[Federal Register Volume 80, Number 107 (Thursday, June 4, 2015)]
[Notices]
[Pages 31934-31943]
[FR Doc No: 2015-13615]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75071; File No. SR-NYSEArca-2015-44]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the SPDR[supreg]
SSgA Flexible Allocation ETF Under NYSE Arca Equities Rule 8.600

May 29, 2015.
    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 May 15, 2015, NYSE Arca, Inc. (the ``Exchange'' of ``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. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the SPDR[supreg]
SSgA Flexible Allocation ETF under NYSE Arca Equities Rule 8.600. 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
SPDR[supreg] SSgA Flexible Allocation ETF (the ``Fund'') under NYSE
Arca Equities Rule 8.600, which governs the listing and trading of
Managed Fund Shares \3\ on the Exchange.\4\ The Shares will be offered
by SSgA Active ETF Trust (the ``Trust''), which is organized as a
Massachusetts business trust and is registered with the Commission as
an open-end management investment company.\5\ SSgA Funds Management,
Inc. (the ``Adviser'') will serve as the investment adviser to the
Fund. State Street Global Markets, LLC (the ``Distributor'' or
``Principal Underwriter'') will be the principal underwriter and
distributor of the Fund's Shares. State Street Bank and Trust Company
(the ``Administrator,'' ``Custodian'' or ``Transfer Agent'') will serve
as administrator, custodian and transfer agent for the Fund.
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    \3\ 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.
    \4\ The Commission has previously approved listing and trading
on the Exchange of a number of actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 57801 (May 8,
2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order
approving Exchange listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 66343 (February 7, 2012), 77 FR 7647
(February 13, 2012) (SR-NYSEArca-2011-85) (order approving listing
of five funds of the SSgA Active ETF Trust); 70342 (September 6,
2013), 78 FR 56256 (September 12, 2013) (SR-NYSEArca-2013-71) (order
approving listing of the SPDR SSgA Ultra Short Term Bond ETF; SPDR
SSgA Conservative Ultra Short Term Bond ETF; and SPDR SSgA
Aggressive Ultra Short Term Bond ETF); and 62502 (March 21, 2014),
79 FR 17206 (March 27, 2014) (SR-NYSEArca-2014-11) (order approving
listing of SPDR SSgA Risk Aware ETF, SPDR SSgA Large Cap Risk Aware
ETF and SPDR SSgA Small Cap Risk Aware ETF).
    \5\ The Trust is registered under the 1940 Act. On December 18,
2013, 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) (``Securities Act''), and under the 1940 Act
relating to the Fund (File Nos. 333-173276 and 811-22542)
(``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. 29524 (December 13, 2010) (File
No. 812-13487) (``Exemptive Order'').
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    Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\6\ 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. 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 a registered broker-dealer but is affiliated with a
broker-dealer and has implemented a ``fire wall'' with respect to such
broker-dealer regarding access to information concerning the
composition and/or changes to the Fund's portfolio. In the event (a)
the Adviser or any sub-adviser becomes registered as a broker-dealer or
becomes newly affiliated with a broker-dealer, or (b) any new adviser
or sub-adviser is a registered broker-dealer or becomes affiliated with
a broker-dealer, it will implement a fire wall with respect to its
relevant personnel or broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
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    \6\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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Principal Investments
    According to the Registration Statement, the Fund will seek to
provide long-term total return. The Fund will be actively managed and
will not seek to replicate the performance of a specified index.
    According to the Registration Statement, under normal
circumstances,\7\ the Fund will invest substantially all of its assets
in the SSgA Flexible Allocation Portfolio (``Portfolio''), a separate
series of the SSgA Master Trust with an identical investment objective
as the Fund. As a result, the Fund will invest indirectly in all of the
securities and assets owned by the Portfolio.\8\ The Adviser will
allocate the Portfolio's assets among a variety of asset classes,
market capitalization ranges, and market sectors selected by the
Adviser. In selecting investments for the Portfolio, the Adviser will
employ a tactical asset allocation strategy based on signals provided
by models developed by the Adviser.
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    \7\ The term ``under normal circumstances'' includes, but is not
limited to, the absence of extreme volatility or trading halts in
the equity markets or the financial markets generally; operational
issues causing dissemination of inaccurate market information; or
force majeure type events such as systems failure, natural or man-
made disaster, act of God, armed conflict, act of terrorism, riot or
labor disruption or any similar intervening circumstance.
    \8\ The Fund is intended to be managed in a ``master-feeder''
structure, under which the Fund will invest substantially all of its
assets in a corresponding Portfolio (i.e. a ``master fund''), which
is a separate 1940 Act-registered mutual fund that has an identical
investment objective. As a result, the Fund (i.e., the ``feeder
fund'') will have an indirect interest in all of the securities and
other assets owned by the Portfolio. Because of this indirect
interest, the Fund's investment returns should be the same as those
of the Portfolio, adjusted for the expenses of the Fund. In
extraordinary instances, the Fund reserves the right to make direct
investments in securities.
    The Adviser will manage the investments of the Portfolio. Under
the master-feeder arrangement, and pursuant to the investment
advisory agreement between the Adviser and the Trust, investment
advisory fees charged at the Portfolio level will be deducted from
the advisory fees charged at the Fund level. This arrangement avoids
a ``layering'' of fees. In extraordinary instances, the Fund
reserves the right to make direct investments in securities to meet
its investment objectives directly. In addition, the Fund may
discontinue investing through the master-feeder arrangement and
pursue its investment objectives directly if the Fund's Board of
Trustees (``Board'') determines that doing so would be in the best
interests of shareholders.
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    According to the Registration Statement, these models, which
include both macro-economic and financial parameters, are designed to
identify market strategies and develop a portfolio allocation that
takes advantage of high-risk asset classes in favorable market
conditions while limiting the Portfolio's exposure to such asset
classes in unfavorable markets. In utilizing these models, the Adviser
will seek to diversify the Portfolio's holdings by gaining exposure to
a wide range of asset classes, including real estate (including real
estate investment trusts (``REITs'')); equity and fixed income
securities, including high yield debt securities (commonly referred to
as ``junk bonds''); commodities; instruments that seek to track
movements in volatility indices; and cash and cash equivalents or money
market instruments.\9\ The Portfolio's investments will range across
domestic and international markets (including emerging markets). In
seeking long-term total return, the Adviser will target a return that
exceeds one-month London Interbank Offered Rate (``LIBOR'') by at least
4% every year over a five-year investment timeframe, although there is
no guarantee that this target will be achieved.
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    \9\ Money market instruments are generally short-term
investments that may include but are not limited to: (i) Shares of
money market funds (including those advised by the Adviser); (ii)
obligations issued or guaranteed by the U.S. government, its
agencies or instrumentalities (including government-sponsored
enterprises); (iii) negotiable certificates of deposit (``CDs''),
bankers' acceptances, fixed time deposits and other obligations of
U.S. and foreign banks (including foreign branches) and similar
institutions; (iv) commercial paper rated at the date of purchase
``Prime-1'' by Moody's Investor's Service or ``A-1'' by Standard &
Poor's, or if unrated, of comparable quality as determined by the
Adviser; (v) non-convertible corporate debt securities (e.g., bonds
and debentures) with remaining maturities at the date of purchase of
not more than 397 days and that satisfy the rating requirements set
forth in Rule 2a-7 under the 1940 Act; (vi) short-term U.S. dollar-
denominated obligations of foreign banks (including U.S. branches)
that, in the opinion of the Adviser, are of comparable quality to
obligations of U.S. banks which may be purchased by the Portfolio;
and (vii) variable rate demand notes.
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    According to the Registration Statement, the Adviser's allocation
policy will involve adjusting the weightings of the Portfolio's
holdings of the various asset classes in a proactive manner in an
effort to optimize the Portfolio's risk/return ratio while complying
with the Portfolio's investment constraints.
    The Adviser will implement its asset allocation decisions primarily
through exchange traded products (``ETPs'').\10\ The Portfolio may also
buy and sell futures contracts based on the Chicago Board Options
Exchange Volatility Index (``VIX Futures'') and equity options
(including options on ETPs).\11\
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    \10\ ETPs 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); ZManaged [sic] 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. While
the Fund may invest in inverse ETPs, the Fund will not invest in
leveraged or inverse leveraged ETPs (e.g., 2X or 3X).
    \11\ The Portfolio may invest up to 20% of its assets in
derivatives, including VIX Futures and equity options. See note 23,
infra, and accompanying text.
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    ETPs include exchange traded funds (``ETFs'') registered under the
1940 Act (``Underlying ETFs''),\12\ exchange traded commodity trusts
\13\ and exchange traded notes (``ETNs'').\14\ The Portfolio may also
invest in ETPs that are qualified publicly traded partnerships
(``QPTPs''). A QPTP is an entity that is treated as a partnership for
federal income tax purposes, subject to certain

requirements.\15\ In addition, the Portfolio may invest in certain ETPs
that pay fees to the Adviser and its affiliates for management,
marketing or other services.
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    \12\ ETFs are securities registered under the 1940 Act such as
those listed and traded on the Exchange under NYSE Arca Equities
Rules 5.2(j)(3) (Investment Company Units), 8.100 (Portfolio
Depositary Receipts) and 8.600 (Managed Fund Shares).
    \13\ An exchange traded commodity trust is a pooled trust that
invests in physical commodities or commodity futures, and issues
shares that are traded on a securities exchange that may trade at a
discount or premium to the value of the holdings of the trusts.
    \14\ According to the Registration Statement, ETNs are debt
obligations of investment banks which are traded on exchanges and
the returns of which are linked to the performance of market
indexes. In addition to trading ETNs on exchanges, investors may
redeem ETNs directly with the issuer on a weekly basis, typically in
a minimum about of 50,000 units, or hold the ETNs until maturity.
ETNs are listed and traded on the Exchange under NYSE Arca Equities
Rule 5.2(j)(6) (``Index-Linked Securities'').
    \15\ Income from QPTPs is generally qualifying income for
purposes of Subchapter M of the Internal Revenue Code. See 26 U.S.C.
851 et seq.
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    The Underlying ETFs may include actively-managed ETFs and index-
based ETFs, which seek to provide investment results that match the
performance of an index by holding in its portfolio either the contents
of the index or a representative sample of the securities in the index.
Alternatively, ETFs may be structured as grantor trusts or other forms
of pooled investment vehicles that are not registered or regulated
under the 1940 Act. These ETFs typically hold commodities, precious
metals, currency or other non-securities investments. The Portfolio may
invest up to 25% of its total assets in one or more ETPs that are QPTPs
and whose principal activities are the buying and selling of
commodities or options, futures, or forwards with respect to
commodities.\16\
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    \16\ Examples of such entities are the PowerShares DB Energy
Fund, PowerShares DB Oil Fund, PowerShares DB Gold Fund, PowerShares
DB Silver Fund, and PowerShares DB Agriculture Fund, which are
listed and traded on the Exchange pursuant to NYSE Arca Equities
Rule 8.200.
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Non-Principal Investments
    While under normal circumstances \17\ the Adviser will invest the
Portfolio's net assets as described above, the Adviser may invest the
Portfolio's net assets in other securities and financial instruments,
as described below.
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    \17\ See note 7, supra. As noted above, in extraordinary
instances, the Fund reserves the right to make direct investments in
securities to meet its investment objectives directly.
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    According to the Registration Statement, in the absence of normal
circumstances the Fund may (either directly or through the
corresponding Portfolio) temporarily depart from its normal investment
policies and strategies provided that the alternative is consistent
with the Fund's investment objective and is in the best interest of the
Fund. For example, the Fund may hold a higher than normal proportion of
its assets in cash in times of extreme market stress.
    The investment practices of the Portfolio are the same in all
material respects to those of the Fund.
    According to the Registration Statement, the Portfolio may invest
in the following types of investments: Convertible securities; variable
rate demand notes; U.S. government and U.S. government agency
securities; short term instruments, including money market instruments;
\18\ repurchase agreements, cash and cash equivalents on an ongoing
basis to provide liquidity or for other reasons. The Portfolio may
invest in equity and fixed income securities. Not more than 10% of the
net assets of the Fund will consist of equity securities that trade in
markets that are not members of the Intermarket Surveillance Group
(``ISG'') or are not parties to a comprehensive surveillance sharing
agreement with the Exchange.
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    \18\ See note 9, supra.
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    According to the Registration Statement, the Portfolio may invest
in convertible securities. Convertible securities are bonds,
debentures, notes, preferred stocks or other securities that may be
converted or exchanged (by the holder or by the issuer) into shares of
the underlying common stock (or cash or securities of equivalent value)
at a stated exchange ratio. A convertible security may also be called
for redemption or conversion by the issuer after a particular date and
under certain circumstances (including a specified price) established
upon issue.
    According to the Registration Statement, the Portfolio may purchase
publicly traded common stocks and preferred securities of domestic and
foreign corporations. According to the Registration Statement, the
Portfolio may invest in U.S. government obligations and U.S. government
agency securities. U.S. government obligations are a type of bond. U.S.
government obligations include securities issued or guaranteed as to
principal and interest by the U.S. government, its agencies or
instrumentalities.
    According to the Registration Statement, the Portfolio may invest
in repurchase agreements with commercial banks, brokers or dealers to
generate income from its excess cash balances and to invest securities
lending cash collateral. A repurchase agreement is an agreement under
which a fund acquires a financial instrument (e.g., a security issued
by the U.S. government or an agency thereof, a banker's acceptance or a
certificate of deposit) from a seller, subject to resale to the seller
at an agreed upon price and date (normally, the next business day).
    According to the Registration Statement, the Portfolio may invest
in bonds, including U.S. registered, dollar-denominated bonds of
foreign corporations, governments, agencies and supra-national
entities.\19\
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    \19\ The Portfolio may invest a portion of its assets in Build
America Bonds. The Build America Bond program allows state and local
governments to issue taxable bonds for capital projects and to
receive a direct federal subsidy payment from the Treasury
Department for a portion of their borrowing costs.
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    According to the Registration Statement, the Portfolio may invest
in sovereign debt. Sovereign debt obligations are issued or guaranteed
by foreign governments or their agencies. Sovereign debt may be in the
form of conventional securities or other types of debt instruments such
as loans or loan participations. The Portfolio may invest up to 10% of
its net assets in high yield debt securities.
    According to the Registration Statement, the Portfolio may invest
in inflation-protected public obligations, commonly known as ``TIPS,''
of the U.S. Treasury, as well as TIPS of major governments and emerging
market countries, excluding the United States. TIPS are a type of
security issued by a government that are designed to provide inflation
protection to investors.
    According to the Registration Statement, the Portfolio may invest
in variable and floating rate securities.\20\ Variable rate securities
are instruments issued or guaranteed by entities such as (1) the U.S.
government or an agency or instrumentality thereof, (2) corporations,
(3) financial institutions, (4) insurance companies, or (5) trusts that
have a rate of interest subject to adjustment at regular intervals but
less frequently than annually. According to the Registration Statement,
the Portfolio may invest in Variable Rate Demand Obligations
(``VRDOs''). VRDOs are short-term tax exempt fixed income instruments
whose yield is reset on a periodic basis. VRDO securities tend to be
issued with long maturities of up to 30 or 40 years; however, they are
considered short-term instruments because they include a put feature
which coincides with the periodic yield reset.
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    \20\ A variable rate security provides for the automatic
establishment of a new interest rate on set dates. A floating rate
security provides for the automatic adjustment of its interest rate
whenever a specified interest rate changes. Interest rates on these
securities are ordinarily tied to, and are a percentage of, a widely
recognized interest rate, such as the yield on 90-day U.S. Treasury
bills or the prime rate of a specified bank.
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    According to the Registration Statement, the Portfolio may invest
in restricted securities. Restricted securities are securities that are
not registered under the Securities Act, but which can be offered and
sold to ``qualified institutional buyers'' under Rule 144A under the
Securities Act.\21\

When Rule 144A restricted securities present an attractive investment
opportunity and meet other selection criteria, the Portfolio may make
such investments depending on the market that exists for the particular
security. The Board has delegated the responsibility for determining
the liquidity of Rule 144A restricted securities that the Portfolio may
invest in to the Adviser.\22\
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    \21\ According to the Registration Statement, when Rule 144A
restricted securities present an attractive investment opportunity
and meet other selection criteria, the Portfolio may make such
investments whether or not such securities are ``illiquid''
depending on the market that exists for the particular security. The
Board has delegated the responsibility for determining the liquidity
of Rule 144A restricted securities that the Portfolio may invest in
to the Adviser. See note 27, infra.
    \22\ In reaching liquidity decisions, the Adviser may consider
the following factors: The frequency of trades and quotes for the
security; the number of dealers wishing to purchase or sell the
security and the number of other potential purchasers; dealer
undertakings to make a market in the security; and the nature of the
security and the nature of the marketplace in which it trades (e.g.,
the time needed to dispose of the security, the method of soliciting
offers and the mechanics of transfer) and the nature of the
marketplace trades (e.g., the time needed to dispose of the
security, the method of soliciting offers, and the mechanics of
transfer).
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    According to the Registration Statement, in addition to ETPs, the
Portfolio may invest in the securities of other investment companies,
including affiliated funds, money market funds and closed-end funds,
subject to applicable limitations under Section 12(d)(1) of the 1940
Act.
    According to the Registration Statement, the Portfolio may invest
in REITs. According to the Registration Statement, the Portfolio may
enter into reverse repurchase agreements.
    In addition to the VIX Futures and equity options described under
``Principal Investments,'' the Portfolio may also invest in options,
swaps, forward contracts and futures contracts, for hedging purposes or
to provide exposure to a particular issuer, industry, sector or
country.\23\
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    \23\ The Portfolio may invest up to 20% of its assets in
derivatives, including VIX Futures and equity options.
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    According to the Registration Statement, the Portfolio will only
invest in exchange-traded futures contracts. According to the
Registration Statement, futures contracts generally provide for the
future sale by one party and purchase by another party of a specified
commodity or security at a specified future time and at a specified
price. Index futures contracts are settled daily with a payment by one
party to the other of a cash amount based on the difference between the
level of the index specified in the contract from one day to the next.
    According to the Registration Statement, the Portfolio may invest
in both exchange traded and over-the-counter (``OTC'') traded options.
According to the Registration Statement, the Portfolio may purchase and
sell put and call options. Such options may relate to particular
securities and may or may not be listed on a national securities
exchange and issued by the Options Clearing Corporation. The Fund may
engage in short sales ``against the box.'' In a short sale against the
box, the Fund agrees to sell at a future date a security that it either
contemporaneously owns or has the right to acquire at no extra cost.
    According to the Registration Statement, the Portfolio may enter
into swap agreements, including interest rate, index and total return
swap agreements. Swap agreements are contracts between parties in which
one party agrees to make periodic payments to the other party based on
the change in market value or level of a specified rate, index or
asset. In return, the other party agrees to make payments to the first
party based on the return of a different specified rate, index or
asset. In the case of a credit default swap (``CDS''), the contract
gives one party (the buyer) the right to recoup the economic value of a
decline in the value of debt securities of the reference issuer if the
credit event (a downgrade or default) occurs.
    According to the Registration Statement, the Portfolio may conduct
foreign currency transactions on a spot (i.e., cash) or forward basis
(i.e., by entering into forward contracts to purchase or sell foreign
currencies). At the discretion of the Adviser, the Portfolio may enter
into forward currency exchange contracts for hedging purposes to help
reduce the risks and volatility caused by changes in foreign currency
exchange rates.
Investment Restrictions
    According to the Registration Statement, the Portfolio and Fund
will each be classified as ``diversified.'' \24\ According to the
Registration Statement, the Portfolio and the Fund do not intend to
concentrate their investments in any particular industry.\25\
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    \24\ The diversification standard is set forth in Section
5(b)(1) of the 1940 Act (15 U.S.C. 80a-5(b)(1)).
    \25\ 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).
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    According to the Registration Statement, the Portfolio and the Fund
intend to maintain the required level of diversification and otherwise
conduct its operations so as to qualify as a ``regulated investment
company'' for purposes of the Internal Revenue Code of 1986.\26\
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    \26\ 26 U.S.C. 851 et seq.
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    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Adviser,
consistent with Commission guidance, and repurchase agreements having
maturities longer than seven days.\27\ The Fund will monitor its
portfolio liquidity on an ongoing basis to determine whether, in light
of current circumstances, an adequate level of liquidity is being
maintained, and will consider taking appropriate steps in order to
maintain adequate liquidity if, through a change in values, net assets,
or other circumstances, more than 15% of the Fund's net assets are held
in illiquid assets. Illiquid assets include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.\28\
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    \27\ The Board has delegated the responsibility for determining
the liquidity of Rule 144A Restricted Securities that the Portfolio
may invest in to the Adviser. In reaching liquidity decisions, the
Adviser may consider the following factors: The frequency of trades
and quotes for the security; the number of dealers wishing to
purchase or sell the security and the number of other potential
purchasers; dealer undertakings to make a market in the security;
and the nature of the security and the nature of the marketplace in
which it trades (e.g., the time needed to dispose of the security,
the method of soliciting offers and the mechanics of transfer) and
the nature of the marketplace trades (e.g., the time needed to
dispose of the security, the method of soliciting offers, and the
mechanics of transfer).
    \28\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also, Investment Company
Act Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31,
1970) (Statement Regarding ``Restricted Securities''); Investment
Company Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March
20, 1992) (Revisions of Guidelines to Form N-1A). A fund's portfolio
security is illiquid if it cannot be disposed of in the ordinary
course of business within seven days at approximately the value
ascribed to it by the fund. See Investment Company Act Release No.
14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting
amendments to Rule 2a-7 under the 1940 Act); Investment Company Act
Release No. 17452 (April 23, 1990), 55 FR 17933 (April 30, 1990)
(adopting Rule 144A under the 1933 Act).
---------------------------------------------------------------------------

    The Fund's investments will be consistent with the Fund's
investment objectives and will not be used to enhance leverage.
Net Asset Value
    According to the Registration Statement, the Fund will calculate
net asset value (``NAV'') using the NAV of the Portfolio. To the extent
that the Fund invests in instruments other than those in the Portfolio,
the Fund will calculate its NAV based on all assets.

    NAV per Share for the Fund will be computed by dividing the value
of the net assets of the Portfolio (i.e., the value of its total assets
less total liabilities) by the total number of Shares outstanding,
rounded to the nearest cent. Expenses and fees, including the
management fees, will be accrued daily and taken into account for
purposes of determining NAV. The NAV of the Portfolio will be
calculated by the Custodian and determined at the close of the regular
trading session on the New York Stock Exchange (ordinarily 4:00 p.m.
Eastern time (``E.T.'')) on each day that such exchange is open. Fixed-
income assets will generally be valued as of the announced closing time
for trading in fixed-income instruments in a particular market or
exchange. Creation/redemption order cut-off times (as described further
below) may also be earlier on such days.
    According to the Adviser, the Portfolio's investments will be
valued at market value or, in the absence of market value with respect
to any investment, at fair value in accordance with valuation
procedures adopted by the Board of Trustees of the SSgA Master Trust
and the Board of Trustees of the SSgA Active ETF Trust \29\ (the
``Board'') and in accordance with the 1940 Act.
---------------------------------------------------------------------------

    \29\ The Board of Trustees of the SSgA Master Trust and the
Board of Trustees of the SSgA Active ETF Trust have adopted the same
valuation procedures.
---------------------------------------------------------------------------

    In calculating the Portfolio's NAV per Share, the Portfolio's
investments will generally be valued using market valuations. A market
valuation generally means a valuation (i) obtained from an exchange, a
pricing service, or a major market maker (or dealer), (ii) based on a
price quotation or other equivalent indication of value supplied by an
exchange, a pricing service, or a major market maker (or dealer), or
(iii) based on amortized cost. In the case of shares of other funds
that are not traded on an exchange, a market valuation means such
fund's published NAV per share. The Adviser may use various pricing
services, or discontinue the use of any pricing service, as approved by
the Board of the SSgA Master Trust from time to time. A price obtained
from a pricing service based on such pricing service's valuation matrix
may be considered a market valuation.
    Equity securities traded on a national securities exchange,
including ETPs, common and preferred stock, preferred securities, REITs
and investment company securities (collectively, ``U.S. Exchange-traded
Securities''), will be valued at the last reported sale price or the
official closing price on that exchange where the stock is primarily
traded on the day that the valuation is made. Foreign exchange-traded
common stocks and preferred securities will be valued at the last sale
or official closing price on the relevant exchange on the valuation
date. Equity securities traded in the OTC market will be valued at the
last reported sale price on the valuation date. Restricted securities
will be valued at bid prices received from independent pricing services
as of the announced closing time for trading in such instruments. If,
however, neither the last sale price nor the official closing price is
available, each of these securities will be valued at either the last
reported sale price or official closing price as of the close of
regular trading of the principal market on which the security is listed
consistent with the respective primary benchmark. OTC-traded preferred
securities and OTC-traded convertible securities will be valued based
on price quotations obtained from a broker-dealer who makes markets in
such securities or other equivalent indications of value provided by a
third-party pricing service. Securities of investment companies other
than ETPs registered under the 1940 Act, including affiliated funds,
money market funds and closed-end funds, will be valued at NAV.
    Fixed income securities, including money market instruments,
convertible securities, variable rate demand notes, U.S. government and
U.S. government agency securities, bonds (including bonds of foreign
corporations, governments, agencies and supra-national entities), other
sovereign debt, TIPs, VRDOs, repurchase agreements and reverse
repurchase agreements, will generally be valued at bid prices received
from independent pricing services as of the announced closing time for
trading in fixed-income instruments in the respective market or
exchange. In determining the value of a fixed income investment,
pricing services determine valuations for normal institutional-size
trading units of such securities using valuation models or matrix
pricing, which incorporates yield and/or price with respect to bonds
that are considered comparable in characteristics such as rating,
interest rate and maturity date and quotations from securities dealers
to determine current value. Short-term investments that mature in less
than 60 days when purchased will be valued at cost adjusted for
amortization of premiums and accretion of discounts.
    Exchange-traded futures contracts, including VIX Futures, will be
valued at the settlement price determined by the applicable exchange.
Exchange-traded option contracts, including options on futures, will be
valued at their most recent sale price. If no such sales are reported,
these contracts will be valued at their most recent bid price. In
certain cases, some of the Fund's exchange-traded derivative securities
may be valued at the mean between the last available bid and ask
prices.
    OTC-traded derivative securities, including options, swaps, and
currency-forwards will normally be valued on the basis of quotes
obtained from a third-party broker-dealer who makes markets in such
securities or on the basis of quotes obtained from a third-party
pricing service.
    Any assets or liabilities denominated in currencies other than the
U.S. dollar will be converted into U.S. dollars at market rates on the
date of valuation (generally as of 4:00 p.m. Greenwich Mean Time) as
quoted by one or more sources. Forward foreign currency contracts will
be valued based upon the difference in the forward exchange rates at
the dates of entry into the contracts and the forward rates as of the
current valuation date as quoted by one or more independent sources.
    In the event that current market valuations are not readily
available or such valuations do not reflect current market value, the
SSgA Master Trust's procedures require the Pricing and Investment
Committee (``Committee'') to determine a security's fair value if a
market price is not readily available, in accordance with the 1940
Act.\30\ In determining such value the Committee may consider, among
other things, (i) price comparisons among multiple sources, (ii) a
review of corporate actions and news events, and (iii) a review of
relevant financial indicators (e.g., movement in interest rates, market
indices, and prices from the Portfolio's index provider). In these
cases, the

Portfolio's NAV may reflect certain portfolio securities' fair values
rather than their market prices.
---------------------------------------------------------------------------

    \30\ If a security's market price is not readily available or
does not otherwise accurately reflect the fair value of the
security, the security will be valued by another method that the
Board believes will better reflect fair value in accordance with the
Trust's valuation policies and procedures and in accordance with the
1940 Act. The Board has delegated the process of valuing securities
for which market quotations are not readily available or do not
otherwise accurately reflect the fair value of the security to the
Committee. The Committee, subject to oversight by the Board, may use
fair value pricing in a variety of circumstances, including but not
limited to, situations when trading in a security has been suspended
or halted. Accordingly, the Portfolio's NAV may reflect certain
securities' fair values rather than their market prices. Fair value
pricing involves subjective judgments and it is possible that the
fair value determination for a security is materially different than
the value that could be received on the sale of the security. The
Committee has implemented procedures designed to prevent the use and
dissemination of material, non-public information regarding the
Portfolio and the Fund.
---------------------------------------------------------------------------

    The pre-established pricing methods and valuation policies and
procedures outlined above may change, subject to the review and
approval of the Committee and Board, as necessary.
Creation and Redemption of Shares
    According to the Registration Statement, the Fund will offer and
issue Shares only in aggregations of a specified number of Shares
(each, a ``Creation Unit''). Creation Unit sizes will be 50,000 Shares
per Creation Unit. The Creation Unit size for the Fund may change. The
Fund will issue and redeem Shares only in Creation Units on a
continuous basis at the NAV per share next determined after receipt of
an order on a Business Day. The NAV of the Fund will be determined once
each Business Day, normally as of the close of trading on the New York
Stock Exchange (normally, 4:00 p.m., E.T.). An order to purchase or
redeem Creation Units will be deemed to be received on the Business Day
on which the order is placed provided that the order is placed in
proper form prior to the applicable cut-off time (typically required by
2:00 p.m. E.T.). A ``Business Day'' with respect to the Fund will be,
generally, any day on which the New York Stock Exchange is open for
business.
    Creation/redemption order cut-off times may be earlier on any day
that the Securities Industry and Financial Markets Association
(``SIFMA'') (or applicable exchange or market on which the Portfolio's
investments are traded) announces an early closing time.
    The consideration for purchase of a Creation Unit of the Fund will
generally consist of the in-kind deposit of a designated portfolio of
securities (the ``Deposit Securities'') per each Creation Unit and a
specified cash payment (the ``Cash Component''). However, consideration
may consist of the cash value of the Deposit Securities (``Deposit
Cash'') and Cash Component.
    Together, the Deposit Securities or Deposit Cash, as applicable,
and the Cash Component will constitute the ``Fund Deposit,'' which
represents the minimum initial and subsequent investment amount for a
Creation Unit of the Fund. The ``Cash Component'' is an amount equal to
the difference between the NAV of the Shares (per Creation Unit) and
the market value of the Deposit Securities or Deposit Cash, as
applicable. If the Cash Component is a positive number (i.e., the net
asset value per Creation Unit exceeds the market value of the Deposit
Securities or Deposit Cash, as applicable), the Cash Component shall be
such positive amount. If the Cash Component is a negative number (i.e.,
the net asset value per Creation Unit is less than the market value of
the Deposit Securities or Deposit Cash, as applicable), the Cash
Component shall be such negative amount and the creator will be
entitled to receive cash in an amount equal to the Cash Component. The
Cash Component serves the function of compensating for any differences
between the NAV per Creation Unit and the market value of the Deposit
Securities or Deposit Cash, as applicable.
    The Custodian, through the National Securities Clearing
Corporation, will make available on each Business Day, immediately
prior to the opening of business on the Exchange (currently 9:30 a.m.,
E.T.), the list of the names and the required number of shares of each
Deposit Security or the required amount of Deposit Cash, as applicable,
to be included in the current Fund Deposit (based on information at the
end of the previous Business Day) for the Fund. Such Fund Deposit is
subject to any applicable adjustments as described in the Registration
Statement, in order to effect purchases of Creation Units of the Fund
until such time as the next-announced composition of the Deposit
Securities or the required amount of Deposit Cash, as applicable, is
made available.
    The Trust reserves the right to permit or require the substitution
of the Deposit Cash to replace any Deposit Security, which shall be
added to the Cash Component, including, without limitation, in
situations where the Deposit Security: (i) May not be available in
sufficient quantity for delivery, (ii) may not be eligible for transfer
through the systems of the Depository Trust Company for corporate
securities and municipal securities; (iii) may not be eligible for
trading by an authorized participant or the investor for which it is
acting; (iv) would be restricted under the securities laws or where the
delivery of the Deposit Security to the authorized participant would
result in the disposition of the Deposit Security by the authorized
participant becoming restricted under the securities laws, or (v) in
certain other situations in accordance with the Exemptive Order.\31\
---------------------------------------------------------------------------

    \31\ To be eligible to be an authorized participant, an entity
must (a) enter into a participant agreement and (b) be a broker-
dealer or other participant in the clearing process through the
Continuous Net Settlement System of the NSCC or a DTC participant.
---------------------------------------------------------------------------

    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 Transfer Agent and only on a Business Day.
    With respect to the Fund, the Custodian, through the NSCC, will
make available immediately prior to the opening of business on the
Exchange (currently 9:30 a.m. E.T.) on each Business Day, the list of
the names and share quantities of the Fund's portfolio securities that
will be applicable (subject to possible amendment or correction) to
redemption requests received in proper form on that day (``Fund
Securities''). Fund Securities received on redemption may not be
identical to Deposit Securities.
    Redemption proceeds for a Creation Unit will be paid either in-kind
or in cash or a combination thereof, as determined by the Trust. With
respect to in-kind redemptions of the Fund, redemption proceeds for a
Creation Unit will consist of Fund Securities as announced by the
Custodian on the Business Day of the request for redemption received in
proper form plus cash in an amount equal to the difference between the
NAV of the Shares being redeemed, as next determined after a receipt of
a request in proper form, and the value of the Fund Securities (the
``Cash Redemption Amount''), less a fixed redemption transaction fee
and any applicable additional variable charge as set forth in the
Registration Statement. In the event that the Fund Securities have a
value greater than the net asset value of the Shares, a compensating
cash payment equal to the differential is required to be made by or
through an Authorized Participant by the redeeming shareholder.
Notwithstanding the foregoing, at the Trust's discretion, an Authorized
Participant may receive the corresponding cash value of the securities
in lieu of the in-kind securities value representing one or more Fund
Securities.
    The Trust may, in its discretion, exercise its option to redeem
Shares in cash, and the redeeming Shareholders will be required to
receive their redemption proceeds in cash, as described in the
Registration Statement. The investor will receive a cash payment equal
to the NAV of its Shares based on the NAV of Shares of the Fund next
determined after the redemption request is received in proper form.
Availability of Information
    The Fund's Web site (www.spdrs.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''),\32\ 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 will disclose on its Web site
the Disclosed Portfolio as defined in NYSE Arca Equities Rule
8.600(c)(2) that will form the basis for the Fund's calculation of NAV
at the end of the business day.\33\
---------------------------------------------------------------------------

    \32\ The Bid/Ask Price of the Fund will be determined using the
midpoint 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.
    \33\ 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.
---------------------------------------------------------------------------

    The Fund's disclosure of derivative positions in the Disclosed
Portfolio will include information that market participants can use to
value these positions intraday. On a daily basis, the Fund will
disclose on the Fund's Web site the following information regarding
each portfolio holding, as applicable to the type of holding: Ticker
symbol, CUSIP number or other identifier, if any; a description of the
holding (including the type of holding, such as the type of swap); the
identity of the security, commodity, index, or other asset or
instrument underlying the holding, if any; for options, the option
strike price; quantity held (as measured by, for example, par value,
notional value or number of shares, contracts or units); maturity date,
if any; coupon rate, if any; effective date, if any; market value of
the holding' and the percentage weighting of the holding in the Fund's
portfolio. The Web site information will be publicly available at no
charge. In addition, a basket composition file, which includes the
security names and share quantities required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the New York Stock Exchange via NSCC. The basket represents one
Creation Unit of the Fund.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and the Trust's
Form N-CSR and Form N-SAR, filed twice a year. The Trust's SAI and
Shareholder Reports are available free upon request from the Trust, and
those documents and the Form N-CSR and Form N-SAR may be viewed on-
screen or downloaded from the Commission's Web site at www.sec.gov.
Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. 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 and underlying
U.S. Exchange-traded Securities will be available via the Consolidated
Tape Association (``CTA'') high-speed line. The intra-day, closing and
settlement prices of U.S. Exchange-traded Securities, as well as
exchange-traded futures and foreign exchange-traded common stocks and
preferred securities, will be readily available from the national
securities exchanges trading such securities as well as automated
quotation systems, published or other public sources, or on-line
information services such as Bloomberg or Reuters. Intra-day and
closing price information for exchange-traded options and futures will
be available from the applicable exchange and from major market data
vendors. In addition, price information for U.S. exchange-traded
options is available from the Options Price Reporting Authority.
    Quotation information from brokers and dealers or pricing services
will be available for fixed income securities, including money market
instruments, convertible securities, variable rate demand notes, U.S.
government and U.S. government agency securities, bonds (including
bonds of foreign corporations, governments, agencies and supra-national
entities), other sovereign debt, TIPs, VRDOs, repurchase agreements and
reverse repurchase agreements; spot and forward currency transactions;
and equity securities traded in the OTC market, such as restricted
securities and securities of investment companies other than ETPs
registered under the 1940 Act, including affiliated funds, money market
funds and closed-end funds. Pricing information regarding each asset
class in which the Fund or Portfolio will invest is generally available
through nationally recognized data service providers through
subscription arrangements. Price information regarding OTC-traded
derivative instruments, including, options, swaps, and spot and
currency-related derivatives, as well as equity securities traded in
the OTC market, including Rule 144A Restricted Securities, OTC-traded
preferred securities and OTC-traded convertible securities, is
available from major market data vendors. Pricing information regarding
each asset class in which the Fund or Portfolio will invest will
generally be available through nationally recognized data service
providers through subscription arrangements.
    In addition, the Indicative Optimized Portfolio Value (the Fund
\34\ which is the Portfolio Indicative Value as defined in NYSE Arca
Equities Rule 8.600 (c)(3), will be widely disseminated at least every
15 seconds during the Exchange's Core Trading Session by one or more
major market data vendors.\35\ The dissemination of the IOPV, together
with the Disclosed Portfolio, will allow investors to determine the
value of the underlying portfolio of the Fund and of the Portfolio on a
daily basis and to provide a close estimate of that value throughout
the trading day.
---------------------------------------------------------------------------

    \34\ Premiums and discounts between the IOPV and the market
price may occur. This should not be viewed as a ``real-time'' update
of the NAV per Share of the Fund, which will be calculated only once
a day.
    \35\ 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.\36\ 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.
---------------------------------------------------------------------------

    \36\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of Equity securities. Shares will trade on
the NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m. E.T. in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 \37\ under the Act, as provided by NYSE Arca
Equities Rule 5.3. A minimum of 100,000 Shares for the Fund will be
outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the NAV per Share will be calculated daily and that the NAV and
the Disclosed Portfolio will be made available to all market
participants at the same time.
---------------------------------------------------------------------------

    \37\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 \38\ under the Exchange Act, as provided by
NYSE Arca Equities Rule 5.3. A minimum of 100,000 Shares for the Fund
will be outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the NAV per Share of the Fund will be calculated daily and that
the NAV and the Disclosed Portfolio of the Fund will be made available
to all market participants at the same time.
---------------------------------------------------------------------------

    \38\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws.\39\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and federal securities laws applicable to trading on
the Exchange.
---------------------------------------------------------------------------

    \39\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares and underlying U.S. Exchange-traded
Securities, exchange-traded options, futures, and foreign exchange-
traded common stocks and preferred securities with other markets and
other entities that are members of ISG, and FINRA, on behalf of the
Exchange, may obtain trading information regarding trading in the
Shares and underlying U.S. Exchange-traded Securities, exchange-traded
options, futures, and common stocks and preferred securities of foreign
corporations from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares and
U.S. Exchange-traded Securities, exchange-traded options, futures, and
common stocks and preferred securities of foreign corporations from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing
agreement.\40\ In addition, FINRA, on behalf of the Exchange, is able
to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine (``TRACE''). Not more than 10% of the net assets of
the Fund will consist of equity securities that trade in markets that
are not members of the ISG or are not parties to a comprehensive
surveillance sharing agreement with the Exchange.
---------------------------------------------------------------------------

    \40\ 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.
---------------------------------------------------------------------------

    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 IOPV will not be calculated or publicly
disseminated; (4) how information regarding the IOPV and the Disclosed
Portfolio is disseminated; (5) the requirement that Equity Trading
Permit Holders deliver a prospectus to investors purchasing newly
issued Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information.
    In addition, the Bulletin will reference that 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. E.T. 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) \41\ 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.
---------------------------------------------------------------------------

    \41\ 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
federal securities laws applicable to trading on the Exchange. The
Adviser is not registered as a broker-dealer but is affiliated with a
broker-dealer and has implemented a ``fire wall'' with respect to such
broker-dealer regarding access to information concerning the
composition and/or changes to the Fund's portfolio.
    In addition, the Trust's Pricing and Investment Committee has
implemented procedures designed to prevent the use and dissemination of
material, non-public information regarding the Portfolio and the Fund.
While the Fund may invest in inverse ETFs, the Fund will not invest in
leveraged or inverse leveraged ETFs (e.g., 2X or 3X). The Portfolio may
invest up to 20% of its assets in derivatives, including VIX Futures
and equity options. Not more than 10% of the net assets of the Fund
will consist of equity securities that trade in markets that are not
members of the ISG or are not parties to a comprehensive surveillance
sharing agreement with the Exchange. The Fund may hold up to an
aggregate amount of 15% of its net assets in illiquid assets
(calculated at the time of investment), including Rule 144A assets
deemed illiquid by the Adviser. FINRA, on behalf of the Exchange, will
communicate as needed regarding trading in the Shares and underlying
U.S. Exchange-traded Securities, exchange-traded options, futures, and
common stocks and preferred securities of foreign corporations with
other markets and other entities that are members of ISG, and FINRA, on
behalf of the Exchange, may obtain trading information regarding
trading in the Shares and underlying U.S. Exchange-traded Securities,
exchange-traded options, futures, and foreign exchange-traded common
stocks and preferred securities from such markets and other entities.
In addition, the Exchange may obtain information regarding trading in
the Shares and U.S. Exchange-traded Securities, exchange-traded
options, futures, and common stocks and preferred securities of foreign
corporations from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. In addition, FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to TRACE.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Quotation and last sale
information for the Shares and underlying U.S. Exchange-traded
Securities will be available via the Consolidated Tape Association
(``CTA'') high-speed line. The intra-day, closing and settlement prices
of U.S. Exchange-traded Securities, as well as exchange-traded futures
and foreign exchange-traded common stocks and preferred securities,
will be readily available from the national securities exchanges
trading such securities as well as automated quotation systems,
published or other public sources, or on-line information services such
as Bloomberg or Reuters. Intra-day and closing price information for
exchange-traded options and futures will be available from the
applicable exchange and from major market data vendors. In addition,
price information for U.S. exchange-traded options is available from
the Options Price Reporting Authority.
    Quotation information from brokers and dealers or pricing services
will be available for fixed income securities, including money market
instruments, convertible securities, variable rate demand notes, U.S.
government and U.S. government agency securities, bonds (including
bonds of foreign corporations, governments, agencies and supra-national
entities), other sovereign debt, TIPs, VRDOs, repurchase agreements and
reverse repurchase agreements; spot and forward currency transactions;
and equity securities traded in the OTC market, such as restricted
securities and securities of investment companies other than ETPs
registered under the 1940 Act, including affiliated funds, money market
funds and closed-end funds. Pricing information regarding each asset
class in which the Fund or Portfolio will invest is generally available
through nationally recognized data service providers through
subscription arrangements. Price information regarding OTC-traded
derivative instruments, including, options, swaps, and spot and
currency-related derivatives, as well as equity securities traded in
the OTC market, including Rule 144A Restricted Securities, OTC-traded
preferred securities and OTC-traded convertible securities, is
available from major market data vendors. Pricing information regarding
each asset class in which the Fund or Portfolio will invest will
generally be available through nationally recognized data service
providers through subscription arrangements.
    The Fund's portfolio holdings will be disclosed on its Web site
daily after the close of trading on the Exchange and prior to the
opening of trading on the Exchange the following day. Moreover, the
IOPV will be widely disseminated at least every 15 seconds during the
Exchange's Core Trading Session by one or more major market data
vendors. On each business day, before commencement of trading in Shares
in the Core Trading Session on the Exchange, the Fund will disclose on
its Web site the Disclosed Portfolio that will form the basis for the
Fund's calculation of NAV at the end of the business day. Information
regarding market price and trading volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services, and quotation
and last sale information will be available via the CTA high-speed
line. The Web site for the Fund will include a form of the prospectus
for the Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its Equity Trading Permit Holders in
an Information Bulletin of the special characteristics and risks
associated with trading the Shares. Trading in Shares of 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, and trading in the Shares will be subject to NYSE Arca
Equities Rule 8.600(d)(2)(D), which sets forth circumstances under
which Shares of the Fund may be halted. In addition, as noted above,
investors will have

ready access to information regarding the Fund's holdings, the IOPV,
the Disclosed Portfolio, and quotation and last sale information for
the Shares.
    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 IOPV, 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 an actively-managed exchange-traded product that will principally
hold ETPs that are listed and traded on U.S. registered exchanges and
that will enhance competition among market participants, to the benefit
of investors and the marketplace.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or 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 Number SR-NYSEArca-2015-44 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2015-44. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2015-44 and should
be submitted on or before June 25, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
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    \42\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-13615 Filed 6-3-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 45 (Wednesday, March 7, 2018)]
[Notices]
[Pages 9734-9735]
[FR Doc No: 2018-04589]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL18-59-000]

Red Pine Wind Project, LLC; Notice of Institution of Section 206
Proceeding and Refund Effective Date

    On February 28, 2018, the Commission issued an order in Docket No.
EL18-59-000, pursuant to section 206 of the Federal Power Act (FPA), 16
U.S.C. 824e (2012), instituting an investigation into whether the
proposed Rate Schedule of Red Pine Wind Project, LLC may be unjust and
unreasonable. Red Pine Wind Project, LLC, 162 FERC ] 61,177 (2018).
    The refund effective date in Docket No. EL18-59-000, established
pursuant to section 206(b) of the FPA, will be the date of publication
of this notice in the Federal Register.

    Any interested person desiring to be heard in Docket No. EL18-59-
000 must file a notice of intervention or motion to intervene, as
appropriate, with the Federal Energy Regulatory Commission, 888 First
Street NE, Washington, DC 20426, in accordance with Rule 214 of the
Commission's Rules of Practice and Procedure, 18 CFR 385.214 (2017),
within 21 days of the date of issuance of the order.

    Dated: February 28, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-04589 Filed 3-6-18; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 208 (Monday, October 28, 2013)]
[Notices]
[Pages 64210-64211]
[FR Doc No: 2013-25386]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPPT-2011-0308; FRL-8869-3]

Extension of Review Periods Under the Toxic Substances Control
Act; Certain Chemicals and Microorganisms; Premanufacture, Significant
New Use, and Exemption Notices; Delay in Processing Due to Lack of
Authorized Funding

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: Due to the federal government shutdown related to the lack of
authorized funding (i.e., a Fiscal Year 2014 Appropriations Bill or a
Continuing Resolution), EPA is extending the review periods for all
Premanufacture Notices (PMNs), Significant New Use Notices (SNUNs),
Microbial Commercial Activity Notices (MCANs), and exemption notices
submitted to the Agency under section 5 of the Toxic Substances Control
Act (TSCA), received by EPA on or before October 1, 2013, and for which
the review period had not expired as of October 1, 2013. Additionally,
EPA did not receive notifications with respect to such submissions on
or after October 1, 2013, and before the date on which the shutdown
terminated on October 16, 2013, and the affected operations resumed on
October 17, 2013. Also, during the shutdown, submissions made through
e-PMN/CDX or other methods were not processed by EPA. Consequently, the
review period for any TSCA section 5 notice submitted during the
shutdown did not begin until operations resumed on October 17, 2013.

DATES: The duration of this extension period is equivalent to the
duration of the shutdown, i.e., 16 days (equivalent to the number of
days accruing from October 1, 2013 to October 16, 2013).

FOR FURTHER INFORMATION CONTACT: Greg Schweer, Chemical Control
Division (7405M), Office of Pollution Prevention and Toxics,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; email
address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this document apply to me?

    You may be affected by this document if you are, or may in the
future be, a manufacturer, importer, or processor of a chemical
substance that requires submission of a PMN, MCAN, SNUN, or exemption
notice under section 5 of TSCA (15 U.S.C. 2604) and applicable EPA
regulations. Potentially affected entities may include:
     Manufacturers, importers, or processors of one or more
subject chemical substances (NAICS codes 325 and 324110), e.g.,
chemical manufacturing and petroleum refineries.
    The North American Industrial Classification System (NAICS) codes
listed are not intended to be exhaustive, but rather provides a guide
to help readers determine whether this document applies to them.
    To determine whether you or your business may be affected by this
action, you should carefully examine the applicability provisions in 40
CFR 721.5. 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 additional information?

    Information about the TSCA section 5 requirements can be found at
http://www.epa.gov/oppt/newchems/.

C. What is the agency's authority for taking this action?

    Under TSCA section 5(c), 15 U.S.C. 2604(c), EPA has authority for
good cause to unilaterally extend the notice review period for PMNs,
MCANs, and SNUNs, thereby extending the period before manufacturing or
processing the subject chemical substances may begin. (See also 40 CFR
720.75(c) for PMNs and SNUNs, and 40 CFR 725.56 for MCANs.) TSCA
section 26(c), 15 U.S.C. 2625(c), authorizes EPA to take action with
respect to a category of chemical substances; in this case, the
category is all chemical substances that are the subject of the
specified notices and exemption applications received before October 1,
2013, for which the notice review period would otherwise expire on or
after October 1, 2013. Under TSCA section 5(c), extensions of the
review period for an individual TSCA section 5 notice shall not total
more than 90 days. Because the extension described in this Federal
Register notice (i.e., 16 days) is less than 90 days, EPA reserves the
right under TSCA section 5(c) to issue, for good cause, future
additional extensions for individual cases up to a total of 90 days.
    TSCA section 5(h), 15 U.S.C. 2604(h), authorizes EPA to exempt
manufacturers and/or processors of chemical substances from all or part
of the requirements of section 5 if EPA determines that the proposed
manufacture, processing, distribution in commerce, use, or disposal of
such chemical substance will not present an unreasonable risk to health
or the environment. Pursuant to this and other authorities, EPA has
concluded that the additional time specified in this notice is required
to evaluate the exemption applications described in Unit II.A., and
determine whether the chemical substances that are the subject of these
exemption applications will not present an unreasonable risk.

II. Extension of Review Periods

A. Which TSCA review periods are affected?

    Section 5 of TSCA and 40 CFR part 720 require any person who
intends to manufacture (defined by statute to include import) a new
chemical substance (i.e., a chemical not on the TSCA section 8(b)
Inventory) to notify EPA at least 90 days before commencing non-exempt
commercial manufacture in the form of a PMN. At least 90 days advance
notice for manufacture of new microorganisms is required under 40 CFR
part 725, in the form of an MCAN. Under section 5 of TSCA and 40 CFR
part 721, any person intending to manufacture or process a chemical
substance for a significant new use, as designated by EPA in a SNUR,
must also give EPA at least 90 days advance notice in the form of a
SNUN. SNURs for microorganisms appear at 40 CFR part 725, subpart M.
    There are a number of exemptions from the above-described 90-day
PMN, MCAN, and SNUN notice requirements. Several of these exemptions
require submitting to EPA a written notice or application, which is
subject to a review period shorter than 90 days. For example, pursuant
to TSCA section 5(h)(1), EPA has promulgated a Test Market Exemption
(TME) from the PMN, MCAN, and SNUN 90-day notice requirements. The TME
from the PMN requirement appears at 40 CFR 720.38; the TME from the
MCAN requirement is codified in 40 CFR part 725, subpart F (40 CFR
725.300 through 725.370); and the TME from the SNUN requirement appears
at 40 CFR 721.45(a). Under TSCA section 5(h)(4), EPA promulgated at 40
CFR 723.50 a Low Volume Exemption (LVE) and a Low Release/Low Exposure
(LOREX) Exemption from the PMN requirement. The regulations at 40 CFR
part 725 pertaining to genetically engineered microorganisms provide
several exemptions from the 90-day MCAN requirement, including the TSCA
Experimental Release Application (TERA) at 40 CFR part 725, subpart E,

and the Tier I and Tier II Exemptions at 40 CFR part 725, subpart G.

B. What action is the agency taking?

    Effective October 1, 2013, due to the lack of authorized funding
(i.e., a Fiscal Year 2014 Appropriations Bill or a Continuing
Resolution), certain EPA functions were suspended. During the shutdown,
no review work was performed on the TSCA section 5 notifications
received by EPA on or before October 1, 2013, and for which the review
period had not yet expired as of October 1, 2013. Because of the
shutdown, EPA is now extending, pursuant to TSCA sections 5(c) and
26(c) and 40 CFR 720.75(c), the review periods of all TSCA section 5
notifications received on or before October 1, 2013, and for which the
review period has not yet expired as of October 1, 2013.
    There is a possibility that the chemical substances submitted for
review in these TSCA section 5 notifications may need to be regulated
by EPA under TSCA. The Agency requires an extension of the review
periods to complete its risk assessment, to examine its regulatory
options, and to prepare the necessary documents, should regulatory
action be required. Therefore, EPA has determined that good cause
exists to extend, under TSCA section 5(c), the review period for each
such TSCA section 5 notification.
    The duration of this extension period is equivalent to the duration
of the shutdown, i.e., equivalent to the number of days accruing from
October 1, 2013, and the date on which this shutdown terminated on
October 16, 2013, and EPA operations resumed on October 17, 2013, or a
total of 16 days. Under TSCA section 5(c), the total extensions of the
review period for an individual PMN shall in no event exceed 90 days.
Thus, since the extension described in this notice is for less than 90
days, EPA reserves the right to issue additional extensions under TSCA
section 5(c) in the future for good cause up to a total of 90 days.
    Because of these circumstances, EPA is taking the following actions
and is requesting the assistance of notifiers as described in this
unit:
    Category 1--TSCA section 5 notices and exemptions submitted to EPA
on or after October 1, 2013, and before the date on which the affected
operations resumed on October 17, 2013. During the shutdown,
submissions made through e-PMN/CDX or other methods were not processed.
Consequently, the review period for any TSCA section 5 notice submitted
during the shutdown did not begin until operations resumed on October
17, 2013.
    Category 2--TSCA section 5 exemption notices scheduled to expire on
or after October 1, 2013. For any exemption notices that have not been
granted by EPA and for which the review period was scheduled to expire
on or after October 1, 2013, EPA is hereby extending the notice review
period by 16 days (the number of days equivalent to the duration of the
shutdown). This additional time is required to ensure there is
sufficient opportunity to determine that the chemical substances that
are the subject of the exemption applications will not present an
unreasonable risk.
    Category 3--TSCA section 5 PMNs, MCANs, and SNUNs scheduled to
expire on or after October 1, 2013. For any PMN, MCAN, or SNUN for
which the review period was scheduled to expire on or after October 1,
2013, EPA is hereby extending the notice review period by 16 days (the
number of days equivalent to the duration of the shutdown).

C. Congressional Review Act

    The Congressional Review Act, 5 U.S.C. 801 et seq., generally
provides that before the Agency can impose binding requirements like
those contained in a rule, the Agency must submit a rule report, which
includes a copy of the document, to each House of the Congress and to
the Comptroller General of the United States. Although this document is
not a rule, it is binding in the sense that the suspension of the
review periods announced in this document are binding. EPA has
submitted a report to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of this document in the Federal Register.

List of Subjects

    Environmental protection, Chemicals, Microbial Commercial Activity
Notices, Microorganisms, Premanufacture Notices, Significant New Use
Notices, Test Marketing Exemptions.

    Dated: October 21, 2013.
Maria J. Doa,
Director, Chemical Control Division, Office of Pollution Prevention and
Toxics.
[FR Doc. 2013-25386 Filed 10-25-13; 8:45 am]
BILLING CODE 6560-50-P