[Federal Register Volume 79, Number 82 (Tuesday, April 29, 2014)]
[Notices]
[Page 24045]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-09678]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72007; File No. SR-NASDAQ-2014-020]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change Relating to Listing and Trading of Exchange-Traded 
Managed Fund Shares

April 23, 2014.
    On February 26, 2014, The NASDAQ Stock Market LLC (``NASDAQ'' or 
``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 adopt NASDAQ Rule 5745, which would govern the 
listing and trading of Exchange-Traded Managed Fund Shares, and to 
amend related references under NASDAQ Rules 4120, 5615, IM-5615-4, and 
5940. The proposed rule change was published for comment in the Federal 
Register on March 12, 2014.\3\ The Commission received four comments on 
the proposal.\4\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71657 (March 6, 
2014), 79 FR 14092.
    \4\ See Letters to the Commission from Christopher Davis, 
President, Money Management Institute, dated March 27, 2014; Robert 
Tull, President, Robert Tull & Co., dated March 31, 2014; Avi 
Nachmany, Co-Founder, Director of Research, E.V.P, Strategic 
Insight, dated April 1, 2014; and Eric Noll, President and Chief 
Executive Officer, ConvergEx Group, LLC, dated April 1, 2014.
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    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 April 26, 2014. The Commission is extending 
this 45-day time period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change, which seeks to 
adopt a new rule, as well as amend existing rules, relating to the 
listing and trading of Exchange-Traded Managed Fund Shares, so that it 
has sufficient time to consider this proposed rule change.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates June 10, 2014, as the date by which the Commission 
shall either approve or disapprove, or institute proceedings to 
determine whether to disapprove, the proposed rule change (File No. SR-
NASDAQ-2014-020).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09678 Filed 4-28-14; 8:45 am]
BILLING CODE 8011-01-P