Document ID: SEC-2014-1638-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BATS Exchange, Inc.
Posted Date: 2014-09-30T04:00Z

[Federal Register Volume 79, Number 189 (Tuesday, September 30, 2014)]
[Notices]
[Pages 58844-58845]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23223]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73199; File No. SR-BATS-2014-018]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change To Adopt Rule 14.11(k) To Permit BATS Exchange, Inc. To List 
Managed Portfolio Shares and To List and Trade Shares of Certain Funds 
of the Spruce ETF Trust

September 24, 2014.
    On August 4, 2014, BATS Exchange, Inc. (``Exchange'' or ``BATS'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``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 BATS Rule 14.11(k), which would 
permit the Exchange to list Managed Portfolio Shares, which are shares 
of actively managed exchange-traded funds (``ETFs'') for which the 
portfolio is disclosed quarterly, and to list and trade shares of 
certain funds of the Spruce ETF Trust (``Trust'') under proposed BATS 
Rule 14.11(k). The proposed rule change was published for comment in 
the Federal Register on August 13, 2014.\3\ The Commission

[[Page 58845]]

received one comment letter on the proposal.\4\
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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. 72787 (Aug. 7, 
2014), 79 FR 47488.
    \4\ See Letter from Gary L. Gastineau, President, ETF 
Consultants.com, Inc., to Elizabeth M. Murphy, Secretary, 
Commission, dated Aug. 30, 2014.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
Commission is extending this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is 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, the 
comment received, and any response to the comments submitted by the 
Exchange. The proposed rule change would, among other things, permit 
the Exchange to adopt new BATS Rule 14.11(k), which would set forth the 
initial and continued listing standards applicable to Managed Portfolio 
Shares. In addition, the proposed rule change would permit the listing 
and trading of shares of certain funds of the Trust pursuant to 
proposed BATS Rule 14.11(k).
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates November 11, 2014, as the date by which the 
Commission shall either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change (File 
Number SR-BATS-2014-018).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-23223 Filed 9-29-14; 8:45 am]
BILLING CODE 8011-01-P