Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving Proposed Rule Change To Amend NYSE Arca Rules 3.1 and 3.3 and Section 4.01(a) of the Exchange's Bylaws To Establish a Regulatory Oversight Committee as a Committee of the Board of Directors of the Exchange, 34744-34745 [2015-14829]
Download as PDF
<![CDATA[
34744
Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75155; File No. SR–
NYSEARCA–2015–29]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Approving Proposed
Rule Change To Amend NYSE Arca
Rules 3.1 and 3.3 and Section 4.01(a)
of the Exchange’s Bylaws To Establish
a Regulatory Oversight Committee as
a Committee of the Board of Directors
of the Exchange
June 11, 2015.
I. Introduction
On April 17, 2015, 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 amend NYSE Arca Rules 3.1
and 3.3, and Section 4.01(a) of the
Bylaws of NYSE Arca (‘‘Bylaws’’), to
establish a Regulatory Oversight
Committee (‘‘ROC’’) as a committee of
the board of directors of the Exchange
(‘‘Board’’). The proposed rule change
was published for comment in the
Federal Register on May 4, 2015.3 The
Commission did not receive any
comment letters regarding the proposal.
This order approves the proposed rule
change.
II. Description of the Proposal
The Exchange proposes to establish a
ROC as a committee of the Board with
the responsibility to independently
monitor the Exchange’s regulatory
operations. The Exchange proposes to
amend NYSE Arca Rule 3.3(a) to
provide for the ROC and set forth the
ROC’s composition and functions. In
addition, the Exchange proposes that
the Board shall appoint the ROC on an
annual basis.4 Under NYSE Arca Rule
3.3(a)(2)(B), the ROC would consist of at
least three members, each of whom
would be a Public Director 5 of the
Exchange or a director of NYSE
Regulation, Inc. (‘‘NYSE Regulation’’),6
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 74824
(April 28, 2015), 80 FR 25347.
4 See Proposed NYSE Arca Rule 3.3(a)(2)(A).
5 See infra note 7 for the definition of ‘‘Public
Director’’ as set forth in Article III, Section 3.02(a)
of the Bylaws.
6 The Exchange states that NYSE Regulation is a
not-for-profit subsidiary of the Exchange’s affiliate
New York Stock Exchange LLC that performs all of
the Exchange’s regulatory functions pursuant to an
intercompany Regulatory Services Agreement that
gives the Exchange the contractual right to review
NYSE Regulation’s performance.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2 17
VerDate Sep<11>2014
18:47 Jun 16, 2015
Jkt 235001
who satisfies the Exchange’s Public
Director requirements set forth in
Article III, Section 3.02(a) of the
Bylaws.7 The Exchange further proposes
that (i) the Board may, on affirmative
vote of a majority of directors, at any
time remove a member of the ROC for
cause and (ii) a failure of a member of
the ROC to qualify as a Public Director
shall constitute a basis to remove a
member of the ROC for cause.8
NYSE Arca Rule 3.3(a)(2)(C) would
set forth the functions and authority of
the ROC. The ROC’s responsibilities
would be as follows:
• oversee the Exchange’s regulatory
and self-regulatory organization
responsibilities and evaluate the
adequacy and effectiveness of the
Exchange’s regulatory and selfregulatory organization responsibilities;
• assess the Exchange’s regulatory
performance; and
• advise and make recommendations
to the Board or other committees of the
Board about the Exchange’s regulatory
compliance, effectiveness and plans.
In furtherance of the ROC’s functions,
the Exchange proposes that the ROC
shall have the authority and obligation
to: (i) Review the regulatory budget of
the Exchange and specifically inquire
into the adequacy of resources available
in the budget for regulatory activities;
(ii) meet regularly with the Chief
Regulatory Officer (‘‘CRO’’) of the
Exchange in executive session; (iii) in
consultation with the Exchange’s Chief
Executive Officer, establish the goals,
assess the performance, and recommend
the CRO’s compensation; and (iv) keep
the Board informed with respect to the
foregoing matters.9
The Exchange also proposes to amend
NYSE Arca Rule 3.1(a) and Article IV,
Section 4.01(a) of the Bylaws. The
Exchange proposes to amend NYSE
Arca Rule 3.1(a) to allow NYSE
Regulation directors to serve on the
ROC.10 In Article IV, Section 4.01(a) of
7 Article III, Section 3.02(a) of the Bylaws requires
that at least 50% of the Exchange’s directors be
Public Directors, defined as ‘‘persons from the
public and [who] will not be, or be affiliated with,
a broker-dealer in securities or employed by, or
involved in any material business relationship with,
the Exchange or its affiliates.’’
8 See Proposed NYSE Arca Rule 3.3(a)(2)(B).
Under the proposal, if a ROC member’s term of
office terminates pursuant to NYSE Arca Rule
3.3(a)(2)(B), and the remaining term of office of
such committee member at the time of termination
is not more than three months, during the period
of vacancy, the ROC would not be deemed to be in
violation of its compositional requirements by
virtue of the vacancy. See id.
9 See Proposed NYSE Arca Rule 3.3(a)(2)(C).
10 Specifically, the Exchange proposes to amend
NYSE Arca Rule 3.1(a) to change the current
requirement that committees of the Board consist of
‘‘one or more directors of the Exchange.’’ The
PO 00000
Frm 00139
Fmt 4703
Sfmt 4703
the Bylaws, the Exchange proposes to
add references to the ROC, and the
Exchange proposes to add the text
‘‘[e]xcept as otherwise provided in the
Rules’’ to the clause that currently
requires each committee of the Board to
be comprised of at least 50% Public
Directors of the Exchange because,
under the proposal, the ROC may
include directors of NYSE Regulation.11
Lastly, the Exchange proposes to add
text to Section 4.01(a) to provide that
vacancies in the membership of any
committee would be filled by the Board.
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.12 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(1) of the Act,13 which requires an
exchange to be so organized and have
the capacity to carry out the purposes of
the Act and to comply, and to enforce
compliance by its members and persons
associated with its members, with the
Act, the rules and regulations
thereunder, and the rules of the
exchange. The Commission also finds
that the proposed rule change is
consistent with Section 6(b)(5) of the
Act,14 which requires that the rules of
an exchange be designed, among other
things, to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
The Commission believes that the
Exchange’s creation of a ROC as an
independent committee to oversee the
adequacy and effectiveness of the
Exchange’s regulatory responsibilities,
compliance, and plans is appropriate
and should help the Exchange to fulfill
its self-regulatory obligations. The
Commission notes that, under NYSE
amended rule text would provide that committees
of the Board ‘‘may consist partly or entirely of
directors of the Exchange.’’
11 The Exchange also proposes to make a
corresponding change to the immediately
subsequent clause in Article IV, section 4.01(a) so
that it reads as follows: ‘‘The purpose and
composition of each such committee shall be as set
forth in the Rules.’’
12 In approving this proposed rule change, the
Commission notes that it has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
13 15 U.S.C. 78f(b)(1).
14 15 U.S.C. 78f(b)(5).
E:\FR\FM\17JNN1.SGM
17JNN1
Federal Register / Vol. 80, No. 116 / Wednesday, June 17, 2015 / Notices
Arca Rule 3.3(a)(2)(C), the
responsibilities, enumerated functions,
and authority of the ROC are
substantially similar to those of other
exchanges.15 In addition, the
Commission believes that the proposed
requirement that the members of the
ROC consist of either Public Directors of
the Exchange or directors of NYSE
Regulation, who meet the Exchange’s
Public Director requirements,16 and the
provisions relating to the removal of a
member of the ROC either for cause or
for failing to qualify under the
Exchange’s Public Director
requirement,17 should help ensure the
continued independence of the
members of the ROC. The proposal to
establish a ROC should assist the
Exchange in meeting its statutory
obligations to comply, and to enforce
compliance by its members and persons
associated with its members, with the
Act, the rules and regulations
thereunder, and the rules of the
Exchange. Accordingly, the Commission
finds that the proposed rule change is
consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,18 that the
proposed rule change (SR–NYSEARCA–
2015–29) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.19
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–14829 Filed 6–16–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75159; File No. SR–BYX–
2015–28]
Self-Regulatory Organizations; BATS
Y-Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Related to Fees for Use
of BATS Y-Exchange, Inc.
June 11, 2015.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
15 See, e.g., Bylaws of NASDAQ Stock Market
LLC, Article III, Section 5(c); Third Amended and
Restated Bylaws of BATS Exchange, Inc., Article V,
Section 6(c); Amended and Restated Bylaws of
Miami International Securities Exchange, LLC,
Article IV, Section 4.5(c).
16 See supra note 7 and accompanying text.
17 See supra note 8 and accompanying text.
18 15 U.S.C. 78s(b)(2).
19 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:47 Jun 16, 2015
Jkt 235001
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 9,
2015, BATS Y-Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BYX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the Exchange.3 The Exchange has
designated the proposed rule change as
one establishing or changing a member
due, fee, or other charge imposed by the
Exchange under Section 19(b)(3)(A)(ii)
of the Act 4 and Rule 19b–4(f)(2)
thereunder,5 which renders the
proposed rule change effective upon
filing with the Commission. 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 its fees and rebates applicable to
Members 6 of the Exchange pursuant to
Rule 15.1(a) and (c) (‘‘Fee Schedule’’) to:
(i) Increase the rebate from $0.0004 per
share to $0.0015 per share for orders
that yield fee code A, which routes to
the Nasdaq Stock Market LLC
(‘‘Nasdaq’’) and adds liquidity; and (ii)
adopt fees for the use of a
communication and routing service
known as BATS Connect.
The text of the proposed rule change
is available at the Exchange’s Web site
at www.batstrading.com, at the
principal office of the Exchange, 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 parts of such
statements.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Commission notes that a previous version
of the proposal was filed as SR–BYX–2015–27. The
proposal was withdrawn on June 9, 2015.
4 15 U.S.C. 78s(b)(3)(A)(ii).
5 17 CFR 240.19b–4(f)(2).
6 A Member is defined as ‘‘any registered broker
or dealer that has been admitted to membership in
the Exchange.’’ See Exchange Rule 1.5(n).
2 17
PO 00000
Frm 00140
Fmt 4703
Sfmt 4703
34745
(A) Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to: (i) Increase
the rebate from $0.0004 per share to
$0.0015 per share for orders that yield
fee code A, which routes to Nasdaq and
adds liquidity; and (ii) adopt fees for the
use of a communication and routing
service known as BATS Connect.
Fee Code A
In securities priced at or above $1.00,
the Exchange currently provides a
rebate of $0.0004 per share for Members’
orders that yield fee code A, applicable
to orders routed to Nasdaq that add
liquidity. The Exchange proposes to
amend its Fee Schedule to increase this
rebate to $0.0015 per share for Members’
orders that yield fee code A. The
proposed change represents a pass
through of the rate that BATS Trading,
Inc. (‘‘BATS Trading’’), the Exchange’s
affiliated routing broker-dealer, will be
rebated for routing orders to Nasdaq
when it does not qualify for a volume
tiered rebate. The Exchange notes that
the proposed change is in response to
Nasdaq’s June 2015 fee change where
Nasdaq will no longer offer a rebate of
$0.0004 per share for orders in select
symbols (‘‘Nasdaq’s Select Symbol
Program’’) to its customers, such as
BATS Trading, and such orders will be
subject to the regular Nasdaq Pricing
Schedule.7 Accordingly, when BATS
Trading routes to Nasdaq in any symbol,
it will be rebated a standard rate of
$0.0015 per share. BATS Trading will
pass through this rate on Nasdaq to the
Exchange and the Exchange, in turn,
will pass through this rate to its
Members.
BATS Connect
On May 26 [sic], 2015, the Exchange
filed a proposed rule change with the
Commission to adopt a communication
and routing service known as BATS
Connect.8 The Exchange now proposes
to adopt fees related to the use of BATS
Connect that are equal to the fees
charged for an identical service, also
called BATS Connect, offered by the
Exchange’s affiliate, EDGX.9 BATS
7 See Nasdaq Equity Trader Alert #2015–70,
Nasdaq Ends Access Fee Experiment, available at
https://www.nasdaqtrader.com/
TraderNews.aspx?id=ETA2015-70.
8 See file no. SR–BYX–2015–26.
9 See the EDGX fee schedule available at https://
batstrading.com/support/fee_schedule/edgx/. See
also Securities Exchange Act Release No. 73780
(December 8, 2014), 79 FR 73942 (December 12,
E:\FR\FM\17JNN1.SGM
Continued
17JNN1
]]>Agencies
[Federal Register Volume 80, Number 116 (Wednesday, June 17, 2015)]
[Notices]
[Pages 34744-34745]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-14829]
[[Page 34744]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75155; File No. SR-NYSEARCA-2015-29]
Self-Regulatory Organizations; NYSE Arca, Inc.; Order Approving
Proposed Rule Change To Amend NYSE Arca Rules 3.1 and 3.3 and Section
4.01(a) of the Exchange's Bylaws To Establish a Regulatory Oversight
Committee as a Committee of the Board of Directors of the Exchange
June 11, 2015.
I. Introduction
On April 17, 2015, 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
amend NYSE Arca Rules 3.1 and 3.3, and Section 4.01(a) of the Bylaws of
NYSE Arca (``Bylaws''), to establish a Regulatory Oversight Committee
(``ROC'') as a committee of the board of directors of the Exchange
(``Board''). The proposed rule change was published for comment in the
Federal Register on May 4, 2015.\3\ The Commission did not receive any
comment letters regarding the proposal. This order approves 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. 74824 (April 28,
2015), 80 FR 25347.
---------------------------------------------------------------------------
II. Description of the Proposal
The Exchange proposes to establish a ROC as a committee of the
Board with the responsibility to independently monitor the Exchange's
regulatory operations. The Exchange proposes to amend NYSE Arca Rule
3.3(a) to provide for the ROC and set forth the ROC's composition and
functions. In addition, the Exchange proposes that the Board shall
appoint the ROC on an annual basis.\4\ Under NYSE Arca Rule
3.3(a)(2)(B), the ROC would consist of at least three members, each of
whom would be a Public Director \5\ of the Exchange or a director of
NYSE Regulation, Inc. (``NYSE Regulation''),\6\ who satisfies the
Exchange's Public Director requirements set forth in Article III,
Section 3.02(a) of the Bylaws.\7\ The Exchange further proposes that
(i) the Board may, on affirmative vote of a majority of directors, at
any time remove a member of the ROC for cause and (ii) a failure of a
member of the ROC to qualify as a Public Director shall constitute a
basis to remove a member of the ROC for cause.\8\
---------------------------------------------------------------------------
\4\ See Proposed NYSE Arca Rule 3.3(a)(2)(A).
\5\ See infra note 7 for the definition of ``Public Director''
as set forth in Article III, Section 3.02(a) of the Bylaws.
\6\ The Exchange states that NYSE Regulation is a not-for-profit
subsidiary of the Exchange's affiliate New York Stock Exchange LLC
that performs all of the Exchange's regulatory functions pursuant to
an intercompany Regulatory Services Agreement that gives the
Exchange the contractual right to review NYSE Regulation's
performance.
\7\ Article III, Section 3.02(a) of the Bylaws requires that at
least 50% of the Exchange's directors be Public Directors, defined
as ``persons from the public and [who] will not be, or be affiliated
with, a broker-dealer in securities or employed by, or involved in
any material business relationship with, the Exchange or its
affiliates.''
\8\ See Proposed NYSE Arca Rule 3.3(a)(2)(B). Under the
proposal, if a ROC member's term of office terminates pursuant to
NYSE Arca Rule 3.3(a)(2)(B), and the remaining term of office of
such committee member at the time of termination is not more than
three months, during the period of vacancy, the ROC would not be
deemed to be in violation of its compositional requirements by
virtue of the vacancy. See id.
---------------------------------------------------------------------------
NYSE Arca Rule 3.3(a)(2)(C) would set forth the functions and
authority of the ROC. The ROC's responsibilities would be as follows:
oversee the Exchange's regulatory and self-regulatory
organization responsibilities and evaluate the adequacy and
effectiveness of the Exchange's regulatory and self-regulatory
organization responsibilities;
assess the Exchange's regulatory performance; and
advise and make recommendations to the Board or other
committees of the Board about the Exchange's regulatory compliance,
effectiveness and plans.
In furtherance of the ROC's functions, the Exchange proposes that
the ROC shall have the authority and obligation to: (i) Review the
regulatory budget of the Exchange and specifically inquire into the
adequacy of resources available in the budget for regulatory
activities; (ii) meet regularly with the Chief Regulatory Officer
(``CRO'') of the Exchange in executive session; (iii) in consultation
with the Exchange's Chief Executive Officer, establish the goals,
assess the performance, and recommend the CRO's compensation; and (iv)
keep the Board informed with respect to the foregoing matters.\9\
---------------------------------------------------------------------------
\9\ See Proposed NYSE Arca Rule 3.3(a)(2)(C).
---------------------------------------------------------------------------
The Exchange also proposes to amend NYSE Arca Rule 3.1(a) and
Article IV, Section 4.01(a) of the Bylaws. The Exchange proposes to
amend NYSE Arca Rule 3.1(a) to allow NYSE Regulation directors to serve
on the ROC.\10\ In Article IV, Section 4.01(a) of the Bylaws, the
Exchange proposes to add references to the ROC, and the Exchange
proposes to add the text ``[e]xcept as otherwise provided in the
Rules'' to the clause that currently requires each committee of the
Board to be comprised of at least 50% Public Directors of the Exchange
because, under the proposal, the ROC may include directors of NYSE
Regulation.\11\ Lastly, the Exchange proposes to add text to Section
4.01(a) to provide that vacancies in the membership of any committee
would be filled by the Board.
---------------------------------------------------------------------------
\10\ Specifically, the Exchange proposes to amend NYSE Arca Rule
3.1(a) to change the current requirement that committees of the
Board consist of ``one or more directors of the Exchange.'' The
amended rule text would provide that committees of the Board ``may
consist partly or entirely of directors of the Exchange.''
\11\ The Exchange also proposes to make a corresponding change
to the immediately subsequent clause in Article IV, section 4.01(a)
so that it reads as follows: ``The purpose and composition of each
such committee shall be as set forth in the Rules.''
---------------------------------------------------------------------------
III. Discussion and Commission Findings
After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\12\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(1) of the Act,\13\ which
requires an exchange to be so organized and have the capacity to carry
out the purposes of the Act and to comply, and to enforce compliance by
its members and persons associated with its members, with the Act, the
rules and regulations thereunder, and the rules of the exchange. The
Commission also finds that the proposed rule change is consistent with
Section 6(b)(5) of the Act,\14\ which requires that the rules of an
exchange be designed, among other things, to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.
---------------------------------------------------------------------------
\12\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
\13\ 15 U.S.C. 78f(b)(1).
\14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission believes that the Exchange's creation of a ROC as an
independent committee to oversee the adequacy and effectiveness of the
Exchange's regulatory responsibilities, compliance, and plans is
appropriate and should help the Exchange to fulfill its self-regulatory
obligations. The Commission notes that, under NYSE
[[Page 34745]]
Arca Rule 3.3(a)(2)(C), the responsibilities, enumerated functions, and
authority of the ROC are substantially similar to those of other
exchanges.\15\ In addition, the Commission believes that the proposed
requirement that the members of the ROC consist of either Public
Directors of the Exchange or directors of NYSE Regulation, who meet the
Exchange's Public Director requirements,\16\ and the provisions
relating to the removal of a member of the ROC either for cause or for
failing to qualify under the Exchange's Public Director
requirement,\17\ should help ensure the continued independence of the
members of the ROC. The proposal to establish a ROC should assist the
Exchange in meeting its statutory obligations to comply, and to enforce
compliance by its members and persons associated with its members, with
the Act, the rules and regulations thereunder, and the rules of the
Exchange. Accordingly, the Commission finds that the proposed rule
change is consistent with the Act.
---------------------------------------------------------------------------
\15\ See, e.g., Bylaws of NASDAQ Stock Market LLC, Article III,
Section 5(c); Third Amended and Restated Bylaws of BATS Exchange,
Inc., Article V, Section 6(c); Amended and Restated Bylaws of Miami
International Securities Exchange, LLC, Article IV, Section 4.5(c).
\16\ See supra note 7 and accompanying text.
\17\ See supra note 8 and accompanying text.
---------------------------------------------------------------------------
IV. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\18\ that the proposed rule change (SR-NYSEARCA-2015-29) be, and it
hereby is, approved.
---------------------------------------------------------------------------
\18\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------
\19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-14829 Filed 6-16-15; 8:45 am]
BILLING CODE 8011-01-P
