Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2016/11/02/2016-26404·A 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. 34-79173; File No. SR-NYSEArca-2016-62] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change Relating to a Change to the Underlying Index for the PowerShares Build America Bond Portfolio October 27, 2016. On May 3, 2016, NYSE Arca, 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:
(1)Permit the continued listing and trading of shares of the PowerShares Build America Bond Portfolio (“Fund”) following a change to the index underlying the Fund, and
(2)propose changes to the index underlying the Fund and the name of the Fund. The proposed rule change was published for comment in the **Federal Register** on May 23, 2016. 3 On June 27, 2016, pursuant to section 19(b)(2) of the Act, 4 the Commission designated a longer period within which to either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change. 5 On August 12, 2016, the Commission instituted proceedings to determine whether to approve or disapprove the proposed rule change. 6 The Commission received no comments 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. 77849 (May 17, 2016), 81 FR 32371. 4 15 U.S.C. 78s(b)(2). 5 *See* Securities Exchange Act Release No. 78157, 81 FR 43327 (July 1, 2016). The Commission determined that it was 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 designated August 21, 2016 as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change. 6 *See* Securities Exchange Act Release No. 78564, 81 FR 55247 (August 18, 2016). Specifically, the Commission instituted proceedings to allow for additional analysis of the proposed rule change's consistency with section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade,” and “to protect investors and the public interest.” *See id.* at 55250. Section 19(b)(2) of the Act 7 provides that, after initiating disapproval 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 may extend the period for issuing an order approving or disapproving the proposed rule change, however, 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 May 23, 2016. November 19, 2016 is 180 days from that date, and January 18, 2017 is 240 days from that date. 7 15 U.S.C. 78s(b)(2). 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 this proposed rule change. Accordingly, the Commission, pursuant to section 19(b)(2) of the Act, 8 designates January 18, 2017 as the date by which the Commission should either approve or disapprove the proposed rule change (File No. SR-NYSEArca-2016-62). 8 *Id.* For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 9 9 17 CFR 200.30-3(a)(57). Brent J. Fields, Secretary. [FR Doc. 2016-26404 Filed 11-1-16; 8:45 am]
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- 17 CFR 240.19
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