Document ID: SEC-2015-0515-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2015-03-26T04:00Z

[Federal Register Volume 80, Number 58 (Thursday, March 26, 2015)]
[Notices]
[Page 16047]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-06892]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74559; File No. SR-NYSEArca-2014-100]

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, as 
Modified by Amendment No. 1 Thereto, Relating To Listing and Trading of 
Shares of the SPDR SSgA Global Managed Volatility ETF Under NYSE Arca 
Equities Rule 8.600

March 20, 2015.
    On September 5, 2014, 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 list and trade 
shares of the SPDR SSgA Global Managed Volatility ETF (``Fund'') under 
NYSE Arca Equities Rule 8.600. The proposed rule change was published 
for comment in the Federal Register on September 24, 2014.\3\ On 
November 4, 2014, 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\ On December 22, 2014, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\ In the Order 
Instituting Proceedings, the Commission solicited responses to 
specified matters related to the proposal.\8\ The Commission received 
no comment letters on the proposed rule change. The Exchange 
subsequently filed Amendment No. 1 to 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. 73141 (Sept. 18, 
2014), 79 FR 57161 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 73515, 79 FR 66758 
(Nov. 10, 2014). The Commission designated a longer period within 
which to take action on the proposed rule change and designated 
December 23, 2014 as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 73914, 79 FR 78524 
(Dec. 30, 2014) (``Order Instituting Proceedings''). Specifically, 
the Commission instituted proceedings to allow 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., 79 FR at 78530.
    \8\ See id. (specifically soliciting comment on the statements 
of the Exchange contained in the Notice, including the statements 
made in connection with information sharing procedures with respect 
to certain non-U.S. equity security holdings and the Exchange's 
arguments regarding the applicability of the definition of 
``Actively-Traded Securities'' under Regulation M (``Reg M'')).
    \9\ See Letter from Martha Redding, Senior Counsel and Assistant 
Secretary, New York Stock Exchange, to Kevin M. O'Neill, Deputy 
Secretary, Commission (dated Jan. 22, 2015). Amendment No. 1 
replaces and supersedes SR-NYSEArca-2014-100 in its entirety as 
originally filed. In Amendment No. 1, the Exchange: (a) Deletes the 
statement in the original filing that the exchange-listed and traded 
equity securities in which the Fund's portfolio would be permitted 
to invest would be limited to: (1) Equity securities that trade in 
markets that are members of the Intermarket Surveillance Group 
(``ISG'') or are parties to a comprehensive surveillance sharing 
agreement (``CSSA'') with the Exchange, or (2) ``Actively-Traded 
Securities'' as defined in Reg M under the Act that are traded on 
U.S. and non-U.S. exchanges with last sale reporting; (b) represents 
that the Fund's non-U.S. equity securities holdings will be subject 
quantitative criteria that are substantially identical to the 
``generic'' listing criteria in NYSE Arca Equities Rule 5.2(j)(3), 
Commentary .01(a)(B), relating to an index or portfolio of U.S. and 
non-U.S. stocks underlying a series of Investment Company Units; and 
(c) deletes discussion relating to information sharing procedures in 
the absence of CSSAs with, or ISG membership of, markets on which 
``Actively-Traded Securities'' are listed or traded.
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    Section 19(b)(2) of the Act \10\ 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 such determination. The 
proposed rule change was published for notice and comment in the 
Federal Register on September 24, 2014.\11\ The 180th day after 
publication of the notice of the filing of the proposed rule change in 
the Federal Register is March 23, 2015.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3 and accompanying text.
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    The Commission 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 
proposed rule change, as modified by Amendment No. 1 thereto.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\12\ designates May 7, 2015, as the date by which the Commission 
shall either approve or disapprove the proposed rule change, as 
modified by Amendment No. 1 thereto (File No. SR-NYSEArca-2014-100).
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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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Brent J. Fields,
Secretary.
[FR Doc. 2015-06892 Filed 3-25-15; 8:45 am]
 BILLING CODE 8011-01-P