[Federal Register Volume 75, Number 248 (Tuesday, December 28, 2010)]
[Notices]
[Pages 81692-81697]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32513]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-63581; File No. SR-NYSEArca-2010-117]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading Shares of the
Grail Western Asset Ultra Short Duration ETF Under NYSE Arca Equities
Rule 8.600
December 20, 2010.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on December 13, 2010, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to list and trade the shares of the following
under NYSE Arca Equities Rule 8.600: Grail Western Asset Ultra Short
Duration ETF (``ETF'' or ``Fund''). The text of the
[[Page 81693]]
proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and http://www.nyse.com.
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 list and trade the shares (``Shares'') of
the Grail Western Asset Ultra Short Duration ETF under NYSE Arca
Equities Rule 8.600, which governs the listing and trading of Managed
Fund Shares on the Exchange.\3\ The ETF will be an actively managed
exchange traded fund and is a series of Grail Advisors ETF Trust
(``Trust''). The Trust is registered with the Commission as an
investment company.\4\
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\3\ The Commission previously approved listing and trading on
the Exchange of actively managed funds under Rule 8.600. See, e.g.,
Securities Exchange Act Release Nos. 57801 (May 8, 2008), 73 FR
27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order approving Exchange
listing and trading of twelve actively-managed funds of the
WisdomTree Trust); 60981 (November 10, 2009), 74 FR 59594 (November
18, 2009) (SR-NYSEArca-2009-79) (order approving listing of five
fixed income funds of the PIMCO ETF Trust); 61365 (January 15,
2010), 75 FR 4124 (January 26, 2010) (SR-NYSEArca-2009-114) (order
approving listing of Grail McDonnell Fixed Income ETFs).
\4\ See Preliminary Prospectus on Form N-1A for the Trust, dated
August 31, 2010 (File Nos. 333-148082 and 811-22154) (the
``Registration Statement''). The descriptions of the ETF and the
Shares contained herein are based on information in the Registration
Statement.
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Description of the Shares and the Fund
Grail Advisors, LLC is the Fund's investment manager (``Manager'').
Western Asset Management Company is the sub-adviser (``Western Asset''
or ``Sub-Adviser'') of the ETF. The Bank of New York Mellon Corporation
is the administrator, Fund accountant, transfer agent and custodian for
the ETF. ALPS Distributors, Inc. serves as the distributor of Creation
Units for the Fund on an agency basis.
Grail Western Asset Ultra Short Duration ETF
According to the Registration Statement, the ETF's investment
objective is maximum current income, consistent with preservation of
capital and daily liquidity. The ETF invests, under normal
circumstances, primarily in short-term, investment grade fixed income
securities. The ETF will typically invest in money market securities
and short-term debt securities, including U.S. treasuries and agencies,
corporate and bank obligations, asset backed and mortgage backed
instruments, commercial paper and other highly rated, short maturity
securities. While the ETF may invest in securities of any maturity,
under normal circumstances, the average duration of the portfolio is
typically expected to be one year or less. Duration is a measure of the
underlying portfolio's price sensitivity to changes in interest rates.
Western Asset employs an active, team-managed strategy and utilizes
a top-down economic and interest rate outlook, combined with a bottom-
up security selection process. When using a ``top-down'' approach,
Western Asset looks first at broad economic factors and market
conditions, such as prevailing and anticipated interest rates. On the
basis of those factors and conditions, Western Asset selects what it
views as optimal interest rates and maturities and chooses certain
sectors or industries within the overall market. Western Asset then
looks at individual issuers within those sectors or industries to
select securities for the investment portfolio. While many of the ETF's
investments are expected to be held until maturity, they may be sold
depending on market conditions, opportunities and valuations. Western
Asset may sell a security before maturity when it is necessary to do so
to meet redemption requests. A security may also be sold if Western
Asset believes the issuer is no longer as creditworthy, or in order to
adjust the average duration of the ETF's investment portfolio (for
example, to reflect changes in Western Asset's expectations concerning
interest rates), or when Western Asset believes there is superior value
in other market sectors or industries.
The ETF invests primarily in investment grade securities (Baa or
higher by Moody's; BBB or higher by Standard & Poor's) that are rated
by at least one nationally recognized statistical rating organization
rating that security, or if unrated, determined by Western Asset to be
of comparable quality.
The ETF may invest in securities issued by the U.S. Government, its
agencies and instrumentalities and repurchase agreements for these
obligations, mortgage-backed and other asset-backed securities, and
obligations of U.S. and non-U.S. banks and other foreign private
issuers. In addition, the ETF may invest in obligations issued or
guaranteed by the governments of Western Europe, Australia, Japan and
Canada, and commercial paper, including asset-backed commercial paper.
The ETF may only invest in U.S. dollar-denominated securities. It may
also invest in securities of other investment companies. Under adverse
market conditions, the ETF may, for temporary defensive purposes,
invest up to 100% of its assets in cash or cash equivalents. Due to the
short-term nature of many of the ETF's investments, the ETF may have an
annual portfolio turnover rate over 100%.
As discussed below, the ETF may invest in derivative instruments,
such as futures and interest rate, total return and credit default
swaps. Investments in derivatives must be consistent with the ETF's
investment objective and may only be used to manage risk and not to
enhance leverage.
The ETF will not invest in non-U.S. equity securities.
Investment Policies of the ETF
The ETF (1) may not invest more than 5% of its total assets (taken
at market value) in securities of any one issuer, other than
obligations issued or guaranteed by the U.S. Government, its agencies
and instrumentalities, or purchase more than 10% of the voting
securities of any one issuer, with respect to 75% of the ETF's total
assets; and (2) regarding concentration, may not invest more than 25%
of its total assets in the securities of companies primarily engaged in
any one industry or group of industries provided that: (i) This
limitation does not apply to obligations issued or guaranteed by the
U.S. Government, its agencies and instrumentalities; and (ii)
municipalities and their agencies and authorities are not deemed to be
industries.
The ETF may not invest more than 15% of its net assets in: (1)
Illiquid securities; and (2) Rule 144A securities, including time
deposits and repurchase agreements that mature in more than seven days.
For this purpose, ``illiquid securities'' are securities that the ETF
may not sell or dispose of within seven days in the ordinary course of
business
[[Page 81694]]
at approximately the amount at which the ETF has valued the securities.
The ETF may invest in mortgage- or other asset-backed securities.
Mortgage backed securities in which the Fund invests will be investment
grade. Mortgage-related securities include mortgage pass-through
securities, collateralized mortgage obligations (``CMOs''), commercial
mortgage-backed securities, mortgage dollar rolls, CMO residuals,
stripped mortgage-backed securities (``SMBSs'') and other securities
that directly or indirectly represent a participation in, or are
secured by and payable from, mortgage loans on real property. The ETF
will not purchase mortgage-related securities or any other assets which
in the Sub-Adviser's opinion are illiquid if, as a result, more than
15% of the value of the ETF's net assets will be illiquid.
The ETF may invest in unregistered securities, including Rule 144A
securities, that are purchased directly from the issuer or in the
secondary market and are subject to limitations on resale.
The ETF may hold preferred stocks. The ETF may purchase or
otherwise receive warrants or rights. The ETF may enter into repurchase
agreements with banks and broker-dealers. The ETF may engage in reverse
repurchase agreements as a means of raising cash to satisfy redemption
requests or for other temporary emergency purposes. The ETF may hold
zero coupon securities and bank obligations, which include certificates
of deposit, bankers' acceptances, and fixed time deposits. The ETF may
invest in the securities of other investment companies to the extent
permitted by law. The ETF may hold corporate and other debt and fixed
income securities; U.S. Government securities; municipal securities;
and real estate investment trusts.
Detailed descriptions of the ETF and the Shares; procedures for
creating and redeeming Shares; transaction fees and expenses; ETF
investments; dividends and distributions; taxes; risks; and reports to
be distributed to beneficial owners of the Shares can be found in the
Registration Statement or on the Web site for the Fund (http://www.grailadvisors.com.
Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the Investment Company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such Investment Company portfolio.\5\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. Commentary .06 to
Rule 8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .06 in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds. The
Fund's Manager and Sub-Adviser each is affiliated with a broker-dealer
and has implemented a fire wall with respect to the affiliated broker-
dealer regarding access to information concerning the composition and/
or changes to a portfolio.\6\ Any additional Fund sub-advisers that are
affiliated with a broker-dealer will be required to implement a fire
wall with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to a portfolio. The Manager
and Sub-Adviser, each as a Reporting Authority under NYSE Arca Equities
Rule 8.600(c)(4), have implemented and will maintain, or are subject
to, procedures designed to prevent the use and dissemination of
material non-public information regarding the actual components of the
Fund's portfolio.
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\5\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Manager and Sub-adviser are subject to the
provisions of Rule 204A-1 under the Advisers Act relating to codes
of ethics. This Rule requires investment advisers to adopt a code of
ethics that reflects the fiduciary nature of the relationship to
clients as well as compliance with other applicable securities laws.
Accordingly, procedures designed to prevent the communication and
misuse of non-public information by an investment adviser must be
consistent with Rule 204A-1 under the Advisers Act.
\6\ The Exchange represents that Grail Advisors, LLC, as the
investment adviser of the Fund, and Western Asset, the Sub-Adviser,
and their related personnel, are subject to Investment Advisers Act
Rule 204A-1. This Rule specifically requires the adoption of a code
of ethics by an investment adviser to include, at a minimum: (i)
Standards of business conduct that reflect the firm's/personnel
fiduciary obligations; (ii) provisions requiring supervised persons
to comply with applicable federal securities laws; (iii) provisions
that require all access persons to report, and the firm to review,
their personal securities transactions and holdings periodically as
specifically set forth in Rule 204A-1; (iv) provisions requiring
supervised persons to report any violations of the code of ethics
promptly to the chief compliance officer (``CCO'') or, provided the
CCO also receives reports of all violations, to other persons
designated in the code of ethics; and (v) provisions requiring the
investment adviser to provide each of the supervised persons with a
copy of the code of ethics with an acknowledgement by said
supervised persons. In addition, Rule 206(4)-7 under the Advisers
Act makes it unlawful for an investment adviser to provide
investment advice to clients unless such investment adviser has (i)
adopted and implemented written policies and procedures reasonably
designed to prevent violation, by the investment adviser and its
supervised persons, of the Advisers Act and the Commission rules
adopted thereunder; (ii) implemented, at a minimum, an annual review
regarding the adequacy of the policies and procedures established
pursuant to subparagraph (i) above and the effectiveness of their
implementation; and (iii) designated an individual (who is a
supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
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Creations and Redemptions of Shares
As described in the Registration Statement, Shares can be purchased
by or through an Authorized Participant directly from the ETF only in
Creation Units, currently 50,000 Shares, or multiples thereof. Creation
Units may be purchased in exchange for a Fund Deposit, which consists
of (i) all cash (the ``Cash Value''), (ii) a basket of certain in-kind
securities and cash (``Partial Cash Value,'' and together with the in-
kind securities (``In-Kind/Cash Basket'') or (iii) a basket of
securities (the ``In-Kind Creation Basket'') and a Balancing Amount. In
all instances the value of the Fund Deposit will be equal to the value
of the Creation Unit.\7\
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\7\ For an order involving a Creation Unit to be effectuated at
the ETF's NAV on a particular day, it must be received by the
Distributor by or before the deadline for such order (``Order Cut-
Off Time''). The Order Cut-Off Time for creation and redemption
orders for the ETF are 2 p.m. Eastern Time for In-Kind/Cash Basket
for Cash Value, 2 p.m. Eastern Time for Partial Cash Value and In-
Kind/Cash Basket, and 4 p.m. Eastern Time for In-Kind Creation
Basket.
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Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
ETF through the Transfer Agent and only on a Business Day. Creation
Units generally may be redeemed in exchange for a ``Fund Redemption'',
which consists of (i) A Cash Value (ii) a basket of in-kind securities
and Partial Cash Value or (iii) a basket of securities (``In-Kind
Redemption Basket'') and a Balancing Amount, in all instances equal to
the value of a Creation Unit.
The ETF imposes a ``Transaction Fee'' on purchases or redemptions
of Creation Units to be paid by the purchaser or redeemer in cash.
Availability of Information
The ETF's Web site (http://www.grailadvisors.com), which will be
publicly available prior to the public offering of Shares, will include
a form of the prospectus for the ETF that may be downloaded. The Web
site will include additional quantitative
[[Page 81695]]
information updated on a daily basis, including, for the ETF: (1) the
prior business day's reported NAV, mid-point of the bid/ask spread at
the time of calculation of such NAV (the ``Bid/Ask Price''),\8\ and a
calculation of the premium and discount of the Bid/Ask Price against
the NAV; and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session \9\ on the Exchange,
the Trust will disclose on its Web site the identities and quantities
of the portfolio of securities and other assets (the ``Disclosed
Portfolio'') held by the ETF that will form the basis for the ETF's
calculation of NAV at the end of the business day \10\ as of the close
of regular trading on the New York Stock Exchange, generally 4 p.m.,
Eastern Time. The Web site and information will be publicly available
at no charge.
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\8\ The Bid/Ask Price of the ETF is determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the NAV. The records relating to Bid/
Ask Prices will be retained by the ETF and its service providers.
\9\ The Core Trading Session is 9:30 a.m. to 4 p.m. Eastern
time.
\10\ Under accounting procedures followed by the ETF, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Notwithstanding the
foregoing, portfolio trades that are executed prior to the opening
of the Exchange on any business day may be booked and reflected in
NAV on such business day. Accordingly, each ETF will be able to
disclose at the beginning of the business day the portfolio that
will form the basis for the NAV calculation at the end of the
business day.
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In addition, for the ETF, an estimated value, defined in NYSE Arca
Equities Rule 8.600 as the ``Portfolio Indicative Value,'' that
reflects an estimated intraday value of the ETF's portfolio, will be
disseminated through one or more major market data vendors. The
Portfolio Indicative Value will be based upon the current value for the
components of the Disclosed Portfolio, provided that illiquid
securities, mortgage-related securities and other asset-backed
securities will be valued based on the prior business day's closing
value, which is the most current value available for such securities.
The Portfolio Indicative Value will be updated and disseminated by one
or more major market data vendors at least every 15 seconds during the
Core Trading Session. According to the Registration Statement, this
approximate value should not be viewed as a ``real-time'' update of the
NAV of the ETF because the approximate value may not be calculated in
the same manner as the NAV, which is computed once a day. According to
the Registration Statement, the Portfolio Indicative Value is an
approximate per-Share value of the ETF's portfolio holdings and does
not necessarily reflect the precise composition of the current
portfolio of securities held by the ETF at a particular point in time.
The quotations for certain investments may not be updated during U.S.
trading hours if such holdings do not trade in the U.S., except such
quotations may be updated to reflect currency fluctuations.
Information regarding market price and volume of the Shares is and
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. The
previous day's closing price and trading volume information will be
published daily in the financial section of newspapers. Quotation and
last sale information for the Shares will be available via the
Consolidated Tape Association high-speed line.
On a daily basis, the ETF will disclose on the ETF's Web site for
each portfolio security or other financial instrument of the ETF the
following information: ticker symbol (if applicable), name of security
or financial instrument, number of shares or dollar value of financial
instruments held in the portfolio, and percentage weighting of the
security or financial instrument in the portfolio.
Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the ETF's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports are available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's Web site at http://www.sec.gov.
Information regarding market price and trading volume of the Shares is
and will be continually available on a real-time basis throughout the
day on brokers' computer screens and other electronic services.
Information regarding the previous day's closing price and trading
volume information will be published daily in the financial section of
newspapers. Additional information regarding the Shares and the ETF,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included in the Registration Statement. All terms relating
to the ETF that are referred to, but not defined in, this proposed rule
change are defined in the Registration Statement.
Initial and Continued Listing
The Shares will be subject to NYSE Arca Equities Rule 8.600(d),
which sets forth the initial and continued listing criteria applicable
to Managed Fund Shares. The Exchange represents that, for initial and/
or continued listing, the Shares must be in compliance with Rule 10A-3
\11\ under the Exchange Act, as provided by NYSE Arca Equities Rule
5.3. A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares that the net asset value
per Share will be calculated daily and that the net asset value and the
Disclosed Portfolio will be made available to all market participants
at the same time.
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\11\ See 17 CFR 240.10A-3.
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Trading Halts
With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the ETF. Shares of the ETF will be halted if
the ``circuit breaker'' parameters in NYSE Arca Equities Rule 7.12 are
reached. Trading may be halted because of market conditions or for
reasons that, in the view of the Exchange, make trading in the Shares
inadvisable. These may include: (1) The extent to which trading is not
occurring in the securities comprising the Disclosed Portfolio and/or
the financial instruments of the ETF; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. Trading in the Shares will be subject
to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of the ETF may be halted.
Trading Rules
The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. Eastern Time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than
[[Page 81696]]
$1.00 for which the MPV for order entry is $0.0001.
Surveillance
The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which includes Managed
Fund Shares) to monitor trading in the Shares. The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members of
ISG.\12\
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\12\ For a list of the current members of ISG, see http://www.isgportal.org. The Exchange notes that many of the components of
the Disclosed Portfolio for the ETF may not trade on exchanges that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
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In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin (``Bulletin'') of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its ETP Holders to learn the essential facts relating to every
customer prior to trading the Shares; (3) the risks involved in trading
the Shares during the Opening and Late Trading Sessions when an updated
Portfolio Indicative Value will not be calculated or publicly
disseminated; (4) how information regarding the Portfolio Indicative
Value is disseminated; (5) the requirement that ETP Holders deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (6) trading
information.
In addition, the Bulletin will reference that the ETF is subject to
various fees and expenses described in the Registration Statement. The
Bulletin will discuss any exemptive, no-action, and interpretive relief
granted by the Commission from any rules under the Exchange Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m. Eastern Time each trading day.
2. Statutory Basis
The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \13\ that an exchange have rules
that are designed 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, in general, to protect investors and the public interest. The
Exchange believes that the proposed rule change will facilitate the
listing and trading of additional types of exchange-traded products
that will enhance competition among market participants, to the benefit
of investors and the marketplace. In addition, the listing and trading
criteria set forth in NYSE Arca Equities Rule 8.600 are intended to
protect investors and the public interest.
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\13\ 15 U.S.C. 78f(b)(5).
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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.
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
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(A) By order approve or disapprove the proposed rule change, or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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 (http://www.sec.gov/rules/sro.shtml); or
Send an e-mail to [email protected]. Please include
File Number SR-NYSEArca-2010-117 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR- NYSEArca-2010-117. This
file number should be included on the subject line if e-mail 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 Web site (http://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 20549-1090 on official business days
between 10 a.m. and 3 p.m. Copies of the filing will also be available
for inspection and copying at the Exchange's principal office. 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-NYSEArca-2010-117 and should
be submitted on or before January 18, 2011.
[[Page 81697]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-32513 Filed 12-27-10; 8:45 am]
BILLING CODE 8011-01-P