Document ID: SEC-2015-1477-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2015-09-09T04:00Z

[Federal Register Volume 80, Number 174 (Wednesday, September 9, 2015)]
[Notices]
[Pages 54330-54331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-22605]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75813; SR-NYSEArca-2015-02]

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, As 
Modified by Amendment No. 1 Thereto, To Amend NYSE Arca Equities Rule 
8.600 To Adopt Generic Listing Standards for Managed Fund Shares

September 2, 2015.
    On February 17, 2015, NYSE Arca, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ 
and Rule 19b-4 thereunder,\2\ a proposed rule change to amend NYSE Arca 
Equities Rule 8.600 to adopt generic listing standards for Managed Fund 
Shares.\3\ The proposed rule change was published for comment in the 
Federal Register on March 10, 2015.\4\ The Commission initially 
received three comment letters on the proposal.\5\ On April 17, 2015, 
pursuant

[[Page 54331]]

to section 19(b)(2) of the Act,\6\ the Commission designated a longer 
period within which to either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether to disapprove the proposed rule change.\7\ On June 3, 
2015, the Exchange filed Amendment No. 1 to the proposed rule change. 
On June 11, 2015, the Commission published a notice of filing of 
Amendment No. 1 to the proposed rule change and an order instituting 
proceedings under section 19(b)(2)(B) of the Act \8\ to determine 
whether to approve or disapprove the proposed rule change, as modified 
by Amendment No. 1 thereto.\9\ The Commission subsequently received one 
additional comment letter on the proposal.\10\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The term ``Managed Fund Share'' is defined in NYSE Arca 
Equities Rule 8.600(c)(1).
    \4\ See Securities Exchange Act Release No. 74433 (Mar. 4, 
2015), 80 FR 12690.
    \5\ See letter dated March 31, 2015 from Anonymous; letter dated 
March 31, 2015 from Dorothy Donohue, Deputy General Counsel, 
Securities Regulation, Investment Company Institute, to Brent J. 
Fields, Secretary, Commission; and letter dated March 31, 2015 from 
Thomas E. Faust Jr., Chairman and Chief Executive Officer, Eaton 
Vance Corp., to Brent J. Fields, Secretary, Commission. All comments 
to the proposed rule change are available on the Commission's Web 
site at http://www.sec.gov/comments/sr-nysearca-2015-02/nysearca201502.shtml.
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 74755, 80 FR 22762 
(Apr. 23, 2014). The Commission determined that it was appropriate 
to designate a longer period within which to take action on the 
proposed rule change so that it has sufficient time to consider the 
proposed rule change and the comments received. Accordingly, the 
Commission designated June 8, 2015 as the date by which it should 
approve, disapprove, or institute proceedings to determine whether 
to disapprove the proposed rule change.
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ See Securities Exchange Act Release No. 75115 (Jun. 5, 2015) 
80 FR 33309. Specifically, the Commission instituted proceedings to 
allow: (a) Commenters to address the sufficiency of the Exchange's 
statements in support of the proposal, as modified by Amendment No. 
1 thereto; (b) commenters to respond to specific questions posed by 
the Commission relating to the proposal, as modified by Amendment 
No. 1 thereto; and (c) for additional analysis of the proposed rule 
change's consistency with section 6(b)(5) of the Act, which 
requires, among other things, that the rules of a national 
securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade,'' and ``to protect investors and the public 
interest.'' See id.
    \10\ See letter dated July 2, 2015 from E. Russell Ives, Jr., 
President, Ives Associates, Inc., to Brent J. Fields, Secretary, 
Commission. See also supra note 5.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \11\ 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, however, 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 that determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on March 10, 2015.\12\ The 180th day after publication 
of the notice of the filing of the proposed rule change in the Federal 
Register is September 6, 2015. The 240th day after publication of the 
notice of the filing of the proposed rule change in the Federal 
Register is November 5, 2015.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78s(b)(2).
    \12\ See supra text accompanying note 4.
---------------------------------------------------------------------------

    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, as modified by Amendment No. 1 thereto, and the issues 
raised in the comment letters submitted on the proposed rule change.
    Accordingly, the Commission, pursuant to section 19(b)(2) of the 
Act,\13\ designates November 5, 2015 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(SR-NYSEArca-2015-02).
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(2).
    \14\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-22605 Filed 9-8-15; 8:45 am]
 BILLING CODE 8011-01-P