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, as Modified by Amendment No. 1, To Amend NYSE Arca, Inc.'s Rules by Revising the Order of Priority of Bids and Offers When Executing Orders in Open Outcry, 45535 [2014-18378]

Download as PDF Federal Register / Vol. 79, No. 150 / Tuesday, August 5, 2014 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–72703; File No. SR– NYSEArca–2014–04] 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, as Modified by Amendment No. 1, To Amend NYSE Arca, Inc.’s Rules by Revising the Order of Priority of Bids and Offers When Executing Orders in Open Outcry July 29, 2014. On January 15, 2014, 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 revise the order of priority of bids and offers when executing orders in open outcry. The proposed rule change was published for comment in the Federal Register on February 3, 2014.3 On March 18, 2014, the Commission extended to May 2, 2014 the period in which to approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change.4 The Commission received ten comment letters from seven commenters regarding the proposal,5 as well as a response to the comment letters from NYSE Arca.6 On April 29, 2014, the Exchange filed Amendment No. 1 to the proposed rule change.7 On 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 71425 (January 28, 2014), 79 FR 6258 (‘‘Notice’’). 4 See Securities Exchange Act Release No. 71733 (March 18, 2014), 79 FR 16072 (March 24, 2014). 5 See Letter from Darren Story, dated January 29, 2014; Letter from Abraham Kohen, AK FE Consultants LLC, dated January 31, 2014; Letter from David Spack, Chief Compliance Officer, Casey Securities, LLC, dated February 3, 2014; Letter from Abraham Kohen, AK FE Consultants LLC, dated February 4, 2014; Letter from Angel Alvira, dated February 12, 2014; Letter from Donald Hart, dated February 12, 2014; Letter from Doug Patterson, Chief Compliance Officer, Cutler Group, LP, dated February 13, 2014; Letter from Donald Hart, dated February 18, 2014; Letter from Gerald D. O’Connell, Chief Regulatory Officer, Susquehanna International Group, LLP, dated March 14, 2014; and Letter from Darren Story, dated March 21, 2014. The comment letters are available in the public comment file for SR–NYSEArca–2014–04 at https:// www.sec.gov/comments/sr-nysearca-2014-04/ nysearca201404.shtml. 6 See Letter from Martha Redding, Chief Counsel, NYSE Euronext, dated April 4, 2014 (‘‘NYSE Response Letter’’). The NYSE Response Letter is available at https://www.sec.gov/comments/srnysearca-2014-04/nysearca201404.shtml. 7 Amendment No. 1 is available in the public comment file for SR–NYSEArca–2014–04 at mstockstill on DSK4VPTVN1PROD with NOTICES 2 17 VerDate Mar<15>2010 18:16 Aug 04, 2014 Jkt 232001 May 2, 2014, the Commission noticed Amendment No. 1 and instituted proceedings to determine whether to approve or disapprove the proposed rule change under Section 19(b)(2)(B) of the Act 8 in an order published in the Federal Register on May 8, 2014.9 The Commission thereafter received no comment letters on the proposal, as modified by Amendment No. 1. Section 19(b)(2) of the Act 10 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 Federal Register publishes notice of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change 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 February 3, 2014. August 2, 2014 is 180 days from that date, and October 1, 2014 is an additional 60 days from that date. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change, as modified by Amendment No. 1, so that the Commission has sufficient time to consider the proposed rule change, the issues raised in the comment letters that have been submitted in connection with this proposed rule change, and NYSE Arca’s response to these issues in its response letter. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,11 designates October 1, 2014, as the date by which the Commission must either approve or disapprove the proposed rule change, as modified by Amendment No. 1 (File Number SR– NYSEArca–2014–04). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–18378 Filed 8–4–14; 8:45 am] BILLING CODE 8011–01–P https://www.sec.gov/comments/sr-nysearca-2014-04/ nysearca201404.shtml. 8 15 U.S.C. 78s(b)(2)(B). 9 See Securities Exchange Act Release No. 72081 (May 2, 2014) 79 FR 26474 (‘‘Order Instituting Proceedings’’). 10 15 U.S.C. 78s(b)(2). 11 15 U.S.C. 78s(b)(2). 12 17 CFR 200.30–3(a)(57). PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 45535 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–72716; File No. SR– NASDAQ–2014–073] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of the Shares of the First Trust Emerging Markets Local Currency Bond ETF of First Trust Exchange-Traded Fund III July 30, 2014. 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 July 18, 2014, The NASDAQ Stock Market LLC (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in in Items I and II below, which Items have been prepared by Nasdaq. On July 25, 2014, the Exchange filed Amendment No. 1 to the proposal.3 The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change Nasdaq proposes to list and trade the shares of the First Trust Emerging Markets Local Currency Bond ETF (the ‘‘Fund’’) of First Trust Exchange-Traded Fund III (the ‘‘Trust’’) under Nasdaq Rule 5735 (‘‘Managed Fund Shares’’).4 The shares of the Fund are collectively referred to herein as the ‘‘Shares.’’ The text of the proposed rule change is available at https://nasdaq .cchwallstreet.com/, at Nasdaq’s 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 clarifies that reverse repurchase agreements will not be used by the First Trust Emerging Markets Local Currency Bond ETF to enhance leverage. 4 The Commission approved Nasdaq Rule 5735 in Securities Exchange Act Release No. 57962 (June 13, 2008), 73 FR 35175 (June 20, 2008) (SR– NASDAQ–2008–039). There are already multiple actively-managed funds listed on the Exchange; see, e.g., Securities Exchange Act Release Nos. 69464 (April 26, 2013), 78 FR 25774 (May 2, 2013) (SR– NASDAQ–2013–036) (order approving listing and trading of First Trust Senior Loan Fund); 68972 (February 22, 2013), 78 FR 13721 (February 28, 2013) (SR–NASDAQ–2012–147) (order approving listing and trading of First Trust High Yield Long/ Short ETF); 66489 (February 29, 2012), 77 FR 13379 (March 6, 2012) (SR–NASDAQ–2012–004) (order approving listing and trading of WisdomTree Emerging Markets Corporate Bond Fund). The Exchange believes the proposed rule change raises no significant issues not previously addressed in those prior Commission orders. 2 17 E:\FR\FM\05AUN1.SGM 05AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 150 (Tuesday, August 5, 2014)]
[Notices]
[Page 45535]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-18378]



[[Page 45535]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72703; File No. SR-NYSEArca-2014-04]


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, as 
Modified by Amendment No. 1, To Amend NYSE Arca, Inc.'s Rules by 
Revising the Order of Priority of Bids and Offers When Executing Orders 
in Open Outcry

July 29, 2014.
    On January 15, 2014, 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 revise the order of priority of bids and offers 
when executing orders in open outcry. The proposed rule change was 
published for comment in the Federal Register on February 3, 2014.\3\ 
On March 18, 2014, the Commission extended to May 2, 2014 the period in 
which to approve, disapprove, or institute proceedings to determine 
whether to disapprove the proposed rule change.\4\ The Commission 
received ten comment letters from seven commenters regarding the 
proposal,\5\ as well as a response to the comment letters from NYSE 
Arca.\6\ On April 29, 2014, the Exchange filed Amendment No. 1 to the 
proposed rule change.\7\ On May 2, 2014, the Commission noticed 
Amendment No. 1 and instituted proceedings to determine whether to 
approve or disapprove the proposed rule change under Section 
19(b)(2)(B) of the Act \8\ in an order published in the Federal 
Register on May 8, 2014.\9\ The Commission thereafter received no 
comment letters on the proposal, as modified by Amendment No. 1.
    Section 19(b)(2) of the Act \10\ 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 Federal Register publishes notice of the proposed rule change. The 
Commission may extend the period for issuing an order approving or 
disapproving the proposed rule change 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 February 3, 
2014. August 2, 2014 is 180 days from that date, and October 1, 2014 is 
an additional 60 days from that date.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71425 (January 28, 
2014), 79 FR 6258 (``Notice'').
    \4\ See Securities Exchange Act Release No. 71733 (March 18, 
2014), 79 FR 16072 (March 24, 2014).
    \5\ See Letter from Darren Story, dated January 29, 2014; Letter 
from Abraham Kohen, AK FE Consultants LLC, dated January 31, 2014; 
Letter from David Spack, Chief Compliance Officer, Casey Securities, 
LLC, dated February 3, 2014; Letter from Abraham Kohen, AK FE 
Consultants LLC, dated February 4, 2014; Letter from Angel Alvira, 
dated February 12, 2014; Letter from Donald Hart, dated February 12, 
2014; Letter from Doug Patterson, Chief Compliance Officer, Cutler 
Group, LP, dated February 13, 2014; Letter from Donald Hart, dated 
February 18, 2014; Letter from Gerald D. O'Connell, Chief Regulatory 
Officer, Susquehanna International Group, LLP, dated March 14, 2014; 
and Letter from Darren Story, dated March 21, 2014. The comment 
letters are available in the public comment file for SR-NYSEArca-
2014-04 at https://www.sec.gov/comments/sr-nysearca-2014-04/nysearca201404.shtml.
    \6\ See Letter from Martha Redding, Chief Counsel, NYSE 
Euronext, dated April 4, 2014 (``NYSE Response Letter''). The NYSE 
Response Letter is available at https://www.sec.gov/comments/sr-nysearca-2014-04/nysearca201404.shtml.
    \7\ Amendment No. 1 is available in the public comment file for 
SR-NYSEArca-2014-04 at https://www.sec.gov/comments/sr-nysearca-2014-04/nysearca201404.shtml.
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ See Securities Exchange Act Release No. 72081 (May 2, 2014) 
79 FR 26474 (``Order Instituting Proceedings'').
    \10\ 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, as modified by Amendment No. 1, so that the Commission has 
sufficient time to consider the proposed rule change, the issues raised 
in the comment letters that have been submitted in connection with this 
proposed rule change, and NYSE Arca's response to these issues in its 
response letter.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\11\ designates October 1, 2014, as the date by which the 
Commission must either approve or disapprove the proposed rule change, 
as modified by Amendment No. 1 (File Number SR-NYSEArca-2014-04).
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    \11\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-18378 Filed 8-4-14; 8:45 am]
BILLING CODE 8011-01-P

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