represent at least 5% of the weight 

of the applicable Revised Index cannot 

account for more than 50% of the 

weight of such Revised Index in 

aggregate. 

Application of the Generic Listing 

Criteria 

The Revised Indexes currently do not 

meet the generic listing criteria of NYSE 

Arca Equities Rule 5.2(j)(3), as described 

below. Accordingly, the Exchange is 

submitting this proposed rule change to 

permit the continued listing of Shares of 

each of the Funds. The Revised Indexes 

meet all of the requirements of the 

generic listing criteria of NYSE Arca 

Equities Rule 5.2(j)(3), except for those 

set forth in Commentary .02(a)(2).13

Specifically, as of October 29, 2014, 

approximately 36.62% and 16.82% of 

the weight of the components of the 

Revised CA Index and Revised NY 

Index, respectively, have a minimum 

original principal amount outstanding 

of $100 million or more. 

As of October 29, 2014, there were 

2,882 issues in the Revised CA Index, 

the total dollar amount outstanding of 

issues in the Revised CA Index was 

approximately $ 164 billion and the 

average dollar amount outstanding of 

issues in the Revised CA Index was 

approximately $57 million. Further, the 

most heavily weighted component 

represents 0.84% of the weight of the 

Revised CA Index and the five most 

heavily weighted components represent 

2.55% of the weight of the Revised CA 

Index.14 Therefore, the Exchange 

believes that, notwithstanding that the 

Revised CA Index does not satisfy the 

criterion in NYSE Arca Equities Rule 

5.2(j)(3), Commentary .02 (a)(2), the 

Revised CA Index is sufficiently broadbased to deter potential manipulation, 

given that it is composed of 

approximately 2,882 issues. In addition, 

the Revised CA Index securities are 

sufficiently large to deter potential 

manipulation in view of the substantial 

total dollar amount outstanding and the 

average dollar amount outstanding of 

Revised CA Index issues, as referenced 

above.15

In addition, the average daily notional 

trading volume for Revised CA Index 

components for the calendar year 2013 

was approximately $404 million and the 

sum of the notional trading volumes for 

the same period was approximately 

$102.2 billion. 

As of October 29, 2014, there were 

4,581 issues in the Revised NY Index, 

the total dollar amount outstanding of 

issues in the Revised NY Index was 

approximately $155 billion and the 

average dollar amount outstanding of 

issues in the Revised NY Index was 

approximately $ 33.8 million. Further, 

the most heavily weighted component 

represents 1.02% of the weight of the 

Revised NY Index and the five most 

heavily weighted components represent 

1.36% of the weight of the Revised NY 

Index.16 Therefore, the Exchange 

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77072 Federal Register / Vol. 79, No. 246 / Tuesday, December 23, 2014 / Notices 

portfolio shall not in the aggregate account for more 

than 65% of the weight of the index or portfolio. 

17 17 CFR 240.10A–3. 

18The IIV will be widely disseminated by one or 

more major market data vendors at least every 15 

seconds during the Exchange’s Core Trading 

Session of 9:30 a.m. to 4:00 p.m., Eastern time. 

Currently, it is the Exchange’s understanding that 

several major market data vendors display and/or 

make widely available IIVs taken from the 

Consolidated Tape Association (‘‘CTA’’) or other 

data feeds. 

19See, e.g., Securities Exchange Act Release Nos. 

55783 (May 17, 2007), 72 FR 29194 (May 24, 2007) 

(SR–NYSEArca-2007–36) (order approving NYSE 

Arca generic listing standards for Units based on a 

fixed income index); 44551 (July 12, 2001), 66 FR 

37716 (July 19, 2001) (SR–PCX–2001–14) (order 

approving generic listing standards for Units and 

Portfolio Depositary Receipts); 41983 (October 6, 

1999), 64 FR 56008 (October 15, 1999) (SR–PCX– 

98–29) (order approving rules for listing and trading 

of Units). 

20Under accounting procedures followed by the 

Funds, trades made on the prior business day (‘‘T’’) 

will be booked and reflected in NAV on the current 

business day (‘‘T+1’’). Accordingly, the Funds will 

be able to disclose at the beginning of the business 

day the portfolio that will form the basis for the 

NAV calculation at the end of the business day. 

believes that, notwithstanding that the 

NY Index does not satisfy the criterion 

in NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02 (a)(2), the Revised NY 

Index is sufficiently broad-based to 

deter potential manipulation, given that 

it is composed of approximately 4,581 

issues. In addition, the Revised NY 

Index securities are sufficiently large to 

deter potential manipulation in view of 

the substantial total dollar amount 

outstanding and the average dollar 

amount outstanding of Revised NY 

Index issues, as referenced above. 

In addition, the average daily notional 

trading volume for Revised NY Index 

components for the calendar year 2013 

was approximately $486 million and the 

sum of the notional trading volumes for 

the same period was approximately 

$123.1 billion. 

With respect to each of the Funds, the 

value of each Revised Index will be 

calculated and disseminated via a major 

market data vendor at least once daily; 

further, the components and percentage 

weightings of each Revised Index also 

will be available from major market data 

vendors. In addition, the portfolio of 

securities held by each Fund will be 

disclosed daily on the Funds’ Web site 

at www.iShares.com. 

The Exchange represents that: (1) 

With respect to the Funds, except for 

Commentary .02(a)(2) to NYSE Arca 

Equities Rule 5.2(j)(3), the Shares of 

each Fund currently satisfy all of the 

generic listing standards under NYSE 

Arca Equities Rule 5.2(j)(3); (2) the 

continued listing standards under NYSE 

Arca Equities Rules 5.2(j)(3) and 

5.5(g)(2) applicable to Units shall apply 

to the Shares of the Funds; and (3) the 

Trust is required to comply with Rule 

10A–3 17 under the Act for the initial 

and continued listing of the Shares of 

the Funds. In addition, the Exchange 

represents that the Shares of the Funds 

will comply with all other requirements 

applicable to Units including, but not 

limited to, requirements relating to the 

dissemination of key information such 

as the value of the Index and the 

applicable Intraday Indicative Value 

(‘‘IIV’’),18 rules governing the trading of 

equity securities, trading hours, trading 

halts, surveillance, and the Information 

Bulletin to Equity Trading Permit 

Holders (‘‘ETP Holders’’), as set forth in 

Exchange rules applicable to Units and 

prior Commission orders approving the 

generic listing rules applicable to the 

listing and trading of Units.19

Each of the Revised Indexes is 

sponsored by an organization (the 

‘‘Index Provider’’) that is independent of 

the Funds and the Adviser. The Index 

Provider determines the composition 

and relative weightings of the securities 

in the Underlying Indexes and 

publishes information regarding the 

market value of the Underlying Indexes. 

The Index Provider with respect to the 

Revised Indexes is S&P Dow Jones 

Indices LLC (a subsidiary of The 

McGraw-Hill Companies) (‘‘S&P’’). The 

Index Provider is not a broker-dealer or 

affiliated with a broker-dealer and has 

implemented procedures designed to 

prevent the use and dissemination of 

material, non-public information 

regarding the Revised Indexes. 

The current value of the Revised 

Indexes will be widely disseminated by 

one or more major market data vendors 

at least once per day, as required by 

NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02 (b)(ii). The IIVs for 

Shares of the Funds are disseminated by 

one or more major market data vendors, 

updated at least every 15 seconds 

during the Exchange’s Core Trading 

Session, as required by NYSE Arca 

Equities Rule 5.2(j)(3), Commentary .02 

(c), and Commentary .01(c), 

respectively. 

Detailed descriptions of the Funds, 

the Revised Indexes, procedures for 

creating and redeeming Shares, 

transaction fees and expenses, 

dividends, distributions, taxes, risks, 

and reports to be distributed to 

beneficial owners of the Shares can be 

found in the Registration Statement or 

on the Web site for the Funds 

(www.iShares.com), as applicable. 

Net Asset Value 

The NAV of each Fund will be 

calculated by dividing the value of the 

net assets of the Fund (i.e., the value of 

its total assets less total liabilities) by 

the total number of outstanding shares 

of a Fund, generally rounded to the 

nearest cent. 

The value of the securities and other 

assets and liabilities held by each Fund 

will be determined pursuant to 

valuation policies and procedures 

approved by the Fund’s Board of 

Trustees (‘‘Board’’). 

Each Fund will value fixed income 

portfolio securities, including municipal 

bonds, AMT-free tax-exempt municipal 

notes, variable rate demand notes and 

obligations, tender option bonds and 

municipal commercial paper using 

prices provided directly from 

independent third-party pricing services 

which may use matrix pricing and 

valuation models to derive values or 

from one or more broker-dealers or 

market makers. Certain short-term debt 

securities may be valued on the basis of 

amortized cost. Money market funds 

will be valued at NAV. 

When market quotations are not 

readily available or are believed by BFA 

to be unreliable, a Fund’s investments 

will be valued at fair value. Fair value 

determinations are made by BFA in 

accordance with policies and 

procedures approved by the Funds’ 

Board. BFA may conclude that a market 

quotation is not readily available or is 

unreliable if a security or other asset or 

liability does not have a price source 

due to its lack of liquidity, if a market 

quotation differs significantly from 

recent price quotations or otherwise no 

longer appears to reflect fair value, 

where the security or other asset or 

liability is thinly traded, or where there 

is a significant event subsequent to the 

most recent market quotation. A 

‘‘significant event’’ is an event that, in 

the judgment of BFA, is likely to cause 

a material change to the closing market 

price of the asset or liability held by a 

Fund. 

Fair value represents a good faith 

approximation of the value of an asset 

or liability. The fair value of an asset or 

liability held by a Fund is the amount 

a Fund might reasonably expect to 

receive from the current sale of that 

asset or the cost to extinguish that 

liability in an arm’s-length transaction. 

Availability of Information 

On each business day, before 

commencement of trading in Shares of 

each Fund in the Core Trading Session 

on the Exchange, a Fund will disclose 

on its Web site the portfolio that will 

form the basis for a Fund’s calculation 

of NAV at the end of the business day.20

On a daily basis, each Fund will 

disclose for each portfolio security or 

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Federal Register / Vol. 79, No. 246 / Tuesday, December 23, 2014 / Notices 77073 

21 17 CFR 240.10A–3. 

22 15 U.S.C. 78f(b)(5). 

23FINRA surveils trading on the Exchange 

pursuant to a regulatory services agreement. The 

Exchange is responsible for FINRA’s performance 

under this regulatory services agreement. 

other financial instrument of a Fund the 

following information on the Funds’ 

Web site: ticker symbol (if applicable), 

name of security and financial 

instrument, a common identifier such as 

CUSIP or ISIN (if applicable), number of 

shares (if applicable), and dollar value 

of securities and financial instruments 

held in the portfolio, and percentage 

weighting of the security and financial 

instrument in the applicable portfolio. 

The Web site information will be 

publicly available at no charge. 

The current value of the Revised 

Indexes will be widely disseminated by 

one or more major market data vendors 

at least once per day, as required by 

NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02 (b)(ii). The IIV for 

Shares of each Fund will be 

disseminated by one or more major 

market data vendors, updated at least 

every 15 seconds during the Exchange’s 

Core Trading Session, as required by 

NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02 (c). 

Investors can also obtain the Trust’s 

Statement of Additional Information 

(‘‘SAI’’), the Funds’ Shareholder 

Reports, and its Form N–CSR and Form 

N–SAR, filed twice a year. The Trust’s 

SAI and Shareholder Reports are 

available free upon request from the 

Trust, and those documents and the 

Form N–CSR and Form N–SAR may be 

viewed on-screen or downloaded from 

the Commission’s Web site at 

www.sec.gov. Information regarding 

market price and trading volume of the 

Shares of each Fund will be continually 

available on a real-time basis throughout 

the day on brokers’ computer screens 

and other electronic services. 

Information regarding the previous 

day’s closing price and trading volume 

information for the Shares will be 

published daily in the financial section 

of newspapers. 

Quotation and last sale information 

for the Shares will be available via the 

Consolidated Tape Association (‘‘CTA’’) 

high speed line. Price information 

regarding municipal bonds, and AMTfree tax-exempt municipal notes, 

variable rate demand notes and 

obligations, tender option bonds and 

municipal commercial paper is 

available from major market data 

vendors and third party pricing services. 

Price information regarding exchangetraded assets will be available from the 

principal exchange on which such 

assets are traded. 

Trading Rules 

The Exchange deems the Shares of 

each Fund to be equity securities, thus 

rendering trading in the Shares subject 

to the Exchange’s existing rules 

governing the trading of equity 

securities. Shares will trade on the 

NYSE Arca Marketplace from 4:00 a.m. 

to 8:00 p.m. Eastern time in accordance 

with NYSE Arca Equities Rule 7.34 

(Opening, Core, and Late Trading 

Sessions). The Exchange has 

appropriate rules to facilitate 

transactions in the Shares during all 

trading sessions. As provided in NYSE 

Arca Equities Rule 7.6, Commentary .03, 

the minimum price variation (‘‘MPV’’) 

for quoting and entry of orders in equity 

securities traded on the NYSE Arca 

Marketplace is $0.01, with the exception 

of securities that are priced less than 

$1.00 for which the MPV for order entry 

is $0.0001. 

The Shares of the Funds will conform 

to the initial and continued listing 

criteria under NYSE Arca Equities Rules 

5.2(j)(3) and 5.5(g)(2), respectively. The 

Exchange represents that, for initial 

and/or continued listing, the Funds will 

be in compliance with Rule 10A–3 21

under the Act, as provided by NYSE 

Arca Equities Rule 5.3. The Exchange 

will obtain a representation from the 

issuer of the Shares that the net asset 

value (‘‘NAV’’) per Share of each Fund 

will be calculated daily and that the 

NAV per Share will be made available 

to all market participants at the same 

time. 

Trading Halts 

The Exchange will halt trading in the 

Shares if the circuit breaker parameters 

of NYSE Arca Equities Rule 7.12 have 

been reached. In exercising its 

discretion to halt or suspend trading in 

the Shares, the Exchange may consider 

factors such as the extent to which 

trading in the underlying securities is 

not occurring or whether other unusual 

conditions or circumstances detrimental 

to the maintenance of a fair and orderly 

market are present, in addition to other 

factors that may be relevant. If the 

Intraday Indicative Value (as defined in 

Commentary .01 to Rule 5.2(j)(3)) or the 

Index value is not being disseminated as 

required, the Exchange may halt trading 

during the day in which the 

interruption to the dissemination of the 

Intraday Indicative Value or the Index 

value occurs. If the interruption to the 

dissemination of the Intraday Indicative 

Value or the Index value persists past 

the trading day in which it occurred, the 

Exchange will halt trading. 

Information Bulletin 

Prior to the commencement of 

trading, the Exchange will inform its 

Equity Trading Permit Holders in an 

Information Bulletin (‘‘Bulletin’’) of the 

special characteristics and risks 

associated with trading the Shares. 

Specifically, the Bulletin will discuss 

the following: (1) The procedures for 

purchases and redemptions of Shares in 

Creation Unit aggregations (and that 

Shares are not individually redeemable); 

(2) NYSE Arca Equities Rule 9.2(a), 

which imposes a duty of due diligence 

on its Equity Trading Permit Holders to 

learn the essential facts relating to every 

customer prior to trading the Shares; (3) 

the risks involved in trading the Shares 

during the Opening and Late Trading 

Sessions when an updated IIV will not 

be calculated or publicly disseminated; 

(4) how information regarding the IIV is 

disseminated; (5) the requirement that 

Equity Trading Permit Holders deliver a 

prospectus to investors purchasing 

newly issued Shares prior to or 

concurrently with the confirmation of a 

transaction; and (6) trading information. 

In addition, the Bulletin will 

reference that each Fund is subject to 

various fees and expenses described in 

the Registration Statement. The Bulletin 

will discuss any exemptive, no-action, 

and interpretive relief granted by the 

Commission from any rules under the 

Act. The Bulletin will also disclose that 

the NAV for the Shares will be 

calculated after 4:00 p.m. Eastern time 

each trading day. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 22 that an 

exchange have rules that are designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices in that the Shares will 

be listed and traded on the Exchange 

pursuant to the initial and continued 

listing criteria in NYSE Arca Equities 

Rule 5.2(j)(3). The Exchange represents 

that trading in the Shares will be subject 

to the existing trading surveillances, 

administered by the Financial Industry 

Regulatory Authority (‘‘FINRA’’) on 

behalf of the Exchange, which are 

designed to detect violations of 

Exchange rules and applicable federal 

securities laws.23 The Exchange 

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77074 Federal Register / Vol. 79, No. 246 / Tuesday, December 23, 2014 / Notices 

represents that these procedures are 

adequate to properly monitor Exchange 

trading of the Shares in all trading 

sessions and to deter and detect 

violations of Exchange rules and 

applicable federal securities laws. 

FINRA, on behalf of the Exchange, will 

communicate as needed regarding 

trading in the Shares with other markets 

that are members of the Intermarket 

Surveillance Group (‘‘ISG’’) or with 

which the Exchange has in place a 

comprehensive surveillance sharing 

agreement. FINRA also can access data 

obtained from the Municipal Securities 

Rulemaking Board relating to municipal 

bond trading activity for surveillance 

purposes in connection with trading in 

the Shares. FINRA, on behalf of the 

Exchange, is able to access, as needed, 

trade information for certain fixed 

income securities held by the Fund 

reported to FINRA’s Trade Reporting 

and Compliance Engine (‘‘TRACE’’). 

The Index Provider is a broker-dealer 

and has implemented a firewall and will 

maintain procedures designed to 

prevent the use and dissemination of 

material non-public information 

regarding the Revised Indexes. 

The Revised Index values, calculated 

and disseminated at least once daily, as 

well as the components of the Revised 

Indexes and their respective percentage 

weightings, will be available from major 

market data vendors. In addition, the 

portfolio of securities held by the Funds 

will be disclosed on the Funds’ Web 

site. The IIV for Shares of the Funds will 

be disseminated by one or more major 

market data vendors, updated at least 

every 15 seconds during the Exchange’s 

Core Trading Session. 

The proposed rule change is designed 

to promote just and equitable principles 

of trade and to protect investors and the 

public interest. In addition, a large 

amount of information is publicly 

available regarding the Funds and the 

Shares, thereby promoting market 

transparency. The Funds’ portfolio 

holdings will be disclosed on the Funds’ 

Web site daily after the close of trading 

on the Exchange and prior to the 

opening of trading on the Exchange the 

following day. Moreover, the IIV will be 

widely disseminated by one or more 

major market data vendors at least every 

15 seconds during the Exchange’s Core 

Trading Session. The current value of 

the Index will be disseminated by one 

or more major market data vendors at 

least once per day. Information 

regarding market price and trading 

volume of the Shares will be continually 

available on a real-time basis throughout 

the day on brokers’ computer screens 

and other electronic services, and 

quotation and last sale information will 

be available via the CTA high-speed 

line. The Web site for the Funds will 

include the prospectus for the Funds 

and additional data relating to NAV and 

other applicable quantitative 

information. Moreover, prior to the 

commencement of trading, the Exchange 

will inform its ETP Holders in an 

Information Bulletin of the special 

characteristics and risks associated with 

trading the Shares. If the Exchange 

becomes aware that the NAV is not 

being disseminated to all market 

participants at the same time, it will halt 

trading in the Shares until such time as 

the NAV is available to all market 

participants. With respect to trading 

halts, the Exchange may consider all 

relevant factors in exercising its 

discretion to halt or suspend trading in 

the Shares of the Funds. Trading also 

may be halted because of market 

conditions or for reasons that, in the 

view of the Exchange, make trading in 

the Shares inadvisable. If the IIV or the 

Revised Index values are not being 

disseminated as required, the 

Corporation may halt trading during the 

day in which the interruption to the 

dissemination of the applicable IIV or 

Revised Index value occurs. If the 

interruption to the dissemination of the 

applicable IIV or Revised Index value 

persists past the trading day in which it 

occurred, the Corporation will halt 

trading. Trading in Shares of the Funds 

will be halted if the circuit breaker 

parameters in NYSE Arca Equities Rule 

7.12 have been reached or because of 

market conditions or for reasons that, in 

the view of the Exchange, make trading 

in the Shares inadvisable, and trading in 

the Shares will be subject to NYSE Arca 

Equities Rule 7.34, which sets forth 

circumstances under which Shares of 

the Funds may be halted. In addition, 

investors will have ready access to 

information regarding the IIV, and 

quotation and last sale information for 

the Shares. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

it will facilitate the listing and trading 

of an additional type of exchange-traded 

product that will enhance competition 

among market participants, to the 

benefit of investors and the marketplace. 

The Exchange has in place surveillance 

procedures relating to trading in the 

Shares and may obtain information via 

ISG from other exchanges that are 

members of ISG or with which the 

Exchange has entered into a 

comprehensive surveillance sharing 

agreement. In addition, investors will 

have ready access to information 

regarding the IIV and quotation and last 

sale information for the Shares. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purpose of the Act. The Exchange 

notes that the proposed rule change will 

facilitate the continued listing and 

trading of exchange-traded products that 

hold municipal securities and that will 

enhance competition among market 

participants, to the benefit of investors 

and the marketplace. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NYSEArca–2014–139 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2014–139. This 

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Federal Register / Vol. 79, No. 246 / Tuesday, December 23, 2014 / Notices 77075 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 72492 

(June 27, 2014), 79 FR 38099 (SR–MIAX–2014–30) 

(‘‘iShares ETFs Proposal’’). 

4See Securities Exchange Act Release No. 72835 

(August 13, 2014), 79 FR 49140 (August 19, 2014). 

5See Securities Exchange Act Release No. 73211 

(September 25, 2014), 79 FR 59338 (October 1, 

2014). 

6See Letter to Elizabeth M. Murphy, Secretary, 

Commission, from Brian O’Neill, Vice President 

and Senior Counsel, MIAX, dated October 22, 2014 

(providing comment on SR–MIAX–2014–30 and 

SR–MIAX–2014–39) (‘‘MIAX Letter’’). 

7 15 U.S.C. 78s(b)(2). 

8The Commission notes that MIAX also 

submitted a similar proposed rule change to list and 

trade options on shares of certain Market Vectors 

ETFs. See Securities Exchange Act Release No. 

72777 (August 6, 2014), 79 FR 47165 (August 12, 

2014) (MIAX–2014–39). 

9See MIAX Rule 402(i)(5)(ii)(B). The Exchange 

represents that each of the iShares ETFs are 

comprised of component securities for which the 

primary market is a single foreign market, and that, 

for each ETF, MIAX does not have a CSSA with its 

foreign counterpart in the applicable foreign 

market. 

10 Id. 

11 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

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– 

NYSEArca–2014–139, and should be 

submitted on or before January 13, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29969 Filed 12–22–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73856; File No. SR–MIAX– 

2014–30] 

Self-Regulatory Organizations; Miami 

International Securities Exchange LLC; 

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 

Options on Shares of the iShares ETFs 

December 17, 2014. 

On June 17, 2014, Miami International 

Securities Exchange LLC (‘‘MIAX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Exchange Act’’ or ‘‘Act’’) 1 and 

Rule 19b–4 thereunder,2 a proposed rule 

change to list and trade options on 

shares of the iShares MSCI Brazil 

Capped ETF, iShares MSCI Chile 

Capped ETF, iShares MSCI Peru Capped 

ETF, and iShares MSCI Spain Capped 

ETF (collectively ‘‘iShares ETFs’’). The 

proposed rule change was published for 

comment in the Federal Register on July 

3, 2014.3 On August 13, 2014, the 

Commission extended the time period 

in which to either approve the proposed 

rule change, disapprove the proposed 

rule change, or institute proceedings to 

determine whether to approve or 

disapprove the proposed rule change, to 

October 1, 2014.4 On September 25, 

2014, the Commission instituted 

proceedings to determine whether to 

approve or disapprove the proposed 

rule change.5 The Commission received 

a letter from MIAX on the proposal.6

Section 19(b)(2) of the Act 7 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. In this case, the 

proposed rule change was published for 

notice and comment in the Federal 

Register on July 3, 2014. December 30, 

2014, is 180 days from that date, and 

February 28, 2015, is 240 days from that 

date. 

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 evaluate 

the proposed rule change and whether 

it is consistent with the Act.8 The 

proposed rule change would allow the 

Exchange to list for trading on the 

Exchange options on shares of the 

iShares ETFs without satisfying the 

Exchange’s listing standards, which 

require, in part, that the component 

securities of an index or portfolio of 

securities on which the Exchange 

Traded Fund Shares are based for which 

the primary market is in any one 

country that is not subject to a 

comprehensive surveillance sharing 

agreement do not represent 20% or 

more of the weight of the index.9

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the 

Act,10 designates February 28, 2015, as 

the date by which the Commission shall 

either approve or disapprove the 

proposed rule change (File No. SR– 

MIAX–2014–30). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–29968 Filed 12–22–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73858; File No. SR– 

NYSEMKT–2014–14] 

Self-Regulatory Organizations; NYSE 

MKT LLC; Order Approving a 

Proposed Rule Change Amending 

Exchange Rule 967NY To Enhance the 

Functionality of the Trade Collar 

Protection Mechanism 

December 17, 2014. 

I. Introduction 

On October 24, 2014, NYSE MKT LLC 

(the ‘‘Exchange’’ or ‘‘NYSE MKT’’) 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 amend Exchange Rule 967NY 

relating to the Exchange’s ‘‘Trade Collar 

Protection’’ mechanism for options. The 

mstockstill on DSK4VPTVN1PROD with NOTICES