Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 1.1 To Include Managed Portfolio Shares in the Definition of “UTP Exchange Traded Product”, 23119-23120 [2020-08695]
Download as PDF
<![CDATA[
Federal Register / Vol. 85, No. 80 / Friday, April 24, 2020 / Notices
office of the Exchange. All comments
received will be posted without change.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSECHX–2020–01 and
should be submitted on or before May
15, 2020. Rebuttal comments should be
submitted by May 29, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.28
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–08699 Filed 4–23–20; 8:45 am]
BILLING CODE 8011–01–P
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
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88693 File No. SR–
NYSECHX–2020–13]
Self-Regulatory Organizations; NYSE
Chicago, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rule 1.1 To
Include Managed Portfolio Shares in
the Definition of ‘‘UTP Exchange
Traded Product’’
April 20, 2020.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b-4 thereunder,3
notice is hereby given that, on April 16,
2020, the NYSE Chicago, Inc. (‘‘NYSE
Chicago’’ 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
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
khammond on DSKJM1Z7X2PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Rule 1.1 to include Managed Portfolio
Shares in the definition of ‘‘UTP
Exchange Traded Product.’’ The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
28 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Sep<11>2014
17:03 Apr 23, 2020
Jkt 250001
The Exchange proposes to amend
Rule 1.1(k), which sets forth the
meanings of ‘‘Exchange Traded
Product’’ and ‘‘UTP Exchange Traded
Product’’ as those terms are used in
Exchange rules. Specifically, the
Exchange proposes to amend the
definition of ‘‘UTP Exchange Traded
Product’’ to include Managed Portfolio
Shares 4 as an additional type of
Exchange Traded Product (‘‘ETP’’) that
may trade on the Exchange pursuant to
unlisted trading privileges (‘‘UTP’’).
To effect this change, the Exchange
proposes to add a bullet point listing
‘‘Managed Portfolio Shares’’ in Rule
1.1(k) to include them in the
enumerated list of ETPs that may trade
on the Exchange on a UTP basis. The
Exchange also proposes a nonsubstantive grammatical change to
accommodate the addition of ‘‘Managed
Portfolio Shares’’ as the final item in the
bulleted list in Rule 1.1(k).
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,5 in general, and
furthers the objectives of Section 6(b)(5)
of the Act,6 in particular, because it is
designed to remove impediments to and
perfect the mechanism of a free and
open market, to promote just and
equitable principles of trade, and, in
4 Managed Portfolio Shares are shares of actively
managed exchange-traded funds for which the
portfolio is disclosed in accordance with standard
mutual fund disclosure rules. See, e.g., Cboe BZX
Exchange, Inc. (‘‘BZX’’) Rule 14.11(k). On April 2,
2020, BZX commenced trading its first securities
listed under BZX Rule 14.11(k) (American Century
Focused Dynamic Growth ETF (FDG) and American
Century Focused Large Cap Value ETF (FLV)).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(4) & (5).
PO 00000
Frm 00127
Fmt 4703
Sfmt 4703
23119
general, to protect investors and the
public interest.
The proposed rule change is designed
to remove impediments to and perfect
the mechanism of a free and open
market, promote just and equitable
principles of trade, and, in general, to
protect investors and the public interest
because it ensures that Rule 1.1(k)
correctly identifies and publicly states
the complete list of ETPs that may trade
on a UTP basis on the Exchange,
providing additional specificity, clarity,
and transparency in the Exchange’s
rules. Moreover, the proposed rule
change will facilitate the trading of an
additional type of ETP on the Exchange
pursuant to UTP, thereby enhancing
competition among market participants
for the benefit of investors and the
marketplace.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed change would provide the
public and investors with up-to-date
information about the types of ETPs that
can trade on the Exchange on a UTP
basis and would promote competition
by adding an additional type of ETP that
may trade on the Exchange pursuant to
UTP.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 7 and Rule 19b–
4(f)(6) thereunder.8
7 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
8 17
E:\FR\FM\24APN1.SGM
Continued
24APN1
23120
Federal Register / Vol. 85, No. 80 / Friday, April 24, 2020 / Notices
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative for 30 days after the
date of the filing. However, pursuant to
Rule 19b–4(f)(6)(iii),10 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay so that
the proposal may become operative
immediately upon filing. The Exchange
states that waiver of the operative delay
would allow trading of Managed
Portfolio Shares on the Exchange on a
UTP basis without delay. The Exchange
further states that Managed Portfolio
Shares listed on BZX commenced
trading on April 2, 2020. Based on the
foregoing, the Commission believes that
waiver of the 30-day operative delay is
consistent with the protection of
investors and the public interest.
Accordingly, the Commission waives
the 30-day operative delay and
designates the proposed rule change
operative upon filing.11
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSECHX–2020–13 on the subject line.
Paper Comments
khammond on DSKJM1Z7X2PROD with NOTICES
• Send paper comments in triplicate
to: Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
as designated by the Commission. The Exchange
has satisfied this requirement.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
11 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
17:03 Apr 23, 2020
Jkt 250001
All submissions should refer to File
Number SR–NYSECHX–2020–13. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–NYSECHX–2020–13 and
should be submitted on or before May
15, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–08695 Filed 4–23–20; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 11101]
Notice of Public Meeting of the
International Telecommunication
Advisory Committee and Preparations
for Upcoming International
Telecommunications Meetings
This notice announces a conference
call of the Department of State’s
International Telecommunication
Advisory Committee (ITAC). The ITAC
session will be on conference call only
on Tuesday, May 5, 2020 to review the
results of recent meetings on
12 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00128
Fmt 4703
Sfmt 4703
international telecommunication policy
meetings and preview upcoming related
activities.
The meeting will focus on the
following topics:
1. The World Telecommunication
Standardization Assembly (WTSA–20)
taking place in the fourth quarter of
2020, including positions on study
program restructuring and leadership.
The WTSA, the quadrennial assembly of
the ITU Telecommunication
Standardization Sector (ITU–T), will
consider the reports of the ITU–T Study
Groups, approve the sector’s program of
work, decide the Study Group structure,
and appoint chairmen and vicechairmen. At the ITAC meeting, we
invite comment from the public on the
U.S. priorities for WTSA 2020.
The meeting will also highlight
preparations for the 2020 session of the
ITU Council taking place from June 9,
2020 to June 19, 2020 and related ITU
Council Working Groups. The Council
acts as the governing body between
plenipotentiary conferences.
2. Other ITU–T meetings.
3. ITU–D Telecommunication
Development Sector.
4. Inter-American Telecommunication
Commission (CITEL).
5. Council Working Groups (CWG).
6. Organization for Economic
Cooperation and Development (OECD)
Committee on Digital Economy Policy
(CDEP).
7. Asia Pacific Economic Corporation
Telecommunications (APECTEL).
Participation on the ITAC call is open
to the public. The public will have an
opportunity to provide comments on the
call at the invitation of the chair.
Persons wishing to request reasonable
accommodation during the meeting
should send their requests to ITAC@
state.gov no later than April 29, 2020.
Accommodations may not be possible
for requests made after that time.
Further details on this ITAC
conference call will be announced
through the Department of State’s email
list, ITAC@lmlist.state.gov. Use of the
ITAC list is limited to International
Communication Information Policy
(CIP) personnel and is used for meeting
announcements and confirmations,
distribution of agendas and other
relevant meeting documents. The
Department welcomes any U.S. citizen
or legal permanent resident to join the
ITAC listserv by emailing ITAC@
state.gov and providing their name,
email address, telephone contact and
company, organization, or community
that will be represented.
This announcement might appear in
the Federal Register less than 15 days
prior to the meeting. The Department of
E:\FR\FM\24APN1.SGM
24APN1
]]>Agencies
[Federal Register Volume 85, Number 80 (Friday, April 24, 2020)]
[Notices]
[Pages 23119-23120]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08695]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88693 File No. SR-NYSECHX-2020-13]
Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 1.1 To Include Managed Portfolio Shares in the Definition of ``UTP
Exchange Traded Product''
April 20, 2020.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on April 16, 2020, the NYSE Chicago, Inc. (``NYSE Chicago'' 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
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 1.1 to include Managed
Portfolio Shares in the definition of ``UTP Exchange Traded Product.''
The proposed rule change is available on the Exchange's website at
www.nyse.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 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 proposes to amend Rule 1.1(k), which sets forth the
meanings of ``Exchange Traded Product'' and ``UTP Exchange Traded
Product'' as those terms are used in Exchange rules. Specifically, the
Exchange proposes to amend the definition of ``UTP Exchange Traded
Product'' to include Managed Portfolio Shares \4\ as an additional type
of Exchange Traded Product (``ETP'') that may trade on the Exchange
pursuant to unlisted trading privileges (``UTP'').
---------------------------------------------------------------------------
\4\ Managed Portfolio Shares are shares of actively managed
exchange-traded funds for which the portfolio is disclosed in
accordance with standard mutual fund disclosure rules. See, e.g.,
Cboe BZX Exchange, Inc. (``BZX'') Rule 14.11(k). On April 2, 2020,
BZX commenced trading its first securities listed under BZX Rule
14.11(k) (American Century Focused Dynamic Growth ETF (FDG) and
American Century Focused Large Cap Value ETF (FLV)).
---------------------------------------------------------------------------
To effect this change, the Exchange proposes to add a bullet point
listing ``Managed Portfolio Shares'' in Rule 1.1(k) to include them in
the enumerated list of ETPs that may trade on the Exchange on a UTP
basis. The Exchange also proposes a non-substantive grammatical change
to accommodate the addition of ``Managed Portfolio Shares'' as the
final item in the bulleted list in Rule 1.1(k).
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\5\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\6\ in particular, because it
is designed to remove impediments to and perfect the mechanism of a
free and open market, to promote just and equitable principles of
trade, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(4) & (5).
---------------------------------------------------------------------------
The proposed rule change is designed to remove impediments to and
perfect the mechanism of a free and open market, promote just and
equitable principles of trade, and, in general, to protect investors
and the public interest because it ensures that Rule 1.1(k) correctly
identifies and publicly states the complete list of ETPs that may trade
on a UTP basis on the Exchange, providing additional specificity,
clarity, and transparency in the Exchange's rules. Moreover, the
proposed rule change will facilitate the trading of an additional type
of ETP on the Exchange pursuant to UTP, thereby enhancing competition
among market participants for the benefit of investors and the
marketplace.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed change would
provide the public and investors with up-to-date information about the
types of ETPs that can trade on the Exchange on a UTP basis and would
promote competition by adding an additional type of ETP that may trade
on the Exchange pursuant to UTP.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \7\ and Rule 19b-
4(f)(6) thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
[[Page 23120]]
A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\10\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange states that
waiver of the operative delay would allow trading of Managed Portfolio
Shares on the Exchange on a UTP basis without delay. The Exchange
further states that Managed Portfolio Shares listed on BZX commenced
trading on April 2, 2020. Based on the foregoing, the Commission
believes that waiver of the 30-day operative delay is consistent with
the protection of investors and the public interest. Accordingly, the
Commission waives the 30-day operative delay and designates the
proposed rule change operative upon filing.\11\
---------------------------------------------------------------------------
\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
\11\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSECHX-2020-13 on the subject line.
Paper Comments
Send paper comments in triplicate to: Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.
All submissions should refer to File Number SR-NYSECHX-2020-13. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSECHX-2020-13 and should be submitted
on or before May 15, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08695 Filed 4-23-20; 8:45 am]
BILLING CODE 8011-01-P
