[Federal Register: August 21, 2008 (Volume 73, Number 163)]
[Notices]
[Page 49522-49529]
[DOCID:fr21au08-100]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58365; File No. SR-NYSEArca-2008-81]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change, as
Modified by Amendment No. 1 Thereto, Relating to Listing and Trading of
Four CurrencyShares Trusts

August 14, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on July 30, 2008, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange''),
through its wholly owned subsidiary, NYSE Arca Equities, Inc. (``NYSE
Arca Equities''), filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
On August 11, 2008, the Exchange filed Amendment No. 1 to the proposed
rule change. The Commission is publishing this notice to solicit
comments on the proposed rule change, as amended, from interested
persons and is granting approval to the proposed rule change, as
modified by Amendment No. 1 thereto, on an accelerated basis.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list shares (``Shares'') of the following
trusts: CurrencySharesSM Hong Kong Dollar Trust,
CurrencySharesSM Russian Ruble Trust,
CurrencySharesSM Singapore Dollar Trust, and
CurrencySharesSM South African Rand Trust (``Trusts'') under
NYSE Arca Equities Rule 8.202. The text of the proposed rule change is
available on the Exchange's Web site at http://www.nyse.com, at the
Exchange's principal office 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, NYSE Arca 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 III below. NYSE Arca 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    Under NYSE Arca Equities Rule 8.202, the Exchange may propose to
list and/or trade pursuant to unlisted trading privileges (``UTP'')
``Currency Trust Shares.'' \3\ The Exchange proposes to list the Shares
of the Trusts under NYSE Arca Equities Rule 8.202.\4\
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    \3\ See NYSE Arca Equities Rule 8.202 and Securities Exchange
Act Release No. 53253 (February 8, 2006), 71 FR 8029 (February 15,
2006) (SR-PCX-2005-123) (order granting accelerated approval for the
Exchange to adopt listing and trading standards for Currency Trust
Shares and approving the UTP trading of shares of the Euro Currency
Trust (now known as the ``CurrencyShares Euro Trust'')). E-mail from
Michael Cavalier, Associate General Counsel, NYSE Group, Inc., to
Brian O'Neill, Staff Attorney, and Edward Cho, Special Counsel,
Division of Trading and Markets, Commission, dated August 4, 2008
(confirming the name change of the Euro Currency Trust to the
CurrencyShares Euro Trust). As defined in NYSE Arca Equities Rule
8.202(c), the term ``Currency Trust Shares'' means a security that
(a) Is issued by a trust (``Trust'') that holds a specified non-U.S.
currency deposited with the Trust; (b) when aggregated in some
specified minimum number may be surrendered to the Trust by the
beneficial owner to receive the specified non-U.S. currency; and (c)
pays beneficial owners interest and other distributions on the
deposited non-U.S. currency, if any, declared and paid by the Trust.
    \4\ The Commission has previously approved listing or UTP
trading of issues of CurrencyShares based on non-US currencies. See
Securities Exchange Act Release No. 52843 (November 28, 2005), 70 FR
72486 (December 5, 2005) (SR-NYSE-2005-65) (order granting
accelerated approval for the New York Stock Exchange (``NYSE'') to
list and trade shares of the CurrencyShares Euro Trust); Securities
Exchange Act Release No. 54020 (June 20, 2006), 71 FR 36579 (June
27, 2006) (SR-NYSE-2006-35) (order granting accelerated approval for
NYSE to list and trade shares of the CurrencyShares Australian
Dollar Trust, CurrencyShares British Pound Sterling Trust,
CurrencyShares Canadian Dollar Trust, CurrencyShares Mexican Peso
Trust, CurrencyShares Swedish Krona Trust and CurrencyShares Swiss
Franc Trust); Securities Exchange Act Release No. 55268 (February 9,
2007), 72 FR 7793 (February 20, 2007) (SR-NYSE-2007-03) (order
granting accelerated approval for NYSE to list and trade shares of
the CurrencyShares Japanese Yen Trust); Securities Exchange Act
Release No. 55320 (February 21, 2007), 72 FR 8828 (February 27,
2007) (SR-NYSEArca-2007-15) (order granting accelerated approval for
the Exchange to UTP trade shares of the CurrencyShares Japanese Yen
Trust); Securities Exchange Act Release No. 56131 (July 25, 2007),
72 FR 42212 (August 1, 2007) (SR-NYSEArca-2007-57) (order granting
accelerated approval for Exchange to list eight CurrencyShares
Trusts).
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    Rydex Specialized Products LLC is the sponsor of the Trusts
(``Sponsor''); The Bank of New York is the trustee of the Trusts
(``Trustee''); JPMorgan Chase Bank, N.A., London Branch, is the
depository for the Trusts (``Depository''); and Rydex Distributors,
Inc. is the distributor for the Trusts (``Distributor''). The Sponsor,
Trustee, Depository and Distributor are not affiliated with the
Exchange or one another, with the exception that the Sponsor and
Distributor are affiliated. For more information on these entities, see
below.
    The Shares represent units of fractional undivided beneficial
interest in, and ownership of, the respective Trust. The investment
objective of the Trusts is for the Shares issued by the Trusts to
reflect the price of the applicable foreign currency owned by the
specific Trust, plus accrued interest, less the expenses and
liabilities of such Trust, according to the Registration Statements for
the Trusts.\5\ The Shares

are intended to provide institutional and retail investors with a
simple, cost-effective means of hedging their exposure to a particular
foreign currency and otherwise implement investment strategies that
involve foreign currency (e.g., diversify more generally against the
risk that the U.S. Dollar (``USD'') would depreciate).\6\
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    \5\ See Preliminary Prospectuses for the CurrencyShares Hong
Kong Dollar Trust (Registration No. 333-150686), CurrencyShares
Russian Ruble Trust (Registration No. 333-150687), CurrencyShares
Singapore Dollar Trust (Registration No. 333-150684), and
CurrencyShares South African Rand Trust (Registration No. 333-
150685), each dated July 21, 2008. The Preliminary Prospectuses
listed in this paragraph are collectively referred to herein as the
``Registration Statements.'' All information in this proposed rule
change relating to the Shares and the Trusts is based on information
in the Registration Statements.
    \6\ For April 2007, the daily average reported foreign exchange
market turnover of the USD against the Hong Kong Special
Administrative Region (SAR), Russia, Singapore and South Africa was
$175 billion, $50 billion, $231 billion and $14 billion,
respectively. (Source: Bank for International Settlements, Triennial
Central Bank Survey, December 2007, Table B.2 (``Central Bank
Survey'')). The Central Bank Survey reports that there appears to
have been an increase in total turnover of emerging market
currencies. In April 2007, emerging market currencies were involved
in almost 20% of all transactions. Specifically, the Hong Kong
Dollar, Singapore Dollar, Rand and Ruble experienced a percentage
share of average daily turnover of 2.8%, 1.2%, 0.9% and 0.8%,
respectively, reflecting slight increases from previously reported
years. (Source: Bank for International Settlements, Triennial
Central Bank Survey, December 2007, Table B.6)
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    Futures and options on futures on the Russian Ruble and the South
African Rand are traded on the Chicago Mercantile Exchange (``CME'').
Futures on the Russian Ruble are also traded on the Moscow Interbank
Currency Exchange and the Russian Trading System. Based upon the
Exchange's review of information supplied by major market data vendors,
futures or options are not traded on the Singapore Dollar or Hong Kong
Dollar. Because the Shares are traded on NYSE Arca, investors are able
to access the applicable foreign currency market through a traditional
brokerage account which provides investors with an efficient means of
implementing investment tactics and strategies that involve the
applicable foreign currency.

Foreign Currency Regulation

    Most trading in the global over-the-counter (``OTC'') foreign
currency markets is conducted by regulated financial institutions such
as banks and broker-dealers. In addition, in the United States, the
Foreign Exchange Committee of the New York Federal Reserve Bank has
issued Guidelines for Foreign Exchange Trading, and central-bank
sponsored committees in Japan and Singapore have published similar best
practice guidelines. In the United Kingdom, the Bank of England has
published the Non-Investment Products Code, which covers foreign
currency trading. The Financial Markets Association, whose members
include major international banking organizations, has also established
best practices guidelines called the Model Code.
    Participants in the U.S. OTC market for foreign currencies are
generally regulated by their oversight regulators. For example,
participating banks are regulated by the banking authorities. In
addition, in the U.S. the Commodity Futures Trading Commission
(``CFTC'') regulates trading of futures, options and options on futures
on foreign currencies on regulated futures exchanges.\7\ The CFTC has
established rules designed to prevent market manipulation, abusive
trade practices and fraud, as does the CME.
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    \7\ The CFTC is an independent government agency with the
mandate to regulate commodity futures and options markets in the
United States under the Commodity Exchange Act. In addition to its
oversight of regulated futures exchanges, the CFTC has jurisdiction
over certain foreign currency futures, options and options on
futures transactions occurring other than on a regulated exchange
and involving retail customers.
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    The CME has authority to perform surveillance on its members'
trading activities, review positions held by members and large-scale
customers, and monitor the price movements of options and/or futures
markets by comparing them with cash and other derivative markets'
prices. As noted above, based upon the Exchange's review of market data
information, futures or options are not traded on the Singapore Dollar
or Hong Kong Dollar. Therefore, CME surveillance and CFTC oversight
would pertain only to futures and options on futures on the Russian
Ruble and South African Rand.
The Sponsor
    The Sponsor of each Trust is a Delaware limited liability company.
The sole member of the Sponsor is PADCO Advisors II, Inc., a Maryland
corporation solely owned by Rydex Holdings, Inc., a Maryland
corporation. Rydex Holdings, Inc. is solely owned by Rydex NV, Inc., a
Nevada corporation that is privately-held. The Sponsor and its
affiliates collectively do business as ``Rydex Investments.''
    The Sponsor is responsible for establishing the Trusts and for the
registration of the Shares. The Sponsor generally oversees the
performance of the Trustee and the Trusts' principal service providers,
but does not exercise day-to-day oversight over the Trustee or such
service providers. The Sponsor regularly communicates with the Trustee
to monitor the overall performance of the Trusts. The Sponsor, with
assistance and support from Rydex affiliates who also do business as
``Rydex Investments,'' the Trustee and outside professionals, are
responsible for preparing and filing periodic reports on behalf of the
Trusts with the SEC.\8\ The Sponsor designates the auditors of the
Trusts and may from time to time employ legal counsel for the Trust.
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    \8\ The Sponsor has obtained guidance from the SEC Division of
Corporation Finance with respect to the Trusts pursuant to which the
Sponsor's principal executive officer and principal financial
officer will provide any certifications that are required from a
``registrant's'' principal executive officer and principal financial
officer. See letters from the Office of Chief Counsel, Division of
Corporation Finance, at the Commission dated March 22, 2006 (with
respect to the CurrencySharesSM Euro Trust ); September
13, 2006 (with respect to the CurrencySharesSM Australian
Dollar Trust, CurrencySharesSM British Pound Sterling
Trust, CurrencySharesSM Canadian Dollar Trust,
CurrencySharesSM Mexican Peso Trust,
CurrencySharesSM Swedish Krona Trust, and
CurrencySharesSM Swiss Franc Trust) and March 27, 2007
(with respect to the CurrencySharesSM Japanese Yen
Trust).
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    The Distributor is assisting the Sponsor in developing a marketing
plan for the Trusts, preparing marketing materials on the Shares,
executing the marketing plan for the Trusts and providing strategic and
tactical research on the global foreign exchange markets. The Sponsor
would not enter into an agreement with the Distributor covering these
services, because the Distributor is an affiliate and would not be paid
any compensation by the Sponsor for performing these services.
    The Sponsor with the Distributor's assistance maintains a public
Web site on behalf of the Trusts, http://www.currencyshares.com, which
contains information about the Trusts and the Shares, and oversees
certain Shareholder services, such as a call center and prospectus
delivery.
    The Sponsor may direct the Trustee in the conduct of its affairs,
but only as provided in the Depositary Trust Agreement. For example,
the Sponsor may direct the Trustee to sell the Trusts' foreign currency
to pay certain extraordinary expenses, to suspend a redemption order,
postpone a redemption settlement date, or to terminate the Trusts if
certain criteria are met. The Sponsor anticipates that, if the market
capitalization of a Trust is less than $300 million for five
consecutive trading days beginning after the first anniversary of such
Trust's inception, then the Sponsor would, in accordance with the
Depositary Trust Agreement, direct the Trustee to

terminate and liquidate such Trust. The Sponsor's fee accrues daily at
an annual nominal rate of 0.40% of the applicable foreign currency in
the Trust (including all unpaid interest but excluding unpaid fees,
each as accrued through the immediately preceding day) and is paid
monthly.
The Trustee
    The Trustee is generally responsible for the day-to-day
administration of the Trusts, including keeping the Trusts' operational
records. The Trustee's principal responsibilities include selling the
Trusts' foreign currency if needed to pay the Trusts' expenses,
calculating the Net Asset Value (``NAV'') of the Trusts and the NAV per
Share, receiving and processing orders from Authorized Participants to
create and redeem Baskets (as discussed below) and coordinating the
processing of such orders with the Depository and DTC. The Trustee
earns a monthly fee that is paid by the Sponsor.
    The Trustee intends to regularly communicate with the Sponsor to
monitor the overall performance of the Trusts. The Trustee, along with
the Sponsor, consults with the Trusts' legal, accounting and other
professional service providers as needed. The Trustee assists and
supports the Sponsor with the preparation of all periodic reports
required to be filed with the SEC on behalf of the Trusts. Affiliates
of the Trustee may from time to time act as Authorized Participants or
purchase or sell foreign currency or Shares for their own account.
The Depository
    The Depository accepts Trust foreign currency deposited with it as
a banker by Authorized Participants in connection with the creation of
Baskets. The Depository facilitates the transfer of the applicable
foreign currency into and out of the Trust through the primary and
secondary deposit accounts maintained with it as a banker by the Trust.
    The Depository is not paid a fee for its services to the Trusts.
The Depository may earn a ``spread'' or ``margin'' over the rate of
interest it pays to the Trusts on the applicable foreign currency
deposit balances.
    The Depository is not a trustee for the Trusts or the Shareholders.
The Depository and its affiliates may from time to time act as
Authorized Participants or purchase or sell foreign currency or Shares
for their own account, as agent for their customers and for accounts
over which they exercise investment discretion.
The Distributor
    The Distributor is a registered broker-dealer and is a member of
FINRA. The Distributor is assisting the Sponsor in developing a
marketing plan for the Trusts on an ongoing basis, preparing marketing
materials regarding the Shares, including the content on the Trusts'
Web site, http://www.currencyshares.com, executing the marketing plan
for the Trusts, and providing strategic and tactical research on the
global foreign exchange market. The Distributor and the Sponsor are
affiliates of one another. There is no written agreement between them,
and no compensation is paid by the Sponsor to the Distributor in
connection with services performed by the Distributor for the Trusts.
Description of the Trusts
    The Trusts holds the applicable foreign currency and are expected
from time to time to issue Baskets in exchange for deposits of the
foreign currency and to distribute the foreign currency in connection
with redemptions of Baskets. The investment objective of the Trusts is
for the Shares to reflect the price in USD of the applicable foreign
currency. The Shares represent units of fractional undivided beneficial
interest in, and ownership of, the respective Trusts. The Trusts are
not managed like business corporations or active investment vehicles.
The foreign currency held by the Trusts would only be sold (1) If
needed to pay Trust expenses, (2) in the event a Trust terminates and
liquidates its assets or (3) as otherwise required by law or
regulation. The sale of foreign currency by the Trusts is a taxable
event to Shareholders. According to the Registration Statements, the
Trusts are not registered as investment companies under the Investment
Company Act of 1940 \9\ and are not required to register under such
Act.
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    \9\ 15 U.S.C. 80a.
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    Each of the Trust's assets consists primarily of the applicable
foreign currency on demand deposit in two deposit accounts maintained
by the Depository: A primary deposit account which earns interest and a
secondary deposit account which does not earn interest. The secondary
deposit account is used only in connection with mid-month creations and
redemptions of blocks of 50,000 Shares (``Baskets''). The secondary
account is used to account for interest that has been earned on the
primary deposit account during the month but not yet paid and to
receive interest earned on the primary deposit account, pay Trust
expenses and distribute any excess interest to shareholders on a
monthly basis.
    The Trusts do not hold any derivative products. Each Share
represents a proportional interest, based on the total number of Shares
outstanding, in the applicable foreign currency owned by the respective
Trusts, plus accrued but unpaid interest, less the estimated accrued
but unpaid expenses (both asset-based and non-asset based) of a Trust.
The Sponsor expects that the price of a Share will fluctuate in
response to fluctuations in the price of the applicable foreign
currency and that the price of a Share will reflect accumulated
interest as well as the estimated accrued but unpaid expenses of a
Trust. The Trusts will terminate upon the occurrence of any of the
termination events listed in the Depositary Trust Agreement and will
otherwise terminate on a specified date 40 years after formation of the
Trusts.
    The Sponsor, on behalf of the Trusts, relies on relief previously
granted by the Division of Market Regulation (now known as the Division
of Trading and Markets) \10\ from certain trading requirements of the
Securities Exchange Act of 1934 (``Act'').\11\ The Sponsor has received
guidance from the Commission regarding the application of the
certification rules for quarterly and annual reports adopted pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.\12\ In addition, the
Trusts will not be subject to the Exchange's corporate governance
requirements.\13\
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    \10\ See letter from Racquel L. Russell, Branch Chief, SEC
Division of Market Regulation, to George T. Simon, Foley & Lardner,
dated June 21, 2006 (``June 21, 2006 letter'') (granting relief from
certain rules under the Act for certain of the Trusts); letter from
James A Brigagliano, Assistant Director, SEC Division of Market
Regulation to Michael Schmidtberger, Sidley, Austin, Brown & Wood,
dated January 19, 2006 (``January 19, 2006 Letter'') (granting
relief from certain rules under the Act for the DB Commodity Index
Tracking Master Fund). The Sponsor is relying on the June 21, 2006
Letter regarding Rule 10a-1, Rule 200(g) of Regulation SHO, and
Rules 101 and 102 of Regulation M under the Act, and is relying on
the January 19, 2006 Letter regarding Section 11(d)(1) of the Act
and Rule 11d1-2 thereunder.
    \11\ 15 U.S.C. 78a.
    \12\ See note 10, supra.
    \13\ See Securities Exchange Act Release No. 48745 (November 4,
2003), 68 FR 64154 (November 12, 2003) (SR-NYSE-2002-33, et al.)
(specifically noting that the corporate governance standards will
not apply to, among others, passive business organizations in the
form of trusts). See also Securities Exchange Act Release No. 47654
(April 9, 2003), 68 FR 18788 (April 16, 2003) (File No. S7-02-03)
(noting in Section II(F)(3)(c) that ``SROs may exclude from Exchange
Act Rule 10A-3's requirements issuers that are organized as trusts
or other unincorporated associations that do not have a board of
directors or persons acting in a similar capacity and whose
activities are limited to passively owning or holding (as well as
administering and distributing amounts in respect of) securities,
rights, collateral or other assets on behalf of or for the benefit
of the holders of the listed securities.'')

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Liquidity
    The amount of the discount or premium in the trading price relative
to the NAV per Share may be influenced by non-concurrent trading hours
between the major foreign currency markets and the Exchange. Because of
the potential for arbitrage inherent in the structure of the Trusts,
the Sponsor believes that the Shares will not trade at a material
discount or premium to the value of underlying currency held by a
Trust. The arbitrage process, which in general provides investors the
opportunity to profit from differences in prices of assets, increases
the efficiency of the markets, serves to prevent potentially
manipulative efforts and can be expected to operate efficiently in the
case of the Shares and the foreign currency. If the price of the Shares
deviates enough from the price of the foreign currency to create a
material discount or premium, an arbitrage opportunity is created. If
the Shares are inexpensive compared to foreign currency that underlies
them, an Authorized Participant, either on its own behalf or acting as
agent for investors, arbitrageurs or traders, may buy the Shares at a
discount, immediately redeem them in exchange for the foreign currency
and sell the foreign currency in the cash market at a profit. If the
Shares are expensive compared to the foreign currency that underlies
them, an Authorized Participant may sell the Shares short, buy enough
foreign currency to create the number of Shares sold short, acquire the
Shares through the creation process and deliver the Shares to close out
the short position.\14\ In both instances the arbitrageur serves
efficiently to correct price discrepancies between the Shares and the
underlying foreign currency.
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    \14\ The Exchange notes that the Trusts, which will only hold
the applicable foreign currency as an asset in the normal course of
its operations, differs from index-based exchange-traded funds,
which may involve a trust holding hundreds or even thousands of
underlying component securities, necessarily involving in the
arbitrage process movements in a large number of security positions.
See, e.g., Securities Exchange Act Release No. 46306 (August 2,
2002), 67 FR 51916 (August 9, 2002) (SR-NYSE-2002-28) (approving the
UTP trading of Vanguard Total Market VIPERs based on the Wilshire
5000 Total Market Index, among other funds).
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Issuance of the Shares
    Each Trust creates and redeems Shares in Baskets on a continuous
basis. A Basket is a block of 50,000 Shares. The creation and
redemption of Baskets requires the delivery to the Trust or the
distribution by the Trust of the amount of the applicable foreign
currency represented by the Baskets being created or redeemed. This
amount is based on the combined NAV per Share of the number of Shares
included in the Baskets being created or redeemed, determined on the
day the order to create or redeem Baskets is accepted by the Trustee.
    Additional information regarding an overview of the foreign
exchange industry, the specific foreign currency underlying each issue
of Shares, creation and redemption procedures, risk factors,
distributions, fees and expenses, and clearance and settlement
procedures is available in the Registration Statements.
Valuation of the Applicable Foreign Currency, Definition of Net Asset
Value and Adjusted Net Asset Value
    The Trustee calculates, and the Sponsor publishes, each Trust's NAV
each business day. To calculate the NAV, the Trustee adds to the amount
of foreign currency in the Trust at the end of the preceding day
accrued but unpaid interest, the foreign currency receivable under
pending purchase orders and the value of other Trust assets, and
subtracts the accrued but unpaid Sponsor's fee, the foreign currency
payable under pending redemption orders and other Trust expenses and
liabilities, if any. The result is the NAV of the Trust for that
business day. The Trustee shall also divide the NAV of each Trust by
the number of Shares outstanding for the date of the evaluation then
being made, which figure is the ``NAV per Share.'' The NAV will be
expressed in USD based on the Closing Spot Rate \15\ as determined by
WM/Reuters at 4:00 p.m. (London time). If, on a particular evaluation
day, the Closing Spot Rate has not been determined and announced by 6
p.m. (London time), then the most recent Closing Spot Rate shall be
used to determine the NAV of the Trust unless the Trustee, in
consultation with the Sponsor, determines that such price is
inappropriate to use as the basis for such valuation. In the event that
the Trustee and the Sponsor determine that the most recent Closing Spot
Rate is not an appropriate basis for valuation of the Trust's currency,
the Trustee and the Sponsor shall determine an alternative basis or
such evaluation to be employed by the Trustee. Such an alternative
basis may include reference to the market price of futures contracts
that reflect the value of the foreign currency relative to the USD. The
use of any alternative basis to determine NAV would be disclosed on the
Trust's Web site. The Trustee also determines the NAV per Share, which
equals the NAV of the Trust divided by the number of outstanding
Shares. The Sponsor publishes the NAV and NAV per Share for each Trust
on each day that the Exchange is open for regular trading on the
Trusts' Web site, http://www.currencyshares.com.\16\
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    \15\ Closing Rate is defined in the Registration Statements as
``the [Foreign Currency]/USD exchange rate as determined by WM/
Reuters at 4:00 PM (London time).'' WM/Reuters is a joint venture of
The WM Company PLC and Thomson Reuters.
    \16\ The Exchange will obtain a representation from the Trusts
that the NAV per Share will be calculated daily and made available
to all market participants at the same time.
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Availability of Information Regarding Foreign Currency Prices
    Currently, the Consolidated Tape Plan does not provide for
dissemination of the spot price of a foreign currency over the
Consolidated Tape. However, there is disseminated over the Consolidated
Tape the last sale price for the Shares, as is the case for all equity
securities traded on the Exchange (including exchange-traded funds). In
addition, there is a considerable amount of foreign currency price and
market information available on public Web sites and through
professional and subscription services. As is the case with equity
securities generally and exchange-traded funds specifically, in most
instances, real-time information is only available for a fee, and
information available free of charge is subject to delay (typically, 15
to 20 minutes).
    Complete real-time data for foreign currency futures and options on
futures prices traded on the CME are also available by subscription
from information service providers. The CME also provides delayed
futures and options information on current and past trading sessions
and market news free of charge on their respective Web sites.
    Investors may obtain, 24 hours a day, continuously updated every 15
seconds, foreign exchange pricing information based on the spot price
of the applicable foreign currency from various financial information
service providers, which service providers include Bloomberg, (http://
www.bloomberg.com/markets/currencies/fxc.html), CBS Market Watch
(http://www.marketwatch.com/tools/stockresearch/globalmarkets), Yahoo!
Finance (http://www.finance.yahoo.com/currency), http://
www.moneycentral.com, http://www.cnnfn.com and http://www.reuters.com.
Such service providers provide spot price or currency conversion
information about the

foreign currencies. Many of these sites offer price quotations drawn
from other published sources, and as the information is supplied free
of charge, it generally is subject to time delays. In addition, major
market data vendors regularly report current currency exchange pricing
for a fee for other currencies.\17\ In addition, the Trusts' Web site
provides ongoing pricing information for the applicable foreign
currency spot prices and the Shares. Market prices for the Shares are
available from a variety of sources, including brokerage firms,
financial information Web sites and other information service
providers. The NAV of the Trusts is published by the Sponsor on each
day that the Exchange is open for regular trading and is posted on the
Trusts' Web site. Like bond securities traded in the OTC market with
respect to which pricing information is available directly from bond
dealers, current foreign currency spot prices are also generally
available with bid/ask spreads from foreign currency dealers.\18\
Quotation and last sale information for the Shares will be made
available via the Consolidated Tape.
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    \17\ There may be incremental differences in the foreign
currency spot price among the various information service sources.
While the Exchange believes the differences in the foreign currency
spot price may be relevant to those entities engaging in arbitrage
or in the active daily trading of the applicable foreign currency or
derivatives thereon, the Exchange believes such differences are
likely of less concern to individual investors intending to hold the
Shares as part of a long-term investment strategy.
    \18\ See, e.g., Securities Exchange Act Release No. 46252 (July
24, 2002), 67 FR 49715 (July 31, 2002) (SR-Amex-2001-35) (noting
that quote and trade information regarding debt securities is widely
available to market participants from a variety of sources,
including broker-dealers, information service providers, newspapers
and Web sites).
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    In addition, the Trusts' Web site (http://www.currencyshares.com)
provides the following information: (1) The spot price for each
applicable foreign currency,\19\ including the bid and offer and the
midpoint between the bid and offer for the foreign currency spot price,
updated every 5 to 10 seconds \20\ which is an essentially real-time
basis; (2) an intraday indicative value (``IIV'') per share for the
Shares calculated by multiplying the indicative spot price of the
applicable foreign currency by the quantity of foreign currency backing
each Share, updated at least every 15 seconds \21\; (3) a delayed
indicative value (subject to a 20 minute delay), which is used for
calculating premium/discount information; (4) premium/discount
information, calculated on a 20 minute delayed basis; (5) the NAV of
each Trust as calculated each business day by the Trustee; (6) accrued
interest per Share; (7) the Basket Amount for each applicable foreign
currency; and (8) the last sale price of the Shares as traded in the
U.S. market, subject to a 20-minute delay, as it is provided free of
charge.\22\ On the Trusts' Web site, the foreign currency spot price is
available and disseminated at least every 15 seconds and the IIV per
Share is calculated and disseminated at least every 15 seconds during
NYSE Arca's Core Trading Session.\23\ The Exchange will provide on its
own public Web site (http://www.nyse.com) a link to the Trusts' Web
site.
---------------------------------------------------------------------------

    \19\ The Trusts' Web site's foreign currency spot prices will be
provided by FactSet Research Systems (http://www.factset.com).
FactSet Research Systems is not affiliated with the Trusts, Trustee,
Sponsor, Depository, Distributor or the Exchange.
    \20\ The midpoint will be calculated by the Sponsor. The
midpoint is used for purposes of calculating the premium or discount
of the Shares.
    \21\ The intraday indicative value of the Shares is analogous to
the intraday optimized portfolio value (sometimes referred to as the
IOPV), indicative portfolio value and the intraday indicative value
(sometimes referred to as the IIV) associated with the trading of
exchange-traded funds. See, e.g., Securities Exchange Act Release
No. 46686 (October 18, 2002), 67 FR 65388 (October 24, 2002) (SR-
NYSE-2002-51) for a discussion of indicative portfolio value in the
context of an exchange-traded fund.
    \22\ The last sale price of the Shares in the secondary market
is available on a real-time basis for a fee from regular data
vendors.
    \23\ Pursuant to NYSE Arca Equities Rule 7.34(a), the NYSE Arca
Marketplace trading hours for exchange-traded funds are as follows:
(1) Opening trading session--4:00 a.m. to 9:30 a.m. ET; (2) core
trading session--9:30 a.m. to 4:15 p.m. ET; and (3) late trading
session--4:15 p.m. to 8:00 p.m. ET. The Sponsor has represented to
the Exchange that the spot price will be available on the Trust's
Web site without interruption 24 hours a day, seven days a week.
---------------------------------------------------------------------------

Initial and Continued Listing Criteria
    The Shares would be subject to the criteria for initial and
continued listing of Currency Trust Shares under NYSE Arca Equities
Rules 8.202. A minimum of two Creation Units (at least 100,000 Shares)
would be required to be outstanding at the start of trading. This
minimum number of Shares required to be outstanding at the start of
trading would be comparable to requirements that have been applied to
previously listed series of exchange-traded funds. The Exchange
believes that the proposed minimum number of Shares outstanding at the
start of trading is sufficient to provide market liquidity. The
Exchange would remove the Shares from trading and listing upon
termination of the Trusts.\24\
---------------------------------------------------------------------------

    \24\ E-mail from Michael Cavalier, Associate General Counsel,
NYSE Group, Inc., to Edward Y. Cho, Special Counsel, Division of
Trading and Markets, Commission, dated August 14, 2008 (confirming
that the Trusts are not required to comply with Rule 10A-3 under the
Act, 17 CFR 240.10A-3, for the initial and continued listing of the
Shares).
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. The trading hours for
the Shares on the Exchange are the same as those set forth in NYSE Arca
Equities Rule 7.34 (4 a.m. to 8 p.m. Eastern time). The minimum trading
increment for Shares on the Exchange would be $0.01.
    NYSE Arca Equities Rules 8.202(g)-(i) set forth certain
restrictions on ETP Holders acting as registered Market Makers in the
Shares to facilitate surveillance. NYSE Arca Equities Rule 8.202(h)
requires that the ETP Holder acting as a registered Market Maker in the
Shares provide the Exchange with information relating to its trading in
the applicable foreign currency, options, futures or options on futures
on such currency, or any other derivatives based on such currency. NYSE
Arca Equities Rule 8.202(i) prohibits the ETP Holder acting as a
registered Market Maker in the Shares from using any material nonpublic
information received from any person associated with an ETP Holder or
employee of such person regarding trading by such person or employee in
the applicable foreign currency, options, futures or options on futures
on such currency, or any other derivatives based on such currency
(including the Shares). In addition, NYSE Arca Equities Rule 8.202(g)
prohibits the ETP Holder acting as a registered Market Maker in the
Shares from being affiliated with a market maker in the applicable
foreign currency, options, futures or options on futures on such
currency, or any other derivatives based on such currency, unless
adequate information barriers are in place, as provided in NYSE Arca
Equities Rule 7.26.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of a Trust. 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: (i) The
extent to which trading is not occurring in the applicable underlying
foreign currency; or (ii) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. In addition, trading in the Shares could be halted
pursuant

to the Exchange's ``circuit breaker'' rule.\25\
---------------------------------------------------------------------------

    \25\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

    If the IIV or the value of foreign currency is not being calculated
or widely disseminated as required, the Exchange may halt trading
during the day in which the interruption to the calculation or wide
dissemination of the IIV or the foreign currency value occurs. If the
interruption to the calculation or wide dissemination of the IIV or the
foreign currency value persists past the trading day in which it
occurred, the Exchange would halt trading no later than the beginning
of the trading day following the interruption. Under NYSE Arca Equities
Rule 7.34(a)(5), 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 Shares until such time as the NAV is available to
all market participants.\26\
---------------------------------------------------------------------------

    \26\ See Securities Exchange Act Release No. 58111 (July 7,
2008), 73 FR 40643 (July 15, 2008) (SR-NYSEArca-2008-50).
---------------------------------------------------------------------------

Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products, including Currency Trust
Shares, to monitor trading in the Shares. The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and applicable federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
when securities trade outside their normal patterns. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members of
ISG.\27\ Specifically, the Exchange can obtain such information from
the CME in connection with foreign currency futures and options on
futures trading on the CME pertaining to futures and options on futures
on the Russian Ruble and South African Rand.\28\ Therefore, as noted
earlier, CME surveillance and CFTC oversight would pertain only to
futures and options on futures on the Russian Ruble and South African
Rand. In addition, the Exchange also has a general policy prohibiting
the distribution of material, non-public information by its employees.
---------------------------------------------------------------------------

    \27\ For a list of the current members of ISG, see http://
www.isgportal.org.
    \28\ CME is a member of ISG.
---------------------------------------------------------------------------

Information Bulletin
    Prior to listing the Shares on the Exchange, the Exchange would
inform its ETP Holders in an Information Bulletin (``Bulletin'') of the
special characteristics and risks associated with trading the Shares.
Specifically, the Bulletin would discuss the following: (i) The
procedures for purchases and redemptions of Shares in Baskets (and that
Shares are not individually redeemable); (ii) NYSE Arca Equities Rule
9.2(a),\29\ which imposes a duty of due diligence on its ETP Holders to
learn the essential facts relating to every customer prior to trading
the Shares; (iii) how information regarding the IIV and applicable
foreign currency value is disseminated; (iv) the requirement that ETP
Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
(v) the risks involved in trading the Shares during the Opening and
Late Trading Sessions when an updated IIV will not be calculated or
publicly disseminated; and (vi) trading information.
---------------------------------------------------------------------------

    \29\ NYSE Arca Equities Rule 9.2(a) provides that ETP Holders,
before recommending a transaction, must have reasonable grounds to
believe that the recommendation is suitable for the customer based
on any facts disclosed by the customer as to his other security
holdings and as to his financial situation and needs. Further, the
rule provides, with a limited exception, that prior to the execution
of a transaction recommended to a non-institutional customer, ETP
Holders shall make reasonable efforts to obtain information
concerning the customer's financial status, tax status, investment
objectives, and any other information that they believe would be
useful to make a recommendation. See Securities Exchange Act Release
No. 54045 (June 26, 2006), 71 FR 37971 (July 3, 2006) (SR-PCX-2005-
115).
---------------------------------------------------------------------------

    The Bulletin would also state that the number of units of the
applicable foreign currency required to create a Basket or to be
delivered upon redemption of a Basket may gradually decrease over time
in the event that a Trust is required to withdraw or sell units of
foreign currency to pay the Trust's expenses, and that if done at a
time when the price of the applicable foreign currency is relatively
low, it could adversely affect the value of the Shares. In addition,
the Bulletin would reference that the Trusts are subject to various
fees and expenses described in the Registration Statements. The
Bulletin would also reference the fact that there is no regulated
source of last sale information regarding foreign currency, and that
the Commission has no jurisdiction over the trading of foreign
currency. The Bulletin would also discuss any exemptive, no-action and
interpretive relief granted by the Commission from Section 11(d)(1) of
the Act \30\ and certain rules under the Act.
---------------------------------------------------------------------------

    \30\ 15 U.S.C. 78k(d)(1).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) \31\ of the Act, in general, and Section 6(b)(5),\32\
in particular, 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, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system. The Exchange believes that the
proposed rule change will facilitate the listing and trading of
additional types of exchange-traded products that will enhance
competition among market participants, to the benefit of investors and
the marketplace. In addition, the listing and trading criteria set
forth in Rule 8.202 are intended to protect investors and the public
interest.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78f(b).
    \32\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    NYSE Arca 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.

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. 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-NYSEArca-2008-81 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-2008-81. 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, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 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; 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 File Number SR-NYSEArca-2008-81 and should
be submitted on or before September 11, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\33\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\34\ which
requires that the rules of an exchange be designed, among other things,
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 a national market
system, and, in general, to protect investors and the public interest.
The Commission notes that it previously approved the original listing
and trading of shares of other CurrencyShares Trusts, and the instant
proposal is substantively identical to the previous proposals.\35\
---------------------------------------------------------------------------

    \33\ In approving this rule change, the Commission notes that it
has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \34\ 15 U.S.C. 78f(b)(5).
    \35\ See supra note 4.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\36\ 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. Quotations and last-sale price information for the Shares
are disseminated over the Consolidated Tape. The Trust disseminates the
foreign currency spot prices for each of the Trusts and the IIV per
Share at least every 15 seconds on its Web site during the Core Trading
Session of the Exchange. In addition, the Sponsor publishes the NAV and
NAV per Share for each Trust on each day that the Exchange is open for
regular trading on the Trusts' Web site. Investors may obtain on a 24-
hour basis foreign currency pricing information based on the foreign
currency spot price of each applicable foreign currency from various
financial information service providers. Current spot prices are also
generally available with bid/ask spreads from foreign exchange dealers.
In addition, the Trusts' Web site provides ongoing pricing information
for the applicable foreign currency spot prices and the Shares. The
Exchange represents that complete, real-time data for foreign currency
futures and options prices traded on CME are also available by
subscription from information service providers. CME also provides
delayed futures and options information on current and past trading
sessions and market news free of charge on its Web site. There are a
variety of other public Web sites available at no charge that provide
information on the foreign currencies underlying the Shares, including
spot price or currency conversion information about the foreign
currencies. In addition, the Trusts' Web site provides the following
information: (1) The spot price for each applicable foreign currency,
including the bid and offer and the midpoint between the bid and offer
for the foreign currency spot price, updated every 5 to 10 seconds; (2)
IIV, updated at least every 15 seconds; (3) a delayed indicative value
(subject to a 20 minute delay), which is used for calculating premium/
discount information; (4) premium/discount information, calculated on a
20 minute delayed basis; (5) accrued interest per Share; (6) NAV of
each Trust; (7) the Basket amount for each applicable foreign currency;
and (8) the last-sale price of the Shares as traded in the U.S.
markets, subject to a 20-minute delay. The Exchange states that it will
provide on its own Web site a link to the Trusts' Web site.
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    Furthermore, the Commission believes that the proposal to list and
trade the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately.
The Commission notes that the Exchange will obtain a representation
from the Trusts that the NAV per Share for each Trust would be
calculated daily and made available to all market participants at the
same time.\37\ NYSE Arca Equities Rule 8.202(i) provides that, in
connection with trading in the applicable foreign currency, options,
futures or options on futures on such currency, or any other
derivatives based on such currency, including Currency Trust Shares, an
ETP Holder acting as a Market Maker (as defined in NYSE Arca Equities
Rule 1.1(u)) in the Shares is restricted from using any material, non-
public information received from any person associated with such ETP
Holder who is trading such foreign currency, options, futures or
options on futures on such currency, or any other derivatives based on
such currency. In addition, NYSE Arca Equities Rule 8.202(g) prohibits
an ETP Holder acting as a registered Market Maker in the Shares from
being affiliated with a market maker in the applicable foreign
currency, options, futures or options on futures on such currency, or
any other derivatives based on such currency, unless adequate
information barriers are in place, as provided in NYSE Arca Equities
Rule 7.26.
---------------------------------------------------------------------------

    \37\ See supra note 16.
---------------------------------------------------------------------------

    The Commission also believes that the Exchange's trading halt rules
are reasonably designed to prevent trading in the Shares when
transparency is impaired. NYSE Arca Equities Rule 8.202(e)(2) provides
that, when the Exchange is the listing market, if the value of the
underlying foreign currency or IIV is no longer calculated or available
on at least a 15-second delayed basis, the Exchange would consider
suspending trading in the Shares. NYSE Arca Equities Rule 8.202(e)(2)
also provides that the Exchange may seek to delist the Shares in the
event the value of the applicable foreign currency or IIV is no longer
calculated or available as

required. In addition, NYSE Arca Equities Rule 7.34(a)(5) provides
that, 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 Shares until such time as the NAV is available to all
market participants.\38\
---------------------------------------------------------------------------

    \38\ See supra note 26 and accompanying text.
---------------------------------------------------------------------------

    The Commission further believes that the trading rules and
procedures to which the Shares will be subject pursuant to this
proposal are consistent with the Act. The Exchange has represented that
any securities listed pursuant to this proposal will be deemed equity
securities and be subject to existing Exchange rules governing the
trading of equity securities.
    In support of this proposal, the Exchange has made the following
representations:
    (1) The Exchange represents that it intends to utilize its existing
surveillance procedures applicable to derivative products, including
Currency Trust Shares, to monitor trading in the Shares and that such
procedures are adequate to properly monitor Exchange trading of the
Shares in all trading sessions and to deter and detect violations of
Exchange rules and applicable federal securities laws. The Exchange may
obtain information via ISG from other exchanges that are members of
ISG. Specifically, the Exchange can obtain such information from CME in
connection with foreign currency futures and options on futures trading
on CME pertaining to futures and options on futures on the Russian
ruble and South African rand.
    (2) The Exchange represents that if the interruption to the
calculation or wide dissemination of the value of the underlying
foreign currency or IIV persists past the trading day in which it
occurred, the Exchange would halt trading no later than the beginning
of the trading day following the interruption.
    (3) Prior to listing and trading the Shares, the Exchange
represents that it will inform its ETP Holders in the Bulletin of the
special characteristics and risks associated with trading the Shares.
    This approval order is based on the Exchange's representations.
    The Commission finds good cause for approving this proposal before
the 30th day after the publication of notice thereof in the Federal
Register. As noted above, the Commission previously approved the
original listing and trading, and trading pursuant to UTP, of shares of
other CurrencyShares Trusts.\39\ The Commission presently is not aware
of any regulatory issue that should cause it to revisit those findings
or would preclude the listing and trading of the Shares on the
Exchange. Accelerating approval of this proposed rule change would
allow the Shares to be listed on the Exchange without undue delay.
---------------------------------------------------------------------------

    \39\ See supra notes 3 and 4.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\40\ that the proposed rule change (SR-NYSEArca-2008-81), as
modified by Amendment No. 1 thereto, be, and it hereby is, approved on
an accelerated basis.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
---------------------------------------------------------------------------

    \41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-19356 Filed 8-20-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 80, Number 66 (Tuesday, April 7, 2015)]
[Notices]
[Pages 18679-18680]
[FR Doc No: 2015-07838]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Application 15-10-C-00-TPA]

Notice of Intent To Rule on Application To Impose and Use the
Revenue From a Passenger Facility Charge at Tampa International
Airport, Tampa, Florida

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of intent to rule on application.

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

SUMMARY: The FAA proposes to rule and invites public comment on the
application to impose and use the revenue from a Passenger Facility
Charge (PFC) at Tampa International Airport.

DATES: Comments must be received on or before May 7, 2015.

ADDRESSES: Comments on this application may be mailed or delivered in
triplicate to the FAA at the following address: Orlando Airports
District Office, 5950 Hazeltine National Drive, Suite 400, Orlando,
Florida, 32822-5024.
    In addition, one copy of any comments submitted to the FAA must be
mailed or delivered to Joseph W. Lopano, Executive Officer of the
Hillsborough County Aviation Authority at the following address: P.O.
Box 22287, Tampa, Florida 33622. Air carriers and foreign air carriers
may submit copies of written comments previously provided to the
Hillsborough County Aviation Authority under section 158.23 of part
158.

FOR FURTHER INFORMATION CONTACT: Ms. Marisol Elliott, Program Manager,
FAA Orlando Airports District Office, 5950 Hazeltine National Drive,
Suite 400, Orlando, Florida, 32822-5024,<PHONE_NUMBER>, ext. 117. The
application may be reviewed in person at this same location.

SUPPLEMENTARY INFORMATION: The FAA proposes to rule and invites public
comment on the application to impose and use the revenue from a PFC at
Tampa International Airport under the provisions of the 49 U.S.C. 40117
and

part 158 of the Federal Aviation Regulations (14 CFR part 158).
    On February 27, 2015, the FAA determined that the application to
impose and use the revenue from a PFC submitted by the Hillsborough
County Aviation Authority was substantially complete within the
requirements of section 158.25 of part 158.
    The FAA will approve or disapprove the application, in whole or in
part, not later than May 29, 2015.
    The following is a brief overview of the application:
    Proposed charge effective date: October 2, 2020.
    Proposed charge expiration date: October 1, 2035.
    Level of the proposed PFC: $4.50.
    Total estimated PFC revenue: $506,751,787.
    Brief description of proposed project(s): Airport Automated People
Mover (APM) System; Reconstruction of the Taxiway J Bridge; South
Terminal support Area Roadway Improvements; Taxiway J Runway Guard
Lights; and East Airfield Pavement Rehabilitation.
    Class or classes of air carriers which the public agency has
requested not be required to collect PFCs: None.
    Any person may inspect the application in person at the FAA office
listed above under FOR FURTHER INFORMATION CONTACT and at the FAA
Regional Airports office located at: FAA Southern Region Headquarters,
1701 Columbia Avenue, College Park, Georgia 30337.
    In addition, any person may, upon request, inspect the application,
notice and other documents germane to the application in person at the
offices of the Hillsborough County Aviation Authority.

    Issued in Orlando, Florida on March 31, 2015.
Bart Vernace,
Manager, Orlando Airports District Office.
[FR Doc. 2015-07838 Filed 4-6-15; 8:45 am]
BILLING CODE CODE 4910-13-P


[Federal Register: March 7, 2008 (Volume 73, Number 46)]
[Notices]
[Page 12457-12458]
[DOCID:fr07mr08-95]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[USCG-2008-0099]

Information Collection Request to Office of Management and
Budget; OMB; Control Number: 1625-0109

AGENCY: Coast Guard, DHS.

ACTION: Sixty-day notice requesting comments.

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

SUMMARY: In compliance with the Paperwork Reduction Act of 1995, the
U.S. Coast Guard intends to submit an Information Collection Request
(ICR) and Analysis to the Office of Management and Budget (OMB)
requesting an extension of its approval for the following collection of
information: 1625-0109, Drawbridge Operation Regulations. Before
submitting this ICR to OMB, the Coast Guard is inviting comments as
described below.

DATES: Comments must reach the Coast Guard on or before May 6, 2008.

ADDRESSES: To prevent duplicate submissions to the docket [USCG-2008-
0099], please submit them by only one of the following means:
    (1) Online: http://www.regulations.gov.
    (2) Mail: Docket Management Facility (DMF) (M-30), U.S. Department
of Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590-0001.
    (3) Hand deliver between the hours of 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays. The telephone number is 202-
366-9329.
    (4) Fax:<PHONE_NUMBER>.
    The DMF maintains the public docket for this notice. Comments and
material

received from the public, as well as documents mentioned in this notice
as being available in the docket, will become part of this docket and
will be available for inspection or copying at room W12-140 on the West
Building Ground Floor, 1200 New Jersey Avenue, SE., Washington, DC,
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. You may also find this docket on the Internet at http://
www.regulations.gov.
    A copy of the complete ICR is available through this docket on the
Internet at http://www.regulations.gov. Additionally, copies are
available from Commandant (CG-611), U.S. Coast Guard Headquarters,
(Attn: Mr. Arthur Requina), 2100 2nd Street, SW., Washington, DC 20593-
0001. The telephone number is<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Mr. Arthur Requina, Office of
Information Management, telephone<PHONE_NUMBER>, or fax<PHONE_NUMBER>,
for questions on these documents. Contact Ms. Renee V. Wright, Program
Manager, Docket Operations,<PHONE_NUMBER>, for questions on the docket.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    We encourage you to respond to this request by submitting comments
and related materials. We will post all comments received, without
change, to http://www.regulations.gov. They will include any personal
information you provide. We have an agreement with DOT to use their
DMF. Please see the paragraph on DOT's ``Privacy Act Policy'' below.
    Submitting comments: If you submit a comment, please include the
docket number [USCG-2008-0099], indicate the specific section of the
document to which each comment applies, providing a reason for each
comment. We recommend you include your name, mailing address, an e-mail
address, or other contact information in the body of your document so
that we can contact you if we have questions regarding your submission.
You may submit your comments and material by electronic means, mail,
fax, or delivery to the DMF at the address under ADDRESSES; but please
submit them by only one means. If you submit them by mail or delivery,
submit them in an unbound format, no larger than 8\1/2\ by 11 inches,
suitable for copying and electronic filing. If you submit them by mail
and would like to know that they reached the Facility, please enclose a
stamped, self-addressed postcard or envelope. We will consider all
comments and material received during the comment period. We may change
the documents supporting this collection of information or even the
underlying requirements in view of them.
    Viewing comments and documents: Go to http://www.regulations.gov to
view documents mentioned in this notice as being available in the
docket. Enter the docket number for this notice [USCG-2008-0099] in the
Search box, and click ``Go >>.'' You may also visit the DMF in room
W12-140 on the West Building Ground Floor, 1200 New Jersey Avenue, SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    Privacy Act: Anyone can search the electronic form of all comments
received in dockets by the name of the individual submitting the
comment (or signing the comment, if submitted on behalf of an
association, business, labor union, etc.). You may review the Privacy
Act Statement of DOT in the Federal Register published on April 11,
2000 (65 FR 19477), or by visiting http://DocketsInfo.dot.gov.

Information Collection Request

    Title: Drawbridge Operation Regulations.
    OMB Control Number: 1625-0109.

SUMMARY: The Bridge Administration receives approximately 150 requests
from bridge owners or the general public per year to change operating
schedules of various drawbridges across the navigable waters of the
United States (U.S.). The information needed for the change to an
operating schedule can only be obtained from the bridge owner and is
generally provided to the Coast Guard in writing.
    Need: Section 499 of 33 U.S.C. authorizes the Coast Guard to change
operating schedules for drawbridges that cross over navigable waters of
the U.S.
    Respondents: The public and private owners of bridges over
navigable waters of the United States.
    Frequency: On occasion.
    Burden Estimate: The estimated burden remains 150 hours a year.

    Dated: February 27, 2008.
D.T. Glenn,
Rear Admiral, U.S. Coast Guard, Assistant Commandant for Command,
Control, Communications, Computers and Information Technology.
 [FR Doc. E8-4472 Filed 3-6-08; 8:45 am]

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[Federal Register Volume 76, Number 75 (Tuesday, April 19, 2011)]
[Notices]
[Pages 21939-21940]
[FR Doc No: 2011-9382]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Noise Exposure Map; Receipt of Noise Compatibility Program and
Request for Review; Lambert-St. Louis International Airport, St. Louis,
MO

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice

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SUMMARY: The Federal Aviation Administration (FAA) announces its
determination that the noise exposure maps submitted by the St. Louis
Airport Authority for the Lambert-St. Louis International Airport under
the provisions of 49 U.S.C. 47501 et seq. (Aviation Safety and Noise
Abatement Act, hereinafter referred to as ``the Act'') and 14 Code of
Federal Regulations (CFR) Part 150 (hereinafter referred to as ``Part
150'') are in compliance with applicable requirements. The FAA also
announces that it is reviewing a proposed noise compatibility program
that was submitted for the Lambert-St. Louis International Airport
under Part 150 in conjunction with the noise exposure map, and that
this program will be approved or disapproved on or before October 2,
2011.

DATES: The effective date of the FAA's determination on the noise
exposure maps and of the start of its review of the associated noise
compatibility program is April 5, 2011. The public comment period ends
June 4, 2011.

FOR FURTHER INFORMATION CONTACT: FAA, Todd Madison, ACE-611B, 901
Locust, Kansas City, Missouri, 64106-2325<EMAIL_ADDRESS>816-
329-2640. Comments on the proposed noise compatibility program should
also be submitted to the above office.

SUPPLEMENTARY INFORMATION: This notice announces the FAA finds that the
noise exposure maps submitted for the Lambert-St. Louis International
Airport are in compliance with applicable requirements of Part 150,
effective April 5, 2011. Further, FAA is reviewing a proposed noise
compatibility program for that airport which will be approved or
disapproved on or before October 2, 2011. This notice also announces
the availability of this program for public review and comment.
    Under 49 U.S.C. 47503 of the Act, an airport operator may submit to
the FAA noise exposure maps which meet applicable regulations and which
depict non-compatible land uses as of the date of submission of such
maps, a description of projected aircraft operations, and the ways in
which such operations will affect such maps. The Act requires such maps
to be developed in consultation with interested and affected parties in
the local community, government agencies, and persons using the
airport.
    An airport operator who has submitted noise exposure maps that are
found by FAA to be in compliance with the requirements of Part 150,
promulgated pursuant to the Act, may submit a noise compatibility
program for FAA approval which sets forth the measures the operator has
taken or proposes to take to reduce existing non-compatible uses and
prevent the introduction of additional non-compatible uses.
    The St. Louis Airport Authority submitted to the FAA on December
23, 2010, noise exposure maps, descriptions and other documentation
that were produced during the ``2010 Update to 14 CFR Part 150 Noise
Exposure Maps and Noise Compatibility Program.'' It was requested that
the FAA review this material as the noise exposure maps, as described
in section 47503 of the Act, and that the noise mitigation measures, to
be implemented jointly by the airport and surrounding communities, be
approved as a noise compatibility program under section 47504 of the
Act.
    The FAA has completed its review of the noise exposure maps and
related descriptions submitted by the St. Louis Airport Authority. The
specific documentation determined to constitute the noise exposure maps
includes: Current Noise Exposure Map (2010) as shown on Exhibit NEM-1,
Future Noise Exposure Map/Noise Compatibility Program Map (2015) as
shown on Exhibit NEM-2, and the associated supporting report, ``14 CFR
Part 150 Noise Exposure Map Update and Noise Compatibility Program
Update,'' which contains all other narrative, graphic, or tabular
representations of the data as required by section A150.101 of Part
150, and sections 47503 and 47506 of the Act. The FAA has determined
that these maps for the Lambert-St. Louis International Airport are in
compliance with applicable requirements. This determination is
effective on April 5, 2011. FAA's determination on an airport
operator's noise exposure maps is limited to a finding that the maps
were developed in accordance with the procedures contained in appendix
A of FAR Part 150. Such determination does not constitute approval of
the applicant's data, information or plans, or constitute a commitment
to approve a noise compatibility program or to fund the implementation
of that program.
    If questions arise concerning the precise relationship of specific
properties to noise exposure contours

depicted on a noise exposure map submitted under section 47503 of the
Act, it should be noted that the FAA is not involved in any way in
determining the relative locations of specific properties with regard
to the depicted noise contours, or in interpreting the noise exposure
maps to resolve questions concerning, for example, which properties
should be covered by the provisions of section 47506 of the Act. These
functions are inseparable from the ultimate land use control and
planning responsibilities of local government. These local
responsibilities are not changed in any way under Part 150 or through
FAA's review of noise exposure maps. Therefore, the responsibility for
the detailed overlaying of noise exposure contours onto the map
depicting properties on the surface rests exclusively with the airport
operator that submitted those maps, or with those public agencies and
planning agencies with which consultation is required under section
47503 of the Act. The FAA has relied on the certification by the
airport operator, under section 150.21 of Part 150, that the
statutorily required consultation has been accomplished.
    The FAA has formally received the noise compatibility program for
the Lambert-St. Louis International Airport, also effective on April 5,
2011. Preliminary review of the submitted material indicates that it
conforms to the requirements for the submittal of noise compatibility
programs, but that further review will be necessary prior to approval
or disapproval of the program. The formal review period, limited by law
to a maximum of 180 days, will be completed on or before October 2,
2011.
    The FAA's detailed evaluation will be conducted under the
provisions of section 150.33 of Part 150. The primary considerations in
the evaluation process are whether the proposed measures may reduce the
level of aviation safety, create an undue burden on interstate or
foreign commerce, or be reasonably consistent with obtaining the goal
of reducing existing non-compatible land uses and preventing the
introduction of additional non-compatible land uses.
    Interested persons are invited to comment on the proposed program
with specific reference to these factors. All relevant comments, other
than those properly addressed to local land use authorities, will be
considered by the FAA to the extent practicable. Copies of the noise
exposure maps, the FAA's evaluation of the maps, and the proposed noise
compatibility program are available for examination at the following
locations:

Federal Aviation Administration, Central Region Airports Division, 901
Locust, Kansas City, Missouri 64106-2325, from 7:30 a.m. to 4 p.m.
Jan Titus, St. Louis Airport Authority, Lambert-St. Louis International
Airport, Airport Planning & Development, 11495 Navaid Road, Bridgeton,
Missouri 63044, from 8 a.m. to 5 p.m.

    Questions may be directed to the individual named above under the
heading, FOR FURTHER INFORMATION CONTACT.

    Issued in Kansas City, Missouri, April 5, 2011.
Jim A. Johnson,
Manager, Central Region Airports Division.
[FR Doc. 2011-9382 Filed 4-18-11; 8:45 am]
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