Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Permit the Listing and Trading of Managed Portfolio Shares; and To List and Trade Shares of the Following Under Proposed Rule 14.11(k): ClearBridge Appreciation ETF, ClearBridge Large Cap ETF, ClearBridge MidCap Growth ETF, ClearBridge Select ETF, and ClearBridge All Cap Value ETF, 60073 [2017-27148]

Download as PDF Federal Register / Vol. 82, No. 241 / Monday, December 18, 2017 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82301; File No. SR– BatsBZX–2017–30] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Permit the Listing and Trading of Managed Portfolio Shares; and To List and Trade Shares of the Following Under Proposed Rule 14.11(k): ClearBridge Appreciation ETF, ClearBridge Large Cap ETF, ClearBridge MidCap Growth ETF, ClearBridge Select ETF, and ClearBridge All Cap Value ETF December 12, 2017. On June 1, 2017, Bats BZX Exchange, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Exchange Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to: (1) Adopt Rule 14.11(k) (Managed Portfolio Shares); and (2) list and trade shares of the ClearBridge Appreciation ETF, ClearBridge Large Cap ETF, ClearBridge MidCap Growth ETF, ClearBridge Select ETF, and ClearBridge All Cap Value ETF under proposed Rule 14.11(k). The proposed rule change was published for comment in the Federal Register on June 19, 2017.3 On July 28, 2017, pursuant to Section 19(b)(2) of the Exchange Act,4 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.5 The Commission initially received four comment letters on the proposed rule change.6 On September 13, 2017, the Commission instituted proceedings under Section 19(b)(2)(B) of the Exchange Act 7 to determine whether to approve or disapprove the proposed rule change.8 The Commission subsequently received one comment letter on the proposed rule change.9 Section 19(b)(2) of the Act 10 provides that, after initiating 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, however, 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 June 19, 2017.11 December 16, 2017 is 180 days from that date, and February 14, 2018 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 so that it has sufficient time to consider the proposed rule change and the issues raised in the comment letters that have been submitted in connection therewith. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,12 designates February 14, 2018 as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR–BatsBZX– 2017–30). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Robert W. Errett, Deputy Secretary. [FR Doc. 2017–27148 Filed 12–15–17; 8:45 am] daltland on DSKBBV9HB2PROD with NOTICES 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 80911 (June 13, 2017), 82 FR 27925. 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 81247, 82 FR 36031 (August 2, 2017). The Commission designated September 17, 2017, as the date by which it shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. 6 See Letter from Gary L. Gastineau, President, ETF Consultants.com, Inc., to Brent J. Fields, Secretary, Commission, dated July 7, 2017; Letter from Todd J. Broms, Chief Executive Officer, Broms & Company LLC, to Brent J. Fields, Secretary, Commission, dated July 10, 2017; Letter from James J. Angel, Associate Professor of Finance, Georgetown University, McDonough School of Business, to the Commission, dated July 10, 2017; and Letter from Terence W. Norman, Founder, Blue VerDate Sep<11>2014 17:53 Dec 15, 2017 Jkt 244001 BILLING CODE 8011–01–P Tractor Group, LLC, to Brent J. Fields, Secretary, Commission, dated August 1, 2017. The comment letters are available on the Commission’s website at: https://www.sec.gov/comments/sr-batsbzx-2017-30/ batsbzx201730.htm. 7 15 U.S.C. 78s(b)(2)(B). 8 See Securities Exchange Act Release No. 81599, 82 FR 43621 (September 18, 2017). 9 See Letter from Terence W. Norman, Founder, Blue Tractor Group, LLC, to Brent J. Fields, Secretary, Commission, dated December 5, 2017. The comment letter is available on the Commission’s website at: https://www.sec.gov/ comments/sr-batsbzx-2017-30/batsbzx201730.htm. 10 15 U.S.C. 78s(b)(2). 11 See supra note 3 and accompanying text. 12 15 U.S.C. 78s(b)(2). 13 17 CFR 200.30–3(a)(57). PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 60073 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–82303; File No. SRCboeBYX–2017–002] Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 11.9, Primary Pegged Order December 12, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on November 29, 2017, Cboe BYX Exchange, Inc. (‘‘BYX’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange has designated this proposal as a ‘‘non-controversial’’ proposed rule change pursuant to Section 19(b)(3)(A) of the Act 3 and Rule 19b–4(f)(6) thereunder,4 which renders it 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 paragraph (c)(8)(A) of Exchange Rule 11.9, Primary Pegged Order, to restrict the Time-In-Force (‘‘TIF’’) instruction that a displayed Primary Pegged Order that includes a Primary Offset Amount (defined below) may have to Regular Hours Only (‘‘RHO’’) 5 or Day 6 if entered during Regular Trading Hours.7 The text of the proposed rule change is available at the Exchange’s website at www.markets.cboe.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 15 U.S.C. 78s(b)(3)(A). 4 17 CFR 240.19b–4(f)(6). 5 See Exchange Rule 11.9(b)(7) (defining a TIF of RHO as a limit or market order that is designated for execution only during Regular Trading Hours). 6 See Exchange Rule 11.9(b)(2) (defining a TIF of Day as a limit order to buy or sell which, if not executed, expires at the end of Regular Trading Hours). 7 Regular Trading Hours is defined as the time between 9:30 a.m. and 4:00 p.m. Eastern Time. See Exchange Rule 1.5(w). 2 17 E:\FR\FM\18DEN1.SGM 18DEN1

Agencies

[Federal Register Volume 82, Number 241 (Monday, December 18, 2017)]
[Notices]
[Page 60073]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-27148]



[[Page 60073]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82301; File No. SR-BatsBZX-2017-30]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Permit the Listing and Trading of Managed Portfolio Shares; and To List 
and Trade Shares of the Following Under Proposed Rule 14.11(k): 
ClearBridge Appreciation ETF, ClearBridge Large Cap ETF, ClearBridge 
MidCap Growth ETF, ClearBridge Select ETF, and ClearBridge All Cap 
Value ETF

December 12, 2017.
    On June 1, 2017, Bats BZX Exchange, Inc. (``Exchange'') filed with 
the Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange 
Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to: (1) 
Adopt Rule 14.11(k) (Managed Portfolio Shares); and (2) list and trade 
shares of the ClearBridge Appreciation ETF, ClearBridge Large Cap ETF, 
ClearBridge MidCap Growth ETF, ClearBridge Select ETF, and ClearBridge 
All Cap Value ETF under proposed Rule 14.11(k). The proposed rule 
change was published for comment in the Federal Register on June 19, 
2017.\3\ On July 28, 2017, pursuant to Section 19(b)(2) of the Exchange 
Act,\4\ 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.\5\ The Commission initially received four comment 
letters on the proposed rule change.\6\ On September 13, 2017, the 
Commission instituted proceedings under Section 19(b)(2)(B) of the 
Exchange Act \7\ to determine whether to approve or disapprove the 
proposed rule change.\8\ The Commission subsequently received one 
comment letter on the proposed rule change.\9\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 80911 (June 13, 
2017), 82 FR 27925.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 81247, 82 FR 36031 
(August 2, 2017). The Commission designated September 17, 2017, as 
the date by which it shall approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change.
    \6\ See Letter from Gary L. Gastineau, President, ETF 
Consultants.com, Inc., to Brent J. Fields, Secretary, Commission, 
dated July 7, 2017; Letter from Todd J. Broms, Chief Executive 
Officer, Broms & Company LLC, to Brent J. Fields, Secretary, 
Commission, dated July 10, 2017; Letter from James J. Angel, 
Associate Professor of Finance, Georgetown University, McDonough 
School of Business, to the Commission, dated July 10, 2017; and 
Letter from Terence W. Norman, Founder, Blue Tractor Group, LLC, to 
Brent J. Fields, Secretary, Commission, dated August 1, 2017. The 
comment letters are available on the Commission's website at: 
https://www.sec.gov/comments/sr-batsbzx-2017-30/batsbzx201730.htm.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 81599, 82 FR 43621 
(September 18, 2017).
    \9\ See Letter from Terence W. Norman, Founder, Blue Tractor 
Group, LLC, to Brent J. Fields, Secretary, Commission, dated 
December 5, 2017. The comment letter is available on the 
Commission's website at: https://www.sec.gov/comments/sr-batsbzx-2017-30/batsbzx201730.htm.
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \10\ provides that, after initiating 
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, however, 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 
June 19, 2017.\11\ December 16, 2017 is 180 days from that date, and 
February 14, 2018 is an additional 60 days from that date.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ See supra note 3 and accompanying text.
---------------------------------------------------------------------------

    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 and the issues raised in the comment letters that have been 
submitted in connection therewith. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\12\ designates February 14, 
2018 as the date by which the Commission shall either approve or 
disapprove the proposed rule change (File No. SR-BatsBZX-2017-30).
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).
    \13\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-27148 Filed 12-15-17; 8:45 am]
 BILLING CODE 8011-01-P