[Federal Register Volume 82, Number 212 (Friday, November 3, 2017)]
[Notices]
[Pages 51311-51312]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-23923]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81977; File No. SR-NYSEArca-2017-36]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change To 
Adopt NYSE Arca Equities Rule 8.900 To Permit Listing and Trading of 
Managed Portfolio Shares and To List and Trade Shares of the Royce 
Pennsylvania ETF, Royce Premier ETF, and Royce Total Return ETF Under 
Proposed NYSE Arca Equities Rule 8.900

October 30, 2017.
    On April 14, 2017, 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 
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to: (1) Adopt NYSE Arca Equities Rule 8.900 (Managed Portfolio 
Shares); and (2) list and trade shares of the Royce Pennsylvania ETF, 
Royce Premier ETF, and Royce Total Return ETF under proposed NYSE Arca 
Equities Rule 8.900. The proposed rule change was published for comment 
in the Federal Register on May 4, 2017.\3\ On June 15, 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 received four comments on the proposed rule change.\6\ On 
July 31, 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\ Since then, the Commission has 
received five additional comments 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. 80553 (April 28, 
2017), 82 FR 20932.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 80935, 82 FR 28152 
(June 20, 2017). The Commission designated August 2, 2017, as the 
date by which it should 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 May 24, 2017; Letter from Todd J. Broms, Chief Executive 
Officer, Broms & Company LLC, to Brent J. Fields, Secretary, 
Commission, dated May 25, 2017; Letter from James J. Angel, 
Associate Professor of Finance, Georgetown University, McDonough 
School of Business, to the Commission, dated May 25, 2017; and 
Terence W. Norman, Founder, Blue Tractor Group, LLC, to Brent J. 
Fields, Secretary, Commission, dated July 18, 2017. The comment 
letters are available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2017-36/nysearca2017-36.htm.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 81267, 82 FR 36510 
(August 4, 2017).
    \9\ See Letter from Christopher P. Wilcox, J.P. Morgan Asset 
Management, to David W. Grim, Director, Division of Investment 
Management, Commission, dated July 7, 2017; Letter from Mark 
Criscitello, Chairman, Precidian Funds LLC, to Brent J. Fields, 
Secretary, Commission, dated October 11, 2017; Letter from Daniel J. 
McCabe, Chief Executive, Precidian Investments, to Brent J. Fields, 
Secretary, Commission, dated October 12, 2017; Letter from Andrew M. 
Gross, Jr., to Jay Clayton, Chairman, Commission, dated October 16, 
2017; and Letter from Joseph A. Sullivan, Chairman and Chief 
Executive Officer, Legg Mason, Inc., to Brent J. Fields, Secretary, 
Commission, dated October 12, 2017. The comment letters are 
available on the Commission's Web site at: https://www.sec.gov/comments/sr-nysearca-2017-36/nysearca201736.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

[[Page 51312]]

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 May 4, 
2017.\11\ October 31, 2017, is 180 days from that date, and December 
30, 2017, is an additional 60 days from that date.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 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 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 December 30, 
2017, as the date by which the Commission should either approve or 
disapprove the proposed rule change (File No SR-NYSEArca-2017-36).
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
---------------------------------------------------------------------------

    \13\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-23923 Filed 11-2-17; 8:45 am]
BILLING CODE 8011-01-P


