Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Notices 46865 

129 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. 

4For the purposes of the Schedule, the term 

‘‘Exchange Traded Products’’ includes securities 

described in NYSE Arca Rules 5.2–E(j)(3) 

(Investment Company Units); 8.100–E (Portfolio 

Depositary Receipts); 8.200–E (Trust Issued 

Receipts); 8.201–E (Commodity-Based Trust 

Shares); 8.202–E (Currency Trust Shares); 8.203–E 

(Commodity Index Trust Shares); 8.204–E 

(Commodity Futures Trust Shares); 8.300–E 

(Partnership Units); 8.500–E (Trust Units); 8.600–E 

(Managed Fund Shares), and 8.700–E (Managed 

Trust Securities). 

5Exchange rules applicable to Trust Issued 

Receipts (Commentary .02 to NYSE Arca Rule 

8.200–E); Commodity-Based Trust Shares (NYSE 

Arca Rule 8.201–E), Commodity Index Trust Shares 

(NYSE Arca Rule 8.203–E),, [sic] Commodity 

Futures Trust Shares (NYSE Arca Rule 8.204–E), 

Partnership Units (NYSE Arca Rule 8.300–E), Trust 

Units (NYSE Arca Rule 8.500–E), and Managed 

Trust Securities (NYSE Arca Rule 8.700–E) do not 

provide for listing pursuant to Rule 19b–4(e) under 

the Act. 

6See Securities Exchange Act Release Nos. 77883 

(May 23, 2016), 81 FR 33720 (May 27, 2016) (SR– 

NYSEArca–2016–69) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Amending the Exchange’s Schedule of Fees and 

Charges to Eliminate the Listing Fee in Connection 

with Exchange Listing of Certain Exchange Traded 

Products); 78633 (August 22, 2016), 81 FR 59025 

(August 26, 2016) (SR–NYSEArca–2016–114) 

(Notice of Filing and Immediate Effectiveness of 

Proposed Rule Change Amending the Exchange’s 

Schedule of Fees and Charges to Eliminate the 

Listing Fee in Connection with Exchange Listing of 

Certain Exchange Traded Products). 

7Commentary .01 to NYSE Arca Rule 8.200–E 

provides generic standards for listing Trust Issued 

Receipts pursuant to Rule 19b–4(e) under the Act. 

However, the Exchange does not currently intend 

to list Trust Issued Receipts under Commentary .01, 

Continued 

(ii) as to which the Exchange consents, 

the Commission shall: (a) By order 

approve or disapprove such 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– 

MRX–2017–18 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 20549–1090. 

All submissions should refer to File 

Number SR–MRX–2017–18. 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 the 

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–MRX– 

2017–18 and should be submitted on or 

before October 27, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.129

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21538 Filed 10–5–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81796; File No. SR– 

NYSEArca–2017–105] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Schedule 

of Fees and Charges Relating to the 

Listing Fees Applicable to Exchange 

Traded Products 

October 2, 2017. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on 

September 19, 2017, NYSE Arca, Inc. 

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

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III 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 amend the 

Exchange’s ‘‘Schedule of Fees and 

Charges’’ relating to the Listing Fee 

applicable to Exchange Traded 

Products, effective September 19, 2017. 

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 proposes to amend the 

Exchange’s Schedule of Fees and 

Charges (‘‘Schedule’’) relating to the 

‘‘Listing Fee’’ applicable to ExchangeTraded Products (‘‘ETPs’’), effective 

September 19, 2017, as described 

below.4

Currently the Schedule does not 

impose a Listing Fee for the following 

ETPs listed on the Exchange pursuant to 

Rule 19b–4(e) under the Act, and for 

which a proposed rule change pursuant 

to Section 19(b) of the Act is not 

required to be filed with the 

Commission: 5 Investment Company 

Units; Portfolio Depositary Receipts; 

Currency Trust Shares and Managed 

Fund Shares (collectively, ‘‘GenericallyListed Exchange Traded Products’’).6

Certain other ETPs—specifically, 

Trust Issued Receipts,7 CommodityVerDate Sep<11>2014 18:40 Oct 05, 2017 Jkt 244001 PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 E:\FR\FM\06OCN1.SGM 06OCN1

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46866 Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Notices 

but instead lists Trust Issued Receipts under 

Commentary .02 to NYSE Arca Rule 8.200–E, which 

does not provide generic standards for listing 

pursuant to Rule 19b–4(e) under the Act. Before 

listing any Trust Issued Receipts pursuant to 

Commentary .01 to NYSE Arca Rule 8.200–E, the 

Exchange will first file a proposed rule change with 

respect to the Listing Fee applicable to any such 

generically-listed securities. 

8Exchange rules applicable to Trust Issued 

Receipts (Commentary .02 to NYSE Arca Rule 

8.200–E); Commodity-Based Trust Shares (NYSE 

Arca Rule 8.201–E), Commodity Index Trust Shares 

(NYSE Arca Rule 8.203–E),, [sic] Commodity 

Futures Trust Shares (NYSE Arca Rule 8.204–E), 

Partnership Units (NYSE Arca Rule 8.300–E), Trust 

Units (NYSE Arca Rule 8.500–E), and Managed 

Trust Securities (NYSE Arca Rule 8.700–E) do not 

provide for listing pursuant to Rule 19b–4(e) under 

the Act. 

9With respect to the aggregate maximum Listing 

Fee of $22,500, the Exchange would not apply this 

provision retroactively, and the Exchange would 

not provide a refund of Listing Fees to an issuer that 

has listed four or more ETP issues in 2017 or prior 

calendar years. 

10 15 U.S.C. 78f(b). 

11 15 U.S.C. 78f(b)(4). 

12 15 U.S.C. 78f(b)(5). 

Based Trust Shares, Commodity Index 

Trust Shares, Commodity Futures Trust 

Shares, Partnership Units, Trust Units, 

and non-generically-listed Investment 

Company Units, Portfolio Depositary 

Receipts, Managed Fund Shares, and 

Currency Trust Shares—are subject to a 

Listing Fee of $7,500.8 Under Item 5b of 

the Schedule, Managed Trust Securities 

are subject to a Listing Fee of $10,000. 

The Exchange proposes to amend the 

Listing Fee applicable to ETPs in two 

respects. First, the Exchange proposes to 

reduce the listing fee for Managed Trust 

Securities from $10,000 to $7,500. Thus, 

under the proposed change, the same 

Listing Fee of $7,500 would apply to all 

non-generically listed ETPs. 

Second, the Exchange proposes to 

amend the Schedule to provide that, if 

three or more issues of ETPs, other than 

Generically-Listed Exchange Traded 

Products, are issued by the same issuer 

and are listed on the Exchange in the 

same calendar year, such issues will be 

subject to an aggregate maximum Listing 

Fee of $22,500 for all such listed issues 

combined.9

The Exchange believes reducing the 

Listing Fee for Managed Trust Securities 

would result in a uniform Listing Fee 

for all non-generically listed ETPs and 

would help correlate the Listing Fee to 

the resources required to list such issues 

on the Exchange. The Exchange believes 

it is appropriate to continue to charge a 

Listing Fee for ETPs for which a 

proposed rule change pursuant to 

Section 19(b) of the Act is required to 

be filed because of the additional time 

and resources required by Exchange 

staff to prepare and review such filings 

and to communicate with issuers and 

the Commission regarding such filings. 

With respect to the aggregate 

maximum Listing Fee of $22,500 for 

three or more ETPs, as described above, 

the Exchange believes it is appropriate 

to provide a cap on the Listing Fee for 

multiple ETPs from the same issuer, as 

described above, because such a cap 

will facilitate the issuance of additional 

ETPs, which may provide enhanced 

competition among ETP issuers, while 

providing a reduction in fees to certain 

issuers listing multiple ETPs during a 

calendar year. The proposed cap would 

apply equally to all issuers listing 

multiple ETPs on the Exchange during 

a calendar year. The Exchange believes 

that a Listing Fee cap, as described 

above, is appropriate in such cases 

because the Exchange experiences 

efficiencies commensurate with the 

proposed Listing Fee cap in working 

with issuers on a repeated basis in 

connection with developing and listing 

multiple ETPs. 

Annual Fees set forth in the Schedule 

applicable to ETPs would remain 

unchanged. 

Notwithstanding the reduction of the 

Listing Fee applicable to Managed Trust 

Securities, as well as the cap of $22,500 

for multiple listings of ETPs by the same 

issuer in a calendar year, as described 

above, the Exchange will continue to be 

able to fund its regulatory obligations. 

2. Statutory Basis 

NYSE Arca believes that the proposal 

is consistent with Section 6(b) 10 of the 

Act, in general, and Section 6(b)(4) 11 of 

the Act in particular, in that it provides 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

issuers and other persons using its 

facilities. In addition, the Exchange 

believes the proposal is consistent with 

the requirement under Section 6(b)(5) 12

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 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, in general, to protect investors and 

the public interest; and are not designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The proposed reduction of the Listing 

Fee for Managed Trust Securities, as 

described above, is equitable and does 

not unfairly discriminate among issuers 

because it would apply uniformly to all 

such issues listed under Exchange rules. 

In addition, all ETPs other than 

Generically-Listed Exchange Traded 

Products would be subject to the same 

Listing Fee following the proposed 

Listing Fee reduction. 

With respect to the aggregate 

maximum Listing Fee of $22,500 for 

three or more ETPs, as described above, 

the Exchange believes it is appropriate 

to provide a cap on the Listing Fee for 

multiple ETPs from the same issuer 

because such a cap will facilitate the 

issuance of additional ETPs, which may 

provide enhanced competition among 

ETP issuers, while providing a 

reduction in fees to certain issuers 

listing multiple ETPs during a calendar 

year. The proposed cap would apply 

equally to all issuers listing multiple 

ETPs on the Exchange during a calendar 

year. The Exchange believes that a 

Listing Fee cap, as described above, is 

appropriate in such cases because the 

Exchange experiences efficiencies 

commensurate with the proposed 

Listing Fee cap in working with issuers 

on a repeated basis in connection with 

developing and listing multiple ETPs. 

The Exchange believes it is 

appropriate to continue to charge a 

Listing Fee for ETPs for which a 

proposed rule change pursuant to 

Section 19(b) of the Act is required to 

be filed because of the significant 

additional extensive time, legal and 

business resources required by 

Exchange staff to prepare and review 

such filings and to communicate with 

issuers and the Commission regarding 

such filings. 

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 

believes the proposed rule change 

would promote competition because it 

will reduce the Listing Fee for Managed 

Trust Securities and cap the aggregate 

Listing Fee for multiple issues of ETPs 

in the same calendar year by the same 

issuer at $22,500, thereby encouraging 

issuers to develop and list additional 

such issues on the Exchange. 

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. 


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Federal Register / Vol. 82, No. 193 / Friday, October 6, 2017 / Notices 46867 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(2). 

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

16 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See press release dated July 14, 2017 from 

Intercontinental Exchange (‘‘ICE’’) and the LBMA 

announced [sic] that IBA has been chosen as the 

new administrator for the LBMA Silver Price, 

which is available here: http://www.lbma.org.uk/_

blog/lbma_media_centre/post/ice-benchmarkadministration-to-take-over-administration-of-thelbma-silver-price/. See also, ICE press release dated 

September 21, 2017, ‘‘ICE Benchmark 

Administration to Launch LBMA Silver Price on 2 

October 2017’’, which is available here: http://

ir.theice.com/press/press-releases/all-categories/ 

2017/09-21-2017-110006932?=news_promo. 

4See Securities Exchange Act Release Nos. 58956 

(November 14, 2008), 73 FR 71074 (November 24, 

2008) (SR–NYSEArca 2008–124) (approving listing 

on the Exchange of the iShares Silver Trust); 53520 

(March 20, 2006), 71 FR 14977 (March 24, 2006) 

(SR–PCX–2005–117) (order approving listing and 

trading of shares of the iShares Silver Trust 

pursuant to unlisted trading privileges); 53521 

(March 20, 2006), 71 FR 14967 (March 24, 2006) 

Continued 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 13 of the Act and 

subparagraph (f)(2) of Rule 19b–4 14

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 15 of the Act to 

determine whether the proposed rule 

change 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– 

NYSEArca–2017–105 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–2017–105. 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 the 

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–2017–105 and should be 

submitted on or before October 27, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21539 Filed 10–5–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81792; File No. SR– 

NYSEArca–2017–113] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Reflect a Change to 

the Administrator for the London 

Bullion Market Association Silver Price 

to ICE Benchmark Administration 

October 2, 2017. 

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 

September 21, 2017, NYSE Arca, Inc. 

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

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items 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 Substance of 

the Proposed Rule Change 

The Exchange proposes to reflect a 

change to the administrator for the 

London Bullion Market Association 

(‘‘LBMA’’) Silver Price from CME 

Group, Inc. and Thomson Reuters to ICE 

Benchmark Administration, effective as 

of October 2, 2017. 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to reflect a 

change to the administrator for the 

LBMA Silver Price from CME Group, 

Inc. (‘‘CME’’) and Thomson Reuters to 

ICE Benchmark Administration (‘‘IBA’’), 

effective as of October 2, 2017, as 

described further below.3 The LBMA 

Silver Price is the price used with 

respect to calculation of the net asset 

value for the iShares Silver Trust,4 ETFS 


asabaliauskas on DSKBBXCHB2PROD with NOTICES