Document ID: SEC-2012-1641-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE Arca, Inc.
Posted Date: 2012-10-09T04:00Z

[Federal Register Volume 77, Number 195 (Tuesday, October 9, 2012)]
[Notices]
[Pages 61457-61458]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-24740]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67965; SR-NYSEArca-2012-28]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
List and Trade Shares of the JPM XF Physical Copper Trust Pursuant To 
NYSE Arca Equities Rule 8.201

 October 2, 2012.
    On April 2, 2012, NYSE Arca, Inc. (``Exchange'' or ``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 shares (``Shares'') of JPM XF Physical Copper Trust 
(``Trust'') pursuant to NYSE Arca Equities Rule 8.201. The proposed 
rule change was published for comment in the Federal Register on April 
20, 2012.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 66816 (April 16, 2012), 
77 FR 23772.
---------------------------------------------------------------------------

    The Commission initially received one comment letter, which opposed 
the proposed rule change.\4\ On May 30, 2012, the Commission extended 
the time period for Commission action to July 19, 2012.\5\ On June 19, 
2012, NYSE Arca submitted a letter in support of its proposal.\6\ On 
July 13, 2012, V&F submitted a second comment letter

[[Page 61458]]

opposing the proposed rule change.\7\ On July 16, 2012, United States 
Senator Carl Levin submitted a comment letter opposing the proposed 
rule change.\8\ Additionally, on July 19, 2012, the Commission received 
a comment letter from another party opposing the proposed rule 
change.\9\
---------------------------------------------------------------------------

    \4\ See letter from Vandenberg & Feliu, LLP (``V&F''), received 
May 9, 2012. All of the comment letters received by the Commission 
are available at http://www.sec.gov/comments/sr-nysearca-2012-28/nysearca201228.shtml.
    \5\ See Securities Exchange Act Release No. 67075, 77 FR 33258 
(June 5, 2012).
    \6\ See letter from Janet McGinness, General Counsel, NYSE 
Markets, NYSE Euronext, to Elizabeth M. Murphy, Secretary, 
Commission, dated June 19, 2012.
    \7\ See letter from Robert B. Bernstein, V&F, to Elizabeth M. 
Murphy, Secretary, Commission, dated July 13, 2012.
    \8\ See letter from U.S. Senator Carl Levin, to Elizabeth M. 
Murphy, Secretary, Commission, dated July 16, 2012.
    \9\ See web comment from Suzanne H. Shatto.
---------------------------------------------------------------------------

    The Commission initiated proceedings on July 19, 2012, to determine 
whether to approve or disapprove the proposed rule change.\10\ In the 
Order Instituting Proceedings, the Commission solicited responses to 
specified questions.\11\ The initial comments for the proceeding were 
due on August 24, 2012, and the Commission received four comment 
letters;\12\ rebuttal comments were due on September 10, 2012, and the 
Commission received two comment letters.\13\ The Commission received an 
additional comment letter on September 12, 2012.\14\
---------------------------------------------------------------------------

    \10\ See Securities Exchange Act Release No. 67470, 77 FR 43620 
(July 25, 2012) (``Order Instituting Proceedings'').
    \11\ See id. at 43626-28.
    \12\ See letters from Janet McGinness, General Counsel, NYSE 
Markets, NYSE Euronext, to Elizabeth M. Murphy, Secretary, 
Commission, dated August 23, 2012; Joe Williamson, Senior Vice 
President, Strategic Sourcing, Southwire Company; Janet Sander, Vice 
President, Director of Purchasing, Encore Wire Corporation; Ron 
Beal, Executive Vice President, Tubes Division, Luvata; and Mark 
Woehnklar, President, Amrod Corp., to Elizabeth M. Murphy, 
Secretary, Commission, dated August 23, 2012; Robert B. Bernstein, 
V&F, to Elizabeth M. Murphy, Secretary, Commission, dated August 24, 
2012; and John G. Crowley, Davis Polk & Wardwell LLP (``DP''), to 
Elizabeth M. Murphy, Secretary, Commission, dated August 24, 2012.
    \13\ See letter from Robert B. Bernstein, V&F, to Elizabeth M. 
Murphy, Secretary, Commission, dated September 10, 2012; and letter 
from John G. Crowley, DP, to Elizabeth M. Murphy, Secretary, 
Commission, dated September 10, 2012.
    \14\ See letter from John G. Crowley, DP, to Elizabeth M. 
Murphy, Secretary, Commission, dated September 12, 2012.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \15\ 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 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 April 20, 2012. The 180th day after publication of 
the notice of the filing of the proposed rule change in the Federal 
Register is October 17, 2012.
---------------------------------------------------------------------------

    \15\ 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 the proposed 
rule change, the issues raised in the comment letters that have been 
submitted in response to the proposed rule change, including comment 
letters submitted in response to the Order Instituting Proceedings, and 
the Exchange's responses to such comments. The Commission also 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 data that has been provided 
by the commenters to support their positions.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\16\ designates December 14, 2012, as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(SR-NYSEArca-2012-28).
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------

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

[FR Doc. 2012-24740 Filed 10-5-12; 8:45 am]
BILLING CODE 8011-01-P