Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Amending Rule 6.2A To Authorize the Exchange To Share Any User-Designated Risk Settings in Exchange Systems With the Clearing Member That Clears Transactions on Behalf of the User, 70607-70608 [2014-28081]
Download as PDF
Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices
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 the Exchange. 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–Phlx–
2014–74 and should be submitted on or
before December 17, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27978 Filed 11–25–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73659; File No. SR–
NYSEArca–2014–114]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proposed Rule Change To List and
Trade Shares of the iShares Interest
Rate Hedged 0–5 Year High Yield Bond
ETF, iShares Interest Rate Hedged 10+
Year Credit Bond ETF, and the iShares
Interest Rate Hedged Emerging
Markets Bond ETF Under NYSE Arca
Equities Rule 8.600
mstockstill on DSK4VPTVN1PROD with NOTICES
On September 29, 2014, NYSE Arca,
Inc. (‘‘NYSE Arca’’ or ‘‘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
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
VerDate Sep<11>2014
17:21 Nov 25, 2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–27977 Filed 11–25–14; 8:45 am]
BILLING CODE 8011–01–P
Jkt 235001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73668; File No. SR–
NYSEArca–2014–110]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change, as
Modified by Amendment No. 1 Thereto,
Amending Rule 6.2A To Authorize the
Exchange To Share Any UserDesignated Risk Settings in Exchange
Systems With the Clearing Member
That Clears Transactions on Behalf of
the User
November 21, 2014.
On September 19, 2014, NYSE Arca,
Inc., (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘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 amend Rule
6.2A to authorize the Exchange to share
any User-designated risk settings in
Exchange systems with the Clearing
Member 3 that clears transactions on
behalf of the User.4 The proposed rule
change was published for comment in
the Federal Register on October 7,
2014.5 On November 19, 2014, the
Exchange submitted Amendment No. 1
to the proposed rule change. The
Commission received no comments on
the proposed rule change.
Section 19(b)(2) of the Act 6 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
disapproved. The 45th day for this filing
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Exchange Rule 6.1(b)(3) defining ‘‘Clearing
Member’’ as ‘‘an Exchange OTP Firm or OTP Holder
which has been admitted to membership in the
Options Clearing Corporation pursuant to the
provisions of the Rules of the Options Clearing
Corporation.’’
4 See Exchange Rule 6.1A(a)(19) defining ‘‘User’’
as ‘‘any OTP Holder, OTP Firm or Sponsored
Participant that is authorized to obtain access to OX
pursuant to Rule 6.2A.’’
5 See Securities Exchange Act Release No. 73281
(October 1, 2014), 79 FR 60552.
6 15 U.S.C. 78s(b)(2).
2 17
2 17
CFR 240.19b–4.
Securities Exchange Act Release No. 73342
(Oct. 10, 2014), 79 FR 62492.
4 In Amendment No. 1, the Exchange clarified
certain aspects of the original filing. All comments
on the proposed rule change, including
Amendment No. 1, are available on the
Commission’s Web site at: https://www.sec.gov/
comments/sr-nysearca-2014-114/
nysearca2014114.shtml.
5 15 U.S.C. 78s(b)(2).
6 Id.
7 17 CFR 200.30–3(a)(31).
3 See
November 20, 2014.
1 15
19b–4 thereunder,2 a proposed rule
change to list and trade shares of the
iShares Interest Rate Hedged 0–5 Year
High Yield Bond ETF; iShares Interest
Rate Hedged 10+ Year Credit Bond ETF;
and the iShares Interest Rate Hedged
Emerging Markets Bond ETF. The
proposed rule change was published for
comment in the Federal Register on
October 17, 2014.3 The Commission
received one comment on the proposal,
and, on November 18, 2014, the
Exchange filed Amendment No. 1 to the
proposed rule change, which replaced
and superseded its proposal as
originally filed.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
disapproved. The 45th day after
publication of the notice for this
proposed rule change is December 1,
2014. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider this proposed rule change,
as modified by Amendment No. 1.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,6
designates January 15, 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–NYSEArca–2014–114)
PO 00000
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70607
E:\FR\FM\26NON1.SGM
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70608
Federal Register / Vol. 79, No. 228 / Wednesday, November 26, 2014 / Notices
is November 21, 2014.7 The
Commission is extending this 45-day
time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider this proposed rule change.
The proposed rule change, if approved,
would authorize the Exchange to share
any User-designated risk settings in
Exchange systems with the Clearing
Member that clears transactions on
behalf of the User.
Accordingly, the Commission,
pursuant to Section 19(b)(2) of the Act,8
designates January 5, 2015, as the date
by which the Commission should either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–NYSEArca–2014–110).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–28081 Filed 11–25–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–73657; File No. SR–NYSE–
2014–62]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change
Amending the Bylaws of Its WhollyOwned Subsidiary NYSE Regulation,
Inc. To Provide That Non-Affiliated
Directors Would Not Be Removed for
Cause if They Are Acting in Good Faith
in Exercising Their Responsibilities as
Directors Related to NYSE
Regulation’s Functions and
Responsibilities Delegated to It Under
the Delegation Agreement Between the
Exchange, NYSE Regulation and NYSE
Market, Inc.
mstockstill on DSK4VPTVN1PROD with NOTICES
November 20, 2014.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Exchange Act’’),1 and Rule 19b–4
thereunder,2 notice is hereby given that
on November 7, 2014, New York Stock
Exchange LLC (‘‘NYSE’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
7 On November 19, 2014, the Exchange consented
to an extension of this time period until November
29, 2014. See 15 U.S.C. 78s(b)(2)(A)(ii)(II).
8 Id.
9 17 CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Sep<11>2014
17:21 Nov 25, 2014
Jkt 235001
(‘‘Commission’’) a proposed rule change
as described in Items I, II and III 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 proposes to amend the
bylaws of its wholly-owned subsidiary
NYSE Regulation, Inc. (‘‘NYSE
Regulation’’) to provide that nonaffiliated directors (as that term is
defined in those bylaws) would not be
removed for cause if they are acting in
good faith in exercising their
responsibilities as directors related to
NYSE Regulation’s functions and
responsibilities delegated to it under the
Delegation Agreement between the
Exchange, NYSE Regulation and NYSE
Market (DE), Inc. The text of the
proposed rule change is available on the
Exchange’s Web site at www.nyse.com,
at the principal office of the Exchange,
on the Commission’s Web site at https://
www.sec.gov, 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 is proposing to amend
Article III, Section 4 of NYSE
Regulation’s Sixth Amended and
Restated Bylaws (the ‘‘Bylaws’’) to
provide that ‘‘non-affiliated directors’’ 3
3 The Bylaws define ‘‘non-affiliated directors’’ as
U.S. Persons who are not members of the board of
directors of Intercontinental Exchange, Inc. (‘‘ICE’’)
and qualify as independent under NYSE
Regulation’s director independence policy. See
Bylaw [sic] of NYSE Regulation, Inc., Article III,
Section 1(A); see also Securities [sic] Act Release
No. 67564 (August 1, 2012), 77 FR 47161 (August
7, 2012) (SR–NYSE–2012–17) (approving NYSE
Regulation’s director independence policy). The
PO 00000
Frm 00110
Fmt 4703
Sfmt 4703
would not be removed for cause if they
are acting in good faith in exercising
their responsibilities as directors related
to NYSE Regulation’s functions and
responsibilities delegated to it under the
delegation agreement between the
Exchange, NYSE Regulation and NYSE
Market (DE), Inc. (the ‘‘Delegation
Agreement’’),4 and to make conforming
changes.
Currently, Article III, Section 4 of the
Bylaws provides that the Exchange may
only remove non-affiliated directors for
‘‘cause.’’ The Exchange proposes to
amend Article III, Section 4 to provide
that ‘‘cause’’ would not encompass
‘‘decisions or actions taken in good faith
by a Non-Affiliated Director in his or
her capacity as a Director of [NYSE
Regulation] and related’’ to NYSE
Regulation’s delegated regulatory
functions and responsibilities under the
Delegation Agreement. A copy of the
proposed Seventh Amended and
Restated Bylaws is attached as Exhibit
5.5
The proposed amendment to the
Bylaws makes explicit that conduct
consistent with a non-affiliated
director’s duties and responsibilities
related to NYSE Regulation’s delegated
functions and responsibilities does not
constitute grounds for removal. The
Exchange believes that approval of the
proposed change would confirm to nonaffiliated directors that they would not
be removed for decisions or actions
taken in the exercise of their fiduciary
duties to NYSE Regulation and,
accordingly, contribute to a more
efficient and orderly decision-making
process at the board level.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Exchange Act 6 in
general, and with Section 6(b)(1) 7 in
particular, in that it enables the
Exchange to be so organized as to have
the capacity to be able to carry out the
purposes of the Exchange Act and to
comply, and to enforce compliance by
its exchange members and persons
Bylaws require that a majority of NYSE Regulation’s
Board consist of non-affiliated directors. The
remaining directors are NYSE Regulation’s Chief
Executive Officer (‘‘CEO’’) and members of the ICE
board of directors that qualify as independent under
NYSE Regulation’s director independence policy.
The Bylaws do not require any affiliated directors
other than the NYSE Regulation CEO.
4 See Securities [sic] Act Release No. 53382
(February 27, 2006), 71 FR 11251 (March 6, 2006)
(SR–NYSE–2005–77) (approving NYSE’s business
combination with Archipelago Holdings, Inc.).
5 The Commission notes the Exhibit 5 is attached
to the filing submitted by the Exchange, but is not
attached to the published notice of this filing.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(1).
E:\FR\FM\26NON1.SGM
26NON1
Agencies
[Federal Register Volume 79, Number 228 (Wednesday, November 26, 2014)]
[Notices]
[Pages 70607-70608]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-28081]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-73668; File No. SR-NYSEArca-2014-110]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change, as Modified by Amendment No. 1 Thereto, Amending Rule 6.2A To
Authorize the Exchange To Share Any User-Designated Risk Settings in
Exchange Systems With the Clearing Member That Clears Transactions on
Behalf of the User
November 21, 2014.
On September 19, 2014, NYSE Arca, Inc., (``NYSE Arca'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``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 amend Rule 6.2A to authorize the Exchange to
share any User-designated risk settings in Exchange systems with the
Clearing Member \3\ that clears transactions on behalf of the User.\4\
The proposed rule change was published for comment in the Federal
Register on October 7, 2014.\5\ On November 19, 2014, the Exchange
submitted Amendment No. 1 to the proposed rule change. The Commission
received no comments on the proposed rule change.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Exchange Rule 6.1(b)(3) defining ``Clearing Member'' as
``an Exchange OTP Firm or OTP Holder which has been admitted to
membership in the Options Clearing Corporation pursuant to the
provisions of the Rules of the Options Clearing Corporation.''
\4\ See Exchange Rule 6.1A(a)(19) defining ``User'' as ``any OTP
Holder, OTP Firm or Sponsored Participant that is authorized to
obtain access to OX pursuant to Rule 6.2A.''
\5\ See Securities Exchange Act Release No. 73281 (October 1,
2014), 79 FR 60552.
---------------------------------------------------------------------------
Section 19(b)(2) of the Act \6\ 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 disapproved. The
45th day for this filing
[[Page 70608]]
is November 21, 2014.\7\ The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(2).
\7\ On November 19, 2014, the Exchange consented to an extension
of this time period until November 29, 2014. See 15 U.S.C.
78s(b)(2)(A)(ii)(II).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider this proposed rule change. The proposed
rule change, if approved, would authorize the Exchange to share any
User-designated risk settings in Exchange systems with the Clearing
Member that clears transactions on behalf of the User.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\8\ designates January 5, 2015, as the date by which the Commission
should either approve or disapprove, or institute proceedings to
determine whether to disapprove, the proposed rule change (File No. SR-
NYSEArca-2014-110).
---------------------------------------------------------------------------
\8\ Id.
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. 2014-28081 Filed 11-25-14; 8:45 am]
BILLING CODE 8011-01-P