Document ID: SEC-2018-0945-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2018-06-21T04:00Z

[Federal Register Volume 83, Number 120 (Thursday, June 21, 2018)]
[Notices]
[Pages 28894-28895]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13301]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83452; File No. SR-NYSEArca&2017-139]

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 To 
List and Trade the Shares of the ProShares Bitcoin ETF and the 
ProShares Short Bitcoin ETF Under NYSE Arca Rule 8.200-E, Commentary 
.02

June 15, 2018.
    On December 4, 2017, NYSE Arca, Inc. (``NYSE Arca'') 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 
the shares of the ProShares Bitcoin ETF and the ProShares Short Bitcoin 
ETF under NYSE Arca Rule 8.200-E, Commentary .02. The proposed rule 
change was published for comment in the Federal Register on December 
26, 2017.\3\ On January 30, 2018, 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 disapprove the 
proposed rule change.\5\ On March 23, 2018, 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\ The 
Commission has received 11 comments on the proposed rule change.\8\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 82350 (Dec. 19, 
2017), 82 FR 61100 (Dec. 26, 2017).
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 82602 (Jan. 30, 
2018), 83 FR 4941 (Feb. 2, 2018).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 82939 (Mar. 23, 
2018), 83 FR 13537 (Mar. 29, 2018). 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 13538 (citing 15 U.S.C. 78f(b)(5)).
    \8\ See Letters from Abe Kohen, AK Financial Engineering 
Consultants, LLC (Dec. 27, 2017); Anita Desai (Apr. 6, 2018); Ed 
Kaleda (Apr. 6, 2018); Scott Moberg (Apr. 6, 2018); Adam Malkin 
(Apr. 8, 2018); Gisan Mohammed (Apr. 11, 2018); Shravan Kumar (Apr. 
11, 2018); Louise Fitzgerald (Apr. 19, 2018); Joshua Rousseau (Apr. 
30, 2018); Thomas W. Fink (May 3, 2018); and Sharon Brown-Hruska, 
Managing Director, and Trevor Wagener, Consultant, NERA Economic 
Consulting (May 18, 2018). All comments on the proposed rule change 
are available on the Commission's website at: https://www.sec.gov/comments/sr-nysearca-2017-139/nysearca2017139.htm.

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

[[Page 28895]]

    Section 19(b)(2) of the Act \9\ 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 December 26, 2017. June 24, 2018 is 180 days from 
that date, and August 23, 2018 is 240 days from that date.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    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,\10\ designates August 23, 2018 as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-NYSEArca-2017-139).
---------------------------------------------------------------------------

    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13301 Filed 6-20-18; 8:45 am]
 BILLING CODE 8011-01-P