Document ID: SEC-2016-1929-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2016-11-02T04:00Z

[Federal Register Volume 81, Number 212 (Wednesday, November 2, 2016)]
[Notices]
[Page 76400]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-26404]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79173; File No. SR-NYSEArca-2016-62]

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 
Relating to a Change to the Underlying Index for the PowerShares Build 
America Bond Portfolio

October 27, 2016.
    On May 3, 2016, 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: (1) Permit the 
continued listing and trading of shares of the PowerShares Build 
America Bond Portfolio (``Fund'') following a change to the index 
underlying the Fund, and (2) propose changes to the index underlying 
the Fund and the name of the Fund. The proposed rule change was 
published for comment in the Federal Register on May 23, 2016.\3\ On 
June 27, 2016, pursuant to section 19(b)(2) of the Act,\4\ 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.\5\ On August 12, 2016, the Commission instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\6\ 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. 77849 (May 17, 
2016), 81 FR 32371.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 78157, 81 FR 43327 
(July 1, 2016). 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. Accordingly, the Commission designated August 
21, 2016 as the date by which it should approve, disapprove, or 
institute proceedings to determine whether to disapprove the 
proposed rule change.
    \6\ See Securities Exchange Act Release No. 78564, 81 FR 55247 
(August 18, 2016). 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 55250.
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    Section 19(b)(2) of the Act \7\ 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 filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, 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 May 23, 2016. November 19, 2016 is 180 days from 
that date, and January 18, 2017 is 240 days from that date.
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    \7\ 15 U.S.C. 78s(b)(2).
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    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 this proposed 
rule change. Accordingly, the Commission, pursuant to section 19(b)(2) 
of the Act,\8\ designates January 18, 2017 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-NYSEArca-2016-62).
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    \8\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(57).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-26404 Filed 11-1-16; 8:45 am]
 BILLING CODE 8011-01-P