Document ID: SEC-2012-2183-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2012-12-31T05:00Z

[Federal Register Volume 77, Number 250 (Monday, December 31, 2012)]
[Notices]
[Pages 77151-77152]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-31223]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68511; SR-NYSEArca-2012-66]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
List and Trade Shares of the iShares Copper Trust Pursuant to NYSE Arca 
Equities Rule 8.201

December 21, 2012.
    On June 19, 2012, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') 
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 iShares Copper Trust (``Trust'') pursuant 
to NYSE Arca Equities Rule 8.201. BlackRock Asset Management 
International Inc. is the sponsor of the Trust (``Sponsor''). The 
proposed rule change was published for comment in the Federal Register 
on June 27, 2012.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 67237 (June 22, 2012), 
77 FR 38351 (``Notice'').
---------------------------------------------------------------------------

    The Commission initially received one comment letter, which opposed 
the proposed rule change.\4\ On August 8, 2012, the Commission 
instituted proceedings to determine whether to approve or disapprove 
the proposed rule change.\5\ Subsequently, the Commission received 
additional comments on the proposed rule change.\6\ On December 12, 
2012, the Exchange filed Amendment No. 1 to the proposed rule change.
---------------------------------------------------------------------------

    \4\ See letter from Robert B. Bernstein, Vandenberg & Feliu, LLP 
(``V&F''), to Elizabeth M. Murphy, Secretary, Commission, dated July 
18, 2012 (``V&F July 18 Letter''). Comment letters are available at 
http://www.sec.gov/comments/sr-nysearca-2012-66/nysearca201266.shtml. The commenter identified itself as a U.S. law 
firm that represents RK Capital LLC, an international copper 
merchant, and four end-users of copper: Southwire Company, Encore 
Wire Corporation, Luvata, and AmRod Corp (collectively, the ``Copper 
Fabricators'').
    \5\ See Securities Exchange Act Release No. 67616, 77 FR 48181 
(August 13, 2012) (``Order Instituting Proceedings'').
    \6\ See letters from Robert B. Bernstein, V&F, to Elizabeth M. 
Murphy, Secretary, Commission, dated September 12, 2012; Ira P. 
Shapiro, Managing Director, and Deepa A. Damre, Director, Legal and 
Compliance, BlackRock, Inc., to Elizabeth M. Murphy, Secretary, 
Commission, dated September 12, 2012; Janet McGinness, General 
Counsel, NYSE Markets, NYSE Euronext, to Elizabeth M. Murphy, 
Secretary, Commission, dated September 14, 2012; Robert B. 
Bernstein, V&F, to Elizabeth M. Murphy, Secretary, Commission, dated 
September 27, 2012 (``V&F September 27 Letter''); Robert B. 
Bernstein, V&F, to Elizabeth M. Murphy, Secretary, Commission, dated 
November 16, 2012; and Robert B. Bernstein, Partner, Eaton & Van 
Winkle LLP, to Elizabeth M. Murphy, Secretary, Commission, dated 
December 7, 2012. By letter dated November 29, 2012, Mr. Bernstein 
informed the Commission that he had left V&F and would continue to 
represent the Copper Fabricators and RK Capital LLC in this 
proceeding.
    In the V&F September 27 Letter, the commenter incorporated by 
reference all of its prior comments in opposition to NYSE Arca's 
proposal to list and trade shares of the JPM XF Physical Copper 
Trust. See V&F September 27 Letter, supra, at 6. Responding to that 
proposed rule change, the commenter submitted the following: letters 
from V&F, received May 9, 2012; Robert B. Bernstein, V&F, to 
Elizabeth M. Murphy, Secretary, Commission, dated July 13, 2012; 
Robert B. Bernstein, V&F, to Elizabeth M. Murphy, Secretary, 
Commission, dated August 24, 2012; and Robert B. Bernstein, V&F, to 
Elizabeth M. Murphy, Secretary, Commission, dated September 10, 
2012. Additionally, the commenter stated that it agreed with the 
arguments against that proposal set forth in a letter from U.S. 
Senator Carl Levin, to Elizabeth M. Murphy, Secretary, Commission, 
dated July 16, 2012 (``Levin Letter''), and attached the Levin 
Letter to the V&F July 18 Letter. See V&F July 18 Letter, supra, at 
5. These letters opposing the proposal to list and trade shares of 
the JPM XF Physical Copper Trust are available at http://www.sec.gov/comments/sr-nysearca-2012-28/nysearca201228.shtml.
---------------------------------------------------------------------------

    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 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 June 27, 2012. The 180th day after

[[Page 77152]]

publication of the notice of the filing of the proposed rule change in 
the Federal Register is December 24, 2012.
---------------------------------------------------------------------------

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

    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 consider the proposed 
rule change and the issues raised in the comment letters that have been 
submitted in response to the proposed rule change. The Commission also 
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 data that has been provided 
by the commenters to support their positions.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\8\ designates February 22, 2013, as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(SR-NYSEArca-2012-66).
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-31223 Filed 12-28-12; 8:45 am]
BILLING CODE 8011-01-P