Comment Info: =================

General Comment:The language contained requires much more careful review.  This cannot be accomplished in a 75 day period of time.  As such I am requesting that the time for comment be extended to 180 days.


[Federal Register Volume 88, Number 175 (Tuesday, September 12, 2023)]
[Notices]
[Pages 62608-62610]
[FR Doc No: 2023-19591]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-98302; File No. SR-NYSEARCA-2023-37]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change To List and Trade Shares of the COtwo Advisors Physical
European Carbon Allowance Trust Under NYSE Arca Rule 8.201-E

September 6, 2023.
    On May 23, 2023, NYSE Arca, Inc. filed with the Securities and
Exchange Commission (``Commission'' or ``NYSE Arca''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\
and Rule 19b-4 thereunder,\2\ a proposed rule change to list and trade
shares of the COtwo Advisors Physical European Carbon Allowance Trust.
The proposed rule change was published for comment in the Federal
Register on June 12, 2023.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 97653 (June 6,
2023), 88 FR 38110 (``Notice'').
---------------------------------------------------------------------------

    On July 25, 2023, pursuant to Section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ The Commission has received no comments on the proposal.
This order institutes proceedings under Section 19(b)(2)(B) of the Act
\6\ to determine whether to approve or disapprove the proposed rule
change.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 97972, 88 FR 49508
(July 31, 2023). The Commission designated September 10, 2023, as
the date by which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

I. Summary of the Exchange's Proposal

    As described in more detail in the Notice,\7\ the Exchange proposes
to list and trade shares (``Shares'') of the COtwo Advisors Physical
European Carbon Allowance Trust (``Trust'') \8\ under NYSE Arca Rule
8.201-E, which governs the listing and trading of Commodity-Based Trust
Shares. The sponsor of the Trust is COtwo Advisors LLC, a Delaware
limited liability company (``Sponsor''). State Street Bank and Trust
Company serves as the Trust's administrator (``Administrator'') and as
the Trust's transfer agent and as custodian of the Trust's cash, if any
(``Cash Custodian'').\9\
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    \7\ See Notice, supra note 3.
    \8\ According to the Exchange, the Trust, which was formed as a
Delaware statutory trust on January 12, 2023, will not be registered
as an investment company under the Investment Company Act of 1940,
as amended, and is not a commodity pool for purposes of the
Commodity Exchange Act, as amended. On May 12, 2023, the Trust filed
with the Commission a registration statement on Form S-1 (File No.
333-271910) (``Registration Statement'') under the Securities Act of
1933. The Exchange represents that the Registration Statement is not
yet effective, and the Shares will not trade on the Exchange until
such time that the Registration Statement becomes effective.
    \9\ The Cash Custodian is responsible for holding the Trust's
cash as well as receiving and dispensing cash on behalf of the Trust
in connection with the payment of Trust expenses.
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Operation of the Trust

    The investment objective of the Trust will be for the Shares to
reflect the performance of the price of EU Carbon Emission Allowances
for stationary installations (``EUAs''), less the Trust's expenses.\10\
The Trust intends to achieve its objective by investing all of its
assets in EUAs on a non-discretionary basis (i.e., without regard to
whether the value of EUAs is rising or falling over any particular
period).\11\

Shares of the Trust will represent units of fractional undivided
beneficial interest in and ownership of the Trust. The Trust's only
ordinary recurring expense will be the Sponsor's annual fee.\12\ The
Trust will not hold any assets other than EUAs or possibly cash. The
Trust may hold a very limited amount of cash to pay Trust expenses. The
Trust may also cause the Sponsor to receive EUAs from the Trust in such
a quantity as may be necessary to pay the Sponsor's annual fee.\13\
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    \10\ See Notice, supra note 3, 88 FR at 38110.
    \11\ Id.
    \12\ Id.
    \13\ Id.
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    The Trust will not invest in futures, options, or swap contracts on
any futures exchange or in the over-the-counter market. The Trust will
not hold or trade in commodity futures contracts, ``commodity
interests,'' or any other instruments regulated by the Commodity
Exchange Act. As stated above, the Trust's Cash Custodian may hold cash
proceeds from EUA sales to pay Trust expenses. All EUAs will be held in
the Union Registry (defined below). The Exchange states that the Trust
is not a proxy for investing in physical carbon credits. Rather,
according to the Exchange, the Shares are intended to provide a cost-
effective means of obtaining investment exposure to the price of EUAs
through the securities markets that is similar to an investment in
futures contracts or other derivatives.\14\
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    \14\ Id.
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Description of EUAs 15
---------------------------------------------------------------------------

    \15\ Additional information about EUAs and the operation of the
EUA markets can be found in the Notice and in the Registration
Statement. See Notice, supra note 3; Registration Statement, supra
note 8.
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    According to the Exchange, the European Union Emissions Trading
System (``EU ETS'') is a ``cap and trade'' system that caps the total
volume of greenhouse gas (``GHG'') emissions from installations and
aircraft operators responsible for around 40% of EU GHG emissions.\16\
The EU ETS is the largest cap and trade system in the world and covers
more than 11,000 power stations and industrial plants in 31 countries,
and flights between airports of participating countries.\17\ The EU ETS
is administered by the EU Commission, which issues a predefined amount
of EUAs through auctions or free allocation. An EUA represents the
right to emit one metric ton of carbon dioxide equivalent into the
atmosphere by operators of stationary installations (``Covered
Entities'').\18\ By the end of April each year, all Covered Entities
are required to surrender EUAs equal to the total volume of actual
emissions from their installation for the last calendar year. EU ETS
operators can buy or sell EUAs to achieve EU ETS compliance.\19\
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    \16\ There are two types of European Union (``EU'') emissions
allowances: (i) general allowances for stationary installations, or
EUAs; and (ii) allowances for the aviation sector, or ``EUAAs.'' The
Trust will hold EUAs only. See Notice, supra note 3, 88 FR at 38110.
    \17\ See id.
    \18\ Id. at 38111.
    \19\ Id.
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    In 2012, EU ETS operations were centralized into a single EU
registry operated by the EU Commission (``Union Registry''), which
covers all countries participating in the EU ETS.\20\ The Union
Registry is an online database that holds accounts for all entities
covered by the EU ETS as well as for participants (such as the Trust)
not covered under the EU ETS. An account must be opened in the Union
Registry in order to transact in EUAs, and the Union Registry is at all
times responsible for holding the EUAs. All EUAs are held in the Union
Registry.
---------------------------------------------------------------------------

    \20\ Id.
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Trading and Pricing of EUAs

    According to the Exchange, there are two primary avenues for
trading EUAs: a primary market and a secondary market. The primary
market involves participation in a regularly scheduled auction.\21\ The
secondary market involves transactions between buyers and sellers on
regulated markets via trading in spot, options, and futures
contracts.\22\ There are also over-the-counter transactions, but they
comprise a negligible percentage of transactions.\23\
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    \21\ Id.
    \22\ Id.
    \23\ Id.
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    The Exchange represents that the EUA markets are generally liquid.
EUA auctions are held on a near-daily basis throughout the year, other
than between mid-December to mid-January, when auctions are paused.\24\
Prices achieved in these auctions are published on various publicly-
accessible websites, including the European Commission's primary
website.
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    \24\ Id.
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    The secondary market trading takes place predominantly on the
European Energy Exchange AG (``EEX'') and ICE Endex.\25\ As of January
2023, the secondary market had average daily trading volume of [euro]2
billion, with the majority of the liquidity in the futures market.\26\
Prices for secondary market transactions are published on various
publicly-accessible websites, including those of EEX and ICE Endex.\27\
Both EEX and ICE Endex are affiliates of Exchange groups that are
members of the Intermarket Surveillance Group.
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    \25\ Id.
    \26\ Id.
    \27\ Id.
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    Most liquidity in the secondary market is achieved by trading
futures contracts. These contracts have expiration going out as far as
2030. The most liquid contract is the single day futures contract on
EUAs (``Daily EUA Future''), which settles each day at the close of
trading.\28\ Generally, Daily EUA Futures trade from approximately 2:00
a.m. Eastern Time (``E.T.'') to approximately 12:00 p.m. E.T. The
settlement price is fixed each business day and is published at
approximately 12:15 E.T. Final cash settlement occurs the first
business day following the expiry day.
---------------------------------------------------------------------------

    \28\ Id.
---------------------------------------------------------------------------

    In 2021, the secondary spot market for EUAs (including the Daily
EUA Future) averaged around 2.4 million EUAs daily, and the primary
auctions accounted for almost 2.5 million EUAs being auctioned several
times per week.\29\ The current value (spot price) for an EUA is
greatly influenced by a number of factors, including regulatory
changes, world events, and the general level of economic activity.\30\
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    \29\ Id.
    \30\ Id.
---------------------------------------------------------------------------

Net Asset Value (``NAV'')

    The Trust's NAV is calculated by taking the current market value of
its total assets, less any liabilities of the Trust, and dividing that
total by the total number of outstanding Shares. The Administrator will
calculate the NAV of the Trust once each Exchange trading day. The NAV
for a normal trading day will be released after the end of the Core
Trading Session, which is typically 4:00 p.m. New York time. The NAV
for the Trust's Shares will be disseminated daily to all market
participants at the same time. The Administrator will use the
settlement price for the Daily EUA Futures established by ICE Endex to
calculate the NAV.

II. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEARCA-2023-37 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \31\ to determine whether the proposed rule
change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the proposed rule change, as discussed below. Institution of
proceedings does not

indicate that the Commission has reached any conclusions with respect
to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change.
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    \31\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

    Pursuant to Section 19(b)(2)(B) of the Act,\32\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices'' and ``to protect investors and the
public interest.'' \33\
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    \32\ Id.
    \33\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice,\34\ in addition to any other comments they may wish to
submit about the proposed rule change. In particular, the Commission
seeks comment on the following questions and asks commenters to submit
data where appropriate to support their views:
---------------------------------------------------------------------------

    \34\ See Notice, supra note 3.
---------------------------------------------------------------------------

     According to the Exchange, the investment objective of the
Trust will be for the Shares to reflect the performance of the price of
EUAs, and that the Trust intends to achieve its objective by investing
all of its assets in EUAs on a non-discretionary basis and will not
hold or trade in commodity futures contracts.\35\ The Exchange further
represents, however, that the Trust is not a proxy for investing in
physical carbon credits, and that the Administrator will use the
settlement price for the Daily EUA Futures established by ICE Endex to
calculate the NAV.\36\ What are commenters' views on the Trust's
holdings in spot EUAs, on the one hand, and its method of calculating
NAV based on the settlement price of Daily EUA Futures, on the other?
What are commenters' views on the correlation in pricing between the
EUA and Daily EUA Futures markets?
---------------------------------------------------------------------------

    \35\ See id. at 38110.
    \36\ See id.; id. at 38112.
---------------------------------------------------------------------------

     The Exchange asserts 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 Rule 8.201-E.
What are commenters' views on whether the proposed Trust and Shares
would be susceptible to manipulation? What are commenters' views
generally on whether the Exchange's proposal is designed to prevent
fraudulent and manipulative acts and practices?

III. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, and
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\37\
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    \37\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change should be approved
or disapproved by October 3, 2023. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
October 17, 2023.
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
file number SR-NYSEARCA-2023-37 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-2023-37. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NYSEARCA-2023-37 and should
be submitted on or before October 3, 2023. Rebuttal comments should be
submitted by October 17, 2023.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
---------------------------------------------------------------------------

    \38\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-19591 Filed 9-11-23; 8:45 am]
BILLING CODE 8011-01-P


Comment Info: =================

General Comment:     I respectfully request that the comment period of 75 days be extended an additional 75 days.  I am preparing a counter-proposal on behalf of the vaping community.  A few simple enhancements of your current proposal could result in legislation that is energetically supported by the vaping community, hospitals, the pharmaceutical industry, and other impacted corporations, industries, agencies and institutions, pretty much everyone with skin in this game except the Cigarette manufacturers.  While my counter-proposal is not as complex and nuanced as your proposal, it is a fairly detailed report on the vaping community and the vaping industry.  My counter-proposal studies the serious economic impact that the exponential growth of vaping has on local and State governments, the Federal  government, and the substantial international economic significance of transiting away from a tobacco dependent society too quickly.

     My counter-proposal offers a wide range of unique solutions to the FDA that will promote public health, decelerate growth of the vaping industry to a rate that is much less threatening to the economy, protect children from exposure to smoking and vaping products, respects the perceived rights of the vaping community and offers guidance for fair and appropriate taxation and regulation of the vaping industry.

     Once my initial counter-proposal is prepared, I need to submit it to my peers for review, correction, annotation and rewriting prior to submitting it to you.  I need more time.  Please give me an extra 75 days to do this.  It's very important that we get this right.


Richard A.

Becker,

Ph. D.,

D. A. B. T American Chemistry Council Arlington, Virginia Comments on "Dose Setting"

EDMVS  Meeting  J ly

23 24,

2002 Dose Setting Considerations °

Dose setting is a serious consideration for validation and pre

validation exercises and must be handled carefully and correctly. °

Range finding assays cannot be validated or standardized apart from the specific assay to which they apply. °

No single range finding approach will apply across all assays and tests.

Criteria and endpoints for setting maximum doses will vary depending on the specific assay.

For example 10%

body weight decrement is not an appropriate criteria for pubertal models. °

Attempts should be made to minimize the use of animals for range finding studies; however,

it must also be recognized that unless a sufficient number of animals are used to produce a reliable range finding study, those animals that are used may be wasted generating useless data. Dose Setting Considerations °

Up/

down type range finding protocols are not appropriate for studies in which animals are exposed via the diet or drinking water. °

Dose setting must control for the ability of dietary restriction and resultant body weight effects to impact the endpoints used to infer endocrine activity. °

Stress alone is a sufficient stimulus to alter endocrine function. Dose setting protocols should be specifically designed to identify doses that can be given without significantly stressing the animals. Dose Setting Considerations °

Pre

validation exercises should include specific analysis of general mechanisms of toxicity (in addition to endocrine specific pathways)

in order to ascertain information re:

the specificity of endpoints. Substances for Validation Studies of Screening Assays 1.

The

hormonal  a tivity  and  me hanism  of

hormonal  effe t  of  a

substan e

should  already  be

known  from  both  in

vitro  and  in

vivo

resear h

methods.  There  must  be suffi ient  and

robust

information  and  data  from  s ientifi   reports  on  ea h

substan e

with  respe t

to

the

hormonal  mode  of  a tion,  the

hormonal  poten y

and  spe ifi ity and

ADME2  hara teristi s.

These  data

enable  a  predi tion  of

results  for  the  s reenin  method  and  a  reasonable  assessment  of

proto ol

performan e. 2.

Substan es

sele ted

must  be

readily  available  throu h  ommer ial

vendors.  These  substan es

are

likely  to  be

used  over  a

number  of

years,  in

several  proto ols  and  by a

number  of

laboratories  s

part  of

the

standardization  and  validation  pro ram. Further,  other  labs  will

have  an

interest  to

establish  and  demonstrate  their  profi ien y

with

these  s reenin  methods.  Therefore,  it  is  ne essary  to

sele t

substan es  whi h

will  be  readily  available  throu h

ommer ial

sour es

presently and  in

the

future. 3.

The  A en y

must  fo us  on

substan es

with

known  estro en,  andro en

and

thyroid ( EAT)  a tivity,

onsistent  with  the  A en y's

EDSP

Statement  of  Poli y.

The

priority  for  the  EDSP  should  be

estro en,

andro en

and

thyroid  hormonal  a tivities  or

modes  of  a tion.  The  fo us

should  be  on

dire t  modes  of

EAT  a tions  and

should  in lude  re eptor  a onists/ anta onists  and,  if

appli able,

hormone  synthesis inhibitors.  Importantly,  the  A en y

should  avoid  use  of  substan es

that  exert  endo rine  effe ts

via

indire t

modes  or  me hanisms ( ex ept  to

establish  spe ifi ity,  as  des ribed  in

point  7

below) 4.

Substan es

with  hi h

spe ifi ity (

either  as  a onists  or  anta onists)  are

preferred  and

should  be

used  to

the  maximum  extent  pra ti able.  In

ases

where  the  use  of  a mixed  a onist/ anta onist  is  ne essary  or

where  there  are  other

overlappin  spe ifi ities,  EPA  must  sele t

the  on entrations  and

doses

arefully,  keepin  in

mind  the  effe ts  su h

mixed  a tivities  may  have  upon  the

type,  ma nitude  and

nature  of

the

response( s). 5.

Substan es

with  parti ular  EAT  a tivity  should  be

evaluated  in

the

appropriate  s reenin  method.  While  there  may  be  some

overlap,  it  is

not  ne essary  to

use  exa tly  the

same  set  of

substan es  in

the

validation  of  ea h  s reenin   method.  For

example,  substan es

with  estro eni  a tivity  should  be

used  for

validation  of  the uterotrophi assay,  but  it

would  make  no

sense  to

use  the

same

omplete  set  of  substan es  in

the Hershber er assay  for

andro ens. 6.  In

eneral,

validation  must  over  the

entire  ran e

of  a tivities  anti ipated  from  the

population  of

substan es

that  will  be  sele ted  to  be

evaluated  with  the

assay.  Little  or  no  onfiden e

an  be  pla ed

upon

results  of

substan es

whose  a tivities  fall

outside  the  a tivities  or

modes  of  a tion  of  the  set  of

substan es

for  whi h

the

assay  has

been  validated.  Further,  the  set  of

substan es

used  for  development  and

standardization  of  an

assay  should  be  different  from  the  set  of

substan es

used  for

validation.  In  the

validation  series,  the

substan es

sele ted

should  in lude  materials  with  a

ran e

of

poten ies;  from  stron  to

weak  to  ompletely  ne ative  for  the

appropriate  EAT  me hanisms. 7.  It  is

essential  to

address  the

issue  of  spe ifi ity (

false  positive

responses)  in

the

validation  studies  of  ea h

assay.  In

parti ular,  sin e

the

EDSP  s reenin  assays  and  the  Tier  1

battery  have  been  sele ted  by

EPA  to

minimize  or  eliminate  false  ne atives,  su h

hara teristi s

will

likely  enerate  false

positives.  Therefore,  in

the

validation  of  EDSP  s reenin  assays,  it  is

riti al  to  in lude

substan es  that  exert  effe ts ( and/ or

toxi ity)  by  me hanisms  that  are  not

primarily  hormonal  in

order  to

establish  the  spe ifi ity  of

the

assay

endpoints ( e.

.,

evaluate  potential  for  false positive

responses  due  to  a

non

hormonal  toxi ity).  In

some  ases  it

may  be

benefi ial  to

establishin  spe ifi ity  by  evaluatin ,

for

example,  a

pure  estro en  a onist  in  an

assay  desi ned  for

andro ens ( and  vi e

versa). 8.

EPA  must

oordinate  its  a tivities  with  the

OECD  EDTA  with  respe t

to

study  desi n,

sele tion  of

substan es

and  dose  levels  for

assay

validation.  OECD  has

initiated ( and  for

some  assays,  lar ely

ompleted)  validation  studies  usin  spe ifi hemi al

substan es.

EPA's  a tivities  with  respe t

to

assay  validation  for  the

EDSP  should

demonstrate  the  A en y's  stron  support  of

international  harmonization  and

mutual  a eptan e

of

data. 9.

The

approa h

EPA

adopts  for

standardization  and

validation  should  be

suffi iently  ri orous  to

omply  with

enerally  re o nized  s ientifi  prin iples  of

study  desi n

and

ondu t.  With  respe t

to

test  arti les  sele ted  for

EDSP

validation,  this

should  in lude

knowled e

of

hemi al

purity,  stability  and

on entration ( parti ularly  the

applied  or

administered  dose).  In

evaluatin  substan es

for

potential  sele tion  for use  in

parti ular

assays  and

routes  of

administration,  EPA  should

onsider  what  de ree  of

analyti al

hemistry  would  be  ne essary  to

meet  these  re o nized s ientifi  standards. 10.  In

compilin  substances  for

standardization  and

validation,  EPA  must

appropriately  qualify  and

characterize  any  and  all

such  lists.  E STAC  spent  a

reat  deal  of

time  and

effort

addressin   communications  issues,  and  EPA

should

implement  the  E STAC  recommendations  to

ensure  proper

understandin  by  the

public  of  such  a

list  of

substances.  The

Table  must  be

qualified  and

include  a

disclaimer  alon  the  lines  of:  "

Inclusion  of  a

subs ance  in

his  able  does  no  mean

ha  EPA  has  or

will

make  a  de ermina ion  ha  any  of

he

uses  of

he

chemical  will

pose  a

significan risk.  Fur her,

his

able

should  no  be

aken  as  a  lis  of "

endocrine  disrup ors."

he

subs ances  lis ed

are

simply

compounds  which  have,  or

may

prove

o

be,

useful  in

developing,  s andardizing  or valida ing

screening  and

es ing  me hods." 11.  Ea h

entry  in  whi h

referen e  is

made  to  a

parti ular  hormonal  me hanism  of  a tion  or  to

poten y

or  a tivity  must  be

referen ed.  This  is  ne essary  for

transparen y

and a ura y.

This  would  permit

members  of

the

EDMVS ( and  the  publi )

to

readily  a ess  the

itation  and  to

review  the  a tual

study

results ( study  desi n,

dose  levels, endpoints  measured  and

results).  This  is

riti al

and  is  ne essary  for  sele tion  of

hemi als  and  dose  levels  for prevalidation studies 9 it

also

important  for

onstru tin  the  predi tive

models.


[Federal Register: August 2, 2010 (Volume 75, Number 147)]
[Proposed Rules]
[Page 45080-45082]
[DOCID:fr02au10-11]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2010-0596; FRL-9183-7]

Revisions to the California State Implementation Plan

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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

SUMMARY: EPA is proposing to approve revisions to the San Joaquin
Valley Unified Air Pollution Control District (SJVUAPCD) portion of the
California State Implementation Plan (SIP). These revisions concern
oxides of nitrogen (NOX) emissions from boilers, steam
generators and process heaters with a rated heat input from 0.75 to
less than 2.0 MMbtu/hr. We are approving a local rule that regulates
these emission sources under the Clean Air Act as amended in 1990 (CAA
or the Act). We are taking comments on this proposal and plan to follow
with a final action.

DATES: Any comments must arrive by September 1, 2010.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2010-0596, by one of the following methods:
    1. Federal eRulemaking Portal: www.regulations.gov. Follow the
online instructions.
    2. E-mail<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available online at www.regulations.gov,
including any personal information provided, unless the comment
includes Confidential Business Information (CBI) or other information
whose disclosure is restricted by statute. Information that you
consider CBI or otherwise protected should be clearly identified as
such and should not be submitted through www.regulations.gov or e-mail.
www.regulations.gov is an ``anonymous access'' system, and EPA will not
know your identity or contact information unless you provide it in the
body of your comment. If you send e-mail directly to EPA, your e-mail
address will be automatically captured and included as part of the
public comment. If EPA cannot read your comment due to technical
difficulties and cannot contact you for clarification, EPA may not be
able to consider your comment.
    Docket: The index to the docket for this action is available
electronically at www.regulations.gov and in hard copy at EPA Region
IX, 75 Hawthorne Street, San Francisco, California. While all documents
in the docket are listed in the index, some information may be publicly
available only at the hard copy location (e.g., copyrighted material),
and some may not be publicly available in either location (e.g., CBI).
To inspect the hard copy materials, please schedule an appointment
during normal business hours with the contact listed in the FOR FURTHER
INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Idalia P[eacute]rez, EPA Region IX,
(415) 972-3248<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us'' and
``our'' refer to EPA.

Table of Contents

I. The State's Submittal
    A. What rule did the State submit?
    B. Are there other versions of this rule?
    C. What is the purpose of the submitted rule revision?
II. EPA's Evaluation and Action
    A. How is EPA evaluating the rule?

    B. Does the rule meet the evaluation criteria?
    C. EPA recommendations to further improve the rule.
    D. Public comment and final action.
III. Statutory and Executive Order Reviews

I. The State's Submittal

A. What rule did the State submit?

    Table 1 lists the rule addressed by this proposal with the date
that it was adopted by the local air agency and submitted by the
California Air Resources Board (CARB).

                                             Table 1--Submitted Rule
----------------------------------------------------------------------------------------------------------------
             Local agency                 Rule No.             Rule title             Adopted        Submitted
----------------------------------------------------------------------------------------------------------------
SJVUAPCD.............................            4308  Boilers, Steam Generators        12/17/09        05/17/10
                                                        and Process Heaters--
                                                        0.75 to less than 2.0
                                                        MMbtu/hr.
----------------------------------------------------------------------------------------------------------------

    On June 8, 2010, EPA determined that the submittal for SJVUAPCD
Rule 4308 met the completeness criteria in 40 CFR Part 51, Appendix V,
which must be met before formal EPA review.

B. Are there other versions of this rule?

    We approved an earlier version of Rule 4308 into the SIP on May 30,
2007 (72 FR 29886).

C. What is the purpose of the submitted rule revision?

    NOX helps produce ground-level ozone, smog and
particulate matter, which harm human health and the environment.
Section 110(a) of the CAA requires States to submit regulations that
control NOX emissions. Rule 4308 limits NOX and
CO emissions from boilers, steam generators, process heaters and water
heaters with a total rated heat input equal or larger than 0.075 MMBtu/
hour and less than 2 MMBtu/hour. Rule 4308 was amended to include
specific limits for instantaneous and pool water heaters as well as to
strengthen the NOX emission limits for other units. EPA's
technical support document (TSD) has more information about this rule.

II. EPA's Evaluation and Action

A. How is EPA evaluating the rule?

    Generally, SIP rules must be enforceable (see section 110(a) of the
Act), must require Reasonably Available Control Technology (RACT) for
each category of sources covered by a Control Techniques Guidelines
(CTG) document as well as each major source in nonattainment areas (see
sections 182(a)(2) and 182(f)), must implement Reasonably Available
Control Measures (RACM) for PM2.5 nonattainment areas (see CAA section
172(c)(1)), and must not relax existing requirements (see sections
110(l) and 193). The SJVUAPCD regulates ozone and PM2.5 nonattainment
areas (see 40 CFR part 81), so Rule 4308 must fulfill RACT and RACM.
    Guidance and policy documents that we use to evaluate
enforceability, RACT and RACM requirements consistently include the
following:
    1. ``State Implementation Plans; Nitrogen Oxides Supplement to the
General Preamble; Clean Air Act Amendments of 1990 Implementation of
Title I; Proposed Rule,'' (the NOX Supplement), 57 FR 55620,
November 25, 1992.
    2. ``Issues Relating to VOC Regulation Cutpoints, Deficiencies, and
Deviations,'' EPA, May 25, 1988 (the Bluebook).
    3. ``Guidance Document for Correcting Common VOC & Other Rule
Deficiencies,'' EPA Region 9, August 21, 2001 (the Little Bluebook).
    4. ``Determination of Reasonably Available Control Technology and
Best Available Retrofit Control Technology for Industrial,
Institutional, and Commercial Boilers, Steam Generators, and Process
Heaters,'' CARB, July 18, 1991.
    5. ``Alternative Control Techniques Document-- NOX
Emissions from Industrial/Commercial/Institutional (ICI) Boilers,''
U.S. EPA, 453/R-94-022, March 1994.
    6. ``Alternative Control Techniques Document--NOX
Emissions.''

B. Does the rule meet the evaluation criteria?

    We believe this rule is consistent with the relevant policy and
guidance regarding enforceability, RACT, RACM and SIP relaxations. The
TSD has more information on our evaluation.

C. EPA Recommendations to Further Improve the Rule

    The TSD describes additional rule revisions that we recommend for
the next time the local agency modifies the rule.

D. Public Comment and Final Action

    Because EPA believes the submitted rule fulfills all relevant
requirements, we are proposing to fully approve it as described in
section 110(k)(3) of the Act. We will accept comments from the public
on this proposal for the next 30 days. Unless we receive convincing new
information during the comment period, we intend to publish a final
approval action that will incorporate this rule into the federally
enforceable SIP.

III. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Act and
applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, EPA's role is to approve State
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely approves State law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by State law. For that reason, this action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement

Act of 1995 (15 U.S.C. 272 note) because application of those
requirements would be inconsistent with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).

    In addition, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the State, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Intergovernmental
relations, Nitrogen dioxide, Ozone, Particulate matter, Reporting and
recordkeeping requirements.

    Authority:  42 U.S.C. 7401 et seq.

    Dated: July 21, 2010.
Keith Takata,
Acting Regional Administrator, Region IX.
[FR Doc. 2010-18926 Filed 7-30-10; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 78, Number 211 (Thursday, October 31, 2013)]
[Notices]
[Pages 65418-65419]
[FR Doc No: 2013-25820]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Order 1050.1F Environmental Impacts: Policies and Procedures

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice requesting comment on proposed Order 1050.1F
Environmental Impacts: Policies and Procedures; Re-Opening of Comment
Period.

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

SUMMARY: This action re-opens the comment period for the notice of
draft Order 1050.1F, Environmental Impacts: Policies and Procedures
that was published on August 14, 2013. Airports Council International--
North America (ACI-NA), which represents local, regional and state
governing bodies that own and operate commercial airports across the
United States, requested that the FAA extend the comment period for 14
days.

DATES: The notice of the comment period for the Order was published on
August 14, 2013 (78 FR 49596), closed September 30, 2013, and is re-
opened until November 8, 2013.

ADDRESSES: You may send comments identified by Docket No. FAA-2013-0685
using any of the following methods:
    Federal eRulemaking Docket: Go to http://www.regulations.gov.
Follow the online instructions for sending your comments
electronically.
    Facsimile: Fax comments to the docket operations personnel at 202-
493-2251.
    Mail: Send comments to the U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE., Washington, DC 20590-0001.
    Hand Deliver: Deliver comments to the Docket Operations Room on the
ground floor of the West Building at U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE., Washington, DC, between 9:00 a.m. and 5:00 p.m.,
Monday through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information the
commenter provides. Using the search function of the docket Web site,
anyone can find and read the electronic form of all comments received
into any FAA docket, including the name of the individual sending the
comment (or signing the comment for an association, business, labor
union, etc.). DOT's complete Privacy Act Statement can be found in the
Federal Register published on April 11, 2000 (65 FR 19477), as well as
at http://DocketsInfo.dot.gov.
    Docket: You may examine the docket, including comments received, on
the Internet at http://www.regulations.gov or in person at the U.S.
Department of Transportation Docket Operations office between 9:00 a.m.
and 5:00 p.m., Monday through Friday, except Federal holidays, at U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE., Washington, DC.

FOR FURTHER INFORMATION CONTACT: Donald Scata, Office of Environment
and Energy (AEE-400), Federal Aviation Administration, 800 Independence
Avenue SW., Washington, DC 20591; telephone<PHONE_NUMBER>; email
<EMAIL_ADDRESS>    Background: On August 14, 2013, the FAA issued a Notice requesting
comment on proposed Order 1050.1F, Environmental Impacts: Policies and
Procedures. In that notice, the FAA sought comment on proposed
revisions to Order 1050.1E, which contains policies and procedures for
implementing the National Environmental Policy Act (78 FR 49596). The
draft revised order, re-numbered as Order 1050.1F, is available at
http://www.faa.gov/about/office_org/headquarters_offices/apl/environ_policy_guidance/policy/. The notice stated that comments to
that document were to be received on or before September 30, 2013.

    By letter dated September 16, 2013, Airports Council
International--North America (ACI-NA), which represents local, regional
and state governing bodies that own and operate commercial airports
across the United States, requested that the FAA extend the comment
period for 14 days. ACI-NA noted that the comment period occurs during
an extremely busy time for airports, and stated that the requested
extension is necessary for the organization to consider issues raised
by the proposed revisions to Order 1050.1E.
    In response to ACI-NA's request, the FAA is re-opening the comment
period until November 8, 2013. Absent unusual circumstances, the FAA
does not anticipate any further extension of the comment period for
this rulemaking.
    Re-Opening of Comment Period: The FAA has reviewed ACI-NA's request
for an extension of the comment period for this notice. ACI-NA has
shown a substantive interest in the proposed policy and good cause for
re-opening of the comment period. The FAA has determined that re-
opening of the comment period is consistent with the public interest,
and that good cause exists for taking this action.
    Accordingly, the comment period for this notice is extended to
November 8, 2013. All comments received between August 14, 2013 and
November 8, 2013 will be considered.

    Issued in Washington, DC, on October 25, 2013.
Lourdes Q. Maurice,
Executive Director, Office of Environment and Energy.
[FR Doc. 2013-25820 Filed 10-30-13; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 87, Number 81 (Wednesday, April 27, 2022)]
[Notices]
[Page 25069]
[FR Doc No: 2022-08902]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34569; File No. 812-15312]

Churchill Asset Management LLC and Nuveen Churchill Private
Capital Income Fund

April 21, 2022.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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

    Notice of an application under section 6(c) of the Investment
Company Act of 1940 (the ``Act'') for an exemption from sections
18(a)(2), 18(c) and 18(i) and section 61(a) of the Act.
    Summary of Application: Applicants request an order to permit
certain closed-end management investment companies that have elected to
be regulated as business development companies (``BDCs'') to issue
multiple classes of shares with varying sales loads and asset-based
service and/or distribution fees.
    Applicants: Churchill Asset Management LLC and Nuveen Churchill
Private Capital Income Fund.
    Filing Dates: The application was filed on March 3, 2022 and
amended on April 11, 2022.
    Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing on any application by emailing
the Commission's Secretary at [email protected] and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on May 16,
2022, and should be accompanied by proof of service on the Applicants,
in the form of an affidavit or, for lawyers, a certificate of service.
Pursuant to rule 0-5 under the Act, hearing requests should state the
nature of the writer's interest, any facts bearing upon the
desirability of a hearing on the matter, the reason for the request,
and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the Commission's Secretary at
[email protected].

ADDRESSES: The Commission: [email protected]. Applicants: John
McCally, Churchill Asset Management LLC, 8500 Andrew Carnegie Blvd.,
Charlotte, NC 28262; Steven B. Boehm, Esq., Payam Siadatpour, Esq.,
Anne G. Oberndorf, Esq., Eversheds Sutherland (US) LLP, 700 Sixth
Street NW, Suite 700, Washington, DC 20001.

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, or
Terri G. Jordan, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' first amended and
restated application, dated April 11, 2022, which may be obtained via
the Commission's website by searching for the file number at the top of
this document, or for an Applicant using the Company name search field,
on the SEC's EDGAR system. The SEC's EDGAR system may be searched at
https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You
may also call the SEC's Public Reference Room at<PHONE_NUMBER>.

    For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-08902 Filed 4-26-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 30 (Tuesday, February 14, 2012)]
[Rules and Regulations]
[Page 8095]
[FR Doc No: 2012-3317]

=======================================================================
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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

18 CFR Part 2

[Docket No. RM11-30-000; Order No. 756]

Technical Corrections to Commission Regulations

Issued February 8, 2012.
AGENCY: Federal Energy Regulatory Commission, DOE.

ACTION: Final rule: correcting amendment.

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

SUMMARY: This document adds sections that were inadvertently removed
from the Final Rule that the Federal Energy Regulatory Commission
published in the Federal Register on February 1, 2012. The Final Rule
revised a number of references in Commission regulations that had
become outdated for various reasons or contain typographical errors.
The changes contained in this amendment add or delete language in
current Commission regulations by eliminating obsolete information and
correcting clerical mistakes. The revisions are intended to be
ministerial and/or informational in nature.

DATES:  Effective date: February 14, 2012.

FOR FURTHER INFORMATION CONTACT: Kenneth Yu, Office of the General
Counsel, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This document corrects a document published
in the Federal Register on February 1, 2012 (77 FR 4891), in which
sections that were inadvertently removed.

List of Subjects in 18 CFR Part 2

    Administrative practice and procedure, Electric power, Natural gas,
Pipelines, Reporting and recordkeeping requirements.

    Therefore, 18 CFR part 2 is amended by the following correcting
amendments:

PART 2--GENERAL POLICY AND INTERPRETATIONS

0
1. The authority citation for part 2 continues to read as follows:

    Authority: 5 U.S.C. 601; 15 U.S.C. 717-717z, 3301-3432; 16
U.S.C. 792-828c, 2601-2645; 42 U.S.C. 4321-4370h, 7101-7352.

Sec.  2.13  [Removed]

0
2. Remove the first paragraph (b) in Sec.  2.13 including the footnote.

Sec.  2.55  [Corrected]

0
3. In Sec.  2.55(a)(2)(iii), revise the phrase ``On and at the same
time as'' to read ``On, or at the same time as,''.

Kimberly D. Bose,
Secretary.
[FR Doc. 2012-3317 Filed 2-13-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: March 24, 2010 (Volume 75, Number 56)]
[Notices]
[Page 14223-14225]
[DOCID:fr24mr10-132]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-61725; File No. SR-NYSEAmex-2010-28]

Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Proposing To
Extend the Operation of Its New Market Model Pilot Currently Scheduled
To Expire on March 30, 2010, Until the Earlier of Securities and
Exchange Commission Approval To Make Such Pilot Permanent or September
30, 2010

March 17, 2010.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on March 15, 2010, NYSE Amex LLC (the ``Exchange'' or ``NYSE
Amex'') 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

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

    NYSE Amex LLC (the ``Exchange'' or ``NYSE Amex'') proposes to
extend the operation of its New Market Model Pilot currently scheduled
to expire on March 30, 2010, until the earlier of Securities and
Exchange Commission approval to make such pilot permanent or September
30, 2010. The text of the proposed rule change is available at the
Exchange, the Commission's Public Reference Room, and http://
www.nyse.com.

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
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to extend the operation of its New Market
Model Pilot (``NMM Pilot'') that was adopted pursuant to its merger
with the New York Stock Exchange LLC.\4\ The NMM Pilot was approved by
the Securities and Exchange Commission (``SEC'' or ``Commission'') to
operate until October 1, 2009. The Exchange filed to extend the
operation of the Pilot to November 30, 2009 \5\ and then to March 30,
2010.\6\ The Exchange now seeks to extend the operation of the NMM
Pilot from March 30, 2010, until the earlier of Securities and Exchange
Commission approval to make such pilot permanent or September 30, 2010.
---------------------------------------------------------------------------

    \4\ NYSE Euronext acquired The Amex Membership Corporation
(``AMC'') pursuant to an Agreement and Plan of Merger, dated January
17, 2008 (the ``Merger''). In connection with the Merger, the
Exchange's predecessor, the American Stock Exchange LLC (``Amex''),
a subsidiary of AMC, became a subsidiary of NYSE Euronext called
NYSE Alternext US LLC. Securities Exchange Act Release No. 58673
(September 29, 2008), 73 FR 57707 (October 3, 2008) (SR-NYSE-2008-60
and SR-Amex-2008-62) (approving the Merger). Subsequently NYSE
Alternext US LLC was renamed NYSE Amex LLC and continues to operate
as a national securities exchange registered under Section 6 of the
Securities Exchange Act of 1934, as amended (the ``Act''). NYSE
Alternext US LLC was subsequently renamed NYSE Amex LLC. See
Securities Exchange Act Release No. 59575 (March 13, 2009), 74 FR
11803 (March 19, 2009) (SR-NYSEALTR-2009-24).
    \5\ See Securities Exchange Act Release No. 60758 (October 1,
2009), 74 FR (October 7, 2009) (SR-NYSEAmex-2009-65).
    \6\ See Securities Exchange Act Release No. 61030 (November 19,
2009), 74 FR 62365 (November 27, 2009) (SR-NYSEAmex-2009-83).
---------------------------------------------------------------------------

    The Exchange notes that parallel changes are proposed to be made to
the rules of New York Stock Exchange LLC.\7\
---------------------------------------------------------------------------

    \7\ See SR-NYSE-2010-25.
---------------------------------------------------------------------------

Background \8\
---------------------------------------------------------------------------

    \8\ The information contained herein is a summary of the NMM
Pilot. For a fuller description of the pilot see Securities Exchange
Act Release No. 58845 (October 24, 2008), 73 FR 64379 (October 29,
2008) (SR-NYSE-2008-46).
---------------------------------------------------------------------------

    In December 2008, NYSE Amex implemented significant changes to its
market rules, execution technology and the rights and obligations of
its market participants all of which were designed to improve execution
quality on the Exchange. These changes are all elements of the
Exchange's enhanced market model that it implemented through the NMM
Pilot.
    As part of the NMM Pilot, NYSE Amex eliminated the function of
specialists on the Exchange creating a new category of market
participant, the Designated Market Maker or DMM.\9\ The DMMs, like
specialists, have affirmative obligations to make an orderly market,
including continuous quoting requirements and obligations to re-enter
the market when reaching across to execute against trading interest.
Unlike specialists, DMMs have a minimum quoting requirement \10\ in
their assigned securities and no longer have a negative obligation.
DMMs are also no longer agents for public customer orders.\11\
---------------------------------------------------------------------------

    \9\ See NYSE Amex Equities Rule 103.
    \10\ See NYSE Amex Equities Rule, 104.
    \11\ See NYSE Amex Equities Rule 60; See also 104 and 1000.
---------------------------------------------------------------------------

    In addition, the Exchange implemented a system change that allowed
DMMs to create a schedule of additional non-displayed liquidity at
various price points where the DMM is willing to interact with interest
and provide price improvement to orders in the Exchange's system. This
schedule is known as the DMM Capital Commitment Schedule (``CCS'').\12\
CCS provides the Display Book[supreg] \13\ with the amount of shares
that the DMM is willing to trade at price points outside, at and inside
the Exchange BBO. CCS interest is separate and distinct from other DMM
interest in that it serves as the interest of last resort.
---------------------------------------------------------------------------

    \12\ See NYSE Amex Equities Rule 1000.
    \13\ The Display Book[supreg] system is an order management and
execution facility. The Display Book system receives and displays
orders to the DMMs, contains the order information, and provides a
mechanism to execute and report transactions and publish the results
to the Consolidated Tape. The Display Book system is connected to a
number of other Exchange systems for the purposes of comparison,
surveillance, and reporting information to customers and other
market data and national market systems.
---------------------------------------------------------------------------

    The NMM Pilot further modified the logic for allocating executed
shares among market participants having trading interest at a price
point upon execution of incoming orders. The modified logic rewards
displayed orders that establish the Exchange's best bid or Exchange's
best offer. During the operation of the NMM Pilot orders or portions
thereof that establish priority \14\ retain that priority until the
portion of the order that established priority is exhausted. Where no
one order has established priority, shares are distributed among all
market participants on parity.
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    \14\ See NYSE Amex Equities Rule 72(a)(ii).
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    The NMM Pilot was originally scheduled to end operation on October
1, 2009, or such earlier time as the Commission may determine to make
the rules permanent. The Exchange filed to extend the operation of the
Pilot on two occasions \15\ in order to prepare a rule filing seeking
permission to make the above described changes permanent. The Exchange
is currently still preparing such formal submission but does not expect
that filing to be completed and approved by the Commission before March
30, 2010.
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    \15\ See Securities Exchange Act Release Nos. 60758 (October 1,
2009), 74 FR [sic] (October 7, 2009) (SR-NYSEAmex-2009-65)
(extending Pilot to November 30, 2009); 61030 (November 19, 2009),
74 FR 62365 (November 27, 2009) (SR-NYSEAmex-2009-83) (extending
Pilot to March 30, 2010).
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Proposal To Extend the Operation of the NMM Pilot
    NYSE Amex established the NMM Pilot to provide incentives for
quoting, to enhance competition among the existing group of liquidity
providers and add a new competitive market participant. The Exchange
believes that the NMM Pilot allows the Exchange to provide its market
participants with a trading venue that utilizes an enhanced market
structure to encourage the addition of liquidity, facilitate the
trading of larger orders more efficiently and operates to reward
aggressive liquidity providers. As such, the Exchange believes that
rules governing the NMM Pilot should be made permanent. Through this
filing the Exchange seeks to extend the current operation of the NMM
Pilot until September 30, 2010, in order to allow the Exchange time to
formally submit a filing to the Commission to convert the pilot rules
to permanent rules.
2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'')
for this proposed rule change is the requirement under Section 6(b)(5)
that an exchange have rules that are designed to promote just and
equitable principles of trade, to remove impediments to and perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest. The Exchange
believes that the instant filing is consistent with these principles
because the NMM Pilot provides its market participants with a trading
venue that utilizes an enhanced market structure to encourage the
addition of liquidity, facilitate the trading of larger orders more
efficiently and operates to reward aggressive liquidity providers.
Moreover, the instant filing requesting an extension of the NMM Pilot
will permit adequate time for: (i) The Exchange to prepare and submit a
filing to make the rules governing the NMM Pilot permanent rules; (ii)
public notice and comment;

and (iii) completion of the 19b-4 approval process.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \16\ and Rule 19b-4(f)(6) thereunder.\17\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\18\
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    \16\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \17\ 17 CFR 240.19b-4(f)(6).
    \18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission. The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \19\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\20\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing.
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    \19\ 17 CFR 240.19b-4(f)(6).
    \20\ 17 CFR 240.19b-4(f)(6)(iii).
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    The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
The Commission notes that because the pilot program will expire on
March 30, 2010, waiver of the operative delay is necessary so that no
interruption of the pilot program will occur. In addition, the
Commission notes that the Exchange has requested extension of the pilot
to allow the Exchange time to formally request permanent approval.
Therefore, the Commission designates the proposal operative upon
filing.\21\
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    \21\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEAmex-2010-28 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEAmex-2010-28. This
file number should be included on the subject line if e-mail 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 Section on
official business days between the hours of 10 a.m. and 3 p.m. Copies
of such filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-NYSEAmex-2010-28 and should be submitted on or before
April 14, 2010.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-6376 Filed 3-23-10; 8:45 am]
BILLING CODE 8011-01-P