[Federal Register Volume 78, Number 40 (Thursday, February 28, 2013)]
[Notices]
[Pages 13721-13726]
[FR Doc No: 2013-04614]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-68972; File No. SR-NASDAQ-2012-147]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, Relating to the Listing and Trading of the Shares of the
First Trust High Yield Long/Short ETF of First Trust Exchange-Traded
Fund IV

February 22, 2013.

I. Introduction

    On December 21, 2012, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') 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 the shares (``Shares'') of the
First Trust High Yield Long/Short ETF (``Fund'') of First Trust
Exchange-Traded Fund IV (``Trust'') under Nasdaq Rule 5735. The
proposed rule change was published for comment in the Federal Register
on January 10, 2013.\3\ The Commission received no comments on the
proposal. On February 20, 2013, the Exchange filed Amendment No. 1 to
the proposed rule change.\4\ This order grants approval of the proposed
rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 68581 (January 4,
2013), 78 FR 2295 (``Notice'').
    \4\ In Amendment No. 1, the Exchange made a number of technical
changes to the proposed rule change. In addition, the Exchange
clarified that the pooled investment vehicles in which the Fund may
invest would be exchange-traded. Because the changes made by
Amendment No. 1 are technical in nature and do not materially alter
the substance of the proposed rule change, and do not raise any
novel or unique regulatory issues, Amendment No. 1 is not subject to
notice and comment.
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade the Shares of the Fund
under Nasdaq Rule 5735, which governs the listing and trading of
Managed Fund Shares on the Exchange. The Fund will be an actively
managed exchange-traded fund (``ETF''). The Shares will be offered by
the Trust, which was established as a Massachusetts business trust on
September 15, 2010.\5\ The Trust is registered with the Commission as
an investment company and has filed a registration statement on Form N-
1A with the Commission.\6\
---------------------------------------------------------------------------

    \5\ The Commission has issued an order granting certain
exemptive relief to the Trust under the Investment Company Act of
1940 (``1940 Act''). See Investment Company Act Release No. 30029
(April 10, 2012) (File No. 812-13795) (``Exemptive Order''). In
compliance with Nasdaq Rule 5735(b)(5), which applies to Managed
Fund Shares based on a fixed income portfolio (including without
limitation exchange-traded notes and senior loans) or a portfolio
invested in a combination of equity securities and fixed income
securities, the Trust's application for exemptive relief under the
1940 Act states that the Fund will comply with the federal
securities laws in accepting securities for deposits and satisfying
redemptions with redemption securities, including that the
securities accepted for deposits and the securities used to satisfy
redemption requests are sold in transactions that would be exempt
from registration under the Securities Act of 1933.
    \6\ See Post-Effective Amendment No. 6 to Registration Statement
on Form N-1A for the Trust, dated October 11, 2012 (File Nos. 333-
174332 and 811-22559) (``Registration Statement'').
---------------------------------------------------------------------------

    First Trust Advisors L.P. is the investment adviser (``Adviser'')
to the Fund. First Trust Portfolios L.P. (``Distributor'') is the
principal underwriter and distributor of the Fund's Shares. The Bank of
New York Mellon Corporation will act as the administrator, accounting
agent, custodian, and transfer agent to the Fund. The Adviser is
affiliated with the Distributor, a broker-dealer. The Exchange
represents that the Adviser has implemented a fire wall with respect to
its broker-dealer affiliate.\7\
---------------------------------------------------------------------------

    \7\ See Nasdaq Rule 5735(g). The Exchange represents that, in
the event (a) the Adviser becomes newly affiliated with a broker-
dealer, or (b) any new adviser or sub-adviser becomes affiliated
with a broker-dealer, it will implement a fire wall with respect to
such broker-dealer regarding access to information concerning the
composition and/or changes to the portfolio, and will be subject to
procedures designed to prevent the use and dissemination of
material, non-public information regarding such portfolio. In
addition, Nasdaq Rule 5735(g) requires that Adviser personnel who
make decisions regarding the Fund's portfolio be subject to
procedures designed to prevent the use and dissemination of
material, non-public information regarding the Fund's portfolio.
---------------------------------------------------------------------------

First Trust High Yield Long/Short ETF

    The Fund's primary investment objective is to provide current
income. The Fund's secondary investment objective is capital
appreciation. The Fund will pursue its objectives by seeking to invest
in a broadly diversified portfolio composed principally of high-yield
debt securities.

    The Adviser will combine a fundamental credit selection process
with top down relative value analysis when selecting investment
opportunities. The Adviser believes that an evolving investment
environment offers varying degrees of investment risk opportunities in
the high-yield, bank loan, and fixed-income instrument markets. In
order to capitalize on investments and effectively manage potential
risk, the Adviser believes that the combination of thorough and
continuous credit risk analysis, market evaluation, diversification,
and the ability to reallocate investments is critical to achieving
higher risk-adjusted returns.

Primary Investments

    The Fund, under normal market conditions,\8\ will invest at least
80% of its net assets (plus the amount of any borrowing for investment
purposes) in high-yield debt securities that are rated below investment
grade at the time of purchase, commonly referred to as ``junk'' bonds,
or unrated securities deemed by the Adviser to be of comparable
quality. Such securities may include U.S. and non-U.S. corporate debt
obligations, bank loans, and convertible bonds. For purposes of
determining whether a security is below investment grade, the lowest
available rating will be considered. At least 75% of the Fund's net
assets invested in high-yield debt securities will be invested in
issuers that have a minimum principal amount outstanding of $100
million or more with respect to U.S. corporate issuers and $200 million
or more with respect to non-U.S. corporate issuers, and the portfolio,
once fully invested, will include a minimum of 13 non-affiliated
issuers.\9\
---------------------------------------------------------------------------

    \8\ The term ``under normal market conditions'' as used herein
includes, but is not limited to, the absence of adverse market,
economic, political or other conditions, including extreme
volatility or trading halts in the fixed income markets or the
financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption or any similar intervening circumstance.
    \9\ If a downgrade occurs, the Adviser will consider what
action, including the sale of such security, is in the best interest
of the Fund and its shareholders.
---------------------------------------------------------------------------

    High-yield debt may be issued by companies without long track
records of sales and earnings, or by issuers that have questionable
credit strength. High-yield debt and comparable unrated debt
securities: (a) Will likely have some quality and protective
characteristics that, in the judgment of the rating agency evaluating
the instrument, are outweighed by large uncertainties or major risk
exposures to adverse conditions; and (b) are predominantly speculative
with respect to the issuer's capacity to pay dividends or interest and
repay principal in accordance with the terms of the obligation. Many
below-investment-grade debt securities are subject to legal or
contractual restrictions limiting the Fund's ability to resell the
securities to the general public.
    The Fund may invest in corporate debt securities issued by U.S. and
non-U.S. companies of all kinds, including those with small, mid, and
large capitalizations. Notes, bonds, debentures, and commercial paper
are the most common types of corporate debt securities, with the
primary difference being their maturities and secured or unsecured
status. Corporate debt may carry fixed or floating rates of interest.
    The Fund may invest up to 15% of its net assets in bank loans,
which may also include loan interests that are not secured by any
specific collateral of the borrower, loan interests that have a lower
than first-lien priority on collateral of the borrower, loans to
foreign borrowers, loans in foreign currencies, and other loans with
characteristics that the Adviser believes qualify as bank loans. The
Fund may invest in such loans by purchasing assignments or all or a
portion of loans or loan participations from third parties. These loans
are made by or issued to corporations primarily to finance
acquisitions, refinance existing debt, support organic growth, or pay
out dividends, and are typically originated by large banks and are then
syndicated out to institutional investors as well as to other banks.
Bank loans typically bear interest at a floating rate although some
loans pay a fixed rate. Due to their subordination in the borrower's
capital structure, unsecured and/or subordinated loans involve a higher
degree of overall risk than senior bank loans of the same borrower.
Unfunded contracts are commitments by lenders to loan an amount in the
future or that is due to be contractually funded in the future. The
Fund will invest 85% or more of the portfolio in securities that the
Adviser deems to be sufficiently liquid at the time of investment.
    The Fund may invest in non-income-producing securities, including
defaulted securities and common stocks \10\ and companies whose
financial condition is troubled or uncertain and that may be involved
in bankruptcy proceedings, reorganizations, or financial
restructurings. The Fund may also invest in investment-grade \11\ debt
securities. The Fund does not have any portfolio maturity limitation
and may invest its assets in securities with short-term, medium-term,
or long-term maturities. The Fund will not invest more than 15% of the
portfolio in such distressed securities, as determined at the time of
the investment.
---------------------------------------------------------------------------

    \10\ The equity securities in which the Fund may invest
(including any that have converted from convertible debt) will be
limited to securities that trade in markets that are members of the
Intermarket Surveillance Group (``ISG''), which includes all U.S.
national securities exchanges and certain foreign exchanges, or are
parties to a comprehensive surveillance sharing agreement with the
Exchange.
    \11\ According to the Adviser, ``investment grade'' means
securities rated in the Baa/BBB categories or above by one or more
nationally recognized securities rating organizations (``NRSROs'').
If a security is rated by multiple NRSROs and receives different
ratings, the Fund will treat the security as being rated in the
highest rating category received from an NRSRO. Rating categories
may include sub-categories or gradations indicating relative
standing.
---------------------------------------------------------------------------

    Non-U.S. debt securities in which the Fund may invest include debt
securities issued or guaranteed by companies organized under the laws
of countries other than the United States (including emerging markets),
debt securities issued or guaranteed by foreign, national, provincial,
state, municipal, or other governments with taxing authority or by
their agencies or instrumentalities, and debt obligations of
supranational governmental entities such as the World Bank or European
Union. These debt securities may be U.S. dollar-denominated or non-U.S.
dollar-denominated. Non-U.S. debt securities also include U.S. dollar-
denominated debt obligations, such as ``Yankee Dollar'' obligations, of
foreign issuers and of supranational government entities. Yankee Dollar
obligations are U.S. dollar-denominated obligations issued in the U.S.
capital markets by foreign corporations, banks, and governments.
Foreign debt securities also may be traded on foreign securities
exchanges or in over-the-counter capital markets. Under normal market
conditions, up to 10% of the net assets of the Fund's investment in
foreign securities may be denominated in currencies other than the U.S.
dollar. To the extent the Fund invests in such instruments, the value
of the assets of the Fund as measured in U.S. dollars will be affected
by changes in exchange rates.
    The Fund may invest in preferred securities and convertible
securities. Preferred securities, which generally pay fixed or
adjustable-rate dividends or interest to investors, have preference
over common stock in the payment of dividends or interest and the
liquidation of a company's assets, which means that

a company typically must pay dividends or interest on its preferred
securities before paying any dividends on its common stock. Preferred
securities are generally junior to all forms of the company's debt,
including both senior and subordinated debt.
    As part of its investment strategy, the Fund intends to maintain
both long and short positions in securities under normal market
conditions. The Fund will take long positions in securities that the
Adviser believes in the aggregate to have the potential to outperform
the Fund's benchmark, the Bank of America Merrill Lynch U.S. High Yield
Master II Constrained Index (``Index''). The Fund's long positions may
total up to 130% of the Fund's Managed Assets. ``Managed Assets'' means
the average daily gross asset value of the Fund (which includes the
principal amount of any borrowings), minus the sum of the Fund's
liabilities. The Fund will take short positions in securities that the
Adviser believes in the aggregate will underperform the Index. These
securities may consist of securities included in the Index or other
securities, including U.S. Treasury securities and/or corporate debt
obligations that may be rated investment grade or non-investment grade,
which the Adviser believes in the aggregate will underperform the
Index. The Fund's short positions may total up to 30% of the Fund's
Managed Assets. A ``short sale'' is a transaction in which the Fund
sells a security that it does not own (and borrows the security to
deliver it to the buyer) in anticipation that the market price of the
security will decline. The proceeds received from the Fund's short
sales of securities will generally be used to purchase all or a portion
of the Fund's additional long positions in securities.
    The Fund will use short sales for investment and risk management
purposes, including when the Adviser anticipates that the market price
of securities will decline or will underperform the Index in the
aggregate. Short selling allows the Fund to profit from a decline in
market price to the extent such decline exceeds the transaction costs
and the costs of borrowing the securities. In times of unusual or
adverse market, economic, regulatory, or political conditions, the Fund
may not be able, fully or partially, to implement its short-selling
strategy. If a security sold short increases in price, the Fund may
have to cover its short position at a higher price than the short sale
price, resulting in a loss. The Fund will have substantial short
positions and must borrow those securities to make delivery to the
buyer.

Other Investments

    The Fund may invest in U.S. government securities. U.S. government
securities include U.S. Treasury obligations and securities issued or
guaranteed by various agencies of the U.S. government, or by various
instrumentalities which have been established or sponsored by the U.S.
government. U.S. Treasury obligations are backed by the ``full faith
and credit'' of the U.S. government. Securities issued or guaranteed by
federal agencies and U.S. government sponsored instrumentalities may or
may not be backed by the full faith and credit of the U.S. government.
    The Fund may invest in U.S. agency mortgage-backed securities and
collateralized mortgage securities issued by the Government National
Mortgage Association, the Federal National Mortgage Association, and
the Federal Home Loan Mortgage Corporation.
    Under normal market conditions, the Fund may invest up to 10% of
its net assets in short-term debt securities and other cash
equivalents, or it may hold cash. The percentage of the Fund invested
in such holdings will vary and will depend on several factors,
including market conditions. For temporary defensive purposes and
during periods of high cash inflows or outflows, the Fund may depart
from its principal investment strategies and invest part or all of its
assets in short-term debt securities or cash equivalents or it may hold
cash. During such periods, the Fund may not be able to achieve its
investment objective. The Fund may adopt a defensive strategy when the
portfolio managers believe securities in which the Fund normally
invests have elevated risks due to political or economic factors and in
other extraordinary circumstances.
    Short-term debt securities are securities from issuers having a
long-term debt rating of at least A by Standard & Poor's Ratings Group
(``S&P Ratings''), Moody's Investors Service, Inc. (``Moody's''), or
Fitch, Inc. (``Fitch'') and having a maturity of one year or less. The
use of temporary investments is not a part of a principal investment
strategy of the Fund.
    Short-term debt securities are defined to include, without
limitation, the following: (1) U.S. Government securities, including
bills, notes, and bonds differing as to maturity and rates of interest,
which are either issued or guaranteed by the U.S. Treasury or by U.S.
Government agencies or instrumentalities; (2) certificates of deposit
issued against funds deposited in a bank or savings and loan
association; (3) bankers' acceptances, which are short-term credit
instruments used to finance commercial transactions; (4) repurchase
agreements,\12\ which involve purchases of debt securities; (5) bank
time deposits, which are monies kept on deposit with banks or savings
and loan associations for a stated period of time at a fixed rate of
interest; and (6) commercial paper, which are short-term unsecured
promissory notes, including variable rate master demand notes issued by
corporations to finance their current operations. The Fund may only
invest in commercial paper rated A-2 or higher by S&P Ratings, Prime-2
or higher by Moody's, or F2 or higher by Fitch.
---------------------------------------------------------------------------

    \12\ The Fund intends to enter into repurchase agreements only
with financial institutions and dealers believed by the Adviser to
present minimal credit risks in accordance with criteria approved by
the Board. The Adviser will review and monitor the creditworthiness
of such institutions. The Adviser will monitor the value of the
collateral at the time the action is entered into and at all times
during the term of the repurchase agreement.
---------------------------------------------------------------------------

    The Fund intends to hedge its non-U.S. dollar holdings. Generally,
the Fund's currency exchange transactions will be conducted on a spot
(i.e., cash) basis at the spot rate prevailing in the currency exchange
market. The cost of the Fund's currency exchange transactions will
generally be the difference between the bid and offer spot rate of the
currency being purchased or sold. In order to protect against
uncertainty in the level of future currency exchange rates, the Fund is
authorized to enter into various currency exchange transactions.
    The Fund may invest up to 10% of its net assets in securities of
other open-end or closed-end investment companies, including ETFs \13\
that invest primarily in securities of the types in which the Fund may
invest directly. In addition, the Fund may invest a portion of its
assets in exchange-traded pooled investment vehicles (other than
investment companies) that invest primarily in securities of the types
in which the Fund may invest directly. The Fund

may invest in other investment companies to the extent permitted by the
1940 Act.
---------------------------------------------------------------------------

    \13\ An ETF is an investment company registered under the 1940
Act that holds a portfolio of securities generally designed to track
the performance of a securities index, including industry, sector,
country, and region indexes. Such ETFs all will be listed and traded
in the U.S. on registered exchanges. The Fund may invest in the
securities of ETFs in excess of the limits imposed under the 1940
Act pursuant to exemptive orders obtained by such ETFs and their
sponsors from the Commission. The ETFs in which the Fund may invest
include Index Fund Shares and Portfolio Depositary Receipts (as
described in NASDAQ Rule 5705); and Managed Fund Shares (as
described in Nasdaq Rule 5735). While the Fund may invest in inverse
ETFs, the Fund will not invest in leveraged (e.g., 2X or 3X) ETFs.
---------------------------------------------------------------------------

    The Fund may receive equity, warrants, corporate bonds, and other
such securities as a result of the restructuring of the debt of an
issuer, reorganization of a bank loan or bond, or as part of a package
of securities acquired together with a high-yield bond or senior
loan(s) of an issuer. Such investments will be subject to the Fund's
investment objectives, restrictions, and strategies as described
herein.
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities (calculated at the time of investment),
including variable rate master demand notes and 144A securities from
issues with less than $100 million original principal amount
outstanding. The Fund will monitor its portfolio liquidity on an
ongoing basis to determine whether, in light of current circumstances,
an adequate level of liquidity is being maintained, and will consider
taking appropriate steps in order to maintain adequate liquidity if,
through a change in values, net assets, or other circumstances, more
than 15% of the Fund's net assets are held in illiquid securities.
Illiquid securities include securities subject to contractual or other
restrictions on resale and other instruments that lack readily
available markets as determined in accordance with Commission staff
guidance.
    The Fund may not invest 25% or more of the value of its total
assets in securities of issuers in any one industry or group of
industries. This restriction does not apply to obligations issued or
guaranteed by the U.S. Government, its agencies or instrumentalities,
or securities of other investment companies. In addition, the Fund may
not, as to 75% of its total assets, (a) invest more than 5% of the
value of its total assets in the securities of any one issuer or (b)
hold more than 10% of the outstanding voting securities of that issuer
(other than securities of other investment companies and obligations
issued or guaranteed by the U.S. government or any agency or
instrumentality thereof).
    Consistent with the Exemptive Order, the Fund will not invest in
options contracts, futures contracts, or swap agreements. The Fund's
investments will be consistent with the investment objectives and
strategies described in the Registration Statement. The Fund will not
invest to enhance leverage. The Fund intends to qualify each year as a
regulated investment company under Subchapter M of the Internal Revenue
Code of 1986, as amended.
    Additional information regarding the Shares and the Fund, including
investment strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, availability of Fund values and
other information, and distributions and taxes, among other things, can
be found in the Notice and/or Registration Statement, as
applicable.\14\
---------------------------------------------------------------------------

    \14\ See supra notes 3 and 6 and respective accompanying text.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of Section 6 of the
Act \15\ and the rules and regulations thereunder applicable to a
national securities exchange.\16\ In particular, the Commission finds
that the proposal is consistent with Section 6(b)(5) of the Act,\17\
which requires, among other things, that the Exchange's rules be
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. The Commission notes that
the Fund and the Shares must comply with the requirements of Nasdaq
Rule 5735 to be listed and traded on the Exchange.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78f.
    \16\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Act,\18\ 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. Quotation and last-
sale information for the Shares will be available via UTP Level 1, as
well as Nasdaq proprietary quote and trade services. On each business
day, before commencement of trading in Shares in the Regular Market
Session \19\ on the Exchange, the Trust will disclose on its Web site
the identities and quantities of the portfolio of securities and other
assets (``Disclosed Portfolio'') held by the Fund that will form the
basis for the Fund's calculation of net asset value (``NAV'') at the
end of the business day.\20\ The NAV of the Fund's Shares generally
will be calculated once daily Monday through Friday as of the close of
regular trading on the New York Stock Exchange, generally 4:00 p.m.
Eastern time.\21\ Moreover, the Intraday Indicative Value, available on
the NASDAQ OMX Information LLC proprietary index data service,\22\ will
be based upon the current value for the components of the Disclosed
Portfolio and will be updated and widely disseminated and broadly
displayed at least every 15 seconds during the Regular Market Session.
During hours when the markets for local debt in the Fund's portfolio
are closed, the Intraday Indicative Value will be updated at least
every 15 seconds during the Regular Market Session to reflect currency
exchange fluctuations.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \19\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 7:00 a.m. to
9:30 a.m.; (2) Regular Market Session from 9:30 a.m. to 4:00 p.m. or
4:15 p.m.; and (3) Post-Market Session from 4:00 p.m. or 4:15 p.m.
to 8:00 p.m.).
    \20\ The Disclosed Portfolio will include, as applicable, the
names, quantity, percentage weighting, and market value of fixed-
income securities and other assets held by the Fund and the
characteristics of such assets. The Web site and information will be
publicly available at no charge.
    \21\ Under accounting procedures to be followed by the Fund,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1'').
Notwithstanding the foregoing, portfolio trades that are executed
prior to the opening of the Exchange on any business day may be
booked and reflected in NAV on such business day. Accordingly, the
Fund will be able to disclose at the beginning of the business day
the portfolio that will form the basis for the NAV calculation at
the end of the business day.
    \22\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service,
offering real-time updates, daily summary messages, and access to
widely followed indexes and Intraday Indicative Values for ETFs.
GIDS provides investment professionals with the daily information
needed to track or trade NASDAQ OMX indexes, listed ETFs, or third-
party partner indexes and ETFs.
---------------------------------------------------------------------------

    In addition, information regarding market price and trading volume
of the Shares will be continually available on a real-time basis
throughout the day on brokers' computer screens and other electronic
services, and the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Intra-day, executable price quotations of the
fixed-income securities and other assets held by the Fund are available
from major broker-dealer firms or on the exchange on which they are
traded, if applicable. Intra-day price information is also available
through subscription services,

such as Bloomberg and Thomson Reuters, which can be accessed by
authorized participants and other investors. The Web site for the Fund
will include a form of the prospectus for the Fund, additional data
relating to NAV, and other applicable quantitative information.
    The Commission further 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 and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes that the Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
will be made available to all market participants at the same time. In
addition, the Exchange will halt trading in the Shares under the
conditions specified in Nasdaq Rules 4120 and 4121. Trading may be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. These may
include: (1) The extent to which trading is not occurring in the
securities and/or the financial instruments comprising the Disclosed
Portfolio of the Fund; or (2) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. Trading in the Shares also will be subject to Rule
5735(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted. The Exchange will consider the suspension of
trading in or removal from listing of the Shares if the Intraday
Indicative Value is no longer calculated or available or the Disclosed
Portfolio is not made available to all market participants at the same
time.\23\ The Exchange states that the Adviser is affiliated with the
Distributor, a broker-dealer. The Exchange represents that the Adviser
has implemented a fire wall with respect to its broker-dealer
affiliate.\24\ The Commission notes that the Reporting Authority that
provides the Disclosed Portfolio must implement and maintain, or be
subject to, procedures designed to prevent the use and dissemination of
material, non-public information regarding the actual components of the
portfolio.\25\ The Exchange states that trading of the Shares through
Nasdaq will be subject to FINRA's surveillance procedures for
derivative products, including Managed Fund Shares.\26\ The Exchange
may obtain information via the ISG from other exchanges who are members
or affiliates of the ISG. Further, the Exchange states that it
prohibits the distribution of material, non-public information by its
employees.
---------------------------------------------------------------------------

    \23\ See Nasdaq Rule 5735(d)(2)(C)(ii).
    \24\ See Nasdaq Rule 5735(g), supra note 6 and accompanying
text. The Commission notes that an investment adviser to an open-end
fund is required to be registered under the Investment Advisers Act
of 1940 (``Advisers Act''). As a result, the Adviser and Sub-Adviser
and their related personnel are subject to the provisions of Rule
204A-1 under the Advisers Act relating to codes of ethics. This Rule
requires investment advisers to adopt a code of ethics that reflects
the fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) Adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
    \25\ See Nasdaq Rule 5735(d)(2)(B)(ii).
    \26\ The Exchange states that FINRA surveils trading on Nasdaq
pursuant to a regulatory services agreement and that it is
responsible for FINRA's performance under this regulatory services
agreement.
---------------------------------------------------------------------------

    The Exchange represents that the Shares are deemed to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has made representations,
including:
    (1) The Shares will be subject to Nasdaq Rule 5735, which sets
forth the initial and continued listing criteria applicable to Managed
Fund Shares.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) The Exchange's surveillance procedures are adequate to properly
monitor the trading of the Shares on Nasdaq during all trading sessions
and to deter and detect violations of Exchange rules and the applicable
federal securities laws.
    (4) Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Circular will discuss the following: (a) The procedures for
purchases and redemptions of Shares in Creation Units (and that Shares
are not individually redeemable); (b) Nasdaq Rule 2310, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (c) how information regarding
the Intraday Indicative Value is disseminated; (d) the risks involved
in trading the Shares during the Pre-Market and Post-Market Sessions
when an updated Intraday Indicative Value will not be calculated or
publicly disseminated; (e) the requirement that members deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (f) trading
information.
    (5) For initial and/or continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act.\27\
---------------------------------------------------------------------------

    \27\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) At least 75% of the Fund's net assets invested in high yield
debt securities will be invested in issuers that have a minimum
principal amount outstanding of $100 million or more with respect to
U.S. corporate issuers and $200 million or more with respect to non-
U.S. corporate issuers, and the portfolio, once fully invested, will
include a minimum of 13 non-affiliated issuers.
    (7) The Fund will invest 85% or more of the portfolio in securities
that the Adviser deems to be sufficiently liquid at the time of
investment. The Fund may hold up to an aggregate amount of 15% of its
net assets in illiquid securities (calculated at the time of
investment), including: (a) Rule 144A securities with less than $100
million original principal amount outstanding; and (b) variable rate
master demand notes. The Fund will monitor its portfolio liquidity on
an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of the Fund's net assets are held in
illiquid securities.
    (8) The Fund will not invest more than 15% of the portfolio in
distressed securities, as described herein, as determined at the time
of the investment.
    (9) The equity securities in which the Fund may invest (including
any that have converted from convertible debt) will be limited to
securities that trade in markets that are members of the ISG, which
includes all U.S. national securities exchanges and certain foreign
exchanges, or are parties to a

comprehensive surveillance sharing agreement with the Exchange.
    (10) Consistent with the Exemptive Order, the Fund will not invest
in options contracts, futures contracts, or swap agreements. The Fund's
investments will be consistent with the investment objectives and
strategies described in the Registration Statement. The Fund will not
invest to enhance leverage.
    (11) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.

This approval order is based on all of the Exchange's representations,
including those set forth above and in the Notice, and the Exchange's
description of the Fund.
    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act \28\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\29\ that the proposed rule change (SR-NASDAQ-2012-147), as
modified by Amendment No. 1 thereto, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(b)(2).
    \30\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-04614 Filed 2-27-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 249 (Friday, December 27, 2013)]
[Notices]
[Pages 78986-78989]
[FR Doc No: 2013-31020]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2013-0002]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final notice.

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

SUMMARY: New or modified Base (1% annual-chance) Flood Elevations
(BFEs), base flood depths, Special Flood Hazard

Area (SFHA) boundaries or zone designations, and/or the regulatory
floodway (hereinafter referred to as flood hazard determinations) as
shown on the indicated Letter of Map Revision (LOMR) for each of the
communities listed in the table below are finalized. Each LOMR revises
the Flood Insurance Rate Maps (FIRMs), and in some cases the Flood
Insurance Study (FIS) reports, currently in effect for the listed
communities. The flood hazard determinations modified by each LOMR will
be used to calculate flood insurance premium rates for new buildings
and their contents.

DATES: The effective date for each LOMR is indicated in the table
below.

ADDRESSES: Each LOMR is available for inspection at both the respective
Community Map Repository address listed in the table below and online
through the FEMA Map Service Center at www.msc.fema.gov.

FOR FURTHER INFORMATION CONTACT: Luis Rodriguez, Chief, Engineering
Management Branch, Federal Insurance and Mitigation Administration,
FEMA, 500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or
(email<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final flood hazard determinations as shown in the
LOMRs for each community listed in the table below. Notice of these
modified flood hazard determinations has been published in newspapers
of local circulation and ninety (90) days have elapsed since that
publication. The Deputy Associate Administrator for Mitigation has
resolved any appeals resulting from this notification.
    The modified flood hazard determinations are made pursuant to
section 206 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4105, and are in accordance with the National Flood Insurance Act of
1968, 42 U.S.C. 4001 et seq., and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The new or modified flood hazard determinations are the basis for
the floodplain management measures that the community is required
either to adopt or to show evidence of being already in effect in order
to remain qualified for participation in the National Flood Insurance
Program (NFIP).
    These new or modified flood hazard determinations, together with
the floodplain management criteria required by 44 CFR 60.3, are the
minimum that are required. They should not be construed to mean that
the community must change any existing ordinances that are more
stringent in their floodplain management requirements. The community
may at any time enact stricter requirements of its own or pursuant to
policies established by other Federal, State, or regional entities.
    These new or modified flood hazard determinations are used to meet
the floodplain management requirements of the NFIP and also are used to
calculate the appropriate flood insurance premium rates for new
buildings, and for the contents in those buildings. The changes in
flood hazard determinations are in accordance with 44 CFR 65.4.
    Interested lessees and owners of real property are encouraged to
review the final flood hazard information available at the address
cited below for each community or online through the FEMA Map Service
Center at www.msc.fema.gov.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                           Chief executive officer of      Community map                                       Community
         State and county           Location and case No.           community               repository        Effective date of modification      No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Alabama: Jefferson, (FEMA Docket    City of Leeds, (12-04- The Honorable David         City Hall, 100 9th    August 5, 2013.................      010125
 No.:, B-1328).                      8094P).                Miller, Mayor, City of      Street, Southeast,
                                                            Leeds, 1040 Park Drive,     Leeds, AL 35094.
                                                            Leeds, AL 35094.
Arizona:
     Maricopa, (FEMA Docket No.:,   City of Glendale, (12- The Honorable Jerry         City Hall, 5850 West  August 2, 2013.................      040045
     B-1328).                        09-3189P).             Weiers, Mayor, City of      Glendale Avenue,
                                                            Glendale, 5850 West         Glendale, AZ 85301.
                                                            Glendale Avenue,
                                                            Glendale, AZ 85301.
    Maricopa, (FEMA Docket No.:, B- City of Glendale, (13- The Honorable Jerry         City Hall, 5850 West  August 9, 2013.................      040045
     1328).                          09-0598P).             Weiers, Mayor, City of      Glendale Avenue,
                                                            Glendale, 5850 West         Glendale, AZ 85301.
                                                            Glendale Avenue,
                                                            Glendale, AZ 85301.
    Maricopa, (FEMA Docket No.:, B- City of Peoria, (12-   The Honorable Bob Barrett,  City Hall, 8401 West  July 12, 2013..................      040050
     1328).                          09-2079P).             Mayor, City of Peoria,      Monroe Street,
                                                            8401 West Monroe Street,    Peoria, AZ 85345.
                                                            Peoria, AZ 85345.
    Maricopa, (FEMA Docket No.:, B- City of Phoenix, (13-  The Honorable Greg          Street                August 9, 2013.................      040051
     1328).                          09-0598P).             Stanton, Mayor, City of     Transportation
                                                            Phoenix, 200 West           Department, 200
                                                            Washington Street, 11th     West Washington
                                                            Floor, Phoenix, AZ 85003.   Street, 5th Floor,
                                                                                Phoenix, AZ 85003.
    Maricopa, (FEMA Docket No.:, B- Unincorporated areas   The Honorable Andy          Maricopa County       August 2, 2013.................      040037
     1328).                          of Maricopa County,    Kunasek, Chairman,          Flood Control
                                     (12-09-3189P).         Maricopa County Board of    District, 2801 West
                                                            Supervisors, 301 West       Durango Street,
                                                            Jefferson, 10th Floor,      Phoenix, AZ 85009.
                                                            Phoenix, AZ 85003.
    Maricopa, (FEMA Docket No.:, B- Unincorporated areas   The Honorable Andy          Maricopa County       August 9, 2013.................      040037
     1328).                          of Maricopa County,    Kunasek, Chairman,          Flood Control
                                     (13-09-0598P).         Maricopa County Board of    District, 2801 West
                                                            Supervisors, 301 West       Durango Street,
                                                            Jefferson, 10th Floor,      Phoenix, AZ 85009.
                                                            Phoenix, AZ 85003.
    Yavapai, (FEMA Docket No.:, B-  Town of Chino Valley,  The Honorable Chris         Development Services  September 20, 2013.............      040094
     1335).                          (13-09-1088P).         Marley, Mayor, Town of      Department, 1982
                                                            Chino Valley, P.O. Box      Voss Drive, Chino
                                                            406, Chino Valley, AZ       Valley, AZ 86323.
                                                            86323.
    Yuma, (FEMA Docket No.:, B-     Unincorporated areas   The Honorable Gregory S.    Department of         August 9, 2013.................      040099
     1328).                          of Yuma County, (12-   Ferguson, Chairman, Yuma    Development
                                     09-2329P).             County Board of             Services, 2351 West
                                                            Supervisors, 198 South      26th Street, Yuma,
                                                            Main Street, Yuma, AZ       AZ 85364.
                                                            85364.
California:
    Los Angeles, (FEMA Docket       City of Santa          The Honorable Bob Kellar,   City Hall, Planning   August 9, 2013.................      060729
     No.:, B-1328).                  Clarita, (12-09-       Mayor, City of Santa        Department, 23920
                                     2819P).                Clarita, 23920 Valencia     Valencia Boulevard,
                                                            Boulevard, Santa Clarita,   Santa Clarita, CA
                                                            CA 91355.                   91355.
    Los Angeles, (FEMA Docket       City of Santa          The Honorable Bob Kellar,   City Hall, Planning   July 12, 2013..................      060729
     No.:, B-1320).                  Clarita, (13-09-       Mayor, City of Santa        Department, 23920
                                     0273P).                Clarita, 23920 Valencia     Valencia Boulevard,
                                                            Boulevard, Santa Clarita,   Santa Clarita, CA
                                                            CA 91355.                   91355.

    San Bernardino, (FEMA Docket    City of Ontario, (13-  The Honorable Paul S.       City Hall,            September 20, 2013.............      060278
     No.:, B-1335).                  09-0673P).             Leon, Mayor, City of        Engineering
                                                            Ontario, 303 East B         Department, Public
                                                            Street, Ontario, CA 91764.  Counter, 303 East B
                                                                                Street, Ontario, CA
                                                                                91764.
    San Bernardino, (FEMA Docket    City of Rancho         The Honorable L. Dennis     Engineering           July 15, 2013..................      060671
     No.:, B-1320).                  Cucamonga, (13-09-     Michael, Mayor, City of     Department, 10500
                                     0388P).                Rancho Cucamonga, 10500     Civic Center Drive,
                                                            Civic Center Drive,         Rancho Cucamonga,
                                                            Rancho Cucamonga, CA        CA 91730.
                                                            91730.
    San Bernardino, (FEMA Docket    City of Redlands, (12- The Honorable Pete          City Hall, 35 Cajon   August 2, 2013.................      060279
     No.:, B-1328).                  09-0729P).             Aguilar, Mayor, City of     Street, Redlands,
                                                            Redlands, P.O. Box 3005,    CA 92373.
                                                            Redlands, CA 92373.
    San Bernardino, (FEMA Docket    City of San            The Honorable Patrick J.    Water Department,     August 2, 2013.................      060281
     No.:, B-1328).                  Bernardino, (12-09-    Morris, Mayor, City of      399 Chandler Place,
                                     0729P).                San Bernardino, 300 North   San Bernardino, CA
                                                            D Street, 6th Floor, San    92408.
                                                            Bernardino, CA 92418.
    Sierra, (FEMA Docket No.:, B-   Unincorporated areas   The Honorable Scott A.      Sierra County         August 16, 2013................      060630
     1328).                          of Sierra County,      Schlefstein, Chairman,      Department of
                                     (13-09-0454P).         Sierra County Board of      Planning, Sierra
                                                            Supervisors, P.O. Drawer    County Courthouse
                                                            D, Downieville, CA 95936.   Annex, 101
                                                                                Courthouse Square,
                                                                                Downieville, CA
                                                                                95936.
    Ventura, (FEMA Docket No.:, B-  City of Simi Valley,   The Honorable Bob Huber,    City Hall, 2929 Tapo  August 16, 2013................      060421
     1328).                          (13-09-1538P).         Mayor, City of Simi         Canyon Road, Simi
                                                            Valley, 2929 Tapo Canyon    Valley, CA 93063.
                                                            Road, Simi Valley, CA
                                                            93063.
Colorado:
    Adams, (FEMA Docket No.:, B-    City of Thornton, (13- The Honorable Heidi         City Hall, 12450      July 26, 2013..................      080007
     1328).                          08-0065P).             Williams, Mayor, City of    Washington Street,
                                                            Thornton, 9500 Civic        Thornton, CO 80241.
                                                            Center Drive, Thornton,
                                                            CO 80229.
    Boulder, (FEMA Docket No.:, B-  City of Boulder, (13-  The Honorable Matthew       Municipal Building    July 12, 2013..................      080024
     1320).                          08-0187P).             Appelbaum, Mayor, City of   Plaza, 1777
                                                            Boulder, P.O. Box 791,      Broadway Street,
                                                            Boulder, CO 80306.          Boulder, CO 80302.
    Boulder, (FEMA Docket No.:, B-  Unincorporated areas   The Honorable Cindy         Boulder County        August 2, 2013.................      080023
     1328).                          of Boulder County,     Domenico, Chair, Boulder    Transportation
                                     (13-08-0273P).         County Board of             Department, 2525
                                                            Commissioners, P.O. Box     13th Street, Suite
                                                            471, Boulder, CO 80306.     203, Boulder, CO
                                                                                80306.
    Denver, (FEMA Docket No.:, B-   City and County of     The Honorable Michael B.    Public Works          August 9, 2013.................      080046
     1328).                          Denver, (13-08-        Hancock, Mayor, City and    Department, 201
                                     0098P).                County of Denver, 1437      West Colfax Avenue,
                                                            Bannock Street, Suite       Denver, CO 80202.
                                                            350, Denver, CO 80202.
    Douglas, (FEMA Docket No.:, B-  Unincorporated areas   The Honorable Jill          Douglas County        August 9, 2013.................      080049
     1328).                          of Douglas County,     Repella, Chair, Douglas     Department of
                                     (13-08-0136P).         County Board of             Public Works,
                                                            Commissioners, 100 3rd      Engineering
                                                            Street, Castle Rock, CO     Division, 100 3rd
                                                            80104.                      Street, Castle
                                                                                Rock, CO 80104.
    Douglas, (FEMA Docket No.:, B-  Unincorporated areas   The Honorable Jill          Douglas County        July 12, 2013..................      080049
     1320).                          of Douglas County,     Repella, Chair, Douglas     Public Works
                                     (13-08-0255P).         County Board of             Department,
                                                            Commissioners, 100 3rd      Engineering
                                                            Street, Castle Rock, CO     Division, 100 3rd
                                                            80104.                      Street, Castle
                                                                                Rock, CO 80104.
    El Paso, (FEMA Docket No.:, B-  City of Colorado       The Honorable Steve Bach,   Planning Commission,  July 12, 2013..................      080060
     1320).                          Springs, (12-08-       Mayor, City of Colorado     30 South Nevada
                                     0531P).                Springs, 30 South Nevada    Avenue, Colorado
                                                            Avenue, Colorado Springs,   Springs, CO 80903.
                                                            CO 80903.
    El Paso, (FEMA Docket No.:, B-  Unincorporated areas   The Honorable Dennis        Development Services  July 12, 2013..................      080059
     1320).                          of El Paso County,     Hisey, Chairman, El Paso    Department, 2880
                                     (12-08-0659P).         County Board of             International
                                                            Commissioners, 200 South    Circle, Suite 110,
                                                            Cascade Avenue, Suite       Colorado Springs,
                                                            100, Colorado Springs, CO   CO 80910.
                                                            80903.
    Jefferson, (FEMA Docket No.:,   Unincorporated areas   The Honorable Donald        Jefferson County      May 31, 2013...................      080087
     B-1314).                        Jefferson County,      Rosier, Chairman,           Department of
                                     (13-08-0089P).         Jefferson County Board of   Planning and
                                                            Commissioners, 100          Zoning, 100
                                                            Jefferson County Parkway,   Jefferson County
                                                            Golden, CO 80419.           Parkway, Golden, CO
                                                                                80419.
    Jefferson, (FEMA Docket No.:,   Unincorporated areas   The Honorable Donald        Jefferson County      July 12, 2013..................      080087
     B-1320).                        of Jefferson County,   Rosier, Chairman,           Department of
                                     (13-08-0255P).         Jefferson County Board of   Planning and
                                                            Commissioners, 100          Zoning, 100
                                                            Jefferson County Parkway,   Jefferson County
                                                            Golden, CO 80419.           Parkway, Golden, CO
                                                                                80419.
    Summit, (FEMA Docket No.:, B-   Town of Silverthorne,  The Honorable Dave Koop,    Planning Commission,  July 22, 2013..................      080201
     1320).                          (13-08-0262P).         Mayor, Town of              601 Center Circle,
                                                            Silverthorne, P.O. Box      Silverthorne, CO
                                                            1309, Silverthorne, CO      80498.
                                                            80498.
    Summit, (FEMA Docket No.:, B-   Unincorporated areas   The Honorable Thomas C.     Summit County         July 22, 2013..................      080290
     1320).                          of Summit County,      Davidson, Chairman,         Planning
                                     (13-08-0262P).         Summit County Board of      Department, 0037
                                                            Commissioners, P.O. Box     Peak One Drive,
                                                            68, Breckenridge, CO        Frisco, CO 80443.
                                                            80424.
Florida:
    Lee, (FEMA Docket No.:, B-      Unincorporated areas   The Honorable Cecil L.      Lee County Community  August 16, 2013................      125124
     1328).                          of Lee County, (12-    Pendergrass, Chairman,      Development
                                     04-4132P).             Lee County Board of         Department, 1500
                                                            Commissioners, P.O. Box     Monroe Street, 2nd
                                                            398, Fort Myers, FL 33902.  Floor, Fort Myers,
                                                                                FL 33901.
    Miami-Dade, (FEMA Docket No.:,  Unincorporated areas   The Honorable Carlos A.     Miami-Dade County     July 26, 2013..................      120635
     B-1320).                        of Miami-Dade          Gimenez, Mayor, Miami-      Public Works and
                                     County, (12-04-        Dade County, Stephen P.     Waste Management
                                     5035P).                Clark Center, 111           Division, 701
                                                            Northwest 1st Street,       Northwest 1st
                                                            Miami, FL 33128.            Court, Miami, FL
                                                                                33136.
    Orange, (FEMA Docket No.:, B-   City of Orlando, (13-  The Honorable Buddy Dyer,   One City Commons,     August 2, 2013.................      120186
     1328).                          04-0940P).             Mayor, City of Orlando,     400 South Orange
                                                            P.O. Box 4990, Orlando,     Avenue, Orlando, FL
                                                            FL 32808.                   32801.

    Sarasota, (FEMA Docket No.:, B- Unincorporated areas   The Honorable Carolyn       Sarasota County       August 9, 2013.................      125144
     1328).                          of Sarasota County,    Mason, Chair, Sarasota      Operations Center,
                                     (13-04-1684P).         County Commission, 1660     1001 Sarasota
                                                            Ringling Boulevard,         Center Boulevard,
                                                            Sarasota, FL 34236.         Sarasota, FL 34236.
    Sarasota, (FEMA Docket No.:, B- Unincorporated areas   The Honorable Carolyn       Sarasota County       August 23, 2013................      125144
     1328).                          of Sarasota County,    Mason, Chair, Sarasota      Operations Center,
                                     (13-04-1985P).         County Commission, 1660     1001 Sarasota
                                                            Ringling Boulevard,         Center Boulevard,
                                                            Sarasota, FL 34236.         Sarasota, FL 34236.
Georgia:
    Chatham, (FEMA Docket No.:, B-  City of Pooler, (12-   The Honorable Mike Lamb,    Public Works          July 12, 2013..................      130261
     1320).                          04-3344P).             Mayor, City of Pooler,      Department, 1095
                                                            100 Southwest Highway 80,   South Rogers
                                                            Pooler, GA 31322.           Street, Pooler, GA
                                                                                31322.
    Chatham, (FEMA Docket No.:, B-  Unincorporated areas   The Honorable Albert J.     Chatham County        July 12, 2013..................      130030
     1320).                          of Chatham County,     Scott, Chairman, Chatham    Emergency
                                     (12-04-3344P).         County Board of             Management Agency,
                                                            Commissioners, P.O. Box     124 Bull Street,
                                                            8161, Savannah, GA 31412.   Suite 200,
                                                                                Savannah, GA 31401.
    Columbia, (FEMA Docket No.:, B- Unincorporated areas   The Honorable Ron C.        Columbia County       September 19, 2013.............      130059
     1335).                          of Columbia County,    Cross, Chairman, Columbia   Development
                                     (13-04-3711P).         County Board of             Services Division,
                                                            Commissioners, P.O. Box     630 Ronald Reagan
                                                            498, Evans, GA 30809.       Drive, Building A,
                                                                                Evans, GA 30809.
Kentucky: Kenton, (FEMA Docket      City of Fort Wright,   The Honorable Joe           Planning Division,    July 15, 2013..................      210249
 No.:, B-1320).                      (12-04-6732P).         Nienaber, Jr., Mayor,       409 Kyles Lane,
                                                            City of Fort Wright, 409    Fort Wright, KY
                                                            Kyles Lane, Fort Wright,    41011.
                                                            KY 41011.
Nevada: Washoe, (FEMA Docket No.:,  Unincorporated areas   The Honorable David Humke,  Washoe County         August 23, 2013................      320019
 B-1328).                            of Washoe County,      Chairman, Washoe County     Administration
                                     (13-09-0552P).         Board of Commissioners,     Building,
                                                            P.O. Box 11130, Reno, NV    Department of
                                                            89520.                      Public Works, 1001
                                                                                East 9th Street,
                                                                                Reno, NV 89512.
North Carolina: Cabarrus, (FEMA     City of Kannapolis,    The Honorable Robert        City Hall, 246 Oak    July 25, 2013..................      370469
 Docket No.:, B-1320).               (11-04-5137P).         Misenheimer, Mayor, City    Avenue, Kannapolis,
                                                            of Kannapolis, 246 Oak      NC 28081.
                                                            Avenue, Kannapolis, NC
                                                            28081.
South Carolina:
     Charleston, (FEMA Docket       City of Folly Beach,   The Honorable Tim Goodwin,  City Hall, 21 Center  July 26, 2013..................      455415
     No.:, B-1328).                  (12-04-6719P).         Mayor, City of Folly        Street, Folly
                                                            Beach, P.O. Box 1692,       Beach, SC 29439.
                                                            Folly Beach, SC 29439.
    Charleston, (FEMA Docket No.:,  Town of Mount          The Honorable Billy         Legal Department,     July 12, 2013..................      455417
     B-1320).                        Pleasant, (13-04-      Swails, Mayor, Town of      100 Ann Edwards
                                     1093P).                Mount Pleasant, 100 Ann     Lane, Mount
                                                            Edwards Lane, Mount         Pleasant, SC 29464.
                                                            Pleasant, SC 29464.
    Georgetown, (FEMA Docket No.:,  Unincorporated areas   The Honorable Johnny        Georgetown County     August 12, 2013................      450085
     B-1328).                        of Georgetown          Morant, Chairman,           Courthouse, 129
                                     County, (12-04-        Georgetown County           Screven Street,
                                     7938P).                Council, P.O. Drawer 437,   Georgetown, SC
                                                            Georgetown, SC 29442.       29440.
Tennessee: Sumner, (FEMA Docket     City of Gallatin, (12- The Honorable Jo Ann        City Hall, 132 West   July 18, 2013..................      470185
 No.:, B-1320).                      04-4835P).             Graves, Mayor, City of      Main Street,
                                                            Gallatin, 132 West Main     Gallatin, TN 37066.
                                                            Street, Gallatin, TN
                                                            37066.
Utah:
    Davis, (FEMA Docket No.:, B-    City of Kaysville,     The Honorable Steve A.      City Hall, 3 East     August 2, 2013.................      490046
     1328).                          (13-08-0218P).         Hiatt, Mayor, City of       Center, Kaysville,
                                                            Kaysville, 697 North 240    UT 84037.
                                                            East, Kaysville, UT 84037.
    San Juan, (FEMA Docket No.:, B- City of Monticello,    The Honorable Douglas L.    Public Works          July 18, 2013..................      490212
     1320).                          (12-08-0884P).         Allen, Mayor, City of       Department, 17
                                                            Monticello, 17 North 100    North 100 East,
                                                            East, Monticello, UT        Monticello, UT
                                                            84535.                      84535.
--------------------------------------------------------------------------------------------------------------------------------------------------------

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: November 20, 2013.
Roy Wright,
Deputy Associate Administrator for Mitigation, Department of Homeland
Security, Federal Emergency Management Agency.
[FR Doc. 2013-31020 Filed 12-26-13; 8:45 am]
BILLING CODE 9110-12-P