[Federal Register Volume 85, Number 34 (Thursday, February 20, 2020)]
[Notices]
[Pages 9892-9900]
[FR Doc No: 2020-03319]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88204; File No. SR-NYSEArca-2019-81]

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 Establish Generic Listing Standards for Derivative
Securities Products That Are Permitted To Operate in Reliance on Rule
6c-11 Under the Investment Company Act of 1940

February 13, 2020.
    On November 1, 2019, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') 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, among other things, establish generic listing
standards for Exchange-Traded Fund Shares that are permitted to operate
in reliance on Rule 6c-11 under the Investment Company Act of 1940. The
proposed rule change was published for comment in the Federal Register
on November 20, 2019.\3\
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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. 87542 (Nov. 14,
2019), 84 FR 64170.
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    On December 17, 2019, pursuant to Section 19(b)(2) of the Act,\4\
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 disapprove the proposed rule
change.\5\ On February 12, 2020, the Exchange filed Amendment No. 1 to
the proposed rule change, which amended and replaced the proposed rule
change in its entirety.\6\ The Commission has received no comment
letters on the proposed rule change.
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 87775, 84 FR 70590
(Dec. 23, 2019). The Commission designated February 18, 2020 as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ Amendment No. 1 to the proposed rule change is available at:
https://www.sec.gov/comments/sr-nysearca-2019-81/srnysearca201981-6804771-208467.pdf.
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    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 pursuant to
Section 19(b)(2)(B) of the Act \7\ to determine whether to approve or
disapprove the proposed rule change, as modified by Amendment No. 1.
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    \7\ 15 U.S.C. 78s(b)(2)(B).
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I. Exchange's Description of the Proposal, as Modified by Amendment No.
1

    The Exchange proposes new Rule 5.2-E(j)(8) to establish generic
listing standards for Derivative Securities Products that are permitted
to operate in reliance on Rule 6c-11 under the Investment Company Act
of 1940. In addition, the Exchange proposes to discontinue the
quarterly reports currently required with respect to Managed Fund
Shares listed on the Exchange pursuant to Commentary .01 to NYSE Arca
Rule 8.600-E. This Amendment No. 1 to SR-NYSEArca-2019-81 replaces SR-
NYSEArca-2019-81 as originally filed and supersedes such filing in its
entirety. The proposed change is available on the Exchange's website at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes new Rule 5.2-E(j)(8) to establish ``generic''
listing standards for Exchange-Traded Fund Shares, which are Derivative
Securities Products \8\ that are permitted to operate in reliance on
Rule 6c-11 (``Rule 6c-11'') under the Investment Company Act of 1940
(``1940 Act'').\9\ In addition, the Exchange proposes to discontinue
the quarterly reports currently required with respect to Managed Fund
Shares listed on the Exchange pursuant to Rule Commentary .01 to Rule
8.600-E.
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    \8\ The term ``Derivative Securities Product'' is defined in
Rule 1.1(k) to mean a security that meets the definition of
``derivative securities product'' in Rule 19b-4(e) under the
Exchange Act. 17 CFR 240.19b-4(e). As provided under Rule 19b-4(e),
the term ``new derivative securities product'' means any type of
option, warrant, hybrid securities product or any other security,
other than a single equity option or a security futures product,
whose value is based, in whole or in part, upon the performance of,
or interest in, an underlying instrument. The term ``Exchange Act''
is defined in Rule 1.1(q) to mean the Securities Exchange Act of
1934, as amended.
    \9\ 15 U.S.C. 80a-1.
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    The Exchange currently lists and trades shares of exchange-traded
funds (``ETFs'') under the generic listing criteria of NYSE Arca Rule
5.2(j)(3) for Investment Company Units or Commentary .01 to NYSE Arca
Rule 8.600-E for Managed Fund Shares, or pursuant to a Securities and
Exchange Commission (``Commission'') approval order or notice of
effectiveness under Section 19(b)(2) or Section 19(b)(3)(A),
respectively, of the Act. Issuers of Investment Company Units and
Managed Fund Shares have heretofore been required to submit an
application for exemptive relief from certain provisions under the 1940
Act and to receive such relief pursuant to an exemptive order by the
Commission. The Commission recently adopted Rule 6c-11 to permit ETFs
that satisfy certain conditions to operate without obtaining an
exemptive order from the Commission under the 1940 Act.\10\ The
regulatory framework provided in Rule

6c-11, therefore, will streamline current procedures and reduce the
costs and time frames associated with bringing ETFs to market, thereby
enhancing competition among ETF issuers and reducing costs for
investors.\11\
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    \10\ See Release Nos. 33-10695; IC-33646; File No. S7-15-18
(Exchange-Traded Funds) (September 25, 2019), 84 FR 57162 (October
24, 2019) (the ``Rule 6c-11 Release'').
    \11\ In approving the rule, the Commission stated that the
``rule will modernize the regulatory framework for ETFs to reflect
our more than two decades of experience with these investment
products. The rule is designed to further important Commission
objectives, including establishing a consistent, transparent, and
efficient regulatory framework for ETFs and facilitating greater
competition and innovation among ETFs.'' Rule 6c-11 Release, at
57163. The Commission also stated the following regarding the rule's
impact: ``We believe rule 6c-11 will establish a regulatory
framework that: (1) Reduces the expense and delay currently
associated with forming and operating certain ETFs unable to rely on
existing orders; and (2) creates a level playing field for ETFs that
can rely on the rule. As such, the rule will enable increased
product competition among certain ETF providers, which can lead to
lower fees for investors, encourage financial innovation, and
increase investor choice in the ETF market.'' Rule 6c-11 Release, at
57204.
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    Rule 19b-4(e)(1) provides that the listing and trading of a new
derivative securities product by a self-regulatory organization
(``SRO'') is not deemed a proposed rule change, pursuant to paragraph
(c)(1) of Rule 19b-4,\12\ if the Commission has approved, pursuant to
Section 19(b) of the Act, the SRO's trading rules, procedures and
listing standards for the product class that would include the new
derivative securities product and the SRO has a surveillance program
for the product class.\13\ As contemplated by this Rule, the Exchange
proposes new Rule 5.2-E(j)(8) to establish generic listing standards
for ETFs that are permitted to operate in reliance on Rule 6c-11. An
ETF listed under proposed Rule 5.2-E(j)(8) would therefore not need a
separate proposed rule change pursuant to Rule 19b-4 before it can be
listed and traded on the Exchange.
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    \12\ 17 CFR 240.19b-4(c)(1). As provided under SEC Rule 19b-
4(c)(1), a stated policy, practice, or interpretation of the SRO
shall be deemed to be a proposed rule change unless it is reasonably
and fairly implied by an existing rule of the SRO.
    \13\ Currently, ``passive'' ETFs (Investment Company Units)
based on an underlying index as well as actively-managed ETFs
(Managed Fund Shares) are listed on the Exchange pursuant to NYSE
Arca Rules 5.2-E(j)(3) and 8.600-E, respectively, and such
securities are eligible for Exchange listing pursuant to Rule 19b-
4(e) if they satisfy the ``generic'' listing criteria specified in
those Exchange rules. The Exchange may file with the Commission a
proposed rule change pursuant to Rule 19(b) of the Act to permit
listing of Investment Company Units and Managed Fund Shares that do
not meet the applicable generic listing criteria. Such securities
may be listed and traded on the Exchange following Commission
approval or notice of effectiveness of the applicable proposed rule
change.
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    The Exchange believes that the proposed generic listing rules for
Exchange-Traded Fund Shares, described below, would facilitate
efficient procedures for ETFs that are permitted to operate in reliance
on Rule 6c-11. The Exchange further believes that the proposed rule is
fully consistent with, and will further, the Commission's goals in
adopting Rule 6c-11. As with Investment Company Units and Managed Fund
Shares listed under the generic listing standards in NYSE Arca Rules
5.2-E(j)(3) and 8.600-E, respectively, series of Exchange-Traded Fund
Shares that are permitted to operate in reliance on Rule 6c-11 would be
permitted to be listed and traded on the Exchange without a prior
Commission approval order or notice of effectiveness pursuant to
Section 19(b) of the Act. This will significantly reduce the time frame
and costs associated with bringing these securities to market, thereby
promoting market competition among issuers of Exchange-Traded Fund
Shares, to the benefit of the investing public.
Proposed Rule 5.2-E(j)(8)--Exchange-Traded Fund Shares
    The Exchange is proposing standards that would pertain to Exchange-
Traded Fund Shares to qualify for listing and trading pursuant to Rule
19b-4(e), as follows.\14\
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    \14\ Rule 6c-11 became effective on December 23, 2019. Subject
to approval of this proposed rule change, Exchange-Traded Fund
Shares that are permitted to operate in reliance on Rule 6c-11 would
be eligible for listing and trading on the Exchange under proposed
Rule 5.2-E(j)(8) after that date.
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    Proposed Rule 5.2-E(j)(8)(a) would provide that the Exchange would
consider for trading, whether by listing or pursuant to unlisted
trading privileges (``UTP''), Exchange-Traded Fund Shares that meet the
criteria of proposed Rule 5.2-E(j)(8).
    Proposed Rule 5.2-E(j)(8)(b) would specify applicability of
proposed Rule 5.2-E(j)(8) and would provide that it is applicable only
to Exchange-Traded Fund Shares. Proposed Rule 5.2-E(j)(8) (b)would
further provide that, except to the extent inconsistent with proposed
Rule 5.2-E(j)(8), or unless the context otherwise requires, Exchange
rules would be applicable to the trading on the Exchange of such
securities and that Exchange-Traded Fund Shares would be included
within the definition of NMS Stock as defined in Rule 1.1.
    Proposed Rule 5.2-E(j)(8)(c) would set forth the definitions that
would be used for purposes of the proposed rule as follows:
    --Proposed Rule 5.2-E(j)(8)(c)(1) would define the term ``1940
Act'' to mean the Investment Company Act of 1940, as amended.
    --Proposed Rule 5.2-E(j)(8)(c)(2) would define the term ``Exchange-
Traded Fund'' as having the same meaning as the term ``exchange-traded
fund'' as defined in Rule 6c-11(a)(1) under the 1940 Act.\15\
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    \15\ Rule 6c-11(a)(1) defines ``exchange-traded fund'' as a
registered open-end management company: (i) That issues (and
redeems) creation units to (and from) authorized participants in
exchange for a basket and a cash balancing amount if any; and (ii)
Whose shares are listed on a national securities exchange and traded
at market-determined prices. The terms ``authorized participant,''
``basket'' and ``creation unit'' are defined in Rule 6c-11(a).
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    --Proposed Rule 5.2-E(j)(8)(c)(3) would define the term ``Exchange-
Traded Fund Share'' to mean a share of stock issued by an Exchange-
Traded Fund.\16\
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    \16\ The definition of Exchange-Traded Fund Shares is the same
as the definition of ``exchange-traded fund shares'' in Rule 6c-
11(a) under the 1940 Act.
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    Proposed Rule 5.2-E(j)(8)(c)(4) would define the term ``Reporting
Authority'' to mean, in respect of a particular series of Exchange-
Traded Fund Shares, the Exchange, an institution, or a reporting
service designated by the Exchange or by the exchange that lists a
particular series of Exchange-Traded Fund Shares (if the Exchange is
trading such series pursuant to unlisted trading privileges) as the
official source for calculating and reporting information relating to
such series, including, but not limited to, any current index or
portfolio value, the current value of the portfolio of any securities
required to be deposited in connection with issuance of Exchange Traded
Fund Shares, the amount of any dividend equivalent payment or cash
distribution to holders of Exchange-Traded Fund Shares, net asset
value, or other information relating to the issuance, redemption or
trading of Exchange-Traded Fund Shares. A series of Exchange-Traded
Fund Shares may have more than one Reporting Authority, each having
different functions.\17\
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    \17\ Proposed Rule 5.2-E(j)(8)(c)(4) is based, for example, on
Rules 8.100-E(a)(2) for Portfolio Depositary Receipts); 8.600-
E(c)(4) (for Managed Fund Shares) and 8.700-E(c)(4) (for Managed
Trust Securities).
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    Proposed Rule 5.2-E(j)(8)(d) would specify the limitations on
Exchange liability and relates to limitation of the Exchange, the
Reporting Authority, or any agent of the Exchange as a result of
specified events and conditions. Specifying such limitations of
liability is standard in the Exchange's rules governing the listing of
Derivative Securities Products and the proposed rule text is based on
Rules 5.2-E(j)(3)(D), 8.100-E(f), 8.201-E(f), 8.200-E(f), 8.202-E(f),
8.203-E(f), 8.204-E(g),

8.300-E(f), 8.400-E(f), 8.500-E(e), 8.600-E(e), and 8.700-E(g).
    Proposed Rule 5.2-E(j)(8)(e) would provide that Exchange may
approve Exchange-Traded Fund Shares for listing and/or trading
(including pursuant to UTP) pursuant to Rule 19b-4(e) under the
Exchange Act provided that each series of Exchange-Traded Fund Shares
must be eligible to operate in reliance on Rule 6c-11 under the 1940
Act and, except for subparagraph (1)(A) of Rule 5.2(j)(8)(e) (as
described below), must satisfy the requirements of proposed Rule 5.2-
E(j)(8) upon initial listing and on a continuing basis. As further
proposed, an issuer of such securities must notify the Exchange of any
failure to comply with such requirements.
    Proposed Rule 5.2-E(j)(8)(e)(1) sets forth the initial and
continued listing standards for Exchange-Traded Fund Shares to be
listed on the Exchange and would provide that Exchange-Traded Fund
Shares will be listed and traded on the Exchange subject to the
requirement that the investment company issuing a series of Exchange-
Traded Fund Shares is eligible to operate in reliance on the
requirements of Rule 6c-11(c) on an initial and continued listing
basis.
    Proposed Rule 5.2-E(j)(8)(e)(1)(A) provides that, for each series
of Exchange-Traded Fund Shares, the Exchange will establish a minimum
number of Exchange-Traded Fund Shares required to be outstanding at the
time of commencement of trading on the Exchange.
    Proposed Rule 5.2-E(j)(8)(e)(2) would set forth the standards for
suspension of trading or removal of Exchange-Traded Fund Shares from
listing on the Exchange and would provide that the Exchange will
consider the suspension of trading in, and will commence delisting
proceedings under Rule 5.5-E(m) of, a series of Exchange-Traded Fund
Shares under any of the following circumstances:
    (i) If the investment company notifies the Exchange or if the
Exchange otherwise becomes aware that it is no longer eligible to
operate in reliance on Rule 6c-11 or that it does not comply with the
requirements set forth in Rule 5.2-E(j)(8) (see proposed Rule 5.2-
E(j)(8)(e)(2)(A));
    (ii) if, following the initial twelve-month period after
commencement of trading on the Exchange of a series of Exchange-Traded
Fund Shares, there are fewer than 50 beneficial holders of such series
of Exchange-Traded Fund Shares (see proposed Rule 5.2-
E(j)(8)(e)(2)(B)); or
    (iii) if such other event shall occur or condition exists which, in
the opinion of the Exchange, makes further dealings on the Exchange
inadvisable (see proposed Rule 5.2-E(j)(8)(e)(2)(C)). This proposed
rule text is based, for example, on Rules 5.2-E(j)(6)(B)(2)(c)(3)(for
Index-Linked Securities); 8.600-E(d)(2)(C)(vi)(for Managed Fund
Shares); and 8.700-E(d)(2)(c)(vi)(for Managed Trust Securities).
    Proposed Rule 5.2-E(j)(8)(f) would provide that transactions in
Exchange-Traded Fund Shares would occur during the trading hours
specified in Rule 7.34-E(a). As with other Derivative Securities
Products listed on the Exchange, Exchange-Traded Fund Shares would
trade during the Early, Core, and Late Trading Sessions, as defined in
Rule 7.34-E(a). ETP Holders accepting orders in Exchange-Traded Fund
Shares in the Early or Late Trading Session would be subject to the
customer disclosure requirements specified in Rule 7.34-E(d).
    Proposed Rule 5.2-E(j)(8)(g) would provide that the Exchange would
implement written surveillance procedures for Exchange-Traded Fund
Shares. This proposed rule is based, for example, on Commentary .01(f)
to Rule 5.2-E(j)(3) (for Investment Company Units); Commentary .03 to
Rule 8.600-E (for Managed Fund Shares); and Commentary .04 to Rule
8.700-E (for Managed Trust Securities).
    Proposed Rule 5.2-E(j)(8)(h) would provide that, upon termination
of an investment company issuing Exchange-Traded Fund Shares, the
Exchange requires that Exchange-Traded Fund Shares issued in connection
with such entity be removed from Exchange listing.
    Proposed Rule 5.2-E(j)(8)(i) would provide that the Exchange may
consider all relevant factors in exercising its discretion to halt or
suspend trading in a series of Exchange-Traded Fund Shares. Trading may
be halted because of market conditions or for reasons that, in the view
of the Exchange, make trading in the Shares inadvisable. These may
include: (1) The extent to which certain information about the
Exchange-Traded Fund Shares that is required to be disclosed under Rule
6c-11(c) of the 1940 Act is not being made available; or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present.\18\
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    \18\ The Exchange will propose applicable NYSE Arca listing fees
for Exchange-Traded Fund Shares in the NYSE Arca Equities Schedule
of Fees and Charges in a separate proposed rule change.
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    Proposed Commentary .01 to Rule 5.2-E(j)(8) would provide that a
security that has previously been approved for listing on the Exchange
pursuant to the generic listing requirements specified in Rule 5.2-
E(j)(3) or Commentary .01 to Rule 8.600-E, or pursuant to a proposed
rule change approved or subject to a notice of effectiveness by the
Commission, may be considered approved for listing solely under Rule
5.2-E(j)(8) if such security is eligible to operate in reliance on Rule
6c-11 under the 1940 Act. Once so approved for listing, the continued
listing requirements applicable to such previously-listed security will
be those specified in paragraph (e) of Rule 5.2-E(j)(8). Any
requirements for listing as specified in Rule 5.2-E(j)(3) or Commentary
.01 to Rule 8.600-E, or an approval order or notice of effectiveness of
a separate proposed rule change that differ from the requirements of
Rule 5.2-E(j)(8) will no longer be applicable to such security.
    The Exchange believes that proposed Commentary .01 harmonizes the
Exchange's listing standards for all Exchange-Traded Funds that will be
listed on the Exchange, even if they were previously listed pursuant to
different continued listing requirements. Specifically, as noted in the
Rule 6c-11 Release, one year following the effective date of Rule 6c-
11, the Commission will be rescinding those portions of its prior ETF
exemptive orders under the 1940 Act that grant relief related to the
formation and operation of certain ETFs. The Exchange believes that
once this occurs, all Exchange-Traded Funds will be subject to the same
requirements under Rule 6c-11 and will no longer be subject to any
differing requirements that may have been set forth in the exemptive
orders issued before the effective date of Rule 6c-11. The Exchange
therefore believes that any such Exchange-Traded Funds that were
previously-listed on the Exchange under a different standard should be
deemed approved for listing on the Exchange under proposed Rule 5.2-
E(j)(8). To maintain consistent standards for all Exchange-Traded Fund
Shares on the Exchange, the Exchange further believes that such
previously-listed products should no longer be required to comply with
the previously-applicable continued listing requirements for such
Exchange-Traded Funds.
    Proposed Commentary .02 to Rule 5.2-E(j)(8) would provide that the
following requirements shall be met by series of Exchange-Traded Fund
Shares on an initial and continued listing basis. With respect to
series of Exchange-Traded Fund Shares that are based on an index: (1)
If the underlying index is maintained by a broker-dealer or fund

adviser, the broker-dealer or fund adviser will erect and maintain a
``fire wall'' around the personnel who have access to information
concerning changes and adjustments to the index and the index will be
calculated by a third party who is not a broker-dealer or fund adviser.
(2) Any advisory committee, supervisory board, or similar entity that
advises a Reporting Authority or that makes decisions on the index
composition, methodology and related matters, must implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the
applicable index. See proposed Commentary .02 (a) to Rule 5.2-E(j)(8)).
    In addition, with respect to series of Exchange-Traded Fund Shares
that are actively managed, if the investment adviser to the investment
company issuing Exchange-Traded Fund Shares is affiliated with a
broker-dealer, such investment adviser will 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 Exchange-Traded Fund's portfolio. Personnel who make
decisions on the Exchange-Traded Fund's portfolio composition must be
subject to procedures designed to prevent the use and dissemination of
material nonpublic information regarding the applicable Exchange-Traded
Fund portfolio. The Reporting Authority that provides information
relating to the portfolio of a series of Exchange-Traded Fund Shares
must 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 such portfolio. (See proposed
Commentary .02(b) to Rule 5.2-E(j)(8)).
    The Exchange also proposes non-substantive amendments to include
Exchange-Traded Fund Shares in other Exchange rules. Specifically, the
Exchange proposes to amend Rule 5.3-E, concerning Corporate Governance
and Disclosure Policies, and Rule 5.3-E(e), concerning Shareholder/
Annual Meetings, to add Exchange-Traded Fund Shares to the enumerated
derivative and special purpose securities that are subject to the
respective Rules. Thus, Exchange-Traded Fund Shares would be subject to
corporate governance, disclosure and shareholder/annual meeting
requirements that are consistent with other derivative and special
purpose securities enumerated in those Rules.
    The Exchange believes that proposed Rule 5.2-E(j)(8) would promote
transparency surrounding the listing process for Exchange-Traded Fund
Shares. The Exchange notes that Exchange-Traded Fund Shares will be
subject to all Exchange rules applicable to equities trading and that
Rule 6c-11 does not change the Exchange rules applicable to these
securities.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in a series of Exchange-Traded Fund Shares.\19\ Trading in
Exchange-Traded Fund Shares 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 Exchange-Traded Fund Shares
inadvisable.
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    \19\ See NYSE Arca Rule 7.12-E.
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    NYSE Arca Rule 7.18-E(d)(2) provides that, with respect to
Derivative Securities Products (which would include Exchange-Traded
Fund Shares) listed on the Exchange for which a Net Asset Value
(``NAV'') is disseminated, if the Exchange becomes aware that the NAV
is not being disseminated to all market participants at the same time,
it will halt trading in the affected Derivative Securities Product on
the NYSE Arca Marketplace until such time as the NAV is available to
all market participants.
Minimum Price Variation
    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.
Surveillance
    The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Exchange-Traded Fund
Shares in all trading sessions and to deter and detect violations of
Exchange rules. Specifically, the Exchange intends to utilize its
existing surveillance procedures applicable to derivative products,
which are currently applicable to Investment Company Units and Managed
Fund Shares, among other product types, to monitor trading in Exchange-
Traded Fund Shares. The Exchange or the Financial Industry Regulatory
Authority, Inc. (``FINRA''), on behalf of the Exchange, will
communicate as needed regarding trading in Exchange-Traded Fund Shares
and certain of their applicable underlying components with other
markets that are members of the Intermarket Surveillance Group
(``ISG'') or with which the Exchange has in place a comprehensive
surveillance sharing agreement. In addition, the Exchange may obtain
information regarding trading in Exchange-Traded Fund Shares and
certain of their applicable underlying components from markets and
other entities that are members of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement. Additionally,
FINRA, on behalf of the Exchange, is able to access, as needed, trade
information for certain fixed income securities that may be held by a
series of Exchange-Traded Fund Shares reported to FINRA's TRACE. FINRA
also can access data obtained from the Municipal Securities Rulemaking
Board's Electronic Municipal Market Access (``EMMA'') system relating
to municipal bond trading activity for surveillance purposes in
connection with trading in a series of Exchange-Traded Fund Shares, to
the extent that a series of Exchange-Traded Fund Shares holds municipal
securities. As noted above, the issuer of a series of Exchange-Traded
Fund Shares will be required to comply with Rule 10A-3 under the Act
for the initial and continued listing of Exchange-Traded Fund Shares,
as provided under Rule 5.3-E.
    Pursuant to its obligations under Section 19(g)(1) of the Act, the
Exchange will monitor for compliance with the continued listing
requirements. As provided for under proposed Rule 5.2-E(j)(8)(e)(2), if
the fund is not in compliance with the applicable listing requirements,
the Exchange will commence delisting procedures under Rule 5.5-E(m).
    The Exchange will utilize its existing procedures to monitor issuer
compliance with the requirements of proposed Rule 5.2-E(j)(8). For
example, the Exchange will continue to use intraday alerts that will
notify Exchange personnel of trading activity throughout the day that
may indicate that certain disclosures are not being made accurately or
that other unusual conditions or circumstances are present that could
be detrimental to the maintenance of a fair and orderly market. The
Exchange will require periodic certification from the issuer of a
series of Exchange-Traded Fund Shares that it is in compliance with

Rule 6c-11. In addition, the Exchange will periodically review issuer
websites to monitor whether disclosures are being made for a series of
Exchange-Traded Fund Shares as required by Rule 6c-11(c)(1). The
Exchange also notes that proposed Rule 5.2-E(j)(8)(e) would require an
issuer of Exchange-Traded Fund Shares to notify the Exchange that it is
no longer eligible to operate in reliance on Rule 6c-11 or that it does
not comply with the requirements of proposed Rule 5.2-E(j)(8). The
Exchange will rely on the foregoing procedures to become aware of any
non-compliance with the requirements of Rule 5.2-E(j)(8).
Firewalls
    Commentary .01(b)(1) and Commentary .02(b) to NYSE Arca Rule 5.2-E
(j)(3) (applicable to Investment Company Units) and Commentary .06 to
NYSE Arca Rule 8.600-E (applicable to Managed Fund Shares) require the
establishment and maintenance of a ``firewall'' around personnel who
have access to information concerning changes to an index or the
composition and/or changes to a fund's portfolio; and that specified
persons or entities be subject to procedures designed to prevent the
use and dissemination of material non-public information regarding the
applicable index or portfolio.
    In the Rule 6c-11 Release, the Commission, in the context of index-
based ETFs with affiliated index providers (``self-indexed ETFs''),
noted the federal securities law provisions that currently relate to
implementation by funds of appropriate measures to deal with misuse of
non-public information.\20\ The Exchange notes that these federal
securities laws requirements will continue to apply to issues of index
and actively-managed ETFs and the proposed generic listing rules for
Exchange-Traded Fund Shares are consistent with such requirements. The
Exchange notes that proposed Commentary .02(a) to Rule 5.2-E(j)(8)
provides that, with respect to series of Exchange-Traded Fund Shares
that are based on an index, if the underlying index is maintained by a
broker-dealer or fund adviser, the broker-dealer or fund adviser will
erect and maintain a ``fire wall'' around the personnel who have access
to information concerning changes and adjustments to the index and the
index shall be calculated by a third party who is not a broker-dealer
or fund advisor. In addition, proposed Commentary .02(b) provides that,
with respect to series of Exchange-Traded Fund Shares that are actively
managed, if the investment adviser to the Exchange-Traded Fund issuing
Exchange-Traded Fund Shares is affiliated with a broker-dealer, such
investment adviser will 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 Exchange-
Traded Fund portfolio.
---------------------------------------------------------------------------

    \20\ See Rule 6c-11 Release at 57168-57169. See also, 17 CFR
270.38a-1 (rule 38a-1 under the 1940 Act) (requiring funds to adopt
policies and procedures reasonably designed to prevent violation of
federal securities laws); 17 CFR 270.17j-1(c)(1) (rule 17j-1(c)(1)
under the Investment Company Act) (requiring funds to adopt a code
of ethics containing provisions designed to prevent certain fund
personnel (``access persons'') from misusing information regarding
fund transactions); section 204A of the Investment Advisers Act of
1940 (``Advisers Act'') (15 U.S.C. 80b-204A) (requiring an adviser
to adopt policies and procedures that are reasonably designed,
taking into account the nature of its business, to prevent the
misuse of material, non-public information by the adviser or any
associated person, in violation of the Advisers Act or the Exchange
Act, or the rules or regulations thereunder); section 15(g) of the
Exchange Act (15 U.S.C. 78o(f)) (requiring a registered broker or
dealer to adopt policies and procedures reasonably designed, taking
into account the nature of the broker's or dealer's business, to
prevent the misuse of material, nonpublic information by the broker
or dealer or any person associated with the broker or dealer, in
violation of the Exchange Act or the rules or regulations
thereunder).
---------------------------------------------------------------------------

    In support of this proposal, the Exchange represents that:
    (1) the Exchange-Traded Fund Shares will conform to the initial and
continued listing criteria under Rule 5.2-E(j)(8);
    (2) the Exchange's surveillance procedures are adequate to properly
monitor the trading of the Exchange-Traded Fund Shares in all trading
sessions and to deter and detect violations of Exchange rules.
Specifically, the Exchange intends to utilize its existing surveillance
procedures applicable to derivative products, which will include
Exchange-Traded Fund Shares, to monitor trading in the Exchange-Traded
Fund Shares;
    (3) the issuer of a series of Exchange-Traded Fund Shares will be
required to comply with Rule 10A-3 under the Act for the initial and
continued listing of Exchange-Traded Fund Shares, as provided under
Rule 5.3-E; and
    (4) Exchange-Traded Fund Shares will be subject to all Exchange
rules applicable to equities trading.
Proposed Discontinuance of Quarterly Reporting Obligation for Managed
Fund Shares
    In its order approving the Exchange's proposal to adopt generic
listing standards for Managed Fund Shares,\21\ the Commission noted
that the Exchange has represented that it would ``provide the
Commission staff with a report each calendar quarter that includes the
following information for issues of Managed Fund Shares listed during
such calendar quarter under Commentary .01 to NYSE Arca Rule 8.600-E:
(1) Trading symbol and date of listing on the Exchange; (2) the number
of active authorized participants and a description of any failure of
an issue of Managed Fund Shares listed pursuant to Commentary .01 to
Rule 8.600-E or of an authorized participant to deliver shares, cash,
or cash and financial instruments in connection with creation or
redemption orders; and (3) a description of any failure of an issue of
Managed Fund Shares to comply with Rule 8.600-E.'' \22\ The Exchange
has provided such information to the Commission on a quarterly basis
for two years. The requirement to provide such quarterly reports for
Managed Fund Shares is not separately specified in Rule 8.600-E, and
Investment Company Units listed under Rule 5.2-E(j)(3) have not been
subject to a similar requirement.
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 78397 (July 22,
2016), 81 FR 49320 (the ``Managed Fund Shares Approval Order'').
    \22\ See Managed Fund Shares Approval Order at footnote 18.
---------------------------------------------------------------------------

    The generic listing criteria in proposed Rule 5.2-E(j)(8) will now
apply equally both to Exchange-Traded Fund Shares that are Investment
Company Units previously listed under Rule 5.2-E(j)(3) and those that
are Managed Fund Shares previously listed under Commentary .01 to Rule
8.600-E. All types of Exchange-Traded Fund Shares, whether index-based
or actively managed, must be eligible to operate in reliance on Rule
6c-11.\23\ The Exchange believes no purpose would be served by

continuing to require quarterly reports for one class of ETFs and not
another when both would be subject to the same Exchange generic listing
rules. The Exchange, therefore, proposes to discontinue such reporting
going forward.
---------------------------------------------------------------------------

    \23\ The Exchange notes that Rule 6c-11(d) sets forth
recordkeeping requirements applicable to exchange-traded funds, and
provides that that the exchange-traded fund must maintain and
preserve for a period of not less than five years, the first two
years in an easily accessible place: (1) All written agreements (or
copies thereof) between an authorized participant and the exchange-
traded fund or one of its service providers that allows the
authorized participant to place orders for the purchase or
redemption of creation units; (2) For each basket exchanged with an
authorized participant, records setting forth: (i) The ticker
symbol, CUSIP or other identifier, description of holding, quantity
of each holding, and percentage weight of each holding composing the
basket exchanged for creation units; (ii) If applicable,
identification of the basket as a custom basket and a record stating
that the custom basket complies with policies and procedures that
the exchange-traded fund adopted pursuant to paragraph (c)(3) of
Rule 6c-11; (iii) Cash balancing amount (if any); and (iv) Identity
of authorized participant transacting with the exchange-traded fund.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\24\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\25\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    By facilitating efficient procedures for listing ETFs that are
permitted to operate in reliance on Rule 6c-11, the generic listing
rules in proposed Rule 5.2-E(j)(8) described above are consistent with,
and will further, the Commission's goals in adopting Rule 6c-11. In
addition, by allowing Exchange-Traded Fund Shares to be listed and
traded on the Exchange without a prior Commission approval order or
notice of effectiveness pursuant to Section 19(b) of the Act, proposed
Rule 5.2-E(j)(8) will significantly reduce the time frame and costs
associated with bringing these securities to market, thereby promoting
market competition among issuers of Exchange-Traded Fund Shares, to the
benefit of the investing public.
    In addition, the proposed rule change would fulfill the intended
objective of Rule 19b-4(e) under the Act by permitting Exchange-Traded
Fund Shares that satisfy the proposed listing standards to be listed
and traded without separate Commission approval.
    As provided in proposed Rule 5.2-E(j)(8)(e), the Exchange may
approve Exchange-Traded Fund Shares for listing and trading on the
Exchange subject to the requirement that the investment company issuing
a series of Exchange-Traded Fund Shares is eligible to operate in
reliance on Rule 6c-11 \26\ under the 1940 Act and must satisfy the
requirements of Rule 5.2-E(j)(8) on an initial listing and a continuing
basis. An issuer of such securities must notify the Exchange of any
failure to comply with such requirements. These requirements will
ensure that Exchange-listed Exchange-Traded Fund Shares continue to
operate in a manner that fully complies with the portfolio transparency
requirements of Rule 6c-11(c).
---------------------------------------------------------------------------

    \26\ Rule 6c-11(c) sets forth certain conditions applicable to
exchange-traded funds, including information required to be
disclosed on the fund's website.
---------------------------------------------------------------------------

    As provided in proposed Rule 5.2-E(j)(8)(e)(1), Exchange-Traded
Fund Shares will be listed and traded on the Exchange subject to the
requirement that the investment company issuing a series of Exchange-
Traded Fund Shares is eligible to operate in reliance on the
requirements of Rule 6c-11(c) under the 1940 Act on an initial and
continued listing basis.
    As provided in proposed Rule 5.2-E(j)(8)(e)(2) (Suspension of
trading or removal), the Exchange will consider the suspension of
trading in, and will commence delisting proceedings under Rule 5.5-E(m)
of, a series of Exchange-Traded Fund Shares if the investment company
notifies the Exchange or if the Exchange otherwise becomes aware that
is no longer eligible to operate in reliance on Rule 6c-11 or that it
does not comply with the requirements set forth in Rule 5.2-E(j)(8);
if, following the initial twelve-month period after commencement of
trading on the Exchange of a series of Exchange-Traded Fund Shares,
there are fewer than 50 beneficial holders of such series of Exchange-
Traded Fund Shares; or if such other event shall occur or condition
exists which, in the opinion of the Exchange, makes further dealings on
the Exchange inadvisable.
    As provided in proposed Rule 5.2-E(j)(8)(g), the Exchange will
implement written surveillance procedures for Exchange-Traded Fund
Shares. The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the Exchange-Traded Fund
Shares in all trading sessions and to deter and detect violations of
Exchange rules. Specifically, the Exchange intends to utilize its
existing surveillance procedures applicable to derivative products,
which will include Exchange-Traded Fund Shares, to monitor trading in
the Exchange-Traded Fund Shares.
    Proposed Rule 5.2-E(j)(8)(h) provides that, upon termination of an
investment company issuing Exchange-Traded Fund Shares, the Exchange
requires that Exchange-Traded Fund Shares issued in connection with
such entity be removed from Exchange listing. Proposed Rule 5.2-
E(j)(8)(i) provides that the Exchange may consider all relevant factors
in exercising its discretion to halt or suspend trading in a series of
Exchange-Traded Fund Shares, and that trading may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable.
    Proposed Commentary .01 to Rule 5.2-E(j)(8) provides that a
security that has previously been approved for listing on the Exchange
pursuant to the generic listing requirements specified in Rule 5.2-
E(j)(3) or Commentary .01 to Rule 8.600-E, or pursuant to a proposed
rule change approved or subject to a notice of effectiveness by the
Commission, may be considered approved for listing solely under Rule
5.2-E(j)(8) if such security is eligible to operate in reliance on Rule
6c-11 under the 1940 Act. Once so approved for listing, the continued
listing requirements applicable to such previously-listed security will
be those specified in paragraph (e) of Rule 5.2-E(j)(8). Any
requirements for listing as specified in Rule 5.2-E(j)(3) or Commentary
.01 to Rule 8.600-E, or an approval order or notice of effectiveness of
a separate proposed rule change that differ from the requirements of
Rule 5.2-E(j)(8) will no longer be applicable to such security. The
Exchange believes proposed Commentary .01 will streamline the listing
process for such securities, consistent with the regulatory framework
adopted in Rule 6c-11 under the 1940 Act.
    Proposed Commentary .02 to Rule 5.2-E(j)(8) would provide
requirements to be met by shall be met on an initial and continued
listing basis by series of Exchange-Traded Fund Shares that are based
on an index or are actively managed regarding the erection and
maintenance of a ``fire wall'' as well as implementation and
maintenance of procedures designed to prevent the use and dissemination
of material non-public information regarding the applicable index or
portfolio. The Exchange believes the provisions of Commentary .02 will
address possible concerns regarding misuse of material non-public
information regarding an index underlying a series of Exchange-Traded
Fund Shares or the portfolio for a series of Exchange-Traded Fund
Shares, as applicable.
    The proposed addition of Exchange-Traded Fund Shares to the
enumerated derivative and special purpose securities that are subject
to the provisions of Rule 5.3-E (Corporate Governance and Disclosure
Policies) and Rule 5.3-E (e) (Shareholder/Annual Meetings) would
subject Exchange-Traded Fund Shares to the same requirements currently
applicable to other 1940 Act-registered investment company securities
(i.e., Investment Company Units, Managed Fund Shares and Portfolio
Depositary Receipts).
    The Exchange believes that the proposed rule change is designed to

prevent fraudulent and manipulative acts and practices. The Exchange
has in place surveillance procedures that are adequate to properly
monitor trading in the Exchange-Traded Fund Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. FINRA, on behalf of the Exchange,
or the regulatory staff of the Exchange, will communicate as needed
regarding trading in Exchange-Traded Fund Shares with other markets
that are members of ISG, including all U.S. securities exchanges on
which the components are traded. In addition, the Exchange may obtain
information regarding trading in Exchange-Traded Fund Shares from other
markets that are members of the ISG, including all U.S. securities
exchanges on which the components are traded, or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
The Exchange intends to utilize its existing surveillance procedures
applicable to derivative products, which are currently applicable to
Investment Company Units and Managed Fund Shares, among other product
types, to monitor trading in Exchange-Traded Fund Shares. FINRA, on
behalf of the Exchange, will communicate as needed regarding trading in
Exchange-Traded Fund Shares and certain of their applicable underlying
components with other markets that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
In addition, the Exchange may obtain information regarding trading in
Exchange-Traded Fund Shares and certain of their applicable underlying
components from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. Additionally, FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities that may be held by a series of Exchange-Traded Fund Shares
reported to FINRA's TRACE. FINRA also can access data obtained from the
Municipal Securities Rulemaking Board's EMMA system relating to
municipal bond trading activity for surveillance purposes in connection
with trading in a series of Exchange-Traded Fund Shares, to the extent
that a series of Exchange-Traded Fund Shares holds municipal
securities. As noted above, the issuer of a series of Exchange-Traded
Fund Shares will be required to comply with Rule 10A-3 under the Act
for the initial and continued listing of Exchange-Traded Fund Shares,
as provided under Rule 5.3-E.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in a series of Exchange-Traded Fund Shares.\27\ Trading in
Exchange-Traded Fund Shares 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 Exchange-Traded Fund Shares
inadvisable. NYSE Arca Rule 7.18-E(d)(2) provides that, with respect to
Derivative Securities Products (which would include Exchange-Traded
Fund Shares) listed on the Exchange for which an NAV is disseminated,
if the Exchange becomes aware that the NAV is not being disseminated to
all market participants at the same time, it will halt trading in the
affected Derivative Securities Product on the NYSE Arca Marketplace
until such time as the NAV is available to all market participants.
---------------------------------------------------------------------------

    \27\ See NYSE Arca Rule 7.12-E.
---------------------------------------------------------------------------

    The Exchange will monitor for compliance with the continued listing
requirements. If the Exchange-Traded Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under Rule 5.5-E(m).
    The Exchange will also continue to use intraday alerts that will
notify Exchange personnel of trading activity throughout the day that
may indicate that certain disclosures are not being made accurately or
that other unusual conditions or circumstances are present that could
be detrimental to the maintenance of a fair and orderly market. In
addition, the Exchange, on a periodic basis will review issues of
Exchange-Traded Fund Shares listed on the Exchange for compliance with
the website disclosure requirements of Rule 6c-11(c)(1). Proposed Rule
5.2-E(j)(8)(e) would require an issuer of Exchange-Traded Fund Shares
to notify the Exchange if it is no longer eligible to operate in
reliance on Rule 6c-11 or that it does not comply with the requirements
of proposed Rule 5.2-E(j)(8) (except for subparagraph (1)(A) of Rule
5.2-E(j)(8)(e)).
    With respect to the proposed discontinuance of quarterly reports
currently required for Managed Fund Shares, the Exchange believes such
quarterly reports are no longer necessary in view of the requirements
of Rule 6c-11(d). The generic listing criteria in proposed Rule 5.2-
E(j)(8) will now apply equally both to Exchange-Traded Fund Shares that
are Investment Company Units previously listed under Rule 5.2-E(j)(3)
and those that are Managed Fund Shares previously listed under
Commentary .01 to Rule 8.600-E. All types of Exchange-Traded Fund
Shares, whether index-based or actively managed, must be eligible to
operate in reliance on Rule 6c-11.\28\ The Exchange believes no purpose
would be served by continuing to require quarterly reports for one
class of ETFs and not another when both would be subject to the same
Exchange generic listing rules. The Exchange, therefore, proposes to
discontinue such reporting going forward.
---------------------------------------------------------------------------

    \28\ See note 23, supra.
---------------------------------------------------------------------------

    For these reasons, the Exchange believes that the proposal is
consistent with the Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    In accordance with Section 6(b)(8) of the Act,\29\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act. Instead, the Exchange believes that the
proposed rule change would facilitate the listing and trading of
Exchange-Traded Fund Shares and result in an efficient process
surrounding the listing and trading of Exchange-Traded Fund Shares,
which will enhance competition among market participants, to the
benefit of investors and the marketplace. The Exchange believes that
this will reduce the time frame for bringing Exchange-Traded Fund
Shares to market, thereby reducing the burdens on issuers and other
market participants and promoting competition. In turn, the Exchange
believes that the proposed change would make the process for listing
Exchange-Traded Fund Shares more competitive by applying uniform
listing standards with respect to Exchange-Traded Fund Shares.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
    No written comments were solicited or received with respect to the
proposed rule change.

III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2019-81, 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 \30\ to determine whether the proposed rule
change, as modified by Amendment No. 1, 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.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\31\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \32\
---------------------------------------------------------------------------

    \31\ Id.
    \32\ 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 proposal 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, any request for an
opportunity to make an oral presentation.\33\
---------------------------------------------------------------------------

    \33\ Section 19(b)(2) of the Act, as amended by the Securities
Act 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 Act 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 should be approved or
disapproved by March 12, 2020. Any person who wishes to file a rebuttal
to any other person's submission must file that rebuttal by March 26,
2020. 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,\34\ in addition to any other comments they
may wish to submit about the proposed rule change. In particular, the
Commission seeks comment on the following questions and asks commenters
to submit data where appropriate to support their views:
---------------------------------------------------------------------------

    \34\ See supra note 6.
---------------------------------------------------------------------------

    1. The Exchange's proposed generic listing requirements would
require that, for the Exchange to list and trade Exchange-Traded Fund
Shares, the requirements of Rule 6c-11 must be satisfied on a continued
listing basis. The Exchange states that it will: (a) Require periodic
certification by the issuer of a series of Exchange-Traded Fund Shares
that it is in compliance with Rule 6c-11; and (b) periodically review
issuer websites to monitor whether disclosures are being made for a
series of Exchange-Traded Fund Shares as required by Rule 6c-11(a).
Additionally, the proposed generic listing requirements would require
an issuer of Exchange-Traded Fund Shares to notify the Exchange when
such issuer is no longer eligible to operate in reliance on Rule 6c-11
or when such issuer fails to comply with the requirements of the
proposed generic listing standards. The Exchange states that it will
rely on such procedures to become aware of any non-compliance with the
requirements of the proposed generic listing standards. What are
commenters' views on whether the Exchange's surveillance procedures are
adequate to monitor for non-compliance with respect to the proposed
continued listing requirements? Do commenters believe that the Exchange
should adopt other procedures or employ additional measures to ensure
that it is capable of adequately monitoring for non-compliance with the
proposed listing rule?
    2. Under the proposal, the Exchange describes its discretion to
halt trading in Exchange-Traded Fund Shares. For Exchange-Traded Fund
Shares that are based on an underlying index, what are commenters'
views on whether the Exchange should consider halting trading if there
is an interruption or disruption in the calculation and dissemination
of the underlying index value? What are commenters' views on whether
the Exchange should consider halting trading in such securities in the
event of an interruption or disruption in the calculation and
dissemination of the intraday indicative value, to the extent such
value is calculated and publicly disseminated for an Exchange-Traded
Fund? Do commenters believe there are other circumstances in which the
Exchange ought to consider halting trading in Exchange-Traded Fund
Shares listed under the proposed rule?
    3. What are commenters' views on whether the proposed rule change
is sufficiently clear regarding Exchange members' obligations with
respect to disclosures to Exchange-Traded Fund Share purchasers? More
generally, what are commenters' views on whether the proposal provides
sufficient clarity for members' obligations with respect to
transactions in Exchange-Traded Fund Shares on the Exchange?
    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-2019-81 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-2019-81. 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-2019-81 and should be submitted by March 12, 2020. Rebuttal
comments should be submitted by March 26, 2020.
---------------------------------------------------------------------------

    \35\ 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.\35\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-03319 Filed 2-19-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 120 (Wednesday, June 22, 2016)]
[Proposed Rules]
[Pages 40594-40596]
[FR Doc No: 2016-14816]

40 CFR Parts 174 and 180

[EPA-HQ-OPP-2015-0032; FRL-9947-32]

Receipt of Several Pesticide Petitions Filed for Residues of
Pesticide Chemicals in or on Various Commodities

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of filing of petitions and request for comment.

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

SUMMARY: This document announces the Agency's receipt of several
initial filings of pesticide petitions requesting the establishment or
modification of regulations for residues of pesticide chemicals in or
on various commodities.

DATES: Comments must be received on or before July 22, 2016.

ADDRESSES: Submit your comments, identified by docket identification
(ID) number and the pesticide petition number (PP) of interest as shown
in the body of this document, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the online instructions for submitting comments. Do not submit
electronically any information you consider to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute.
     Mail: OPP Docket, Environmental Protection Agency Docket
Center (EPA/DC), (28221T), 1200 Pennsylvania Ave. NW., Washington, DC
20460-0001.
     Hand Delivery: To make special arrangements for hand
delivery or delivery of boxed information, please follow the
instructions at http://www.epa.gov/dockets/contacts.html.

Additional instructions on commenting or visiting the docket, along
with more information about dockets generally, is available at http://www.epa.gov/dockets.

FOR FURTHER INFORMATION CONTACT: Robert McNally, Biopesticides and
Pollution Prevention Division (BPPD) (7511P), main telephone number:
(703) 305-7090; email address<EMAIL_ADDRESS>Susan Lewis,
Registration Division (RD) (7505P), main telephone number: (703) 305-
7090; email address<EMAIL_ADDRESS>The mailing address for each
contact person is: Office of Pesticide Programs, Environmental
Protection Agency, 1200 Pennsylvania Ave. NW., Washington, DC 20460-
0001. As part of the mailing address, include the contact person's
name, division, and mail code. The division to contact is listed at the
end of each pesticide petition summary.

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
The following list of North American Industrial Classification System
(NAICS) codes is not intended to be exhaustive, but rather provides a
guide to help readers determine whether this document applies to them.
Potentially affected entities may include:
    [emsp14]Crop production (NAICS code 111).
    [emsp14]Animal production (NAICS code 112).
    [emsp14]Food manufacturing (NAICS code 311).
    [emsp14]Pesticide manufacturing (NAICS code 32532).
    If you have any questions regarding the applicability of this
action to a particular entity, consult the person listed under FOR
FURTHER INFORMATION CONTACT for the division listed at the end of the
pesticide petition summary of interest.

B. What should I consider as I prepare my comments for EPA?

    1. Submitting CBI. Do not submit this information to EPA through
regulations.gov or email. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD-ROM that you mail to EPA, mark the outside of the disk or CD-ROM as
CBI and then identify electronically within the disk or CD-ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When preparing and submitting
your comments, see the commenting tips at http://www.epa.gov/dockets/comments.html.
    3. Environmental justice. EPA seeks to achieve environmental
justice, the fair treatment and meaningful involvement of any group,
including minority and/or low-income populations, in the development,
implementation, and enforcement of environmental laws, regulations, and
policies. To help address potential environmental justice issues, the
Agency seeks information on any groups or segments of the population
who, as a result of their location, cultural practices, or other
factors, may have atypical or disproportionately high and adverse human
health impacts or environmental effects from exposure to the pesticides
discussed in this document, compared to the general population.

II. What action is the Agency taking?

    EPA is announcing its receipt of several pesticide petitions filed
under section 408 of the Federal Food, Drug, and Cosmetic Act (FFDCA),
21 U.S.C. 346a, requesting the establishment or modification of
regulations in 40 CFR part 174 or part 180 for residues of pesticide
chemicals in or on various food commodities. The Agency is taking
public comment on the requests before responding to the petitioners.
EPA is not proposing any particular action at this time. EPA has
determined that the pesticide petitions described in this document
contain the data or information prescribed in FFDCA section 408(d)(2),
21 U.S.C. 346a(d)(2); however, EPA has not fully evaluated

the sufficiency of the submitted data at this time or whether the data
support granting of the pesticide petitions. After considering the
public comments, EPA intends to evaluate whether and what action may be
warranted. Additional data may be needed before EPA can make a final
determination on these pesticide petitions.
    Pursuant to 40 CFR 180.7(f), a summary of each of the petitions
that are the subject of this document, prepared by the petitioner, is
included in a docket EPA has created for each rulemaking. The docket
for each of the petitions is available at http://www.regulations.gov.
    As specified in FFDCA section 408(d)(3), 21 U.S.C. 346a(d)(3), EPA
is publishing notice of the petitions so that the public has an
opportunity to comment on these requests for the establishment or
modification of regulations for residues of pesticides in or on food
commodities. Further information on the petitions may be obtained
through the petition summaries referenced in this unit.

New Tolerances

    PP 5F8380. EPA-HQ-OPP-2015-0745. Bayer CropScience, 2 TW Alexander
Drive, P.O. Box 12014, Research Triangle Park, NC 27709, requests to
establish a tolerance in 40 CFR part 180.555 for residues of the
fungicide trifloxystrobin in or on: Cotton, gin byproducts at 3 parts
per million (ppm); and cotton, undelinted seed (Crop subgroup 20C) at
0.5 ppm. Either gas chromatography with nitrogen-phosphorus detection,
or liquid chromatography/mass spectrometry/mass spectrometry (LC/MS/MS)
are used to measure and evaluate the chemical trifloxystrobin and the
free form of its acid metabolite CGA-321113 ((E,E)-methoxyimino-[2-[1-
(3-trifluoromethyl-phenyl)-ethylideneaminooxymethyl]-phenyl]acetic
acid). Contact: RD.
    PP 5F8417. EPA-HQ-OPP-2015-0787. K-I Chemical USA. Inc., 11 Martine
Ave., Suite 970, White Plains, NY 10606, requests to establish
tolerances in 40 CFR 180.659 for residues of the herbicide,
pyroxasulfone (3-[(5-(difluoromethoxy)-1-methyl-3-(trifluoromethyl)
pyrazole-4-ylmethylsulfonyl]-4,5-dihydro-5,5-dimethyl-1,2-oxazole) and
its metabolites in or on dried shelled peas and beans (crop subgroup
6C) at 0.09 ppm, flax at 0.01 ppm, peanut at 0.2 ppm, and peanut hay at
2 ppm. The LC/MS/MS has been proposed to enforce the tolerance
expression for pyroxasulfone. Contact: RD.
    PP 5F8421. EPA-HQ-OPP-2015-0825. BASF Corporation, 26 Davis Drive,
P.O. Box 13528, Research Triangle Park, NC 27709, requests to establish
a tolerance in 40 CFR part 180 for residues of the herbicide
topramezone (3-(4,5-Dihydro-isoxazol-3-yl)-4-methanesulfonyl-2-
methylphenyl]-(5-hydroxyl-1-methyl-1H-pyrazol-4-yl)methanone) in or on
sugarcane, cane at 0.01 ppm. The LC/MS/MS is used to measure and
evaluate the chemical topramezone (3-(4,5-Dihydro-isoxazol-3-yl)-4-
methanesulfonyl-2-methylphenyl]-(5-hydroxyl-1-methyl-1H-pyrazol-4-
yl)methanone). Contact: RD.
    PP 6E8464. EPA-HQ-OPP-2016-0257. Interregional Research No. 4 (IR-
4), Rutgers, The State University of New Jersey, 500 College Road East,
Suite 201 W, Princeton, NJ 08540, requests to establish tolerances in
40 CFR part 180.627 for residues of the fungicide fluopicolide [2,6-
dichloro-N-[[3-chloro-5-(trifluoromethyl)-2-
pyridinyl]methyl]benzamide], including its metabolites and degradates,
in or on the raw agricultural commodities: Basil, dried leaves at 200
ppm; basil, fresh leaves at 30 ppm; bean, succulent at 0.9 ppm; citrus,
dried pulp at 0.048 ppm; citrus, oil at 1.94 ppm; hop, dried cones at
15 ppm; fruit, citrus, group10-10 at 0.02 ppm; fruit, small, vine
climbing, except fuzzy kiwifruit, subgroup 13-07F at 2.0 ppm; and
vegetable, fruiting, group 8-10 at 1.60 ppm. The analytical method
consisting of high pressure LC/MS/MS is used to measure and evaluate
the chemical fluopicolide. Contact: RD.
    PP 6E8467. EPA-HQ-OPP-2016-0255. IR-4, Rutgers, The State
University of New Jersey, 500 College Road East, Suite 201 W,
Princeton, NJ 08540, requests to establish tolerances in 40 CFR part
180 for the residues of the insecticide spirotetramat (cis-3-(2,5-
dimethlyphenyl)-8-methoxy-2-oxo-1-azaspiro[4.5]dec-3-en-4-yl-ethyl
carbonate) and its metabolites cis-3-(2,5-dimethylphenyl)-4-hydroxy-8-
methoxy-1-azaspiro[4.5]dec-3-en-2-one, cis-3-(2,5-dimethylphenyl)-3-
hydroxy-8-methoxy-1-azaspiro[4.5]decane-2,4-dione, cis-3-(2,5-
dimethylphenyl)-8-methoxy-2-oxo-1-azaspiro[4.5]dec-3-en-4-yl beta-D-
glucopyranoside, and cis-3-(2,5-dimethylphenyl)-4-hydroxy-8-methoxy-1-
azaspiro[4.5]decan-2-one, calculated as the stoichiometric equivalent
of spirotetramat, in or on the raw agricultural commodities carrot,
roots at 0.15 ppm; fruit, stone, group 12-12 at 4.5 ppm; and nut, tree,
group 14-12 at 0.25 ppm. Analytical methodology to determine residues
of spirotetramat in raw agricultural commodities includes high pressure
LC/MS/MS using the stable isotopically labeled analytes as internal
standards. The limit of quantification (LOQ) for each analyte is 0.01
ppm for all commodities. This method is used to measure and evaluate
spirotetramat. Contact RD.
    PP 6E8477. EPA-HQ-OPP-2013-0235. IR-4, 500 College Road East, Suite
201 W, Princeton, NJ 08540, requests to establish a tolerance in 40 CFR
part 180 for residues of the insecticide chlorantraniliprole, 3-bromo-
N-[4-chloro-2-methyl-6-[(methylamino)-carbonyl]phenyl]-1-(3-chloro-2-
pyridinyl)-1H-pyrazole-5-carboxamide in or on the raw agricultural
commodities teff, forage at 40 ppm; teff, grain at 6.0 ppm; teff, hay
at 40 ppm; teff, straw at 40 ppm; quinoa, forage at 40 ppm; quinoa,
grain at 6.0 ppm; quinoa, hay at 40 ppm; and quinoa, straw at 40 ppm.
Analytical methodology has been developed and validated for enforcement
purposes. Contact: RD.

Amended Tolerances

    PP 5F8380. EPA-HQ-OPP-2015-0745. Bayer CropScience, 2 TW Alexander
Drive, P.O. Box 12014, Research Triangle Park, NC 27709, requests to
amend the tolerance in 40 CFR 180.555 for residues of the fungicide
trifloxystrobin in or on corn, field, forage at 8 ppm. Either a method
based on gas chromatography with nitrogen-phosphorus detection, or LC/
MS/MS are used to measure and evaluate the chemical trifloxystrobin and
the free form of its acid metabolite CGA-321113 ((E,E)-methoxyimino-[2-
[1-(3-trifluoromethyl-phenyl)-ethylideneaminooxymethyl]-phenyl]acetic
acid). Contact: RD.
    PP 6E8464. EPA-HQ-OPP-2016-0257. IR-4, Rutgers, The State
University of New Jersey, 500 College Road East, Suite 201 W,
Princeton, NJ 08540, requests to amend the tolerances in 40 CFR
180.627, upon establishment of the tolerances referenced above under
``New Tolerances'', to remove existing tolerances for residues of the
fungicide fluopicolide [2,6-dichloro-N-[[3-chloro-5-(trifluoromethyl)-
2-pyridinyl]methyl]benzamide], including its metabolites and
degradates, in or on the raw agricultural commodities grape at 2.0 ppm
and vegetable, fruiting, group 8 at 1.60 ppm. The analytical method
consisting of LC/MS/MS is used to measure and evaluate the chemical
fluopicolide. Contact: RD.
    PP 6E8467. EPA-HQ-OPP-2016-0255. IR-4, IR-4 Project Headquarters,
500 College Road East, Suite 201 W, Princeton, New Jersey, 08540,
requests to amend 40 CFR part 180.641 by removing the established
tolerances for

the residues of the insecticide spirotetramat (cis-3-(2,5-
dimethlyphenyl)-8-methoxy-2-oxo-1-azaspiro[4.5]dec-3-en-4-yl-ethyl
carbonate) and its metabolites cis-3-(2,5-dimethylphenyl)-4-hydroxy-8-
methoxy-1-azaspiro[4.5]dec-3-en-2-one, cis-3-(2,5-dimethylphenyl)-3-
hydroxy-8-methoxy-1-azaspiro[4.5]decane-2,4-dione, cis-3-(2,5-
dimethylphenyl)-8-methoxy-2-oxo-1-azaspiro[4.5]dec-3-en-4-yl beta-D-
glucopyranoside, and cis-3-(2,5-dimethylphenyl)-4-hydroxy-8-methoxy-1-
azaspiro[4.5]decan-2-one, calculated as the stoichiometric equivalent
of spirotetramat, in or on fruit, stone, group 12 at 4.5 ppm; nut,
tree, group 14 at 0.25 ppm; and pistachio at 0.25 ppm upon
establishment of aforementioned ``New Tolerances under PP 6E8467''.
Contact RD.

New Tolerance Exemptions

    PP 5F8410. EPA-HQ-OPP-2016-0284. AFS009 Plant Protection, Inc., 104
T.W. Alexander Dr., Building 18, Research Triangle Park, NC 27709,
requests to establish an exemption from the requirement of a tolerance
in 40 CFR part 180 for residues of the fungicide Pseudomonas
chlororaphis subsp. aurantiaca strain AFS009 in or on all food
commodities. The petitioner believes no analytical method is needed
because it is expected that, when used as proposed, Pseudomonas
chlororaphis subsp. aurantiaca strain AFS009 would not result in
residues that are of toxicological concern. Contact: BPPD.
    PP 6G8453. EPA-HQ-OPP-2016-0279. Monsanto Company, 800 N. Lindbergh
Blvd., St. Louis, MO 63167, requests to establish a temporary exemption
from the requirement of a tolerance in 40 CFR part 174 for residues of
the plant-incorporated protectant (PIP) Bacillus thuringiensis
Cry51Aa2.834_16 (mCry51Aa2) protein in or on cotton. The petitioner
believes no analytical method is needed because this petition is
requesting a temporary exemption from the requirement of a tolerance
without numerical limitation. Contact: BPPD.

    Authority: 21 U.S.C. 346a.

    Dated: June 13, 2016.
Daniel J. Rosenblatt,
Director, Registration Division, Office of Pesticide Programs.
[FR Doc. 2016-14816 Filed 6-21-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 79, Number 242 (Wednesday, December 17, 2014)]
[Notices]
[Pages 75145-75146]
[FR Doc No: 2014-29535]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CD15-7-000]

Imperial Irrigation District; Notice of Preliminary Determination
of a Qualifying Conduit Hydropower Facility and Soliciting Comments and
Motions To Intervene

    On November 26, 2014, the Imperial Irrigation District filed a
notice of intent to construct a qualifying conduit hydropower facility,
pursuant to section 30 of the Federal Power Act (FPA), as amended by
section 4 of the Hydropower Regulatory Efficiency Act of 2013 (HREA).
The proposed Westside Main Canal Heading In-Conduit Hydroelectric
Project would have an installed capacity of 1,045 kilowatts (kW) and
would be located on the existing Westside Main Canal. This conduit
transports water for irrigation, municipal, and industrial purposes.
The project would be located near the city of Calexico in Imperial
County, California.
    Applicant Contact: Carl Stills, 1651 West Main Street, El Centro,
CA 92243, Phone No.<PHONE_NUMBER>.
    FERC Contact: Robert Bell, Phone No.<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>    Qualifying Conduit Hydropower Facility Description: The proposed
project would consist of: (1) one proposed 81-foot-long, 52-foot-wide
covered concrete canal intake structure with three 10-foot-wide gates;
(2) a proposed 15- by 60-foot powerhouse containing three turbine
generator units with a total installed capacity of 1,045 kW; (3) the
proposed 47-foot-long, 52-foot-wide concrete box tailrace structure
which returns the water into the

Westside Main Canal; and (4) appurtenant facilities. The proposed
project would have an estimated annual generating capacity of 5,938
megawatt-hours.
    A qualifying conduit hydropower facility is one that is determined
or deemed to meet all of the criteria shown in the table below.

      Table 1--Criteria for Qualifying Conduit Hydropower Facility
------------------------------------------------------------------------
                                                              Satisfies
       Statutory provision                Description           (Y/N)
------------------------------------------------------------------------
FPA 30(a)(3)(A), as amended by     The conduit the facility           Y
 HREA.                              uses is a tunnel,
                                    canal, pipeline,
                                    aqueduct, flume, ditch,
                                    or similar manmade
                                    water conveyance that
                                    is operated for the
                                    distribution of water
                                    for agricultural,
                                    municipal, or
                                    industrial consumption
                                    and not primarily for
                                    the generation of
                                    electricity.
FPA 30(a)(3)(C)(i), as amended by  The facility is                    Y
 HREA.                              constructed, operated,
                                    or maintained for the
                                    generation of electric
                                    power and uses for such
                                    generation only the
                                    hydroelectric potential
                                    of a non-federally
                                    owned conduit.
FPA 30(a)(3)(C)(ii), as amended    The facility has an                Y
 by HREA.                           installed capacity that
                                    does not exceed 5
                                    megawatts.
FPA 30(a)(3)(C)(iii), as amended   On or before August 9,             Y
 by HREA.                           2013, the facility is
                                    not licensed, or
                                    exempted from the
                                    licensing requirements
                                    of Part I of the FPA.
------------------------------------------------------------------------

    Preliminary Determination: Based upon the above criteria,
Commission staff preliminarily determines that the proposal satisfies
the requirements for a qualifying conduit hydropower facility, which is
not required to be licensed or exempted from licensing.
    Comments and Motions to Intervene: Deadline for filing comments
contesting whether the facility meets the qualifying criteria is 45
days from the issuance date of this notice.
    Deadline for filing motions to intervene is 30 days from the
issuance date of this notice.
    Anyone may submit comments or a motion to intervene in accordance
with the requirements of Rules of Practice and Procedure, 18 CFR
385.210 and 385.214. Any motions to intervene must be received on or
before the specified deadline date for the particular proceeding.
    Filing and Service of Responsive Documents: All filings must (1)
bear in all capital letters the ``COMMENTS CONTESTING QUALIFICATION FOR
A CONDUIT HYDROPOWER FACILITY'' or ``MOTION TO INTERVENE,'' as
applicable; (2) state in the heading the name of the applicant and the
project number of the application to which the filing responds; (3)
state the name, address, and telephone number of the person filing; and
(4) otherwise comply with the requirements of sections 385.2001 through
385.2005 of the Commission's regulations.\1\ All comments contesting
Commission staff's preliminary determination that the facility meets
the qualifying criteria must set forth their evidentiary basis.
---------------------------------------------------------------------------

    \1\ 18 CFR 385.2001-2005 (2014).
---------------------------------------------------------------------------

    The Commission strongly encourages electronic filing. Please file
motions to intervene and comments using the Commission's eFiling system
at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit
brief comments up to 6,000 characters, without prior registration,
using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information at the
end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>(866) 208-3676 (toll free), or
(202) 502-8659 (TTY). In lieu of electronic filing, please send a paper
copy to: Secretary, Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426. A copy of all other filings in
reference to this application must be accompanied by proof of service
on all persons listed in the service list prepared by the Commission in
this proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.
    Locations of Notice of Intent: Copies of the notice of intent can
be obtained directly from the applicant or such copies can be viewed
and reproduced at the Commission in its Public Reference Room, Room 2A,
888 First Street NE., Washington, DC 20426. The filing may also be
viewed on the web at http://www.ferc.gov/docs-filing/elibrary.asp using
the ``eLibrary'' link. Enter the docket number (e.g., CD15-7-000) in
the docket number field to access the document. For assistance, call
toll-free 1-866-208-3676 or email<EMAIL_ADDRESS>For TTY,
call<PHONE_NUMBER>.

    Dated: December 10, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-29535 Filed 12-16-14; 8:45 am]
BILLING CODE 6717-01-P