[Federal Register Volume 77, Number 123 (Tuesday, June 26, 2012)]
[Notices]
[Pages 38116-38117]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-15491]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67222; File No. SR-NYSEArca-2012-37]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change Proposing a Pilot Program To Create a Lead Market Maker Issuer 
Incentive Program for Issuers of Certain Exchange-Traded Products 
Listed on NYSE Arca, Inc.

June 20, 2012.
    On April 27, 2012, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``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 create and implement, on a pilot basis, a Lead 
Market Maker (``LMM'') Issuer Incentive Program (``Fixed Incentive 
Program'') for issuers of certain exchange-traded products (``ETPs'') 
listed on the Exchange. The proposed rule change was published for 
comment in the Federal Register on May 17, 2012.\3\ The Commission 
received two comment letters on the proposal.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 66966 (May 11, 
2012), 77 FR 29419.
    \4\ See Letter from Gus Sauter, Managing Director and Chief 
Investment Officer, Vanguard, dated June 7, 2012; and Letter from 
Ari Burstein, Senior Counsel, Investment Company Institute, dated 
June 7, 2012.
---------------------------------------------------------------------------

    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 for this filing is July 1, 2012. 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, the 
comments received, and any response to the comments submitted by the 
Exchange. The proposed rule change would, among

[[Page 38117]]

other things, adopt new NYSE Arca Equities Rule 8.800, which would 
create a pilot program to incentivize market makers to undertake LMM 
assignments in ETPs.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates August 15, 2012, 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-NYSEArca-2012-37).
---------------------------------------------------------------------------

    \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\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-15491 Filed 6-25-12; 8:45 am]
BILLING CODE 8011-01-P