Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2 Thereto, Relating to Listing and Trading of Shares of the NASDAQ-100 DIVS Index ETF Under Rule 5705, 64431 [2014-25674]
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Federal Register / Vol. 79, No. 209 / Wednesday, October 29, 2014 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73418; File No. SR–
NASDAQ–2014–038]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Designation of a Longer Period for
Commission Action on Proceedings To
Determine Whether To Approve or
Disapprove a Proposed Rule Change,
as Modified by Amendment Nos. 1 and
2 Thereto, Relating to Listing and
Trading of Shares of the NASDAQ–100
DIVS Index ETF Under Rule 5705
October 23, 2014.
On April 10, 2014, The NASDAQ
Stock Market LLC (‘‘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 list and trade shares
(‘‘Shares’’) of the Reality Shares
NASDAQ–100 DIVS Index ETF
(‘‘Fund’’) (formerly, Reality Shares
NASDAQ–100 Isolated Dividend
Growth Index ETF) under NASDAQ
Rule 5705. The proposed rule change
was published for comment in the
Federal Register on April 30, 2014.3 On
May 6, 2014, the Exchange filed
Amendment No. 1 to the proposed rule
change, which amended and replaced
the proposed rule change in its
entirety.4 On June 4, 2014, the Exchange
filed Amendment No. 2 to the proposed
rule change.5 On June 13, 2014,
pursuant to Section 19(b)(2) of the Act,6
the Commission designated a longer
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 72014
(Apr. 24, 2014), 79 FR 24465 (‘‘Notice’’).
4 In Amendment No. 1, the Exchange confirmed
the hours of the three trading sessions on the
Exchange, clarified the valuation of investments for
purposes of calculating net asset value, clarified
what information would be available on the Fund’s
Web site, and provided additional information
relating to surveillance with respect to certain
assets held by the Fund. Amendment No. 1
provided clarification to the proposed rule change,
and because it does not materially affect the
substance of the proposed rule change or raise
novel or unique regulatory issues, Amendment No.
1 is not subject to notice and comment.
5 The Exchange filed Amendment No. 2 to the
proposal to reflect a name change to the Fund and
the underlying index. Specifically, the Exchange
replaced each reference to ‘‘Reality Shares
NASDAQ–100 Isolated Dividend Growth ETF’’ in
the proposal with ‘‘Reality Shares NASDAQ–100
DIVS Index ETF’’ and replaced each reference to
‘‘Reality Shares NASDAQ–100 Isolated Dividend
Growth Index’’ in the proposal with ‘‘Reality Shares
NASDAQ–100 DIVS Index.’’ Amendment No. 2 is
a technical amendment and is not subject to notice
and comment as it does not materially affect the
substance of the filing.
6 15 U.S.C. 78s(b)(2).
mstockstill on DSK4VPTVN1PROD with NOTICES
2 17
VerDate Sep<11>2014
16:21 Oct 28, 2014
Jkt 235001
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
disapprove the proposed rule change.7
On July 29, 2014, the Commission
instituted proceedings under Section
19(b)(2)(B) of the Act 8 to determine
whether to approve or disapprove the
proposed rule change.9 In response to
the Order Instituting Proceedings, the
Commission received one comment
letter on the proposal.10
Section 19(b)(2) of the Act 11 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, however,
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 that
determination. The proposed rule
change was published for notice and
comment in the Federal Register on
April 30, 2014.12 The 180th day after
publication of the notice of the filing of
the proposed rule change in the Federal
Register is October 27, 2014, and the
240th day after publication of the notice
of the filing of the proposed rule change
in the Federal Register is December 26,
2014.
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, including the
7 See Securities Exchange Act Release No. 72384,
79 FR 35205 (Jun. 19, 2014). The Commission
designated a longer period within which to take
action on the proposed rule change and designated
July 29, 2014, as the date by which it should
approve, disapprove, or institute proceedings to
determine whether to disapprove the proposed rule
change.
8 15 U.S.C. 78s(b)(2)(B).
9 See Securities Exchange Act Release No. 72715,
79 FR 45556 (Aug. 5, 2014) (‘‘Order Instituting
Proceedings’’). Specifically, the Commission
instituted proceedings to allow for additional
analysis of the proposed rule change’s consistency
with Section 6(b)(5) of the Act, which requires,
among other things, that the rules of a national
securities exchange be ‘‘designed to prevent
fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade,’’ and
‘‘to protect investors and the public interest.’’ See
id.
10 See Letter from Eric Ervin, President, Reality
Shares ETF Trust and Reality Shares Advisors, LLC,
and President and CEO, Reality Shares, Inc., to
Kevin M. O’Neill, Deputy Secretary, Commission,
dated August 22, 2014.
11 15 U.S.C. 78s(b)(2).
12 See supra note 3.
PO 00000
Frm 00075
Fmt 4703
Sfmt 4703
64431
matters raised in the comment letter to
the proposed rule change.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the
Act,13 designates December 26, 2014 as
the date by which the Commission shall
either approve or disapprove the
proposed rule change (File No. SR–
NASDAQ–2014–038).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–25674 Filed 10–28–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73412; File No. SR–BATS–
2014–052]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change to Rules 11.9 and 11.13
of BATS Exchange, Inc.
October 23, 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 October
17, 2014, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a 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 Substance of
the Proposed Rule Change
The Exchange filed a proposal to
amend Rules 11.9 and 11.13 to modify
the routing strategies made available
through the Exchange.
The text of the proposed rule change
is available at the Exchange’s Web site
at http://www.batstrading.com/, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
13 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.
14 17
E:\FR\FM\29OCN1.SGM
29OCN1
Agencies
[Federal Register Volume 79, Number 209 (Wednesday, October 29, 2014)]
[Notices]
[Page 64431]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-25674]
[[Page 64431]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73418; File No. SR-NASDAQ-2014-038]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Designation of a Longer Period for Commission Action on
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change, as Modified by Amendment Nos. 1 and 2 Thereto, Relating to
Listing and Trading of Shares of the NASDAQ-100 DIVS Index ETF Under
Rule 5705
October 23, 2014.
On April 10, 2014, The NASDAQ Stock Market LLC (``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 list and
trade shares (``Shares'') of the Reality Shares NASDAQ-100 DIVS Index
ETF (``Fund'') (formerly, Reality Shares NASDAQ-100 Isolated Dividend
Growth Index ETF) under NASDAQ Rule 5705. The proposed rule change was
published for comment in the Federal Register on April 30, 2014.\3\ On
May 6, 2014, the Exchange filed Amendment No. 1 to the proposed rule
change, which amended and replaced the proposed rule change in its
entirety.\4\ On June 4, 2014, the Exchange filed Amendment No. 2 to the
proposed rule change.\5\ On June 13, 2014, pursuant to Section 19(b)(2)
of the Act,\6\ the Commission designated a longer period within which
to approve the proposed rule change, disapprove the proposed rule
change, or institute proceedings to determine whether to disapprove the
proposed rule change.\7\ On July 29, 2014, the Commission instituted
proceedings under Section 19(b)(2)(B) of the Act \8\ to determine
whether to approve or disapprove the proposed rule change.\9\ In
response to the Order Instituting Proceedings, the Commission received
one comment letter on the proposal.\10\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 72014 (Apr. 24,
2014), 79 FR 24465 (``Notice'').
\4\ In Amendment No. 1, the Exchange confirmed the hours of the
three trading sessions on the Exchange, clarified the valuation of
investments for purposes of calculating net asset value, clarified
what information would be available on the Fund's Web site, and
provided additional information relating to surveillance with
respect to certain assets held by the Fund. Amendment No. 1 provided
clarification to the proposed rule change, and because it does not
materially affect the substance of the proposed rule change or raise
novel or unique regulatory issues, Amendment No. 1 is not subject to
notice and comment.
\5\ The Exchange filed Amendment No. 2 to the proposal to
reflect a name change to the Fund and the underlying index.
Specifically, the Exchange replaced each reference to ``Reality
Shares NASDAQ-100 Isolated Dividend Growth ETF'' in the proposal
with ``Reality Shares NASDAQ-100 DIVS Index ETF'' and replaced each
reference to ``Reality Shares NASDAQ-100 Isolated Dividend Growth
Index'' in the proposal with ``Reality Shares NASDAQ-100 DIVS
Index.'' Amendment No. 2 is a technical amendment and is not subject
to notice and comment as it does not materially affect the substance
of the filing.
\6\ 15 U.S.C. 78s(b)(2).
\7\ See Securities Exchange Act Release No. 72384, 79 FR 35205
(Jun. 19, 2014). The Commission designated a longer period within
which to take action on the proposed rule change and designated July
29, 2014, as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
\8\ 15 U.S.C. 78s(b)(2)(B).
\9\ See Securities Exchange Act Release No. 72715, 79 FR 45556
(Aug. 5, 2014) (``Order Instituting Proceedings''). Specifically,
the Commission instituted proceedings to allow for additional
analysis of the proposed rule change's consistency with Section
6(b)(5) of the Act, which requires, among other things, that the
rules of a national securities exchange be ``designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade,'' and ``to protect investors and the
public interest.'' See id.
\10\ See Letter from Eric Ervin, President, Reality Shares ETF
Trust and Reality Shares Advisors, LLC, and President and CEO,
Reality Shares, Inc., to Kevin M. O'Neill, Deputy Secretary,
Commission, dated August 22, 2014.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \11\ 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, however, 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 that determination. The
proposed rule change was published for notice and comment in the
Federal Register on April 30, 2014.\12\ The 180th day after publication
of the notice of the filing of the proposed rule change in the Federal
Register is October 27, 2014, and the 240th day after publication of
the notice of the filing of the proposed rule change in the Federal
Register is December 26, 2014.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(2).
\12\ See supra note 3.
---------------------------------------------------------------------------
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, including the matters raised in the comment letter to the
proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\13\ designates December 26, 2014 as the date by which the
Commission shall either approve or disapprove the proposed rule change
(File No. SR-NASDAQ-2014-038).
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-25674 Filed 10-28-14; 8:45 am]
BILLING CODE 8011-01-P