Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Establishing the NYSE Best Quote & Trades Data Feed, 57160-57161 [2014-22669]
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Federal Register / Vol. 79, No. 185 / Wednesday, September 24, 2014 / Notices
minimize them through the
development of appropriate systems,
controls, and procedures. OCC’s
proposed rule is consistent with Rule
17Ad–22(d)(4) of the Act 16 because
OCC’s proposal establishes policies and
procedures designed to identify
potential erroneous trades in
standardized options and futures
options as a source of operational risk
and minimize those risks by
implementing a process by which
potentially erroneous trades may be
voided by an options exchange. For the
reasons set forth above, the Commission
finds that OCC’s proposal is consistent
with Section 17A(b)(3)(F) of the Act,17
and Rule 17Ad–22(d)(4) of the Act.18
asabaliauskas on DSK5VPTVN1PROD with NOTICES
III. Accelerated Approval of the
Proposed Rule Change as Modified by
Amendment No. 1
The Commission finds good cause,
pursuant to Section 19(b)(2)(C)(iii) of
the Act,19 for approving the proposed
rule change, as modified by Amendment
No. 1, earlier than 30 days after the date
of publication of notice in the Federal
Register.
As discussed above, OCC filed
Amendment No. 1 to clarify that OCC
staff would include the 5% intrinsic
value threshold in its review to identify
which trades should be referred to
exchanges for review. OCC also stated
that it would review this threshold on
a quarterly basis for continued adequacy
and any adjustments to the threshold
will be the subject of rule filing with the
Commission. The 5% intrinsic value
threshold should enhance the
effectiveness of OCC’s review process by
reducing the likelihood that valid trades
will be referred to the exchanges.
Accordingly, given that OCC’s proposal
should decrease the likelihood that
erroneous trades will be submitted to
OCC by the exchanges, thereby reducing
the risk presented to OCC and further
facilitating the accurate clearance and
settlement of securities transactions, the
Commission finds good cause to
approve the proposed rule change, as
modified by Amendment No. 1, on an
accelerated basis.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
16 Id.
U.S.C. 78q–1(b)(3)(F).
CFR 240.17Ad–22(d)(4).
19 15 U.S.C. 78s(b)(2)(C)(iii).
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
OCC–2014–16 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–OCC–2014–16. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for
inspection and copying at the principal
office of OCC and on OCC’s Web site at
https://www.theocc.com/components/
docs/legal/rules_and_bylaws/sr_occ_14_
16.pdf.
All comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–OCC–2014–16 and should
be submitted on or before October 15,
2014.
V. Conclusion
On the basis of the foregoing, the
Commission finds that the proposal is
consistent with the requirements of the
Act and in particular with the
requirements of Section 17A of the
Act 20 and the rules and regulations
thereunder.
17 15
18 17
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18:41 Sep 23, 2014
20 In approving this proposed rule change, the
Commission has considered the proposed rule’s
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It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,21 that the
proposed rule change (SR–OCC–2014–
16), as modified by Amendment No. 1,
be, and it hereby is, approved on an
accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.22
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–22673 Filed 9–23–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73137; File No. SR–NYSE–
2014–40]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change Establishing the NYSE
Best Quote & Trades Data Feed
September 18, 2014.
On July 21, 2014, New York Stock
Exchange LLC (‘‘Exchange’’ or ‘‘NYSE’’)
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 establish the NYSE Best
Quote & Trades (‘‘NYSE BQT’’) data
feed. The proposed rule change was
published for comment in the Federal
Register on August 8, 2014.3 One
comment on the proposal has been
received.4
Section 19(b)(2) of the Act 5 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
21 15 U.S.C. 78s(b)(2).
22 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 72750
(August 4, 2014), 79 FR 46494.
4 See Letter from Ira D. Hammerman, General
Counsel, SIFMA, to Kevin M. O’Neill, Deputy
Secretary, Commission, dated August 28, 2014.
5 15 U.S.C. 78s(b)(2).
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Federal Register / Vol. 79, No. 185 / Wednesday, September 24, 2014 / Notices
disapproved. The Commission is
extending this 45-day time period.
The Commission finds that it is
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 and the comments received.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,6
designates November 6, 2014, as the
date by which the Commission shall
either approve or disapprove or institute
proceedings to determine whether to
disapprove the proposed rule change
(File No. SR–NYSE–2014–40).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–22669 Filed 9–23–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73141; File No. SR–
NYSEArca–2014–100]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Relating to Listing and
Trading of Shares of the SPDR SSgA
Global Managed Volatility ETF Under
NYSE Arca Equities Rule 8.600
September 18, 2014.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
September 5, 2014, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade shares of the SPDR SSgA Global
Managed Volatility ETF under NYSE
Arca Equities Rule 8.600. The text of the
proposed rule change is available on the
Exchange’s Web site at www.nyse.com,
6 Id.
7 17
CFR 200.30–3(a)(57).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
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18:41 Sep 23, 2014
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at the principal office of the Exchange,
and at the Commission’s Public
Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to list and
trade shares (‘‘Shares’’) of the following
under NYSE Arca Equities Rule 8.600,
which governs the listing and trading of
Managed Fund Shares: 4 SPDR SSgA
Global Managed Volatility ETF
(‘‘Fund’’).5
The Shares will be offered by SSgA
Active ETF Trust (the ‘‘Trust’’), which is
organized as a Massachusetts business
trust and is registered with the
Commission as an open-end
4 A Managed Fund Share is a security that
represents an interest in an investment company
registered under the Investment Company Act of
1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
an open-end investment company or similar entity
that invests in a portfolio of securities selected by
its investment adviser consistent with its
investment objectives and policies. In contrast, an
open-end investment company that issues
Investment Company Units, listed and traded on
the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that
correspond generally to the price and yield
performance of a specific foreign or domestic stock
index, fixed income securities index or combination
thereof.
5 The Commission has previously approved
listing and trading on the Exchange of a number of
actively managed funds under Rule 8.600. See, e.g.,
Securities Exchange Act Release Nos. 57801 (May
8, 2008), 73 FR 27878 (May 14, 2008) (SR–
NYSEArca–2008–31) (order approving Exchange
listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 62502 (July 15,
2010), 75 FR 42471 (July 21, 2010) (SR–NYSEArca–
2010–57) (order approving listing and trading of
AdviserShares WCM/BNY Mellon Focused Growth
ADR ETF); 63076 (October 12, 2010), 75 FR 63874
(October 18, 2010) (SR–NYSEArca–2010–79) (order
approving listing and trading of Cambria Global
Tactical ETF); 71540 (February 12, 2014), 79 FR
9515 (February 19, 2014) (SR–NYSEArca–2013–
138) (order approving listing and trading of shares
of the iShares Enhanced International Large-Cap
ETF and iShares Enhanced International Small-Cap
ETF).
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57161
management investment company.6
SSgA Funds Management, Inc. will
serve as the investment adviser to the
Fund (the ‘‘Adviser’’ or ‘‘SSgA FM’’).
State Street Global Markets, LLC (the
‘‘Distributor’’) will be the principal
underwriter and distributor of the
Fund’s Shares. State Street Bank and
Trust Company (the ‘‘Administrator’’,
‘‘Custodian’’ or ‘‘Transfer Agent’’) will
serve as administrator, custodian and
transfer agent for the Fund.
Commentary .06 to Rule 8.600
provides that, if the investment adviser
to the investment company issuing
Managed Fund Shares is affiliated with
a broker-dealer, such investment adviser
shall erect a ‘‘fire wall’’ between the
investment adviser and the brokerdealer with respect to access to
information concerning the composition
and/or changes to such investment
company portfolio. In addition,
Commentary .06 further requires that
personnel who make decisions on the
open-end fund’s portfolio composition
must be subject to procedures designed
to prevent the use and dissemination of
material nonpublic information
regarding the open-end fund’s
portfolio.7 Commentary .06 to Rule
6 The Trust is registered under the 1940 Act. On
September 20, 2012, the Trust filed with the
Commission an amendment to its registration
statement on Form N–1A under the Securities Act
of 1933 (15 U.S.C. 77a) (‘‘Securities Act’’), and
under the 1940 Act relating to the Fund (File Nos.
333–173276 and 811–22542) (‘‘Registration
Statement’’). The description of the operation of the
Trust and the Fund herein is based, in part, on the
Registration Statement. In addition, the
Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act.
See Investment Company Act Release No. 29524
(December 13, 2010) (File No. 812–13487)
(‘‘Exemptive Order’’).
7 An investment adviser to an open-end fund is
required to be registered under the Investment
Advisers Act of 1940 (the ‘‘Advisers Act’’). As a
result, the Adviser and its related personnel are
subject to the provisions of Rule 204A–1 under the
Advisers Act relating to codes of ethics. This Rule
requires investment advisers to adopt a code of
ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with
other applicable securities laws. Accordingly,
procedures designed to prevent the communication
and misuse of non-public information by an
investment adviser must be consistent with Rule
204A–1 under the Advisers Act. In addition, Rule
206(4)–7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment
advice to clients unless such investment adviser has
(i) adopted and implemented written policies and
procedures reasonably designed to prevent
violation, by the investment adviser and its
supervised persons, of the Advisers Act and the
Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review
regarding the adequacy of the policies and
procedures established pursuant to subparagraph (i)
above and the effectiveness of their
implementation; and (iii) designated an individual
(who is a supervised person) responsible for
administering the policies and procedures adopted
under subparagraph (i) above.
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]]>Agencies
[Federal Register Volume 79, Number 185 (Wednesday, September 24, 2014)]
[Notices]
[Pages 57160-57161]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-22669]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73137; File No. SR-NYSE-2014-40]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change Establishing the NYSE Best Quote & Trades Data
Feed
September 18, 2014.
On July 21, 2014, New York Stock Exchange LLC (``Exchange'' or
``NYSE'') 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 establish the NYSE Best Quote & Trades (``NYSE
BQT'') data feed. The proposed rule change was published for comment in
the Federal Register on August 8, 2014.\3\ One comment on the proposal
has been received.\4\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 72750 (August 4,
2014), 79 FR 46494.
\4\ See Letter from Ira D. Hammerman, General Counsel, SIFMA, to
Kevin M. O'Neill, Deputy Secretary, Commission, dated August 28,
2014.
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Section 19(b)(2) of the Act \5\ provides that, within 45 days of
the publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding, or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be
[[Page 57161]]
disapproved. The Commission is extending this 45-day time period.
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\5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds that it is 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 and the
comments received. Accordingly, the Commission, pursuant to Section
19(b)(2) of the Act,\6\ designates November 6, 2014, as the date by
which the Commission shall either approve or disapprove or institute
proceedings to determine whether to disapprove the proposed rule change
(File No. SR-NYSE-2014-40).
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\6\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-22669 Filed 9-23-14; 8:45 am]
BILLING CODE 8011-01-P
