[Federal Register Volume 79, Number 100 (Friday, May 23, 2014)]
[Rules and Regulations]
[Pages 29677-29678]
[FR Doc No: 2014-11956]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2014-0279]
RIN 1625-AA09

Drawbridge Operation Regulation; Atlantic Intracoastal Waterway,
Titusville, FL

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

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SUMMARY: The Coast Guard is removing the existing drawbridge operation
regulation for the drawbridge across the Atlantic Intracoastal Waterway
mile 878.9, Titusville, Florida. The drawbridge was replaced with a
fixed bridge in 2011 and the operating regulation is no longer
applicable or necessary.

DATES: This rule is effective May 23, 2014.

ADDRESSES: The docket for this final rule [USCG-2014-0279], is
available at http://www.regulations.gov. Type the docket number in the
``SEARCH'' box and click ``SEARCH.'' Click on Open Docket Folder on the
line associated with this final rule. You may also visit the Docket
Management Facility in Room W12-140 on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Mr. Michael Lieberum, Coast Guard; telephone 305-415-
6744, email<EMAIL_ADDRESS>If you have questions on
viewing the docket, call Cheryl Collins, Program Manager, Docket
Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

A. Regulatory History and Information

    The Coast Guard is issuing this final rule without prior notice and
opportunity to comment pursuant to authority under section 4(a) of the
Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision
authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because the SR 402/Max Brewer Bridge, that
once required draw operations in 33 CFR 117.261(k), was removed from
Atlantic Intracoastal Waterway mile 878.9 and replaced with a fixed
bridge in 2011. Therefore, the regulation is no longer applicable and
shall be removed from publication. It is unnecessary to publish an NPRM
because this regulatory action does not place any restrictions on
mariners. It removes a regulation that has no further use or value.
    Under 5 U.S.C. 553(d)(1), a rule that relieves a restriction is not
required to provide the 30 day notice period before its effective date.
This rule removes the SR 402/Max Brewer Bridge draw operation
requirements under 33 CFR 117.261(k), thus removing a regulatory
restriction on the public. Under 5 U.S.C. 553(d)(3), the Coast Guard
finds that good cause exists for making this rule effective in less
than 30 days after publication in the Federal Register. The bridge has
been a fixed bridge for 3 years and this rule merely requires an
administrative change to the Federal Register, in order to omit a
regulatory requirement that is no longer applicable or necessary.

B. Basis and Purpose

    The SR 402/Max Brewer Bridge across the Atlantic Intracoastal
Waterway mile 878.9 was removed and replaced with a fixed bridge in
2011. It has come to the attention of the Coast Guard that the
governing regulation for this drawbridge was never removed subsequent
to the completion of the fixed bridge that replaced it. The elimination
of this drawbridge necessitates the removal of the drawbridge operation
regulation, 33 CFR 117.261(k), that pertaining to the former
drawbridge.
    The purpose of this rule is to remove the section (k) of 33 CFR
117.261 that refers to the SR 402/Max Brewer Bridge at mile 878.9, from
the Code of Federal Regulations because it governs a bridge that is no
longer able to be opened.

C. Discussion of Rule

    The Coast Guard is changing the regulation in 33 CFR 117.261(k) by
removing restrictions and the regulatory burden related to the draw
operations for this bridge that no longer exists. The change removes
the section (k) of the regulation governing the SR 402/Max Brewer
Bridge because the bridge has been replaced with a fixed bridge and the
old bascule bridge was removed from the waterway. This Final Rule seeks
to update the Code of Federal Regulations by removing language that
governs the operation of the SR 402/Max Brewer Bridge, which in fact no
longer exists as a drawbridge. This change does not affect waterway or
land traffic. This change does not affect nor does it alter the
operating schedules in 33 CFR 117.261 that govern the remaining active
drawbridges on the Atlantic Intracoastal Waterway.

D. Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on these statutes and executive orders.

1. Regulatory Planning and Review

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory Planning and Review, as
supplemented by Executive Order 13563, Improving Regulation and
Regulatory Review, and does not require an assessment of potential
costs and benefits under section 6(a)(3) of Order 12866 or under
section 1 of Executive Order 13563. The Office of Management and Budget
has not reviewed it under those Orders.
    The Coast Guard does not consider this rule to be ``significant''
under that Order because it is an administrative change and does not
affect the way vessels operate on the waterway.

2. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    This rule will have no effect on small entities since this
drawbridge has been removed and replaced with a fixed bridge and the
regulation governing draw operations for this bridge is no longer
applicable. There is no new restriction or regulation being imposed by
this rule; therefore, the Coast Guard certifies under 5 U.S.C. 605(b)
that this final rule will not have a significant economic impact on a
substantial number of small entities

3. Collection of Information

    This rule calls for no new collection of information under the
Paperwork

Reduction Act of 1995 (44 U.S.C. 3501-3520).

4. Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on the States, on the
relationship between the national government and the States, or on the
distribution of power and responsibilities among the various levels of
government. We have analyzed this rule under that Order and have
determined that it does not have implications for federalism.

5. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

6. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

7. Taking of Private Property

    This rule will not cause a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference with Constitutionally Protected Property
Rights.

8. Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

9. Protection of Children

    We have analyzed this rule under Executive Order 13045, Protection
of Children from Environmental Health Risks and Safety Risks. This rule
is not an economically significant rule and does not create an
environmental risk to health or risk to safety that might
disproportionately affect children.

10. Indian Tribal Governments

    This rule does not have tribal implications under Executive Order
13175, Consultation and Coordination With Indian Tribal Governments,
because it does not have a substantial direct effect on one or more
Indian tribes, on the relationship between the Federal Government and
Indian tribes, or on the distribution of power and responsibilities
between the Federal Government and Indian tribes.

11. Energy Effects

    This action is not a ``significant energy action'' under Executive
Order 13211, Actions Concerning Regulations That Significantly Affect
Energy Supply, Distribution, or Use.

12. Technical Standards

    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

13. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guides the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have concluded
that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment because it removes a regulation that applied to a
drawbridge that no longer exists. This rule is categorically excluded,
under figure 2-1, paragraph (32)(e), of the Instruction.
    Under figure 2-1, paragraph (32)(e), of the Instruction, an
environmental analysis checklist and a categorical exclusion
determination are not required for this rule.

List of Subjects in 33 CFR Part 117

    Bridges.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 117 as follows:

PART 117--DRAWBRIDGE OPERATION REGULATIONS

0
1. The authority citation for part 117 continues to read as follows:

    Authority:  33 U.S.C. 491; 33 CFR 1.05-1; Department of Homeland
Security Delegation No. 0170.1.

Sec.  117.261  [Amended]

0
2. In Sec.  117.261, remove and reserve paragraph (k).

    Dated: May 7, 2014.
J.H. Korn,
Rear Admiral, U.S. Coast Guard, Commander, Seventh Coast Guard
District.
[FR Doc. 2014-11956 Filed 5-22-14; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 79, Number 199 (Wednesday, October 15, 2014)]
[Notices]
[Page 61911]
[FR Doc No: 2014-24421]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73320; File No. SR-NYSEArca-2014-30]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of
Designation of a Longer Period for Commission Action on Proceedings To
Determine Whether To Approve or Disapprove a Proposed Rule Change To
List and Trade Shares of Hull Tactical US ETF Under NYSE Arca Equities
Rule 8.600

October 8, 2014.

    On March 24, 2014, NYSE Arca, Inc. (``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 list and trade
shares (``Shares'') of Hull Tactical US ETF under NYSE Arca Equities
Rule 8.600. The proposed rule change was published for comment in the
Federal Register on April 11, 2014.\3\ On May 21, 2014, pursuant to
Section 19(b)(2) of the Act,\4\ the Commission designated a longer
period within which to either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change.\5\ On July 9,
2014, the Commission instituted proceedings to determine whether to
approve or disapprove the proposed rule change.\6\ The Commission
received one comment letter.\7\
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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. 71894 (Apr. 7,
2014), 79 FR 20273 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ Securities Exchange Act Release No. 72214 (May 21, 2014), 79
FR 30672 (May 28, 2014). The Commission determined that it was
appropriate to designate a longer period within which to take action
on the proposed rule change so that it would have sufficient time to
consider the proposed rule change. Accordingly, the Commission
designated July 10, 2014 as the date by which it should approve,
disapprove, or institute proceedings to determine whether to
disapprove the proposed rule change.
    \6\ Securities Exchange Act Release No. 72571 (July 9, 2014), 79
FR 41330 (July 15, 2014). The Commission instituted 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.'' See id.
    \7\ See Letter from Christopher S. Jones, Associate Professor,
University of Southern California to Elizabeth M. Murphy, Secretary,
Commission (Sept. 16, 2014).
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    Section 19(b)(2) of the Act \8\ provides that, after initiating
disapproval proceedings, the Commission shall issue an order approving
or disapproving the proposed rule change not later than 180 days after
the date of publication of notice of filing of the proposed rule
change. The Commission may extend the period for issuing an order
approving or disapproving the proposed rule change, however, by not
more than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination. The
proposed rule change was published for notice and comment in the
Federal Register on April 11, 2014.\9\ The 180th day after publication
of the notice of the filing of the proposed rule change in the Federal
Register is October 8, 2014, and the 240th day after publication of the
notice of the filing of the proposed rule change in the Federal
Register is December 5, 2014.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See supra note 3 and accompanying text.
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    The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change so that it has sufficient time to consider the proposed
rule change and the comment letter received.
    Accordingly, the Commission pursuant to 19(b)(2) of the Act \10\
designates December 5, 2014 as the date by which the Commission shall
either approve or disapprove the proposed rule change  (File No. SR-
NYSEArca-2014-30).
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-24421 Filed 10-14-14; 8:45 am]
BILLING CODE 8011-01-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. The Proposed Rule asks about a hundred different questions I might want to respond to. I want to provide my thoughts and comments on many of these issues, but my time to devote to researching and providing thoughtful comments on these important questions is limited. I have already spent many hours researching and dissecting these issues, but they take time. I know that the FDA took many years to even come up with the Proposed Rule, so I do not think it is at all unreasonable to allow the public a mere six months to comment on it. This is our only opportunity, as consumers, to provide our feedback.

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, as well as science- and evidence-based responses to your questions so that you can take my comment into account. I realize that the FDA has the authority under 21 CFR 10.40 to extend this time frame and that the FDA has exercised this authority on numerous occasions in the past. I would therefore ask that you do so here, so that all stakeholders have the opportunity to provide their comments on this proposed regulation.

I was a smoker of traditional cigarettes for 27 years. Took me 4 days to quit with the use of e-cigs. Had tried all other methods to quit, none succesfull. If you really wish for people to quit the use of tobacco products to insure their health, then please do not discourage this. Don't let the pocket book of the state be the basis of fact. I wish our for fathers were here to see this! It's times like this myself and most others i speak with, feel we're behind the iron hammer! It's "We the people". We cordially request additional time to respond.  Thank you, Travis Worthen

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


[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Page 37854]
[FR Doc No: 2017-17092]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Number: PR17-55-000.
    Applicants: Columbia Gas of Ohio, Inc.
    Description: Tariff filing per 284.123(b),(e)/: COH Rates effective
7-31-2017 to be effective 7/31/2017; Filing Type: 980.
    Filed Date: 8/2/17.
    Accession Number:<PHONE_NUMBER>59.
    Comments/Protests Due: 5 p.m. ET 8/23/17.

    Docket Numbers: RP17-960-000.
    Applicants: Texas Eastern Transmission, LP.
    Description: Texas Eastern Transmission, LP submits tariff filing
per 154.204: Negotiated Rates--Eco-Energy 8946929 to be effective 8/2/
2017 under RP17-960 Filing Type: 570.
    Filed Date: 08/02/2017.
    Accession Number: 20170802-5091.
    Comment Date: 5:00 p.m. Eastern Time on Monday, August 14, 2017.

    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 August 3, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-17092 Filed 8-11-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 58 (Thursday, March 26, 2015)]
[Notices]
[Pages 16004-16005]
[FR Doc No: 2015-06913]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2014-0055; FRL-9924-46-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for the Secondary Lead Smelter
Industry (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: The Environmental Protection Agency (EPA) has submitted an
information collection request (ICR), ``NESHAP for the Secondary Lead
Smelter Industry (Renewal)'' (EPA ICR No. 1686.10, OMB Control No.
2060-0296) to the Office of Management and Budget (OMB) for review and
approval in accordance with the Paperwork Reduction Act (44 U.S.C. 3501
et seq.). This is a proposed extension of the ICR, which is currently
approved through March 31, 2015. Public comments were previously
requested via the Federal Register (79 FR 30117) on May 27, 2014 during
a 60-day comment period. This notice allows for an additional 30 days
for public comments. A fuller description of the ICR is given below,
including its estimated burden and cost to the public. An Agency may
not conduct or sponsor and a person is not required to respond to a
collection of information unless it displays a currently valid OMB
control number.

DATES: Additional comments may be submitted on or before April 27,
2015.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2014-0055, to (1) EPA online using www.regulations.gov (our
preferred method), by email to<EMAIL_ADDRESS>or by mail to: EPA
Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200
Pennsylvania Ave. NW., Washington, DC 20460, and (2) OMB via email to
<EMAIL_ADDRESS>Address comments to OMB Desk Officer for
EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI) or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave.
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax
number:<PHONE_NUMBER>; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents, which explain in
detail the information that the EPA will be collecting, are available
in the public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, EPA West,
Room 3334, 1301 Constitution Ave. NW., Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit http://www.epa.gov/dockets.
    Abstract: This standard applies to owners and operators of
secondary lead smelter industry facilities. The provisions of this
subpart apply to secondary lead smelters that use blast, reverberatory,
rotary, or electric smelting furnaces to recover lead metal from scrap
lead, primarily from used lead-acid automotive-type batteries.
Consistent with the NESHAP General Provisions (40 CFR part 63, subpart
A), owners and operators must comply with recordkeeping, monitoring and
reporting requirements including control device parameter monitoring,
conduct performance tests and submittal of initial and periodic reports
such as semiannual compliance reports and an operation, maintenance and

monitoring plan. The required semiannual reports are used to determine
periods of excess emissions, identify problems at the facility, verify
operation/maintenance procedures, and for compliance determinations.
    Form Numbers: None.
    Respondents/affected entities: Secondary lead smelters.
    Respondent's obligation to respond: Mandatory (40 CFR Part 63,
Subpart X).
    Estimated number of respondents: 14 (total).
    Frequency of response: Initially, occasionally, semiannually and
annually.
    Total estimated burden: 13,038 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $1,651,633 (per year), includes $375,200
annualized capital or operation & maintenance costs.
    Changes in the Estimates: There is a decrease of 7,499 hours in the
total estimated respondent burden compared with the ICR currently
approved by OMB. In this ICR renewal, we have made adjustments to
reflect current rule requirements and remove duplicate items contained
in previous ICRs. In addition, this ICR renewal reflects a decrease in
the number of respondents from 16 to 14 due to facility closures.

Courtney Kerwin,
Acting Director, Collection Strategies Division.
[FR Doc. 2015-06913 Filed 3-25-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: June 1, 2007 (Volume 72, Number 105)]
[Notices]
[Page 30652-30657]
[DOCID:fr01jn07-126]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55815; File No. SR-NASDAQ-2007-027]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change and Amendment No. 1 Thereto To
Amend the Generic Listing Standards for Portfolio Depositary Receipts
and Index Fund Shares

May 25, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 23, 2007, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by Nasdaq.
On May 8, 2007, Nasdaq filed Amendment No. 1 to the proposed rule
change.\3\ The Commission is publishing this notice to solicit comments
on the proposed rule change, as amended, from interested persons and is
simultaneously approving the proposal on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaces and supersedes the original filing
in its entirety.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Nasdaq proposes to amend its existing rules to eliminate the
requirement that the calculation methodology for the index underlying
an exchange traded fund (``ETF'') be a methodology specified by rule
and to adopt generic listing standards for a series of ETFs based
solely or in part on fixed income indexes or securities. The text of
the proposed rule change is available at Nasdaq, the Commission's
Public Reference Room, and http://nasdaq.complinet.com.

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

    In its filing with the Commission, Nasdaq 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 these statements may be examined at the places specified in
Item IV below. Nasdaq has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    Rule 19b-4(e) under the Act \4\ provides that the listing and
trading of a new derivative securities product by a self-regulatory
organization shall not be deemed a proposed rule change, pursuant to
paragraph (c)(1) of Rule 19b-4,\5\ if the Commission has approved,
pursuant to Section 19(b) of the Act,\6\ the self-regulatory
organization's trading rules, procedures and listing standards for the
product class that would include the new derivatives securities
product, and the self-regulatory organization has a surveillance
program for the product class.\7\ Nasdaq has adopted generic listing
standards to satisfy this rule for the listing and trading of portfolio
depositary receipts (``PDRs'') \8\ and index fund shares (``IFSs'') \9\
(collectively, exchange traded funds or ``ETFs''), among others. The
proposed rule change will eliminate from these generic listing
standards the requirement that the calculation methodology for the
index underlying an ETF be a methodology specified by rule. In
addition, the proposed rule change will establish generic listing
standards, trading rules, and procedures, including surveillance, to
permit the listing and trading pursuant to Rule 19b-4(e) under the Act
of ETFs based solely on fixed income indexes (``Fixed Income Indexes'')
or on a combination of equity and fixed income indexes (``Combination
Indexes'').
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    \4\ 17 CFR 240.19b-4(e).
    \5\ 17 CFR 240.19b-4(c)(1).
    \6\ 15 U.S.C. 78s(b).
    \7\ See Securities Exchange Act Release No. 40761 (December 8,
1998), 63 FR 70952 (December 22, 1998).
    \8\ Nasdaq Rule 4420(i).
    \9\ Nasdaq Rule 4420(j).
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Index Methodology Change
    Nasdaq rules currently permit Nasdaq to list an ETF without filing
a proposed rule change if the ETF meets certain requirements.\10\ Among
those requirements is the requirement in Rules 4420(i)(3)(B) and
4420(j)(3)(B) that the index be calculated based on the market
capitalization, modified market capitalization, price, equal-dollar or
modified equal-dollar weighting or a methodology weighting components
of the index based on any, some or all of the following: Sales, cash
flow, book value and dividends. Nasdaq recently made a filing with the
Commission to expand this list to accommodate new products and now
proposes to remove this requirement to provide greater flexibility to
index providers and ETF issuers to develop indexes that meet the
investment objectives of investors. Further, removing these
requirements will reduce the time required for products based on
innovative index calculation methodologies to be brought to market. The
indexes underlying ETFs would continue to be required to meet the other
requirements of the generic listing standards. For example, domestic
indexes require, without limitation, that the most heavily weighted
component stock of an index not exceed 30% of the weight of the index,
and the five most heavily weighted component stocks of an index not
exceed 65% of the weight of the index,\11\ and that an index include a
minimum of 13 component stocks.\12\ Similarly, the generic listing
standards for international or global indexes require, without
limitation, that the most heavily weighted component stock of an index
not exceed 25% of the weight of the index, and the five most heavily
weighted component stocks of

an index not exceed 60% of the weight of the index,\13\ and that an
index include a minimum of 20 component stocks.\14\ Nasdaq believes
that such requirements will ensure that underlying indexes are
sufficiently diversified, and that their components are sufficiently
liquid to serve as the basis for an ETF.\15\
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    \10\ Nasdaq Rules 4420(i) and 4420(j).
    \11\ Nasdaq Rules 4420(i)(3)(A)(i)c. and 4420(j)(3)(A)(i)c.
    \12\ Nasdaq Rules 4420(i)(3)(A)(i)d. and 4420(j)(3)(A)(i)d.
    \13\ Nasdaq Rules 4420(i)(3)(A)(ii)c. and 4420(j)(3)(A)(ii)c.
    \14\ Nasdaq Rules 4420(i)(3)(A)(ii)d. and 4420(j)(3)(A)(ii)d.
    \15\ The Commission recently approved similar changes to the
rules of other exchanges. See Securities Exchange Act Release Nos.
55544 (March 27, 2007), 72 FR 15923 (April 3, 2007) (approving an
American Stock Exchange LLC (``Amex'') proposal (the ``Amex
Methodology Change'')); 55545 (March 27, 2007), 72 FR 15928 (April
3, 2007) and 55546 (March 27, 2007), 72 FR 15929 (April 3, 2007)
(approving, on an accelerated basis, similar changes to the rules of
the New York Stock Exchange (``NYSE'') and NYSE Arca, respectively).
---------------------------------------------------------------------------

Use of Fixed Income and Combination Indexes
    The Commission has previously approved the trading on Nasdaq of a
number of ETFs that are based on Fixed Income Indexes.\16\ Nasdaq now
proposes to establish generic listing standards, trading rules, and
procedures, including surveillance, to permit the listing and trading
pursuant to Rule 19b-4(e) of ETFs based solely on Fixed Income Indexes
and Combination Indexes. The Commission recently approved similar
standards for Amex.\17\ The proposed rule is substantially similar to
the Amex Rule.\18\ Adopting generic listing standards for these
securities and applying Rule 19b-4(e) should fulfill the intended
objective of that Rule by allowing ETFs that satisfy the proposed
generic listing standards to commence trading, without the need for a
public comment period and Commission approval. This has the potential
to reduce the time frame for bringing securities to market and thereby
reduce the burdens on issuers and other market participants. If a
particular index does not comply with the proposed generic listing
standards under Rule 19b-4(e), Nasdaq may submit a separate filing
pursuant to Section 19(b)(2) requesting Commission approval to list and
trade the particular index-linked product.
---------------------------------------------------------------------------

    \16\ Securities Exchange Act Release No. 55300 (February 15,
2007), 72 FR 8227 (February 23, 2007) (SR-Nasdaq-2007-002, relating
to the trading, pursuant to unlisted trading privileges, of 14
ETFs).
    \17\ Securities Exchange Act Release No. 55437 (March 9, 2007),
72 FR 12233 (March 15, 2007) (the ``Amex Rule'').
    \18\ The Amex Rule includes certain provisions that already
appear elsewhere in Nasdaq's rules and are therefore not repeated.
See, e.g., Rules 4420(i)(4) and 4420(j)(4) (proposed to be
renumbered as Rules 4420(i)(7) and 4420(j)(7)) relating to the
trading hours for PDRs and IFSs, respectively. See also Rule
4613(a)(1)(B) relating to the minimum trading increment on Nasdaq.
---------------------------------------------------------------------------

    Proposed Rules 4420(i) and (j) define the term ``Fixed Income
Securities'' to include notes, bonds (including convertible bonds),
debentures, or evidence of indebtedness that include, but are not
limited to, U.S. Treasury securities (``Treasury Securities''),
securities of government-sponsored entities (``GSE Securities''),
municipal securities, trust-preferred securities,\19\ supranational
debt,\20\ and debt of a foreign country or subdivision thereof. For
purposes of the proposed definition, a convertible bond is deemed to be
a Fixed Income Security until it is converted into its underlying
common or preferred stock.\21\ Once converted, the equity security may
no longer continue as a component of a fixed income index under the
proposed rules and, accordingly, would have to be removed from the
index for the ETF to remain listed pursuant to the proposed rule.
---------------------------------------------------------------------------

    \19\ Trust-preferred securities are undated cumulative
securities issued from a special purpose trust in which a bank or
bank holding company owns all of the common securities. The trust's
sole asset is a subordinated note issued by the bank or bank holding
company. Trust preferred securities are treated as debt for tax
purposes so that the distributions or dividends paid are a tax-
deductible interest expense.
    \20\ Supranational debt represents the debt of international
organizations such as the World Bank, the International Monetary
Fund, regional multilateral development banks, and multilateral
financial institutions. Examples of regional multilateral
development banks include the African Development Bank, Asian
Development Bank, European Bank for Reconstruction and Development,
and the Inter-American Development Bank. In addition, examples of
multilateral financial institutions include the European Investment
Bank and the International Fund for Agricultural Development.
    \21\ Under the Section 3(a)(11) of the Act, 15 U.S.C.
78c(a)(11), a convertible security is an equity security. However,
for the purposes of the proposed generic listing criteria, Nasdaq
believes that defining a convertible security (prior to its
conversion) as a Fixed Income Security is consistent with the
objectives and intention of the generic listing standards for fixed-
income-based ETFs as well as the Act.
---------------------------------------------------------------------------

Fixed Income Index Criteria
    To list an ETF pursuant to the proposed generic listing standards
for Fixed Income Indexes, the index underlying the ETF must satisfy all
the conditions contained in proposed Rule 4420(i)(4) (for PDRs) or
proposed Rule 4420(j)(4) (for IFSs). As with existing generic listing
standards for ETFs based on domestic and international or global
indexes, these listing criteria are designed to ensure that securities
with substantial market distribution and liquidity account for a
substantial portion of the weight of a Fixed Income Index.\22\
---------------------------------------------------------------------------

    \22\ The index criteria are loosely based on the standards
contained in Commission and Commodity Futures Trading Commission
(``CFTC'') rules regarding the application of the definition of
narrow-based security index to debt security indexes. See Securities
Exchange Act Release No. 54106 (July 6, 2006), 71 FR 39534 (July 13,
2006) (File No. S7-07-06) (the ``Joint Rules'').
---------------------------------------------------------------------------

    To list an ETF based on a Fixed Income Index pursuant to the
proposed generic listing standards, the index must meet the following
criteria:
     The index or portfolio must consist of Fixed Income
Securities;
     Components that in aggregate account for at least 75% of
the weight of the index or portfolio must have a minimum original
principal amount outstanding of $100 million or more;
     No component Fixed Income Security (excluding a Treasury
Security) represents more than 30% of the weight of the index, and the
five highest weighted component fixed income securities in the index do
not in the aggregate account for more than 65% of the weight of the
index; \23\
---------------------------------------------------------------------------

    \23\ This is consistent with the standard for U.S. equity ETFs
set forth in Rules 4420(i)(3)(A)c. and 4420(j)(3)(A)c. and the
standard set forth by the Commission and the CFTC in the Joint
Rules.
---------------------------------------------------------------------------

     An underlying index or portfolio (excluding one consisting
entirely of exempted securities) must include a minimum of 13 non-
affiliated issuers; \24\ and
---------------------------------------------------------------------------

    \24\ The required number of unaffiliated issuers parallels the
diversification requirement applicable to U.S. equity ETFs as set
forth in Rules 4420(i)(3)(A)d. and 4420(j)(3)(A)d.
---------------------------------------------------------------------------

     Component securities that in aggregate account for at
least 90% of the weight of the index or portfolio must be either: \25\
---------------------------------------------------------------------------

    \25\ Nasdaq notes that this proposed standard is consistent with
a similar standard in the Joint Rules and is designed to ensure that
the component fixed income securities have sufficient publicly
available information.
---------------------------------------------------------------------------

    [squf] From issuers that are required to file reports pursuant to
Sections 13 and 15(d) of the Act; \26\
---------------------------------------------------------------------------

    \26\ 15 U.S.C. 78m and 78o(d).
---------------------------------------------------------------------------

    [squf] From issuers that have a worldwide market value of
outstanding common equity held by non-affiliates of $700 million or
more;
    [squf] From issuers that have outstanding securities that are
notes, bonds, debentures, or evidences of indebtedness having a total
remaining principal amount of at least $1 billion;
    [squf] Exempted securities, as defined in Section 3(a)(12) of the
Act; \27\ or
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78c(a)(12).
---------------------------------------------------------------------------

    [squf] From issuers that are governments of foreign countries or
political subdivisions of foreign countries.
    The proposed generic listing requirements for ETFs based on Fixed

Income Indexes would not require that component securities in an
underlying index have an investment-grade rating.\28\ In addition, the
proposed requirements do not include a minimum trading volume, due to
the lower trading volume that generally occurs in the fixed income
markets as compared to the equity markets.\29\
---------------------------------------------------------------------------

    \28\ See Joint Rules, 71 FR at 30537.
    \29\ Nasdaq believes that the requirement to have a minimum
principal amount outstanding of $100 million, coupled with the
proposed concentration requirements, would reduce the likelihood
that an ETF listed under the proposal would be readily susceptible
to manipulation.
---------------------------------------------------------------------------

Listing and Trading of ETFs Based on Combination Indexes
    To list an ETF pursuant to the proposed generic listing standards
for Combination Indexes, an index underlying the ETF must satisfy all
the conditions contained in proposed Rule 4420(i)(5) (for PDRs) or Rule
4420(j)(5) (for IFSs). As with ETFs based solely on Fixed Income
Indexes, the generic listing standards are intended to ensure that
securities with substantial market distribution and liquidity account
for a substantial portion of the weight of both the equity and fixed
income portions of a Combination Index.
    The proposed rules provide that Nasdaq may list and trade ETFs
based on a combination of indexes or a series of component securities
representing the U.S. or domestic equity market, the international
equity market, and the fixed income market, pursuant to Rule 19b-4(e)
under the Act, provided that: (i) Such portfolio or combination of
indexes has been described in an exchange rule approved by the
Commission for the trading of options, PDRs, IFSs, Index-Linked
Exchangeable Notes, or Index-Linked Securities, and all of the
standards set forth in the approval order are satisfied by the exchange
employing generic listing standards; or (ii) the equity portion and
fixed income portion of the component securities separately meet the
criteria set forth in Rule 4420(i)(3) (equities) and proposed Rule
4420(i)(4) (fixed income) for PDRs and Rule 4420(j)(3) (equities) and
proposed Rule 4420(j)(4) (fixed income) for IFSs.
Index Maintenance and Information
    Nasdaq proposes to establish requirements regarding the maintenance
and dissemination of index information in connection with ETFs based on
Fixed Income Indexes and Combination Indexes. These rules would require
that the underlying value of a Fixed Income Index be widely
disseminated by one or more major market data vendors at least once a
day during the time when the corresponding ETF trades on Nasdaq.\30\
The rules also would require that the underlying value of a Combination
Index be widely disseminated by one or more major market data vendors
at least once every 15 seconds during the time when the corresponding
ETF trades on Nasdaq, provided that, with respect to the fixed income
components of the Combination Index, their impact on the index is
required to be updated only once each day.\31\ Nasdaq believes that
these provisions reflect the nature of the fixed income markets as well
as the frequency of intra-day trading information with respect to Fixed
Income Securities. If the index value does not change during some or
all of the period when trading is occurring on Nasdaq, the last
official calculated index value must remain available throughout Nasdaq
trading hours.
---------------------------------------------------------------------------

    \30\ Nasdaq Rules 4420(i)(4)(B)(ii) and 4420(j)(4)(B)(ii).
    \31\ Nasdaq Rules 4420(i)(5)(A)(ii) and 4420(j)(5)(A)(ii).
---------------------------------------------------------------------------

    Moreover, if a Fixed Income Index or Combination Index underlying
an ETF is maintained by a broker-dealer or fund advisor, the broker-
dealer or fund advisor shall erect a ``firewall'' around the personnel
who have access to information concerning changes and adjustments to
the index.\32\ In addition, any advisory committee, supervisory board,
or similar entity that advises a Reporting Authority or that makes
decisions on 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 index.\33\
---------------------------------------------------------------------------

    \32\ Rules 4420(i)(4)(B)(i), 4420(i)(5)(A)(i), 4420(j)(4)(B)(i),
and 4420(j)(5)(A)(i).
    \33\ Rules 4420(i)(4)(B)(iii), 4420(i)(5)(A)(iii),
4420(j)(4)(B)(iii), and 4420(j)(5)(A)(iii).
---------------------------------------------------------------------------

Application of General Rules
    Proposed Rules 4420(i)(6) and 4420(j)(6) set forth requirements
governing any ETF based on a Fixed Income Index or Combination Index.
These include initial shares outstanding and the dissemination of the
Intraday Indicative Value, which is an estimate of the value of a share
of each ETF, updated at least every 15 seconds.

ETF Listing Criteria, Trading Rules, and Procedures

    Under Nasdaq's proposal, an ETF based on a Fixed Income Index or
Combination Index would be subject to the listing criteria set out in
proposed Rules 4420(i)(9) and 4420(j)(9) \34\ Accordingly, an ETF's NAV
must be calculated at least once each day and disseminated to all
market participants at the same time.\35\ Also, where the value of the
underlying index or portfolio of securities on which the ETF is based
is no longer calculated or available, or if the ETF replaces the
underlying index or portfolio with a new index or portfolio, Nasdaq
would commence delisting proceedings unless the new index or portfolio
meets the requirements of and listing standards set forth in Rules
4420(i) and 4420(j), as applicable.\36\ Nasdaq proposes to clarify that
if a sponsor of an ETF chose to replace an index or portfolio that did
not meet any of Nasdaq's generic listing standards, approval by the
Commission of a separate filing pursuant to Section 19(b)(2) of the Act
to list and trade that ETF would be required.\37\ An ETF based on a
Fixed Income Index or Combination Index would be traded, in all
respects, under Nasdaq's existing trading rules and procedures that
apply to ETFs generally, including with respect to delisting and
trading halts. In particular, Rule 4120(a)(9) provides that, if the
Intraday Indicative Value or the index value applicable to that series
of ETFs is not being disseminated as required, Nasdaq may halt trading
during the day in which the interruption to the dissemination of the
Intraday Indicative Value or the index value occurs. If the
interruption to the dissemination of the Intraday Indicative Value or
the index value persists past the trading day in which it occurred,
Nasdaq would halt trading no later than the beginning of the trading
day following the interruption.\38\
---------------------------------------------------------------------------

    \34\ These rules will be renumbered from Rules 4420(i)(6) and
4420(j)(6).
    \35\ See proposed Rules 4420(i)(9)(A)(ii) and 4420(j)(9)(A)(ii)
(requiring that, before approving an ETF for listing, Nasdaq will
obtain a representation from the ETF issuer that the NAV per share
will be calculated daily and made available to all market
participants at the same time).
    \36\ See proposed Rules 4420(i)(9)(B)(i)b and 4420(j)(9)(B)(i)b.
    \37\ The Commission previously approved a similar clarification
to the rules of the American Stock Exchange. See Securities Exchange
Act Release No. 54739 (November 9, 2006), 71 FR 66993 (November 17,
2006) (approving SR-Amex-2006-78).
    \38\ If an ETF is traded on Nasdaq pursuant to unlisted trading
privileges, Nasdaq would halt trading if the primary listing market
halts trading in such ETF because the Intraday Indicative Value and/
or the index value is not being disseminated. See Rule 4120(b)(9).
---------------------------------------------------------------------------

    As noted above, if a broker-dealer is responsible for maintaining
(or has a role in maintaining) the underlying index, the broker-dealer
would be required to erect and maintain a ``firewall,'' in a form
satisfactory to

Nasdaq, to prevent the flow of non-public information regarding the
underlying index from the personnel involved in the development and
maintenance of such index to others such as sales and trading
personnel.
Surveillance
    Nasdaq represents that an ETF based on a Fixed Income Index or
Combination Index would be covered under NASD Regulation's surveillance
program for ETFs, which NASD Regulation administers for Nasdaq under a
regulatory services agreement. NASD Regulation will implement written
surveillance procedures for ETFs based on either a Fixed Income Index
or a Combination Index.\39\ Nasdaq represents that NASD Regulation's
surveillance procedures are adequate to properly monitor the trading of
ETFs listed pursuant to the proposed new listing standards. In
addition, Nasdaq also has a general policy prohibiting the distribution
of material, non-public information by its employees.
---------------------------------------------------------------------------

    \39\ See proposed Rules 4420(i)(6)(C) and 4420(j)(6)(C).
---------------------------------------------------------------------------

2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with
the provisions of Section 6 of the Act,\40\ in general and with Section
6(b)(5) of the Act,\41\ in particular, in that the proposal is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78f.
    \41\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    Nasdaq does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is 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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NASDAQ-2007-027 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
    All submissions should refer to File Number SR-NASDAQ-2007-027.
This file number should be included on the subject line if e-mail 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 Web site (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 inspection
and copying in the Commission's Public Reference Room. Copies of such
filing also will be available for inspection and copying at the
principal office of Nasdaq.
    All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to the File Number SR-NASDAQ-
2007-027 and should be submitted on or before June 22, 2007.

IV. Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as amended, is consistent with the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\42\ In particular, the Commission believes that the proposal
is consistent with Section 6(b)(5) of the Act \43\ in that it is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------

    \42\ In approving this proposal, the Commission has considered
its impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
    \43\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Currently, the Exchange must file a proposed rule change with the
Commission pursuant to Section 19(b)(1) of the Act \44\ and Rule 19b-4
thereunder \45\ to list or trade any ETF based on Fixed Income
Securities. The Exchange also must file a proposed rule change to list
or trade an ETF based on a Fixed Income or Combination Index described
in an exchange rule previously approved by the Commission as an
underlying benchmark for a derivative security. Rule 19b-4(e) under the
Act, however, provides that the listing and trading of a new derivative
securities product by an SRO will not be deemed a proposed rule change
pursuant to Rule 19b-4(c)(1) 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. The Exchange's proposed rules for the listing
and trading of ETFs pursuant to Rule 19b-4(e) based on (1) certain
indexes with components that include Fixed Income Securities or (2)
indexes or portfolios described in exchange rules previously approved
by the Commission as underlying benchmarks for derivative securities
fulfill these requirements. Use of Rule 19b-4(e) by Nasdaq to list and
trade such ETFs should promote competition, reduce burdens on issuers
and other market participants, and make such ETFs available to
investors more quickly. \46\
---------------------------------------------------------------------------

    \44\ 15 U.S.C. 78s(b)(1).
    \45\ 17 CFR 240.19b-4.
    \46\ The Commission notes that failure of a particular ETF to
satisfy the Exchange's generic listing standards does not preclude
the Exchange from submitting a separate proposal to list and trade
such ETF.
---------------------------------------------------------------------------

    The Commission has approved for listing and trading ETFs based on
certain fixed income indexes and structured notes linked to a basket or

index of Fixed Income Securities.\47\ Further, the Commission approved
substantially similar generic listing standards for ETFs based on Fixed
Income Indexes and Combination Indexes to be traded on Amex.\48\ The
Commission believes that adopting generic listing standards for ETFs
based on Fixed Income and Combination Indexes should fulfill the
intended objective of that rule by allowing those ETFs that satisfy the
proposed generic listing standards to commence trading without a rule
filing. Taken together, the Commission finds that the Nasdaq proposal
meets the requirements of Rule 19b-4(e). All products listed under the
proposed generic listing standards will be subject to existing Nasdaq
rules governing the trading of ETFs.
---------------------------------------------------------------------------

    \47\ See note 16 supra.
    \48\ See note 17 supra.
---------------------------------------------------------------------------

    Proposed Rule 4420(i) (for PDRs) and proposed Rule 4420 (j) (for
IFSs) establish the standards for the composition of a Fixed Income
Index or Combination Index underlying an ETF. These requirements are
designed, among other things, to ensure that components of an index or
portfolio underlying the ETF are adequately capitalized and
sufficiently liquid, and that no one security dominates the index. The
Commission believes that these standards are reasonably designed to
ensure that a substantial portion of any underlying index or portfolio
consists of securities about which information is publicly available,
and that when applied in conjunction with the other applicable listing
requirements, will permit the listing and trading only of ETFs that are
sufficiently broad-based in scope to minimize potential manipulation.
The Commission further believes that the proposed listing standards are
reasonably designed to preclude Nasdaq from listing and trading an ETF
that might be used as a surrogate for trading in unregistered
securities.
    The proposed generic listing standards also will permit Nasdaq to
list and trade an ETF if the Commission previously has approved a rule
of another exchange that contemplates listing and trading a derivative
security based on the same underlying index. Nasdaq would be able to
rely on the Commission's earlier approval order, provided that Nasdaq
complies with the commitments undertaken by the other exchange set
forth in the prior order, including any surveillance-sharing
arrangements.
    The Commission believes that Nasdaq's proposal is consistent with
Section 11A(a)(1)(C)(iii) of the Act,\49\ which sets forth Congress'
finding that it is in the public interest and appropriate for the
protection of investors and the maintenance of fair and orderly markets
to assure the availability to brokers, dealers, and investors of
information with respect to quotations for and transactions in
securities. Under the Exchange's proposed listing standards, the
underlying value of a Fixed Income Index is required to be widely
disseminated by one or more major market data vendors at least once a
day during the time when the corresponding ETF trades on the Exchange.
Likewise, the underlying value of a Combination Index is required to be
widely disseminated by one or more major market data vendors at least
once every 15 seconds during the time when the corresponding ETF trades
on the Exchange, provided that, with respect to the fixed income
components of the Combination Index, the impact on the index is
required to be updated only once each day.
---------------------------------------------------------------------------

    \49\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    Furthermore, the Commission believes that the proposed rules are
reasonably designed to promote fair disclosure of information that may
be necessary to price an ETF appropriately. If a Fixed Income Index or
Combination Index underlying such an ETF is maintained by a broker-
dealer or fund advisor, that entity must erect a firewall around the
personnel who have access to information concerning changes and
adjustments to the index. Any advisory committee, supervisory board, or
similar entity that advises a Reporting Authority or that makes
decisions on index composition, methodology, or 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 index. The Commission also notes that proposed Rules
4420(i)(9)(A)(ii) and 4420(j)(9)(A)(ii), which would apply to an ETF
listed and traded pursuant to this proposal, require that, before
approving an ETF for listing, the Exchange will obtain a representation
from the ETF issuer that the NAV per share will be calculated daily and
made available to all market participants at the same time.
    The Commission also believes that the Exchange's trading halt rules
are reasonably designed to prevent trading in an ETF when transparency
cannot be assured. Rule 4120(a)(9) provides that, if the Intraday
Indicative Value or the index value applicable to an ETF is not
disseminated as required, the Exchange may halt trading during the day
in which the interruption occurs. If the interruption continues, the
Exchange will halt trading no later than the beginning of the next
trading day.\50\ Also, the Exchange will commence delisting proceedings
in the event that the value of the underlying index is no longer
calculated and widely disseminated on at least a 15-second basis (for
Combination Indexes) or at least once a day (for Fixed Income Indexes).
---------------------------------------------------------------------------

    \50\ Nasdaq may also exercise discretion to halt trading in a
series of Portfolio Depository Receipts or Index Fund Shares based
on a consideration of the following factors: (A) trading in
underlying securities comprising the index applicable to that series
has been halted in the primary market(s), (B) the extent to which
trading has ceased in securities underlying the index, or (C) the
presence of other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market. See Nasdaq Rule
4120(a)(9).
---------------------------------------------------------------------------

    The Commission notes that the Exchange represented that NASD
Regulation will implement written surveillance procedures for ETFs
based on either a Fixed Income Index or Combination Index.\51\ In
approving this proposal, the Commission has relied on the Exchange's
representation that its surveillance procedures are adequate to
properly monitor the trading of ETFs listed pursuant to this proposal.
This approval order is conditioned on the continuing accuracy of that
representation.
---------------------------------------------------------------------------

    \51\ See proposed Nasdaq Rules 4420(i)(6)(C) and 4420(j)(6)(C).
---------------------------------------------------------------------------

Acceleration
    The Commission finds good cause to approve the proposal, as
amended, prior to the thirtieth day after the proposal was published
for comment in the Federal Register. The Commission believes that
accelerating approval of the proposed rule change will expedite the
listing and trading of additional ETFs based on Fixed Income and
Combination Indexes by the Exchange, subject to consistent and
reasonable standards. The Commission also notes that Nasdaq's proposed
generic listing standards are substantially similar to the Amex Rules
that were approved by the Commission. Thus, the Commission finds good
cause, consistent with Section 19(b)(2) of the Act,\52\ to grant
accelerated approval of the proposed rule change.
---------------------------------------------------------------------------

    \52\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act,
that the proposed rule change (SR-NASDAQ-

2007-027), as amended, is hereby approved on an accelerated basis.\53\
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    \53\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\54\
---------------------------------------------------------------------------

    \54\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-10556 Filed 5-31-07; 8:45 am]

BILLING CODE 8010-01-P


                    UNITED STATES OF AMERICA

            DEPARTMENT OF TRANSPORTATION

                    OFFICE OF THE SECRETARY

                             WASHINGTON, DC

Issued by the Department of Transportation on March 18, 2004

NOTICE OF ACTION TAKEN -- DOCKETS OST-2004-17265

________________________________________________________________________
_____________

This serves as notice to the public of the action described below, taken
by the Department official indicated (no additional confirming order
will be issued in this matter).

Application of   JetBlue Airways Corporation  filed  3/8/04   for:

XX  Exemption for two years under 49 U.S.C. §40109 to provide the
following service:

Scheduled foreign air transportation of persons, property, and mail
between points in the United States, on the one hand, and Santo Domingo
and Santiago, Dominican Republic, on the other.

Applicant rep:  Jonathan B. Hill<PHONE_NUMBER>  DOT Analyst: Sylvia
Moore<PHONE_NUMBER>

D I S P O S I T I O N

XX  Granted (subject to conditions, see below)

The above action was effective when taken:  March 18, 2004, through
March 18, 2006

Action taken by:   Paul L. Gretch, Director

		    Office of International Aviation

XX   The authority granted is consistent with the July 22, 1986 aviation
agreement between the United States and the Dominican Republic (Santo
Domingo) and with the overall state of aviation relations between the
United States and the Dominican Republic (Santiago).

Except to the extent exempted or waived, this authority is subject to
the terms, conditions, and limitations indicated:  XX  Holder’s
certificates of public convenience and necessity

	   XX  Standard exemption conditions (attached)

Remarks:  JetBlue has previously been found to be a citizen of the
United States and fit, willing and able to provide scheduled interstate
air transportation of persons, property, and mail as a certificated air
carrier under section 41102 of Title 49 U.S.C.  (See Order 2000-2-7.)
The foreign air transportation services authorized here are not markedly
different in terms of aircraft size or stage length from the carrier’s
current scheduled interstate operations under its existing certificate
authority.  We, therefore, found that JetBlue is qualified to provide
the proposed air transportation services for the period covered by the
exemption.

We acted on this application without awaiting expiration of the 15-day
answer period with the consent of all parties served.

________________________________________________________________________
______________

On the basis of data officially noticeable under Rule 24(g) of the
Department’s regulations, we found Continental qualified to provide
the services authorized.

						2

Under authority assigned by the Department in its regulations, 14 CFR
Part 385, we found that (1) our action was consistent with Department
policy; (2) grant of the authority was consistent with the public
interest; and (3) grant of the authority would not constitute a major
regulatory action under the Energy Policy and Conservation Act of 1975.
To the extent not granted, we denied all requests in the referenced
Docket.  We may amend, modify, or revoke the authority granted in this
Notice at any time without hearing at our discretion.

Persons entitled to petition the Department for review of the action set
forth in this Notice under the Department’s regulations, 14 CFR §
385.30, may file their petitions within seven (7) days after the date of
issuance of this Notice.  This action was effective when taken, and the
filing of a petition for review will not alter such effectiveness.

An electronic version of this order is available on the World Wide Web
at

  HYPERLINK "http://dms.dot.gov//reports/reports_ aviation.asp"
http://dms.dot.gov//reports/reports_ aviation.asp

U.S. Carrier Exemption Conditions

In the conduct of the operations authorized, the U.S. carrier
applicant(s) shall:

(1)  Hold at all times effective operating authority from the government
of each country served;

(2)  Comply with applicable requirements concerning oversales contained
in 14 CFR 250 (for scheduled operations, if authorized);

(3)  Comply with the requirements for reporting data contained in 14 CFR
241;

(4)  Comply with requirements for minimum insurance coverage, and for
certifying that coverage to the Department, contained in 14 CFR 205;

(5)  Except as specifically exempted or otherwise provided for in a
Department Order, comply with the requirements of 14 CFR 203, concerning
waiver of Warsaw Convention liability limits and defenses;

(6)  Comply with all applicable requirements of the Federal Aviation
Administration and with all applicable U.S. Government requirements
concerning security.  To assure compliance with all applicable U.S.
Government requirements concerning security, the holder shall, before
commencing any new service (including charter flights) to or from a
foreign airport, contact its Principal Security Inspector (PSI) to
advise the PSI of its plans and to find out whether the Transportation
Security Administration has determined that security is adequate to
allow such airport(s) to be served; and

(7)  Comply with such other reasonable terms, conditions, and
limitations required by the public interest as may be prescribed by the
Department of Transportation, with all applicable orders and regulations
of other U.S. agencies and courts, and with all applicable laws of the
United States.

The authority granted shall be effective only during the period when the
holder is in compliance with the conditions imposed above.

										08/2003


[Federal Register Volume 86, Number 122 (Tuesday, June 29, 2021)]
[Rules and Regulations]
[Pages 34138-34139]
[FR Doc No: 2021-13880]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2021-0402]

Safety Zone; Marine Events Within the Eighth Coast Guard District

AGENCY: Coast Guard, Department of Homeland Security (DHS).

ACTION: Notice of enforcement of regulation.

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

SUMMARY: The Coast Guard will enforce a safety zone for the
Madisonville Old Fashioned 4th of July fireworks display July 3, 2021,
from 8 p.m. through 9 p.m. to provide for the safety of life on
navigable waterways during this event. Our regulation for marine events
within the Eighth Coast Guard District identifies the regulated area
for this event on the Tchefuncte River, near Madisonville, Louisiana.
During the enforcement periods, the operator of any vessel in the
regulated area must comply with directions from the Patrol Commander or
any Official Patrol designated by the Captain of the Port.

DATES: The regulations in 33 CFR 165.801, Table 5, line 15, will be
enforced from 8 p.m. through 9 p.m. on July 3, 2021.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
notice of enforcement, call or email Lieutenant Commander Thao V.
Nguyen, Sector

New Orleans, U.S. Coast Guard; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the safety zone
located in 33 CFR 165.801, Table 5, line 15, for the Madisonville Old
Fashioned 4th of July event. The regulations will be enforced from 8
p.m. through 9 p.m. on July 3, 2021. This action is being taken to
provide for the safety of life on these navigable waterways during this
event. Our regulations for marine events within the Eighth Coast Guard
District, 33 CFR 168.801, as updated by the Federal Register document
published at 83 FR 55488, specifies the location of the regulated area
on the Tchefuncte River, at approximate position 30[deg]24'19.717'' N,
090[deg]09'17.175 W, in front of the Madisonville Town Hall. During the
enforcement period, as reflected in Sec.  165.801(a) through (d), if
you are the operator of a vessel in the regulated area, you must comply
with directions from Captain of the Port Sector New Orleans or a
designated representative.
    In addition to this notice of enforcement in the Federal Register,
the Coast Guard plans to provide notification of this enforcement
period via a Marine Safety Information Bulletin and/or Broadcast Notice
to Mariners.

    Dated: June 24, 2021.
W.E. Watson,
Captain, U.S. Coast Guard, Captain of the Port Sector New Orleans.
[FR Doc. 2021-13880 Filed 6-28-21; 8:45 am]
BILLING CODE 9110-04-P