TASK TITLE:   Mariner Medical Education and Prevention - Over-the-Counter Medications
PROBLEM STATEMENT:
The Coast Guard seeks the input of industry, via MEDMAC, towards the development of guidance to mariners on over-the-counter (OTC) medications, energy drinks/pills, diet aids, and dietary supplements.

BACKGROUND:

In March 2015, MEDMAC proposed a task addressing merchant mariner education and prevention.  During the 8[th] meeting of MEDMAC, the USCG issued this as task 15-14, Merchant Mariner Medical Education and Prevention.  Following deliberation on the task, the Committee provided recommendations to the Coast Guard on educational materials and content applicable to mariner health concerns and specific to mariner's unique work environments.  Additionally, the Committee recommended that the Coast Guard develop a future, separate task addressing non-prescription medications. During the 9[th] meeting of MEDMAC, the Coast Guard issued Task 16-20 seeking recommendations on specific guidance to provide to mariners on OTC medications, energy drinks/pills, diet aids, and dietary supplements. The MEDMAC work product for Task 16-20 provided information on specific points of opportunity for educating mariners and recommended that the USCG develop educational resources to be disseminated throughout the industry. The work product also recommended outside sources that the USCG could consult to obtain educational guidance to share with merchant mariners; however the Committee did not provide any information on recommended content or medication guidance specific to merchant mariners or the maritime work environment.  Committee discussion prior to voting on the task deliverable questioned whether the work product adequately addressed the task, and alluded to types of specific guidance that could have been provided but was not.

The USCG has reviewed the sources of information recommended by the Committee and finds that, although they are quite comprehensive, they do not address many of the concerns specific to mariners and the maritime work environment.
DESCRIPTION OF TASKS/DELIVERABLES:
1.  In consideration of Task 15-14 and the associated Committee recommendations, please develop specific guidance and recommended content for educational materials for merchant mariners on the following:
   a. OTC medications
   b. Energy drinks/pills
   c. Diet aids
   d. Dietary supplements
2.  Related to the use of OTC medications, energy drinks, diet aids and dietary supplements: consider the information that the Committee wants mariners to know about the safety concerns posed by these medications and substances and their effect on (or how they are affected by) the maritime work and living environment.  For example, what does the Committee want mariners to know about OTC medication/substance effects and interactions, unknown substances with unpredictable effects, medication/substances obtained abroad; effects on mariner sleep/wake/work cycles, alertness, vigilance; entering and exiting foreign ports, and dangerous physiologic effects that may lead to need for medical evacuation.

Supplemental Material: Meeting Minutes from MEDMAC meetings 7, 8 and 9; Report of Task 15-14.

Provide comments/recommendations to the Coast Guard by the close of the Spring 2017 MEDMAC meeting.

                              Annex to Task 16-23
                        MISSION AND GUIDING PRINCIPLES
Mariner Medical Education and Prevention-OTC Medications, Energy Drinks/Pills, Diet Aids, and Dietary Supplements
The Merchant Mariner Medical Advisory Committee (MEDMAC) hereby establishes the Mariner Medical Education and Prevention-OTC Medications, Energy Drinks and Pills, Diet Aids, and Dietary Supplements as a standing Working Group.
The Working Group shall make recommendations to the MEDMAC for the purpose of providing guidance to mariners on OTC medications, energy drinks and pills, diet aids, and dietary supplements.
The Working Group shall respond to specific task assignments requested by the Coast Guard or the Chair of the MEDMAC.
The Working Group shall make recommendations to the MEDMAC in the form of specific written reports.
In carrying out its work the following guiding principles apply:

   1. The Working Group shall be chaired by one member of MEDMAC.
   2. The Working Group may have participation from the public and other interested parties.
   3. Meetings of the Working Group shall occur at regular meetings of the MEDMAC at a minimum.  Additional meetings may be called by the Working Group Chair or at the request of the MEDMAC Chair of the Coast Guard.  All meetings of the Working Group will be announced in the Federal Register.
   4. Meetings of the Working Group should be guided by Roberts Rules of Order and the Working Group Chairman shall organize and conduct the meetings.  In the absence of the Chairman, another MEDMAC member from the Working Group shall act as Working Group Chair.
   5. The Working Group shall recognize the work and recommendations from previous Working Group work.

                              Annex to Task 16-23
                        MISSION AND GUIDING PRINCIPLES
MARINER MEDICAL EDUCATION AND PREVENTION-OTC MEDICATIONS, ENERGY DRINKS/PILLS, DIET AIDS, AND DIETARY SUPPLEMENTS
The Merchant Mariner Medical Advisory Committee (MEDMAC) hereby establishes the Mariner Medical Education and Prevention-OTC Medications, Energy Drinks and Pills, Diet Aids, and Dietary Supplements as a standing Working Group.
The Working Group shall make recommendations to the MEDMAC for the purpose of providing guidance to mariners on OTC medications, energy drinks and pills, diet aids, and dietary supplements.
The Working Group shall respond to specific task assignments requested by the Coast Guard or the Chair of the MEDMAC.
The Working Group shall make recommendations to the MEDMAC in the form of specific written reports.
In carrying out its work the following guiding principles apply:

   6. The Working Group shall be chaired by one member of MEDMAC.
   7. The Working Group may have participation from the public and other interested parties.
   8. Meetings of the Working Group shall occur at regular meetings of the MEDMAC at a minimum.  Additional meetings may be called by the Working Group Chair or at the request of the MEDMAC Chair of the Coast Guard.  All meetings of the Working Group will be announced in the Federal Register.
   9. Meetings of the Working Group should be guided by Roberts Rules of Order and the Working Group Chairman shall organize and conduct the meetings.  In the absence of the Chairman, another MEDMAC member from the Working Group shall act as Working Group Chair.
   10. The Working Group shall recognize the work and recommendations from previous Working Group work.


[Federal Register Volume 80, Number 127 (Thursday, July 2, 2015)]
[Notices]
[Pages 38253-38261]
[FR Doc No: 2015-16269]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75311; File No. SR-NYSEArca-2015-50]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of Shares of
the Cambria Sovereign High Yield Bond ETF and the Cambria Value and
Momentum ETF Under NYSE Arca Equities Rule 8.600

June 26, 2015.
    Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on June 19, 2015, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the Cambria
Sovereign High Yield Bond ETF and the Cambria Value and Momentum ETF
under NYSE Arca Equities Rule 8.600 (``Managed Fund Shares''). The text
of the proposed rule change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade shares (''Shares'') of the
following under NYSE Arca Equities Rule 8.600, which governs the
listing and trading of Managed Fund Shares: \4\ Cambria Sovereign High
Yield Bond ETF and the Cambria Value and Momentum ETF (each a ``Fund''
and, collectively, the ``Funds'').\5\ The Shares will be offered by the
Cambria ETF Trust (the ``Trust''), a Delaware statutory trust which is
registered with the Commission as an open-end management investment
company.\6\ Cambria Investment Management, L.P. (``Cambria'' or the
``Adviser'') will serve as the investment adviser of the Funds. SEI
Investments Distribution Co. (the ``Distributor'' or ``SEI'') will be
the principal underwriter and distributor of the Funds' Shares. SEI
Investments Global Funds Services (``SEI GFS'') will serve as the
accountant and administrator of the Funds. Brown Brothers Harriman &
Co. will serve as

the ``Custodian'' and ``Transfer Agent'' of the Funds' assets.
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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) (``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 Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), 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 previously approved listing and trading
on the Exchange of a number of actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 71999 (April
23, 2014), 79 FR 24040 (April 29, 2014) (SR-NYSEArca-2014-19) (order
approving Exchange listing and trading of shares of four actively-
managed asset allocation funds of iShares U.S. ETF Trust); 57801
(May 8, 2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31)
(order approving Exchange listing and trading of shares of twelve
actively-managed funds of the WisdomTree Trust); 73004 (September 5,
2014), 79 FR 54333 (September 11, 2014) (SR-NYSEArca-2014-76) (order
approving Exchange listing and trading of Shares of the Cambria
Global Momentum ETF).
    \6\ The Trust will be registered under the 1940 Act. On August
27, 2014, the Trust filed an amendment to the Trust's registration
statement on Form N-1A under the Securities Act of 1933 (the ``1933
Act'') (15 U.S.C. 77a), and under the 1940 Act relating to the Funds
(File Nos. 333-180879 and 811-22704) (the ``Registration
Statement''). The description of the operation of the Trust and the
Funds herein is based, in part, on the Registration Statement. In
addition, the Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act. See Investment
Company Act Release No. 30340 (January 4, 2013) (``Exemptive
Order''). Investments made by the Funds will comply with the
conditions set forth in the Exemptive Order.
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    Commentary .06 to Rule 8.600 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. In addition, Commentary
.06 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 nonpublic information
regarding the open-end fund's portfolio.\7\ The Adviser is not
registered as a broker-dealer or affiliated with a broker-dealer. In
the event (a) the Adviser or any sub-adviser becomes registered as a
broker-dealer or newly affiliated with a broker-dealer, or (b) any new
adviser or sub-adviser is a registered broker-dealer or becomes
affiliated with a broker-dealer, it will implement a fire wall with
respect to its relevant personnel or broker-dealer affiliate 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.
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    \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 and its 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.
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Cambria Sovereign High Yield Bond ETF
Principal Investment Policies
    According to the Registration Statement, the Fund will seek income
and capital appreciation from investments in securities and instruments
that provide exposure to sovereign and quasi-sovereign bonds.
    Under normal market conditions \8\, at least 80% of the value of
the Fund's net assets (plus borrowings for investment purposes) will be
invested in sovereign and quasi-sovereign high yield bonds (commonly
known as ``junk bonds'').\9\ For the purposes of this policy, sovereign
and quasi-sovereign high yield bonds include exchange-traded funds
(``ETFs'') \10\ and exchange-traded notes (``ETNs'') \11\ that invest
in or have exposure to such bonds. The Fund will invest in emerging and
developed countries, including countries located in the G-20 and other
countries. Potential countries include, but are not limited to,
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, members
of the European Union, Hong Kong, India, Israel, Indonesia, Japan,
Malaysia, Mexico, New Zealand, Norway, Peru, the Philippines, Russia,
Saudi Arabia, Singapore, South Africa, South Korea, Sweden,
Switzerland, Taiwan, Thailand, Turkey, the United Kingdom and the
United States.
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    \8\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the equity markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar intervening
circumstance.
    \9\ Sovereign and quasi-sovereign bonds include securities
issued or guaranteed by foreign governments (including political
subdivisions) or their authorities, agencies, or instrumentalities
or by supra-national agencies. Supra-national agencies are agencies
whose member nations make capital contributions to support the
agencies' activities. Examples include the International Bank for
Reconstruction and Development (the World Bank), the Asian
Development Bank, the European Coal and Steel Community, and the
Inter-American Development Bank. In addition to investing directly
in foreign government securities, the Fund may purchase instruments
evidencing undivided ownership interests in interest payments and/or
principal payments of foreign government securities.
    \10\ For purposes of this filing, the term ``ETFs'' includes
Investment Company Units (as described in NYSE Arca Equities Rule
5.2(j)(3)); Portfolio Depositary Receipts (as described in NYSE Arca
Equities Rule 8.100); and Managed Fund Shares (as described in NYSE
Arca Equities Rule 8.600). All ETFs will be listed and traded in the
U.S. on a national securities exchange. While the Funds may invest
in inverse ETFs, the Funds will not invest in leveraged (e.g., 2X, -
2X, 3X or -3X) ETFs.
    \11\ For purposes of this filing, the term ``ETNs'' includes
Index-Linked Securities (as described in NYSE Arca Equities Rule
5.2(j)(6)). All ETNs will be listed and traded in the U.S. on a
national securities exchange. The Funds will not invest in leveraged
(e.g., 2X, -2X, 3X or -3X) ETNs.
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    Sovereign bonds include debt securities issued by a national
government, instrumentality or political sub-division. Quasi-sovereign
bonds include debt securities issued by a supra-national government or
a state-owned enterprise or agency. The sovereign and quasi-sovereign
bonds that the Fund will invest in may be denominated in local and
foreign currencies. The Fund may invest in securities of any duration
or maturity.
    The Fund may invest up to 20% of its net assets in money market
instruments or other high quality debt securities, cash or cash
equivalents, or ETFs and ETNs that invest in, or provide exposure to,
such instruments or securities.
    Cambria will utilize a quantitative model to select sovereign and
quasi-sovereign bond exposures for the Fund. The model will review
various characteristics of potential investments, with yield as the
largest determinant. By considering together the various
characteristics of potential investments, the model will identify
potential allocations for the Fund, as well as opportune times to make
such allocations. Screens will exclude foreign issuers whose securities
are highly restricted or illegal for U.S. persons to own, including due
to the imposition of sanctions by the U.S. Government.
Cambria Value and Momentum ETF
Principal Investments
    According to the Registration Statement, the Fund will seek income
and capital appreciation from investments in the U.S. equity market.
The Fund will seek to achieve its investment objective by investing,
under normal market conditions, at least 80% of the value of the Fund's
net assets in U.S. exchange-listed equity securities that are
undervalued according to various valuation metrics, including
cyclically adjusted valuation metrics. These valuation metrics are
derived by dividing the current market value of a reference index or
asset by an inflation-adjusted normalized factor (typically earnings,
book value, dividends, cash flows or sales) over the past seven to ten
years. The Adviser intends to employ systematic quantitative strategies
in an effort to avoid overvalued and downtrending markets.
    In attempting to avoid overvalued and downtrending markets, the
Fund may use U.S. exchange-traded stock index futures or options
thereon, or take short positions in ETFs to attempt to hedge the long
equity portfolio during times when Cambria believes that the U.S.
equity market is overvalued from a valuation standpoint, or Cambria's
models identify unfavorable trends and momentum in the U.S. equity
market. The Fund may hedge up to 100% of the

value of the Fund's long portfolio using these strategies. During
certain periods, including to collateralize the Fund's investments in
futures contracts, the Fund may invest up to 20% of the value of its
net assets in U.S. dollar and non-U.S. dollar denominated money market
instruments or other high quality debt securities, or ETFs that invest
in these instruments.
    The Fund may invest in securities of companies in any industry, and
will limit the maximum allocation to any particular sector. Although
the Fund generally expects to invest in companies with larger market
capitalizations, the Fund may also invest in small- and mid-
capitalization companies. Filters will be implemented to screen for
companies that pass sector concentration and liquidity requirements.
Screens also will exclude foreign issuers whose securities are highly
restricted or illegal for U.S. persons to own, including due to the
imposition of sanctions by the U.S. Government.
    Cambria will utilize a quantitative model that combines value and
momentum factors to identify which securities the Fund may purchase and
sell and opportune times for purchases and sales. The Fund will look to
allocate to the top performing value stocks based on value factors as
well as absolute and relative momentum. Valuation will typically be
measured on a longer time horizon (five to ten years) than momentum
(typically less than one year).
    The Fund may invest in U.S. exchange-listed preferred stocks.
Preferred stocks include convertible and non-convertible preferred and
preference stocks that are senior to common stock.
    The Fund may invest in U.S. exchange-listed real estate investment
trusts (``REITs'').
    The Fund may engage in short sales of securities.
Other Investments
    While each Fund, under normal market conditions, will invest at
least 80% of the value of its net assets (plus borrowings for
investment purposes) in the securities and other assets described
above, each Fund may invest its remaining assets in the securities and
financial instruments described below.
    A Fund may invest a portion of its assets in cash or cash items
pending other investments or to maintain liquid assets required in
connection with some of a Fund's investments. These cash items and
other high quality debt securities may include money market
instruments, securities issued by the U.S. Government and its agencies,
bankers' acceptances, commercial paper, bank certificates of deposit
and shares of investment companies that invest primarily in such
instruments.
    A Fund may invest in corporate debt securities. A Fund may invest
in commercial paper, master notes and other short-term corporate
instruments that are denominated in U.S. dollars. Commercial paper
consists of short-term promissory notes issued by corporations. Master
notes are demand notes that permit the investment of fluctuating
amounts of money at varying rates of interest pursuant to arrangements
with issuers who meet the quality criteria of a Fund. Master notes are
generally illiquid and therefore subject to a Fund's percentage
limitations for investments in illiquid securities.
    A Fund may invest in the following types of debt securities in
addition to those described under ``Principal Investments'' above for
each Fund: Securities issued or guaranteed by the U.S. Government, its
agencies, instrumentalities, and political subdivisions; securities
issued or guaranteed by foreign governments, their authorities,
agencies, instrumentalities and political subdivisions; securities
issued or guaranteed by supra-national agencies; corporate debt
securities; time deposits; notes; inflation-indexed securities; and
repurchase agreements.
    Such debt securities may be investment grade securities or high
yield securities. Investment grade securities include securities issued
or guaranteed by the U.S. Government, its agencies and
instrumentalities, as well as securities rated in one of the four
highest rating categories by at least two Nationally Recognized
Statistical Rating Organizations (``NRSROs'') rating that security,
such as Standard & Poor's Ratings Services (``Standard & Poor's''),
Moody's Investors Service, Inc. (``Moody's'') or Fitch Ratings Ltd.
(``Fitch''), or rated in one of the four highest rating categories by
one NRSRO if it is the only NRSRO rating that security or, if unrated,
deemed to be of comparable quality by Cambria and traded publicly on
the world market. The Fund, at the discretion of Cambria, may retain a
debt security that has been downgraded below the initial investment
criteria.
    A Fund may invest in securities rated lower than Baa by Moody's, or
equivalently rated by S&P or Fitch.
    The debt and other fixed income securities in which a Fund may
invest include fixed and floating rate securities of any maturity.
Fixed rate securities pay a specified rate of interest or dividends.
Floating rate securities pay a rate that is adjusted periodically by
reference to a specified index or market rate. A Fund may invest in
indexed bonds, which are a type of fixed income security whose
principal value and/or interest rate is adjusted periodically according
to a specified instrument, index, or other statistic (e.g., another
security, inflation index, currency, or commodity).
    A Fund may invest in zero coupon securities.
    A Fund gain exposure to foreign securities by purchasing U.S.
exchange-listed and traded American Depositary Receipts (``ADRs''), and
exchange-traded European Depositary Receipts (``EDRs'') and Global
Depositary Receipts (``GDRs'', together with ADRs and EDRs,
``Depositary Receipts'').\12\
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    \12\ Depositary Receipts are receipts, typically issued by a
bank or trust issuer, which evidence ownership of underlying
securities issued by a non-U.S. issuer. Generally, ADRs, in
registered form, are denominated in U.S. dollars and are designed
for use in the U.S. securities markets. GDRs, in bearer form, are
issued and designed for use outside the United States and EDRs, in
bearer form, may be denominated in other currencies and are designed
for use in European securities markets. ADRs are receipts typically
issued by a U.S. bank or trust company evidencing ownership of the
underlying securities. EDRs are European receipts evidencing a
similar arrangement. GDRs are receipts typically issued by non-
United States banks and trust companies that evidence ownership of
either foreign or domestic securities. Not more than 10% of the net
assets of a Fund in the aggregate invested in exchange-traded equity
securities shall consist of equity securities whose principal market
is not a member of the Intermarket Surveillance Group (``ISG'') or
party to a comprehensive surveillance sharing agreement (``CSSA'')
with the Exchange. See note 23, infra.
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    The Cambria Sovereign High Yield Bond ETF may enter into forward
foreign currency contracts.
Investment Restrictions
    To respond to adverse market, economic, political or other
conditions, each of the Funds may invest up to 100% of its total
assets, without limitation, in high-quality debt securities and money
market instruments. The Funds may be invested in these instruments for
extended periods, depending on Cambria's assessment of market
conditions. Cambria deems high-quality debt securities and money market
instruments to include commercial paper, certificates of deposit,
bankers' acceptances, U.S. Government and agency securities, repurchase
agreements and bonds that are BBB or higher, and registered investment
companies that invest in such instruments.
    The Funds may invest in the securities of other investment

companies to the extent that such an investment would be consistent
with the requirements of section 12(d)(1) of the 1940 Act, or any rule,
regulation or order of the Commission or interpretation thereof.
    According to the Registration Statement, each Fund will seek to
qualify for treatment as a Regulated Investment Company (``RIC'') under
the Internal Revenue Code.\13\
---------------------------------------------------------------------------

    \13\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    A Fund may hold up to an aggregate amount of 15% of its net assets
in illiquid assets (calculated at the time of investment), consistent
with Commission guidance. Each 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 a 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.\14\
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    \14\ 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 1933 Act).
---------------------------------------------------------------------------

    Each Fund's investments will be consistent with its investment
objective and will not be used to enhance leverage.
Creation and Redemption of Shares
    According to the Registration Statement, the Funds will sell and
redeem Shares in aggregations of 50,000 Shares (each, a ``Creation
Unit'') on a continuous basis through the Distributor, without a sales
load, at the net asset value (``NAV'') next determined after receipt of
an order in proper form on any business day. The size of a Creation
Unit is subject to change.
    The purchase or redemption of Creation Units from a Fund must be
effected by or through an ``Authorized Participant'' (i.e., either a
broker-dealer or other participant in the Continuous Net Settlement
System of the National Securities Clearing Corporation (``NSCC'') or a
participant in the Depository Trust Company (``DTC'') with access to
the DTC system, and who has executed an agreement (``Participant
Agreement'') with the Distributor that governs transactions in a Fund's
Creation Units.
    The consideration for a Creation Unit of a Fund will be the ``Fund
Deposit''. The Fund Deposit will consist of the ``In-Kind Creation
Basket'' and ``Cash Component'', or an all cash payment (``Cash
Value''), as determined by Cambria to be in the best interest of a
Fund. The Cash Component will typically include a ``Balancing Amount''
reflecting the difference, if any, between the NAV of a Creation Unit
and the market value of the securities in the ``In-Kind Creation
Basket''. The Fund Deposit for the Cambria Value and Momentum ETF
generally will consist of the In-Kind Creation Basket and Cash
Component and the Fund Deposit for the Cambria Sovereign High Yield
Bond ETF generally will consist of the Cash Value.
    If the NAV per Creation Unit exceeds the market value of the
securities in the In-Kind Creation Basket, the purchaser will pay the
Balancing Amount to a Fund. By contrast, if the NAV per Creation Unit
is less than the market value of the securities in the In-Kind Creation
Basket, a Fund will pay the Balancing Amount to the purchaser.
    The Transfer Agent, in a portfolio composition file sent via the
NSCC, generally will make available on each business day, immediately
prior to the opening of business on the Exchange (currently 9:30 a.m.,
Eastern time), a list of the names and the required number of shares of
each security in the In-Kind Creation Basket to be included in the
current Fund Deposit for each Fund (based on information about a Fund's
portfolio at the end of the previous business day) (subject to
amendment or correction). If applicable, the Transfer Agent, through
the NSCC, also will make available on each business day, the estimated
Cash Component or Cash Value, effective through and including the
previous business day, per Creation Unit.
    The announced Fund Deposit will be applicable, subject to any
adjustments as described below, for purchases of Creation Units of a
Fund until such time as the next-announced Fund Deposit is made
available. From day to day, the composition of the In-Kind Creation
Basket may change as, among other things, corporate actions and
investment decisions by Cambria are implemented for a Fund's portfolio.
Each Fund reserves the right to accept a nonconforming (i.e., custom)
Fund Deposit.
    The Fund may, in its sole discretion, permit or require the
substitution of an amount of cash (``cash in lieu'') to be added to the
Cash Component to replace any security in the In-Kind Creation Basket.
The Fund may permit or require cash in lieu when, for example, the
securities in the In-Kind Creation Basket may not be available in
sufficient quantity for delivery or may not be eligible for transfer
through the systems of DTC. Similarly, a Fund may permit or require
cash in lieu when, for example, the Authorized Participant or its
underlying investor is restricted under U.S. or local securities law or
policies from transacting in one or more securities in the In-Kind
Creation Basket.\15\
---------------------------------------------------------------------------

    \15\ The Adviser represents that, to the extent the Trust
effects the creation of Shares in cash, such transactions will be
effected in the same manner for all Authorized Participants.
---------------------------------------------------------------------------

    To compensate the Trust for costs incurred in connection with
creation and redemption transactions, investors will be required to pay
to the Trust a ``Transaction Fee'' as described in the Registration
Statement.
    According to the Registration Statement, Fund Shares may be
redeemed only in Creation Units at their NAV next determined after
receipt of a redemption request in proper form by a Fund through the
Transfer Agent and only on a business day. The redemption proceeds for
a Creation Unit will consist of the ``In-Kind Redemption Basket'' and a
``Cash Redemption Amount'', or the Cash Value, in all instances equal
to the value of a Creation Unit. The redemption proceeds for the
Cambria Value and Momentum ETF generally will consist of the In-Kind
Redemption Basket and the Cash Redemption Amount and the redemption
proceeds for the Cambria Sovereign High Yield Bond ETF generally
generally [sic] will consist of the Cash Value.
    The Cash Redemption Amount will typically include a Balancing
Amount, reflecting the difference, if any, between the NAV of a
Creation Unit and the market value of the securities in the In-Kind
Redemption Basket. If the NAV per Creation Unit exceeds the market
value of the securities in the In-Kind Redemption Basket, a Fund will
pay the Balancing Amount to the redeeming investor. By contrast, if the
NAV per

Creation Unit is less than the market value of the securities in the
In-Kind Redemption Basket, the redeeming investor will pay the
Balancing Amount to a Fund.
    The composition of the In-Kind Creation Basket will normally be the
same as the composition of the In-Kind Redemption Basket. Otherwise,
the In-Kind Redemption Basket will be made available by the Adviser or
Transfer Agent. The Fund reserves the right to accept a nonconforming
(i.e., custom) ``Fund Redemption''.
    In lieu of an In-Kind Redemption Basket and Cash Redemption Amount,
Creation Units may be redeemed consisting solely of cash in an amount
equal to the NAV of a Creation Unit, which amount is referred to as the
Cash Value. If applicable, information about the Cash Value will be
made available by the Adviser or Transfer Agent.
    The right of redemption may be suspended or the date of payment
postponed: (i) For any period during which the New York Stock Exchange
(``NYSE'') is closed (other than customary weekend and holiday
closings); (ii) for any period during which trading on the NYSE is
suspended or restricted; (iii) for any period during which an emergency
exists as a result of which disposal of the Shares or determination of
a Fund's NAV is not reasonably practicable; or (iv) in such other
circumstances as permitted by the Commission.
    A Fund may, in its sole discretion, permit or require the
substitution of an amount of cash (``cash in lieu'') to be added to the
Cash Redemption Amount to replace any security in the In-Kind
Redemption Basket. A Fund may permit or require cash in lieu when, for
example, the securities in the In-Kind Redemption Basket may not be
available in sufficient quantity for delivery or may not be eligible
for transfer through the systems of DTC. Similarly, a Fund may permit
or require cash in lieu when, for example, the Authorized Participant
or its underlying investor is restricted under U.S. or local securities
law or policies from transacting in one or more securities in the In-
Kind Redemption Basket.
    If it is not possible to effect deliveries of the securities in the
In-Kind Redemption Basket, the Trust may in its discretion exercise its
option to redeem Shares in cash, and the redeeming beneficial owner
will be required to receive its redemption proceeds in cash. In
addition, an investor may request a redemption in cash that a Fund may,
in its sole discretion, permit. In either case, the investor will
receive a cash payment equal to the NAV of its Shares based on the NAV
of Shares of the relevant Fund next determined after the redemption
request is received in proper form (minus a Transaction Fee, including
a variable charge, if applicable, as described in the Registration
Statement).\16\
---------------------------------------------------------------------------

    \16\ The Adviser represents that, to the extent the Trust
effects the redemption of Shares in cash, such transactions will be
effected in the same manner for all Authorized Participants.
---------------------------------------------------------------------------

    The Fund may also, in its sole discretion, upon request of a
shareholder, provide such redeemer a portfolio of securities that
differs from the exact composition of the In-Kind Redemption Basket, or
cash in lieu of some securities added to the Cash Component, but in no
event will the total value of the securities delivered and the cash
transmitted differ from the NAV. Redemptions of Fund Shares for the In-
Kind Redemption Basket will be subject to compliance with applicable
federal and state securities laws and a Fund (whether or not it
otherwise permits cash redemptions) reserves the right to redeem
Creation Units for cash to the extent that the Trust could not lawfully
deliver specific securities in the In-Kind Redemption Basket upon
redemptions or could not do so without first registering the securities
in the In-Kind Redemption Basket under such laws.
    When cash redemptions of Creation Units are available or specified
for a Fund, they will be effected in essentially the same manner as in-
kind redemptions. In the case of a cash redemption, the investor will
receive the cash equivalent of the In-Kind Redemption Basket minus any
Transaction Fees.
    Additional information regarding creation and redemption procedures
is included in the Registration Statement.
Net Asset Value
    The NAV of Shares will be calculated each business day by SEI GFS
as of the close of regular trading on the NYSE, generally 4:00 p.m.,
Eastern time on each day that the NYSE is open. The Fund will calculate
its NAV per Share by taking the value of its total assets, subtracting
any liabilities, and dividing that amount by the total number of Shares
outstanding, rounded to the nearest cent. Expenses and fees, including
the management fees, will be accrued daily and taken into account for
purposes of determining NAV.
    When calculating the NAV of a Fund's Shares, expenses will be
accrued and applied daily and U.S. exchange-traded equity securities
will be valued at their market value when reliable market quotations
are readily available. Exchange-traded equity securities will be valued
at the closing price on the relevant exchange, or, if the closing price
is not readily available, the mean of the closing bid and asked prices.
Certain equity securities, debt securities and other assets will be
valued differently. For instance, fixed-income investments maturing in
60 days or less may be valued using the amortized cost method or, like
those maturing in excess of 60 days, at the readily available market
price, if available. Investments in securities of investment companies
(other than ETFs) will be valued at NAV.
    Forward foreign currency contracts generally will be valued based
on the marked-to-market value of the contract provided by pricing
services. Pricing services, approved and monitored pursuant to a policy
approved by the Funds' Board of Trustees (``Board''), provide market
quotations based on both market prices and indicative bids.
    Sovereign and quasi-sovereign bonds, U.S. government securities,
corporate debt securities, commercial paper, commercial interests,
bankers' acceptances, bank certificates of deposit, repurchase
agreements, fixed and floating rate securities, indexed bonds, master
notes, zero coupon securities will be valued based on price quotations
obtained from a third-party pricing service or from a broker-dealer who
makes markets in such securities.
    U.S. exchange-traded stock index futures contracts and U.S.
exchange-traded options thereon will be valued at the settlement or
closing price determined by the applicable U.S. futures exchange.
    If a market quotation is not readily available or is deemed not to
reflect market value, a Fund will determine the price of the security
held by a Fund based on a determination of the security's fair value
pursuant to policies and procedures approved by the Board. In addition,
a Fund may use fair valuation to price securities that trade on a
foreign exchange, if any, when a significant event has occurred after
the foreign exchange closes but before the time at which a Fund's NAV
is calculated. Such significant events may include, but are not limited
to: governmental action that affects securities in one sector or
country; natural disasters or armed conflicts affecting a country or
region; or significant domestic or foreign market fluctuations.
Availability of Information
    The Funds' Web site (www.cambriafunds.com), which will

be publicly available prior to the public offering of Shares, will
include a form of the prospectus for the Funds that may be downloaded.
The Funds' Web site will include additional quantitative information
updated on a daily basis, including, for the Funds (1) the prior
business day's NAV and the market closing price or mid-point of the
bid/ask spread at the time of calculation of such NAV (the ``Bid/Ask
Price''),\17\ and a calculation of the premium and discount of the
closing price or Bid/Ask Price against the NAV, and (2) data in chart
format displaying the frequency distribution of discounts and premiums
of the daily closing price or 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 Core
Trading Session on the Exchange, each Fund will disclose on its Web
site the Disclosed Portfolio as defined in NYSE Arca Equities Rule
8.600(c)(2) that will form the basis for a Fund's calculation of NAV at
the end of the business day.\18\
---------------------------------------------------------------------------

    \17\ The Bid/Ask Price of the Funds will be determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of a Fund's NAV. The records relating to
Bid/Ask Prices will be retained by the Funds and their service
providers.
    \18\ Under accounting procedures followed by the Funds, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Funds
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.
---------------------------------------------------------------------------

    On a daily basis, the Funds will disclose on the Funds' 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, such as the type of swap); the identity of the security,
commodity, index or other asset or instrument underlying the holding,
if any; for options, the option strike price; 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 the
percentage weighting of the holding in a Fund's portfolio.
    The Web site information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities required to be delivered in exchange for a
Fund's Shares, together with estimates and actual cash components, will
be publicly disseminated daily prior to the opening of the NYSE via
NSCC. The basket represents one Creation Unit of a Fund.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), a Fund's Shareholder Reports, and the Trust's
Form N-CSR and Form N-SAR, filed twice a year. The Trust's SAI and
Shareholder Reports are available free upon request from the Trust, 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. Quotation
and last sale information for the Shares will be available via the
Exchange proprietary quote and trade services and via the Consolidated
Tape Association (``CTA'') high-speed line.
    Quotation and last sale information for the equity portfolio
holdings of a Fund that are U.S. exchange listed, including common
stocks, preferred stocks, ETFs, ETNs, Depositary Receipts, and REITs
will be available via the CTA high speed line. Quotation and last sale
information for such U.S. exchange-listed securities, as well as
futures and options on futures will be available from the exchange on
which they are listed. Information relating to non-exchange listed
securities of investment companies will be available from major market
data vendors.
    Quotation information for sovereign and quasi-sovereign bonds, U.S.
government securities, corporate debt securities, commercial paper,
commercial interests, bankers' acceptances, bank certificates of
deposit, repurchase agreements, fixed and floating rate securities,
indexed bonds, master notes, zero coupon securities, and forward
foreign currency contracts may be obtained from brokers and dealers who
make markets in such securities or through nationally recognized
pricing services through subscription agreements.
    In addition, the Intraday Indicative Value (``IIV''),\19\ which is
the Portfolio Indicative Value as defined in NYSE Arca Equities Rule
8.600(c)(3), will be widely disseminated at least every 15 seconds
during the Exchange's Core Trading Session by one or more major market
data vendors.\20\ The dissemination of the IIV, together with the
Disclosed Portfolio, will allow investors to determine the value of the
underlying portfolio of a Fund and provide a close estimate of that
value throughout the trading day.
---------------------------------------------------------------------------

    \19\ The IIV is an approximate per Share value of a Fund's
portfolio holdings, which is disseminated every fifteen seconds
throughout the trading day by one or more market data vendors. The
IIV will be based on the current market value of a Fund's
``Disclosed Portfolio'' as defined in Rule 8.600(c)(2). The IIV does
not necessarily reflect the precise composition of the current
portfolio of securities held by a Fund at a particular point in
time. The IIV should not be viewed as a ``real-time'' update of the
NAV of a Fund because the approximate value may not be calculated in
the same manner as the NAV. The quotations for certain investments
may not be updated during U.S. trading hours if such holdings do not
trade in the U.S., except such quotations may be updated to reflect
currency fluctuations.
    \20\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available IIVs
taken from CTA or other data feeds.
---------------------------------------------------------------------------

    Additional information regarding the Trust and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included in the Registration Statement. All terms relating
to a Fund that are referred to, but not defined, in this proposed rule
change are defined in the Registration Statement.
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 Funds.\21\ Trading in Shares of the Funds
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities and/or the
financial instruments comprising the Disclosed Portfolio of the Funds;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of a Fund may be
halted.
---------------------------------------------------------------------------

    \21\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m. Eastern time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has

appropriate rules to facilitate transactions in the Shares during all
trading sessions. As provided in NYSE Arca Equities Rule 7.6,
Commentary .03, the minimum price variation (``MPV'') for quoting and
entry of orders in equity securities traded on the NYSE Arca
Marketplace is $0.01, with the exception of securities that are priced
less than $1.00 for which the MPV for order entry is $0.0001.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, a Fund will be in
compliance with Rule 10A-3 \22\ under the Act, as provided by NYSE Arca
Equities Rule 5.3. A minimum of 100,000 Shares for a Fund 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.
---------------------------------------------------------------------------

    \22\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by 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.\23\ 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 federal securities laws applicable to trading on
the Exchange.
---------------------------------------------------------------------------

    \23\ 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, common stocks, preferred stocks,
Depositary Receipts, REITs, ETFs, ETNs, futures and options on futures
with other markets and other entities that are members of the ISG, and
FINRA, on behalf of the Exchange, may obtain trading information
regarding trading in the Shares, common stocks, preferred stocks,
Depositary Receipts, REITs, ETFs, ETNs, futures and options on futures
from such markets and other entities. In addition, the Exchange may
obtain information regarding trading in the Shares, common stocks,
preferred stocks, Depositary Receipts, REITs, ETFs, ETNs, futures and
options on futures from markets and other entities that are members of
ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.\24\ FINRA, on behalf of the Exchange,
is able to access, as needed, trade information for certain fixed
income securities held by a Fund reported to FINRA's Trade Reporting
and Compliance Engine (``TRACE'').
---------------------------------------------------------------------------

    \24\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for a Fund may trade on markets that are members
of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.
---------------------------------------------------------------------------

    Not more than 10% of the net assets of a Fund in the aggregate
invested in exchange-traded equity securities shall consist of equity
securities whose principal market is not a member of the ISG or party
to a CSSA with the Exchange.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders in an Information Bulletin (``Bulletin'')
of the special characteristics and risks associated with trading the
Shares. Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its Equity Trading Permit Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (4) how information regarding the
Portfolio Indicative Value and the Disclosed Portfolio is disseminated;
(5) the requirement that Equity Trading Permit Holders deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (6) trading
information.
    In addition, the Bulletin will reference that each Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m. Eastern time each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under section 6(b)(5) \25\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

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

    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 NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Adviser is not registered as a
broker-dealer or affiliated with a broker-dealer. A Fund's investments
will be consistent with its investment objective and will not be used
to enhance leverage. FINRA, on behalf of the Exchange, will communicate
as needed regarding trading in the Shares, common stocks, preferred
stocks, Depositary Receipts, REITs, ETFs, ETNs, futures and options on
futures with other markets and other entities that are members of the
ISG, and FINRA, on behalf of the Exchange, may obtain trading
information regarding trading in the Shares, ETFs, ETNs, futures and
options on futures from such markets and other entities. In addition,
the Exchange may obtain information regarding trading in the Shares,
common stocks, preferred stocks, Depositary Receipts, REITs, ETFs,
ETNs, futures and options on futures from markets and other entities
that are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. FINRA, on behalf of the
Exchange, is able to

access, as needed, trade information for certain fixed income
securities held by a Fund reported to FINRA's TRACE. All futures
contracts and options on futures contracts in which a Fund will invest
will be traded on a U.S. board of trade. Not more than 10% of the net
assets of a Fund in the aggregate invested in exchange-traded equity
securities shall consist of equity securities whose principal market is
not a member of the ISG or party to a CSSA with the Exchange.
    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 is publicly available regarding a Fund and the Shares,
thereby promoting market transparency. A Fund's portfolio holdings will
be disclosed on its Web site daily after the close of trading on the
Exchange and prior to the opening of trading on the Exchange the
following day. Moreover, the IIV applicable to each Fund will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Core Trading Session. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, a Fund will disclose on its Web site the
Disclosed Portfolio that will form the basis for a 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. The Web site for the Funds will include a
form of the prospectus for the Funds and additional data relating to
NAV and other applicable quantitative information. Moreover, prior to
the commencement of trading, the Exchange will inform its Equity
Trading Permit Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares. Trading
in Shares of a Fund will be halted if the circuit breaker parameters in
NYSE Arca Equities Rule 7.12 have been reached 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 NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of a Fund may be halted. 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 additional types of
actively-managed exchange-traded products that will enhance competition
among market participants, to the benefit of investors and the
marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. In addition, as noted above, investors will have ready
access to information regarding a Fund's holdings, the IIV, the
Disclosed Portfolio, and quotation and last sale information for the
Shares.

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 purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of
additional types of actively-managed exchange-traded products that will
principally hold fixed income or equity securities and 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

    No written comments were solicited or received with respect to the
proposed rule change.

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 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 the 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 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-NYSEArca-2015-50 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2015-50. 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 such filing also will be available
for inspection and copying at the principal offices of the Exchange and
on its Internet Web site at www.nyse.com. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2015-50, and should be
submitted on or before July 23, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-16269 Filed 7-1-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 155 (Thursday, August 11, 2016)]
[Notices]
[Page 53144]
[FR Doc No: 2016-19126]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPPT-2003-0004; FRL-9949-62]

Access to Confidential Business Information by Battelle Memorial
Institute

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: EPA has authorized its contractor, Battelle Memorial Institute
(BMI) of Columbus, OH, to access information which has been submitted
to EPA under sections 4, 5, 6, 8(a), 11 and 21 of the Toxic Substances
Control Act (TSCA). Some of the information may be claimed or
determined to be Confidential Business Information (CBI).

DATES: Access to the confidential data occurred on or about July 14,
2016.

FOR FURTHER INFORMATION CONTACT: For technical information contact:
Scott Sherlock, Environmental Assistance Division (7408M), Office of
Pollution Prevention and Toxics, Environmental Protection Agency, 1200
Pennsylvania Ave. NW., Washington, DC 20460-0001; telephone number:
(202) 564-8257; email address<EMAIL_ADDRESS>    For general information contact: The TSCA-Hotline, ABVI-Goodwill,
422 South Clinton Ave., Rochester, NY 14620; telephone number: (202)
554-1404; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this action apply to me?

    This action is directed to the public in general. This action may,
however, be of interest to all who manufacture, process, or distribute
industrial chemicals. Since other entities may also be interested, the
Agency has not attempted to describe all the specific entities that may
be affected by this action.

B. How can I get copies of this document and other related information?

    The docket for this action, identified by docket identification
(ID) number EPA-HQ-OPPT-2003-0004 is available at http://www.regulations.gov or at the Office of Pollution Prevention and Toxics
Docket (OPPT Docket), Environmental Protection Agency Docket Center
(EPA/DC), West William Jefferson Clinton Bldg., Rm. 3334, 1301
Constitution Ave. NW., Washington, DC. The Public Reading Room is open
from 8:30 a.m. to 4:30 p.m., Monday through Friday, excluding legal
holidays. The telephone number for the Public Reading Room is (202)
566-1744, and the telephone number for the OPPT Docket is (202) 566-
0280. Please review the visitor instructions and additional information
about the docket available at http://www.epa.gov/dockets.

II. What action is the agency taking?

    Under EPA contract number EP-W-16-017, contractor BMI of 505 King
Avenue, Columbus, OH, is assisting the Office of Pollution Prevention
and Toxics (OPPT) by providing statistical and technical support for
the assessment of Toxics Substances. They are also providing
statistical, mathematical, field data collection, and technical
analysis support and planning for OPPT programs such as Lead Programs
and other technology and exposure related studies.
    In accordance with 40 CFR 2.306(j), EPA has determined that under
EPA contract number EP-W-16-017, BMI required access to CBI submitted
to EPA under section(s) 4, 5, 6, 8(a), 11 and 21 of TSCA to perform
successfully the duties specified under the contract. BMI personnel
were given access to information submitted to EPA under sections 4, 5,
6, 8(a), 11 and 21 of TSCA. Some of the information may be claimed or
determined to be CBI.
    EPA is issuing this notice to inform all submitters of information
under sections 4, 5, 6, 8(a), 11 and 21 of TSCA that EPA has provided
BMI access to these CBI materials on a need-to-know basis only. All
access to TSCA CBI under this contract is taking place at EPA
Headquarters and BMI's site located in Columbus, OH, in accordance with
EPA's TSCA CBI Protection Manual.
    Access to TSCA data, including CBI, will continue until June 12,
2021. If the contract is extended, this access will also continue for
the duration of the extended contract without further notice.
    BMI personnel have signed nondisclosure agreements and were briefed
on appropriate security procedures before they are permitted access to
TSCA CBI.

    Authority: 15 U.S.C. 2601 et seq.

    Dated: July 28, 2016.
Pamela S. Myrick,
Director, Information Management Division, Office of Pollution
Prevention and Toxics.
[FR Doc. 2016-19126 Filed 8-10-16; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register: October 17, 2006 (Volume 71, Number 200)]
[Notices]
[Page 61048-61049]
[DOCID:fr17oc06-96]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Notice of Application for Amendment of License and Soliciting
Comments, Motions To Intervene, and Protests

October 11, 2006.
    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Amendment of license to upgrade the installed
capacity.
    b. Project No.: 2778-035.
    c. Date Filed: August 17, 2006.
    d. Applicant: Idaho Power Company.
    e. Name of Project: Shoshone Falls.
    f. Location: The project is located on the Snake River in Jerome
and Twin Falls Counties, Idaho. Part of the project occupies lands
owned by the Bureau of Land Management.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Applicant Contact: Tom R. Saldin, Senior Vice President, Idaho
Power Co., P.O. Box 70, Boise, Idaho 83707. Tel:<PHONE_NUMBER>. Also,
Mr. Nathan F. Gardiner, Idaho Power Co., P.O. Box 70, Boise, Idaho
83707. Tel:<PHONE_NUMBER>.
    i. FERC Contact: Any questions on this notice should be addressed
to Vedula Sarma at<PHONE_NUMBER> or<EMAIL_ADDRESS>    j. Deadline for filing comments and/or motions: November 13, 2006.
    k. Description of Filing: The Idaho Power Company (IPC) proposes to
demolish a section of the Shoshone Falls powerhouse built in 1907 and
containing two generating units 0.4 MW and 0.6 MW and replace it with a
new powerhouse containing a 50 MW generating unit. The project's
authorized installed capacity would increase from 11,875 kilowatts (KW)
to 60,875 kW, and the hydraulic capacity would increase from 815 cubic
feet per second (cfs) to 4,815 cfs. The IPC also requests an extension
of the license term for the project from 30 to 50 years.
    l. Locations of Applications: A copy of the application is
available for inspection and reproduction at the Commission in the
Public Reference Room, located at 888 First Street, NE., Room 2A,
Washington, DC 20426, or by calling<PHONE_NUMBER>. This filing may
also be viewed on the Commission's Web site at 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. You may
also register online at http://www.ferc.gov/docs-filing/esubscription.asp
 to be notified via e-mail of new filings and

issuances related to this or other pending projects. For assistance,
call toll-free 1-866-208-3676 or e-mail<EMAIL_ADDRESS>For
TTY, call<PHONE_NUMBER>. A copy is also available for inspection and
reproduction at the address in item (h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene--Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214. In determining the appropriate action to take, the Commission
will consider all protests or other comments filed, but only those who
file a motion to intervene in accordance with the Commission's Rules
may become a party to the proceeding. Any comments, protests, or
motions to intervene must be received on or before the specified
comment date for the particular application.
    o. Filing and Service of Responsive Documents--Any filings must
bear in all capital letters the title ``COMMENTS'', ``RECOMMENDATIONS
FOR TERMS AND CONDITIONS'', ``PROTEST'', or ``MOTION TO INTERVENE'', as
applicable, and the Project Number of the particular application to
which the filing refers. All documents (original and eight copies)
should be filed with: Magalie R. Salas, Secretary, Federal Energy
Regulatory Commission, 888 First Street, NE., Washington DC 20426.

A copy of any motion to intervene must also be served upon each
representative of the Applicant specified in the particular
application.
    p. Agency Comments--Federal, State, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.
    q. Comments, protests and interventions may be filed electronically
via the Internet in lieu of paper. See, 18 CFR 385.2001(a)(1)(iii) and
the instructions on the Commission's Web site at http://www.ferc.gov

under the ``e-Filing'' link.

Magalie R. Salas,
Secretary.
 [FR Doc. E6-17208 Filed 10-16-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 167 (Monday, August 29, 2016)]
[Rules and Regulations]
[Pages 59136-59137]
[FR Doc No: 2016-20678]

=======================================================================
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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Parts 97 and 160

 [Docket No. USCG-2000-7080]
RIN 1625-AA25 [formerly RIN 2115-AF97]

Cargo Securing Manuals

AGENCY: Coast Guard, DHS.

ACTION: Correcting amendments.

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SUMMARY: The Coast Guard published an interim rule in the Federal
Register on May 9, 2016, that prescribes when and how the loss or
jettisoning of cargo at sea must be reported. That rule contained a
typographical error that erroneously revised a force majeure regulation
instead of a notice of hazardous conditions regulation. This document
corrects that error.

DATES: Effective August 29, 2016.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Mr. Ken Smith, Office of Operating and Environmental
Standards (CG-OES-2), Coast Guard; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Viewing Documents Associated With This Rule

    To view the interim rule published on May 9, 2016, or other
documents in the docket for the Cargo Securing Manuals rulemaking, go
to www.regulations.gov, type the docket number, USCG-2000-7080, in the
``SEARCH'' box and click ``SEARCH.'' Click on ``Open Docket Folder'' in
the first item listed. Use the following link to go directly to the
docket: www.regulations.gov/document?D=USCG-2000-7080-0040.

Background

    In 2013 the Coast Guard proposed to revise 33 CFR 160.215, ``Notice
of hazardous conditions,'' as part of its supplemental notice of
proposed rulemaking regarding cargo securing manuals (78 FR 68784,
November 15, 2013). In 2015, a different rulemaking, regarding notices
of arrival, redesignated Sec.  160.215 as Sec.  160.216, and inserted a
provision on force majeure in Sec.  160.215 (80 FR 5281, January 30,
2015). In 2016, the Coast Guard published an interim rule on cargo
securing manuals that implemented changes it had proposed in 2013,
including the amendment of Sec.  160.215 (81 FR 27992, May 9, 2016).
Because the 2016 rule amended Sec.  160.215 when it should have amended
the redesignated section, Sec.  160.216, the force majeure provision
was unintentionally removed and part 160 contained two consecutive
sections on notice of hazardous conditions. It was an error for the
interim rule to revise Sec.  160.215 and replace the force majeure
provision. This rule corrects that error and a cross-reference in 33
CFR 97.115 to Sec.  160.215.

Need for Correction

    As discussed above, the interim rule published May 9, 2016,
incorrectly replaced force majeure regulations in Sec.  160.215,
instead of amending notice of hazardous conditions regulations in Sec.
160.216.

List of Subjects

33 CFR Part 97

    Cargo stowage and securing, Cargo vessels, Hazardous materials,
Incorporation by reference, Reporting and recordkeeping requirements.

33 CFR Part 160

    Administrative practice and procedure, Harbors, Hazardous materials
transportation, Marine safety, Navigation (water), Personally
identifiable information, Reporting and recordkeeping requirements,
Seamen, Vessels, Waterways.

    For the reasons stated in the preamble, 33 CFR parts 97 and 160 are
amended as follows:

PART 97--RULES FOR THE SAFE OPERATION OF VESSELS, STOWAGE AND
SECURING OF CARGOES

0
1. The authority citation for part 97 continues to read as follows:

    Authority:  46 U.S.C. 2103, 3306; E.O. 12234; Department of
Homeland Security Delegation No. 0170.1(92)(a) and (b).

Sec.  97.115  [Amended]

0
2. In Sec.  97.115(a), remove ``160.215'', and add, in its place,
``160.216''.

 PART 160--PORTS AND WATERWAYS SAFETY--GENERAL

0
3. The authority citation for part 160 continues to read as follows:

    Authority: 33 U.S.C. 1223, 1231; 46 U.S.C. Chapter 701;
Department of Homeland Security Delegation No. 0170.1. Subpart C is
also issued under the authority of 33 U.S.C. 1225 and 46 U.S.C.
3715.

Sec.  160.216  [Removed]

0
4. Remove Sec.  160.216.

Sec.  160.215  [Redesignated as Sec.  160.216]

0
5. Redesignate Sec.  160.215 as Sec.  160.216.

0
6. Add new Sec.  160.215 to read as follows:

Sec.  160.215  Force majeure.

    When a vessel is bound for a port or place of the United States
under force majeure, it must comply with the requirements in this
section, but not other sections of this subpart. The vessel must report
the following information to the nearest Captain of the Port as soon as
practicable:
    (a) The vessel Master's intentions;
    (b) Any hazardous conditions as defined in Sec.  160.202; and
    (c) If the vessel is carrying certain dangerous cargo or
controlling a vessel carrying certain dangerous cargo, the amount and
name of each CDC carried, including cargo UN number if applicable.

    Dated: August 24, 2016.
J.G. Lantz,
Director of Commercial Regulations and Standards.
[FR Doc. 2016-20678 Filed 8-26-16; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 81, Number 189 (Thursday, September 29, 2016)]
[Rules and Regulations]
[Pages 66801-66804]
[FR Doc No: 2016-23091]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2016-9116; Directorate Identifier 2016-NM-130-AD;
Amendment 39-18672; AD 2016-20-06]
RIN 2120-AA64

Airworthiness Directives; Gulfstream Aerospace Corporation
Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; request for comments.

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SUMMARY: We are adopting a new airworthiness directive (AD) for all
Gulfstream Aerospace Corporation Model G-1159, G-1159A, G-1159B, and G-
IV airplanes. This AD requires revision of the maintenance or
inspection program to establish the life limit of all elevator
assemblies and skins on affected airplanes. This AD was

prompted by the need to establish life limits for certain elevator
assemblies and skins. We are issuing this AD to prevent failure of the
elevator assembly and consequent loss of control of the airplane.

DATES: This AD is effective October 14, 2016.
    The Director of the Federal Register approved the incorporation by
reference of certain publications listed in this AD as of September 23,
2016 (81 FR 61987, September 8, 2016).
    We must receive comments on this AD by November 14, 2016.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this final rule, contact
Gulfstream Aerospace Corporation, Technical Publications Dept., P.O.
Box 2206, Savannah, GA 31402-2206; telephone<PHONE_NUMBER>; fax 912-965-
3520; email<EMAIL_ADDRESS>Internet http://www.gulfstream.com/product_support/technical_pubs/pubs/index.htm. You may view this
referenced service information at the FAA, Transport Airplane
Directorate, 1601 Lind Avenue SW., Renton, WA. For information on the
availability of this material at the FAA, call<PHONE_NUMBER>. It is also
available on the Internet at http://www.regulations.gov by searching
for and locating Docket No. FAA-2016-9116.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2016-
9116; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this AD, the regulatory evaluation, any comments received, and
other information. The street address for the Docket Office (phone:
800-647-5527) is in the ADDRESSES section. Comments will be available
in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: William O. Herderich, Aerospace
Engineer, Airframe Branch, ACE-117A, FAA, Atlanta Aircraft
Certification Office (ACO), 1701 Columbia Avenue, College Park, Georgia
30337; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    We have determined that it is necessary to establish life limits
for certain elevator assemblies and skins. Certain elevator assemblies
and skins were reidentified with numbers not listed in the life limits
section of the airplane maintenance manual. As a result, the life limit
requirement was inadvertently removed. An airplane with an elevator
assembly or skin that has exceeded its life limit could experience
elevator failure and loss of control. We are issuing this AD to correct
the unsafe condition on these products.

Related Service Information Under 1 CFR Part 51

    We reviewed the following temporary revisions (TRs):
     Gulfstream II Maintenance Manual TR 5-3, dated April 15,
2016.
     Gulfstream IIB Maintenance Manual TR 5-3, dated April 15,
2016.
     Gulfstream III Maintenance Manual TR 5-2, dated April 15,
2016.
     Gulfstream IV Maintenance Manual TR 5-7, dated April 29,
2016.
    This service information establishes life limits for elevator
assemblies. This service information is reasonably available because
the interested parties have access to it through their normal course of
business or by the means identified in the ADDRESSES section.

FAA's Determination

    We are issuing this AD because we evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of the same type design.

AD Requirements

    This AD requires revising the maintenance or inspection program, as
applicable, to establish life limits for certain elevator assemblies
and skins.
    Due to a delay in defining and developing the corrective action
that will address the identified unsafe condition, some elevator
assemblies may exceed their life limits soon. Because we have
determined that exceeding those life limits can result in loss of
airplane control, we have determined that it is necessary to issue this
AD without notice and opportunity for prior public comment. We consider
30 days the maximum amount of time for operators to revise their
maintenance or inspection programs without compromising safety.

FAA's Justification and Determination of the Effective Date

    An unsafe condition exists that requires the immediate adoption of
this AD. The FAA has found that the risk to the flying public justifies
waiving notice and comment prior to adoption of this rule because
failure of the elevator could result in loss of control of the
airplane. Therefore, we find that notice and opportunity for prior
public comment are impracticable and that good cause exists for making
this amendment effective in less than 30 days.

Comments Invited

    This AD is a final rule that involves requirements affecting flight
safety and was not preceded by notice and an opportunity for public
comment. However, we invite you to send any written data, views, or
arguments about this AD. Send your comments to an address listed under
the ADDRESSES section. Include the docket number FAA-2016-9116 and
Directorate Identifier 2016-NM-130-AD at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this AD. We will
consider all comments received by the closing date and may amend this
AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this AD.

Costs of Compliance

    We estimate that this AD affects 596 airplanes of U.S. registry. We
estimate the following costs to comply with this AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per      Cost on U.S.
                Action                         Labor cost           Parts cost        product        operators
----------------------------------------------------------------------------------------------------------------
Maintenance/inspection program          1 work-hour x $85 per                 $0             $85         $50,660
 revision.                               hour = $85.
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. 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.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under DOT Regulatory Policies and
Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

2016-20-06 Gulfstream Aerospace Corporation: Amendment 39-18672;
Docket No. FAA-2016-9116; Directorate Identifier 2016-NM-130-AD.

(a) Effective Date

    This AD is effective October 14, 2016.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all Gulfstream Aerospace Corporation Model G-
1159, G-1159A, G-1159B, and G-IV airplanes, certificated in any
category.

(d) Subject

    Air Transport Association (ATA) of America Code 27, Flight
controls.

(e) Unsafe Condition

    This AD was prompted by the need to establish life limits for
elevator assemblies and skins. We are issuing this AD to prevent
failure of the elevator assembly and consequent loss of control of
the airplane.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Revision of Maintenance/Inspection Program

    Within 30 days after the effective date of this AD, revise the
maintenance or inspection program, as applicable, to incorporate the
life limits identified in paragraphs (g)(1) through (g)(4) of this
AD, as applicable. The initial compliance time to replace the
elevator assembly and skins, as specified in the temporary revision
(TR), is as specified in the applicable TR, or within 30 days after
the effective date of this AD, or within 10 flight cycles after the
effective date of this AD, whichever occurs latest.
    (1) For Model G-1159 airplanes: Life limits for elevator skin
part numbers 1159CS20002 and 1159SB30209 as specified in Gulfstream
II Maintenance Manual TR 5-3, dated April 15, 2016.
    (2) For Model G-1159B airplanes: Life limits for elevator part
number 1159SB30209 as specified in Gulfstream IIB Maintenance Manual
TR 5-3, dated April 15, 2016.
    (3) For Model G-1159A airplanes: Life limit for elevator part
number 1159SB30209 as specified in Gulfstream III Maintenance Manual
TR 5-2, dated April 15, 2016.
    (4) For Model G-IV airplanes: Life limit for elevator part
number 1159SB40518 as specified in Gulfstream IV Maintenance Manual
TR 5-7, dated April 29, 2016.

(h) No Alternative Actions and Intervals

    After the maintenance or inspection program has been revised as
required by paragraph (g) of this AD, no alternative actions (e.g.,
inspections) or intervals may be used unless the actions or
intervals are approved as an alternative method of compliance (AMOC)
in accordance with the procedures specified in paragraph (j) of this
AD.

(i) Special Flight Permit

    A special flight permit may be issued in accordance with
sections 21.197 and 21.199 of the Federal Aviation Regulations (14
CFR 21.197 and 21.199) to operate the airplane, for one flight only,
to a location where the elevator assembly can be replaced, as
required by paragraph (g) of this AD.

(j) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, Atlanta Aircraft Certification Office, FAA, has
the authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly to the manager of the ACO, send it to the attention of the
person identified in paragraph (k) of this AD.
    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(k) Related Information

    For more information about this AD, contact William O.
Herderich, Aerospace Engineer, Airframe Branch, ACE-117A, FAA,
Atlanta Aircraft Certification Office (ACO), 1701 Columbia Avenue,
College Park, Georgia 30337; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>
(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.

    (3) The following service information was approved for IBR on
September 23, 2016 (81 FR 61987, September 8, 2016).
    (i) Gulfstream II Maintenance Manual TR 5-3, dated April 15,
2016.
    (ii) Gulfstream IIB Maintenance Manual TR 5-3, dated April 15,
2016.
    (iii) Gulfstream III Maintenance Manual TR 5-2, dated April 15,
2016.
    (iv) Gulfstream IV Maintenance Manual TR 5-7, dated April 29,
2016.
    (4) For service information identified in this AD, contact
Gulfstream Aerospace Corporation, Technical Publications Dept., P.O.
Box 2206, Savannah, GA 31402-2206; telephone<PHONE_NUMBER>; fax 912-
965-3520; email<EMAIL_ADDRESS>Internet http://www.gulfstream.com/product_support/technical_pubs/pubs/index.htm.
    (5) You may view this service information at the FAA, Transport
Airplane Directorate, 1601 Lind Avenue SW., Renton, WA. For
information on the availability of this material at the FAA, call
425-227-1221.
    (6) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, call<PHONE_NUMBER>, or go to http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued in Renton, Washington, on September 15, 2016.
Suzanne Masterson,
Acting Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2016-23091 Filed 9-28-16; 8:45 am]
 BILLING CODE 4910-13-P