Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2016/03/31/2016-07205A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77451; File No. SR-BATS-2016-04] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 2, to List and Trade Shares of the SPDR DoubleLine Short Duration Total Return Tactical ETF March 25, 2016. On February 4, 2016, BATS Exchange, Inc. (“Exchange”) 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 list and trade shares (“Shares”) of the SPDR DoubleLine Short Duration Total Return Tactical ETF (“Fund”).
The proposed rule change was published for comment in the **Federal Register** on February 12, 2016. 3 On March 8, 2016, the Exchange filed Amendment No. 1 to the proposed rule change. On March 24, 2016, the Exchange withdrew Amendment No. 1 and filed Amendment No. 2 to the proposed rule change. 4 The Commission received no comment letters on 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. 77078 (February 8, 2016), 81 FR 7599. 4 Amendment No. 2 replaced the original filing in its entirety.
In Amendment No. 2, the Exchange:
(1)Modified the name of the Fund by replacing the word “Term” with “Duration;”
(2)clarified that, under normal circumstances, at least 80% of the Fund's net assets (plus the amount of borrowings for investment purposes) will be invested in its principal holdings;
(3)stated that the Fund may invest up to 20% of its portfolio in securities issued or guaranteed by state or local governments or their agencies or instrumentalities;
(4)clarified which assets held by the Fund would trade on markets that are members of the Intermarket Surveillance Group or that have entered into a comprehensive surveillance agreement with the Exchange;
(5)clarified the application of the investment restrictions to derivatives and restricted securities;
(6)described how fixed income instruments, including municipal securities, would be valued for purposes of calculating the net asset value of the Fund;
(7)clarified that all statements and representations made in the filing regarding the description of the portfolio, limitations on portfolio holdings or reference assets, or the applicability of Exchange rules and surveillance procedures constitute continued listing requirements for listing the Shares on the Exchange;
(8)stated that the issuer has represented to the Exchange that it will advise the Exchange of any failure by the Fund to comply with the continued listing requirements, and, pursuant to its obligations under section 19(g)(1) of the Act, the Exchange will surveil for compliance with the continued listing requirements, and if the Fund is not in compliance with the applicable listing requirements, the Exchange will commence delisting procedures under Exchange Rule 14.12; and
(9)made other technical amendments. Amendment No. 2 is available at: *http://www.sec.gov/comments/sr-bats-2016-04/bats201604.shtml.* Section 19(b)(2) of the Act 5 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is March 28, 2016. The Commission is extending this 45-day time period. 5 15 U.S.C. 78s(b)(2). The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to section 19(b)(2) of the Act, 6 designates May 12, 2016, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR-BATS-2016-04), as modified by Amendment No. 2. 6 15 U.S.C. 78s(b)(2). 7 17 CFR 200.30-3(a)(31). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 7 Robert W. Errett, Deputy Secretary. [FR Doc. 2016-07205 Filed 3-30-16; 8:45 am]
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- 17 CFR 240.19
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