Document ID: SEC-2014-2146-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2014-12-22T05:00Z

[Federal Register Volume 79, Number 245 (Monday, December 22, 2014)]
[Notices]
[Page 76428]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-29813]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73843; File No. SR-NASDAQ-2014-065]

Self-Regulatory Organizations; NASDAQ Stock Market LLC, 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 New Rule 5713 and List Paired Class Shares Issued 
by AccuShares[supreg] Commodities Trust I

December 16, 2014.
    On June 11, 2014, The NASDAQ Stock Market LLC (``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: (1) Adopt 
listing standards for Paired Class Shares in new Rule 5713; and (2) 
list and trade Paired Class Shares issued by AccuShares[supreg] 
Commodities Trust I relating to the following funds pursuant to new 
Rule 5713--(a) AccuShares S&P GSCI[supreg] Spot Fund; (b) AccuShares 
S&P GSCI[supreg] Agriculture and Livestock Spot Fund; (c) AccuShares 
S&P GSCI[supreg] Industrial Metals Spot Fund; (d) AccuShares S&P 
GSCI[supreg] Crude Oil Spot Fund; (e) AccuShares S&P GSCI[supreg] Brent 
Oil Spot Fund; (f) AccuShares S&P GSCI[supreg] Natural Gas Spot Fund; 
and (g) AccuShares Spot CBOE[supreg] VIX[supreg] Fund. The proposed 
rule change was published for comment in the Federal Register on June 
23, 2014.\3\ On August 6, 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 approve or disapprove 
the proposed rule change.\5\ On September 18, 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\ 
Subsequently, the Commission received six comment letters regarding the 
proposed rule change.\9\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 72412 (June 17, 
2014), 79 FR 35610.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 72779, 79 FR 47162 
(Aug. 12, 2014). The Commission designated a longer period within 
which to take action on the proposed rule change and designated 
September 19, 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. 73142, 79 FR 57150 
(Sept. 24, 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. at 57157.
    \8\ See id.
    \9\ See Letter from Jack Fonss, CEO and Co-Founder of the 
Sponsor, to Kevin O'Neill, Deputy Secretary, Commission (Sept. 25, 
2015); Letter from Robert E. Whaley, Valere Blair Potter Professor 
of Finance, Director, Financial Markets Research Center, Vanderbilt 
Owen Graduate School of Management, to Kevin O'Neill, Deputy 
Secretary, Commission (Oct. 8, 2014); Letter from David B. Allen to 
Commission (Oct. 11, 2014); Letter from Mark Kassner to Commission 
(Oct. 13, 2014); Letter from Ned Cataldo, Chief Operating Officer 
and Co-Founder of the Sponsor, to Heather Seidel, Associate 
Director, Commission (Oct. 24, 2014); Letter from Jurij Trypupenko, 
Associate General Counsel, Exchange, to Brent J. Fields, Secretary, 
Commission (Oct. 28, 2014). All comment letters are available at: 
http://www.sec.gov/comments/sr-nasdaq-2014-065/nasdaq2014065.shtml.
---------------------------------------------------------------------------

    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 June 23, 2014.\11\ The 180th day after publication 
of the notice of the filing of the proposed rule change in the Federal 
Register is December 20, 2014.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------

    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 and the comment letters submitted in response to 
the Order Instituting Proceedings.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\12\ designates February 18, 2015 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NASDAQ-2014-065).
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-29813 Filed 12-19-14; 8:45 am]
BILLING CODE 8011-01-P