Document ID: SEC-2018-1164-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2018-07-25T04:00Z

[Federal Register Volume 83, Number 143 (Wednesday, July 25, 2018)]
[Notices]
[Page 35301]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-15900]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83676; File No. SR-NYSEArca-2018-04]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Adopt a New NYSE Arca Rule 8.900-E and To List and Trade Shares of the 
Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF 
Under Proposed NYSE Arca Equities Rule 8.900-E

July 20, 2018.
    On January 8, 2018, 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 
adopt new NYSE Arca Rule 8.900-E to permit it to list and trade Managed 
Portfolio Shares. The Exchange also proposed to list and trade shares 
of Royce Pennsylvania ETF, Royce Premier ETF, and Royce Total Return 
ETF under proposed NYSE Arca Rule 8.900-E. The proposed rule change was 
published for comment in the Federal Register on January 26, 2018.\3\ 
On March 7, 2018, pursuant to Section 19(b)(2) of the Act,\4\ the 
Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\5\ The Commission received five comment letters on the proposed 
rule change.\6\ On April 26, 2018, the Commission instituted 
proceedings under Section 19(b)(2)(B) of the Act \7\ to determine 
whether to approve or disapprove the proposed rule change.\8\ Since 
then, the Commission has received two additional comments on the 
proposed rule change.\9\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 82549 (January 19, 
2018), 83 FR 3846.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 82824, 83 FR 10934 
(March 13, 2018). The Commission designated April 26, 2018, as the 
date by which the Commission shall approve or disapprove, or 
institute proceedings to determine whether to disapprove, the 
proposed rule change.
    \6\ See letters from: (1) Terence W. Norman, Founder, Blue 
Tractor Group, LLC, dated February 6, 2018; (2) Simon P. Goulet, Co-
Founder, Blue Tractor Group, LLC, dated February 13, 2018; (3) Todd 
J. Broms, Chief Executive Officer, Broms & Company LLC, dated 
February 16, 2018; (4) Kevin S. Haeberle, Associate Professor of 
Law, William & Mary Law School, dated February 16, 2018; and (5) 
Gary L. Gastineau, President, ETF Consultants.com, Inc., dated March 
6, 2018. The comment letters are available at https://www.sec.gov/comments/sr-nysearca-2018-04/nysearca201804.htm.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 83120, 83 FR 19371 
(May 2, 2018).
    \9\ See letters from: (1) Terence W. Norman, Founder, Blue 
Tractor Group, LLC, dated May 8, 2018 and (2) Kevin S. Haeberle, 
Associate Professor of Law, William & Mary Law School, dated June 6, 
2018. The comment letters are available on the Commission's website 
at: https://www.sec.gov/comments/sr-nysearca-2018-04/nysearca201804.htm.
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    Section 19(b)(2) of the Act \10\ provides that, after initiating 
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, however, may extend the period for issuing an order 
approving or disapproving the proposed rule change by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
change was published for notice and comment in the Federal Register on 
January 26, 2018.\11\ July 25, 2018, is 180 days from that date, and 
September 23, 2018, is 240 days from that date.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3.
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    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 connection therewith. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\12\ designates September 23, 
2018, as the date by which the Commission should either approve or 
disapprove the proposed rule change (File No. SR-NYSEArca-2018-04).
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    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-15900 Filed 7-24-18; 8:45 am]
 BILLING CODE 8011-01-P