[Federal Register Volume 87, Number 66 (Wednesday, April 6, 2022)]
[Proposed Rules]
[Pages 19821-19823]
[FR Doc No: 2022-07205]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2022-0333; Airspace Docket No. 22-AGL-6]
RIN 2120-AA66

Proposed Amendment of VOR Federal Airway V-36; Northcentral
United States

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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SUMMARY: This action proposes to amend VHF Omnidirectional Range (VOR)
Federal airway V-36 by establishing an airway segment within United
States (U.S.) airspace over Lake Superior. The new V-36 airway segment
would replace a similar segment that was inadvertently removed in a
previous rulemaking action supporting NAV CANADA's Navigational Aid
(NAVAID) Modernization Program. This proposed action supports cross
border airway connectivity with NAV CANADA's V-36 airway between the
Thunder Bay, ON, Canada, VOR/Distance Measuring Equipment (VOR/DME) and
the Wawa, ON, Canada, VOR/DME NAVAIDs.

DATES: Comments must be received on or before May 23, 2022.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue SE, West
Building Ground Floor, Room W12-140, Washington, DC 20590; telephone:
(800) 647-5527, or<PHONE_NUMBER>. You must identify FAA Docket No.
FAA-2022-0333; Airspace Docket No. 22-AGL-6 at the beginning of your
comments. You may also submit comments through the internet at https://www.regulations.gov.
    FAA Order JO 7400.11F, Airspace Designations and Reporting Points,
and subsequent amendments can be viewed online at https://www.faa.gov/air_traffic/publications/. For further information, you can contact the
Rules and Regulations Group, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

FOR FURTHER INFORMATION CONTACT: Colby Abbott, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
the airspace necessary to ensure the safety of aircraft and the
efficient use of airspace. This regulation is within the scope of that
authority as it would expand the availability of RNAV in the
northcentral United States and improve the efficient flow of air
traffic crossing the U.S./Canada border flying through U.S. and
Canadian airspace.

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments as they
may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
    Communications should identify both docket numbers (FAA Docket No.
FAA-2022-0333; Airspace Docket No. 22-AGL-6) and be submitted in
triplicate to the Docket Management Facility (see ADDRESSES section for
address and phone number). You may also submit comments through the
internet at https://www.regulations.gov.
    Commenters wishing the FAA to acknowledge receipt of their comments
on this action must submit with those comments a self-addressed,
stamped postcard on which the following statement is made: ``Comments
to FAA Docket No. FAA-2022-0333; Airspace Docket No. 22-AGL-6.'' The
postcard will be date/time stamped and returned to the commenter.
    All communications received on or before the specified comment
closing

date will be considered before taking action on the proposed rule. The
proposal contained in this action may be changed in light of comments
received. All comments submitted will be available for examination in
the public docket both before and after the comment closing date. A
report summarizing each substantive public contact with FAA personnel
concerned with this rulemaking will be filed in the docket.

Availability of NPRMs

    An electronic copy of this document may be downloaded through the
internet at https://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's web page at https://www.faa.gov/air_traffic/publications/airspace_amendments/.
    You may review the public docket containing the proposal, any
comments received and any final disposition in person in the Dockets
Office (see ADDRESSES section for address and phone number) between
9:00 a.m. and 5:00 p.m., Monday through Friday, except Federal
holidays. An informal docket may also be examined during normal
business hours at the office of the Operations Support Group, Central
Service Center, Federal Aviation Administration, 10101 Hillwood
Parkway, Fort Worth, TX 76177.

Availability and Summary of Documents for Incorporation by Reference

    This document proposes to amend FAA Order JO 7400.11F, Airspace
Designations and Reporting Points, dated August 10, 2021, and effective
September 15, 2021. FAA Order JO 7400.11F is publicly available as
listed in the ADDRESSES section of this document. FAA Order JO 7400.11F
lists Class A, B, C, D, and E airspace areas, air traffic service
routes, and reporting points.

Background

    On November 23, 2021, the FAA published a final rule in the Federal
Register for Docket No. FAA-2022-0279 (86 FR 66453; November 23, 2021)
which inadvertently removed the V-36 airway segment in U.S. airspace
between the Thunder Bay, ON, Canada, VOR/DME and the Wawa, ON, Canada,
VOR/DME. As a result, the cross border connectivity of V-36 at the two
U.S./Canada border crossing points for pilots flying between Thunder
Bay, ON, Canada, and Wawa, ON, Canada, in Canadian airspace, then U.S.
airspace, and then Canadian airspace again was lost. Today, V-36
extends from the Thunder Bay VOR/DME to the U.S./Canada border, is
gapped through U.S. airspace to the U.S./Canada border located east of
the first border intersection, and then continues from the U.S./Canada
border to the Wawa VOR/DME, and onward.
    This action proposes to modify V-36 to establish the missing V-36
airway segment within U.S. airspace to provide the cross border
connectivity necessary between the Thunder Bay VOR/DME and Wawa VOR/
DME; thus, making that portion of V-36 whole again.

The Proposal

    The FAA is proposing an amendment to 14 CFR part 71 to modify V-36
by establishing a segment of the airway within U.S. airspace that was
inadvertently removed in a previous rulemaking action. Additionally,
the modification of V-36 will support cross border connectivity of the
airway between the Thunder Bay VOR/DME and Wawa VOR/DME. The proposed
airway action is described below.
    V-36: V-36 currently extends between the Wawa, ON, Canada, VOR/DME
and the Sault Ste. Marie, MI, VOR/DME; and between the Elmira, NY, VOR/
DME and the intersection of the La Guardia, NY, VOR/DME 310[deg] and
Stillwater, NJ, VOR/DME 043[deg] radials (NEION fix). The airspace
within Canada is excluded. The FAA proposes to establish an airway
segment within U.S. airspace that connects to NAV CANADA's V-36 airway
segments between the Thunder Bay, ON, Canada, VOR/DME and the Wawa, ON,
Canada, VOR/DME; providing cross border connectivity for the airway
between the two NAVAIDs. As a result, V-36 would extend between the
Thunder Bay, ON, Canada, VOR/DME and the Sault Ste. Marie, MI, VOR/DME;
and between the Elmira, NY, VOR/DME and the intersection of the La
Guardia, NY, VOR/DME 310[deg] and the Stillwater, NJ, VOR/DME 043[deg]
radials (NEION fix). The airspace within Canada would continue to be
excluded.
    The NAVAID radials listed in the VOR Federal airway description
below are unchanged and stated in True degrees.
    VOR Federal airways are published in paragraph 6010(a) of FAA Order
JO 7400.11F, dated August 20, 2021, and effective September 15, 2021,
which are incorporated by reference in 14 CFR 71.1. The VOR Federal
airway listed in this document would be published subsequently in FAA
Order JO 7400.11.
    FAA Order 7400.11, Airspace Designations and Reporting Points, is
published yearly and effective on September 15.

Regulatory Notices and Analyses

    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore: (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under
Department of Transportation (DOT) Regulatory Policies and Procedures
(44 FR 11034; February 26, 1979); and (3) does not warrant preparation
of a regulatory evaluation as the anticipated impact is so minimal.
Since this is a routine matter that will only affect air traffic
procedures and air navigation, it is certified that this proposed rule,
when promulgated, will not have a significant economic impact on a
substantial number of small entities under the criteria of the
Regulatory Flexibility Act.

Environmental Review

    This proposal will be subject to an environmental analysis in
accordance with FAA Order 1050.1F, ``Environmental Impacts: Policies
and Procedures'' prior to any FAA final regulatory action.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority: 49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11F, Airspace Designations and Reporting Points, dated August 10,
2021, and effective September 15, 2021, is amended as follows:

Paragraph 6010(a) Domestic VOR Federal Airways.

* * * * *

V-36 [Amended]

    From Thunder Bay, ON, Canada; Wawa, ON, Canada; to Sault Ste.
Marie, MI. From Elmira, NY; INT Elmira 110[deg] and LaGuardia,

NY, 310[deg] radials; to INT LaGuardia 310[deg] and Stillwater, NJ,
043[deg] radials. The airspace within Canada is excluded.
* * * * *

    Issued in Washington, DC, on April 1, 2022.
Scott M. Rosenbloom,
Manager, Airspace Rules and Regulations.
[FR Doc. 2022-07205 Filed 4-5-22; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 80, Number 116 (Wednesday, June 17, 2015)]
[Notices]
[Page 34785]
[FR Doc No: 2015-14859]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket Number FRA-2015-0050]

Notice of Application for Approval of Discontinuance or
Modification of a Railroad Signal System

    In accordance with Part 235 of Title 49 of the Code of Federal
Regulations (CFR) and 49 U.S.C. 20502(a), this provides the public
notice that by a document dated March 27, 2015, the Union Pacific
Railroad Company (UP) petitioned the Federal Railroad Administration
(FRA) seeking approval for the discontinuance or modification of a
signal system. FRA assigned the petition Docket Number FRA-2015-0050.
    Applicant: Union Pacific Railroad Company, Mr. Neal Hathaway, AVP
Engineering--Signal, 1400 Douglas Street, MS 0910, Omaha, NE 68179.
    The UP seeks approval of the modification of the traffic control
system (TCS) at control point (CP) T342, at milepost 342.20, on the
Baird Subdivision, by the conversion of dispatcher controlled signals,
45L and 45R, to intermediate signals. The CP was installed to hold
trains clear of switching operations which took place at a yard which
is no longer there.
    A copy of the petition, as well as any written communications
concerning the petition, is available for review online at
www.regulations.gov and in person at the U.S. Department of
Transportation's Docket Operations Facility, 1200 New Jersey Avenue
SE., W12-140, Washington, DC 20590. The Docket Operations Facility is
open from 9 a.m. to 5 p.m., Monday through Friday, except Federal
Holidays.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number and may be submitted by any of the following
methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal Holidays.
    Communications received by August 3, 2015 will be considered by FRA
before final action is taken. Comments received after that date will be
considered as far as practicable.
    Anyone is able to search the electronic form of any written
communications and comments received into any of our dockets by the
name of the individual submitting the comment (or signing the document,
if submitted on behalf of an association, business, labor union, etc.).
In accordance with 5 U.S.C. 553(c), DOT solicits comments from the
public to better inform its processes. DOT posts these comments,
without edit, including any personal information the commenter
provides, to www.regulations.gov, as described in the system of records
notice (DOT/ALL-14 FDMS), which can be reviewed at www.dot.gov/privacy.
See also http://www.regulations.gov/#!privacyNotice for the privacy
notice of regulations.gov.

    Issued in Washington, DC, on June 11, 2015.
Ron Hynes,
Director, Office of Technical Oversight.
[FR Doc. 2015-14859 Filed 6-16-15; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 80, Number 249 (Tuesday, December 29, 2015)]
[Notices]
[Page 81309]
[FR Doc No: 2015-32699]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RM15-11-000]

Reliability Standard for Transmission System Planned Performance
for Geomagnetic Disturbance Events; Notice of Technical Conference

    Take notice that the Federal Energy Regulatory Commission
(Commission) will hold a Commission staff-led technical conference on
Reliability Standard for Transmission System Planned Performance for
Geomagnetic Disturbance (GMD) Events on issues identified in the Notice
of Proposed Rulemaking (NOPR) and subsequent public comments in the
above-captioned docket on March 1, 2016. The conference will begin at
9:00 a.m. and end at approximately 5:00 p.m. (Eastern Time). The
conference will be held at the Federal Energy Regulatory Commission,
888 First Street NE., Washington, DC 20426.
    The technical conference will facilitate a structured dialogue on
GMD-related topics, including but not limited to: (1) The benchmark GMD
event(s); (2) vulnerability assessments; and (3) monitoring of related
parameters. The technical conference will be led by Commission staff,
with prepared remarks to be presented by invited panelists, which must
be submitted to the Commission in advance of the conference. A
subsequent notice providing an agenda and details on the topics for
discussion will be issued in advance of the conference. Commissioners
may attend and participate.
    There is no fee for attendance. However, members of the public are
encouraged to preregister online at: https://www.ferc.gov/whats-new/registration/03-01-16-form.asp.
    Those wishing to participate in panel discussions should submit
nominations no later than close of business on Wednesday, January 6,
2016 online at: https://www.ferc.gov/whats-new/registration/03-01-16-speaker-form.asp.
    This event will be webcast and transcribed. Transcripts of the
conference will be available for a fee from Ace-Federal Reporters, Inc.
(202-347-3700).
    Commission conferences are accessible under section 508 of the
Rehabilitation Act of 1973. For accessibility accommodations please
send an email to<EMAIL_ADDRESS>or call toll free (866) 208-
3372 (voice) or<PHONE_NUMBER> (TTY), or send a fax to<PHONE_NUMBER>
with the requested accommodations.
    For more information about the technical conference, please
contact: Sarah McKinley, Office of External Affairs,<PHONE_NUMBER>
<EMAIL_ADDRESS>
    Dated: December 22, 2015.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2015-32699 Filed 12-28-15; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 109 (Friday, June 5, 2020)]
[Notices]
[Pages 34613-34614]
[FR Doc No: 2020-12235]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. CP17-40-000]

Spire STL Pipeline, LLC; Notice of Request for Extension of Time

    Take notice that on May 27, 2020, Spire STL Pipeline, LLC (Spire)
requested that the Federal Energy Regulatory Commission (Commission)
grant an extension of time, until August 3, 2021, to construct and
place into service a section of 24-inch diameter pipeline to the Enable
Mississippi Transmission, LLC (MRT) interconnect which is part of the
original certificate authorization issued on August 3, 2018
(Certificate Order). The Certificate Order required Spire to construct
and place the facilities in service by August 3, 2020.
    In November 2019, Spire requested and the Commission authorized
Spire to place most of the project facilities into service including
the Mainline, North County Extension, Rex Receipt Station and the
Laclede/Lange and Chain of Rocks Delivery Stations. At that time, Spire
explained that with respect to the section of 24-inch-diameter pipeline
to the MRT interconnect, that it would construct this remaining section
of pipeline in the spring of 2020. Spire states that it does not
anticipate completing construction of the MRT interconnect due to
COVID-19 pandemic related construction delays. In order to allow enough
time for the safe completion of construction and to account for
uncertainty regarding future COVID related restrictions, Spire requests
an extension of time until August 3, 2021 to complete construction of
this final section of pipeline.
    This notice establishes a 15-calendar day intervention and comment
period deadline. Any person wishing to comment on Spire's request for
an extension of time may do so. No reply comments or answers will be
considered. If you wish to obtain legal status by becoming a party to
the proceedings for this request, you should, on or before the comment
date stated below, file a motion to intervene in accordance with the
requirements of the Commission's Rules of Practice and

Procedure (18 CFR 385.214 or 385.211) and the Regulations under the
Natural Gas Act (18 CFR 157.10).\1\
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    \1\ Only motions to intervene from entities that were party to
the underlying proceeding will be accepted. Algonquin Gas
Transmission, LLC, 170 FERC 61,144, at P 39 (2020).
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    As a matter of practice, the Commission itself generally acts on
requests for extensions of time to complete construction for Natural
Gas Act facilities when such requests are contested before order
issuance. For those extension requests that are contested,\2\ the
Commission will aim to issue an order acting on the request within 45
days.\3\ The Commission will address all arguments relating to whether
the applicant has demonstrated there is good cause to grant the
extension.\4\ The Commission will not consider arguments that re-
litigate the issuance of the certificate order, including whether the
Commission properly found the project to be in the public convenience
and necessity and whether the Commission's environmental analysis for
the certificate complied with the National Environmental Policy Act.\5\
At the time a pipeline requests an extension of time, orders on
certificates of public convenience and necessity are final and the
Commission will not re-litigate their issuance.\6\ The OEP Director, or
his or her designee, will act on all of those extension requests that
are uncontested.
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    \2\ Contested proceedings are those where an intervenor disputes
any material issue of the filing. 18 CFR 385.2201(c)(1) (2019).
    \3\ Algonquin Gas Transmission, LLC, 170 FERC 61,144, at P 40
(2020).
    \4\ Id. at P 40.
    \5\ Similarly, the Commission will not re-litigate the issuance
of an NGA section 3 authorization, including whether a proposed
project is not inconsistent with the public interest and whether the
Commission's environmental analysis for the permit order complied
with NEPA.
    \6\ Algonquin Gas Transmission, LLC, 170 FERC 61,144, at P 40
(2020).
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    In addition to publishing the full text of this document in the
Federal Register, The Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://www.ferc.gov) using
the eLibrary link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to Commission's Public Reference
Room, due to the proclamation declaring a National Emergency concerning
the Novel Coronavirus Disease (COVID-19), issued by the President on
March 13, 2020. For assistance, contact FERC at
<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or TYY,
(202) 502-8659.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the eFiling link at
http://www.ferc.gov. Persons unable to file electronically should
submit an original and three copies of the protest or intervention to
the Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426.
    Comment Date: 5:00 p.m. Eastern Time on June 16, 2020.

    Dated: June 1, 2020.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2020-12235 Filed 6-4-20; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 246 (Tuesday, December 26, 2017)]
[Notices]
[Pages 60981-60983]
[FR Doc No: 2017-27729]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP18-13-000]

Columbia Gas Transmission, LLC; Notice of Intent to Prepare an
Environmental Assessment for the Proposed Line 8000 Replacement Project
and Request for Comments on Environmental Issues

    The staff of the Federal Energy Regulatory Commission (FERC or
Commission) will prepare an environmental assessment (EA) that will
discuss the environmental impacts of the Line 8000 Replacement Project
involving the abandonment, construction, and operation of facilities by
Columbia Gas Transmission, LLC (Columbia) in Mineral County, West
Virginia and Allegany County, Maryland. The Commission will use this EA
in its decision-making process to determine whether the project is in
the public convenience and necessity.
    This notice announces the opening of the scoping process the
Commission will use to gather input from the public and interested
agencies on the project. You can make a difference by providing us with
your specific comments or concerns about the project. Your comments
should focus on the potential environmental effects, reasonable
alternatives, and measures to avoid or lessen environmental impacts.
Your input will help the Commission staff determine what issues they
need to evaluate in the EA. To ensure that your comments are timely and
properly recorded, please send your comments so that the Commission
receives them in Washington, DC on or before January 18, 2018.
    If you sent comments on this project to the Commission before the
opening of this docket on November 3, 2017, you will need to file those
comments in Docket No. CP18-13-000 to ensure they are considered as
part of this proceeding.
    This notice is being sent to the Commission's current environmental
mailing list for this project. State and local government
representatives should notify their constituents of this proposed
project and encourage them to comment on their areas of concern.
    If you are a landowner receiving this notice, a pipeline company
representative may contact you about the acquisition of an easement to
construct, operate, and maintain the proposed facilities. The company
would seek to negotiate a mutually acceptable agreement. However, if
the Commission approves the project, that approval conveys with it the
right of eminent domain. Therefore, if easement negotiations fail to
produce an agreement, the pipeline company could initiate condemnation
proceedings where compensation would be determined in accordance with
state law.
    Columbia provided landowners with a fact sheet prepared by the FERC
entitled ``An Interstate Natural Gas Facility On My Land? What Do I
Need To Know?'' This fact sheet addresses a number of typically asked
questions, including the use of eminent domain and how to participate
in the Commission's proceedings. It is also available for viewing on
the FERC website (www.ferc.gov).

Public Participation

    For your convenience, there are three methods you can use to submit
your comments to the Commission. The Commission encourages electronic
filing of comments and has expert staff

available to assist you at<PHONE_NUMBER> or
[email protected]. Please carefully follow these instructions
so that your comments are properly recorded.
    (1) You can file your comments electronically using the eComment
feature on the Commission's website (www.ferc.gov) under the link to
Documents and Filings. This is an easy method for submitting brief,
text-only comments on a project;
    (2) You can file your comments electronically by using the eFiling
feature on the Commission's website (www.ferc.gov) under the link to
Documents and Filings. With eFiling, you can provide comments in a
variety of formats by attaching them as a file with your submission.
New eFiling users must first create an account by clicking on
``eRegister.'' If you are filing a comment on a particular project,
please select ``Comment on a Filing'' as the filing type; or
    (3) You can file a paper copy of your comments by mailing them to
the following address. Be sure to reference the project docket number
(CP18-13-000) with your submission: Kimberly D. Bose, Secretary,
Federal Energy Regulatory Commission, 888 First Street NE, Room 1A,
Washington, DC 20426.

Summary of the Proposed Project

    Columbia has developed a multi-year, comprehensive modernization
program to address its aging infrastructure. As part of its
modernization program, Columbia proposes to abandon and replace about
14 miles of pipeline along Line 8000 and four laterals \1\ and abandon
or modify associated minor aboveground facilities in Mineral County,
West Virginia and Allegany County, Maryland. The Line 8000 Replacement
Project would not increase capacity and would continue to serve the
Maryland distribution markets. According to Columbia, by abandoning and
replacing portions of the existing aging, bare steel pipeline, its
project would increase system reliability, thereby greatly reducing the
risk of interruptions to Columbia's customers.
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    \1\ A lateral is a segment of a pipeline that branches off the
main or transmission line to transport the product to a termination
point, such as a tank farm or a metering station.
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    The Line 8000 Replacement Project would consist of:
     Replacement of a total of approximately 13.25 miles of
existing 12-inch-diameter bare steel pipeline, with approximately 13.54
miles of new, coated 12-inch-diameter natural gas transmission pipeline
in five sections and four modification points along Line 8000 and
Lateral Line 8006;
     replacement of a total of approximately 0.55 miles of
existing 4-inch-diameter bare steel pipeline, with approximately 0.78
miles of new coated 4-inch-diameter natural gas transmission pipeline
along three laterals (Lateral Lines 8225, 8244, and 18012);
     installation of two new pig \2\ launcher and receiver
sites and four new mainline valves associated with pipeline facilities;
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    \2\ A pig is a tool that the pipeline company inserts into and
pushes through the pipeline for cleaning the pipeline, conducting
internal inspections, or other purposes.
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     modifications/abandonment of four existing mainline valves
and three existing side tap valve sites and modification of tie-ins at
two regulator stations; and
     abandonment of 13 active residential taps and 109 inactive
taps.
    The general location of the project facilities is shown in appendix
1.\3\
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    \3\ The appendices referenced in this notice will not appear in
the Federal Register. Copies of appendices were sent to all those
receiving this notice in the mail and are available at www.ferc.gov
using the link called eLibrary or from the Commission's Public
Reference Room, 888 First Street NE, Washington, DC 20426, or call
(202) 502-8371. For instructions on connecting to eLibrary, refer to
the last page of this notice.
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Land Requirements for Construction

    Construction of the proposed facilities would disturb about 288
acres of land for the pipelines and minor aboveground facilities.
Following construction, Columbia would maintain about 71 acres for
permanent operation of the project's facilities; the remaining acreage
would be restored and revert to former uses. Approximately 85 percent
of the new Line 8000 pipeline would be co-located within the right-of-
way of the existing Line 8000 pipeline (to be abandoned). Approximately
15 percent of the new Line 8000 pipeline would be located within a new
right-of-way due to construction constraints that prevents co-location
with the pipeline to be abandoned.

The EA Process

    The National Environmental Policy Act (NEPA) requires the
Commission to take into account the environmental impacts that could
result from an action whenever it considers the issuance of a
Certificate of Public Convenience and Necessity. NEPA also requires us
\4\ to discover and address concerns the public may have about
proposals. This process is referred to as ``scoping.'' The main goal of
the scoping process is to focus the analysis in the EA on the important
environmental issues. By this notice, the Commission requests public
comments on the scope of the issues to address in the EA. We will
consider all filed comments during the preparation of the EA.
---------------------------------------------------------------------------

    \4\ We, us, and our refer to the environmental staff of the
Commission's Office of Energy Projects.
---------------------------------------------------------------------------

    In the EA we will discuss impacts that could occur as a result of
the construction and operation of the proposed project under these
general headings:
     Geology and soils;
     land use;
     water resources, fisheries, and wetlands;
     cultural resources;
     vegetation and wildlife;
     air quality and noise;
     endangered and threatened species;
     public safety; and
     cumulative impacts
    We will also evaluate reasonable alternatives to the proposed
project or portions of the project, and make recommendations on how to
lessen or avoid impacts on the various resource areas.
    The EA will present our independent analysis of the issues. The EA
will be available in the public record through eLibrary. Depending on
the comments received during the scoping process, we may also publish
and distribute the EA to the public for an allotted comment period. We
will consider all comments on the EA before making our recommendations
to the Commission. To ensure we have the opportunity to consider and
address your comments, please carefully follow the instructions in the
Public Participation section, beginning on page 2.
    With this notice, we are asking agencies with jurisdiction by law
and/or special expertise with respect to the environmental issues of
this project to formally cooperate with us in the preparation of the
EA.\5\ Agencies that would like to request cooperating agency status
should follow the instructions for filing comments provided under the
Public Participation section of this notice.
---------------------------------------------------------------------------

    \5\ The Council on Environmental Quality regulations addressing
cooperating agency responsibilities are at Title 40, Code of Federal
Regulations, Part 1501.6.
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Consultations Under Section 106 of the National Historic Preservation
Act

    In accordance with the Advisory Council on Historic Preservation's
implementing regulations for section 106 of the National Historic
Preservation Act, we are using this notice to initiate consultation
with the applicable State Historic Preservation Offices (SHPO), and to
solicit their views and those of other government

agencies, interested Indian tribes, and the public on the project's
potential effects on historic properties.\6\ We will define the
project-specific Area of Potential Effects (APE) in consultation with
the SHPOs as the project develops. On natural gas facility projects,
the APE at a minimum encompasses all areas subject to ground
disturbance (examples include construction right-of-way, contractor/
pipe storage yards, compressor stations, and access roads). Our EA for
this project will document our findings on the impacts on historic
properties and summarize the status of consultations under section 106.
---------------------------------------------------------------------------

    \6\ The Advisory Council on Historic Preservation's regulations
are at Title 36, Code of Federal Regulations, Part 800. Those
regulations define historic properties as any prehistoric or
historic district, site, building, structure, or object included in
or eligible for inclusion in the National Register of Historic
Places.
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Environmental Mailing List

    The environmental mailing list includes federal, state, and local
government representatives and agencies; elected officials;
environmental and public interest groups; Native American Tribes; other
interested parties; and local libraries and newspapers. This list also
includes all affected landowners (as defined in the Commission's
regulations) who are potential right-of-way grantors, whose property
may be used temporarily for project purposes, or who own homes within
certain distances of aboveground facilities, and anyone who submits
comments on the project. We will update the environmental mailing list
as the analysis proceeds to ensure that we send the information related
to this environmental review to all individuals, organizations, and
government entities interested in and/or potentially affected by the
proposed project.
    If we publish and distribute the EA, copies will be sent to the
environmental mailing list for public review and comment. If you would
prefer to receive a paper copy of the document instead of the CD
version or would like to remove your name from the mailing list, please
return the attached Information Request (appendix 2).

Becoming an Intervenor

    In addition to involvement in the EA scoping process, you may want
to become an ``intervenor'' which is an official party to the
Commission's proceeding. Intervenors play a more formal role in the
process and are able to file briefs, appear at hearings, and be heard
by the courts if they choose to appeal the Commission's final ruling.
An intervenor formally participates in the proceeding by filing a
request to intervene. Instructions for becoming an intervenor are in
the ``Document-less Intervention Guide'' under the ``e-filing'' link on
the Commission's website. Motions to intervene are more fully described
at http://www.ferc.gov/resources/guides/how-to/intervene.asp.

Additional Information

    Additional information about the project is available from the
Commission's Office of External Affairs, at (866) 208-FERC, or on the
FERC website at www.ferc.gov using the eLibrary link. Click on the
eLibrary link, click on General Search and enter the docket number,
excluding the last three digits in the Docket Number field (i.e., CP18-
13). Be sure you have selected an appropriate date range. For
assistance, please contact FERC Online Support at
[email protected] or toll free at<PHONE_NUMBER>, or for TTY,
contact<PHONE_NUMBER>. The eLibrary link also provides access to the
texts of formal documents issued by the Commission, such as orders,
notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. Go to www.ferc.gov/docs-filing/esubscription.asp.
    Finally, public sessions or site visits will be posted on the
Commission's calendar located at www.ferc.gov/EventCalendar/EventsList.aspx along with other related information.

    Dated: December 19, 2017.
Kimberly D. Bose,
Secretary.
[FR Doc. 2017-27729 Filed 12-22-17; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 141 (Tuesday, July 23, 2013)]
[Notices]
[Page 44108]
[FR Doc No: 2013-17609]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[ Docket No. ER13-1903-000]

MET New York Trading LLC; Supplemental Notice That Initial
Market-Based Rate Filing Includes Request for Blanket Section 204
Authorization

July 17, 2013.
    This is a supplemental notice in the above-referenced proceeding,
of MET New York Trading LLC's application for market-based rate
authority, with an accompanying rate schedule, noting that such
application includes a request for blanket authorization, under 18 CFR
Part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR Part 34, of future issuances of securities and assumptions of
liability is August 6, 2013.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding(s) are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: July 17, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-17609 Filed 7-22-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 104 (Tuesday, May 31, 2016)]
[Notices]
[Pages 34419-34426]
[FR Doc No: 2016-12667]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77890; File No. SR-NASDAQ-2016-072])

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, Relating to the Listing and Trading of the Shares of the
Amplify Dow Theory Forecasts Buy List ETF of Amplify ETF Trust

May 24, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 10, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in in
Items I and II below, which Items have been prepared by Nasdaq. On May
20, 2016, the Exchange filed Amendment No. 1 to the proposed rule
change. The Commission is publishing this notice, as modified by
Amendment No. 1 thereto, to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Nasdaq proposes to list and trade the shares of the Amplify Dow
Theory Forecasts Buy List ETF (the ``Fund'') of Amplify ETF Trust (the
``Trust'') under Nasdaq Rule 5735 (``Managed Fund Shares'').\3\ The
shares of the Fund are collectively referred to herein as the
``Shares.''
---------------------------------------------------------------------------

    \3\ The Commission approved Nasdaq Rule 5735 in Securities
Exchange Act Release No. 57962 (June 13, 2008), 73 FR 35175 (June
20, 2008) (SR-NASDAQ-2008-039). There are already multiple actively-
managed funds listed on the Exchange; see, e.g., Securities Exchange
Act Release Nos. 72506 (July 1, 2014), 79 FR 38631 (July 8, 2014)
(SR-NASDAQ-2014-050) (order approving listing and trading of First
Trust Strategic Income ETF); 69464 (April 26, 2013), 78 FR 25774
(May 2, 2013) (SR-NASDAQ-2013-036) (order approving listing and
trading of First Trust Senior Loan Fund); 66489 (February 29, 2012),
77 FR 13379 (March 6, 2012) (SR-NASDAQ-2012-004) (order approving
listing and trading of WisdomTree Emerging Markets Corporate Bond
Fund). The Exchange believes the proposed rule change raises no
significant issues not previously addressed in those prior
Commission orders.
---------------------------------------------------------------------------

    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq'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, Nasdaq included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. Nasdaq has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    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 \4\ 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
January 6, 2015.\5\ The Trust is registered with the Commission as an
investment company and has filed a registration statement on Form N-1A
(``Registration Statement'') with the Commission.\6\ The Fund will be a
series of the Trust.
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (the ``1940 Act'') organized
as an open-end investment company or similar entity that invests in
a portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Index Fund Shares, listed
and traded on the Exchange under Nasdaq Rule 5705, seeks to provide
investment results that correspond generally to the price and yield
performance of a specific foreign or domestic stock index, fixed
income securities index or combination thereof.
    \5\ The Commission has issued an order, upon which the Trust may
rely, granting certain exemptive relief under the 1940 Act. See
Investment Company Act Release No. 31582 (April 28, 2015) (File No.
812-14423) (the ``Exemptive Relief'').
    \6\ See Post-Effective Amendment No. 2 to Registration Statement
on Form N 1A for the Trust, dated May 5, 2016 (File Nos. 333 207937
and 811 23108). The descriptions of the Fund and the Shares
contained herein are based, in part, on information in the
Registration Statement.
---------------------------------------------------------------------------

    Amplify Investments LLC will be the investment adviser
(``Adviser'') to the Fund. The following will serve as investment sub-
advisers (each, a ``Sub-Adviser'') to the Fund: Horizon Investment
Services, LLC (``Horizon'') and Penserra Capital Management LLC
(``Penserra''). Quasar Distributors LLC

(the ``Distributor'') will be the principal underwriter and distributor
of the Fund's Shares. U.S. Bancorp Fund Services LLC will act as the
administrator, accounting agent, custodian and transfer agent to the
Fund.
    Paragraph (g) of Rule 5735 provides that if the investment adviser
to the investment company issuing Managed Fund Shares is affiliated
with a broker-dealer, such investment adviser shall erect a ``fire
wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\7\ In addition, paragraph
(g) further requires that personnel who make decisions on the open-end
fund's portfolio composition must be subject to procedures designed to
prevent the use and dissemination of material, non-public information
regarding the open-end fund's portfolio.
---------------------------------------------------------------------------

    \7\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser, each 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.
---------------------------------------------------------------------------

    Rule 5735(g) is similar to Nasdaq Rule 5705(b)(5)(A)(i); however,
paragraph (g) in connection with the establishment of a ``fire wall''
between the investment adviser and the broker-dealer reflects the
applicable open-end fund's portfolio, not an underlying benchmark
index, as is the case with index-based funds. Neither the Adviser nor
any Sub-Adviser is a broker-dealer, although Penserra is affiliated
with a broker-dealer.\8\ Penserra has implemented and will maintain a
fire wall with respect to their respective broker-dealer affiliate
regarding access to information concerning the composition and/or
changes to the portfolio.
---------------------------------------------------------------------------

    \8\ The Adviser and Horizon are not currently affiliated with a
broker-dealer.
---------------------------------------------------------------------------

    In addition, personnel who make decisions on the Fund's portfolio
composition will be subject to procedures designed to prevent the use
and dissemination of material non-public information regarding the
Fund's portfolio. In the event (a) the Adviser or a Sub-Adviser
registers as a broker-dealer, or becomes affiliated with a broker-
dealer, or (b) any new adviser or sub-adviser is a registered broker-
dealer or becomes affiliated with another broker-dealer, it will
implement and will maintain a fire wall with respect to its relevant
personnel and/or such broker-dealer affiliate, as applicable, 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.
    The Fund intends to qualify each year as a regulated investment
company (``RIC'') under Subchapter M of the Internal Revenue Code of
1986, as amended.
Amplify Dow Theory Forecasts Buy List ETF
Principal Investments
    The investment objective of the Fund will be to seek long-term
capital appreciation. Under normal market conditions,\9\ the Fund will
seek to achieve its investment objective by investing at least 90% of
its net assets (including investment borrowings) in companies included
in the buy list (updated on a semi-weekly basis) (the ``Buy List'') of
the Dow Theory Forecasts, an investment newsletter of Horizon
Publishing Company, LLC, an affiliate of Horizon.
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    \9\ 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 securities 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. On a temporary
basis, including for defensive purposes, during the initial invest-
up period and during periods of high cash inflows or outflows, the
Fund may depart from its principal investment strategies; for
example, it may hold a higher than normal proportion of its assets
in cash. During such periods, the Fund may not be able to achieve
its investment objective. The Fund may adopt a defensive strategy
when the Adviser or a Sub-Adviser believes securities in which the
Fund normally invests have elevated risks due to political or
economic factors and in other extraordinary circumstances.
---------------------------------------------------------------------------

    In general, the Buy List includes 25 to 40 U.S. exchange-traded
stocks. All of such stocks are large-cap or mid-cap and are selected
based on a proprietary quantitative ranking system known as
Quadrix[supreg]. Quadrix[supreg] ranks approximately 5,000 stocks and
scores target stocks based on their operating momentum; valuation;
long-term term track record and financial strength; earnings-estimate
trends; and share-price performance.
    The Fund will seek diversification among the ten economic sectors
of the U.S. stock market, and it is not anticipated that more than 45%
of the portfolio will be invested in a single sector. Horizon will
select the Fund's portfolio securities from the Buy List. Penserra will
be responsible for implementing the Fund's investment program by, among
other things, trading portfolio securities and performing related
services, rebalancing the Fund's portfolio, and providing cash
management services in accordance with the investment advice formulated
by, and model portfolios delivered by, the Adviser and Horizon.
Other Investments
    The Fund may invest the remaining 10% of its net assets in short-
term debt securities and other short-term debt instruments (described
below), as well as cash equivalents, or it may hold cash. The
percentage of the Fund invested in such holdings or held in cash will
vary and will depend on several factors, including market conditions.
The Fund may invest in the following short-term debt instruments: \10\
(1) Fixed rate and floating rate 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,\11\ 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 is
short-term unsecured promissory notes.\12\
---------------------------------------------------------------------------

    \10\ Short-term debt instruments are issued by issuers having a
long-term debt rating of at least A by Standard & Poor's Ratings
Services, a Division of The McGraw-Hill Companies, Inc. (``S&P
Ratings''), Moody's Investors Service, Inc. (``Moody's'') or Fitch
Ratings (``Fitch'') and have a maturity of one year or less.
    \11\ 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 of Trustees of the Trust (``Trust 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
transaction is entered into and at all times during the term of the
repurchase agreement.
    \12\ The Fund may only invest in commercial paper rated A-1 or
higher by S&P Ratings, Prime-1 or higher by Moody's or F1 or higher
by Fitch.
---------------------------------------------------------------------------

    The Fund may invest in the securities of other ETFs and non-
exchange listed open-end investment companies (referred to as ``mutual
funds''), including money market funds,\13\ that, in each case, will be
investment companies registered under the 1940 Act.
---------------------------------------------------------------------------

    \13\ It is expected that any such mutual fund or ETF will invest
primarily in short-term fixed income securities. An ETF is an
investment company registered under the 1940 Act that holds a
portfolio of securities. Many ETFs are designed to track the
performance of a securities index, including industry, sector,
country and region indexes. ETFs included in the Fund 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 other ETFs and
their sponsors from the Commission. In addition, the Fund may invest
in the securities of certain other investment companies in excess of
the limits imposed under the 1940 Act pursuant to an exemptive order
that the Trust has obtained from the Commission. See Investment
Company Act Release No. 30377 (February 5, 2013) (File No. 812-
13895). The ETFs in which the Fund may invest include Index Fund
Shares (as described in Nasdaq Rule 5705), Portfolio Depository
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 or inverse
leveraged (e.g., 2X or -3X) ETFs.
---------------------------------------------------------------------------

Investment Restrictions
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including securities deemed illiquid by the Adviser or a Sub-
Adviser.\14\ 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 assets. Illiquid
assets 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.\15\
---------------------------------------------------------------------------

    \14\ In reaching liquidity decisions, the Adviser and a Sub-
Adviser may consider the following factors: the frequency of trades
and quotes for the security; the number of dealers wishing to
purchase or sell the security and the number of other potential
purchasers; dealer undertakings to make a market in the security;
and the nature of the security and the nature of the marketplace in
which it trades (e.g., the time needed to dispose of the security,
the method of soliciting offers and the mechanics of transfer).
    \15\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also Investment Company Act
Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the fund. See Investment Company Act Release No. 14983 (March 12,
1986), 51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (April
23, 1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under
the Securities Act of 1933).
---------------------------------------------------------------------------

    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 (other than securities issued or guaranteed by the U.S.
government, its agencies or instrumentalities, or securities of other
investment companies), except that the Fund may invest 25% or more of
the value of its total assets in securities of issuers in a group of
industries to approximately the same extent that the Buy List includes
the securities of a particular group of industries.\16\
---------------------------------------------------------------------------

    \16\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975). As indicated above, it is not anticipated
that more than 45% of the portfolio will be invested in a single
sector.
---------------------------------------------------------------------------

    All of the Fund's net assets that are invested in exchange-traded
equity securities (including common stocks and ETFs) will be invested
in securities that are listed on a U.S. exchange.\17\
---------------------------------------------------------------------------

    \17\ The Fund will not invest in OTC secondary market
securities.
---------------------------------------------------------------------------

    The Fund will not invest in derivative instruments. The Fund's
investments will be consistent with its investment objective and will
not be used to enhance leverage.
Creation and Redemption of Shares
    The Fund will issue and redeem Shares on a continuous basis at net
asset value (``NAV'') only in large blocks of Shares (``Creation
Units'') in transactions with authorized participants, generally
including broker-dealers and large institutional investors
(``Authorized Participants''). Creation Units generally will consist of
50,000 Shares, although this may change from time to time. Creation
Units, however, are not expected to consist of less than 50,000 Shares.
    As described in the Registration Statement and consistent with the
Exemptive Relief, the Fund will issue and redeem Creation Units in
exchange for an in-kind portfolio of instruments and/or cash in lieu of
such instruments (the ``Creation Basket''). In addition, if there is a
difference between the NAV attributable to a Creation Unit and the
market value of the Creation Basket exchanged for the Creation Unit,
the party conveying instruments with the lower value will pay to the
other an amount in cash equal to the difference (referred to as the
``Balancing Amount'').
    Creations and redemptions must be made by or through an Authorized
Participant that has executed an agreement with the Distributor with
respect to creations and redemptions of Creation Units. All standard
orders to create Creation Units must be received by the Distributor no
later than the close of the regular trading session on the New York
Stock Exchange (``NYSE'') (ordinarily 4:00 p.m., Eastern Time) (the
``Closing Time''), in each case on the date such order is placed, in
order for the creation of Creation Units to be effected based on the
NAV of Shares as next determined on such date after receipt of the
order in proper form. Shares may be redeemed only in Creation Units at
their NAV next determined after receipt not later than the Closing Time
of a redemption request in proper form by the Fund and only on a
business day.
    Each business day, before the open of trading on the Exchange, the
Fund will cause to be published through the National Securities
Clearing Corporation the names and quantities of the instruments
comprising the Creation Basket, as well as the estimated Balancing
Amount (if any), for that day. The published Creation Basket will apply
until a new Creation Basket is announced on the following business day.
Net Asset Value
    The Fund's NAV will be determined as of the close of regular
trading on the NYSE on each day the NYSE is open for trading. If the
NYSE closes early on a valuation day, the NAV will be determined as of
that time. NAV per Share will be calculated for the Fund by taking the
value of the Fund's total assets, including interest or dividends
accrued but not yet collected, less all liabilities, including accrued
expenses and dividends declared but unpaid, and dividing such amount by
the total number of Shares outstanding. The

result, rounded to the nearest cent, will be the NAV per Share. All
valuations will be subject to review by the Trust Board or its
delegate.
    The Fund's investments will be valued daily. As described more
specifically below, investments traded on an exchange (i.e., a
regulated market), will generally be valued at market value prices that
represent last sale or official closing prices. In addition, as
described more specifically below, non-exchange traded investments will
generally be valued using prices obtained from third-party pricing
services (each, a ``Pricing Service'').\18\ If, however, valuations for
any of the Fund's investments cannot be readily obtained as provided in
the preceding manner, or the Pricing Committee of the Adviser (the
``Pricing Committee'') \19\ questions the accuracy or reliability of
valuations that are so obtained, such investments will be valued at
fair value, as determined by the Pricing Committee, in accordance with
valuation procedures (which may be revised from time to time) adopted
by the Trust Board (the ``Valuation Procedures''), and in accordance
with provisions of the 1940 Act. The Pricing Committee's fair value
determinations may require subjective judgments about the value of an
investment. The fair valuations attempt to estimate the value at which
an investment could be sold at the time of pricing, although actual
sales could result in price differences, which could be material.
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    \18\ The Adviser may use various Pricing Services or discontinue
the use of any Pricing Services, as approved by the Trust Board from
time to time.
    \19\ The Pricing Committee will be subject to procedures
designed to prevent the use and dissemination of material non-public
information regarding the Fund's portfolio.
---------------------------------------------------------------------------

    Certain securities in which the Fund may invest will not be listed
on any securities exchange or board of trade. Such securities will
typically be bought and sold by institutional investors in individually
negotiated private transactions that function in many respects like an
over-the-counter (``OTC'') secondary market, although typically no
formal market makers will exist. Certain securities, particularly debt
securities, will have few or no trades, or trade infrequently, and
information regarding a specific security may not be widely available
or may be incomplete. Accordingly, determinations of the value of debt
securities may be based on infrequent and dated information. Because
there is less reliable, objective data available, elements of judgment
may play a greater role in valuation of debt securities than for other
types of securities.
    The information summarized below is based on the Valuation
Procedures as currently in effect; however, as noted above, the
Valuation Procedures are amended from time to time and, therefore, such
information is subject to change.
    Equity securities (including other ETFs) listed on a securities
exchange, market or automated quotation system for which quotations are
readily available (except for securities traded on NASDAQ) will be
valued at the last reported sale price on the primary exchange or
market on which they are traded on the valuation date (or at
approximately 4:00 p.m., E.T. if a security's primary exchange is
normally open at that time). For a security that trades on multiple
exchanges, the primary exchange will generally be considered to be the
exchange on which the security generally has the highest volume of
trading activity. If it is not possible to determine the last reported
sale price on the relevant exchange or market on the valuation date,
the value of the security will be taken to be the most recent mean
between the bid and asked prices on such exchange or market on the
valuation date. Absent both bid and asked prices on such exchange, the
bid price may be used. For securities traded on NASDAQ, the official
closing price will be used. If such prices are not available, the
security will be valued based on values supplied by independent brokers
or by fair value pricing, as described below.
    Open-end investment companies other than ETFs will be valued at
NAV.
    Except as provided below, short-term U.S. government securities,
commercial paper, and bankers' acceptances, all as set forth under
``Other Investments'' (collectively, ``Short-Term Debt Instruments'')
will typically be valued using information provided by a Pricing
Service. Pricing Services typically value non-exchange-traded
instruments utilizing a range of market-based inputs and assumptions,
including readily available market quotations obtained from broker-
dealers making markets in such instruments, cash flows, and
transactions for comparable instruments. In pricing certain
instruments, the Pricing Services may consider information about an
instrument's issuer or market activity provided by the Adviser.
    Short-Term Debt Instruments having a remaining maturity of 60 days
or less when purchased will typically be valued at cost adjusted for
amortization of premiums and accretion of discounts, provided the
Pricing Committee has determined that the use of amortized cost is an
appropriate reflection of value given market and issuer-specific
conditions existing at the time of the determination.
    Certificates of deposit and bank time deposits will typically be
valued at cost.
    Repurchase agreements will typically be valued as follows:
Overnight repurchase agreements will be valued at amortized cost when
it represents the best estimate of value. Term repurchase agreements
(i.e., those whose maturity exceeds seven days) will be valued at the
average of the bid quotations obtained daily from at least two
recognized dealers.
Availability of Information
    The Fund's Web site, www.amplifyetfs.com, which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Web site
will include the Shares' ticker, CUSIP and exchange information along
with additional quantitative information updated on a daily basis,
including, for the Fund: (1) Daily trading volume, the prior business
day's reported NAV and closing price, mid-point of the bid/ask spread
at the time of calculation of such NAV (the ``Bid/Ask Price''),\20\ and
a calculation of the premium and discount of the Bid/Ask Price against
the NAV; and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Regular Market Session \21\ on the
Exchange, the Fund will disclose on its Web site the identities and
quantities of the portfolio of securities and other assets (the
``Disclosed Portfolio'' as defined in Nasdaq Rule 5735(c)(2)) held by
the Fund that will form the basis for the Fund's calculation of NAV at
the end of the business day.\22\
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    \20\ The Bid/Ask Price of the Fund will be determined using the
mid-point of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Fund and its service
providers.
    \21\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m., Eastern Time; (2) Regular Market Session from 9:30 a.m. to 4
p.m. or 4:15 p.m., Eastern Time; and (3) Post-Market Session from 4
p.m. or 4:15 p.m. to 8 p.m., Eastern Time).
    \22\ 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''). 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.

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    On a daily basis, the Fund will disclose on the Fund's Web site the
following information regarding each portfolio holding, as applicable
to the type of holding: ticker symbol, CUSIP number or other
identifier, if any; a description of the holding (including the type of
holding); the identity of the security or other asset or instrument
underlying the holding, if any; quantity held (as measured by, for
example, par value, notional value or number of shares, contracts or
units); maturity date, if any; coupon rate, if any; effective date, if
any; market value of the holding; and percentage weighting of the
holding in the Fund's portfolio. The Web site information will be
publicly available at no charge.
    In addition, for the Fund, an estimated value, defined in Rule
5735(c)(3) as the ``Intraday Indicative Value,'' that reflects an
estimated intraday value of the Fund's Disclosed Portfolio, will be
disseminated. Moreover, the Intraday Indicative Value, available on the
NASDAQ OMX Information LLC proprietary index data service,\23\ will be
based upon the current value for the components of the Disclosed
Portfolio and will be updated and widely disseminated by one or more
major market data vendors and broadly displayed at least every 15
seconds during the Regular Market Session. The Intraday Indicative
Value will be based on quotes and closing prices from the securities'
local market and may not reflect events that occur subsequent to the
local market's close. Premiums and discounts between the Intraday
Indicative Value and the market price may occur. This should not be
viewed as a ``real time'' update of the NAV per Share of the Fund,
which is calculated only once a day.
---------------------------------------------------------------------------

    \23\ 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.
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    The dissemination of the Intraday Indicative Value, together with
the Disclosed Portfolio, will allow investors to determine the value of
the underlying portfolio of the Fund on a daily basis and will provide
a close estimate of that value throughout the trading day.
    Investors will also be able to obtain the Fund's Statement of
Additional Information (``SAI''), the Fund's annual and semi-annual
reports (together, ``Shareholder Reports''), and its Form N-CSR and
Form N-SAR, filed twice a year. The Fund's SAI and Shareholder Reports
will be available free upon request from the Fund, and those documents
and the Form N-CSR and Form N-SAR may be viewed on-screen or downloaded
from the Commission's Web site at www.sec.gov.
    Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Quotation and last sale information for the
Shares will be available via Nasdaq proprietary quote and trade
services, as well as in accordance with the Unlisted Trading Privileges
and the Consolidated Tape Association (``CTA'') plans for the Shares.
Quotation and last sale information for U.S. exchange-traded equity
securities (including common stocks and ETFs) will be available from
the exchanges on which they are traded as well as in accordance with
any applicable CTA plans.
    Open-end investment companies (other than ETFs) are typically
priced once each business day and their prices will be available
through the applicable fund's Web site or from major market data
vendors.
    Pricing information for Short-Term Debt Instruments, repurchase
agreements, certificates of deposit and bank time deposits will be
available from major broker-dealer firms and/or major market data
vendors and/or Pricing Services.
    Additional information regarding the Fund and the Shares, including
investment strategies, risks, creation and redemption procedures, fees,
Fund holdings disclosure policies, distributions and taxes will be
included in the Registration Statement.
Initial and Continued Listing
    The Shares will be subject to Rule 5735, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and continued
listing, the Fund must be in compliance with Rule 10A-3 \24\ under the
Act. A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
will be made available to all market participants at the same time.
---------------------------------------------------------------------------

    \24\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund. Nasdaq will halt trading in the
Shares under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pauses under Nasdaq Rules 4120(a)(11) and (12).
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 other assets constituting 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.
Trading Rules
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in the Shares
from 4:00 a.m. until 8:00 p.m., Eastern Time. The Exchange has
appropriate rules to facilitate transactions in the Shares during all
trading sessions. As provided in Nasdaq Rule 5735(b)(3), the minimum
price variation for quoting and entry of orders in Managed Fund Shares
traded on the Exchange is $0.01.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
also the Financial Industry Regulatory Authority (``FINRA'') on behalf
of the Exchange, which are designed to detect violations of Exchange
rules and applicable federal securities laws.\25\ 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.
---------------------------------------------------------------------------

    \25\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns,

which could be indicative of manipulative or other violative activity.
When such situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and the exchange-traded securities and
instruments held by the Fund (including common stocks and ETFs) with
other markets and other entities that are members of the Intermarket
Surveillance Group (``ISG''),\26\ and FINRA may obtain trading
information regarding trading in the Shares and such exchange-traded
securities and instruments held by the Fund from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares and the exchange-traded securities and
instruments held by the Fund from markets and other entities that are
members of ISG, which includes securities exchanges, or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    \26\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    All of the Fund's net assets that are invested in exchange-traded
equity securities (including common stocks and ETFs) will be invested
in securities that trade in markets that are members of ISG or are
parties to a comprehensive surveillance sharing agreement with the
Exchange.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Circular
    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: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (3) how information regarding
the Intraday Indicative Value and the Disclosed Portfolio is
disseminated; (4) 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; (5) the
requirement that members deliver a prospectus to investors purchasing
newly issued Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information. The Information Circular will
also discuss any exemptive, no-action and interpretive relief granted
by the Commission from any rules under the Act.
    Additionally, the Information Circular will reference that the Fund
is subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares of the Fund and the applicable NAV calculation time
for the Shares. The Information Circular will disclose that information
about the Shares of the Fund will be publicly available on the Fund's
Web site.
Continued Listing Representations
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
rules and surveillance procedures shall constitute continued listing
requirements for listing the Shares on the Exchange. In addition, the
issuer has represented to the Exchange that it will advise the Exchange
of any failure by the Fund to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will monitor for compliance with the continued
listing requirements. If the Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under the Nasdaq 5800 Series.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act in general and Section 6(b)(5) of the Act 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, in general, to protect
investors and the public interest.
    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in Nasdaq Rule 5735. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances, administered by both Nasdaq and also
FINRA on behalf of the Exchange, which are designed to detect
violations of Exchange rules and applicable federal securities laws.
    Neither the Adviser nor any Sub-Adviser is a broker-dealer,
although Penserra is affiliated with a broker-dealer and is required to
implement a ``fire wall'' with respect to such broker-dealer affiliate
regarding access to information concerning the composition and/or
changes to the Fund's portfolio. The Adviser and Horizon are not
currently affiliated with a broker-dealer. In addition, paragraph (g)
of Nasdaq Rule 5735 further requires that personnel who make decisions
on the open-end fund's portfolio composition must be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding the open-end fund's portfolio.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and the exchange-traded securities and
instruments held by the Fund (including common stocks and ETFs) with
other markets and other entities that are members of ISG, and FINRA may
obtain trading information regarding trading in the Shares and such
exchange-traded securities held by the Fund from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares and the exchange-traded securities and
instruments held by the Fund from markets and other entities that are
members of ISG, which includes securities exchanges, or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
Moreover, FINRA, on behalf of the Exchange, will be able to access, as
needed, trade information for certain fixed income securities held by
the Fund reported to FINRA's TRACE.
    All of the Fund's net assets that are invested in exchange-traded
equity securities (including common stocks and ETFs) will be invested
in securities that trade in markets that are members of ISG or are
parties to a comprehensive surveillance sharing agreement with the
Exchange.
    The investment objective of the Fund will be to seek long-term
capital appreciation. Under normal market conditions, the Fund will
seek to achieve its investment objective by investing at least 90% of
its net assets (including investment borrowings) in

companies included in the Buy List of the Dow Theory Forecasts, an
investment newsletter of an affiliate of the Horizon. The Fund will not
invest in derivative instruments. The Fund may hold up to an aggregate
amount of 15% of its net assets in illiquid assets (calculated at the
time of investment), including securities deemed illiquid by the
Adviser or a Sub-Adviser.
    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 assets. Illiquid assets
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 proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
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, a large amount of information will be publicly
available regarding the Fund and the Shares, thereby promoting market
transparency. Moreover, the Intraday Indicative Value, available on the
NASDAQ OMX Information LLC proprietary index data service, will be
widely disseminated by one or more major market data vendors and
broadly displayed at least every 15 seconds during the Regular Market
Session. On each business day, before commencement of trading in Shares
in the Regular Market Session on the Exchange, the Fund will disclose
on its Web site the Disclosed Portfolio that will form the basis for
the Fund's calculation of NAV at the end of the business day.
    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
quotation and last sale information for the Shares will be available
via Nasdaq proprietary quote and trade services, as well as in
accordance with the Unlisted Trading Privileges and the CTA plans for
the Shares. Pricing information for exchange-traded common stocks and
ETFs will be available from the applicable listing exchange and from
major market data vendors.
    Pricing information for Short-Term Debt Instruments, repurchase
agreements, certificates of deposit and bank time deposits will be
available from major broker-dealer firms and/or major market data
vendors and/or Pricing Services. Open-end investment companies (other
than ETFs) are typically priced once each business day and their prices
will be available through the applicable fund's Web site or from major
market data vendors.
    The Fund's Web site will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Trading in Shares of the Fund will be halted
under the conditions specified in Nasdaq Rules 4120 and 4121 or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to Nasdaq Rule 5735(d)(2)(D), which sets forth circumstances
under which Shares of the Fund may be halted. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the Intraday Indicative Value, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    In calculating its NAV, the Fund generally will value its
investment portfolio at market price. If market prices are not readily
available or the Fund reasonably believes they are unreliable, such as
in the case of a security value that has been materially affected by
events occurring after the relevant market closes, the Fund will price
those securities at fair value as determined using methods approved by
the Trust Board.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace.
    As noted above, FINRA, on behalf of the Exchange, will communicate
as needed regarding trading in the Shares and exchange-traded
securities and instruments held by the Fund (including common stocks
and ETFs) with other markets and other entities that are members of
ISG, and FINRA may obtain trading information regarding trading in the
Shares and such exchange-traded securities held by the Fund from such
markets and other entities.
    In addition, the Exchange may obtain information regarding trading
in the Shares and the exchange-traded securities and instruments held
by the Fund from markets and other entities that are members of ISG,
which includes securities exchanges, or with which the Exchange has in
place a comprehensive surveillance sharing agreement. Moreover, FINRA,
on behalf of the Exchange, will be able to access, as needed, trade
information for certain fixed income securities held by the Fund
reported to FINRA's TRACE. Furthermore, as noted above, investors will
have ready access to information regarding the Fund's holdings, the
Intraday Indicative Value, the Disclosed Portfolio, and quotation and
last sale information for the Shares.
    For the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type of actively-managed exchange-traded fund that will
enhance competition among market participants, to the benefit of
investors and the marketplace.

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

    Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(a) By order approve or disapprove such proposed rule change; or (b)
institute proceedings to determine whether the proposed rule change
should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Amendment No. 1 thereto, 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 email to<EMAIL_ADDRESS>Please include
File Number
    SR-NASDAQ-2016-072 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street NE., Washington, DC 20549-9303.

All submissions should refer to File Number SR-NASDAQ-2016-072. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet 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 Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of Nasdaq. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2016-072 and should be submitted
on or before June 21, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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    \27\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-12667 Filed 5-27-16; 8:45 am]
 BILLING CODE 8011-01-P