Document ID: SEC-2015-0190-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange LLC
Posted Date: 2015-02-02T05:00Z

[Federal Register Volume 80, Number 21 (Monday, February 2, 2015)]
[Notices]
[Pages 5597-5598]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01867]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74150; File No. SR-MIAX-2014-39)

Self-Regulatory Organizations; Miami International Securities 
Exchange LLC; Notice of Designation of a Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove a 
Proposed Rule Change To List and Trade Options on Shares of the Market 
Vectors ETFs

January 27, 2015.
    On July 28, 2014, Miami International Securities Exchange LLC 
(``MIAX'' or ``Exchange'') filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Exchange Act'' or ``Act'') \1\ and 
Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade 
options on shares of the Market Vectors Brazil Small-Cap ETF, Market 
Vectors Indonesia Index ETF, Market Vectors Poland ETF, and Market 
Vectors Russia ETF (collectively ``Market Vectors ETFs''). The proposed 
rule change was published for comment in the Federal Register on August 
12, 2014.\3\ On September 25, 2014, the Commission instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule change.\4\ The Commission received a letter from MIAX on the 
proposal.\5\
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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. 72777 (August 6, 
2014), 79 FR 47165 (SR-MIAX-2014-39) (``Market Vectors ETFs 
Proposal'').
    \4\ See Securities Exchange Act Release No. 73212 (September 25, 
2014), 79 FR 59332 (October 1, 2014).
    \5\ See Letter to Elizabeth M. Murphy, Secretary, Commission, 
from Brian O'Neill, Vice President and Senior Counsel, MIAX, dated 
October 22, 2014 (providing comment on SR-MIAX-2014-30 and SR-MIAX-
2014-39) (``MIAX Letter'').
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    Section 19(b)(2) of the Act \6\ 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. In this 
case, the proposed rule change was published for notice and comment in 
the Federal

[[Page 5598]]

Register on August 12, 2014. February 8, 2015, is 180 days from that 
date, and April 9, 2015, is 240 days from that date.
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    \6\ 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 evaluate the proposed 
rule change and whether it is consistent with the Act.\7\ The proposed 
rule change would allow the Exchange to list for trading on the 
Exchange options on shares of the Market Vectors ETFs without 
satisfying the Exchange's listing standards, which require, in part, 
that the component securities of an index or portfolio of securities on 
which the Exchange Traded Fund Shares are based for which the primary 
market is in any one country that is not subject to a comprehensive 
surveillance sharing agreement do not represent 20% or more of the 
weight of the index.\8\
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    \7\ The Commission notes that MIAX also submitted a similar 
proposed rule change to list and trade options on shares of certain 
iShares ETFs. See Securities Exchange Act Release No. 72492 (June 
27, 2014), 79 FR 38099 (July 3, 2014) (MIAX-2014-30). The Commission 
similarly designated a longer period for Commission action on 
proceedings to determine whether to approve or disapprove that 
proposed rule change as well. See Securities Exchange Act Release 
No. 73856 (December 17, 2014), 79 FR 77075 (December 23, 2014).
    \8\ See MIAX Rule 402(i)(5)(ii)(B). The Exchange represents that 
each of the Market Vectors ETFs are comprised of component 
securities for which the primary market is a single foreign market, 
and that, for each ETF, MIAX does not have a CSSA with its foreign 
counterpart in the applicable foreign market.
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\9\ designates April 9, 2015, as the date by which the Commission 
shall either approve or disapprove the proposed rule change (File No. 
SR-MIAX-2014-39).
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    \9\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(57).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-01867 Filed 1-30-15; 8:45 am]
BILLING CODE 8011-01-P