Document ID: SEC-2014-2160-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Miami International Securities Exchange, LLC
Posted Date: 2014-12-23T05:00Z

[Federal Register Volume 79, Number 246 (Tuesday, December 23, 2014)]
[Notices]
[Page 77075]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-29968]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73856; File No. SR-MIAX-2014-30]

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 iShares 
ETFs

December 17, 2014.
    On June 17, 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 iShares MSCI Brazil Capped ETF, iShares MSCI 
Chile Capped ETF, iShares MSCI Peru Capped ETF, and iShares MSCI Spain 
Capped ETF (collectively ``iShares ETFs''). The proposed rule change 
was published for comment in the Federal Register on July 3, 2014.\3\ 
On August 13, 2014, the Commission extended the time period in which to 
either approve the proposed rule change, disapprove the proposed rule 
change, or institute proceedings to determine whether to approve or 
disapprove the proposed rule change, to October 1, 2014.\4\ On 
September 25, 2014, the Commission instituted proceedings to determine 
whether to approve or disapprove the proposed rule change.\5\ The 
Commission received a letter from MIAX on the proposal.\6\
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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. 72492 (June 27, 
2014), 79 FR 38099 (SR-MIAX-2014-30) (``iShares ETFs Proposal'').
    \4\ See Securities Exchange Act Release No. 72835 (August 13, 
2014), 79 FR 49140 (August 19, 2014).
    \5\ See Securities Exchange Act Release No. 73211 (September 25, 
2014), 79 FR 59338 (October 1, 2014).
    \6\ 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 \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. In this 
case, the proposed rule change was published for notice and comment in 
the Federal Register on July 3, 2014. December 30, 2014, is 180 days 
from that date, and February 28, 2015, 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 evaluate the proposed 
rule change and whether it is consistent with the Act.\8\ The proposed 
rule change would allow the Exchange to list for trading on the 
Exchange options on shares of the iShares 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.\9\
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    \8\ The Commission notes that MIAX also submitted a similar 
proposed rule change to list and trade options on shares of certain 
Market Vectors ETFs. See Securities Exchange Act Release No. 72777 
(August 6, 2014), 79 FR 47165 (August 12, 2014) (MIAX-2014-39).
    \9\ See MIAX Rule 402(i)(5)(ii)(B). The Exchange represents that 
each of the iShares 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,\10\ designates February 28, 2015, as the date by which the 
Commission shall either approve or disapprove the proposed rule change 
(File No. SR-MIAX-2014-30).
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-29968 Filed 12-22-14; 8:45 am]
BILLING CODE 8011-01-P