[Federal Register Volume 85, Number 68 (Wednesday, April 8, 2020)]
[Rules and Regulations]
[Pages 19659-19660]
[FR Doc No: 2020-06823]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2020-0034]

Drawbridge Operation Regulation; Chicago River, Chicago, IL

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations; request for
comments.

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SUMMARY: The Coast Guard authorizes the Amtrak Railroad Bridge, mile
3.77, across the South Branch of the Chicago River, to be operated
remotely and establish an intermediate opening position. The request
was made by the bridge owner. This test deviation will test if the
intermediate position improves vessel flow through the river. The
bridge will continue to open on signal for commercial and recreational
vessels.

DATES:
    Effective date: This deviation is effective from midnight on June
1, 2020 to midnight on September 1, 2020.
    Comment date: Comments and relate material must reach the Coast
Guard on or before September 2, 2020.

ADDRESSES: You may submit comments identified by docket number USCG-
2020-0034 using Federal eRulemaking Portal at https://www.regulations.gov.
    See the ``Public Participation and Request for Comments'' portion
of the SUPPLEMENTARY INFORMATION section

below for instructions on submitting comments.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Mr. Lee D. Soule, Bridge Management Specialist, Ninth
Coast Guard District; telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background, Purpose, and Legal Basis

    The Amtrak Railroad Bridge, mile 3.77, over the South Branch of the
Chicago River provides a vertical clearance of 10 feet in the closed
position and 65 feet in the open position based on International Great
Lakes Datum of 1985 (IGLD85). The bridge opens an average of twelve
times a day for vessels. An average of 150,000 rail commuters cross the
bridge daily along with freight and other passenger trains. The South
Branch of the Chicago River is part of a network of waterways that
allows vessels to travel from Chicago, IL to New Orleans, LA. Cook
County, IL, described the Chicago River as the fifth largest port in
the United States, hosting commercial vessels over 300 tons,
recreational power and sailing vessels, several passenger vessels,
water taxies, paddle boats, and various paddle craft. With the
exception of the Amtrak Bridge, vessels can pass under all the bridges
in the Chicago metropolitan area without an opening.
    In accordance with general bridge regulations found in 33 CFR
117.5, a drawbridge must open promptly and fully when signaled to open.
Not every vessel needs the Amtrak Bridge to open to the full 65 feet
and we believe the test deviation will show the Amtrak Bridge can open
half way and allow most vessels to pass. Vessels that need a full
opening can request it without advance notice. We believe that opening
to an intermediary position will increase the bridge availability by
50% to both rail and vessels. It was recently discovered the remote
operations of the Amtrak Bridge has not been included in the current
regulation; but has been operating without concerns from the maritime
community. The drawbridge currently operates under title 33 of the Code
of Federal Regulation (CFR), Sec.  117.391.
    The test deviation is necessary to allow the public to observe the
bridge in operation and allow the permanent and seasonal residents of
the area the opportunity to comment on the operation of the bridge in
the intermediate position. The test schedule will run from midnight on
June 1, 2020 to midnight on September 1, 2020.
    The bridge owner will continue to maintain a drawtender's log and
provide those logs at the end of the test deviation. Vessels able to
safely pass under the bridge without an opening may do so at any time
and vessels may request a full opening without advance notice.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the effective
period of this temporary deviation. This deviation from the operating
regulations is authorized under 33 CFR 117.35.

II. Public Participation and Request for Comments

    We view public participation as essential to effective rulemaking,
and will consider all comments and material received during the comment
period. Your comments can help shape the outcome of this rulemaking. If
you submit a comment, please include the docket number for this
rulemaking, indicate the specific section of this document to which
each comment applies, and provide a reason for each suggestion or
recommendation.
    We encourage you to submit comments through the Federal eRulemaking
Portal at http://www.regulations.gov. If your material cannot be
submitted using http://www.regulations.gov, contact the person in the
FOR FURTHER INFORMATION CONTACT section of this document for alternate
instructions.
    We accept anonymous comments. All comments received will be posted
without change to https://www.regulations.gov and will include any
personal information you have provided. For more about privacy and
submissions in response to this document, see DHS's eRulemaking System
of Records notice (85 FR 14226, March 11, 2020).
    All public comments will be in our online docket at http://www.regulations.gov, and can be viewed by following that website's
instructions. Additionally, if you go to the online docket and sign up
for email alerts, you will be notified when comments are posted or a
final rule is published.

D.L. Cottrell,
Rear Admiral, U.S. Coast Guard, Commander, Ninth Coast Guard District.
[FR Doc. 2020-06823 Filed 4-7-20; 8:45 am]
BILLING CODE 9110-04-P


AGENDA

Merial Limited

July 20, 2010, 2:30 pm, Room S-7100

Product-Specific Mitigation Meeting

I.	Introductions

II.	Merial Presentation

III.	Agency Presentation/Response

IV.  	Other Issues

V.	Questions and Answers

VI.	Next Steps


[Federal Register Volume 83, Number 133 (Wednesday, July 11, 2018)]
[Notices]
[Pages 32170-32172]
[FR Doc No: 2018-14849]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83600; File No. SR-CboeEDGX-2018-024]

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change Related
to Fees for Use on the Exchange's Equity Options Platform

July 6, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on June 29, 2018, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') 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
Exchange has designated the proposed rule change as one establishing or
changing a member due, fee, or other charge imposed by the Exchange
under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2)
thereunder,\4\ which renders the proposed rule change effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange filed a proposal to implement proposed changes to its
fee schedule for its equity options platform (``EDGX Options'')
relating to logical and physical connectivity fees, effective July 2,
2018.
    The text of the proposed rule change is available at the Exchange's
website at www.markets.cboe.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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. 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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to implement proposed changes to its fee
schedule for its equity options platform (``EDGX Options'') relating to
logical and physical connectivity fees, effective July 2, 2018.
Logical Connectivity
    The Exchange proposes to amend certain logical connectivity fees.
Currently, EDGX Options market participants may utilize a variety of
logical connectivity ports. A logical port provides users with the
ability within the Exchange's system to accomplish a specific function
through a connection, such as order entry, data receipt, or access to
information. Currently, with respect to logical port fees, the Exchange
only assesses a fee for Purge Ports. Additionally, logical connectivity
fees are limited to logical ports in the Exchange's primary data center
and no logical port fees are assessed for redundant secondary data
center ports.
    The Exchange first proposes to adopt a $500 per month, per port fee
for all logical ports excluding Purge, Multicast Pitch Spin Server, GRP
and Bulk Ports.\5\ The Exchange notes that fees for these excluded
ports are explicitly set forth in the Fees Schedule. The Exchange notes
that the proposed fee of $500 per port is in line with the fee assessed
for similar ports on BZX Options and C2 Options.\6\
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    \5\ The Exchange notes that even though Ports with Bulk Quoting
Capabilities (``Bulk Ports'') already has its own line item in the
logical connectivity fees table, it's not explicitly excluded from
the general ``Logical Ports'' line item. The Exchange proposes to
add a reference relating to its exclusion to maintain clarity in the
Fees Schedule.
    \6\ See Cboe BZX Options Exchange Fee Schedule, Options Logical
Port Fees and Cboe C2 Options Exchange Fees Schedule, Logical
Connectivity Fees.
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    Next, the Exchange proposes to adopt fees for Multicast PITCH/Spin
Server and GRP ports. Multicast PITCH Spin Server Ports and GRP Ports
are used to request and receive a retransmission of data from the
Exchange's Multicast PITCH data feed. The Exchange's Multicast PITCH/
Top data feed is available from two primary feeds, identified as the
``A feed'' and the ``C feed'', which contain the same information but
differ only in the way such feeds are received. The Exchange also
offers two redundant feeds,

identified as the ``B feed'' and the ``D feed.'' The Exchange proposes
to adopt a $500 per month, per set fee. All secondary feed Multicast
PITCH Spin Server and GRP Ports will be provided for redundancy at no
additional cost. The Exchange notes that the proposed fee is in line
with the fee assessed for the same ports on BZX Options and C2
Options.\7\
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    \7\ Id.
---------------------------------------------------------------------------

    Lastly, the Exchange proposes to amend fees for ports with bulk
quoting capabilities (``Bulk Ports''). A Bulk Port is a logical port
that provides users with the ability to submit bulk messages to enter,
modify or cancel orders designated as Post Only Orders, provided such
orders are entered with a Time-in-Force of DAY or a Time-in-Force of
GTD with an expiration time on that trading day. The Exchange does not
currently assess fees for Bulk Ports. The Exchange now proposes to
adopt a monthly fee of $600 per port. The Exchange notes that the
proposed Bulk Port fee is less than the fee assessed for similar ports
on BZX Options and C2 Options.\8\
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    \8\ Id.
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Physical Port Clarification
    The Exchange next proposes to add clarifying language relating to
its Options Physical Connectivity Fees. First, the Exchange proposes to
clarify that all Physical Connectivity Fees will be prorated based on
the remaining trading days in the calendar month. The Exchange notes
that while this is current practice, it is not currently codified under
the Options Physical Connectivity Fees section (although similar
language is found under the Options Logical Port Fees section). The
Exchange also proposes to clarify that physical ports (other than
Disaster Recovery physical ports) may be used to connect to C2 Options,
Cboe BZX, Cboe BYX and Cboe EDGA. Disaster Recovery physical ports may
be used to connect to the Disaster Recovery Systems for C2 Options,
Cboe BZX, Cboe BYX, Cboe EDGA, Cboe Options and CFE. Additionally, the
Exchange proposes to make clear that Members and non-Members will only
be assessed a single fee for any physical port or Disaster Recovery
physical port that accesses the identified exchanges, respectively. The
Exchange notes that similar language appears in the Fees Schedule of C2
Options.\9\
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    \9\ See e.g., Cboe C2 Options Exchange Fees Schedule, Physical
Connectivity Fees.
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\11\ which provides that Exchange rules may provide
for the equitable allocation of reasonable dues, fees, and other
charges among its Permit Holders and other persons using its
facilities. Additionally, the Exchange believes the proposed rule
change is consistent with the Section 6(b)(5) \12\ requirement that the
rules of an exchange not be designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(4).
    \12\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes it's reasonable to assess the proposed fees
for each of the logical connectivity ports described above as the
proposed fees enable the Exchange to continue to maintain and improve
its market technology and services. Additionally, the Exchange notes
the proposed fees are in line with, and indeed less than, the fees
assessed on certain of its affiliated exchanges for similar
connectivity.\13\ The proposed logical connectivity fees are also
equitable and not unfairly discriminatory because the Exchange will
apply the same fees to all market participants that use the same
respective connectivity options.
---------------------------------------------------------------------------

    \13\ See Affiliated Exchange Fee Schedules, Logical Port Fees.
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    The Exchange also believes it's reasonable, equitable and not
unfairly discriminatory to prorate physical connectivity fees because
it provides for a more precise assessment of physical connectivity fees
based on when a user obtains a new physical port or Disaster Recovery
physical port. The Exchange believes it's reasonable, equitable and not
unfairly discriminatory to assess a physical port fee only once if it
connects with another affiliate exchange because only one port is being
used and the Exchange does not wish to charge multiple fees for the
same port. The Exchange believes listing the affiliate exchanges that
physical ports and Disaster Recovery physical ports can connect to adds
clarity to the fee schedule and avoids potential confusion. The
alleviation of confusion removes impediments to and perfects the
mechanism of a free and open market and a national market system.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed change represents a significant departure
from pricing offered by the Exchange's affiliates. Additionally,
members may opt to disfavor the Exchange's pricing if they believe that
alternatives offer them better value. Accordingly, the Exchange does
not believe that the proposed change will impair the ability of members
or competing venues to maintain their competitive standing in the
financial markets. The Exchange believes that fees for connectivity are
constrained by the robust competition for order flow among exchanges
and non-exchange markets. Further, excessive fees for connectivity,
would serve to impair an exchange's ability to compete for order flow
rather than burdening competition. The Exchange also does not believe
the proposed rule change would impact intramarket competition as it
would apply to all members and non-members equally.

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

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 \15\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------

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 protected]. Please include
File Number SRb-4CboeEDGX-2018-024 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 SRb-4CboeEDGX-2018-024.
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 website (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 website
viewing and printing in the Commission's Public Reference Room, 100 F
Street NE, Washington, DC 20549, on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SRb-4CboeEDGX-2018-024 and
should be submitted on or before August 1, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14849 Filed 7-10-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 69 (Wednesday, April 10, 2013)]
[Notices]
[Pages 21475-21481]
[FR Doc No: 2013-08327]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-69303; File No. SR-NYSEArca-2013-33]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change, as Modified by Amendment No. 1, To List and
Trade the International Bear ETF Under NYSE Arca Equities Rule 8.600

April 4, 2013.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 21, 2013, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and
II, below, which Items have been prepared by the self-regulatory
organization. On April 3, 2013, the Exchange filed Amendment No. 1 to
the proposed rule change.\4\ The Commission is publishing this notice
to solicit comments on the proposed rule change, as modified by
Amendment No. 1, 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.
    \4\ In Amendment No. 1, the Exchange made certain technical
changes to the proposed rule change, including the substitution of
the phrase ``transact in'' for the word ``purchase'' in the
following sentence on page 5 of this Notice: ``The Fund may transact
in equity securities traded in the U.S. on registered exchanges or,
in the case of American Depositary Receipts, the over-the-counter
market.''
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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 the following under NYSE
Arca Equities Rule 8.600 (``Managed Fund Shares''): International Bear
ETF. 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: \5\ International Bear ETF
(``Fund'').\6\ The Shares will be offered by AdvisorShares Trust (the
``Trust''), a statutory trust organized under the laws of the State of
Delaware and registered with the Securities and Exchange Commission
(the ``Commission'') as an open-end management investment company.\7\
The investment adviser to the Fund is AdvisorShares Investments, LLC
(the ``Adviser''). The Fund will have a sub-adviser (``Sub-Adviser'')
that provides day-to-day portfolio management of the Fund. Foreside
Fund Services, LLC (the ``Distributor'') is the principal underwriter
and distributor of the Fund's Shares. The Bank of New York Mellon (the
``Administrator'') serves as the administrator, custodian, transfer
agent and fund accounting agent for the Fund.
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    \5\ 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.
    \6\ The Commission has 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. 63076 (October 12,
2010), 75 FR 63874 (October 18, 2010) (SR-NYSEArca-2010-79) (order
approving Exchange listing and trading of Cambria Global Tactical
ETF); 63802 (January 31, 2011), 76 FR 6503 (February 4, 2011) (SR-
NYSEArca-2010-118) (order approving Exchange listing and trading of
the SiM Dynamic Allocation Diversified Income ETF and SiM Dynamic
Allocation Growth Income ETF); and 65468 (October 3, 2011), 76 FR
62873 (October 11, 2001) [sic] (SR-NYSEArca-2011-51) (order
approving Exchange listing and trading of TrimTabs Float Shrink
ETF).
    \7\ The Trust is registered under the 1940 Act. On October 19,
2012, the Trust filed with the Commission an amendment to its
registration statement on Form N-1A under the Securities Act of 1933
(15 U.S.C. 77a), and under the 1940 Act relating to the Fund (File
Nos. 333-157876 and 811-22110) (``Registration Statement''). The
description of the operation of the Trust and the Fund 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.
29291 (May 28, 2010) (File No. 812-13677) (``Exemptive Order'').
---------------------------------------------------------------------------

    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.\8\ Commentary .06 to Rule

8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .06 in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds. The
Adviser is not affiliated with a broker-dealer. In the event (a) the
Adviser becomes newly affiliated with a broker-dealer, (b) the Sub-
Adviser is affiliated with a broker-dealer, or (c) any new adviser or
sub-adviser becomes affiliated with a broker-dealer, it will implement
a fire wall with respect to such broker-dealer regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
---------------------------------------------------------------------------

    \8\ 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 Sub-Adviser and their related
personnel are subject to the provisions of Rule 204A-1 under the
Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
---------------------------------------------------------------------------

Description of the Fund
    According to the Registration Statement, the Fund's investment
objective will be to seek capital appreciation through short sales of
international equity securities.
    According to the Registration Statement, the Sub-Adviser will seek
to achieve the Fund's investment objective by short selling a portfolio
of foreign equity securities, U.S. exchange-listed and traded equity
securities of non-U.S. organizations, and American Depositary Receipts
(``ADRs''), as described in more detail herein. The Fund may invest in
such equity securities of any capitalization range and in any market
sector at any time as necessary to seek to achieve the Fund's
investment objective. Under normal circumstances,\9\ at least 80% of
the Fund's net assets will be such equity securities, which the Fund
will short sell.
---------------------------------------------------------------------------

    \9\ The term ``under normal circumstances'' includes, but is not
limited to, the absence of adverse market, economic, political or
other conditions, including 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.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund will be actively
managed and thus will not seek to replicate the performance of a
specified passive index of securities. Instead, it will use an active
investment strategy to seek to meet its investment objective. The Sub-
Adviser, subject to the oversight of the Adviser and the Board of
Trustees, will have discretion on a daily basis to manage the Fund's
portfolio in accordance with the Fund's investment objective and
investment policies. The Sub-Adviser will utilize various fundamental
and technical research techniques in security selection. In selecting
short positions, the Sub-Adviser will seek to identify securities that
may be overvalued and due for capital depreciation. Once a position is
included in the Fund's portfolio, it will be subject to regular
fundamental and technical risk management review.
    According to the Registration Statement, the equity securities in
which the Fund may invest consist of common stocks, preferred stocks,
warrants to acquire common stock, securities convertible into common
stock, investments in master limited partnerships, rights and REITs.
The Fund may transact in equity securities traded in the U.S. on
registered exchanges or, in the case of ADRs, the over-the-counter
market. The Fund may short sell up to 10% of its total assets in
unsponsored ADRs. The Fund may invest in the equity securities of
foreign issuers, including the securities of foreign issuers in
emerging market countries.\10\
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    \10\ According to the Registration Statement, emerging or
developing markets exist in countries that are considered to be in
the initial stages of industrialization. The Fund will invest only
in foreign equity securities that trade in markets that are members
of the Intermarket Surveillance Group (``ISG'') or are parties to a
comprehensive surveillance sharing agreement with the Exchange. For
a list of the current members of ISG, see www.isgportal.org.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund may invest in
issuers located outside the United States directly, or in financial
instruments that are indirectly linked to the performance of foreign
issuers. Examples of such financial instruments include ADRs, Global
Depositary Receipts (``GDRs''), European Depositary Receipts
(``EDRs''), International Depository Receipts (``IDRs''), ``ordinary
shares,'' and ``New York shares.'' \11\ Except for up to 10% of ADRs,
which may be unsponsored, such financial instruments will all be listed
and traded on registered exchanges in the U.S. or markets that are
members of the ISG or are parties to a comprehensive surveillance
sharing agreement with the Exchange.
---------------------------------------------------------------------------

    \11\ According to the Registration Statement, ADRs are U.S.
dollar denominated receipts typically issued by U.S. banks and trust
companies that evidence ownership of underlying securities issued by
a foreign issuer. The underlying securities may not necessarily be
denominated in the same currency as the securities into which they
may be converted. The underlying securities are held in trust by a
custodian bank or similar financial institution in the issuer's home
country. The depositary bank may not have physical custody of the
underlying securities at all times and may charge fees for various
services, including forwarding dividends and interest and corporate
actions. Generally, ADRs in registered form are designed for use in
domestic securities markets and are traded on exchanges or over-the-
counter in the U.S. GDRs, EDRs, and IDRs are similar to ADRs in that
they are certificates evidencing ownership of shares of a foreign
issuer, however, GDRs, EDRs, and IDRs may be issued in bearer form
and denominated in other currencies, and are generally designed for
use in specific or multiple securities markets outside the U.S.
EDRs, for example, are designed for use in European securities
markets while GDRs are designed for use throughout the world.
Ordinary shares are shares of foreign issuers that are traded abroad
and on a U.S. exchange. New York shares are shares that a foreign
issuer has allocated for trading in the U.S. ADRs, ordinary shares,
and New York shares all may be purchased with and sold for U.S.
dollars.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund may engage
regularly in short sales transactions in which the Fund sells a
security it does not own. To complete such a transaction, the Fund must
borrow or otherwise obtain the security to make delivery to the buyer.
The Fund then is obligated to replace the security borrowed by
purchasing the security at the market price at the time of replacement.
The price at such time may be more or less than the price at which the
security was sold by the Fund.
    According to the Registration Statement, until the security is
replaced, the Fund will be required to pay to the lender amounts equal
to any dividends or interest, which accrue during the period of the
loan. To borrow the security, the Fund also may be required to pay a
premium, which would increase the cost of the security sold. The Fund
may also use repurchase agreements to satisfy delivery obligations in
short sales transactions. The proceeds of the short sale will be
retained by the broker, to the extent necessary to meet the margin

requirements, until the short position is closed out.
    According to the Registration Statement, until the Fund closes its
short position or replaces the borrowed security, the Fund will: (a)
Maintain a segregated account containing cash or liquid securities at
such a level that (i) the amount deposited in the account plus the
amount deposited with the broker as collateral will equal the current
value of the security sold short and (ii) the amount deposited in the
segregated account plus the amount deposited with the broker as
collateral will not be less than the market value of the security at
the time the security was sold short; or (b) otherwise cover the Fund's
short position. The Fund may use up to 100% of its portfolio to engage
in short sales transactions and collateralize its open short positions.
Other Investments
    While the Fund will invest at least 80% of its assets as described
above, the Fund may invest in certain other investments, as described
below. According to the Registration Statement, the Fund may invest in
exchange-traded funds (``ETFs'') registered pursuant to the 1940 Act,
exchange-traded notes (``ETNs''),\12\ and other exchange-traded
products (together with ETFs and ETNs, collectively, ``ETPs'').\13\ The
Fund will invest only in ETPs that trade in markets that are members of
the ISG or are parties to a comprehensive surveillance sharing
agreement with the Exchange.
---------------------------------------------------------------------------

    \12\ According to the Registration Statement, ETNs are senior,
unsecured unsubordinated debt securities issued by an underwriting
bank that are designed to provide returns that are linked to a
particular benchmark less investor fees. ETNs have a maturity date
and, generally, are backed only by the creditworthiness of the
issuer. It is expected that the issuer's credit rating will be
investment grade at the time of investment.
    \13\ ETPs may include Investment Company Units (as described in
NYSE Arca Equities Rule 5.2(j)(3)); Index-Linked Securities (as
described in NYSE Arca Equities Rule 5.2(j)(6)); Portfolio
Depositary Receipts (as described in NYSE Arca Equities Rule 8.100);
Trust Issued Receipts (as described in NYSE Arca Equities Rule
8.200); Commodity-Based Trust Shares (as described in NYSE Arca
Equities Rule 8.201); Currency Trust Shares (as described in NYSE
Arca Equities Rule 8.202); Commodity Index Trust Shares (as
described in NYSE Arca Equities Rule 8.203); Trust Units (as
described in NYSE Arca Equities Rule 8.500); Managed Fund Shares (as
described in NYSE Arca Equities Rule 8.600), and closed-end funds.
The ETPs all will be listed and traded in the U.S. on registered
exchanges. The Fund may invest in the securities of ETPs registered
under the 1940 Act 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. The Fund will only make such
investments in conformity with the requirements of Section 817 of
the Internal Revenue Code of 1986. The Fund may invest in ETPs that
are pooled investment vehicles not registered pursuant to the 1940
Act. Closed-end funds are pooled investment vehicles that are
registered under the 1940 Act and whose shares are listed and traded
on U.S. national securities exchanges.
---------------------------------------------------------------------------

    According to the Registration Statement, on a day-to-day basis, the
Fund may hold U.S. government securities,\14\ short-term high quality
fixed income securities, money market instruments, overnight and fixed-
term repurchase agreements, cash and cash equivalents with maturities
of one year or less for investment purposes and to cover its short
positions.
---------------------------------------------------------------------------

    \14\ The Fund may invest in U.S. government securities and U.S.
Treasury zero-coupon bonds. Securities issued or guaranteed by the
U.S. government or its agencies or instrumentalities include U.S.
Treasury securities, which are backed by the full faith and credit
of the U.S. Treasury and which differ only in their interest rates,
maturities, and times of issuance; U.S. Treasury bills, which have
initial maturities of one-year or less; U.S. Treasury notes, which
have initial maturities of one to ten years; and U.S. Treasury
bonds, which generally have initial maturities of greater than ten
years.
---------------------------------------------------------------------------

    According to the Registration Statement, to respond to adverse
market, economic, political or other conditions, the Fund may refrain
from short selling and increase its investment in U.S. government
securities, short-term high quality fixed income securities, money
market instruments, overnight and fixed-term repurchase agreements,
cash and cash equivalents with maturities of one year or less. The Fund
may hold little or no short positions for extended periods, depending
on the Sub-Adviser's assessment of market conditions.
    According to the Registration Statement, the Fund may invest in
several different types of investment companies from time to time,
including mutual funds and business development companies
(``BDCs''),\15\ when the Adviser or the Sub-Adviser believes such an
investment is in the best interests of the Fund and its shareholders.
For example, the Fund may elect to invest in another investment company
when such an investment presents a more efficient investment option
than buying securities individually. The Fund also may invest in
investment companies that are included as components of an index, such
as BDCs, to seek to track the performance of that index. The Fund will
invest only in BDCs that trade in markets that are members of the ISG
or are parties to a comprehensive surveillance sharing agreement with
the Exchange.
---------------------------------------------------------------------------

    \15\ According to the Registration Statement, a BDC is a less
common type of closed-end investment company that more closely
resembles an operating company than a typical investment company.
BDCs generally focus on investing in, and providing managerial
assistance to, small, developing, financially troubled, private
companies or other companies that may have value that can be
realized over time and with management assistance.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund may invest, under
normal circumstances, up to 10% of its net assets in debt securities.
Debt securities include a variety of fixed income obligations,
including, but not limited to, corporate debt securities, government
securities, municipal securities, convertible securities, and mortgage-
backed securities. Debt securities include investment-grade securities,
non-investment-grade securities, and unrated securities. The Fund may
invest in non-investment-grade securities.\16\ The Fund may invest in
variable and floating rate securities.
---------------------------------------------------------------------------

    \16\ Non-investment-grade securities, also referred to as
``high-yield securities'' or ``junk bonds,'' are debt securities
that are rated lower than the four highest rating categories by a
nationally recognized statistical rating organization (for example,
lower than Baa3 by Moody's Investors Service, Inc. or lower than
BBB--by Standard & Poor's, a division of The McGraw-Hill Companies,
Inc.) or are determined to be of comparable quality by the Adviser
or the Sub-Adviser.
---------------------------------------------------------------------------

    The Fund may enter into repurchase agreements with financial
institutions, which may be deemed to be loans.\17\ The Fund may enter
into reverse repurchase agreements without limit as part of the Fund's
investment strategy.\18\ However, the Fund does not expect to engage,
under normal circumstances, in reverse repurchase agreements with
respect to more than 33 \1/3\% of its assets.
---------------------------------------------------------------------------

    \17\ The Fund follows certain procedures designed to minimize
the risks inherent in such agreements. These procedures include
effecting repurchase transactions only with large, well-capitalized
and well-established financial institutions whose condition will be
continually monitored by the Sub-Adviser. In addition, the value of
the collateral underlying the repurchase agreement will always be at
least equal to the repurchase price, including any accrued interest
earned on the repurchase agreement. It is the current policy of the
Fund not to invest in repurchase agreements that do not mature
within seven days if any such investment, together with any other
illiquid assets held by the Fund, amount to more than 15% of the
Fund's net assets.
    \18\ Reverse repurchase agreements involve sales by the Fund of
portfolio assets concurrently with an agreement by the Fund to
repurchase the same assets at a later date at a fixed price. The
Fund will establish a segregated account with the Trust's custodian
bank in which the Fund will maintain cash, cash equivalents or other
portfolio securities equal in value to the Fund's obligations in
respect of reverse repurchase agreements. Such reverse repurchase
agreements could be deemed to be a borrowing, but are not senior
securities.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund may invest
directly and indirectly in foreign currencies.
    According to the Registration Statement, the Fund, in the ordinary
course of business, may purchase securities on a when-issued or
delayed-delivery basis (i.e., delivery and payment can take place
between a

month and 120 days after the date of the transaction). These securities
are subject to market fluctuation and no interest accrues to the
purchaser during this period. At the time the Fund makes the commitment
to purchase securities on a when-issued or delayed-delivery basis, the
Fund will record the transaction and thereafter reflect the value of
the securities, each day, in determining the Fund's net asset value
(``NAV''). The Fund will not purchase securities on a when-issued or
delayed-delivery basis if, as a result, more than 15% of the Fund's net
assets would be so invested.
    According to the Registration Statement, the Fund may not (i) with
respect to 75% of its total assets, purchase securities of any issuer
(except securities issued or guaranteed by the U.S. Government, its
agencies or instrumentalities or shares of investment companies) if, as
a result, more than 5% of its total assets would be invested in the
securities of such issuer; or (ii) acquire more than 10% of the
outstanding voting securities of any one issuer.\19\
---------------------------------------------------------------------------

    \19\ The diversification standard is set forth in Section
5(b)(1) of the 1940 Act.
---------------------------------------------------------------------------

    The Fund may not invest 25% or more of its total assets in the
securities of one or more issuers conducting their principal business
activities in the same industry or group of industries. The Fund will
not invest 25% or more of its total assets in any investment company
that so concentrates. This limitation does not apply to investments in
securities issued or guaranteed by the U.S. Government, its agencies or
instrumentalities, or shares of investment companies.\20\
---------------------------------------------------------------------------

    \20\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities (calculated at the time of investment),
including Rule 144A securities. The Fund will monitor its portfolio
liquidity on an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained, and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of the Fund's net assets are held in
illiquid securities. Illiquid securities include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.\21\
---------------------------------------------------------------------------

    \21\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also, Investment Company
Act Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31,
1970) (Statement Regarding ``Restricted Securities''); Investment
Company Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March
20, 1992) (Revisions of Guidelines to Form N-1A). A fund's portfolio
security is illiquid if it cannot be disposed of in the ordinary
course of business within seven days at approximately the value
ascribed to it by the fund. See Investment Company Act Release No.
14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting
amendments to Rule 2a-7 under the 1940 Act); Investment Company Act
Release No. 17452 (April 23, 1990), 55 FR 17933 (April 30, 1990)
(adopting Rule 144A under the Securities Act.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund will seek to
qualify for treatment as a Regulated Investment Company under the
Internal Revenue Code.\22\
---------------------------------------------------------------------------

    \22\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    The Fund will not invest in options contracts, futures contracts or
swap agreements. The Fund's investments will be consistent with the
Fund's investment objective and will not be used to enhance leverage.
Net Asset Value
    The Fund will calculate its NAV by: (i) Taking the current market
value of its total assets; (ii) subtracting any liabilities; and (iii)
dividing that amount by the total number of Shares owned by
shareholders.
    The Fund will calculate NAV once each business day as of the
regularly scheduled close of trading on the New York Stock Exchange,
LLC (the ``NYSE'') (normally, 4:00 p.m., Eastern Time).
    In calculating NAV, the Fund generally will value its investment
portfolio at market price. If market prices are unavailable or the Fund
believes that they are unreliable, or when the value of a security has
been materially affected by events occurring after the relevant market
closes, the Fund will price those securities at fair value as
determined in good faith using methods approved by the Trust's Board of
Trustees.
Creation and Redemption of Shares
    According to the Registration Statement, the Fund will issue and
redeem Shares on a continuous basis at the NAV only in a large
specified number of Shares called a ``Creation Unit.'' The Shares of
the Fund will be ``created'' at their NAV by market makers, large
investors and institutions only in block-size Creation Units of at
least 25,000 Shares.
    The Trust will issue and sell Shares of the Fund only in Creation
Units on a continuous basis through the Distributor, at their NAV next
determined after receipt, on any business day, for an order received in
proper form. Creation Units of the Fund will be sold only for cash.
Creation Units will be sold at the NAV next computed, plus a
transaction fee. All orders to create Creation Units must be placed for
one or more Creation Unit size aggregations of Shares. All orders to
create must be received by the Distributor no later than 3:00 p.m.
Eastern Time, an hour before the close of the regular trading session
on the NYSE (ordinarily 4:00 p.m. Eastern Time) on the date such order
is placed in order for the creation of Creation Units to be effected
based on the NAV of Shares of the Fund as next determined on such date
after receipt of the order in proper form. All purchases of the Fund
will be effected through a transfer of cash directly through DTC.
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Fund through the Administrator and only on a business day. The Trust
will not redeem Shares in amounts less than Creation Units. The
redemption proceeds for a Creation Unit of the Fund will consist solely
of cash in an amount equal to the NAV of the Shares being redeemed, as
next determined after receipt of a request in proper form, less a
redemption transaction fee. An order to redeem Creation Units will be
deemed received on the transmittal date if such order is received by
the Administrator not later than 3:00 p.m. Eastern Time, on such
transmittal date; such order will be effected based on the NAV of the
Fund as next determined.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Adviser will implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio. The Exchange represents that, for
initial and/or continued listing, the Fund will be in compliance with
Rule 10A-3 \23\ under the Exchange Act, as provided by NYSE Arca
Equities Rule 5.3. A minimum of 100,000 Shares will be outstanding at
the commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares that the NAV per

Share will be calculated daily and that the NAV and the Disclosed
Portfolio as defined in NYSE Arca Equities Rule 8.600(c)(2) will be
made available to all market participants at the same time.
---------------------------------------------------------------------------

    \23\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Availability of Information
    The Fund's Web site (www.advisorshares.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Fund's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (the ``Bid/Ask
Price''),\24\ and a calculation of the premium and discount of the Bid/
Ask Price against the NAV, and (2) data in chart format displaying the
frequency distribution of discounts and premiums of the daily Bid/Ask
Price against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session on the Exchange, the
Fund's Web site will disclose the Disclosed Portfolio that will form
the basis for the Fund's calculation of NAV at the end of the business
day.\25\
---------------------------------------------------------------------------

    \24\ The Bid/Ask Price of the Fund is determined using the mid-
point of the highest bid and the lowest offer on the Exchange as of
the time of calculation of the Fund's NAV. The records relating to
Bid/Ask Prices will be retained by the Fund and its service
providers.
    \25\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Fund
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
---------------------------------------------------------------------------

    On a daily basis, the Fund's Web site will disclose for each
portfolio security and other financial instrument of the Fund the
following information: ticker symbol (if applicable), name of security
and financial instrument, number of shares and dollar value of
securities and financial instruments held in the portfolio, and
percentage weighting of the security and financial instrument in the
portfolio. The Web site information will be publicly available at no
charge.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports will be 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. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Quotation and last sale information for the
Shares will be available via the Consolidated Tape Association
(``CTA'') high-speed line, and, for the underlying securities, will be
available from the securities exchanges on which they are listed.
Information regarding the equity securities, debt securities, fixed
income instruments, and other investments held by the Fund will be
available from the U.S. and non-U.S. securities exchanges trading such
securities, automated quotation systems, published or other public
sources, or on-line information services such as Bloomberg or Reuters.
In addition, 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 Core Trading Session by one or more major market
data vendors.\26\ The dissemination of the Portfolio Indicative Value,
together with the Disclosed Portfolio, will allow investors to
determine the value of the underlying portfolio of the Fund on a daily
basis and will provide a close estimate of that value throughout the
trading day.
---------------------------------------------------------------------------

    \26\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Portfolio Indicative Values 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 the 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 Fund.\27\ Trading in Shares of the Fund
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 Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
---------------------------------------------------------------------------

    \27\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

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 a.m. to 8 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.
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.\28\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and applicable federal securities laws.
---------------------------------------------------------------------------

    \28\ 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 with other markets that are
members of the ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.\29\ Except for up to 10%
of ADRs, which may be unsponsored, the Fund will invest only in equity
securities (including financial instruments that are linked to the
performance of foreign issuers),\30\ ETPs and BDCs that trade in
markets that are members of the ISG or are parties to a comprehensive
surveillance sharing agreement with the Exchange.
---------------------------------------------------------------------------

    \29\ 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 the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
    \30\ See note 11, supra, and accompanying text.
---------------------------------------------------------------------------

    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 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 the 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 Exchange 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 Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5)\31\ 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.
---------------------------------------------------------------------------

    \31\ 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. Except for up to 10% of ADRs, which
may be unsponsored, the Fund will invest only in equity securities
(including financial instruments that are linked to the performance of
foreign issuers),\32\ ETPs and BDCs that trade in markets that are
members of the ISG or are parties to a comprehensive surveillance
sharing agreement with the Exchange. The Exchange 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. The Adviser is not affiliated with a broker-dealer.
In the event the Sub-Adviser is affiliated with a broker-dealer, it
will implement a fire wall with respect to such broker-dealer regarding
access to information concerning the composition and/or changes to the
portfolio, and will be subject to procedures designed to prevent the
use and dissemination of material non-public information regarding such
portfolio. The Fund may not purchase or hold illiquid securities if, in
the aggregate, more than 15% of its net assets would be invested in
illiquid securities. The Fund will not invest in options contracts,
futures contracts or swap agreements. The Fund's investments will be
consistent with the Fund's investment objective and will not be used to
enhance leverage. 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. Information
regarding the equity securities, debt securities, fixed income
instruments, and other investments held by the Fund will be available
from the U.S. and non-U.S. securities exchanges trading such
securities, automated quotation systems, published or other public
sources, or on-line information services such as Bloomberg or Reuters.
In addition, a large amount of information is publicly available
regarding the Fund and the Shares, thereby promoting market
transparency. Quotation and last sale information for the Shares will
be available via the CTA high-speed line. In addition, the Portfolio
Indicative Value will be widely disseminated by the Exchange at least
every 15 seconds during the Core Trading Session. The Fund's Web site
will include a form of the prospectus for the Fund that may be
downloaded, as well as additional quantitative information updated on a
daily basis. On each business day, before commencement of trading in
Shares in the Core Trading Session on the Exchange, the Fund's Web site
will disclose the Disclosed Portfolio that will form the basis for the
Fund's calculation of NAV at the end of the business day. On a daily
basis, the Fund's Web site will disclose for each portfolio security
and other financial instrument of the Fund the following information:
ticker symbol (if applicable), name of security and financial
instrument, number of shares and dollar value of securities and
financial instruments held in the portfolio, and percentage weighting
of the security and financial instrument in the portfolio. 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 the 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. 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 the Fund may be halted. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, the Portfolio Indicative
Value, the Disclosed

Portfolio, and quotation and last sale information for the Shares.
---------------------------------------------------------------------------

    \32\ See note 11, supra, and accompanying text.
---------------------------------------------------------------------------

    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, 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 the Fund's holdings,
the Portfolio Indicative Value, 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 Exchange 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 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 within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove 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 No. SR-NYSEArca-2013-33 on the subject line.
Paper Comments
     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File No. SR-NYSEArca-2013-33. 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 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 office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File No. SR-NYSEArca-2013-33 and should be
submitted on or before May 1, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
---------------------------------------------------------------------------

    \33\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-08327 Filed 4-9-13; 8:45 am]
BILLING CODE 8011-01-P


3342 Federal Register / Vol. 69, No. 15 / Friday, January 23, 2004 / Notices occupationally or through use of products, and the general protection of the environment and special ecosystems from potential risks posed by pesticides. PPDC was established under the Federal Advisory Committee Act ( FACA), Public Law 92   463, in September 1995 for a 2   year term and has been renewed every 2 years since that time. PPDC provides advice and recommendations to OPP on a broad range of pesticide regulatory, policy, and program implementation issues that are associated with evaluating and reducing risks from use of pesticides. The following sectors are represented on the PPDC: Pesticide industry and trade associations; environmental/ public interest and consumer groups; farm worker organizations; pesticide user, grower, and commodity groups; Federal and State/ local/ Tribal governments; the general public; academia; and public health organizations. Copies of the PPDC charter are filed with appropriate committees of Congress and the Library of Congress and are available upon request.

List of Subjects Environmental protection, Pesticides and pests.

Dated: January 16, 2004. Jim Jones, Director, Office of Pesticide Programs.

[ FR Doc. 04   1449 Filed 1   22   04; 8: 45 am]

BILLING CODE 6560   50   S ENVIRONMENTAL PROTECTION AGENCY [ OPP   2003   0369; FRL   7342   7]

Oryzalin; Availability of Risk Assessment AGENCY: Environmental Protection Agency ( EPA). ACTION: Notice.

SUMMARY: This notice announces the availability of documents that were developed as part of EPA's process for making pesticide reregistration eligibility decisions and tolerance reassessments consistent with the Federal Food, Drug, and Cosmetic Act ( FFDCA), as amended by the Food Quality Protection Act of 1996 ( FQPA). These documents are the human health risk assessment and related documents for oryzalin. This notice also starts a 60   day public comment period for the risk assessment. Comments are to be limited to issues directly associated with oryzalin and raised by the risk assessment or other documents placed in the docket. By allowing access and opportunity for comment on the risk assessment, EPA is seeking to strengthen stakeholder involvement and help ensure that our decisions under FQPA are transparent and based on the best available information. The tolerance reassessment process will ensure that the United States continues to have the safest and most abundant food supply. The Agency cautions that the risk assessment for oryzalin is preliminary and that further refinements may be appropriate. Risk assessments reflect only the work and analysis conducted as of the time they were produced and it is appropriate that, as new information becomes available and/ or additional analyses are performed, the conclusions they contain may change.

DATES: Comments, identified by the docket ID number OPP   2003   0369, must be received on or before March 23, 2004. ADDRESSES: Comments may be submitted electronically, by mail, or through hand delivery/ courier. Follow the detailed instructions as provided in Unit I. of the SUPPLEMENTARY INFORMATION.

FOR FURTHER INFORMATION CONTACT: Kylie Rothwell, Special Review and Reregistration Division ( 7508C), Office of Pesticide Programs, Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460   0001; telephone number: ( 703) 308   8055; fax number: ( 703) 308   8005; email address: rothwell. kylie@ epa. gov. SUPPLEMENTARY INFORMATION:

I. General Information A. Does this Action Apply to Me?

This action is directed to the public in general but may be of interest to a wide range of stakeholders, including environmental, human health, and agricultural advocates; the agrochemical industry; pesticide users; and members of the public interested in pesticide use on food. This list is not intended to be exhaustive, but rather provides a guide for readers regarding entities likely to be affected by this action. Other types of entities not listed in this unit could also be affected. If you have any questions regarding the applicability of this action to you or a particular entity, consult the person listed under FOR FURTHER INFORMATION CONTACT.

B. How Can I Get Copies of this Document and Other Related Information?

1. Docket. EPA has established an official public docket for this action under docket identification ( ID) number OPP   2003   0369. The official public docket consists of the documents specifically referenced in this action, any public comments received, and other information related to this action. Although a part of the official docket, the public docket does not include Confidential Business Information ( CBI) or other information whose disclosure is restricted by statute. The official public docket is the collection of materials that is available for public viewing at the Public Information and Records Integrity Branch ( PIRIB), Rm. 119, Crystal Mall # 2, 1921 Jefferson Davis Hwy., Arlington, VA. This docket facility is open from 8: 30 a. m. to 4 p. m., Monday through Friday, excluding legal holidays. The docket telephone number is ( 703) 305   5805. 2. Electronic access. You may access this Federal Register document electronically through the EPA Internet under the `` Federal Register'' listings at http:// www. epa. gov/ fedrgstr/. An electronic version of the public docket is available through EPA's electronic public docket and comment system, EPA Dockets. You may use EPA Dockets at http:// www. epa. gov/ edocket/ to submit or view public comments, access the index listing of the contents of the official public docket, and to access those documents in the public docket that are available electronically. Once in the system, select `` search,'' then key in the appropriate docket ID number. Certain types of information will not be placed in the EPA Dockets. Information claimed as CBI and other information whose disclosure is restricted by statute, which is not included in the official public docket, will not be available for public viewing in EPA's electronic public docket. EPA's policy is that copyrighted material will not be placed in EPA's electronic public docket but will be available only in printed, paper form in the official public docket. To the extent feasible, publicly available docket materials will be made available in EPA's electronic public docket. When a document is selected from the index list in EPA Dockets, the system will identify whether the document is available for viewing in EPA's electronic public docket. Although not all docket materials may be available electronically, you may still access any of the publicly available docket materials through the docket facility identified in Unit I. B. 1. EPA intends to work towards providing electronic access to all of the publicly available docket materials through EPA's electronic public docket.

VerDate jul< 14> 2003 16: 30 Jan 22, 2004 Jkt 203001 PO 00000 Frm 00039 Fmt 4703 Sfmt 4703 E:\ FR\ FM\ 23JAN1. SGM 23JAN1 3343 Federal Register / Vol. 69, No. 15 / Friday, January 23, 2004 / Notices For public commenters, it is important to note that EPA's policy is that public comments, whether submitted electronically or in paper, will be made available for public viewing in EPA's electronic public docket as EPA receives them and without change, unless the comment contains copyrighted material, CBI, or other information whose disclosure is restricted by statute. When EPA identifies a comment containing copyrighted material, EPA will provide a reference to that material in the version of the comment that is placed in EPA's electronic public docket. The entire printed comment, including the copyrighted material, will be available in the public docket. Public comments submitted on computer disks that are mailed or delivered to the docket will be transferred to EPA's electronic public docket. Public comments that are mailed or delivered to the Docket will be scanned and placed in EPA's electronic public docket. Where practical, physical objects will be photographed, and the photograph will be placed in EPA's electronic public docket along with a brief description written by the docket staff.

C. How and To Whom Do I Submit Comments? You may submit comments electronically, by mail, or through hand delivery/ courier. To ensure proper receipt by EPA, identify the appropriate docket ID number in the subject line on the first page of your comment. Please ensure that your comments are submitted within the specified comment period. Comments received after the close of the comment period will be marked `` late.'' EPA is not required to consider these late comments. If you wish to submit CBI or information that is otherwise protected by statute, please follow the instructions in Unit I. D. Do not use EPA Dockets or e mail to submit CBI or information protected by statute. 1. Electronically. If you submit an electronic comment as prescribed in this unit, EPA recommends that you include your name, mailing address, and an email address or other contact information in the body of your comment. Also include this contact information on the outside of any disk or CD ROM you submit, and in any cover letter accompanying the disk or CD ROM. This ensures that you can be identified as the submitter of the comment and allows EPA to contact you in case EPA cannot read your comment due to technical difficulties or needs further information on the substance of your comment. EPA's policy is that EPA will not edit your comment, and any identifying or contact information provided in the body of a comment will be included as part of the comment that is placed in the official public docket, and made available in EPA's electronic public docket. If EPA cannot read your comment due to technical difficulties and cannot contact you for clarification, EPA may not be able to consider your comment. i. EPA Dockets. Your use of EPA's electronic public docket to submit comments to EPA electronically is EPA's preferred method for receiving comments. Go directly to EPA Dockets at http:// www. epa. gov/ edocket/, and follow the online instructions for submitting comments. Once in the system, select `` search,'' and then key in docket ID number OPP   2003   0369. The system is an `` anonymous access'' system, which means EPA will not know your identity, e mail address, or other contact information unless you provide it in the body of your comment. ii. E mail. Comments may be sent by e mail to opp docket@ epa. gov, Attention: Docket ID Number OPP   2003   0369. In contrast to EPA's electronic public docket, EPA's e mail system is not an `` anonymous access'' system. If you send an e mail comment directly to the docket without going through EPA's electronic public docket, EPA's e mail system automatically captures your e mail address. E mail addresses that are automatically captured by EPA's e mail system are included as part of the comment that is placed in the official public docket, and made available in EPA's electronic public docket. iii. Disk or CD ROM. You may submit comments on a disk or CD ROM that you mail to the mailing address identified in Unit I. C. 2. These electronic submissions will be accepted in WordPerfect or ASCII file format. Avoid the use of special characters and any form of encryption. 2. By mail. Send your comments to: Public Information and Records Integrity Branch ( PIRIB) ( 7502C), Office of Pesticide Programs ( OPP), Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460   0001, Attention: Docket ID Number OPP   2003   0369. 3. By hand delivery or courier. Deliver your comments to: Public Information and Records Integrity Branch ( PIRIB), Office of Pesticide Programs ( OPP), Environmental Protection Agency, Rm. 119, Crystal Mall # 2, 1921 Jefferson Davis Hwy., Arlington, VA, Attention: Docket ID Number OPP 2003   0369. Such deliveries are only accepted during the docket's normal hours of operation as identified in Unit I. B. 1.

D. How Should I Submit CBI to the Agency?

Do not submit information that you consider to be CBI electronically through EPA's electronic public docket or by e mail. You may claim information that you submit to EPA as CBI by marking any part or all of that information as CBI ( if you submit CBI on disk or CD ROM, mark the outside of the disk or CD ROM as CBI and then identify electronically within the disk or CD ROM the specific information that is CBI). Information so marked will not be disclosed except in accordance with procedures set forth in 40 CFR part 2. In addition to one complete version of the comment that includes any information claimed as CBI, a copy of the comment that does not contain the information claimed as CBI must be submitted for inclusion in the public docket and EPA's electronic public docket. If you submit the copy that does not contain CBI on disk or CD ROM, mark the outside of the disk or CD ROM clearly that it does not contain CBI. Information not marked as CBI will be included in the public docket and EPA's electronic public docket without prior notice. If you have any questions about CBI or the procedures for claiming CBI, please consult the person listed under FOR FURTHER INFORMATION CONTACT.

E. What Should I Consider as I Prepare My Comments for EPA?

You may find the following suggestions helpful for preparing your comments: 1. Explain your views as clearly as possible. 2. Describe any assumptions that you used. 3. Provide copies of any technical information and/ or data you used that support your views. 4. If you estimate potential burden or costs, explain how you arrived at the estimate that you provide. 5. Provide specific examples to illustrate your concerns. 6. Offer alternative ways to improve the notice. 7. Make sure to submit your comments by the deadline in this document. 8. To ensure proper receipt by EPA, be sure to identify the docket ID number assigned to this action in the subject line on the first page of your response. You may also provide the name, date, and Federal Register citation.

VerDate jul< 14> 2003 16: 30 Jan 22, 2004 Jkt 203001 PO 00000 Frm 00040 Fmt 4703 Sfmt 4703 E:\ FR\ FM\ 23JAN1. SGM 23JAN1 3344 Federal Register / Vol. 69, No. 15 / Friday, January 23, 2004 / Notices II. Background A. What Action is the Agency Taking?

EPA is making available risk assessments that have been developed as part of the Agency's public participation process for making reregistration eligibility and tolerance reassessment decisions for the organophosphate and other pesticides consistent with FFDCA, as amended by FQPA. The Agency's human health risk assessment and other related documents for oryzalin are available in the individual pesticide docket. As additional comments, reviews, and risk assessment modifications become available, these will also be docketed for oryzalin. The Agency cautions that the oryzalin risk assessment is preliminary and that further refinements may be appropriate. These documents reflect only the work and analysis conducted as of the time they were produced and it is appropriate that, as new information becomes available and/ or additional analyses are performed, the conclusions they contain may change. EPA is providing an opportunity, through this notice, for interested parties to provide written comments and input to the Agency on the risk assessment for the pesticide specified in this notice. Such comments and input could address, for example, the availability of additional data to further refine the risk assessment, such as percent crop treated information or submission of residue data from food processing studies, or could address the Agency's risk assessment methodologies and assumptions as applied to this specific chemical. Comments should be limited to issues raised within the risk assessment and associated documents. EPA will provide other opportunities for public comment on other science issues associated with the pesticide tolerance reassessment program. Failure to comment on any such issues as part of this opportunity will in no way prejudice or limit a commenter's opportunity to participate fully in later notice and comment processes. All comments should be submitted by [ insert date 60 days after date of publication in theFederal Register] using the methods in Unit I. of the SUPPLEMENTARY INFORMATION. Comments will become part of the Agency record for oryzalin.

List of Subjects Environmental protection, Chemicals, Pesticides and pests. Dated: January 16, 2004. Peter Caulkins, Acting Director, Special Review and Reregistration Division, Office of Pesticide Programs. [ FR Doc. 04   1450 Filed   1   22   04; 8: 45 am]

BILLING CODE 6560   50   S ENVIRONMENTAL PROTECTION AGENCY [ OPPT   2004   0004]; FRL   7342   8]

Certain New Chemicals; Receipt and Status Information AGENCY: Environmental Protection Agency ( EPA). ACTION: Notice.

SUMMARY: Section 5 of the Toxic Substances Control Act ( TSCA) requires any person who intends to manufacture ( defined by statute to include import) a new chemical ( i. e., a chemical not on the TSCA Inventory) to notify EPA and comply with the statutory provisions pertaining to the manufacture of new chemicals. Under sections 5( d)( 2) and 5( d)( 3) of TSC, EPA is required to publish a notice of receipt of a premanufacture notice ( PMN) or an application for a test marketing exemption ( TME), and to publish periodic status reports on the chemicals under review and the receipt of notices of commencement to manufacture those chemicals. This status report, which covers the period from December 1, 2003 to December 24, 2003, consists of the PMNs pending or expired, and the notices of commencement to manufacture a new chemical that the Agency has received under TSCA section 5 during this time period. DATES: Comments identified by the docket ID number OPPT   2003   0004 and the specific PMN number or TME number, must be received on or before February 23, 2004. ADDRESSES: Comments may be submitted electronically, by mail, or through hand delivery/ courier. Follow the detailed instructions as provided in Unit I. of the SUPPLEMENTARY INFORMATION.

FOR FURTHER INFORMATION CONTACT: Barbara Cunningham, Director, Environmental Assistance Division, Office of Pollution Prevention and Toxics ( 7408M), Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460   0001; telephone number: ( 202) 554   1404; e mail address: TSCAHotline epa. gov.

SUPPLEMENTARY INFORMATION: I. General Information A. Does this Action Apply to Me? This action is directed to the public in general. As such, the Agency has not attempted to describe the specific entities that this action may apply to. Although others may be affected, this action applies directly to the submitter of the premanufacture notices addressed in the action. If you have any questions regarding the applicability of this action to a particular entity, consult the person listed under FOR FURTHER INFORMATION CONTACT.

B. How Can I Get Copies of this Document and Other Related Information? 1. Docket. EPA has established an official public docket for this action under docket identification ( ID) number OPPT   2003   0004. The official public docket consists of the documents specifically referenced in this action, any public comments received, and other information related to this action. Although a part of the official docket, the public docket does not include Confidential Business Information ( CBI) or other information whose disclosure is restricted by statute. The official public docket is the collection of materials that is available for public viewing at the EPA Docket Center, Rm. B102 Reading Room, EPA West, 1301 Constitution Ave., NW., Washington, DC. The EPA Docket Center is open from 8: 30 a. m. to 4: 30 p. m., Monday through Friday, excluding legal holidays. The EPA Docket Center Reading Room telephone number is ( 202) 566   1744 and the telephone number for the OPPT Docket, which is located in EPA Docket Center, is ( 202) 566   0280. 2. Electronic access. You may access this Federal Register document electronically through the EPA Internet under the `` Federal Register'' listings at http:// www. epa. gov/ fedrgstr/. An electronic version of the public docket is available through EPA's electronic public docket and comment system, EPA Dockets. You may use EPA Dockets at http:// www. epa. gov/ edocket/ to submit or view public comments, access the index listing of the contents of the official public docket, and to access those documents in the public docket that are available electronically. Although not all docket materials may be available electronically, you may still access any of the publicly available docket materials through the docket facility identified in Unit I. B. 1. Once in the system, select `` search,'' then key in the appropriate docket ID number. Certain types of information will not be placed in the EPA Dockets.

VerDate jul< 14> 2003 16: 30 Jan 22, 2004 Jkt 203001 PO 00000 Frm 00041 Fmt 4703 Sfmt 4703 E:\ FR\ FM\ 23JAN1. SGM 23JAN1