Document ID: SEC-2016-1011-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2016-06-13T04:00Z

[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)]
[Notices]
[Pages 38258-38259]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13823]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78003; File No. SR-NYSEArca-2015-93]

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 Cumberland Municipal Bond ETF Under NYSE Arca Equities 
Rule 8.600

June 7, 2016.
    On November 24, 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 list and trade 
shares of the Cumberland Municipal Bond ETF, a series of the ETFis 
Series Trust I. The proposed rule change was published for comment in 
the Federal Register on December 14, 2015.\3\ On December 29, 2015, the 
Exchange submitted Amendment No. 1 to the proposed rule change.\4\ On

[[Page 38259]]

January 21, 2016, pursuant to Section 19(b)(2) of the Act,\5\ 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.\6\ On March 10, 2016, 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, as modified by 
Amendment No. 1 thereto.\8\ In the Order Instituting Proceedings, the 
Commission solicited comments to specified matters related to the 
proposal.\9\ The Commission received no comments on the proposed rule 
change.
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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. 76590 (Dec. 8, 
2015), 80 FR 77384 (``Notice'').
    \4\ In Amendment No. 1, the Exchange clarified that each 
Municipal Bond (as defined herein) held by the Fund must be a 
constituent of a deal where the deal's original offering amount was 
at least $100 million, clarified whether certain securities would be 
exchange-traded or over-the-counter, deleted a statement relating to 
redemption of Shares, clarified pricing information for certain 
assets, and corrected a typographical error. Because Amendment No. 1 
to the proposed rule change is technical in nature and does not 
materially alter the substance of the proposed rule change or raise 
any novel regulatory issues, it is not subject to notice and 
comment. Amendment No. 1, which amended and replaced the original 
proposal in its entirety, is available on the Commission's Web site 
at: http://www.sec.gov/comments/sr-nysearca-2015-93/nysearca201593-1.pdf.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 76955, 81 FR 4724 
(Jan. 27, 2016). The Commission designated March 11, 2016 as the 
date by which the Commission shall either approve or disapprove, or 
institute proceedings to determine whether to disapprove, the 
proposed rule change. See Securities Exchange Act Release No. 76955A 
(Mar. 2, 2016), 81 FR 12174 (Mar. 8, 2016) (correcting the date to 
``March 11, 2016'' as the date by which the Commission shall either 
approve or disapprove, or institute proceedings to determine whether 
to disapprove, the proposed rule change).
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 77340, 81 FR 14163 
(Mar. 16, 2016) (``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., 81 FR at 14165-66.
    \9\ See id., 81 FR at 14166.
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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 December 14, 2015.\11\ The 180th day after 
publication of the notice of the filing of the proposed rule change in 
the Federal Register is June 11, 2016.
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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 August 10, 2016, 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-2015-93).
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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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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-13823 Filed 6-10-16; 8:45 am]
 BILLING CODE 8011-01-P