[Federal Register Volume 81, Number 191 (Monday, October 3, 2016)]
[Notices]
[Page 68078]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23750]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78949; File No. SR-NYSEArca-2016-107]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change, as Modified by Amendment No. 1, Relating to Listing and Trading 
of Shares of Cumberland Municipal Bond ETF Under NYSE Arca Equities 
Rule 8.600

September 27, 2016.
    On July 26, 2016, NYSE Arca, Inc. 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 of the 
Cumberland Municipal Bond ETF (``Fund'') under NYSE Arca Equities Rule 
8.600. The proposed rule change was published for comment in the 
Federal Register on August 15, 2016.\3\ On September 15, 2016, the 
Exchange filed Amendment No. 1 to the proposed rule change.\4\ The 
Commission has received no comment letters on the proposed rule change, 
as modified by Amendment No. 1 thereto.
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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. 78523 (Aug. 9, 
2016), 81 FR 54155.
    \4\ In Amendment No. 1, which amended and replaced the proposed 
rule change in its entirety, the Exchange: (1) Described additional 
diversification requirements that would apply to the Fund's holdings 
in municipal bonds; (2) clarified the Fund's holdings in non-
exchange-traded investment company securities; and (3) corrected 
certain references to the regular trading session of the Exchange. 
Amendment No. 1 to the proposed rule change is available at: https://www.sec.gov/comments/sr-nysearca-2016-107/nysearca2016107-1.pdf. 
Because Amendment No. 1 to the proposed rule change does not 
materially alter the substance of the proposed rule change or raise 
unique or novel regulatory issues, Amendment No. 1 is not subject to 
notice and comment.
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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 after publication of the notice for this proposed rule change 
is September 29, 2016. The Commission is extending this 45-day time 
period. 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, as 
modified by Amendment No. 1 thereto.
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    \5\ 15 U.S.C. 78s(b)(2).
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates November 13, 2016, 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 
Number SR-NYSEArca-2016-107), as modified by Amendment No. 1 thereto.
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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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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-23750 Filed 9-30-16; 8:45 am]
 BILLING CODE 8011-01-P