Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to Proposed Changes To Remove From the Exchange Rules Fee Provisions Regarding Re-Transmission of “Third-Party Data”, 64444 [2014-25672]
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Federal Register / Vol. 79, No. 209 / Wednesday, October 29, 2014 / Notices
Notice of an Application for Exemptive
Relief, however, ‘‘the Commission
preliminarily believes that [Precidian’s]
proposed ETFs do not meet the standard
for exemptive relief under section 6(c)
of the [1940] Act,’’ 129 and accordingly,
‘‘absent a request for a hearing that is
granted by the Commission, the
Commission intends to deny
[Precidian’s] request for an exemption
under section 6(c) of the [1940] Act as
not necessary or appropriate in the
public interest and as not consistent
with the protection of investors and the
purposes fairly intended by the policy
and provisions of the [1940] Act.’’ 130
The purpose of the Exchange’s
proposed rule change is to allow the
listing and trading of the proposed
Funds and future Funds of the same
type. The Commission does not believe
that approving this proposed rule
change would be consistent with the
requirement under the Exchange Act
that an exchange’s rules be consistent
with the protection of investors and the
public interest, because the Commission
has stated its intention to deny the
Funds exemptive relief under the 1940
Act and because denying this exemptive
relief would mean that the Funds could
not legally operate.131
IV. Conclusion
mstockstill on DSK4VPTVN1PROD with NOTICES
For the reasons set forth above, the
Commission does not find that the
proposed rule change is consistent with
the requirements of the Exchange Act
and the rules and regulations
thereunder applicable to a national
securities exchange, and in particular,
6(c) of the 1940 Act for an exemption from sections
2(a)(32), 5(a)(1), 22(d) and 22(e) of the 1940 Act and
rule 22c–1 under the 1940 Act; under sections 6(c)
and 17(b) of the 1940 Act for an exemption from
sections 17(a)(1) and 17(a)(2) of the 1940 Act; and
under section 12(d)(1)(J) of the 1940 Act for an
exemption from sections 12(d)(1)(A) and 12(d)(1)(B)
of the 1940 Act.
129 Notice of Application for Exemptive Relief,
supra note 3, at 3.
130 Id. at 29.
131 The Commission’s determinations under
Section 6(c) of the 1940 Act with respect to the
Funds are preliminary and could change if a
hearing were requested, the Commission were to
grant the request, and persuasive new information
were presented. Under Section 19(b)(2) of the
Exchange Act, however, the last date on which the
Commission can take final action to approve or
disapprove the Exchange’s proposed rule change is
no later than 240 days after notice of the proposed
rule change was published in the Federal Register.
As a result, the Commission must either approve or
disapprove the proposed rule change by October 24,
2014, and it must do so on the basis of the facts
as they currently exist, irrespective of any
information that might be presented to or
considered by the Commission at a later date in the
context of its final determination under Section 6(c)
of the 1940 Act.
VerDate Sep<11>2014
16:21 Oct 28, 2014
Jkt 235001
with Section 6(b)(5) of the Exchange
Act.132
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,
that the proposed rule change (SR–
NYSEArca–2014–10) be, and it hereby
is, disapproved.
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–25714 Filed 10–28–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73416; File No. SR–
NASDAQ–2014–034]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change Relating to Proposed
Changes To Remove From the
Exchange Rules Fee Provisions
Regarding Re-Transmission of ‘‘ThirdParty Data’’
October 23, 2014.
On April 7, 2014, The NASDAQ Stock
Market LLC (‘‘Nasdaq’’ or the
‘‘Exchange’’) 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
remove, from the Exchange rules, fee
provisions with respect to third-party
data feeds that Nasdaq receives from
multiple sources and then re-transmits
to clients in connection with the
Exchange’s co-location services. The
proposed rule change was published for
comment in the Federal Register on
April 28, 2014.3 On June 5, 2014, the
Commission extended the time to act on
the proposal until July 25, 2014.4 On
July 22, 2014, the Commission
instituted proceedings to determine
whether to disapprove the proposed
rule change in an order published in the
Federal Register.5 The Commission
received no comment letters on the
proposed rule change.
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 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 28, 2014. October 25, 2014 is 180
days from that date, and December 24,
2014 is an additional 60 days from that
date.
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 issues
raised in connection with the proposed
rule change. Specifically, as the
Commission noted in the Order
Instituting Proceedings, the proposed
rule change raises issues such as
whether the proposed rule change is
consistent with the statutory definition
of the term ‘‘facility’’ and the statutory
requirements applicable to national
securities exchanges.7
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,8
designates December 24, 2014, as the
date by which the Commission should
either approve or disapprove the
proposed rule change.
For the Commission, by the Division
of Trading and Markets, pursuant to
delegated authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–25672 Filed 10–28–14; 8:45 am]
BILLING CODE 8011–01–P
132 Having
found for the reasons explained above
that the Exchange’s proposed rule change is not
consistent with the requirements of the Exchange
Act, the Commission does not believe it is
necessary to address each of the particular
objections raised by the commenter who opposes
the proposed rule change.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 71990
(April 22, 2014), 79 FR 23389 (‘‘Notice’’).
4 See Securities Exchange Act Release No. 72328,
79 FR 33605 (June 11, 2014).
5 See Securities Exchange Act Release No. 72654,
79 FR 43808 (July 28, 2014) (‘‘Order Instituting
Proceedings’’).
PO 00000
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6 15
U.S.C. 78s(b)(2).
Order Instituting Proceedings, supra note 5.
8 15 U.S.C. 78s(b)(2).
9 17 CFR 200.30–3(a)(31).
7 See
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]]>Agencies
[Federal Register Volume 79, Number 209 (Wednesday, October 29, 2014)]
[Notices]
[Page 64444]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-25672]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73416; File No. SR-NASDAQ-2014-034]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on a
Proposed Rule Change Relating to Proposed Changes To Remove From the
Exchange Rules Fee Provisions Regarding Re-Transmission of ``Third-
Party Data''
October 23, 2014.
On April 7, 2014, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') 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 remove, from the Exchange rules, fee provisions
with respect to third-party data feeds that Nasdaq receives from
multiple sources and then re-transmits to clients in connection with
the Exchange's co-location services. The proposed rule change was
published for comment in the Federal Register on April 28, 2014.\3\ On
June 5, 2014, the Commission extended the time to act on the proposal
until July 25, 2014.\4\ On July 22, 2014, the Commission instituted
proceedings to determine whether to disapprove the proposed rule change
in an order published in the Federal Register.\5\ The Commission
received no comment letters on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 71990 (April 22,
2014), 79 FR 23389 (``Notice'').
\4\ See Securities Exchange Act Release No. 72328, 79 FR 33605
(June 11, 2014).
\5\ See Securities Exchange Act Release No. 72654, 79 FR 43808
(July 28, 2014) (``Order Instituting Proceedings'').
---------------------------------------------------------------------------
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 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 28, 2014. October 25, 2014 is 180 days from
that date, and December 24, 2014 is an additional 60 days from that
date.
---------------------------------------------------------------------------
\6\ 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 issues raised in connection with
the proposed rule change. Specifically, as the Commission noted in the
Order Instituting Proceedings, the proposed rule change raises issues
such as whether the proposed rule change is consistent with the
statutory definition of the term ``facility'' and the statutory
requirements applicable to national securities exchanges.\7\
---------------------------------------------------------------------------
\7\ See Order Instituting Proceedings, supra note 5.
---------------------------------------------------------------------------
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\8\ designates December 24, 2014, as the date by which the
Commission should either approve or disapprove the proposed rule
change.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(31).
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-25672 Filed 10-28-14; 8:45 am]
BILLING CODE 8011-01-P
