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, 61457-61458 [2012-24740]
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Federal Register / Vol. 77, No. 195 / Tuesday, October 9, 2012 / Notices
wreier-aviles on DSK5TPTVN1PROD with NOTICES
Exchange represents that it is able to
obtain information via the Intermarket
Surveillance Group (‘‘ISG’’) from other
exchanges that are members of ISG or
with which the Exchange has in place
a comprehensive surveillance sharing
agreement.
The Exchange represents that the
Shares are deemed to be equity
securities, thus rendering trading in the
Shares subject to the Exchange’s
existing rules governing the trading of
equity securities. In support of this
proposal, the Exchange has made
representations, including:
(1) The Shares will conform to the
initial and continued listing criteria
under NYSE Arca Equities Rule 8.600.
(2) The Exchange has appropriate
rules to facilitate transactions in the
Shares during all trading sessions.
(3) The Exchange’s surveillance
procedures applicable to derivative
products, which include Managed Fund
Shares, are adequate to properly
monitor Exchange trading of the Shares
in all trading sessions and to deter and
detect violations of Exchange rules and
applicable federal securities laws.
(4) Prior to the commencement of
trading, the Exchange will inform its
Equity Trading Permit Holders (‘‘ETP
Holders’’) in an Information Bulletin of
the special characteristics and risks
associated with trading the Shares.
Specifically, the Information Bulletin
will discuss the following: (a) The
procedures for purchases and
redemptions of Shares in Creation Unit
aggregations (and that Shares are not
individually redeemable); (b) NYSE
Arca Equities Rule 9.2(a), which
imposes a duty of due diligence on its
ETP Holders to learn the essential facts
relating to every customer prior to
trading the Shares; (c) the risks involved
in trading the Shares during the
Opening and Late Trading Sessions
when an updated Portfolio Indicative
Value will not be calculated or publicly
disseminated; (d) how information
regarding the Portfolio Indicative Value
is disseminated; (e) the requirement that
ETP Holders deliver a prospectus to
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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15:28 Oct 05, 2012
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investors purchasing newly issued
Shares prior to or concurrently with the
confirmation of a transaction; and (f)
trading information.
(5) For initial and/or continued
listing, the Fund will be in compliance
with Rule 10A–3 under the Exchange
Act,32 as provided by NYSE Arca
Equities Rule 5.3.
(6) The Fund will invest in debt
securities that are, at the time of
investment, rated within the top four
rating categories by an NRSRO.
(7) The Fund will invest only in nonU.S. corporate bonds that the
Investment Adviser deems to be
sufficiently liquid at time of investment.
Generally, a corporate bond must have
$200 million (or an equivalent value if
denominated in a currency other than
U.S. dollars) or more par amount
outstanding and significant par value
traded to be considered as an eligible
investment.
(8) The Fund will not invest: (a) More
than 20% of its total assets in fixed
income instruments of foreign issuers in
emerging markets; (b) more than 10% of
its total assets in non-agency mortgageor asset-backed securities; (c) consistent
with the Exemptive Order, in options
contracts, futures contracts, or swap
agreements; and (d) in any non-U.S.
registered equity securities.
(9) The aggregate value of all of the
Fund’s illiquid securities, Rule 144A
Securities, master demand notes, fixed
and variable rate loan participations and
assignments, inverse floaters, and longterm variable and floating rate bonds
where the Fund obtains at the time of
purchase the right to put the bond back
to the issuer or a third party at par at
a specified date shall not exceed 15% of
the Fund’s total assets.
(10) The Fund’s investments will be
consistent with the Fund’s investment
objective and will not be used to
enhance leverage.
(11) A minimum of 100,000 Shares of
the Fund will be outstanding at the
commencement of trading on the
Exchange.
This approval order is based on all of
the Exchange’s representations,
including those set forth above and in
the Notice, and the Exchange’s
description of the Fund.
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act 33 and the rules and
regulations thereunder applicable to a
national securities exchange.
32 17
33 15
PO 00000
CFR 240.10A–3.
U.S.C. 78f(b)(5).
Frm 00080
Fmt 4703
Sfmt 4703
61457
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,34 that the
proposed rule change (SR–NYSEArca–
2012–82) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–24738 Filed 10–5–12; 8:45 am]
BILLING CODE 8011–01–P
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
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
34 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
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.
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
https://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.
35 17
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61458
Federal Register / Vol. 77, No. 195 / Tuesday, October 9, 2012 / Notices
wreier-aviles on DSK5TPTVN1PROD with NOTICES
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
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
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.
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).
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.
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.
15 15 U.S.C. 78s(b)(2).
BILLING CODE 8011–01–P
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Jkt 229001
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–24740 Filed 10–5–12; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67967; File No. SR–BX–
2012–062]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Offer
Members the Ability To Pay a
Regulatory Fine Pursuant to an
Installment Plan
October 2, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on
September 24, 2012, NASDAQ OMX
BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) the
16 15
U.S.C. 78s(b)(2).
CFR 200.30–3(a)(57).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
17 17
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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 the Substance
of the Proposed Rule Change
The Exchange proposes a rule change
to offer members the ability to pay a
regulatory fine pursuant to an
installment plan, under certain
conditions. The text of the proposed
rule change is available at https://
nasdaqomxbx.cchwallstreet.com, at the
Exchange’s principal office, 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
Exchange 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 these
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
BX is proposing to amend Rule 8320
governing ‘‘Payment of Fines, Other
Monetary Sanctions, or Costs; Summary
Action for Failure to Pay’’ to offer
members the ability to pay a regulatory
fine pursuant to an installment plan,
under certain conditions. In order for a
member to be eligible to pay a
regulatory fine via an installment plan,
the fine under the applicable letter of
acceptance, waiver, and consent
(‘‘AWC’’) 3 must be $50,000 or more. A
fine of less than $50,000 is not eligible
for the installment plan. When
submitting its AWC, the member must
check the installment plan option on the
election of payment form included with
the AWC. A sample election of payment
form and AWC are included in Exhibit
3 4 to this proposed rule change. A
down payment of twenty-five percent
3 See
BX Rule 9216(a).
Commission notes that Exhibit 3 is an
exhibit to the proposed rule change, not to this
Notice.
4 The
E:\FR\FM\09OCN1.SGM
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]]>Agencies
[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 https://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
