MEMO To: Paul Shriner, EPA From: Kelly Meadows, Tetra Tech Date: June 30, 2005 RE: 316( b) Requirements in NPDES Permits for Manufacturing Facilities Introduction As requested by EPA, Tetra Tech contacted several state permitting authorities to inquire about the historical application of 316( b) requirements in NPDES permits for manufacturing facilities. This information will be helpful in developing the final regulations for Phase III facilities, which are to be promulgated on June 1, 2006.

Tetra Tech contacted permitting authorities in eight states: Louisiana, Michigan, New Jersey, New York, Pennsylvania, Texas, Washington, and Wisconsin. These states were selected as a result of examining industry survey data that suggested that these states would have a larger number of manufacturing facilities subject to regulation under 316( b).

Findings In general, states have not incorporated 316( b) requirements into the permits for manufacturing facilities. Of the states contacted, only one reported a manufacturing facility permit ( Dupont Chamberworks in New Jersey) that includes 316( b) requirements. Most permitting authorities stated that efforts at regulating cooling water intakes have focused on the larger power plants ( i. e., Phase II facilities) and not smaller facilities or manufacturers. Texas has not historically included 316( b) requirements in any NPDES permits, but is proceeding to do so with the promulgation of the Phase II regulations. Michigan and Pennsylvania each performed an initial screening analysis in the 1970s and determined that manufacturers fell below a threshold of concern and have not addressed 316( b) issues at those facilities since that time. Additionally, Michigan required biological studies to assess the impacts at intake structures, but has not included any permit requirements since that time. New York has occasionally worked with individual facilities to reduce impingement and entrainment, but has not included any requirements in the facility's permit.


[Federal Register: February 8, 2010 (Volume 75, Number 25)]
[Proposed Rules]
[Page 6160-6162]
[DOCID:fr08fe10-22]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2010-0032; Directorate Identifier 2009-NM-213-AD]
RIN 2120-AA64

Airworthiness Directives; McDonnell Douglas Corporation Model DC-
10-10, DC-10-10F, DC-10-15, DC-10-30, DC-10-30F (KC-10A and KDC-10),
DC-10-40, DC-10-40F, MD-10-10F, MD-10-30F, MD-11, and MD-11F Airplanes

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: We propose to adopt a new airworthiness directive (AD) for
certain Model DC-10-10, DC-10-10F, DC-10-15, DC-10-30, DC-10-30F (KC-
10A and KDC-10), DC-10-40, DC-10-40F, MD-10-10F, MD-10-30F, MD-11, and
MD-11F airplanes. This proposed AD would require a one-time
installation of electrical bonding jumpers for the fill valve
controllers of fuel tanks. This proposed AD results from fuel system
reviews conducted by the manufacturer. We are proposing this AD to
prevent point-of-contact arcing or filament heating damage in the fuel
tanks, which could result in fuel tank explosions and consequent loss
of the airplane.

DATES: We must receive comments on this proposed AD by March 25, 2010.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://
www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590.
     Hand Delivery: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays.
    For service information identified in this proposed AD, contact
Boeing Commercial Airplanes, Attention: Data & Services Management,
3855 Lakewood Boulevard, MC D800-0019, Long Beach, California 90846-
0001; telephone<PHONE_NUMBER>, extension 2; fax<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>Internet https://www.myboeingfleet.com. You may
review copies of the referenced service information at the FAA,
Transport Airplane Directorate, 1601 Lind Avenue, SW., Renton,
Washington. For information on the availability of this material at the
FAA, call<PHONE_NUMBER> or<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://
www.regulations.gov; or in person at the Docket Management Facility
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this proposed AD, the regulatory
evaluation, any comments received, and other information. The street
address for the Docket Office (telephone<PHONE_NUMBER>) is in the
ADDRESSES section. Comments will be available in the AD docket shortly
after receipt.

FOR FURTHER INFORMATION CONTACT: Philip Kush, Aerospace Engineer,
Propulsion Branch, ANM-140L, FAA, Los Angeles Aircraft Certification
Office, 3960 Paramount Boulevard, Lakewood, California 90712-4137;
telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposed AD. Send your comments to an address
listed under the ADDRESSES section. Include ``Docket No. FAA-2010-0032;
Directorate Identifier 2009-NM-213-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://
www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    The FAA has examined the underlying safety issues involved in fuel
tank explosions on several large transport airplanes, including the
adequacy of existing regulations, the service history of airplanes
subject to those regulations, and existing maintenance practices for
fuel tank systems. As a result of those findings, we issued a
regulation titled ``Transport Airplane Fuel Tank System Design Review,
Flammability Reduction and Maintenance and Inspection Requirements''
(66 FR 23086, May 7, 2001). In addition to new airworthiness standards
for transport airplanes and new maintenance requirements, this rule
included Special Federal Aviation Regulation No. 88 (``SFAR 88,''
Amendment 21-78, and subsequent Amendments 21-82 and 21-83).
    Among other actions, SFAR 88 requires certain type design (i.e.,
type certificate (TC) and supplemental type certificate (STC)) holders
to substantiate that their fuel tank systems can prevent ignition
sources in the fuel tanks. This requirement applies to type design
holders for large turbine-powered transport airplanes and for
subsequent modifications to those airplanes. It requires them to
perform design reviews and to develop design changes and maintenance
procedures if their designs do not meet the new fuel tank safety
standards. As explained in the preamble to the rule, we intended to
adopt airworthiness directives to mandate any changes found necessary
to address unsafe conditions identified as a result of these reviews.
    In evaluating these design reviews, we have established four
criteria intended to define the unsafe conditions associated with fuel
tank systems that require corrective actions. The percentage of
operating time during which fuel tanks are exposed to flammable
conditions is one of these criteria. The other three criteria address
the failure types under evaluation: single failures, single failures in
combination with a latent condition(s), and in-service failure
experience. For all four criteria, the evaluations included
consideration of previous actions taken that may mitigate the need for
further action.
    We have determined that the actions identified in this AD are
necessary to reduce the potential of ignition sources inside fuel
tanks, which, in combination with flammable fuel vapors, could result
in fuel tank explosions and consequent loss of the airplane.
    Fuel system reviews conducted by the manufacturer revealed that
fill valve controller installations had inadequate electrical bonding.
This could allow point-of-contact arcing or filament heating damage in
the fuel tanks. Installing electrical bonding jumpers from the fill
valve controllers to airplane structure will provide a grounding path
in the event of a fault current occurrence in the fill valve
controller. If not corrected, a high current occurrence could result in
a potential source of ignition and consequent fire or explosion.

Relevant Service Information

    We have reviewed Boeing Service Bulletins DC10-28-249, Revision 1,
dated November 6, 2008; and MD11-28-135, Revision 1, dated November 6,
2008. The service bulletins describe procedures for a one-time
installation of electrical bonding jumpers for the fill valve
controllers of the fuel tanks. Depending on the airplane configuration,
the fuel tanks include left wing outboard leading edge; right wing
inboard leading edge; right wing outboard leading edge; center wing
lower auxiliary fuel tank; center wing upper auxiliary fuel tank; tail
tank horizontal stabilizer front spar; wing fuel tanks 1, 2, and 3;
upper and lower auxiliary fuel tank; aft auxiliary fuel tank; and
forward and aft body tanks.

FAA's Determination and Requirements of This Proposed AD

    We are proposing this AD because we evaluated all relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of the same type design.
This proposed AD would require accomplishing the actions specified in
the service information described previously.

Costs of Compliance

    We estimate that this proposed AD would affect 267 airplanes of
U.S. registry. The following table provides the estimated costs for
U.S. operators to comply with this proposed AD.

                                                                 Table--Estimated Costs
--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Number of U.S.-
            Action                  Work hours      Average labor        Parts       Cost per product    registered                Fleet cost
                                                    rate per hour                                         airplanes
--------------------------------------------------------------------------------------------------------------------------------------------------------
Installation..................  8 to 24 \1\......             $85  $1,459 to $3,805  $2,139 to $5,845             267  $571,113 to $1,560,615 \1\
                                                                    \1\.              \1\.
--------------------------------------------------------------------------------------------------------------------------------------------------------
\1\ Depending on airplane group or model.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect on the States, on the relationship
between the national Government and the States, or on the distribution
of power and responsibilities among the various levels of government.
    For the reasons discussed above, I certify this proposed
regulation:
    1. Is not a ``significant regulatory action'' under Executive Order
12866,
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979), and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    You can find our regulatory evaluation and the estimated costs of
compliance in the AD Docket.

List of Subjects in 14 CFR Part 39

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

The Proposed Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

    2. The FAA amends Sec.  39.13 by adding the following new AD:

McDonnell Douglas Corporation: Docket No. FAA-2010-0032; Directorate
Identifier 2009-NM-213-AD.

Comments Due Date

    (a) We must receive comments by March 25, 2010.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to McDonnell Douglas Corporation Model DC-
10-10, DC-10-10F, DC-10-15, DC-10-30, DC-10-30F (KC-10A and KDC-10),
DC-10-40, DC-10-40F, MD-10-10F, MD-10-30F, MD-11, and MD-11F
airplanes; certificated in any category.

Subject

    (d) Air Transport Association (ATA) of America Code 28: Fuel.

Unsafe Condition

    (e) This AD results from fuel system reviews conducted by the
manufacturer which revealed that fill valve controller installations
had inadequate electrical bonding. The Federal Aviation
Administration is issuing this AD to prevent point-of-contact arcing
or filament heating damage in the fuel tanks which could result in
fuel tank explosions and consequent loss of the airplane.

Compliance

    (f) You are responsible for having the actions required by this
AD performed within the compliance times specified, unless the
actions have already been done.

Installation

    (g) Within 60 months after the effective date of this AD,
install electrical bonding jumpers for the fill valve controllers of
the fuel tanks, in accordance with the Accomplishment Instructions
of Boeing Service Bulletin DC10-28-249, Revision 1, dated November
6, 2008 (for Model DC-10-10, DC-10-10F, DC-10-15, DC-10-30, DC-10-
30F (KC-10A and KDC-10), DC-10-40, DC-10-40F, MD10-10F, MD-10-30F
airplanes); or MD11-28-135, Revision 1, dated November 6, 2008 (for
Model MD-11 and MD-11F airplanes).

Alternative Methods of Compliance (AMOCs)

    (h)(1) The Manager, Los Angeles Aircraft Certification Office
(ACO), FAA, has the authority to approve AMOCs for this AD, if
requested using the procedures found in 14 CFR 39.19. Send
information to ATTN: Philip Kush, Aerospace Engineer, Propulsion
Branch, ANM-140L, FAA, Los Angeles ACO, 3960 Paramount Boulevard,
Lakewood, California 90712-4137; telephone<PHONE_NUMBER>; fax (562)
627-5210.

    (2) To request a different method of compliance or a different
compliance time for this AD, follow the procedures in 14 CFR 39.19.
Before using any approved AMOC on any airplane to which the AMOC
applies, notify your principal maintenance inspector (PMI) or
principal avionics inspector (PAI), as appropriate, or lacking a
principal inspector, your local Flight Standards District Office.
The AMOC approval letter must specifically reference this AD.

    Issued in Renton, Washington, on January 28, 2010.
Ali Bahrami,
Manager, Transport Airplane Directorate, Aircraft Certification
Service.
[FR Doc. 2010-2687 Filed 2-5-10; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 84, Number 224 (Wednesday, November 20, 2019)]
[Notices]
[Pages 64129-64136]
[FR Doc No: 2019-25068]

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

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 33682; 812-14625]

Blue Tractor ETF Trust and Blue Tractor Group, LLC; Notice of
Application

November 14, 2019.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for exemptive relief.

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

Summary of Application: Applicants request an order under section 6(c)
of the Investment Company Act of 1940 (``Act'') for an exemption from
sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act and rule 22c-1
under the Act, under sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and 17(a)(2) of the Act, and under
section 12(d)(1)(J) of the Act for an exemption from sections
12(d)(1)(A) and 12(d)(1)(B) of the Act. If granted, the requested order
would permit registered open-end investment companies that are
exchange-traded funds (``ETFs'') and are actively managed to operate
without being subject to a daily portfolio transparency condition.

Applicants: Blue Tractor Group, LLC (``Blue Tractor'') and Blue Tractor
ETF Trust (the ``Trust'').

Filing Dates: The application was filed on March 14, 2016, and amended
on September 28, 2016, February 1, 2017, July 31, 2017, January 17,
2018, April 11, 2018, May 23, 2018, May 8, 2019, June 20, 2019, August
2, 2019, October 21, 2019, and October 23, 2019.

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 by writing to the Commission's
Secretary and serving Applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on December 9, 2019 and should be accompanied by proof of
service on 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 writing to the
Commission's Secretary.

ADDRESSES: Secretary, Securities and Exchange Commission, 100 F Street,
NE, Washington, DC 20549-1090; Applicants: Blue Tractor ETF Trust, Blue
Tractor Group, LLC, 57 West 57th Street 4th Floor, New York, NY 10019.

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel; Andrea
Ottomanelli Magovern, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>.

I. Introduction

    1. Applicants seek to introduce a novel type of actively-managed
ETF that would not be required to disclose its portfolio holdings on a
daily basis (each, a ``Fund''). Due to their characteristics, ETFs
(including those proposed by Applicants) are only permitted to operate
in reliance on Commission exemptive relief from certain provisions of
the Act and rules thereunder.\1\ Accordingly, Applicants seek an order:
under section 6(c) of the Act for an exemption from sections 2(a)(32),
5(a)(1), 22(d), and 22(e) of the Act and rule 22c-1 thereunder; under
sections 6(c) and 17(b) of the Act granting an exemption from sections
17(a)(1) and 17(a)(2) of the Act; and under section 12(d)(1)(J) for an
exemption from sections 12(d)(1)(A) and (B) of the Act. The requested
order would permit: (a) The Funds to issue shares (``Shares'')
redeemable in large aggregations only (``creation units''); (b)
secondary market transactions in Shares to occur at negotiated market
prices rather than at net asset value (``NAV''); (c) certain Funds to
pay redemption proceeds, under certain circumstances, more than seven
days after the tender of Shares for redemption; (d) certain affiliated
persons of a Fund to deposit securities into, and receive securities
from, the Fund in connection with the purchase and redemption of
creation units; and (e) certain registered management investment
companies and unit investment trusts outside of the same

group of investment companies as the Funds (``Investing Funds'') to
acquire Shares of the Funds.
---------------------------------------------------------------------------

    \1\ The Commission first granted exemptive relief to operate
ETFs in the early 1990s when the first index-based ETFs were
developed. See SPDR Trust Series I, Investment Company Act Release
Nos. 18959 (Sept. 17, 1992) (notice) and 19055 (Oct. 26, 1992)
(order). See generally Exchange Traded Funds, Investment Company Act
Release No. 33646 (Sept. 25, 2019) (``ETF Rule Adopting Release''),
at section I. The Commission has also granted ETFs exemptive relief
from Sections 12(d)(1)(A) and (B) of the Act. See generally Fund of
Funds Arrangements, Investment Company Act Release No. 33329 (Dec.
19, 2018).
---------------------------------------------------------------------------

    2. Section 6(c) allows the Commission to exempt any person,
security, or transaction, or any class thereof, only ``if and to the
extent that such exemption is necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of [the Act].''
As discussed below, the Commission believes that the Funds meet the
standard for exemptive relief under section 6(c) of the Act.\2\
Accordingly, the Commission intends to grant the requested relief.
---------------------------------------------------------------------------

    \2\ See infra section IV for a discussion of all the relief
requested by Applicants, including relief under sections 17(b) and
12(d)(1)(J) of the Act.
---------------------------------------------------------------------------

II. Background

A. Open-End Investment Companies and Net Asset Value

    3. The Act defines an investment company as an ``issuer'' of ``any
security'' which ``is or holds itself out as being engaged primarily .
. . in the business of investing . . . in securities.'' \3\ Shares in
an investment company represent proportionate interests in its
investment portfolio, and their value fluctuates in relation to the
changes in the value of that portfolio.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 80a-3(a); 80a-3(a)(1).
---------------------------------------------------------------------------

    4. The most common form of investment company, the ``open-end''
investment company or mutual fund, is required by law to redeem its
securities on demand at a price approximating the securities'
proportionate share of the fund's NAV at the time of redemption.\4\
These funds also continuously issue and sell new shares, thereby
replenishing their investment capital.
---------------------------------------------------------------------------

    \4\ See section 22(d) and rule 22c-1; see also infra section
IV.A (discussing section 22(d) and rule 22c-1).
---------------------------------------------------------------------------

    5. Because open-end investment companies are required by law to
redeem their shares based on investors' demands, shares of the funds
have historically not traded on exchanges or in other secondary
markets.\5\
---------------------------------------------------------------------------

    \5\ This stems from section 22(d) of the Act, which in effect
fixes the prices at which redeemable securities, including open-end
shares, are sold. The result is a system that precludes dealers from
making a secondary market in open-end shares.
---------------------------------------------------------------------------

B. Exemptions under the Act for Actively Managed ETFs

    6. ETFs, including those proposed by Applicants, are a type of
open-end fund. But unlike traditional open-end funds, ETFs are made
available to investors primarily through secondary market transactions
on exchanges.
    7. In order for this to take place, ETFs require various exemptions
from the provisions of the Act and the rules thereunder. Critically, in
granting such exemptions to date, the Commission has required that a
mechanism exist to ensure that ETF shares would trade at a price that
is at or close to the NAV per share of the ETF.\6\
---------------------------------------------------------------------------

    \6\ This has been a required representation in all ETF orders
since the Commission issued the first order. See supra note 1.
---------------------------------------------------------------------------

    8. Such a mechanism is essential for ETFs to operate because ETFs
do not sell or redeem their individual shares at NAV per share as
required by the Act. Instead, large broker-dealers that have
contractual arrangements with an ETF (each, an ``Authorized
Participant'') purchase and redeem ETF shares directly from the ETF,
but only in large blocks called ``creation units.'' Traditionally, an
Authorized Participant that purchases a creation unit of ETF shares
first deposits with the ETF a ``basket'' of securities and other assets
(e.g., cash) identified by the ETF that day, and then receives the
creation unit of ETF shares in return for those assets. The basket is
generally representative of the ETF's portfolio and is equal in value
to the aggregate NAV of ETF shares in the creation unit. After
purchasing a creation unit, the Authorized Participant may sell the
component ETF shares in secondary market transactions. Investors then
purchase individual shares in the secondary market. The redemption
process is the reverse of the purchase process: The Authorized
Participant acquires a creation unit of ETF shares and redeems it for a
basket of securities and other assets.
    9. The combination of the creation and redemption process with the
secondary market trading in ETF shares provides arbitrage opportunities
that are designed to help keep the market price of ETF shares at or
close to the NAV per share of the ETF.\7\ For example, if ETF shares
begin trading on national securities exchanges at a ``discount'' (a
price below the estimated intraday NAV per share of the ETF), an
Authorized Participant can purchase ETF shares in secondary market
transactions and, after accumulating enough shares to comprise a
creation unit, redeem them from the ETF in exchange for the more
valuable securities and other assets in the ETF's redemption basket. In
addition to purchasing ETF shares, Authorized Participants also are
likely to hedge their intraday risk. Thus, for example, when ETF shares
are trading at a discount to the estimated intraday NAV per share of
the ETF, an Authorized Participant may also simultaneously short the
securities in the ETF's redemption basket. At the end of the day, the
Authorized Participant will return the creation unit of ETF shares to
the ETF in exchange for the ETF's basket assets, and use such assets to
cover its short positions. Those purchases reduce the supply of ETF
shares in the market, and thus tend to drive up the market price of the
shares to a level closer to the NAV per share of the ETF.\8\
---------------------------------------------------------------------------

    \7\ See Investment Company Institute, 2019 Investment Company
Fact Book (2019), at 88-89; ETF Rule Adopting Release, supra note 1,
at note 31 and accompanying text.
    \8\ The Authorized Participant's purchase of the ETF shares in
the secondary market, combined with the sale of the redemption
basket securities, may also create upward pressure on the price of
ETF shares and/or downward pressure on the price of redemption
basket securities, driving the market price of ETF shares and the
value of the ETF's portfolio holdings closer together.
---------------------------------------------------------------------------

    10. Conversely, if the market price for ETF shares reflects a
``premium'' (a price above the estimated intraday NAV per share of the
ETF), an Authorized Participant can deposit a basket of securities and
other assets in exchange for the more valuable creation unit of ETF
shares, and then sell the individual shares in the market to realize
its profit.\9\ An Authorized Participant also is likely to hedge its
intraday risk when ETF shares are trading at a premium. Thus, for
example, when the shares of an ETF are trading at a premium, an
Authorized Participant may buy the securities in the ETF's purchase
basket in the secondary market and sell short the ETF shares. At the
end of the day, the Authorized Participant will deposit the basket
assets in exchange for a creation unit of ETF shares, which it will
then use to cover its short positions. The Authorized Participant will
receive a profit from having paid less for the ETF shares than it
received for the assets in the purchase basket. These transactions
would increase the supply of ETF shares in the secondary market, and
thus tend to drive down the price of ETF shares to a level closer to
the NAV per share of the ETF.
---------------------------------------------------------------------------

    \9\ The Authorized Participant's purchase of the basket assets,
combined with the sale of ETF shares, may also create downward
pressure on the price of ETF shares, upward pressure on the price of
purchase basket securities, or both, bringing the market price of
ETF shares and the value of the ETF's portfolio holdings closer
together.
---------------------------------------------------------------------------

    11. Market participants can also engage in arbitrage activity
without using the creation or redemption processes described above. For
example, if a market participant believes that an ETF is overvalued
relative to its underlying or reference assets (i.e. trading at a
premium), the market participant may sell ETF shares short and buy the
underlying or reference assets, wait for the trading prices to

move toward parity, and then close out the positions in both the ETF
shares and the underlying or reference assets to realize a profit from
the relative movement of their trading prices. Similarly, a market
participant could buy ETF shares and sell the underlying or reference
assets short in an attempt to profit when an ETF's shares are trading
at a discount to the ETF's underlying or reference assets. As discussed
above, this type of trading of an ETF's shares and the ETF's underlying
or reference assets may bring the prices of the ETF's shares and its
portfolio assets closer together through market pressure.
    12. In assessing whether to grant exemptive relief to actively
managed ETFs in the past, the Commission has required a mechanism that
would keep the market prices of ETF shares at or close to the NAV per
share of the ETF.\10\ This close tie between market price and NAV per
share of the ETF is the foundation for why the prices at which retail
investors buy and sell ETF shares are similar to the prices at which
Authorized Participants are able to buy and redeem shares directly from
the ETF at NAV. In granting relief from section 22(d) of the Act and
rule 22c-1 under the Act, the Commission relies on this close tie
between what retail investors pay and what Authorized Participants pay
to make the finding that the ETF's shareholders are being treated
equitably when buying and selling shares.\11\
---------------------------------------------------------------------------

    \10\ Until recently, the Commission only approved a mechanism
dependent on daily portfolio transparency. See generally ETF Rule
Adopting Release, supra note 1, at section II.C.4. Last May, the
Commission issued an order granting relief to actively managed ETFs
that, like the Funds, do not disclose their complete portfolio
holdings on a daily basis. See Precidian ETFs Trust, et al.,
Investment Company Act Release No. 33440 (Apr. 8, 2019) (the
``Precidian Notice'') and 33477 (May 20, 2019) (the ``Precidian
Order''). Applicants' proposed arbitrage mechanism differs from that
in the Precidian Order.
    \11\ See supra note 4 and accompanying text.
---------------------------------------------------------------------------

III. The Application

A. The Applicants

    13. The Trust is a statutory trust organized under the laws of
Delaware and has registered with the Commission as an open-end
management investment company. Blue Tractor, a Delaware limited
liability company that, prior to serving as investment adviser to any
Fund, will be registered as an investment adviser under the Investment
Advisers Act of 1940 (``Advisers Act''), would serve as the investment
adviser to the initial Funds. The Trust will enter into a distribution
agreement with one or more distributors. Any distributor will be a
registered broker-dealer under the Securities Exchange Act of 1934, as
amended (``Exchange Act''), and will act as distributor and principal
underwriter of the Funds.

B. Applicants' Proposal

    14. Applicants seek exemptive relief under section 6(c) to allow
them to introduce actively-managed Funds that would not disclose their
portfolio holdings on a daily basis.\12\ Applicants maintain that
operating the Funds as fully-transparent actively-managed ETFs would
make the Funds susceptible to ``front running'' and ``free riding'' by
other investors and/or managers, which can harm, and result in
substantial costs to, the Funds and their shareholders.\13\
---------------------------------------------------------------------------

    \12\ Applicants request that the order apply to series of the
Trust identified and described in the application as well as to
additional series of the Trust and any other open-end management
investment company or series thereof that seek to rely on the relief
requested in the application, each of which will operate as an
actively-managed ETF. Any Fund will: (a) Be advised by Blue Tractor,
or an entity controlling, controlled by, or under common control
with Blue Tractor (each such entity and any successor thereto is
included in the term ``Adviser''); and (b) comply with the terms and
conditions of the application. The Adviser may retain one or more
sub-advisers (each a ``Sub-Adviser'') for the Funds. Any Sub-Adviser
will be registered under the Advisers Act. For purposes of the
requested order, the term ``successor'' is limited to an entity that
results from a reorganization into another jurisdiction or a change
in the type of business organization.
    \13\ See application at 5, 9, 18, and 23.
---------------------------------------------------------------------------

    15. Applicants believe that the Funds would allow investors to
access active investment strategies offered by certain investment
advisers that are currently only available via mutual funds, while also
taking advantage of the traditional benefits of ETFs (e.g., lower fund
costs, tax efficiencies and intraday liquidity).
    16. Applicants state that the relief in the application is similar
to the relief granted in exemptive orders issued to existing actively
managed ETFs, except for certain differences permitting the Funds to
operate on a non-transparent basis.\14\ These material differences are
discussed below.
---------------------------------------------------------------------------

    \14\ Cf. Precidian Order supra note 10.
---------------------------------------------------------------------------

    a. Dynamic SSR Portfolio. Each day a Fund would publish a basket of
securities and cash that, while different from the Fund's portfolio, is
designed to closely track its daily performance (the ``Dynamic SSR
Portfolio'').\15\ The Dynamic SSR Portfolio will contain all of the
names of the securities in the Fund's portfolio, and only the
securities that are in the Fund's portfolio. The Dynamic SSR Portfolio
will have a minimum weightings overlap of 90% with the Fund's portfolio
at the beginning of each trading day. In addition, every day the Fund
would publicly disclose at the beginning of each trading day the
maximum deviation between the weightings of the specific securities in
the Dynamic SSR Portfolio and the weightings of those specific
securities in the actual portfolio, as well as between the weighting of
the respective cash positions (the ``Guardrail Amount''). Such number
would help market participants evaluate the risk that the performance
of the Dynamic SSR Portfolio may deviate from the performance of the
portfolio holdings of a Fund.
---------------------------------------------------------------------------

    \15\ The Funds would, at a minimum, provide the quarterly
portfolio disclosures required for mutual funds. See rule 30b1-9
under the Act and Form N-PORT.
---------------------------------------------------------------------------

    Applicants state that the Dynamic SSR Portfolio would serve as a
pricing and hedging tool for market participants to identify and take
advantage of arbitrage opportunities. Because the Dynamic SSR Portfolio
would be designed to closely track the daily performance of the Fund's
holdings, the Dynamic SSR Portfolio would serve to estimate the value
of those holdings. For the same reason, trading the Dynamic SSR
Portfolio would allow market participants to get exposure to the
performance of the Fund's holdings, so that a Fund's Dynamic SSR
Portfolio could serve to hedge a position in the Fund's Shares.
Further, the Dynamic SSR Portfolio would serve as the creation/
redemption basket when Authorized Participants exchange creation units
with the Fund.
    Also in order to facilitate arbitrage, each Fund's portfolio and
Dynamic SSR Portfolio will only include certain securities that trade
on an exchange contemporaneously with the Fund's Shares.\16\ Because
the securities would

be exchange traded, market participants would be able to accurately
price and readily trade the securities in the Dynamic SSR Portfolio for
purposes of assessing the intraday value of the Fund's portfolio
holdings and to hedge their positions in the Fund's shares.
---------------------------------------------------------------------------

    \16\ Each Fund may invest only in ETFs, Exchange-traded notes,
Exchange listed common stocks, common stocks listed on a foreign
exchange that trade on such exchange contemporaneously with the
Shares, Exchange-traded preferred stocks, Exchange-traded American
depositary receipts, Exchange-traded real estate investment trusts,
Exchange-traded commodity pools, Exchange-traded metals trusts,
Exchange-traded currency trusts, and exchange-traded futures that
trade contemporaneously with the Shares, as well as cash and cash
equivalents. For purposes of the application, exchange-traded
futures are U.S. listed futures contracts where the futures
contract's reference asset is an asset that the Fund could invest in
directly, or in the case of an index future, is based on an index of
a type of asset that the Fund could invest in directly. All futures
contracts that a Fund may invest in will be traded on a U.S. futures
exchange. For these purposes, an ``Exchange'' is a national
securities exchange as defined in section 2(a)(26) of the Act. No
Fund will invest in a ``penny stock'' as defined in Exchange Act
Rule 3a51-1, borrow for investment purposes, hold short positions,
or purchase any security that is illiquid at the time of purchase.
The Dynamic SSR Portfolio will be subject to the same limitations.
---------------------------------------------------------------------------

    b. Arbitrage Transactions in the Funds. Applicants state that,
given the correlation between a Fund's Dynamic SSR Portfolio and its
portfolio holdings, the Dynamic SSR Portfolio would serve as a pricing
signal to identify arbitrage opportunities when its value and the
secondary market price of the Shares diverge. If Shares began trading
at a discount to the Dynamic SSR Portfolio, an authorized participant
could purchase the Shares in secondary market transactions and, after
accumulating enough Shares to comprise a creation unit, redeem them
from the Fund in exchange for a redemption basket reflecting the NAV
per share of the Fund's portfolio holdings.\17\ The purchases of Shares
would reduce the supply of Shares in the market, and thus tend to drive
up the Shares' market price closer to the Fund's NAV.\18\
Alternatively, if Shares are trading at a premium, the transactions in
the arbitrage process are reversed.
---------------------------------------------------------------------------

    \17\ In addition to purchasing Shares, an authorized participant
also would likely hedge its intraday risk by shorting the securities
in the Dynamic SSR Portfolio (the same as in the redemption basket)
in an amount corresponding to its long position in Shares. After the
authorized participant returns a creation unit to the Fund in
exchange for a redemption basket, the authorized participant can use
the basket securities to cover its short positions. Cf. supra note
8.
    \18\ The purchase of the Shares in the secondary market,
combined with the sale of the redemption basket securities, may also
drive the market price of Shares and the value of the Fund's
portfolio holdings closer together. See supra note 8.
---------------------------------------------------------------------------

    Applicants further state that, like with traditional ETFs, market
participants also can engage in arbitrage without using the creation or
redemption processes.\19\ For example, if a Fund is trading at a
premium to the Dynamic SSR Portfolio, the market participant may sell
Shares short and take a long position in the Dynamic SSR Portfolio
securities, wait for the trading prices to move toward parity, and then
close out the positions in both the Shares and the securities, to
realize a profit from the relative movement of their trading prices.
Similarly, a market participant could buy Shares and take a short
position in the Dynamic SSR Portfolio securities in an attempt to
profit when Shares are trading at a discount to the Dynamic SSR
Portfolio.
---------------------------------------------------------------------------

    \19\ See supra paragraph 11.
---------------------------------------------------------------------------

    c. Protective conditions. Applicants have agreed to comply with
certain conditions in addition to those included in prior ETF exemptive
orders.\20\ First, the Funds will provide certain public disclosures to
explain to investors how they differ from traditional ETFs and inform
investors that the Funds' bid-ask spreads and premiums/discounts may be
larger than those for traditional ETFs due to the lack of transparency,
thus making trading in the Funds' Shares more expensive. The Funds will
also disclose that market participants may attempt to reverse engineer
a Fund's trading strategy, which, if successful, could increase
opportunities for trading practices that may disadvantage the Fund and
its shareholders.\21\ Each Fund will include a legend (the ``Legend'')
in a prominent location on the outside cover page of its prospectus, as
well as on its website and any marketing materials, that will highlight
for investors the differences between the Funds and fully transparent
actively managed ETFs and the above costs and risk.\22\ Unless
otherwise requested by the staff of the Commission, the Legend will
read as follows:
---------------------------------------------------------------------------

    \20\ These are substantially the same as conditions included in
the Precidian Order. See Precidian Notice supra note 10, at
paragraph 17(d).
    \21\ See application at 17-18.
    \22\ See application at 17, 22 and 38.
---------------------------------------------------------------------------

    This ETF is different from traditional ETFs.
    Traditional ETFs tell the public what assets they hold each day.
This ETF will not. This may create additional risks for your
investment. For example:
     You may have to pay more money to trade the ETF's shares.
This ETF will provide less information to traders, who tend to charge
more for trades when they have less information.
     The price you pay to buy ETF shares on an exchange may not
match the value of the ETF's portfolio. The same is true when you sell
shares. These price differences may be greater for this ETF compared to
other ETFs because it provides less information to traders.
     These additional risks may be even greater in bad or
uncertain market conditions.
     The ETF will publish on its website each day a ``Dynamic
SSR Portfolio'' designed to help trading in shares of the ETF. While
the Dynamic SSR Portfolio includes all the names of the ETF's holdings,
it is not the ETF's actual portfolio.
    The differences between this ETF and other ETFs may also have
advantages. By keeping certain information about the ETF secret, this
ETF may face less risk that other traders can predict or copy its
investment strategy. This may improve the ETF's performance. If other
traders are able to copy or predict the ETF's investment strategy,
however, this may hurt the ETF's performance.
    For additional information regarding the unique attributes and
risks of the ETF, see section [ ] below.
    17. Second, Applicants will comply with the requirements of
Regulation Fair Disclosure (``Reg. FD'') as if it applied to them, thus
prohibiting the Fund's selective disclosure of any material nonpublic
information.\23\ Because the Funds will not publicly disclose their
portfolio holdings daily, the selective disclosure of material
nonpublic information, including information other than portfolio
information, would be more likely to provide an unfair advantage to the
recipient than in other ETFs.
---------------------------------------------------------------------------

    \23\ See 17 CFR 243. ETFs are not otherwise subject to Reg. FD.
The federal securities laws and an investment adviser's fiduciary
duties permit the disclosure of an ETF's nonpublic portfolio
information to selected third parties only when the ETF has
legitimate business purposes for doing so and the recipients are
subject to a duty of confidentiality, including a duty not to trade
on the nonpublic information. See Exchange Traded Funds, Investment
Company Act Release No. 33140 (Jun. 28, 2018), at text accompanying
notes 225-226 (proposing rule 6c-11 and discussing Reg. FD). Reg.
FD's Rule 100(b)(2)(iii) exempts from Reg. FD certain communications
made in connection with a securities offering registered under the
Securities Act. Applicants would not rely on this exemption; as the
Funds will be continuously offered, this exemption would likely make
the condition requiring Applicants to comply with Reg. FD
meaningless.
---------------------------------------------------------------------------

    18. Third, the Funds and their Adviser will take remedial actions
as necessary if the Funds do not function as anticipated. For the first
three years after launch, a Fund will establish certain thresholds for
its level of Tracking Error,\24\ premiums/discounts, and spreads, so
that, upon the Fund's crossing a threshold, the Adviser will promptly
call a meeting of the Fund's board of directors and will present the
board with recommendations for appropriate remedial measures.\25\ The
board would then consider the

continuing viability of the Fund, whether shareholders are being
harmed, and what, if any, action would be appropriate.\26\ In addition,
Applicants have agreed to provide to Commission staff on a periodic
basis certain metrics and other such information as the staff may
request in order to facilitate the staff's ongoing monitoring of the
Funds.\27\
---------------------------------------------------------------------------

    \24\ ``Tracking Error'' is the standard deviation over the past
three months of the daily difference, in percentage terms, between
the Dynamic SSR Portfolio per share NAV and that of the Fund at the
end of the trading day.
    \25\ See application at 21. For at least the first three years
after launch of a Fund, its board would promptly meet (1) if the
Tracking Error exceeds 1%; or (2) if, for 30 or more days in any
quarter or 15 days in a row (a) the absolute difference between
either the market closing price or Bid/Ask Price, on one hand, and
NAV, on the other, exceeds 2%, or (b) the bid/ask spread exceeds 2%.
A Fund may adopt additional or lower (i.e., less than 1% for the
Tracking Error or less than 2% for the others) thresholds to the
extent deemed appropriate and approved by the Fund's board.
    \26\ For at least three years after launch of each Fund, the
Board will also undertake these considerations on an annual basis,
regardless of whether the Fund's preset thresholds have been
crossed. Potential actions may include, but are not limited to,
changing lead market makers, listing the Fund on a different
exchange, changing the size of creation units, changing the Fund's
investment objective or strategy, and liquidating the Fund. See
application at 21.
    \27\ See application at 38, condition 6.
---------------------------------------------------------------------------

IV. Requested Exemptive Relief

    19. Applicants request an order under section 6(c) of the Act for
an exemption from sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the
Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the
Act for an exemption from sections 17(a)(1) and 17(a)(2) of the Act,
and under section 12(d)(1)(J) of the Act for an exemption from sections
12(d)(1)(A) and (B) of the Act.
    20. Applicants' request for relief is novel only under section
22(d) and rule 22c-1 due to the proposed alternative arbitrage
mechanism. In all other respects, Applicants are seeking relief that
the Commission has previously granted to existing ETFs. As discussed
above, the requested relief would be available to any open-end
investment company that is an actively-managed ETF operating in
compliance with the terms and conditions of the order and that is
advised by an Adviser.\28\
---------------------------------------------------------------------------

    \28\ Applicants request that the terms and conditions of the
requested order apply to other registered open-end management
investment companies or series thereof not advised by the Adviser.
Applicants anticipate that the Adviser or an affiliate thereof would
enter into license agreements with other registered investment
advisers (a ``Licensed Adviser'') advising an open-end management
investment company that intends to launch new series operating as
the Applicants' Funds (such Licensed Adviser and investment company
together, the ``Future Applicants''). Applicants further expect that
Future Applicants would apply for a separate exemptive order that
incorporates by reference all the terms and conditions of the
requested order and any amendments thereto. See application at 7.
See also Precidian Notice supra note 10, at note 41 and in re Eaton
Vance Management, et al., File No. 812-14139, Fourth Amendment,
filed Sept. 25, 2014; Investment Company Act Rel. No. 31333 (Nov. 6,
2014) (notice), Investment Company Act Rel. No. 31361 (Dec. 2, 2014)
(order). See also, e.g., in re American Beacon Nextshares Trust, et
al., File No. 812-14417, First Amendment, filed Feb. 23, 2015;
Investment Company Act Rel. No. 31498 (Mar. 6, 2015) (notice);
Investment Company Act Rel. No. 31542 (Apr. 1, 2015) (order).
---------------------------------------------------------------------------

    21. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provisions of the Act, if and to
the extent that such exemption is necessary or appropriate in the
public interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) of the Act if evidence establishes that
the terms of the transaction, including the consideration to be paid or
received, are reasonable and fair and do not involve overreaching on
the part of any person concerned, and the proposed transaction is
consistent with the policies of the registered investment company and
the general purposes of the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may exempt any person, security, or
transaction, or any class or classes of persons, securities or
transactions, from any provision of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.

A. Novel Relief Under Section 22(d) and Rule 22c-1

    22. Section 22(d) of the Act, among other things, prohibits a
dealer from selling a redeemable security that is currently being
offered to the public by or through a principal underwriter other than
at a current public offering price described in the fund's prospectus.
Rule 22c-1 under the Act requires open-end funds, their principal
underwriters, and dealers in fund shares (and certain others) to sell
and redeem fund shares at a price based on the current NAV next
computed after receipt of an order to buy or redeem.
    23. Together, section 22(d) and rule 22c-1 are designed to: (i)
Prevent dilution caused by certain riskless trading practices of
principal underwriters and dealers; (ii) prevent unjust discrimination
or preferential treatment among investors purchasing and redeeming fund
shares; and (iii) preserve an orderly distribution of investment
company shares.\29\
---------------------------------------------------------------------------

    \29\ See ETF Rule Adopting Release, supra note 1, at text
accompanying note 116.
---------------------------------------------------------------------------

    24. Applicants believe that none of these concerns will be raised
by permitting Shares to trade in the secondary market at negotiated
prices. Applicants state that secondary market trading in Shares does
not involve the Funds as parties and cannot result in dilution of an
investment in Shares, and to the extent different prices for Shares
exist during a given trading day, or from day to day, such variances
occur as a result of third-party market forces, such as supply and
demand. Therefore, Applicants assert that secondary market transactions
in Shares will not lead to discrimination or preferential treatment
among purchasers. Finally, Applicants state that the proposed
distribution system will be orderly because anyone will be able to sell
or acquire Shares on an exchange and arbitrage activity should ensure
that secondary market transactions occur at prices at or close to the
Fund's NAV.
    25. In considering relief from section 22(d) and rule 22c-1 for
ETFs, the Commission has focused on whether the ETFs' arbitrage
mechanism addresses the concerns underlying those provisions. The
Commission believes that the alternative arbitrage mechanism proposed
by Applicants can work in an efficient manner to maintain a Fund's
secondary market prices close to its NAV.\30\ The Commission
recognizes, however, that the lack of full transparency may cause the
Funds to trade with spreads and premiums/discounts that are larger than
those of comparable, fully transparent ETFs.\31\ Nonetheless, as long
as arbitrage continues to keep the Fund's secondary market price and
NAV close, and does so efficiently so that spreads remain narrow, the
Commission believes that investors would benefit from the opportunity
to invest in active strategies through a vehicle that offers the
traditional benefits of ETFs.\32\
---------------------------------------------------------------------------

    \30\ See supra paragraph 16(b).
    \31\ The performance of a Fund's Dynamic SSR Portfolio and
portfolio holdings may deviate to some extent, which would make
market participants' estimates of the profitability of their
arbitrage transactions less precise. To account for this
possibility, market participants would likely require wider spreads
to trade Shares.
    \32\ Investors will have the information necessary to compare
the costs associated with investing in the Funds with the costs of
investing in other ETFs and mutual funds. See Item 3 of Form N-1A;
condition 2. Cf. ETF Rule Adopting Release, supra note 1, at text
following note 119 (noting that for fully transparent ETFs, ``under
certain circumstances, including during periods of market stress,
the arbitrage mechanism may work less effectively for a period of
time,'' but that ``on balance, . . . investors are more likely to
weigh the potential benefits of ETFs (e.g., low cost and intraday
trading) against any potential for market price deviations when
deciding whether to utilize ETFs.'' Cf. Precidian Notice supra note
10, at 19-20.
---------------------------------------------------------------------------

B. Other Relief

    26. The additional exemptive relief Applicants seek is relief
routinely granted to ETFs, and does not raise novel issues on account
of the lack of daily portfolio transparency.
    27. Sections 5(a)(1) and 2(a)(32) of the Act. First, because the
Shares will not be

individually redeemable, Applicants request an exemption from section
5(a)(1) and section 2(a)(32) of the Act that would permit the Funds to
register as open-end management investment companies and issue Shares
that are redeemable in creation units only.
    28. Section 22(e) of the Act. Second, Applicants seek relief from
section 22(e) to permit Funds to satisfy redemption requests more than
seven days from the tender of Shares for redemption with respect to
foreign securities where the settlement cycle, coupled with local
holiday schedules, would not permit a Fund to satisfy redemption
requests within the seven days required under section 22 (e) of the
Act. A Fund would deliver the foreign securities as soon as
practicable, but in no event later than 15 days after the tender of
Shares.
    29. Sections 17(a)(1) and (2) of the Act. Second, Applicants
request an exemption from sections 17(a)(1) and 17(a)(2) of the Act to
permit persons that are affiliated persons, or second-tier affiliates,
of the Funds, solely by virtue of certain ownership interests, to
effectuate purchases and redemptions in-kind. The deposit procedures
for in-kind purchases of creation units and the redemption procedures
for in-kind redemptions of creation units will be the same for all
purchases and redemptions and basket securities will be valued in the
same manner as those portfolio securities currently held by the Funds.
Applicants also seek relief from the prohibitions on affiliated
transactions in section 17(a) to permit a Fund to sell its Shares to
and redeem its Shares from an Investing Fund, and to engage in the
accompanying in-kind transactions with the Investing Fund.\33\ The
purchase of creation units by an Investing Fund directly from a Fund
will be accomplished in accordance with the policies of the Investing
Fund and will be based on the NAVs of the Funds.
---------------------------------------------------------------------------

    \33\ The requested relief would apply to direct sales of shares
in creation units by a Fund to an Investing Fund and redemptions of
those shares. Applicants, moreover, are not seeking relief from
section 17(a) for, and the requested relief will not apply to,
transactions where a Fund could be deemed an affiliated person, or a
second-tier affiliate, of an Investing Fund because an Adviser or an
entity controlling, controlled by or under common control with an
Adviser provides investment advisory services to that Investing
Fund.
---------------------------------------------------------------------------

    30. Section 12(d)(1) of the Act. Third, Applicants request an
exemption to permit Investing Funds to acquire Fund Shares beyond the
limits of section 12(d)(1)(A) of the Act and permit the Funds, and any
principal underwriter for the Funds, and/or any broker or dealer
registered under the Exchange Act, to sell Fund Shares to Investing
Funds beyond the limits of section 12(d)(1)(B) of the Act. The
application's terms and conditions are designed to, among other things,
help prevent any potential (i) undue influence over a Fund through
control or voting power, or in connection with certain services,
transactions, and underwritings, (ii) excessive layering of fees, and
(iii) overly complex fund structures, which are the concerns underlying
the limits in sections 12(d)(1)(A) and (B) of the Act.

C. Consideration of Possible Concerns Relating to the Requested Relief

    31. As part of our review, we have considered possible concerns
regarding the requested relief, including, among others, concerns
related to the proposed arbitrage mechanism, the use of Dynamic SSR
Portfolios, and reverse engineering, as discussed below. We believe,
however, that the Applicants' proposed terms and conditions
sufficiently address such concerns.
    32. Proposed Arbitrage Mechanism. One possible concern is that the
proposed arbitrage mechanism may not facilitate effective arbitrage,
which could result in significant deviations between the secondary
market price and NAV per share of a Fund. We believe that the proposed
arbitrage mechanism can work in an efficient manner to maintain
secondary market prices of Shares close to their NAV while providing
investors with the opportunity to invest in active strategies through a
vehicle that offers the traditional benefits of ETFs.\34\ In addition,
to the extent that the Funds do not function as anticipated, Applicants
have undertaken to take remedial actions as appropriate.\35\
---------------------------------------------------------------------------

    \34\ See supra paragraphs 15 and 16.
    \35\ See supra paragraph 18.
---------------------------------------------------------------------------

    33. Use of Dynamic SSR Portfolios. Applicants have also addressed
possible implications of using a Dynamic SSR Portfolio as an arbitrage
mechanism. First, Applicants note that a Fund's Dynamic SSR Portfolio
would not misrepresent the Fund's holdings or cause investor
confusion.\36\ To that effect, the Funds would provide disclosures in
their prospectus, marketing materials and website clearly indicating
the Dynamic SSR Portfolio's purpose and that it is not the Fund's
portfolio holdings.\37\ Second, because the Dynamic SSR Portfolio will
only contain the same securities as in a Fund's portfolio, Applicants
state that the use of the Dynamic SSR Portfolio would not cause
transactions in securities that are not in the Fund's portfolio.
---------------------------------------------------------------------------

    \36\ See application at 21-22.
    \37\ See application at 17 and 22. In addition, every day a Fund
would disseminate the Guardrail Amounts, which would inform market
participants as to the degree to which the weightings of the
specific securities and cash in the Dynamic SSR Portfolio and the
weightings of those specific securities and cash in the actual
portfolio may differ. See application at 10.
---------------------------------------------------------------------------

    34. Reverse Engineering. A third possible concern is that other
market participants may be able to reverse engineer current activity in
a Fund's holdings and use such information to the disadvantage of the
Fund, Authorized Participants and shareholders. Applicants have
represented that they will operate the Funds in a manner designed to
minimize the risk of reverse engineering and we anticipate that the
Funds will have the ability to minimize such risk.\38\ Indeed, we note
that the Applicants have a significant incentive to minimize this risk,
considering that the purpose of their proposed arbitrage mechanism is
to facilitate the operation of ETFs that limit the ETFs' susceptibility
to predatory trading practices, like ``front running'' and ``free
riding.'' \39\
---------------------------------------------------------------------------

    \38\ Our Division of Economic Research and Analysis (``DERA'')
considered whether the current activity in a Fund's holdings could
be reverse engineered and concluded that the answer depends on the
specifics of each Fund, including the size of the Fund's universe of
potential portfolio selections, the mechanics of how the Fund's
Dynamic SSR Portfolio is constructed in relationship to the Fund's
portfolio holdings, the type of information disclosed about the
Fund's portfolio holdings, and the degree of overlap between the
Fund's Dynamic SSR Portfolio and its portfolio holdings. The Funds
would disclose this risk to investors. See application at 17-18.
    \39\ See application at 22-23.
---------------------------------------------------------------------------

V. Applicants' Conditions 40
---------------------------------------------------------------------------

    \40\ Capitalized terms not otherwise defined herein shall have
the same meaning as in the application.
---------------------------------------------------------------------------

    Applicants agree that any order of the Commission granting the
requested relief will be subject to the following conditions:

A. ETF Relief

    1. As long as a Fund operates in reliance on the requested order,
the Shares of the Fund will be listed on an exchange.
    2. The website for the Funds, which will be publicly accessible at
no charge, will contain, on a per Share basis, for each Fund the prior
business day's NAV and market closing price or Bid/Ask Price of the
Shares, a calculation of the premium or discount of the market closing
price or Bid/Ask Price against such NAV, and any other information
regarding premiums and discounts as may be required for other ETFs
under rule 6c-11 under the Act, as amended. The website will also
disclose any information regarding the bid-ask

spread for each Fund as may be required for other ETFs under rule 6c-11
under the Act, as amended.
    3. Each Fund will include the Legend in a prominent location on the
outside cover page of its prospectus, as well as on its website and any
marketing materials.
    4. On each business day, before the commencement of trading of
Shares, each Fund will publish on its website a Dynamic SSR Portfolio
and the Guardrail Amount for that day.
    5. No Adviser or Sub-Adviser, directly or indirectly, will cause
any Authorized Participant (or any investor on whose behalf an
Authorized Participant may transact with the Fund) to acquire any
deposit instrument for a Fund through a transaction in which the Fund
could not engage directly.
    6. Each Fund will provide Commission staff with periodic reports
(for which confidential treatment may be requested) containing such
information as the Commission staff may request.
    7. Each Fund and each person acting on behalf of a Fund will comply
with and agree to be subject to the requirements of Regulation Fair
Disclosure as if it applied to them (except that the exemptions
provided in Rule 100(b)(2)(iii) therein shall not apply).
    8. The requested relief to permit ETF operations will expire on the
effective date of any Commission rule under the Act that provides
relief permitting the operation of actively managed ETFs that disclose
a proxy portfolio on each business day without fully disclosing the
ETF's entire portfolio at the same time.
    9. Each Fund will maintain and preserve, for a period of not less
than five years, in an easily accessible place, (i) all written
agreements (or copies thereof) between an Authorized Participant and
the Fund or one of its service providers that allows the Authorized
Participant to place orders for the purchase or redemption of creation
units; (ii) a copy of the Dynamic SSR Portfolio published on the Fund's
website for each business day; and (iii) a list of all creation or
redemption baskets exchanged with an Authorized Participant where cash
was included in the basket in lieu of some or all of the Dynamic SSR
Portfolio securities (except for cash included because the securities
are not eligible for trading by the Authorized Participant or the
investor on whose behalf the Authorized Participant is acting), the
amount of any such cash in lieu and the identity of the Authorized
Participant conducting the transaction.

B. Section 12(d)(1) Relief

    10. The members of the Investing Fund's Advisory Group will not
control (individually or in the aggregate) a Fund within the meaning of
section 2(a)(9) of the Act. The members of the Investing Fund's Sub-
Advisory Group will not control (individually or in the aggregate) a
Fund within the meaning of section 2(a)(9) of the Act. If, as a result
of a decrease in the outstanding voting securities of a Fund, the
Investing Fund's Advisory Group or the Investing Fund's Sub-Advisory
Group, each in the aggregate, becomes a holder of more than 25 percent
of the outstanding voting securities of a Fund, it will vote its Shares
of the Fund in the same proportion as the vote of all other holders of
the Fund's Shares. This condition does not apply to the Investing
Fund's Sub-Advisory Group with respect to a Fund for which the
Investing Fund Sub-Adviser or a person controlling, controlled by or
under common control with the Investing Fund Sub-Adviser acts as the
investment adviser within the meaning of section 2(a)(20)(A) of the
Act.
    11. No Investing Fund or Investing Fund Affiliate will cause any
existing or potential investment by the Investing Fund in a Fund to
influence the terms of any services or transactions between the
Investing Fund or an Investing Fund Affiliate and the Fund or a Fund
Affiliate.
    12. The board of directors or trustees of an Investing Management
Company, including a majority of the independent directors or trustees,
will adopt procedures reasonably designed to ensure that the Investing
Fund Adviser and any Investing Fund Sub-Adviser are conducting the
investment program of the Investing Management Company without taking
into account any consideration received by the Investing Management
Company or an Investing Fund Affiliate from a Fund or a Fund Affiliate
in connection with any services or transactions.
    13. Once an investment by an Investing Fund in the Shares of a Fund
exceeds the limit in section 12(d)(1)(A)(i) of the Act, the Board of a
Fund, including a majority of the independent directors or trustees,
will determine that any consideration paid by the Fund to the Investing
Fund or an Investing Fund Affiliate in connection with any services or
transactions: (i) Is fair and reasonable in relation to the nature and
quality of the services and benefits received by the Fund; (ii) is
within the range of consideration that the Fund would be required to
pay to another unaffiliated entity in connection with the same services
or transactions; and (iii) does not involve overreaching on the part of
any person concerned. This condition does not apply with respect to any
services or transactions between a Fund and its investment adviser(s),
or any person controlling, controlled by or under common control with
such investment adviser(s).
    14. The Investing Fund Adviser, or Trustee or Sponsor, as
applicable, will waive fees otherwise payable to it by the Investing
Fund in an amount at least equal to any compensation (including fees
received pursuant to any plan adopted by a Fund under rule 12b-l under
the Act) received from a Fund by the Investing Fund Adviser, or Trustee
or Sponsor, or an affiliated person of the Investing Fund Adviser, or
Trustee or Sponsor, other than any advisory fees paid to the Investing
Fund Adviser, or Trustee or Sponsor, or its affiliated person by the
Fund, in connection with the investment by the Investing Fund in the
Fund. Any Investing Fund Sub-Adviser will waive fees otherwise payable
to the Investing Fund Sub-Adviser, directly or indirectly, by the
Investing Management Company in an amount at least equal to any
compensation received from a Fund by the Investing Fund Sub-Adviser, or
an affiliated person of the Investing Fund Sub-Adviser, other than any
advisory fees paid to the Investing Fund Sub-Adviser or its affiliated
person by the Fund, in connection with the investment by the Investing
Management Company in the Fund made at the direction of the Investing
Fund Sub-Adviser. In the event that the Investing Fund Sub-Adviser
waives fees, the benefit of the waiver will be passed through to the
Investing Management Company.
    15. No Investing Fund or Investing Fund Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund)
will cause a Fund to purchase a security in an Affiliated Underwriting.
    16. The Board of a Fund, including a majority of the independent
directors or trustees, will adopt procedures reasonably designed to
monitor any purchases of securities by the Fund in an Affiliated
Underwriting, once an investment by an Investing Fund in the securities
of the Fund exceeds the limit of section 12(d)(1)(A)(i) of the Act,
including any purchases made directly from an Underwriting Affiliate.
The Board will review these purchases periodically, but no less
frequently than annually, to determine whether the purchases were
influenced by the investment by the Investing Fund in the Fund. The
Board will consider, among

other things: (i) Whether the purchases were consistent with the
investment objectives and policies of the Fund; (ii) how the
performance of securities purchased in an Affiliated Underwriting
compares to the performance of comparable securities purchased during a
comparable period of time in underwritings other than Affiliated
Underwritings or to a benchmark such as a comparable market index; and
(iii) whether the amount of securities purchased by the Fund in
Affiliated Underwritings and the amount purchased directly from an
Underwriting Affiliate have changed significantly from prior years. The
Board will take any appropriate actions based on its review, including,
if appropriate, the institution of procedures designed to assure that
purchases of securities in Affiliated Underwritings are in the best
interest of shareholders of the Fund.
    17. Each Fund will maintain and preserve permanently in an easily
accessible place a written copy of the procedures described in the
preceding condition, and any modifications to such procedures, and will
maintain and preserve for a period of not less than six years from the
end of the fiscal year in which any purchase in an Affiliated
Underwriting occurred, the first two years in an easily accessible
place, a written record of each purchase of securities in Affiliated
Underwritings once an investment by an Investing Fund in the securities
of the Fund exceeds the limit of section 12(d)(1)(A)(i) of the Act,
setting forth from whom the securities were acquired, the identity of
the underwriting syndicate's members, the terms of the purchase, and
the information or materials upon which the Board's determinations were
made.
    18. Before investing in a Fund in excess of the limits in section
12(d)(1)(A), an Investing Fund will execute a FOF Participation
Agreement with the Fund stating that their respective boards of
directors or trustees and their investment advisers, or Trustee and
Sponsor, as applicable, understand the terms and conditions of the
order, and agree to fulfill their responsibilities under the order. At
the time of its investment in Shares of a Fund in excess of the limit
in section 12(d)(1)(A)(i), an Investing Fund will notify the Fund of
the investment. At such time, the Investing Fund will also transmit to
the Fund a list of the names of each Investing Fund Affiliate and
Underwriting Affiliate. The Investing Fund will notify the Fund of any
changes to the list as soon as reasonably practicable after a change
occurs. The Fund and the Investing Fund will maintain and preserve a
copy of the order, the FOF Participation Agreement, and the list with
any updated information for the duration of the investment and for a
period of not less than six years thereafter, the first two years in an
easily accessible place.
    19. Before approving any advisory contract under section 15 of the
Act, the board of directors or trustees of each Investing Management
Company, including a majority of the independent directors or trustees,
will find that the advisory fees charged under such contract are based
on services provided that will be in addition to, rather than
duplicative of, the services provided under the advisory contract(s) of
any Fund in which the Investing Management Company may invest. These
findings and their basis will be recorded fully in the minute books of
the appropriate Investing Management Company.
    20. Any sales charges and/or service fees charged with respect to
shares of an Investing Fund will not exceed the limits applicable to a
fund of funds as set forth in FINRA Rule 2341.
    21. No Fund will acquire securities of any investment company or
company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of
the limits contained in section 12(d)(1)(A) of the Act, except to the
extent permitted by exemptive relief from the Commission permitting the
Fund to purchase shares of other investment companies for short-term
cash management purposes.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25068 Filed 11-19-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 87 (Wednesday, May 6, 2015)]
[Notices]
[Pages 26096-26097]
[FR Doc No: 2015-10551]

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

DEPARTMENT OF LABOR

Occupational Safety and Health Administration

[Docket No. OSHA-2007-0043]

T[Uuml]V S[Uuml]D America, Inc.: Application for Expansion of
Recognition

AGENCY: Occupational Safety and Health Administration (OSHA), Labor.

ACTION: Notice.

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

SUMMARY: In this notice, OSHA announces the application of TUVAM for
expansion of its recognition as a Nationally Recognized Testing
Laboratory (NRTL) and presents the Agency's preliminary finding to
grant the application.

DATES: Submit comments, information, and documents in response to this
notice, or requests for an extension of time to make a submission, on
or before May 21, 2015.

ADDRESSES: Submit comments by any of the following methods:
    1. Electronically: Submit comments and attachments electronically
at http://www.regulations.gov, which is the Federal eRulemaking Portal.
Follow the instructions online for making electronic submissions.
    2. Facsimile: If submissions, including attachments, are not longer
than 10 pages, commenters may fax them to the OSHA Docket Office at
(202) 693-1648.
    3. Regular or express mail, hand delivery, or messenger (courier)
service: Submit comments, requests, and any attachments to the OSHA
Docket Office, Docket No. OSHA-2007-0043, Technical Data Center, U.S.
Department of Labor, 200 Constitution Avenue NW., Room N-2625,
Washington, DC 20210; telephone:<PHONE_NUMBER> (TTY number: (877) 889-
5627). Note that security procedures may result in significant delays
in receiving comments and other written materials by regular mail.
Contact the OSHA Docket Office for information about security
procedures concerning delivery of materials by express mail, hand
delivery, or messenger service. The hours of operation for the OSHA
Docket Office are 8:15 a.m.-4:45 p.m., e.t.
    4. Instructions: All submissions must include the Agency name and
the OSHA docket number (OSHA-2007-0043). OSHA places comments and other
materials, including any personal information, in the public docket
without revision, and these materials will be available online at
http://www.regulations.gov. Therefore, the Agency cautions commenters
about submitting statements they do not want made available to the
public, or submitting comments that contain personal information
(either about themselves or others) such as Social Security numbers,
birth dates, and medical data.
    5. Docket: To read or download submissions or other material in the
docket, go to http://www.regulations.gov or the OSHA Docket Office at
the address above. All documents in the docket are listed in the http://www.regulations.gov index; however, some information (e.g.,
copyrighted material) is not publicly available to read or download
through the Web site. All submissions, including copyrighted material,
are available for inspection at the OSHA Docket Office. Contact the
OSHA Docket Office for assistance in locating docket submissions.
    6. Extension of comment period: Submit requests for an extension of
the comment period on or before May 21, 2015 to the Office of Technical
Programs and Coordination Activities, Directorate of Technical Support
and Emergency Management, Occupational Safety and Health
Administration, U.S. Department of Labor, 200 Constitution Avenue NW.,
Room N-3655, Washington, DC 20210, or by fax to<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Information regarding this notice is
available from the following sources:
    Press inquiries: Contact Mr. Frank Meilinger, Director, OSHA Office
of Communications, U.S. Department of Labor, 200 Constitution Avenue
NW., Room N-3647, Washington, DC 20210; telephone:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>    General and technical information: Contact Mr. Kevin Robinson,
Director, Office of Technical Programs and Coordination Activities,
Directorate of Technical Support and Emergency Management, Occupational
Safety and Health Administration, U.S. Department of Labor, 200
Constitution Avenue NW., Room N-3655, Washington, DC 20210; phone:
(202) 693-2110 or email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Notice of the Application for Expansion

    The Occupational Safety and Health Administration is providing
notice that T[Uuml]V S[Uuml]D America, Inc. (TUVAM), is applying for
expansion of its current recognition as an NRTL. TUVAM requests the
addition of one test standard to its NRTL scope of recognition.
    OSHA recognition of an NRTL signifies that the organization meets
the

requirements specified in 29 CFR 1910.7. Recognition is an
acknowledgment that the organization can perform independent safety
testing and certification of the specific products covered within its
scope of recognition. Each NRTL's scope of recognition includes (1) the
type of products the NRTL may test, with each type specified by its
applicable test standard; and (2) the recognized site(s) that has/have
the technical capability to perform the product-testing and product-
certification activities for test standards within the NRTL's scope.
Recognition is not a delegation or grant of government authority;
however, recognition enables employers to use products approved by the
NRTL to meet OSHA standards that require product testing and
certification.
    The Agency processes applications by an NRTL for initial
recognition and for an expansion or renewal of this recognition,
following requirements in Appendix A to 29 CFR 1910.7. This appendix
requires that the Agency publish two notices in the Federal Register in
processing an application. In the first notice, OSHA announces the
application and provides its preliminary finding. In the second notice,
the Agency provides its final decision on the application. These
notices set forth the NRTL's scope of recognition or modifications of
that scope. OSHA maintains an informational Web page for each NRTL,
including TUVAM, which details the NRTL's scope of recognition. These
pages are available from the OSHA Web site at http://www.osha.gov/dts/otpca/nrtl/index.html.
    TUVAM currently has three facilities (sites) recognized by OSHA for
product testing and certification, with its headquarters located at: 10
Centennial Drive, Peabody, Massachusetts 01960. A complete list of
TUVAM's scope of recognition is available at https://www.osha.gov/dts/otpca/nrtl/tuvam.html.

II. General Background on the Application

    TUVAM submitted an application dated October 6, 2014 (OSHA-2007-
0043, Exhibit 15-1--TUVAM Expansion Letter and Application), to expand
its recognition to include two additional test standards. In response
to requests for additional information from NRTL staff, TUVAM withdrew
one of the proposed test standards, reducing their request for
expansion to one test standard. OSHA staff performed a detailed
analysis of the application packet and reviewed other pertinent
information. OSHA did not perform any on-site reviews in relation to
this application.
    Table 1 below lists the appropriate test standard found in TUVAM's
application for expansion for testing and certification of products
under the NRTL Program.

  Table 1--Proposed Appropriate Test Standard for Inclusion in TUVAM's
                        NRTL Scope of Recognition
------------------------------------------------------------------------
               Test standard                     Test standard title
------------------------------------------------------------------------
UL 8750...................................  Light Emitting Diode (LED)
                                             Equipment for Use in
                                             Lighting.
------------------------------------------------------------------------

III. Preliminary Findings on the Application

    TUVAM submitted an acceptable application for expansion of its
scope of recognition. OSHA's review of the application file, and
pertinent documentation, indicate that TUVAM can meet the requirements
prescribed by 29 CFR 1910.7 for expanding its recognition to include
the addition of this additional test standard for NRTL testing and
certification listed above. This preliminary finding does not
constitute an interim or temporary approval of TUVAM's application.
    OSHA welcomes public comment as to whether TUVAM meets the
requirements of 29 CFR 1910.7 for expansion of its recognition as an
NRTL. Comments should consist of pertinent written documents and
exhibits. Commenters needing more time to comment must submit a request
in writing, stating the reasons for the request. Commenters must submit
the written request for an extension by the due date for comments. OSHA
will limit any extension to 10 days unless the requester justifies a
longer period. OSHA may deny a request for an extension if the request
is not adequately justified. To obtain or review copies of the exhibits
identified in this notice, as well as comments submitted to the docket,
contact the Docket Office, Room N-2625, Occupational Safety and Health
Administration, U.S. Department of Labor, at the above address. These
materials also are available online at http://www.regulations.gov under
Docket No. OSHA-2007-0043.
    OSHA staff will review all comments to the docket submitted in a
timely manner and, after addressing the issues raised by these
comments, will recommend to the Assistant Secretary for Occupational
Safety and Health whether to grant TUVAM's application for expansion of
its scope of recognition. The Assistant Secretary will make the final
decision on granting the application. In making this decision, the
Assistant Secretary may undertake other proceedings prescribed in
Appendix A to 29 CFR 1910.7.
    OSHA will publish a public notice of its final decision in the
Federal Register.

Authority and Signature

    David Michaels, Ph.D., MPH, Assistant Secretary of Labor for
Occupational Safety and Health, 200 Constitution Avenue NW.,
Washington, DC 20210, authorized the preparation of this notice.
Accordingly, the Agency is issuing this notice pursuant to 29 U.S.C.
657(g)(2), Secretary of Labor's Order No. 1-2012 (77 FR 3912, Jan. 25,
2012), and 29 CFR 1910.7.

    Signed at Washington, DC, on April 30, 2015.
David Michaels,
Assistant Secretary of Labor for Occupational Safety and Health.
[FR Doc. 2015-10551 Filed 5-5-15; 8:45 am]
Billing Code 4510-26-P


[Federal Register Volume 85, Number 149 (Monday, August 3, 2020)]
[Notices]
[Page 46687]
[FR Doc No: 2020-16737]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4548-DR; Docket ID FEMA-2020-0001]

Utah; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of Utah (FEMA-4548-DR), dated July 9, 2020, and
related determinations.

DATES: The declaration was issued July 9, 2020.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated July 9, 2020, the President issued a major disaster declaration
under the authority of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''), as follows:

    I have determined that the damage in certain areas of the State
of Utah resulting from an earthquake and aftershocks during the
period of March 18 to April 17, 2020, is of sufficient severity and
magnitude to warrant a major disaster declaration under the Robert
T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C.
5121 et seq. (the ``Stafford Act''). Therefore, I declare that such
a major disaster exists in the State of Utah.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Individual Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Hazard Mitigation and Other Needs Assistance under section 408 will
be limited to 75 percent of the total eligible costs.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The time period prescribed for the implementation of section
310(a), Priority to Certain Applications for Public Facility and Public
Housing Assistance, 42 U.S.C. 5153, shall be for a period not to exceed
six months after the date of this declaration.
    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Kenneth G. Clark, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the State of Utah have been designated as
adversely affected by this major disaster:

    Davis and Salt Lake Counties for Individual Assistance.
    All areas within the State of Utah are eligible for assistance
under the Hazard Mitigation Grant Program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

Pete Gaynor,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2020-16737 Filed 7-31-20; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 79, Number 125 (Monday, June 30, 2014)]
[Notices]
[Pages 36796-36797]
[FR Doc No: 2014-15218]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP14-501-000]

National Fuel Gas Supply Corporation; Notice of Application

    Take notice that on June 13, 2014, National Fuel Gas Supply
Corporation (National Fuel), 6363 Main Street, Williamsville, New York
14221 filed an application in Docket No. CP14-501-000 pursuant to
section 7(c) of the Natural Gas Act (NGA), and Part 157 of the
Commission's regulations, for a certificate of public convenience and/
or necessity requesting authorization to revise the reservoir and
buffer boundaries of its adjacent Beech Hill, East Independence and
West Independence Storage Fields in Alleghany and Steuben Counties, New
York and that would extend the Beech Hill field into Potter County,
Pennsylvania. The proposed expansions would increase the storage
reservoir by 8,299.02 acres and the buffer area by 4,654.67 acres.
Additionally, National Fuel requests authorization to convert Well 7451
from observation to withdrawal only status. National Fuel does not seek
to change the certificated capacity or deliverability of the three
fields, nor are there any new facilities proposed, all as more fully
set forth in the application which is on file with the Commission and
open for public inspection. The filing may also be viewed on the Web at
http://www.ferc.gov using the ``eLibrary'' link. Enter the docket
number excluding the last three digits in the docket number field to
access the document. For assistance, contact FERC at
<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER> or TTY,
(202) 502-8659.
    Any questions regarding this application may be directed to David
W. Reitz, Deputy General Counsel, National Fuel Gas Supply Corporation,
6363 Main Street, Williamsville, New York 14221, or by calling 716-857-
7949.
    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
Complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify federal and state agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below, file with the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 7 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in the proceeding. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenter's will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with he Commission's environmental review process.
Environmental commenter's will not be required to serve copies of filed
documents on all other parties. However, the non-party commentary, will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and ill not have the right to seek court
review of the Commission's final order.
    The Commission strongly encourages electronic filings of comments,
protests and interventions in lieu of paper using the ``eFiling'' link
at http://www.ferc.gov. Persons unable to file electronically should
submit an original and 5 copies of the protest or intervention to the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426. See, 18 CFR 385.2001(a)(1)(iii) and the instructions on the
Commission's Web site under the ``e-Filing'' link.
    Comment Date: July 15, 2014.

    Dated: June 24, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-15218 Filed 6-27-14; 8:45 am]
BILLING CODE 6717-01-P