[Federal Register Volume 84, Number 121 (Monday, June 24, 2019)]
[Notices]
[Pages 29555-29562]
[FR Doc No: 2019-13307]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86136; File No. SR-NYSEArca-2019-12]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment No. 1 and Order Instituting Proceedings To Determine
Whether To Approve or Disapprove a Proposed Rule Change, as Modified by
Amendment No. 1, To List and Trade Shares of the iShares Commodity
Curve Carry Strategy ETF

June 18, 2019.

I. Introduction

    On March 1, 2019, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934
(``Act'') \2\ and Rule 19b-4 thereunder,\3\ a proposed rule change to
list and trade the shares of the iShares Commodity Curve Carry Strategy
ETF, a series of the iShares U.S. ETF Trust. The proposed rule change
was published for comment in the Federal Register on March 20, 2019.\4\
On April 18, 2019, the Exchange filed Amendment No. 1 to the proposed
rule change, which replaced and superseded the proposed rule change as
originally filed.\5\ The Commission received no comments on the
proposed rule change. On May 1, 2019, pursuant to Section 19(b)(2) of
the Act,\6\ the Commission designated a longer period within which to
approve the proposed rule change, disapprove the proposed rule change,
or institute proceedings to determine whether to approve or disapprove
the proposed rule change.\7\ The Commission is publishing this notice
and order to solicit comments on the proposed rule change, as modified
by Amendment No. 1, from interested persons and to institute
proceedings under Section 19(b)(2)(B) of the Act \8\ to determine
whether to approve or disapprove the proposed rule change, as modified
by Amendment No. 1.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 85312 (March 14,
2019), 84 FR 10369.
    \5\ Amendment No. 1 is available at: https://www.sec.gov/comments/sr-nysearca-2019-12/srnysearca201912-5393880-184151.pdf.
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 85758, 84 FR 19978
(May 7, 2019). The Commission designated June 18, 2019, as the date
by which the Commission shall approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to approve or disapprove the proposed rule change.
    \8\ 15 U.S.C. 78s(b)(2)(B).
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II. The Exchange's Description of the Proposed Rule Change, as Modified
by Amendment No. 1

    The Exchange proposes to list and trade shares (``Shares'') of the
iShares Commodity Curve Carry Strategy ETF (``Fund'') under NYSE Arca
Rule 8.600-E, which governs the listing and trading of Managed Fund
Shares \9\ on the Exchange.
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    \9\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Rule 5.2-E(j)(3),
seeks to provide investment results that correspond generally to the
price and yield performance of a specific foreign or domestic stock
index, fixed income securities index or combination thereof.
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    The Shares will be offered by iShares U.S. ETF Trust (the
``Trust''), which is registered with the Commission as an open-end
management investment company.\10\ The Fund is a series of the Trust.
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    \10\ The Trust is registered under the 1940 Act. On December 3,
2018, the Trust filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') its registration statement on Form N-1A
under the Securities Act of 1933 (15 U.S.C. 77a), and under the 1940
Act relating to the Fund (File Nos. 333-179904 and 811-22649)
(``Registration Statement''). The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement. In addition, the Commission has issued an order upon
which the Trust may rely, granting certain exemptive relief under
the 1940 Act. See Investment Company Act Release No. 29571(January
24, 2011) (File No. 812-13601).
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    BlackRock Fund Advisors (``BFA'' or ``Adviser'') will be the
investment adviser for the Fund. BlackRock Investments, LLC will be the
distributor (``Distributor'') for the Fund's Shares. State Street Bank
and Trust Company will serve as the administrator, custodian and
transfer agent (``Custodian'' or ``Transfer Agent'') for the Fund.
    Commentary .06 to Rule 8.600-E provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect
and maintain a ``fire wall'' between the investment adviser and the
broker-dealer with respect to access to information concerning the
composition and/or changes to such investment company portfolio.\11\ In
addition, Commentary .06 further requires that personnel who make
decisions on the open-end fund's portfolio composition must be subject
to procedures designed

to prevent the use and dissemination of material nonpublic information
regarding the open-end fund's portfolio. The Adviser is not registered
as a broker-dealer, but is affiliated with a broker-dealer, and has
implemented and will maintain a fire wall with respect to its broker-
dealer affiliate regarding access to information concerning the
composition and/or changes to the portfolio. In the event (a) the
Adviser becomes registered as a broker-dealer or newly affiliated with
a broker-dealer, or (b) any new adviser or sub-adviser is a registered
broker-dealer or becomes affiliated with a broker-dealer, it will
implement and maintain a fire wall with respect to its relevant
personnel or its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
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    \11\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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iShares Commodity Curve Carry Strategy ETF

Fund Investments
    According to the Registration Statement, the investment objective
of the Fund will be to seek to provide exposure, on a total return
basis, to a group of commodities with higher carry than a broad
universe of commodities.
    The Fund is actively managed and seeks to achieve its investment
objective in part,\12\ under normal market conditions,\13\ by investing
in listed and over-the-counter (``OTC'') swaps, including total return
swaps, referencing the--ICE BofAML Commodity Carry Total Return Index
(the ``Reference Benchmark'').\14\ The Fund is expected to establish
new swaps contracts on an ongoing basis and replace expiring
contracts.\15\ Swaps subsequently entered into by the Fund may have
terms that differ from the swaps the Fund previously held. The Fund
expects generally to pay a fixed payment rate and certain swap-related
fees to the swap counterparty and receive the total return of the
Reference Benchmark, including, in the event of negative performance by
the Reference Benchmark, negative return (i.e., a payment from the Fund
to the swap counterparty). In seeking total return, the Fund
additionally aims to generate interest income and capital appreciation
through a cash management strategy consisting primarily of cash, cash
equivalents,\16\ and fixed income securities other than cash
equivalents, as described below.
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    \12\ The Fund's investment objective is also achieved by
investing in cash, cash equivalents, Commodity Investments, Fixed
Income Securities and Short-Term Fixed Income Securities (each as
defined or described below).
    \13\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
    \14\ Although the Fund may hold swaps on the Reference
Benchmark, or direct investments in, the same futures contracts as
those included in the Reference Benchmark, the Fund is not obligated
to invest in any futures contracts included in, and does not seek to
replicate the performance of, the Reference Benchmark.
    \15\ Swaps on the Reference Benchmark are included in
``Commodity Investments'' as defined below.
    \16\ For purposes of this filing, cash equivalents are the
short-term instruments enumerated in Commentary .01(c) to Rule
8.600-E.
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    The Reference Benchmark is composed of 20 futures contracts on
physical agricultural, energy, precious metals, and industrial metals
commodities. The Fund expects to obtain a substantial amount of its
exposure to the carry strategy by entering into total return swaps that
pay the returns of the commodity futures contracts referenced in the
Reference Benchmark. The Reference Benchmark includes the 10 traded
futures contracts on commodities having the highest degree of
backwardation or lowest degree of contango among the 20 futures
contracts on physical agricultural, energy, precious metals, and
industrial metals listed on the U.S. regulated futures exchanges.
    In order to maintain exposure to a futures contract on a particular
commodity, an investor must sell the position in the expiring contract
and buy a new position in a contract with a later delivery month, which
is referred to as ``rolling.'' If the price for the new futures
contract is less than the price of the expiring contract, then the
market for the commodity is said to be in ``backwardation.'' In these
markets, roll returns are positive, which is referred to as ``positive
carry.'' The term ``contango'' is used to describe a market in which
the price for a new futures contract is more than the price of the
expiring contract. In these markets, roll returns are negative, which
is referred to as ``negative carry.'' The Reference Benchmark seeks to
employ a positive carry strategy that emphasizes commodities and
futures contract months with the greatest degree of backwardation and
lowest degree of contango, resulting in net gains through positive roll
returns. The Fund will invest in financial instruments described below
that provide exposure to commodities and not in physical commodities
themselves.
    The Fund (through its Subsidiary (as defined below)) may hold the
following listed derivative instruments: Futures, options, and swaps on
commodities (which commodities are from the same sectors as those
included in the Reference Benchmark); currencies; U.S. and non-U.S.
equity securities; fixed income securities as defined in Commentary
.01(b) to Rule 8.600-E, but excluding Short-Term Fixed Income
Securities (as defined below); interest rates; U.S. Treasuries, or a
basket or index of any of the foregoing (collectively, ``Listed
Derivatives'').\17\ Listed Derivatives will comply with the criteria in
Commentary .01(d) of NYSE Arca Rule 8.600-E.
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    \17\ Examples of Listed Derivatives the Fund may invest in
include exchange traded futures contracts similar to those found in
the Reference Benchmark, exchange traded futures contracts on the
Reference Benchmark, swaps on commodity futures contracts similar to
those found in the Reference Benchmark, futures and options that
correlate to the investment returns of commodities without investing
directly in physical commodities.
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    The Fund (through its Subsidiary (as defined below)) may hold the
following over-the-counter (``OTC'') derivative instruments: Forwards,
options, and swaps on commodities (which commodities are from the same
sectors as those included in the Reference Benchmark); currencies; U.S.
and non-U.S. equity securities; fixed income securities as defined in
Commentary .01(b) to Rule 8.600-E, but excluding Short-Term Fixed
Income Securities (as defined below); interest rates, or a basket or
index of any of the foregoing (collectively, ``OTC Derivatives'',\18\
and together with Listed Derivatives, ``Commodity Investments'').\19\
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    \18\ Examples of OTC Derivatives the Fund may invest in include
swaps on commodity futures contracts similar to those found in the
Reference Benchmark, options that correlate to the investment
returns of commodities without investing directly in physical
commodities.
    \19\ As discussed below under ``Application of Generic Listing
Requirements'' below, the Fund's and the Subsidiary's holdings in
OTC derivatives will not comply with the criteria in Commentary
.01(e) of NYSE Arca Rule 8.600-E.
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    The Fund's exposure to Commodity Investments is obtained by
investing through a wholly-owned subsidiary organized in the Cayman
Islands (the ``Subsidiary'').\20\ The Subsidiary is advised by BFA and
has the same investment objective as the Fund.
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    \20\ All statements included in this filing related to the
Fund's investments and restrictions are applicable to the Fund and
Subsidiary collectively.
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    In compliance with the requirements of Sub-Chapter M of the
Internal Revenue Code of 1986, the Fund may invest up to 25% of its
total assets in the Subsidiary. The Fund's Commodity Investments held
in the Subsidiary are intended to provide the Fund with exposure to
broad commodities.

    The Fund may hold cash, cash equivalents and fixed income
securities other than cash equivalents, as described further below.
    Specifically, the Fund may invest in Short-Term Fixed Income
Securities (as defined below) other than cash equivalents on an ongoing
basis to provide liquidity or for other reasons.\21\ Short-Term Fixed
Income Securities will have a maturity of no longer than 397 days and
include only the following: (i) Money market instruments; (ii)
obligations issued or guaranteed by the U.S. government, its agencies
or instrumentalities (including government-sponsored enterprises);
(iii) negotiable certificates of deposit, bankers' acceptances, fixed-
time deposits and other obligations of U.S. and non-U.S. banks
(including non-U.S. branches) and similar institutions; (iv) commercial
paper; (v) non-convertible corporate debt securities (e.g., bonds and
debentures); (vi) repurchase agreements; (vii) short-term U.S. dollar-
denominated obligations of non-U.S. banks (including U.S. branches)
that, in the opinion of BFA, are of comparable quality to obligations
of U.S. banks that may be purchased by the Fund; (viii) and sovereign
obligations (collectively, ``Short-Term Fixed Income Securities''). Any
of these securities may be purchased on a current or forward-settled
basis.\22\
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    \21\ As discussed under ``Application of Generic Listing
Requirements'', below, the Exchange proposes that such Short-Term
Fixed Income Securities be excluded from the requirements of
Commentary .01(b)(1)-(4) to NYSE Arca Rule 8.600-E.
    \22\ To the extent that the Fund and the Subsidiary invest in
cash and Short-Term Fixed Income Securities that are cash
equivalents (i.e., that have maturities of less than 3 months) as
specified in Commentary .01(c) to NYSE Arca Rule 8.600-E, such
investments will comply with Commentary .01(c) and may be held
without limitation. Non-convertible corporate debt securities and
sovereign obligations are not included as cash equivalents in
Commentary .01(c).
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    The Fund also may invest in fixed income securities as defined in
Commentary .01(b) to NYSE Arca Rule 8.600-E, other than cash
equivalents and Short-Term Fixed Income Securities, with remaining
maturities longer than 397 days (``Fixed Income Securities''). Such
Fixed Income Securities will comply with requirements of Commentary
.01(b) to NYSE Arca Rule 8.600-E.\23\
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    \23\ Among the Fixed Income Securities in which the Fund may
invest are commodity-linked notes.
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    The Subsidiary may hold cash and cash equivalents.
    The Fund may hold exchange-traded notes (``ETNs'') \24\ and
exchange-traded funds (``ETFs'').\25\
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    \24\ ETNs are securities as described in NYSE Arca Rule 5.2-
E(j)(6) (Equity Index-Linked Securities, Commodity-Linked
Securities, Currency-Linked Securities, Fixed Income Index-Linked
Securities, Futures-Linked Securities and Multifactor Index-Linked
Securities). All ETNs will be listed and traded in the U.S. on a
national securities exchange. The Fund will not invest in inverse or
leveraged (e.g., 2X, -2X, 3X or -3X) ETNs.
    \25\ For purposes of this filing, the term ``ETFs'' includes
Investment Company Units (as described in NYSE Arca Rule 5.2-
E(j)(3)); Portfolio Depositary Receipts (as described in NYSE Arca
Rule 8.100-E); and Managed Fund Shares (as described in NYSE Arca
Rule 8.600-E). All ETFs will be listed and traded in the U.S. on a
national securities exchange. The Fund will not invest in inverse or
leveraged (e.g., 2X, -2X, 3X or -3X) ETFs.
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    The Fund will seek to gain exposure to Commodity Investments by
investing in its Subsidiary. The Fund wholly owns and controls the
Subsidiary, and the Fund and the Subsidiary are managed by BFA. The
Subsidiary is not an investment company registered under the 1940 Act
and is a company organized under the laws of the Cayman Islands.
    The Trust's Board of Trustees has oversight responsibility for the
investment activities of the Fund, including its investment in the
Subsidiary, and the Fund's role as sole shareholder of the Subsidiary.
    The Fund and the Subsidiary will not invest in securities or other
financial instruments that have not been described in this proposed
rule change.
Other Restrictions
    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and will not be used to enhance
leverage (although certain derivatives and other investments may result
in leverage). That is, the Fund's investments will not be used to seek
performance that is the multiple or inverse multiple (e.g., 2X or -3X)
of the Reference Benchmark.

Use of Derivatives by the Fund

    Investments in derivative instruments will be made in accordance
with the Fund's investment objective and policies.
    To limit the potential risk associated with such transactions, the
Fund will enter into offsetting transactions or segregate or
``earmark'' assets determined to be liquid by the Adviser in accordance
with procedures established by the Trust's Board of Trustees (the
``Board''). In addition, the Fund has included appropriate risk
disclosure in its offering documents, including leveraging risk.
Leveraging risk is the risk that certain transactions of the Fund,
including the Fund's use of derivatives, may give rise to leverage,
causing the Fund to be more volatile than if it had not been leveraged.

Impact on Arbitrage Mechanism

    The Adviser believes there will be minimal, if any, impact to the
arbitrage mechanism as a result of the Fund's use of derivatives. The
Adviser understands that market makers and participants should be able
to value derivatives as long as the positions are disclosed with
relevant information. The Adviser believes that the price at which
Shares of the Fund trade will continue to be disciplined by arbitrage
opportunities created by the ability to purchase or redeem Shares of
the Fund at their net asset value (``NAV''), which should ensure that
Shares of the Fund will not trade at a material discount or premium in
relation to their NAV.
    The Adviser does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives.

Creation and Redemption of Shares

    According to the Registration Statement, the Trust will issue and
sell Shares of the Fund only in Creation Units on a continuous basis
through the Distributor or its agent at a price based on the Fund's NAV
next determined after receipt, on any business day of an order received
by the Distributor or its agent in proper form. The size of a Creation
Unit is 50,000 Shares. The Adviser may increase or decrease the number
of the Fund's Shares that constitute a Creation Unit.
    The consideration for purchase of Creation Units of the Fund is
generally cash. However, in some cases the consideration consists of an
in-kind deposit of a designated portfolio of securities (``Deposit
Securities'') and the Cash Component computed as described below.
Together, the Deposit Securities and the Cash Component constitute the
``Fund Deposit.'' The Fund Deposit represents the minimum initial and
subsequent investment amount for a Creation Unit of the Fund.
    The ``Cash Component'' is an amount equal to the difference between
the NAV of the Shares (per Creation Unit) and the ``Deposit Amount,''
which is an amount equal to the market value of the Deposit Securities,
and serves to compensate for any differences between the NAV per
Creation Unit and the Deposit Amount.
    The Fund's current policy is to accept cash in substitution for the
Deposit Securities it might otherwise accept as in-kind consideration
for the purchase of Creation Units. The Fund may, at

times, elect to receive Deposit Securities (i.e., the in-kind deposit
of a designated portfolio of securities) and a Cash Component as
consideration for the purchase of Creation Units. If the Fund elects to
accept Deposit Securities, a purchaser's delivery of the Deposit
Securities together with the Cash Component will constitute the ``Fund
Deposit,'' which will represent the consideration for a Creation Unit
of the Fund.
    The Fund reserves the right to permit or require the substitution
of a ``cash in lieu'' amount to be added to the Cash Component to
replace any Deposit Security that may not be available in sufficient
quantity for delivery or that may not be eligible for transfer through
the Depository Trust Company (``DTC'') or the clearing process (as
discussed below) or that the ``Authorized Participant'' as defined
below, is not able to trade due to a trading restriction, during times
the Fund has elected to receive Deposit Securities. The Fund also
reserves the right to permit or require a ``cash in lieu'' amount in
certain circumstances.
    To be eligible to place orders with the Distributor and to create a
Creation Unit of the Fund, an entity must be: (i) A ``Participating
Party,'' i.e., a broker-dealer or other participant in the clearing
process through the Continuous Net Settlement System of the National
Securities Clearing Corporation (``NSCC'') (the ``Clearing Process''),
a clearing agency that is registered with the SEC, or (ii) a DTC
Participant, and must have executed an agreement with the Distributor,
with respect to creations and redemptions of Creation Units
(``Authorized Participant Agreement'') (discussed below). A
Participating Party or DTC Participant who has executed an Authorized
Participant Agreement is referred to as an ``Authorized Participant.
    To initiate an order for a Creation Unit, an Authorized Participant
must submit to the Distributor or its agent an irrevocable order to
purchase Shares of the Fund, in proper form, generally before 4:00
p.m., Eastern time on any business day to receive that day's NAV.
    Shares of the Fund may be redeemed by only in Creation Units at
their NAV next determined after receipt of a redemption request in
proper form by the Distributor or its agent and only on a business day.
The Fund generally redeems Creation Units solely for cash.\26\
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    \26\ The Adviser represents that, to the extent the Trust
effects the creation or redemption of Shares wholly or partially in
cash, such transactions will be effected in the same manner for all
Authorized Participants.
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    BFA makes available through the NSCC, prior to the opening of
business on the Exchange on each business day, the designated portfolio
of securities (including any portion of such securities for which cash
may be substituted) that will be applicable (subject to possible
amendment or correction) to redemption requests received in proper form
(as defined below) on that day (``Fund Securities''), and an amount of
cash (the ``Cash Amount,'' as described below). Such Fund Securities
and the corresponding Cash Amount (each subject to possible amendment
or correction) are applicable, in order to effect redemptions of
Creation Units of the Fund until such time as the next announced
composition of the Fund Securities and Cash Amount is made available.
Where redemptions are permitted in-kind, Fund Securities received on
redemption may not be identical to Deposit Securities that are
applicable to creations of Creation Units. Procedures and requirements
governing redemption transactions are set forth in the handbook for
Authorized Participants and may change from time to time.
    The Trust may, in its sole discretion, substitute a ``cash in
lieu'' amount to replace any Fund Security. The Trust also reserves the
right to permit or require a ``cash in lieu'' amount in certain
circumstances. The amount of cash paid out in such cases will be
equivalent to the value of the substituted security listed as a Fund
Security. In the event that the Fund Securities have a value greater
than the NAV of the Shares, a compensating cash payment equal to the
difference is required to be made by or through an Authorized
Participant by the redeeming shareholder. The Fund generally redeems
Creation Units for cash.
    Redemption requests for Creation Units of the Fund must be
submitted to the Distributor or its agent by or through an Authorized
Participant. An Authorized Participant must submit an irrevocable
request to redeem Shares of the Fund generally before 4:00 p.m.,
Eastern time on any business day in order to receive that day's NAV.

Application of Generic Listing Requirements

    The Exchange is submitting this proposed rule change because the
portfolio for the Fund will not meet all of the ``generic'' listing
requirements of Commentary .01 to NYSE Arca Rule 8.600-E applicable to
the listing of Managed Fund Shares. The Fund's portfolio will meet all
such requirements except for those set forth in Commentary .01 (b)(1)-
(4) (with respect to Short-Term Fixed Income Securities) and (e) (with
respect to OTC Derivatives), as described below.
    The Fund's Short-Term Fixed Income Securities will not comply with
the requirements set forth in Commentary .01(b)(1)-(4) to NYSE Arca
Rule 8.600-E.\27\ While the requirements set forth in Commentary
.01(b)(1)-(4) include rules intended to ensure that the fixed income
securities included in a fund's portfolio are sufficiently large and
diverse, and have sufficient publicly available information regarding
the issuances, the Exchange believes that any concerns related to non-
compliance are mitigated by the types of instruments that the Fund
would hold. The Fund's Short-Term Fixed Income Securities primarily
will include those instruments that are

included in the definition of cash and cash equivalents, but are not
considered cash and cash equivalents because they have maturities of
three months or longer. The Exchange believes, however, that, because
all Short-Term Fixed Income Securities, including non-convertible
corporate debt securities and sovereign obligations (which are not cash
equivalents as enumerated in Commentary .01(c) to Rule 8.600-E), are
highly liquid they are less susceptible than other types of fixed
income instruments both to price manipulation and volatility and that
the holdings as proposed are generally consistent with the policy
concerns which Commentary .01(b)(1)-(4) is intended to address. Because
the Short-Term Fixed Income Securities will consist of high-quality
fixed income securities described above, the Exchange believes that the
policy concerns that Commentary .01(b)(1)-(4) is intended to address
are otherwise mitigated and that the Fund should be permitted to hold
these securities in a manner that may not comply with Commentary
.01(b)(1)-(4).
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    \27\ Commentary .01(b)(1)-(4) to NYSE Arca Rule 8.600-E provides
as follows:
    (b) Fixed Income--Fixed income securities are debt securities
that are notes, bonds, debentures or evidence of indebtedness that
include, but are not limited to, U.S. Department of Treasury
securities (``Treasury Securities''), government-sponsored entity
securities (``GSE Securities''), municipal securities, trust
preferred securities, supranational debt and debt of a foreign
country or a subdivision thereof, investment grade and high yield
corporate debt, bank loans, mortgage and asset backed securities,
and commercial paper. To the extent that a portfolio includes
convertible securities, the fixed income security into which such
security is converted shall meet the criteria of this Commentary
.01(b) after converting. The components of the fixed income portion
of a portfolio shall meet the following criteria initially and on a
continuing basis:
    (1) Components that in the aggregate account for at least 75% of
the fixed income weight of the portfolio each shall have a minimum
original principal amount outstanding of $100 million or more;
    (2) No component fixed-income security (excluding Treasury
Securities and GSE Securities) shall represent more than 30% of the
fixed income weight of the portfolio, and the five most heavily
weighted component fixed income securities in the portfolio
(excluding Treasury Securities and GSE Securities) shall not in the
aggregate account for more than 65% of the fixed income weight of
the portfolio;
    (3) An underlying portfolio (excluding exempted securities) that
includes fixed income securities shall include a minimum of 13 non-
affiliated issuers, provided, however, that there shall be no
minimum number of non-affiliated issuers required for fixed income
securities if at least 70% of the weight of the portfolio consists
of equity securities as described in Commentary .01(a) above;
    (4) Component securities that in aggregate account for at least
90% of the fixed income weight of the portfolio must be either (a)
from issuers that are required to file reports pursuant to Sections
13 and 15(d) of the Securities Exchange Act of 1934; (b) from
issuers that have a worldwide market value of its outstanding common
equity held by non-affiliates of $700 million or more; (c) from
issuers that have outstanding securities that are notes, bonds
debentures, or evidence of indebtedness having a total remaining
principal amount of at least $1 billion; (d) exempted securities as
defined in Section 3(a)(12) of the Securities Exchange Act of 1934;
or (e) from issuers that are a government of a foreign country or a
political subdivision of a foreign country''.
---------------------------------------------------------------------------

    The Fund's portfolio also will not comply with the requirements set
forth in Commentary .01(e) (with respect to OTC Derivatives) to NYSE
Arca Rule 8.600-E.\28\ Specifically, the Fund's investments in OTC
Derivatives may exceed 20% of Fund assets, calculated as the aggregate
gross notional value of such OTC Derivatives. The Exchange proposes
that up to 60% of the Fund's assets (calculated as the aggregate gross
notional value) may be invested in OTC Derivatives. The Adviser
believes that it is important to provide the Fund with additional
flexibility to manage risk associated with its investments. Depending
on market conditions, it may be critical that the Fund be able to
utilize available OTC Derivatives to efficiently gain exposure to the
multiple commodities markets that underlie the Reference Benchmark as
well as commodity futures contracts similar to those found in the
Reference Benchmark.
---------------------------------------------------------------------------

    \28\ Commentary .01(e) of NYSE Arca Rule 8.600-E provides: ``The
portfolio may hold OTC derivatives, including forwards, options and
swaps on commodities, currencies and financial instruments (e.g.,
stocks, fixed income, interest rates, and volatility) or a basket or
index of any of the foregoing; however, on both an initial and
continuing basis, no more than 20% of the assets in the portfolio
may be invested in OTC derivatives. For purposes of calculating this
limitation, a portfolio's investment in OTC derivatives will be
calculated as the aggregate gross notional value of the OTC
derivatives.''
---------------------------------------------------------------------------

    OTC Derivatives can be tailored to provide specific exposure to the
Fund's Reference Benchmark, as well as commodity futures contracts
similar to those found in the Reference Benchmark, allowing the Fund to
more efficiently meet its investment objective. For example, the
Reference Benchmark is composed of 20 futures contracts across 20
physical commodities, which may not be sufficiently liquid and would
not provide the commodity exposure the Fund requires to meet its
investment objective if the Fund were to invest in the futures
directly. A total return swap can be structured to provide exposure to
the same futures contracts as exist in the Reference Benchmark, as well
as commodity futures contracts similar to those found in the Reference
Benchmark, while providing sufficient efficiency to allow the Fund to
more easily meet its investment objective.
    In addition, if the Fund were to gain commodity exposure
exclusively through the use of listed futures, the Fund's holdings in
Listed Derivatives would be subject to position limits and
accountability levels established by an exchange. Such limitations
would restrict the Fund's ability to gain efficient exposure to the
commodities in the Reference Benchmark, or futures contracts similar to
those found in the Reference Benchmark, thereby impeding the Fund's
ability to satisfy its investment objective.
    The Adviser represents that the basket or index on which much of
the Fund's OTC Derivatives will be based will satisfy the criteria
applicable to holdings in Listed Derivatives in Commentary .01(d)(2) on
an initial and continued listing basis.\29\ With respect to the Fund's
holdings in OTC Derivatives, the aggregate gross notional value of OTC
Derivatives based on any five or fewer underlying reference assets will
not exceed 65% of the weight of the portfolio (including gross notional
exposures), and the aggregate gross notional value of OTC Derivatives
based on any single underlying reference asset will not exceed 30% of
the weight of the portfolio (including gross notional exposures). In
addition, the Adviser represents that futures on all commodities in the
Reference Benchmark are traded on futures exchanges that are members of
the Intermarket Surveillance Group (``ISG'').
---------------------------------------------------------------------------

    \29\ Commentary .01(d)(2) to Rule 8.600-E provides that, with
respect to a fund's portfolio, the aggregate gross notional value of
listed derivatives based on any five or fewer underlying reference
assets shall not exceed 65% of the weight of the portfolio
(including gross notional exposures), and the aggregate gross
notional value of listed derivatives based on any single underlying
reference asset shall not exceed 30% of the weight of the portfolio
(including gross notional exposures).
---------------------------------------------------------------------------

    The Exchange notes that, other than Commentary .01(b)(1)-(4) (with
respect to Short-Term Fixed Income Securities) and .01(e) (with respect
to OTC Derivatives) to Rule 8.600-E, as described above, the Fund's
portfolio will meet all other requirements of Rule 8.600-E.

Availability of Information

    The Fund's website (www.iShares.com) will include the prospectus
for the Fund that may be downloaded. The Fund's website will include
additional quantitative information updated on a daily basis including,
for the Fund, (1) daily trading volume, the prior business day's
reported closing price, NAV and midpoint of the bid/ask spread at the
time of calculation of such NAV (the ``Bid/Ask Price''),\30\ and a
calculation of the premium and discount of the Bid/Ask Price against
the NAV, and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session on the Exchange, the
Fund will disclose on its website the Disclosed Portfolio as defined in
NYSE Arca Rule 8.600-E(c)(2) that forms the basis for the Fund's
calculation of NAV at the end of the business day.\31\
---------------------------------------------------------------------------

    \30\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of the highest bid and the lowest offer on the
Exchange as of the time of calculation of the Fund's NAV. The
records relating to Bid/Ask Prices will be retained by the Fund and
its service providers.
    \31\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Fund
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
---------------------------------------------------------------------------

    On a daily basis, the Fund will disclose the information required
under NYSE Arca Rule 8.600-E(c)(2) to the extent applicable. The
website information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
the Fund. Authorized Participants may refer to the basket composition
file for information regarding financial instruments that may comprise
the Fund's basket on a given day.

    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and the Fund's
Forms N-CSR and Forms N-SAR, filed twice a year. The Fund's SAI and
Shareholder Reports will be available free upon request from the Trust,
and those documents and the Form N-CSR, Form N-PX and Form N-SAR may be
viewed on-screen or downloaded from the Commission's website at
www.sec.gov.
    Intra-day and closing price information regarding futures and other
Listed Derivatives will be available from the exchange on which such
instruments are traded and from major market data vendors. Price
information regarding cash equivalents, OTC Derivatives, Short-Term
Fixed Income Securities, and Fixed Income Securities also will be
available from major market data vendors. Additionally, the Trade
Reporting and Compliance Engine (``TRACE'') of the Financial Industry
Regulatory Authority (``FINRA'') will be a source of price information
for certain fixed income securities to the extent transactions in such
securities are reported to TRACE.\32\ Price information regarding U.S.
government securities and other cash equivalents generally may be
obtained from brokers and dealers who make markets in such securities
or through nationally recognized pricing services through subscription
agreements. The index price is available via Bloomberg. The index
methodology and constituent list of the Reference Benchmark is
available via ICE Data Services.\33\
---------------------------------------------------------------------------

    \32\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in specified debt securities to
TRACE to the extent required under applicable FINRA rules.
Generally, such debt securities will have at issuance a maturity
that exceeds one calendar year. For fixed income securities that are
not reported to TRACE, (i) intraday price quotations will generally
be available from broker-dealers and trading platforms (as
applicable) and (ii) price information will be available from feeds
from market data vendors, published or other public sources, or
online information services, as described above.
    \33\ ICE Data Services is part of the Intercontinental Exchange,
Inc.
---------------------------------------------------------------------------

    Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers.
    Quotation and last sale information for the Shares, ETFs and ETNs
will be available via the Consolidated Tape Association (``CTA'') high-
speed line. Exchange-traded options quotation and last sale information
for options cleared via the Options Clearing Corporation are available
via the Options Price Reporting Authority. In addition, the Portfolio
Indicative Value (``PIV''), as defined in NYSE Arca Rule 8.600-E(c)(3),
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Core Trading Session.

Trading Halts

    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\34\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Rule
7.12-E have been reached. Trading also may be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. Trading in the Fund's Shares also
will be subject to Rule 8.600-E(d)(2)(D) (``Trading Halts'').
---------------------------------------------------------------------------

    \34\ See NYSE Arca Rule 7.12-E.
---------------------------------------------------------------------------

Trading Rules

    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m., E.T. in accordance
with NYSE Arca Rule 7.34-E (Early, Core, and Late Trading Sessions).
The Exchange has appropriate rules to facilitate transactions in the
Shares during all trading sessions. As provided in NYSE Arca Rule 7.6-
E, the minimum price variation (``MPV'') for quoting and entry of
orders in equity securities traded on the NYSE Arca Marketplace is
$0.01, with the exception of securities that are priced less than $1.00
for which the MPV for order entry is $0.0001.
    With the exception of the requirements of Commentary .01(b)(1)-(4))
(with respect to Short-Term Fixed Income Securities) and (e) (with
respect to OTC Derivatives) to Rule 8.600-E as described above in
``Application of Generic Listing Requirements,'' the Shares of the Fund
will conform to the initial and continued listing criteria under NYSE
Arca Rule 8.600-E. Consistent with NYSE Arca Rule 8.600-E(d)(2)(B)(ii),
the Adviser will implement and maintain, or be subject to, procedures
designed to prevent the use and dissemination of material non-public
information regarding the actual components of the Fund's portfolio.
The Exchange represents that, for initial and continued listing, the
Fund will be in compliance with Rule 10A-3 \35\ under the Act, as
provided by NYSE Arca Rule 5.3-E. A minimum of 100,000 Shares will be
outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the NAV per Share will be calculated daily and that the NAV and
the Disclosed Portfolio will be made available to all market
participants at the same time. The Fund's investments will be
consistent with its investment goal and will not be used to provide
multiple returns of a benchmark or to produce leveraged returns.
---------------------------------------------------------------------------

    \35\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Surveillance

    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by FINRA on behalf
of the Exchange, or by regulatory staff of the Exchange, which are
designed to detect violations of Exchange rules and applicable federal
securities laws. The Exchange represents that these procedures are
adequate to properly monitor Exchange trading of the Shares in all
trading sessions and to deter and detect violations of Exchange rules
and federal securities laws applicable to trading on the Exchange.\36\
---------------------------------------------------------------------------

    \36\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares, ETFs, ETNs,
futures, and certain listed options with other markets and other
entities that are members of the ISG, and the Exchange or FINRA, on
behalf of the Exchange, or both, may obtain trading information
regarding trading in such securities and financial instruments from
such markets and other entities.\37\ In addition, the Exchange may
obtain information regarding trading in such securities and

financial instruments from markets and other entities that are members
of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. In addition, FINRA, on behalf of the
Exchange, is able to access, as needed, trade information for certain
fixed income securities held by the Fund reported to FINRA's TRACE.
---------------------------------------------------------------------------

    \37\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio or reference assets, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability of Exchange listing rules specified in this rule filing
shall constitute continued listing requirements for listing the Shares
of the Fund on the Exchange.
    The issuer must notify 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
monitor for compliance with the continued listing requirements. If the
Fund is not in compliance with the applicable listing requirements, the
Exchange will commence delisting procedures under NYSE Arca Rule 5.5-E
(m).

Information Bulletin

    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders in an Information Bulletin (``Bulletin'')
of the special characteristics and risks associated with trading the
Shares. Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Rule 9.2-E(a), which imposes a duty of due diligence on its
Equity Trading Permit Holders to learn the essential facts relating to
every customer prior to trading the Shares; (3) the risks involved in
trading the Shares during the Early and Late Trading Sessions when an
updated PIV will not be calculated or publicly disseminated; (4) how
information regarding the PIV and the Disclosed Portfolio is
disseminated; (5) the requirement that Equity Trading Permit Holders
deliver a prospectus to investors purchasing newly issued Shares prior
to or concurrently with the confirmation of a transaction; and (6)
trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m., Eastern time each trading day.

III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2019-12, as Modified by Amendment No. 1, and Grounds for
Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \38\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change.
---------------------------------------------------------------------------

    \38\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\39\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposal'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.'' \40\
---------------------------------------------------------------------------

    \39\ Id.
    \40\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule
change, as modified by Amendment No. 1, is consistent with Section
6(b)(5) or any other provision of the Act, or the rules and regulations
thereunder. Although there do not appear to be any issues relevant to
approval or disapproval that would be facilitated by an oral
presentation of views, data, and arguments, the Commission will
consider, pursuant to Rule 19b-4 under the Act,\41\ any request for an
opportunity to make an oral presentation.\42\
---------------------------------------------------------------------------

    \41\ 17 CFR 240.19b-4.
    \42\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Acts Amendments of 1975, Senate Comm.
on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal, as modified by Amendment No.
1, should be approved or disapproved by July 15, 2019. Any person who
wishes to file a rebuttal to any other person's submission must file
that rebuttal by July 29, 2019. The Commission asks that commenters
address the sufficiency of the Exchange's statements in support of the
proposal, which are set forth in Amendment No. 1,\43\ in addition to
any other comments that they may wish to submit about the proposed rule
change.
---------------------------------------------------------------------------

    \43\ See supra note 5.
---------------------------------------------------------------------------

    In this regard, the Commission seeks comment on the Exchange's
statement that the Fund will not comply with the requirement in
Commentary .01(e) to NYSE Arca Rule 8.600-E that investments in OTC
Derivatives be limited to 20% of the assets of the Fund's portfolio;
instead, the Fund's investments in OTC Derivatives would be limited to
60% of the Fund's assets. Such OTC Derivatives may be forwards,
options, and swaps on commodities (which commodities are from the same
sectors as those included in the Reference Benchmark); currencies; U.S.
and non-U.S. equity securities; fixed income securities as defined in
Commentary .01(b) to Rule 8.600-E, but excluding Short-Term Fixed
Income Securities; interest rates, or a basket or index of any of the
foregoing. The Commission specifically seeks comment on whether the
Fund's proposed investments in OTC Derivatives are consistent with the
requirement 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.'' Has the Exchange provided
sufficient information relating to OTC Derivatives, including the
underlying reference assets of such OTC Derivatives, for the Commission
to determine that trading of the Fund's

Shares would be consistent with the Act?
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2019-12 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2019-12. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2019-12 and should be submitted
on or before July 15, 2019. Rebuttal comments should be submitted by
July 29, 2019.
---------------------------------------------------------------------------

    \44\ 17 CFR 200.30-3(a)(12); 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\44\
Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13307 Filed 6-21-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 202 (Monday, October 20, 2014)]
[Notices]
[Pages 62611-62612]
[FR Doc No: 2014-24882]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #2

    Take notice that the Commission received the following electric
corporate filings:
    Docket Numbers: EC15-6-000.
    Applicants: American Transmission Company LLC.
    Description: Application of ATC for Authority to Acquire
Transmission Facilities Under Section 203 of the FPA.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5094.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: EC15-7-000.
    Applicants: American Transmission Company LLC.
    Description: Application of ATCLLC for Authority to Acquire
Transmission Facilities Under Section 203 of the FPA.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5102.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: EC15-8-000.
    Applicants: American Transmission Company LLC.
    Description: Application of ATCLLC for Authority to Acquire
Transmission Facilities Under Section 203 of the FPA.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5103.
    Comments Due: 5 p.m. ET 10/30/14.

    Take notice that the Commission received the following electric
rate filings:
    Docket Numbers: ER14-2908-000.
    Applicants: Public Service Company of New Mexico.
    Description: Southern California Public Power Authority submits
Certificate of Concurrence to the Public Service Company of New Mexico
San Juan Generating Station Fuel and Capital Funding Agreement.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5171.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: ER15-52-001.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Tariff Amendment per 35.17(b): 2014-10-09 GVTC
Amendment to be effective 12/6/2014.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5205.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: ER15-64-000.
    Applicants: ISO New England Inc., New England Power Pool
Participants Committee.
    Description: Compliance filing per 35: Amendments Related to Order
No. 784 Compliance Order to be effective 12/9/2014.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5150.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: ER15-65-000.
    Applicants: Public Service Company of New Hampshire.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): 8 PSNH
Qualifying Facility Interconnection Agreements to be effective 12/8/
2014.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5164.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: ER15-66-000.
    Applicants: California Independent System Operator Corporation.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): 2014-
10-09_GMC to be effective 1/1/2015.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5200.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: ER15-67-000.
    Applicants: Ameren Illinois Company.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii): Letter
Agreement Between AIC and Prairie Power, Inc. to be effective 9/23/
2014.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5217.
    Comments Due: 5 p.m. ET 10/30/14.

    Docket Numbers: ER15-68-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) rate filing per 35.13(a)(2)(iii):
Revisions to OATT Att DD Section 5.14(h) re: New Entry costs for CC/CT
for MOPR to be effective 12/8/2014.
    Filed Date: 10/9/14.
    Accession Number: 20141009-5219.
    Comments Due: 5 p.m. ET 10/30/14.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: October 9, 2014.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2014-24882 Filed 10-17-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 126 (Thursday, June 30, 2011)]
[Proposed Rules]
[Pages 38340-38341]
[FR Doc No: 2011-16500]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2011-0463; FRL-9427-3]

Revisions to the California State Implementation Plan, San
Joaquin Valley Unified Air Pollution Control District (SJVUAPCD)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: EPA is proposing to approve revisions to the SJVUAPCD portion
of the California State Implementation Plan (SIP). These revisions
concern volatile organic compound (VOC) and particulate matter (PM)
emissions from commercial charbroiling. We are approving a local rule
that regulates these emission sources under the Clean Air Act as
amended in 1990 (CAA or the Act). We are taking comments on this
proposal and plan to follow with a final action.

DATES: Any comments must arrive by August 1, 2011.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2011-0463, by one of the following methods:
    1. Federal eRulemaking Portal: http:[sol][sol]www.regulations.gov.
Follow the on-line instructions.
    2. E-mail<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available online at
http:[sol][sol]www.regulations.gov, including any personal information
provided, unless the comment includes Confidential Business Information
(CBI) or other information whose disclosure is restricted by statute.
Information that you consider CBI or otherwise protected should be
clearly identified as such and should not be submitted through
http:[sol][sol]www.regulations.gov or e-mail.
http:[sol][sol]www.regulations.gov is an ``anonymous access'' system,
and EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send e-mail directly to
EPA, your e-mail address will be automatically captured and included as
part of the public comment. If EPA cannot read your comment due to
technical difficulties and cannot contact you for clarification, EPA
may not be able to consider your comment.
    Docket: Generally, documents in the docket for this action are
available electronically at http:[sol][sol]www.regulations.gov and in
hard copy at EPA Region IX, 75 Hawthorne Street, San Francisco,
California. While all documents in the docket are listed at
http:[sol][sol]www.regulations.gov, some information may be publicly
available only at the hard copy location (e.g., copyrighted material,
large maps), and some may not be publicly available in either location
(e.g., CBI). To inspect the hard copy materials, please schedule an
appointment during normal business hours with the contact listed in the
FOR FURTHER INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: David Grounds, EPA Region IX, (415)
972-3019<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to EPA.

Table of Contents

I. The State's Submittal
    A. What rule did the State submit?
    B. Are there other versions of this rule?
    C. What is the purpose of the submitted rule revision?
II. EPA's Evaluation
    A. How is EPA evaluating the rule?
    B. Does the rule meet the evaluation criteria?
    C. EPA Recommendations To Further Improve the Rule
III. Proposed Action
IV. Statutory and Executive Order Reviews

I. The State's Submittal

A. What rule did the State submit?

    Table 1 lists the rule addressed by this proposal with the date
that it was adopted by the local air agency and submitted by the
California Air Resources Board.

                                             Table 1--Submitted Rule
----------------------------------------------------------------------------------------------------------------
            Local agency                  Rule No.            Rule title            Adopted         Submitted
----------------------------------------------------------------------------------------------------------------
SJVUAPCD............................            4692   Commercial Charbroiling        09/17/09         05/17/10
----------------------------------------------------------------------------------------------------------------

    On June 8, 2010, EPA determined that the submittal for SJVUAPCD
Rule 4692 met the completeness criteria in 40 CFR Part 51, Appendix V,
which must be met before formal EPA review.

B. Are there other versions of this rule?

    We approved an earlier version of Rule 4692 into the SIP on June 3,
2003 (68 FR 33005).

C. What is the purpose of the submitted rule revision?

    VOCs help produce ground-level ozone and smog, which harm human
health and the environment. PM emissions also harm human health and the
environment by causing, among other things, premature mortality,
aggravation of respiratory and cardiovascular disease, visibility
impairment, and damage to vegetation and ecosystems. Section 110(a) of
the CAA requires States to submit regulations that control VOC and PM
emissions. SJVUAPCD Rule 4692, Commercial Charbroiling, is designed to
limit VOC and PM emissions from commercial charbroiling. EPA's
technical support document (TSD) has more information about this rule.

II. EPA's Evaluation and Action

A. How is EPA evaluating the rule?

    Generally, SIP rules must be enforceable (see section 110(a) of the
Act), must require Reasonably Available Control Technology (RACT) for
each category of sources covered by a Control Techniques Guidelines
(CTG) document as well as each major source in ozone nonattainment
areas classified as moderate or above (see sections 182(b)(2) and (f),
and must not relax existing requirements (see sections 110(l) and 193).
Section 172(c)(1) of the Act also requires implementation of all
reasonably available control measures (RACM) as expeditiously as
practicable in nonattainment areas. Because the San Joaquin Valley
(SJV) area is designated nonattainment for the fine particulate matter
(PM2.5) National Ambient Air Quality Standards (NAAQS) and
designated and classified as extreme nonattainment for the ozone NAAQS
(see 40 CFR 81.305), the RACM requirement in CAA section 172(c)(1)
applies to this area. The specific ozone RACT requirement in CAA
section 182(b)(2), however, does not apply to Rule 4692 because there
are no CTG documents for this source category and no major sources of
ozone precursors subject to this rule in the SJV area.
    Guidance and policy documents that we use to evaluate
enforceability and RACM requirements include the following:
    1. ``Issues Relating to VOC Regulation Cutpoints, Deficiencies, and
Deviations; Clarification to Appendix D of November 24, 1987 Federal
Register Notice,'' (Blue Book), notice of availability published in the
May 25, 1988 Federal Register.
    2. ``Guidance Document for Correcting Common VOC & Other Rule
Deficiencies,'' EPA Region 9, August 21, 2001 (the Little Bluebook).
    3. ``State Implementation Plans; General Preamble for the
Implementation of Title I of the Clean Air Act Amendments of 1990,'' 57
FR 13498 (April 16, 1992); 57 FR 18070 (April 28, 1992).
    4. Preamble, ``Clean Air Fine Particle Implementation Rule for the
1997 PM2.5 NAAQS,'' 72 FR 20586 (April 25, 2007).

B. Does the rule meet the evaluation criteria?

    We believe this rule is consistent with the applicable CAA
requirements and guidance regarding enforceability, RACM, and SIP
revisions. The TSD has more information on our evaluation.

C. EPA Recommendations to Further Improve the Rule

    The TSD describes additional rule revisions that we recommend for
the next time the local agency modifies the rule.

III. Proposed Action

    Under section 110(k)(3) of the Act, we are proposing to fully
approve Rule 4692 based on our conclusion that it satisfies all
applicable CAA requirements. We will accept comments from the public on
this proposal for the next 30 days. Unless we receive convincing new
information during the comment period, we intend to publish a final
approval action that will incorporate this rule into the federally
enforceable SIP.

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve State
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely proposes to approve State law as
meeting Federal requirements and does not impose additional
requirements beyond those imposed by State law. For that reason, this
proposed action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address disproportionate human health or environmental effects with
practical, appropriate, and legally permissible methods under Executive
Order 12898 (59 FR 7629, February 16, 1994).

In addition, this proposed rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the State, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Intergovernmental
relations, Particulate matter, Reporting and recordkeeping
requirements, Volatile organic compounds.

    Authority:  42 U.S.C. 7401 et seq.

    Dated: June 9, 2011.
Jared Blumenfeld,
Regional Administrator, Region IX.
[FR Doc. 2011-16500 Filed 6-29-11; 8:45 am]
BILLING CODE 6560-50-P


Comment Info: =================

General Comment:Dear Mr. Zeller:

I am writing as an individual consumer to request an extension of the comment period for the Food and Drug Administration's ("FDA") Proposed Rule Deeming Tobacco Products to be Subject to the Federal Food, Drug, and Cosmetic Act, as amended by the Family Smoking and Prevention and Tobacco Control Act (the "Proposed Rule") published at 79 Fed. Reg. 23,142 and Federal Register No. 2014-09491. On behalf of myself, I am requesting that the comment period for the Proposed Rule be extended by the FDA for an additional 105 days, from its current 75-day period, to 180 days.

The Proposed Rule raises a number of significant issues and questions that are important and relevant to me, as a consumer of products that are proposed for regulation under the Proposed Rule, and need an appropriate amount of time to structure germane questions/comments/responses.

I feel very strongly about e-cigarettes as an alternative to combustible cigarettes. Quite simply, I firmly believe that they saved my life. I wish to provide you with my personal story.  I was a smoker for over 42 years, having tried every available product to quit, with no success. Within one week of using an electronic cigarette, I quit a habit that was undoubtedly going to kill me. I have been a non-smoker for over 2 1/2 years, solely due to this miraculous invention. My husband also quit a 40 year habit, and has been smoke free for over a year and a half.

I appreciate your consideration of my request and am happy to discuss this issue with you further.


[Federal Register Volume 77, Number 115 (Thursday, June 14, 2012)]
[Notices]
[Pages 35745-35747]
[FR Doc No: 2012-14582]

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

DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[Docket No. NHTSA-2012-0062]

Highway Safety Programs; Conforming Products List of Screening
Devices To Measure Alcohol in Bodily Fluids

AGENCY: National Highway Traffic Safety Administration, Department of
Transportation.

ACTION: Notice.

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

SUMMARY: This notice updates the Conforming Products List (CPL)
published in the Federal Register on December 15, 2009 (74 FR 66398)
for instruments that conform to the Model Specifications for Screening
Devices to Measure Alcohol in Bodily Fluids dated, March 31, 2008 (73
FR 16956).

DATES: Effective Date: June 14, 2012.

FOR FURTHER INFORMATION CONTACT: For technical issues: Ms. De Carlo
Ciccel, Behavioral Research Division, NTI-131, National Highway Traffic
Safety Administration, 1200 New Jersey Avenue SE., Washington, DC
20590; Telephone:<PHONE_NUMBER>. For legal issues: Ms. Jin Kim, Office
of Chief Counsel, NCC-113, National Highway Traffic Safety
Administration, 1200 New Jersey Avenue SE., Washington, DC 20590;
Telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: On August 2, 1994, the National Highway
Traffic Safety Administration (NHTSA) published Model Specifications
for Screening Devices to Measure Alcohol in Bodily Fluids (59 FR
39382). These specifications established performance criteria and
methods for testing alcohol screening devices to measure alcohol
content. The specifications support State laws that target youthful
offenders (e.g., ``zero tolerance'' laws) and the Department of
Transportation's workplace alcohol testing program. NHTSA published its
first Conforming Products List (CPL) for screening devices on December
2, 1994 (59 FR 61923), with corrections on December 16, 1994 (59 FR
65128), identifying the devices that meet NHTSA's Model Specifications
for Screening Devices to

Measure Alcohol in Bodily Fluids. Five devices appeared on that first
list. Thereafter, NHTSA updated the CPL on August 15, 1995 (60 FR
42214), May 4, 2001 (66 FR 22639), September 19, 2005 (70 FR 54972),
with corrections on December 5, 2005 (70 FR 72502), and January 31,
2007 (72 FR 4559).
    On March 31, 2008, NHTSA published revised Model Specifications for
Screening Devices to Measure Alcohol in Bodily Fluids (73 FR 16956).
These specifications removed testing of interpretive screening devices
(ISDs) because ISDs did not provide an unambiguous test result. These
specifications also removed from use the Breath Alcohol Sample
Simulator as it is not necessary for testing breath alcohol screening
devices. All other performance criteria and test methods were
maintained. NHTSA last published an update to the CPL on December 15,
2009 (74 FR 66398). It listed 39 devices.
    Today, NHTSA adds nine (9) additional alcohol screening devices
that have been evaluated and found to conform to the Model
Specifications for Screening Devices to Measure Alcohol in Bodily
Fluids. One device is distributed by two different companies, so it has
been listed twice, for a total of ten (10) new entries on this CPL.
    (1) AK Solutions USA, LLC, submitted the AlcoMate SafeGuard (Model
AL-2500, aka: AlcoScan AL-2500) alcohol screening device. This is a
handheld, battery powered device with a semiconductor sensor.
    (2) Alcohol Countermeasure Systems Corp., submitted the DRIVESAFE
alcohol screening device. This is a handheld, battery powered device
with a fuel cell sensor.
    (3) KHN Solutions, LLC, submitted 2 screening devices for testing.
Their trade names are: BACTRACK Element and the BACTRACK S75 Pro. Both
devices are handheld, battery powered with fuel cell sensors.
    (4) PAS Systems International, Inc. submitted the Alcovisor MARS
screening device. This is a handheld, battery powered device with a
fuel cell sensor.
    (5) Q3 Innovations, Inc. submitted the CA2010 screening device.
This is a handheld, battery powered device with a semiconductor sensor.
    (6) Skyfine Inc. Ltd. submitted 3 devices (AT577, AT578, and
AT579). All three devices are handheld, battery powered, and use fuel
cell sensors. The AT578 is also distributed by Express Diagnostics
Int'l, Blue Earth, Minnesota under the trade name of AlcoCheck FC90, so
it has been listed twice on the CPL, once under each of its
distributors/manufacturers.
    All of the above devices meet the NHTSA Model Specifications for
Screening Devices to Measure Alcohol in Bodily Fluids.
    Consistent with the above, NHTSA updates the Conforming Products
List of Screening Devices to Measure Alcohol in Bodily Fluids to read
as follows:

          Conforming Products List of Alcohol Screening Devices
------------------------------------------------------------------------
       Distributors/manufacturers                    Devices
------------------------------------------------------------------------
AK Solutions, USA, LLC., Palisades        AlcoScan AL-2500.
 Park, New Jersey \1\.
                                          SafeMate.\2\
                                          SafeDrive.
                                          AlcoMate.\3\ (aka:
                                          AlcoHAWK Pro by Q3
                                          Innovations).
                                          AlcoMate Accu Cell AL-
                                          9000.
                                          AlcoMate Pro.\3\
                                          AlcoMate Core.\4\
                                          AlcoMate Premium AL-
                                          7000, with replaceable Premium
                                          Sensor Modules (SM-7000).4 5
                                          AlcoMate Prestige AL-
                                          6000, with replaceable
                                          Prestige Sensor Modules (SM-
                                          6000).4 6
                                          AlcoMate SafeGuard
                                          (Model AL-2500, aka: AlcoScan
                                          AL-2500).
Alco Check International, Hudsonville,   Alco Check 3000 D.O.T.\7\
 Michigan.
                                         Alco Check 9000.\7\
Akers Biosciences, Inc., Thorofare, New  Breath Alcohol [check] .02
 Jersey.                                  Detection System.\8\
Alcohol Countermeasure Systems Corp.,    DRIVESAFE.
 Toronto, Ontario, Canada.
BAC Solutions, Inc., Birmingham,         BACmaster.
 Michigan.
B.E.S.T. Labs., Boardman, Ohio.........  PB 9000e.
Chematics, Inc., North Webster, Indiana  ALCO-SCREEN 02 TM\9\.
CMI, Inc., Owensboro, Kentucky.........  Intoxilyzer 500 (aka: Alcometer
                                          500--Lion Laboratories).
Express Diagnostics Int'l, Inc., Blue    AlcoCheck FC90 (aka: AT578 by
 Earth, Minnesota.                        Skyfine).
First Innovative Technology Group,       AAT198--Pro.
 Ltd., Hong Kong.
Guth Laboratories, Inc., Harrisburg,      Alco Tector Mark X.
 Pennsylvania.
                                          Mark X Alcohol
                                          Checker.
                                          Alcotector WAT89EC-1.
                                          Alcotector WAT90.
Han International Co., Ltd.,\2\ Seoul,   A.B.I. (Alcohol Breath
 Korea.                                   Indicator) (aka: AlcoHAWK ABI
                                          by Q3 Innovations).
KHN Solutions, LLC, San Francisco,        BACTRACK Select
 California.                              S50.\10\
                                          BACTRACK Select
                                          S80.\10\
                                          BACTRACK Element.
                                          BACTRACK S 75 Pro.
Lion Laboratories, Ltd., Wales, United   Alcometer 500 (aka: Intoxilyzer
 Kingdom.                                 500--CMI, Inc.).
OraSure Technologies, Inc., Bethlehem,   Q.E.D. A150 Saliva Alcohol
 Pennsylvania.                            Test.
PAS Systems International, Inc.,          PAS Vr.
 Fredericksburg, Virginia.
                                          Alcovisor MARS.
Q3 Innovations, Inc., Independence,       AlcoHAWK Precision.
 Iowa.
                                          AlcoHAWK Slim.
                                          AlcoHAWK Slim 2.
                                          AlcoHAWK Elite.
                                          AlcoHAWK ABI (aka:
                                          A.B.I. (Alcohol Breath
                                          Indicator) by Han Intl.).
                                          AlcoHAWK Micro.
                                          AlcoHAWK PRO (aka:
                                          AlcoMate by AK Solutions).

                                          AlcoHAWK PT 500.
                                          CA2010.
Repco Marketing, Inc., Raleigh, North    Alco Tec III.
 Carolina.
Seju Engineering Co., Taejeon, Korea...  Safe-Slim.
Skyfine Inc., Ltd., Kwai Chung, NT,       AT577.
 Hong Kong.
                                          AT578 (aka: AlcoCheck
                                          FC90).
                                          AT579.
Sound Off, Inc., Hudsonville, Michigan.  Digitox D.O.T.\7\
Varian, Inc., Lake Forest, California..  On-Site Alcohol.\10\
------------------------------------------------------------------------
\1\ The AlcoMate was manufactured by Han International of Seoul, Korea,
  but marketed and sold in the U.S. by AK Solutions.
\2\ Manufactured by Seju Engineering, Korea.
\3\ Han International does not market or sell devices directly in the
  U.S. market. Other devices manufactured by Han International are
  listed under AK Solutions, Inc. and Q3 Innovations, Inc.
\4\ Manufactured by Sentech Korea Corp.
\5\ These devices utilize replaceable semiconductor detectors. Instead
  of re-calibrating the device, a new calibrated detector can be
  installed. The device comes with 4 detectors including the one that
  was already installed.
\6\ These devices utilize replaceable semiconductor detectors. Instead
  of re-calibrating the device, a new calibrated detector can be
  installed. This device comes with 5 detectors including the one that
  was already installed.
\7\ While these devices are still being sold, they are no longer
  manufactured or supported.
\8\ The Breath Alcohol [check] .02 Detection System consists of a single-
  use disposable breath tube used in conjunction with an electronic
  analyzer that determines the test result. The electronic analyzer and
  the disposable breath tubes are lot specific and manufactured to
  remain calibrated throughout the shelf-life of the device. This
  screening device cannot be used after the expiration date.
\9\ While the ALCO-SCREEN 02TM saliva-alcohol screening device
  manufactured by Chematics, Inc. passed the requirements of the Model
  Specifications when tested at 40 [deg]C (104 [deg]F), the manufacturer
  has indicated that the device cannot exceed storage temperatures of 27
  [deg]C (80 [deg]F). Instructions to this effect are stated on all
  packaging accompanying the device. Accordingly, the device should not
  be stored at temperatures above 27 [deg]C (80 [deg]F). If the device
  is stored at or below 27 [deg]C (80 [deg]F) and used at higher
  temperatures (i.e., within a minute), the device meets the Model
  Specifications and the results persist for 10-15 minutes. If the
  device is stored at or below 27 [deg]C (80[emsp14] [deg]F) and
  equilibrated at 40 [deg]C (104 [deg]F) for an hour prior to sample
  application, the device fails to meet the Model Specifications.
  Storage at temperatures above 27 [deg]C (80 [deg]F), for even brief
  periods of time, may result in false negative readings.
\10\ While this device passed all of the requirements of the Model
  Specifications, readings should be taken only after the time specified
  by the manufacturer. For valid readings, the user should follow the
  manufacturer's instructions. Readings should be taken one (1) minute
  after a sample is introduced at or above 30 [deg]C (86 [deg]F);
  readings should be taken after two (2) minutes at 18 [deg]C-29 [deg]C
  (64.4 [deg]F-84.2 [deg]F); and readings should be taken after five (5)
  minutes when testing at temperatures at or below 17 [deg]C (62.6
  [deg]F). If the reading is taken before five (5) minutes has elapsed
  under the cold conditions, the user is likely to obtain a reading that
  underestimates the actual saliva-alcohol level.

    Authority:  23 U.S.C. 403; 49 CFR 1.50; 49 CFR part 501.

    Issued on: June 11, 2012.
Jeff Michael,
Associate Administrator, Research and Program Development, National
Highway Traffic Safety Administration.
[FR Doc. 2012-14582 Filed 6-13-12; 8:45 am]
BILLING CODE 4910-59-P