[Federal Register Volume 79, Number 27 (Monday, February 10, 2014)]
[Notices]
[Pages 7659-7660]
[FR Doc No: 2014-02735]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CD14-13-000]

North Wales Water Authority; Notice of Preliminary Determination
of a Qualifying Conduit Hydropower Facility and Soliciting Comments and
Motions To Intervene

    On January 27, 2014, the North Wales Water Authority filed a notice
of intent to construct a qualifying conduit hydropower facility,
pursuant to section 30 of the Federal Power Act, as amended by section
4 of the Hydropower Regulatory Efficiency Act of 2013 (HREA). The
Meetinghouse Road Water Transfer NO 3 Station 29 In-Pipe Hydropower
Project would utilize an existing pipe paralleling the pressure
reducing valve within Station 29 of North Wales Water Authority's water
distribution system in Montgomery County, Pennsylvania.
    Applicant Contact: Frank Zammataro, Rentricity Inc., P.O. Box 1021,
Planetarium Station, New York, NY 10024, Phone No.<PHONE_NUMBER>.
    FERC Contact: Christopher Chaney, Phone No.<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>    Qualifying Conduit Hydropower Facility Description: The proposed
project would consist of: (1) The existing Station 29 building; (2) one
proposed 11-kilowatt turbine/generating unit to be place on an existing
12-inch bypass line; and (3) appurtenant facilities. The proposed
project would have an estimated annual generating capacity of 72
megawatt-hours.
    A qualifying conduit hydropower facility is one that is determined
or deemed to meet all of the criteria shown in the table below.

                          Table 1--Criteria for Qualifying Conduit Hydropower Facility
----------------------------------------------------------------------------------------------------------------
              Statutory provision                                 Description                    Satisfies (Y/N)
----------------------------------------------------------------------------------------------------------------
FPA 30(a)(3)(A), as amended by HREA...........  The conduit the facility uses is a tunnel,                    Y
                                                 canal, pipeline, aqueduct, flume, ditch, or
                                                 similar manmade water conveyance that is
                                                 operated for the distribution of water for
                                                 agricultural, municipal, or industrial
                                                 consumption and not primarily for the
                                                 generation of electricity.
FPA 30(a)(3)(C)(i), as amended by HREA........  The facility is constructed, operated, or                     Y
                                                 maintained for the generation of electric
                                                 power and uses for such generation only the
                                                 hydroelectric potential of a non-federally
                                                 owned conduit.
FPA 30(a)(3)(C)(ii), as amended by HREA.......  The facility has an installed capacity that                   Y
                                                 does not exceed 5 megawatts.
FPA 30(a)(3)(C)(iii), as amended by HREA......  On or before August 9, 2013, the facility is                  Y
                                                 not licensed, or exempted from the licensing
                                                 requirements of Part I of the FPA.
----------------------------------------------------------------------------------------------------------------

    Preliminary Determination: Based upon the above criteria,
Commission staff preliminarily determines that the proposal satisfies
the requirements for a qualifying conduit hydropower facility not
required to be licensed or exempted from licensing.
    Comments and Motions to Intervene: Deadline for filing comments
contesting whether the facility meets the qualifying criteria is 45
days from the issuance date of this notice.
    Deadline for filing motions to intervene is 30 days from the
issuance date of this notice.
    Anyone may submit comments or a motion to intervene in accordance
with the requirements of Rules of Practice and Procedure, 18 CFR
385.210 and 385.214. Any motions to intervene must be received on or
before the specified deadline date for the particular proceeding.
    Filing and Service of Responsive Documents: All filings must (1)
bear in all capital letters the ``COMMENTS CONTESTING QUALIFICATION FOR
A CONDUIT HYDROPOWER FACILITY'' or ``MOTION TO INTERVENE,'' as
applicable; (2) state in the heading the name of the applicant and the
project number of the application to which the filing responds; (3)
state the name, address, and telephone number of the person filing; and
(4) otherwise comply with the requirements of sections 385.2001 through
385.2005 of the Commission's regulations.\1\ All comments contesting
Commission staff's preliminary determination that the facility meets
the qualifying criteria must set forth their evidentiary basis.
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    \1\ 18 CFR 385.2001-2005 (2013).
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    The Commission strongly encourages electronic filing. Please file
motions to intervene and comments using the Commission's eFiling system
at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit
brief comments up to 6,000 characters, without prior registration,
using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact information at the
end of your comments. For assistance, please contact FERC Online
Support at<EMAIL_ADDRESS>(866) 208-3676 (toll free), or
(202) 502-8659 (TTY). In lieu of electronic filing, please send a paper
copy to: Secretary, Federal Energy Regulatory Commission, 888 First
Street NE., Washington, DC 20426. A copy of all other filings in
reference to this application must be accompanied by proof of service
on all persons listed in the service list prepared by the Commission in
this proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.
    Locations of Notice of Intent: Copies of the notice of intent can
be obtained directly from the applicant or such copies can be viewed
and reproduced at the Commission in its Public Reference Room, Room 2A,
888 First Street NE., Washington, DC 20426. The filing may also be
viewed on the web at http://www.ferc.gov/docs-filing/elibrary.asp using
the ``eLibrary'' link. Enter the docket number (e.g., CD14-13) in the
docket number field to access the document. For assistance, call toll-
free 1-866-208-3676 or email<EMAIL_ADDRESS>For TTY, call
(202) 502-8659.

    Dated: February 3, 2014.
Kimberly D. Bose,
Secretary.
[FR Doc. 2014-02735 Filed 2-7-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 131 (Wednesday, July 9, 2014)]
[Rules and Regulations]
[Pages 38787-38792]
[FR Doc No: 2014-15886]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R03-OAR-2014-0310; FRL-9913-30-Region 3]

Approval and Promulgation of Air Quality Implementation Plans;
Maryland; Low Emission Vehicle Program

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is approving a State
Implementation Plan (SIP) revision submitted by the State of Maryland.
This revision pertains to Maryland's incorporation by reference of the
most recent amendments to California's Low Emission Vehicle (LEV)
program. The Clean Air Act (CAA) contains authority by which other
states may adopt new motor vehicle emissions standards that are
identical to California's standards. Maryland has adopted by reference
California's light and medium-duty vehicle emissions and fuel
standards, and consistent with California, submits amendments to these
standards as revisions to the State's SIP. In this SIP revision,
Maryland is updating its Low Emissions Vehicle Program regulation to
adopt by reference California's Advanced Clean Car Program. This action
is being taken under the CAA.

DATES: This rule is effective on September 8, 2014 without further
notice, unless EPA receives adverse written comment by August 8, 2014.
If EPA receives such comments, it will publish a timely withdrawal of
the direct final rule in the Federal Register and inform the public
that the rule will not take effect.

ADDRESSES: Submit your comments, identified by Docket ID Number EPA-
R03-OAR-2014-0310 by one of the following methods:
    A. www.regulations.gov. Follow the on-line instructions for
submitting comments.
    B. Email<EMAIL_ADDRESS>    C. Mail: EPA-R03-OAR-2014-0310, Cristina Fernandez, Associate
Director, Office of Air Program Planning, Mailcode 3AP30, U.S.
Environmental Protection Agency, Region III, 1650 Arch Street,
Philadelphia, Pennsylvania 19103.
    D. Hand Delivery: At the previously-listed EPA Region III address.
Such deliveries are only accepted during the Docket's normal hours of
operation, and special arrangements should be made for deliveries of
boxed information.

    Instructions: Direct your comments to Docket ID No. EPA-R03-OAR-
2014-0310. EPA's policy is that all comments received will be included
in the public docket without change, and may be made available online
at www.regulations.gov, including any personal information provided,
unless the comment includes information claimed to be Confidential
Business Information (CBI) or other information whose disclosure is
restricted by statute. Do not submit information that you consider to
be CBI or otherwise protected through www.regulations.gov or email. The
www.regulations.gov Web site is an ``anonymous access'' system, which
means EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send an email comment
directly to EPA without going through www.regulations.gov, your email
address will be automatically captured and included as part of the
comment that is placed in the public docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the electronic docket are listed in the
www.regulations.gov index. Although listed in the index, some
information is not publicly available, i.e., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, is not placed on the Internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available either electronically in www.regulations.gov or
in hard copy during normal business hours at the Air Protection
Division, U.S. Environmental Protection Agency, Region III, 1650 Arch
Street, Philadelphia, Pennsylvania 19103. Copies of the State submittal
are available at the Maryland Department of the Environment, 1800
Washington Boulevard, Suite 705, Baltimore, Maryland 21230.

FOR FURTHER INFORMATION CONTACT: Emlyn V[eacute]lez-Rosa (215) 814-
2038, or by email at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On August 1, 2013, the Maryland Department
of the Environment (MDE) submitted a revision to its SIP amending
Maryland's Low Emissions Vehicle Program regulation, COMAR 26.11.34, to
adopt California's Advanced Clean Cars Program, also referred to as the
CA LEV III program. The Maryland Low Emissions Vehicle Program requires
all new 2011 and subsequent model year passenger cars, light trucks,
and medium-duty vehicles having a gross vehicle weight rating (GVWR) of
14,000 pounds or less that are sold in Maryland to meet California's
vehicle standards.

Table of Contents

I. Background
    A. Maryland's Air Quality With Respect to the Ozone National
Ambient Air Quality Standard (NAAQS)
    B. Federal Vehicle Standards
    C. California's Vehicle Standards
    D. Maryland's Low Emissions Vehicle Program
II. Summary of SIP Revision
III. Final Action
IV. Statutory and Executive Order Reviews

I. Background

A. Maryland's Air Quality With Respect to the Ozone National Ambient
Air Quality Standard (NAAQS)

    Ozone is formed in the atmosphere by photochemical reactions
between volatile organic compounds (VOCs), nitrogen oxides
(NOX), and carbon monoxide (CO) in the presence of sunlight.
In order to reduce ozone concentrations in the ambient air, the CAA
requires all nonattainment areas to apply controls on VOCs and
NOX emission sources to achieve emission reductions.
    On July 18, 1997 (62 FR 38856), EPA promulgated an 8-hour ozone
NAAQS, at 0.08 parts per million (ppm) averaged over an 8-hour time
frame. On April 30, 2004 (69 FR 23951), EPA finalized designations for
areas across the country with respect to the 1997 8-hour ozone NAAQS,
which became effective on June 15, 2004. In this rulemaking action, EPA
designated for the 1997 8-hour ozone NAAQS three separate nonattainment
areas containing eleven counties and the City of Baltimore in Maryland:
(1) The Baltimore, Maryland moderate nonattainment area (hereafter the
Baltimore Area), consisting of the counties of Ann Arundel, Baltimore,
Carroll, Harford, and Howard, and the City of Baltimore in Maryland;
(2) the Washington, DC-MD-VA moderate nonattainment area (hereafter the
Washington Area), whose Maryland's portion consists of the counties of
Calvert, Charles, Frederick, Montgomery, and Prince George's; and (3)
the Philadelphia-Wilmington-Atlantic City, PA-NJ-MD-DE moderate
nonattainment area (hereafter the Philadelphia Area), whose Maryland's
portion consists of Cecil County. See 40 CFR 81.321. Upon designation,
these 1997 8-hour ozone moderate nonattainment areas had an attainment
date of no later than June 15, 2010.
    Two of Maryland's ozone nonattainment areas have attained the 1997
8-hour ozone NAAQS. On February 28, 2012 (77 FR 11739), EPA determined
that the Washington Area attained the 1997 8-hour ozone NAAQS by its
June 15, 2010 attainment date. On January 21, 2011 (76 FR 3840), EPA
issued a 1-year attainment date extension (i.e., from June 15, 2010 to
June 15 2011) for the Philadelphia Area. On March 26, 2012 (77 FR
17341), EPA determined that the Philadelphia Area attained the 1997 8-
hour ozone NAAQS by its June 15, 2011 attainment date.
    On March 11, 2011 (76 FR 13289), EPA issued a 1-year attainment
date extension (i.e., from June 15, 2010 to June 15, 2011) for the
Baltimore Area. On February 1, 2012 (77 FR 4901), EPA made a
determination that the Baltimore Area did not attain the 1997 8-hour
ozone NAAQS by its June 15, 2011 attainment date, based on quality
assured, quality controlled, and certified ambient air monitoring data
for 2008-2010. As a result, in this same rulemaking action EPA
reclassified the Baltimore Area from moderate to serious nonattainment
for the 1997 8-hour ozone NAAQS.
    On March 27, 2008 (73 FR 16436), EPA revised the level of the 8-
hour ozone NAAQS from 0.08 ppm to 0.075 ppm. EPA also strengthened the
secondary 8-hour ozone standard to the level of 0.075 ppm making it
identical to the revised primary standard. On May 21, 2012 (77 FR
30088), EPA finalized designations for the 2008 8-hour ozone NAAQS,
that became effective on July 20, 2012. The 2008 8-hour ozone
designations included the same three nonattainment areas previously
designated for the 1997 8-hour ozone NAAQS, but with different
classifications. The Washington Area and the Philadelphia-Wilmington-
Atlantic City Area were classified as marginal nonattainment and the
Baltimore Area was classified as moderate nonattainment.

B. Federal Vehicle Standards

    Vehicles sold in the United States are required by the CAA to be
certified to meet the Federal emission standards or California's
emission standards. States are forbidden from adopting their own
standards, but may adopt California's emission standards for which EPA
has

granted a waiver of preemption. Specifically, section 209 of the CAA
prohibits states from adopting or enforcing standards relating to the
control of emissions from new motor vehicles or new motor vehicle
engines. However, EPA may waive that prohibition to any state that
adopted its own vehicle emission standards prior to March 30, 1966. As
California was the only state to do so, California has authority under
the CAA to adopt its own motor vehicle emissions standards. California
must demonstrate to EPA that its newly adopted standards will be ``. .
. in the aggregate, at least as protective of public health and welfare
as applicable Federal standards.'' EPA then must grant a waiver of
preemption for California's standards, unless the demonstration fails
to meet specific requirements set forth in section 209 of the CAA
applicable to such a waiver demonstration.
    Section 177 of the CAA authorizes other states to adopt
California's standards in lieu of Federal vehicle standards, provided
the state adopting California's standards does so at least two years
prior to the model year in which they become effective and that EPA has
issued a waiver of preemption to California for such standards.
California emission standards have been traditionally more stringent
than the EPA requirements, but their structure is similar to that of
the Federal programs.
    On February 10, 2000 (65 FR 6698), EPA adopted the second tier of
Federal motor vehicle standards (Federal Tier 2 standards) enacted
under the CAA. The Federal Tier 2 standards included tailpipe emissions
standards for passenger vehicles and light duty trucks and gasoline
sulfur standards. The standards were phased-in between the 2004 and
2007 model years, except in states that had formally adopted
California's emission standards in lieu of the Federal standards.
    On May 7, 2010 (75 FR 25324), EPA and the National Highway Traffic
Safety Administration (NHTSA), an agency under the Department of
Transportation (DOT), established a national program consisting of new
standards for light-duty motor vehicles to reduce greenhouse gases
(GHG) emissions and to improve fuel economy. This program affected new
passenger cars, light-duty trucks, and medium-duty passenger vehicles
sold in model years 2012 through 2016. EPA adopted the GHG emissions
standards under the CAA, while NHTSA, as part of DOT, adopted standards
related to fuel economy, the Corporate Average Fuel Economy (CAFE)
standards, under the Energy Policy and Conservation Act (EPCA). Under
this national program, adopted in coordination with California,
automobile manufacturers face a single set of national emissions
standards to meet both Federal and California emissions requirements.
    On October 15, 2012 (77 FR 62624), EPA and NHTSA issued a joint
final rule to further reduce GHG emissions and improve fuel economy for
light-duty vehicles for model years 2017 and beyond. This rule extended
the previous national program beyond 2016 by tightening GHG for model
years 2017 to 2025 and the CAFE standards between model years 2017 and
2021. The rule continued to apply to passenger cars, light-duty trucks,
and medium-duty passenger vehicles sold in the applicable model years.
    EPA's GHG standards are based on carbon dioxide (CO2)
emissions-footprint curves, where each vehicle has a different
CO2 emissions compliance target depending on its footprint
value (related to the size of the vehicle). Generally, the larger the
vehicle footprint, the higher the corresponding vehicle CO2
emissions target. As a result, the burden of compliance was distributed
across all vehicles and all manufacturers. The CAFE program required
vehicle manufacturers to comply with the gas mileage, or fuel economy,
standards set by the DOT.
    On March 3, 2014, EPA signed a final rule adopting Tier 3 Motor
Vehicle Emission and Fuel Standards. The Federal Tier 3 program
establishes more stringent Federal vehicle emissions standards and
lowers the sulfur content of gasoline for new cars in states subject to
the Federal program, beginning in model year 2017. The Federal Tier 3
vehicle program will reduce both tailpipe and evaporative emissions
from passenger cars, light-duty trucks, medium-duty passenger vehicles,
and some heavy-duty vehicles. The gasoline sulfur standard will enable
more stringent vehicle emissions standards and will make emissions
control systems more effective. The tailpipe standards include
different phase-in schedules that vary by vehicle class but generally
phase in between model years 2017 and 2025. The Tier 3 standards are
closely harmonized with California LEV Tier III standards as well as
with Federal and California GHG emission standards for light-duty
vehicles.

C. California's Vehicle Standards

    In 1990, California's Air Resources Board (CARB) adopted its first
generation of LEV standards applicable to light and medium duty
vehicles. California's vehicle emission standards program is referred
to as the California Low Emissions Vehicle Program (CA LEV program).
These LEV standards were phased-in beginning in model year 1994 through
model year 2003. In 1999, California adopted a second generation of CA
LEV standards, known as CA LEV II. CA LEV II was phased-in beginning
with model year 2004 through model year 2010. EPA granted a Federal
preemption waiver for CA LEV II program on April 22, 2003 (68 FR
19811).
    In December 2000, CARB modified the CA LEV II program to take
advantage of some elements of the Federal Tier 2 regulations to ensure
that only the cleanest vehicle models would continue to be sold in
California. In 2006, CARB adopted technical amendments to its CA LEV II
program that amended the evaporative emission test procedures, onboard
refueling vapor recovery and spitback test procedures, exhaust emission
test procedures, and vehicle emission control label requirements. These
technical amendments aligned each of California's test procedures and
label requirements with its Federal counterpart, in an effort to
streamline and harmonize the California and Federal Tier 2 programs and
to reduce manufacturer testing burdens and increase in-use compliance.
On July 30, 2010 (75 FR 44948), EPA published a Federal Register notice
confirming that CARB's 2006 technical amendments were within-the-scope
of existing waivers of preemption for the CA LEV II program.
    The CA LEV II program reduces emissions in a similar manner to the
Federal Tier 2 program by use of declining fleet average non-methane
organic gas (NMOG) emission standards, applicable to each vehicle
manufacturer each year. Separate fleet average standards are not
established for NOX, CO, particulate matter (PM), or
formaldehyde as these emissions are controlled as a co-benefit of the
NMOG fleet average (fleet average values for these pollutants are set
by the certification standards for each set of California prescribed
certification standards.) These allowable sets of standards range from
LEV standards (the least stringent standard set) to Zero Emission
Vehicle (ZEV) standards (the most stringent standard set). In between,
the CA LEV II program establishes various other standards: The Ultra-
Low Emission Vehicles (ULEV), Super-Ultra Low Emission Vehicles
(SULEV), Partial Zero Emission Vehicles (PZEV), and Advanced
Technology-Partial Zero Emission Vehicles (AT-PZEV). Each manufacturer
may comply by selling a mix of vehicles meeting any of these standards,
as long as their sales-

weighted, overall average of the various standard sets meets the
overall fleet average and ZEV requirements.
    In January 2012, California approved a new emissions-control
program for model years 2017 through 2025, called the Advanced Clean
Cars Program, or the CA LEV III program. The program combines the
control of smog, soot, and GHG and requirements for greater numbers of
ZEV vehicles into a single package of standards. The regulations apply
to light duty vehicles, light duty trucks, and medium duty passenger
vehicles. Under the Advanced Clean Cars Program, manufacturers can
certify vehicles to the standards before model year 2015. Beginning
with model year 2020, all vehicles must be certified to CA LEV III
standards. The ZEV amendments add flexibility to California's existing
ZEV program for 2017 and earlier model years, and establish new sales
and technology requirements starting with the 2018 model year. The CA
LEV III amendments establish more stringent criteria and GHG emission
standards starting with the 2015 and 2017 model years, respectively.
The California GHG standards are almost identical in stringency and
structure to the Federal GHG standards for model years from 2017 to
2025. Additionally, on December 2012, California adopted a ``deemed to
comply'' regulation that enables manufacturers to show compliance with
California GHG standards by demonstrating compliance with Federal GHG
standards. On June 9, 2013 (78 FR 2112), EPA granted a Federal
preemption waiver for California's Advanced Clean Cars Program.
California's LEV Program is contained in the California Code of
Regulations (CCR), Title 13 ``Motor Vehicles,'' Division 3 ``Air
Resources Board.''

D. Maryland's Low Emissions Vehicle Program

    In order to address ambient air quality in the State, Maryland's
legislature adopted and the Governor signed the Maryland Clean Cars Act
of 2007, the purpose of which was to implement California's motor
vehicle emission standards. This statute compelled the adoption by MDE
on November 19, 2007 of a rule to implement CA LEV II standards. This
rule established Maryland regulatory chapter COMAR 26.11.34, entitled
``Low Emission Vehicle Program'' (also referred to as Maryland Clean
Car Program), which became effective in Maryland on December 17, 2007.
Since originally adopted, Maryland has revised its LEV program in 2009
and 2011 to reflect updates by California to the CA LEV II program.
Maryland submitted these changes to EPA as SIP revisions, which EPA
approved into Maryland's SIP. See 78 FR 34911 (June 11, 2013).
    The Maryland Clean Car Program has two objectives. The first is to
reduce emissions of NOX and VOCs, as precursors of ground
level ozone, from new motor vehicles sold in Maryland. The second
objective of the program is to reduce GHG emissions from motor
vehicles. The Maryland Clean Car Program requires all 2011 and newer
model year passenger cars, light-duty trucks, and medium-duty vehicles
having a GVWR of 14,000 pounds or less that are sold as new cars or are
transferred in Maryland to meet the applicable California emissions
standards. For purposes of the Maryland Clean Car Program, transfer
means to sell, import, deliver, purchase, lease, rent, acquire, or
receive a motor vehicle for titling or registration in Maryland.

II. Summary of SIP Revision

    Since Maryland last adopted California's vehicle standards in 2011,
California has updated its rules to adopt its Advanced Clean Cars
Program. As mentioned previously, on June 9, 2013 (78 FR 2112), EPA
granted a Federal preemption waiver for California's Advanced Clean
Cars Program. Maryland adopted California's updates to portions of CCR
Title 13, Division 3 by amending COMAR <IP_ADDRESS> on February 6, 2013
(40:4 Md R. 347), as proposed on November 30, 2012 (39:24 Md. R. 1587-
1590). These amendments became state-effective on March 4, 2013.
    On August 1, 2013, Maryland submitted as a SIP revision the state-
adopted amendments to the Maryland LEV Program rule, with exception of
CCR, Title 13, Division 3, Section 2030 ``Liquefied Petroleum Gas or
Natural Gas Retrofit Systems,'' effective on February 13, 2010. The
purpose of this SIP revision is for Maryland to update its
incorporation by reference provisions, under COMAR <IP_ADDRESS>, to
adopt the CA LEV III program. This SIP revision will replace in its
entirety the existing regulation COMAR <IP_ADDRESS> as approved in the
SIP on June 11, 2013. See 78 FR 34911. A list of California's
regulations being incorporated by reference is included as part of
Maryland's notice of proposed action dated November 30, 2012 (39:24 Md.
R. 1587-1590), which is included in the State submittal and available
online at www.regulations.gov, Docket ID No. EPA-R03-OAR-2014-0310.
    The proposed SIP revision includes Maryland's revised Clean Car
Program rules that adopt by reference California's Advanced Clean Car
Program approved by CARB in 2012. These amendments are important for
purposes of making sure Maryland's rules are consistent with those of
California, and thus in compliance with Maryland's requirement under
section 177 of the CAA.
    As explained earlier, the California Advanced Clean Cars Program
includes changes to CA LEV II, GHG, and ZEV standards, all of which
have been adopted by Maryland. The California Advanced Clean Cars
Program regulates criteria pollutants, and requires that all new 2017
and subsequent model year vehicles transferred (including titled and
registered) in the State of Maryland be certified to meet the new
California emission standards. The CA LEV III emission standards will
be phased-in from 2017-2025. Maryland's update to its Clean Car Program
will result in a further reduction of ozone precursors emissions of
NOX and VOCs, as well as air toxic and GHG emissions beyond
the State's current, SIP-approved program.

III. Final Action

    EPA is approving a SIP revision submitted by Maryland on August 1,
2013. The SIP revision amends the Maryland Low Emission Vehicle
Program, in regulation COMAR <IP_ADDRESS>, to incorporate by reference
California's Advanced Clean Car Program. Maryland's adoption of
California's vehicle standards is authorized by section 177 of the CAA,
and will ensure that Maryland's Low Emission Vehicle Program continues
to be the same as California's Low Emission Vehicle program. EPA is
publishing this rule without prior proposal because EPA views this as a
noncontroversial amendment and anticipates no adverse comment. However,
in the ``Proposed Rules'' section of today's Federal Register, EPA is
publishing a separate document that will serve as the proposal to
approve the SIP revision if adverse comments are filed. This rule will
be effective on September 8, 2014, without further notice unless EPA
receives adverse comment by August 8, 2014. If EPA receives adverse
comment, EPA will publish a timely withdrawal in the Federal Register
informing the public that the rule will not take effect. EPA will
address all public comments in a subsequent final rule based on the
proposed rule. EPA will not institute a second comment period on this
action. Any parties interested in commenting must do so at this time.

IV. Statutory and Executive Order Reviews

A. General Requirements

    Under the CAA, the Administrator is required to approve a SIP
submission that complies with the provisions of the CAA and applicable
Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a). Thus, in
reviewing SIP submissions, EPA's role is to approve state choices,
provided that they meet the criteria of the CAA. Accordingly, this
action merely approves state law as meeting Federal requirements and
does not impose additional requirements beyond those imposed by state
law. For that reason, this proposed action:
     Is not a ``significant regulatory action'' subject to
review by the Office of Management and Budget under Executive Order
12866 (58 FR 51735, October 4, 1993);
     does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the CAA; and
     does not provide EPA with the discretionary authority to
address, as appropriate, disproportionate human health or environmental
effects, using practicable and legally permissible methods, under
Executive Order 12898 (59 FR 7629, February 16, 1994).

B. Submission to Congress and the Comptroller General

    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).

C. Petitions for Judicial Review

    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by September 8, 2014. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this action for the purposes of judicial review nor
does it extend the time within which a petition for judicial review may
be filed, and shall not postpone the effectiveness of such rule or
action. Parties with objections to this direct final rule are
encouraged to file a comment in response to the parallel notice of
proposed rulemaking for this action published in the proposed rules
section of today's Federal Register, rather than file an immediate
petition for judicial review of this direct final rule, so that EPA can
withdraw this direct final rule and address the comment in the proposed
rulemaking action. This rulemaking action to revise the Maryland Low
Emissions Vehicle Program may not be challenged later in proceedings to
enforce its requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Nitrogen
dioxide, Ozone, Reporting and recordkeeping requirements, Volatile
organic compounds.

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

    Dated: June 13, 2014.
W.C. Early,
Acting Regional Administrator, Region III.
    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

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

Subpart V--Maryland

0
2. In Sec.  52.1070, the table in paragraph (c) is amended by revising
the entry for COMAR <IP_ADDRESS>. to read as follows:

Sec.  52.1070  Identification of plan.

* * * * *
    (c) * * *

                 EPA-Approved Regulations, Technical Memoranda, and Statutes in the Maryland SIP
----------------------------------------------------------------------------------------------------------------
                                                            State                                Additional
 Code of Maryland  Administrative      Title/subject      effective    EPA  approval  date  explanation/citation
  Regulations  (COMAR) citation                              date                             at 40 CFR 52.1100
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                                     26.11.34 Low Emissions Vehicle Program
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
<IP_ADDRESS> with exception.......  Incorporation by         03/04/13  07/09/14 [Insert      Update to
                                    Reference.                         Federal Register      incorporate by
                                                                       citation].            reference
                                                                                California's
                                                                                Advanced Clean Car
                                                                                Program rules, with
                                                                                exception of Title
                                                                                13, California Code
                                                                                of Regulations
                                                                                (CCR), Division 3,
                                                                                Chapter 2, Article
                                                                                5, Sec.   2030.

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------

* * * * *
[FR Doc. 2014-15886 Filed 7-8-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: July 20, 2007 (Volume 72, Number 139)]
[Notices]
[Page 39805-39807]
[DOCID:fr20jy07-51]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OA-2007-0607; FRL-8441-4]

Agency Information Collection Activities; Proposed Collection;
Comment Request; Performance Measurement Reporting for Training and
Education/Outreach; EPA ICR No. 2255.01

AGENCY: Environmental Protection Agency.

ACTION: Notice.

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SUMMARY: In compliance with the Paperwork Reduction Act (PRA) (44
U.S.C. 3501 et seq.), this document announces that EPA is planning to
submit a request for a new Information Collection Request (ICR) to the
Office of Management and Budget (OMB). Before submitting the ICR to OMB
for review and approval, EPA is soliciting comments on specific aspects
of the proposed information collection as described below.

DATES: Comments must be submitted on or before September 18, 2007.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-HQ-OA-
2007-0607, by one of the following methods:
     http://www.regulations.gov: Follow the on-line

instructions for submitting comments.
     E-mail<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: Office of Environmental Information (OEI) Docket,
Environmental Protection Agency, Mail Code: 2822T, 1200 Pennsylvania
Ave., NW., Washington, DC 20460.
     Hand Delivery: Office of Environmental Information (OEI)
Docket in the EPA Docket Center (EPA/DC), EPA West, Room B102, 1301
Constitution Ave., NW., Washington, DC. Such deliveries are only
accepted during the Docket's normal hours of operation, and special
arrangements should be made for deliveries of boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-HQ-OA-2007-
0607. EPA's policy is that all comments received will be included in
the public docket without change and may be made available online at
http://www.regulations.gov, including any personal information

provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://www.regulations.gov

or e-mail. The http://www.regulations.gov website is an ``anonymous

access'' system, which means EPA will not know your identity or contact
information unless you provide it in the body of your comment. If you
send an e-mail comment directly to EPA without going through
http://www.regulations.gov your e-mail address will be automatically captured

and included as part of the comment that is placed in the public docket
and made available on the Internet. If you submit an electronic
comment, EPA recommends that you include your name and other contact
information in the body of your comment and with any disk or CD-ROM you
submit. If EPA cannot read your comment due to technical difficulties
and cannot contact you for clarification, EPA may not be able to
consider your comment. Electronic files should avoid the use of special
characters, any form of encryption, and be free of any defects or
viruses. For additional information about EPA's public docket visit the
EPA Docket Center homepage at http://www.epa.gov/epahome/dockets.htm.

FOR FURTHER INFORMATION CONTACT: Peggy Anthony, National Policy,
Training and Compliance Division, Office of Grants and Debarment, Mail
Code: 3903R, Environmental Protection Agency, 1200 Pennsylvania Ave.,
NW., Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number:
202-565-2468; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

How Can I Access the Docket and/or Submit Comments?

    EPA has established a public docket for this ICR under Docket ID
No. EPA-HQ-OA-2007-0607, which is available for online viewing at
http://www.regulations.gov, or in person viewing at the Office of

Environmental Information Docket in the EPA Docket Center (EPA/DC), EPA
West, Room B102, 1301 Constitution Ave., NW., Washington, DC. The EPA/
DC Public Reading Room is open from 8 a.m. to 4:30 p.m., Monday through
Friday, excluding legal holidays. The telephone number for the Reading
Room is<PHONE_NUMBER>, and the telephone number for the Office of
Environmental Information Docket is<PHONE_NUMBER>.
    Use http://www.regulations.gov to obtain a copy of the draft

collection of information, submit or view public comments, access the
index listing of the contents of the docket, and to access those
documents in the public docket that are available electronically. Once
in the system, select ``search,'' then key in the docket ID number
identified in this document.

What Information Is EPA Particularly Interested in?

    Pursuant to section 3506(c)(2)(A) of the PRA, EPA specifically
solicits comments and information to enable it to:
    (i) Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the Agency,
including whether the information will have practical utility;
    (ii) Evaluate the accuracy of the Agency's estimate of the burden
of the proposed collection of information, including the validity of
the methodology and assumptions used;
    (iii) Enhance the quality, utility, and clarity of the information
to be collected; and
    (iv) Minimize the burden of the collection of information on those
who are to respond, including through the use of appropriate automated
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submission of responses. In particular, EPA is requesting comments from
very small businesses (those that employ less than 25) on examples of
specific additional efforts that EPA could make to reduce the paperwork
burden for very small businesses affected by this collection.

What Should I Consider When I Prepare My Comments for EPA?

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

What Information Collection Activity or ICR Does This Apply to?

    Affected entities: Entities potentially affected by this action
include recipients of EPA discretionary/project assistance agreements
(i.e., grants and cooperative agreements) that perform training and/or
education and outreach.
    Title: Performance Measurement Reporting for Training and
Education/Outreach.
    EPA ICR No.: 2255.01.
    ICR status: This ICR is for a new information collection activity.
An Agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information, unless it displays a currently
valid OMB control number. The OMB control numbers for EPA's regulations
in title 40 of the CFR, after appearing in the Federal Register when
approved, are listed in 40 CFR part 9, are displayed either by
publication in the Federal Register or by other appropriate means, such
as on the related collection instrument or form, if applicable. The
display of OMB control numbers in certain EPA regulations is
consolidated in 40 CFR part 9.
    Abstract: EPA is developing some generic reporting tools that will
supplement the existing performance reports submitted by grant
recipients under 40 CFR Parts 30 and 31. The new reporting tools will
be designed to collect performance measurement information on two types
of activities performed by grantees: Training and education/outreach.
Specifically, EPA is creating a ``master list'' of generic questions
and reporting templates, and will make them available to the EPA
programs and grant recipients (e.g., on the EPA web site). The
questions will be designed to measure the extent to which the grantees
are achieving the short-term and intermediate outcomes stated in their
work plans for training and/or education/outreach (e.g., the questions
will measure changes in trainees' awareness, understanding, and
potential or actual changes in behavior). The questions and templates
will be flexible enough for use by any of the EPA programs. A grant
recipient could review the master list, select the questions
appropriate for its needs, and assemble them onto a reporting template.
After receiving approval to use the collection instrument, the grant
recipient could provide the instrument to its training participants or
other audience members to complete. The grantee could then collect,
summarize, and report the data to EPA. These reporting tools will be
intended specifically for use under the Agency's discretionary/project
grants. Use of the forms will not be required, but used at the
discretion of the responsible program.
    EPA intends to create a generic ICR that would address its
reporting tools. Upon OMB approval of the generic ICR, EPA program
offices and their grant recipients would be able to modify the forms
narrowly for their specific needs and re-submit the revised instruments
and supporting material for expedited OMB approval encompassing a 20-
day turn-around timeframe.
    Burden Statement: The annual public reporting and recordkeeping
burden for this collection of information is estimated to range from
five minutes to 1.5 hours per response. Burden means the total time,
effort, or financial resources expended by persons to generate,
maintain, retain, or disclose or provide information to or for a
Federal agency. This includes the time needed to review instructions;
develop, acquire, install, and utilize technology and systems for the
purposes of collecting, validating, and verifying information,
processing and maintaining information, and disclosing and providing
information; adjust the existing ways to comply with any previously
applicable instructions and requirements which have subsequently
changed; train personnel to be able to respond to a collection of
information; search data sources; complete and review the collection of
information; and transmit or otherwise disclose the information.

    The ICR provides a detailed explanation of the Agency's estimate,
which is only briefly summarized here:
    Estimated average annual number of grants affected: between 240 and
480.
    Estimated annual frequency of response: Quarterly or less often.
    Estimated annual average number of responses for each grant: 4.
    Estimated total annual respondent burden hours: 12,820 hours.
    Estimated total annual respondent costs: $359,149. This includes an
estimated labor cost of $359,149 and $0 for capital investment or
maintenance and operational costs.

What Is the Next Step in the Process for This ICR?

    EPA will consider the comments received and amend the ICR as
appropriate. The final ICR package will then be submitted to OMB for
review and approval pursuant to 5 CFR 1320.12. At that time, EPA will
issue another Federal Register notice pursuant to 5 CFR
1320.5(a)(1)(iv) to announce the submission of the ICR to OMB and the
opportunity to submit additional comments to OMB. If you have any
questions about this ICR or the approval process, please contact the
technical person listed under FOR FURTHER INFORMATION CONTACT.

    Dated: July 13, 2007.
Kathleen Herrin,
Acting Director of the Office of Grants and Debarment.
[FR Doc. E7-14064 Filed 7-19-07; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 80, Number 177 (Monday, September 14, 2015)]
[Rules and Regulations]
[Page 55030]
[FR Doc No: 2015-23067]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2015-0841]

Drawbridge Operation Regulation; Saugus River, Saugus,
Massachusetts

AGENCY: Coast Guard, DHS.

ACTION: Notice of deviation from drawbridge regulation.

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SUMMARY: The Coast Guard has issued a temporary deviation from the
operating schedule that governs the Saugus RR Bridge, across the Saugus
River, mile 2.1, at Saugus, Massachusetts. This deviation is necessary
to facilitate essential maintenance repairs. This deviation allows the
bridge to remain in the closed position during the maintenance repairs.

DATES: This deviation is effective from 12:01 a.m. on September 19,
2015 to 11:59 p.m. on September 20, 2015.

ADDRESSES: The docket for this deviation, [USCG-2015-0841] is available
at http://www.regulations.gov. Type the docket number in the ``SEARCH''
box and click ``SEARCH.'' Click on Open Docket Folder on the line
associated with this deviation. You may also visit the Docket
Management Facility in Room W12-140, on the ground floor of the
Department of Transportation West Building, 1200 New Jersey Avenue SE.,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary deviation, contact Mr. Joe Arca, Project Officer, First Coast
Guard District, telephone<PHONE_NUMBER>, email<EMAIL_ADDRESS>If
you have questions on viewing the docket, call Ms. Cheryl Collins,
Program Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Saugus RR Bridge, mile 2.1, across
Saugus River has a vertical clearance in the closed position of 7 feet
at mean high water and 17 feet at mean low water. The existing bridge
operating regulations opens on schedule as required by 33 CFR 117.5.
    Saugus River is transited by commercial lobstermen and recreational
vessel traffic.
    Keolis Commuter Railroad requested this temporary deviation from
the normal operating schedule to facilitate essential maintenance
repairs.
    Under this temporary deviation, the Saugus RR Bridge may remain in
the closed position from 12:01 a.m. on September 19, 2015 to 11:59 p.m.
on September 20, 2015.
    There is no alternate route for vessel traffic; however, vessels
that can pass under the closed draws during this closure may do so at
any time. The bridge will be able to open in the event of an emergency.
    The Coast Guard will inform the users of the waterway through our
Local Notice to Mariners of the change in operating schedule for the
bridge so that vessels can arrange their transits to minimize any
impact caused by the temporary deviation.
    In accordance with 33 CFR 117.35(e), the drawbridge must return to
its regular operating schedule immediately at the end of the effective
period of this temporary deviation. This deviation from the operating
regulations is authorized under 33 CFR 117.35.

    Dated: September 1, 2015.
C.J. Bisignano,
Supervisory Bridge Management Specialist, First Coast Guard District.
[FR Doc. 2015-23067 Filed 9-11-15; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 82, Number 24 (Tuesday, February 7, 2017)]
[Notices]
[Pages 9620-9625]
[FR Doc No: 2017-02445]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79917; File No. SR-NYSEArca-2017-07]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to the Listing and Trading of Shares
of the ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x
Short Crude Oil ETF Under NYSE Arca Equities Rule 8.200

February 1, 2017.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on January 26, 2017, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

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

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

    The Exchange proposes to list and trade the shares of the following
under NYSE Arca Equities Rule 8.200, Commentary .02 (``Trust Issued
Receipts''): ProShares UltraPro 3x Crude Oil ETF and ProShares UltraPro
3x Short Crude Oil ETF. The proposed rule change is available on the
Exchange's Web site at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
following under NYSE Arca Equities Rule 8.200, Commentary .02, which
governs the listing and trading of Trust Issued Receipts: ProShares
UltraPro 3x Crude Oil ETF and ProShares UltraPro 3x Short Crude Oil ETF
(each a ``Fund'' and, collectively, the ``Funds'').\4\
---------------------------------------------------------------------------

    \4\ Commentary .02 to NYSE Arca Equities Rule 8.200 applies to
Trust Issued Receipts that invest in ``Financial Instruments.'' The
term ``Financial Instruments,'' as defined in Commentary .02(b)(4)
to NYSE Arca Equities Rule 8.200, means any combination of
investments, including cash; securities; options on securities and
indices; futures contracts; options on futures contracts; forward
contracts; equity caps, collars, and floors; and swap agreements.
---------------------------------------------------------------------------

    Each Fund is a series of the ProShares Trust II (the ``Trust''), a
Delaware statutory trust.\5\ The Trust and the Funds are managed and
controlled by ProShare Capital Management LLC (``ProShare Capital'').
ProShare Capital is registered as a commodity pool operator (``CPO'')
with the Commodity Futures Trading Commission (``CFTC'') and is a
member of the National Futures Association (``NFA'').\6\
---------------------------------------------------------------------------

    \5\ The Trust is registered under the Securities Act of 1933. On
December 9, 2016, the Trust filed with the Commission a registration
statement on Form S-1 under the Securities Act of 1933 (15 U.S.C.
77a) (``Securities Act'') relating to the Funds (File No. 333-
214904) (the ``Registration Statement''). The description of the
operation of the Trust and the Funds herein is based, in part, on
the Registration Statement.
    \6\ The Commission has previously approved listing of Trust
Issued Receipts based on oil on the American Stock Exchange (now
known as NYSE MKT LLC) and NYSE Arca. See, e.g., Securities Exchange
Act Release Nos. 53582 (March 31, 2006), 71 FR 17510 (April 6, 2006)
(SR-Amex-2005-127) (order approving listing and trading of shares of
United States Oil Fund, LP); 57188 (January 23, 2008), 73 FR 5607
(January 30, 2008) (SR-Amex-2007-70) (order approving listing and
trading of shares of United States Heating Oil Fund, LP and United
States Gasoline Fund, LP); 61881 (April 9, 2010), 75 FR 20028 (April
16, 2010) (SR-NYSEArca-2010-14) (order approving listing and trading
of shares of United States Brent Oil Fund, LP); and 62527 (July 19,
2010), 75 FR 43606 (July 26, 2010) (order approving listing and
trading of shares of United States Commodity Index Fund).
---------------------------------------------------------------------------

    In its capacity as the Custodian for the Funds, Brown Brothers
Harriman & Co. (the ``Custodian'') is responsible for holding and
safekeeping the Funds' investment assets and cash and/or cash
equivalents pursuant to a custodial agreement. The Custodian is also
the registrar and transfer agent for the Shares. In addition, in its
capacity as Administrator for the Funds, Brown Brothers Harriman & Co.
(the ``Administrator'') performs certain administrative and accounting
services for the Funds and prepares certain Commission, NFA and CFTC
reports on behalf of the Funds. In its capacity as Distributor for the
Funds, SEI Investments Distribution Co. (the ``Distributor'') performs
functions and duties relating to distribution and marketing.
ProShares UltraPro 3x Crude Oil ETF
    According to the Registration Statement, the investment objective
of the Fund is to seek, on a daily basis, investment results that
correspond (before fees and expenses) to three times (3x) the
performance of the Bloomberg WTI Crude Oil Subindex\SM\ (the
``Benchmark'').\7\ The Fund does not seek to achieve its investment
objective over a period greater than a single trading day.\8\ The
Benchmark is intended to reflect the performance of crude oil as
measured by the price of futures contracts of West Texas Intermediate
sweet, light crude oil traded on the New York Mercantile Exchange (the
``NYMEX'', which is part of the CME Group, Inc. (``CME'')), including
the impact of rolling, without regard to income earned on cash
positions.
---------------------------------------------------------------------------

    \7\ According to the Registration Statement, the Bloomberg WTI
Crude Oil Subindex\SM\ is a ``rolling index,'' which means that the
Index performance includes the impact of closing out futures
contracts that are nearing expiration and replacing them with
futures contracts with later expirations. This process is commonly
referred to as ``rolling.''
    \8\ According to the Registration Statement, the return of a
Fund for a period longer than a single trading day is the result of
its return for each day compounded over the period and thus will
usually differ from a Fund's multiple times the return of the
Benchmark for the same period.
---------------------------------------------------------------------------

ProShares UltraPro 3x Short Crude Oil ETF
    According to the Registration Statement, the investment objective
of the Fund is to seek, on a daily basis, investment results that
correspond (before fees and expenses) to three times (3x) the inverse
of the performance of the Benchmark. The Fund does not seek to achieve
its investment objective over a period greater than a single trading
day.
Investment Strategies of the Funds
    In seeking to achieve the Funds' investment objectives, ProShare
Capital will utilize a mathematical approach to determine the type,
quantity and mix of investment positions that ProShare Capital
believes, in combination, should produce daily returns consistent with
the Funds' respective objectives. ProShare Capital would rely on a pre-
determined model to generate orders that result in repositioning the
Funds'

investments in accordance with their respective investment objectives.
    Each Fund will seek to achieve its respective investment objective
by investing, under normal market conditions,\9\ substantially all of
its assets in futures contracts for West Texas Intermediate sweet,
light crude oil traded on the NYMEX, ICE Futures U.S. or other U.S.
exchanges and listed options on such contracts (together, the ``Futures
Contracts''). The Funds will not invest directly in oil. A Fund's
investments in Futures Contracts will be used to produce economically
``leveraged'' or ``inverse leveraged'' investment in a manner
consistent with the respective Fund's investment objective.
---------------------------------------------------------------------------

    \9\ The term ``normal market conditions'' includes, but is not
limited to, the absence of trading halts in the applicable financial
markets generally; operational issues (e.g., systems failure)
causing dissemination of inaccurate market information; or force
majeure type events such as natural or manmade disaster, act of God,
armed conflict, act of terrorism, riot or labor disruption or any
similar intervening circumstance.
---------------------------------------------------------------------------

    In the event position, price or accountability limits are reached
with respect to Futures Contracts,\10\ each Fund may obtain exposure to
the Benchmark through investment in swap transactions and forward
contracts referencing such Benchmark (the ``Financial Instruments'').
To the extent that a Fund invests in Financial Instruments, it would
first make use of exchange-traded Financial Instruments, if available.
If an investment in exchange-traded Financial Instruments is
unavailable, then a Fund would invest in Financial Instruments that
clear through derivatives clearing organizations that satisfy the
Trust's criteria, if available. If an investment in cleared Financial
Instruments is unavailable, then a Fund would invest in other Financial
Instruments, including uncleared Financial Instruments in the over-the-
counter (``OTC'') market. The Funds may also invest in Financial
Instruments if the market for a specific Futures Contract experiences
emergencies (e.g., natural disaster, terrorist attack or an act of God)
or disruptions (e.g., a trading halt) that prevent or make it
impractical for a Fund to obtain the appropriate amount of investment
exposure using Futures Contracts.
---------------------------------------------------------------------------

    \10\ According to the Registration Statements, designated
contract markets, such as the NYMEX and ICE Futures U.S., have
established accountability levels and position limits on the maximum
net long or net short Futures Contracts in commodity interests that
any person or group of persons under common trading control (other
than as a hedge, which an investment by a Fund is not) may hold, own
or control. These levels and position limits apply to the Futures
Contracts that each Fund would invest in to meet its investment
objective. In addition to accountability levels and position limits,
NYMEX and ICE Futures U.S. also set price fluctuation limits on
Futures Contracts. The price fluctuation limit establishes the
amount that the price of a Futures Contract may vary either up or
down from the previous day's settlement price.
---------------------------------------------------------------------------

    Although each Fund, under normal market conditions, will invest
substantially all of its assets in Futures Contracts, each Fund will
also hold cash or cash equivalents, such as U.S. Treasury securities or
other high credit quality, short-term fixed-income or similar
securities (such as shares of money market funds and collateralized
repurchase agreements) pending investment in Futures Contracts or
Financial Instruments as collateral for the Funds' investments.
    The Funds do not intend to hold Futures Contracts through
expiration, but instead intend to ``roll'' their respective positions.
When the market for these contracts is such that the prices are higher
in the more distant delivery months than in the nearer delivery months,
the sale during the course of the ``rolling process'' of the more
nearby contract would take place at a price that is lower than the
price of the more distant contract. This pattern of higher futures
prices for longer expiration Futures Contracts is referred to as
``contango.'' Alternatively, when the market for these contracts is
such that the prices are higher in the nearer months than in the more
distant months, the sale during the course of the ``rolling process''
of the more nearby contract would take place at a price that is higher
than the price of the more distant contract. This pattern of higher
futures prices for shorter expiration futures contracts is referred to
as ``backwardation.'' The presence of contango in certain futures
contracts at the time of rolling could adversely affect a Fund with
long positions, and positively affect a Fund with short positions.
Similarly, the presence of backwardation in certain futures contracts
at the time of rolling such contracts could adversely affect a Fund
with short positions and positively affect a Fund with long positions.
    The Funds do not expect to have exposure to Futures Contracts and
Financial Instruments greater than three times (3x) the Funds' net
assets. Thus, the maximum margin held at a Future Commission Merchant
would not exceed three times the margin requirement for either Fund.
Net Asset Value (``NAV'')
    According to the Registration Statement, a Fund's per Share NAV
will be calculated by taking the current market value of its total
assets; subtracting any liabilities; and dividing that total by the
total number of outstanding Shares.
    Each Fund's NAV will be calculated on each day other than a day
when the Exchange is closed for regular trading. The Funds will compute
their NAVs at 2:30 p.m. Eastern Time (``E.T.''), which is the
designated closing time of the crude oil futures market on NYMEX, or an
earlier time as set forth on www.ProShares.com, if necessitated by the
New York Stock Exchange LLC (``NYSE''), the Exchange or other exchange
material to the valuation or operation of such Fund closing early. Each
Fund's NAV is calculated only once each trading day.
    Futures Contracts traded on a U.S. exchange are calculated at their
then current market value, which is based upon the settlement price or
the last traded price before the NAV time, for that particular Futures
Contract traded on the applicable U.S. exchange on the date with
respect to which the NAV is being determined. If a Futures Contract
traded on a U.S. exchange could not be liquidated on such day, due to
the operation of daily limits or other rules of the exchange upon which
that position is traded or otherwise, ProShare Capital may choose to
determine a fair value price as the basis for determining the market
value of such position for such day. Such fair value prices would
generally be determined based on available inputs about the current
value of the Futures Contracts and would be based on principles that
ProShare Capital deems fair and equitable so long as such principles
are consistent with normal industry standards. Money market instruments
will be priced for NAV purposes at amortized cost.
    In calculating the NAV of a Fund, the settlement value of a Fund's
non-exchange traded Financial Instruments will be determined by
applying the closing price level of the Benchmark to the terms of such
Financial Instruments. However, in the event that the Benchmark is not
being priced due to the operation of daily limits or otherwise,
ProShare Capital may choose to fair value a Fund's non-exchange traded
Financial Instruments for purposes of the NAV calculation. Such fair
value prices would generally be determined based on available inputs
about the current value of the underlying Benchmark and would be based
on principles that ProShare Capital deems fair and equitable so long as
such principles are consistent with normal industry standards.
    Cash and cash equivalents will be valued based on price quotations
or other indications of value provided by

a third party pricing service. Fixed-income securities with sixty days
or less remaining maturity may be valued using the amortized cost
method.
Indicative Fund Value
    In order to provide updated information relating to a Fund for use
by investors and market professionals, the Exchange will calculate an
updated ``Indicative Fund Value'' (``IFV''). The IFV will be calculated
by using the prior day's closing NAV per Share of a Fund as a base and
updating throughout the Core Trading Session of 9:30 a.m. E.T. to 4:00
p.m. E.T. changes in the value of the investments held by a Fund.
Creation and Redemption of Shares
    According to the Registration Statement, each Fund intends to
create and redeem Shares in one or more ``Creation Units'' of 50,000
Shares each. A creation transaction generally takes place when an
Authorized Participant deposits a specified amount of cash in exchange
for a specified number of Creation Units. Similarly, Shares generally
may be redeemed only in Creation Units, for cash. The prices at which
creations and redemptions occur are based on the next calculation of
the NAV after an order is received.
    ``Authorized Participants'' will be the only persons that may place
orders to create and redeem Creation Units. An Authorized Participant
is an entity that has entered into an Authorized Participant Agreement
with the Trust and ProShare Capital.
Creation Procedures
    On any ``Business Day'', an Authorized Participant may place an
order with the Distributor to create one or more Creation Units. For
purposes of processing both purchase and redemption orders, a
``Business Day'' for each Fund means any day on which the NAV of such
Fund is determined. Purchase orders for Creation Units must be placed
by 2:00 p.m. E.T. or earlier if NYSE Arca or other exchange material to
the valuation or operation of such Fund closes before the cut-off time.
The day on which the Distributor receives a valid purchase order is
referred to as the purchase order date. If the purchase order is
received after the applicable cut-off time, the purchase order date
will be the next Business Day. Purchase orders are irrevocable.
    By placing a purchase order, an Authorized Participant generally
agrees to deposit cash with the Custodian.
Redemption Procedures
    According to the Registration Statement, the procedures by which an
Authorized Participant can redeem one or more Creation Units will
mirror the procedures for the creation of Creation Units. On any
Business Day, an Authorized Participant may place an order with the
Distributor to redeem one or more Creation Units.
    The redemption procedures allow Authorized Participants to redeem
Creation Units. Individual shareholders may not redeem directly from a
Fund. By placing a redemption order, an Authorized Participant agrees
to deliver the Creation Units to be redeemed through DTC's book entry
system to the applicable Fund not later than noon E.T. on the first
Business Day immediately following the redemption order date (T+1).
ProShare Capital can extend the deadline for a Fund to receive the
Creation Units required for settlement up to the third Business Day
following the redemption order date (T+3).
    Upon request of an Authorized Participant made at the time of a
redemption order, ProShare Capital may determine, in addition to
delivering redemption proceeds, to transfer futures contracts to the
Authorized Participant pursuant to an exchange of futures contract for
related position (``EFCRP'') or to a block trade sale of futures
contracts to the Authorized Participant.
Determination of Redemption Distribution
    The redemption proceeds from a Fund will consist of the cash
redemption amount and, if permitted by ProShare Capital with respect to
a Fund, an EFCRP or block trade with the relevant Fund as described
above. The redemption amount is equal to the NAV of the number of
Creation Unit(s) of such Fund requested in the Authorized Participant's
redemption order as of the time of the calculation of such Fund's NAV
on the redemption order date.
Availability of Information
    The NAV for the Funds' Shares will be disseminated daily to all
market participants at the same time. The intraday, closing prices, and
settlement prices of the Futures Contracts will be readily available
from the applicable futures exchange Web sites, automated quotation
systems, published or other public sources, or major market data
vendors.
    Complete real-time data for the Futures Contracts is available by
subscription through on-line information services. ICE Futures U.S. and
NYMEX also provide delayed futures and options on futures information
on current and past trading sessions and market news free of charge on
their respective Web sites. The specific contract specifications for
Futures Contracts are also available on such Web sites, as well as
other financial informational sources. Quotation and last-sale
information regarding the Shares will be disseminated through the
facilities of the Consolidated Tape Association (``CTA''). Quotation
information for cash equivalents, OTC swaps and forward contracts may
be obtained from brokers and dealers who make markets in such
instruments. Quotation information for exchange-traded swaps will be
available from the applicable exchange and major market vendors. Intra-
day price and closing price level information for the Benchmark will be
available from major market data vendors. The IFV will be available
through on-line information services.
    In addition, the Funds' Web site, www.ProShares.com, will display
the applicable end of day closing NAV. The daily holdings of each Fund
will be available on the Funds' Web site before 9:30 a.m. E.T. Each
Fund's total portfolio composition will be disclosed each Business Day
that the NYSE Arca is open for trading, on the Funds' Web site. The Web
site disclosure of portfolio holdings will be made daily and will
include, as applicable, (i) the composite value of the total portfolio,
(ii) the name, percentage weighting, and value of the Futures Contracts
and Financial Instruments, (iii) the name and value of each Treasury
security and cash equivalent, and (iv) the amount of cash held in each
Fund's portfolio. The Funds' Web site will be publicly accessible at no
charge. The spot price of oil also is available on a 24-hour basis from
major market data vendors.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of a Fund.\11\ Trading in Shares of a Fund will
be halted if the circuit breaker parameters in NYSE Arca Equities Rule
7.12 have been reached. Trading also may be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable.
---------------------------------------------------------------------------

    \11\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

    The Exchange may halt trading during the day in which an
interruption to the dissemination of the IFV or the value of the
Benchmark occurs. If the interruption to the dissemination of the IFV,
the value of the Benchmark persists past the trading day in which it
occurred, the Exchange will halt trading no later than the beginning of
the

trading day following the interruption. In addition, if the Exchange
becomes aware that the NAV with respect to the Shares is not
disseminated to all market participants at the same time, it will halt
trading in the Shares until such time as the NAV is available to all
market participants.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. E.T. in accordance with
NYSE Arca Equities Rule 7.34 (Early, Core, and Late Trading Sessions).
The Exchange has appropriate rules to facilitate transactions in the
Shares during all trading sessions. As provided in NYSE Arca Equities
Rule 7.6, the minimum price variation (``MPV'') for quoting and entry
of orders in equity securities traded on the NYSE Arca Marketplace is
$0.01, with the exception of securities that are priced less than $1.00
for which the MPV for order entry is $0.0001.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.200. The trading of the Shares
will be subject to NYSE Arca Equities Rule 8.200, Commentary .02(e),
which sets forth certain restrictions on Equity Trading Permit
(``ETP'') Holders acting as registered Market Makers in Trust Issued
Receipts to facilitate surveillance. The Exchange represents that, for
initial and continued listing, each Fund will be in compliance with
Rule 10A-3 \12\ under the Act, as provided by NYSE Arca Equities Rule
5.3. A minimum of 100,000 Shares of each Fund will be outstanding at
the commencement of trading on the Exchange.
---------------------------------------------------------------------------

    \12\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares of each Fund
will be subject to the existing trading surveillances administered by
the Exchange, as well as cross-market surveillances administered by the
Financial Industry Regulatory Authority (``FINRA'') on behalf of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws.\13\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and federal securities laws applicable to trading on
the Exchange.
---------------------------------------------------------------------------

    \13\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares and certain
Futures Contracts with other markets and other entities that are
members of the Intermarket Surveillance Group (``ISG''), and the
Exchange or FINRA, on behalf of the Exchange, or both, may obtain
trading information regarding trading in the Shares and certain Futures
Contracts from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares and
certain Futures Contracts from markets and other entities that are
members of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement (``CSSA'').\14\
---------------------------------------------------------------------------

    \14\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of a
Fund may trade on markets that are members of ISG or with which the
Exchange has in place a CSSA.
---------------------------------------------------------------------------

    Not more than 10% of the net assets of a Fund in the aggregate
invested in Futures Contracts shall consist of Futures Contracts whose
principal market is not a member of the ISG or is a market with which
the Exchange does not have a CSSA.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolios of the Funds or Benchmark, and
(b) limitations on portfolio Benchmark shall constitute continued
listing requirements for listing the Shares on the Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Funds to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If a Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under NYSE Arca Equities Rule 5.5(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The risks involved
in trading the Shares during the Early and Late Trading Sessions when
an updated IFV will not be calculated or publicly disseminated; (2) the
procedures for purchases and redemptions of Shares in Creation Units
(and that Shares are not individually redeemable); (3) NYSE Arca
Equities Rule 9.2(a), which imposes a duty of due diligence on its ETP
Holders to learn the essential facts relating to every customer prior
to trading the Shares; (4) how information regarding the IFV is
disseminated; (5) that a static IFV will be disseminated, between the
close of trading on the ICE Futures U.S. and NYMEX and the close of the
NYSE Arca Core Trading Session; (6) the requirement that ETP Holders
deliver a prospectus to investors purchasing newly issued Shares prior
to or concurrently with the confirmation of a transaction; and (7)
trading information.
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders of the suitability requirements of NYSE Arca Equities Rule
9.2(a) in an Information Bulletin. Specifically, ETP Holders will be
reminded in the Information Bulletin that, in recommending transactions
in the Shares, they must have a reasonable basis to believe that (1)
the recommendation is suitable for a customer given reasonable inquiry
concerning the customer's investment objectives, financial situation,
needs, and any other information known by such ETP Holder, and (2) the
customer can evaluate the special characteristics, and is able to bear
the financial risks, of an investment in the Shares. In connection with
the suitability obligation, the Information Bulletin will also provide
that ETP Holders must make reasonable efforts to obtain the following
information: (1) The customer's financial status; (2) the customer's
tax status; (3) the customer's investment objectives; and (4) such
other information used or considered to be reasonable by such ETP
Holder or registered representative in making recommendations to the
customer.
    Further, the Exchange states that FINRA has implemented increased
sales

practice and customer margin requirements for FINRA members applicable
to inverse, leveraged and inverse leveraged securities (which include
the Shares) and options on such securities, as described in FINRA
Regulatory Notices 09-31 (June 2009), 09-53 (August 2009), and 09-65
(November 2009) (collectively, ``FINRA Regulatory Notices''). ETP
Holders that carry customer accounts will be required to follow the
FINRA guidance set forth in these notices. As noted above, each Fund
will seek, on a daily basis, investment results that correspond (before
fees and expenses) to 3x, or -3x, respectively, the performance of the
Benchmark). Over a period of time in excess of one day, the cumulative
percentage increase or decrease in the NAV of the Shares of a Fund may
diverge significantly from a multiple or inverse multiple of the
cumulative percentage decrease or increase in the relevant benchmark
due to a compounding effect.
    In addition, the Information Bulletin will advise ETP Holders,
prior to the commencement of trading, of the prospectus delivery
requirements applicable to a Fund. The Information Bulletin will also
discuss any exemptive, no-action, and interpretive relief granted by
the Commission from any rules under the Act. In addition, the
Information Bulletin will reference that a Fund is subject to various
fees and expenses described in the Registration Statement. The
Information Bulletin will also reference that the CFTC has regulatory
jurisdiction over the trading of Futures Contracts traded on U.S.
markets.
    The Information Bulletin will also disclose the trading hours of
the Shares and that the NAV for the Shares will be calculated after
2:30 p.m. E.T. each trading day. The Information Bulletin will disclose
that information about the Shares will be publicly available on the
Funds' Web site.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \15\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

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

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices and to protect
investors and the public interest in that the Shares will be listed and
traded on the Exchange pursuant to the initial and continued listing
criteria in NYSE Arca Equities Rule 8.200. The Exchange has in place
surveillance procedures that are adequate to properly monitor trading
in the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares and certain
Futures Contracts with other markets and other entities that are
members of the ISG, and the Exchange or FINRA, on behalf of the
Exchange, or both, may obtain trading information regarding trading in
the Shares and certain Futures Contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares and certain Futures Contracts from markets and
other entities that are members of ISG or with which the Exchange has
in place a CSSA. Not more than 10% of the net assets of a Fund in the
aggregate invested in Futures Contracts shall consist of Futures
Contracts whose principal market is not a member of the ISG or is a
market with which the Exchange does not have a CSSA. The intraday,
closing prices, and settlement prices of the Futures Contracts will be
readily available from the applicable futures exchange Web sites,
automated quotation systems, published or other public sources, major
market data vendors or on-line information services.
    Complete real-time data for the Futures Contracts is available by
subscription from on-line information services. ICE Futures U.S. and
NYMEX also provide delayed futures information on current and past
trading sessions and market news free of charge on the Funds' Web site.
The specific contract specifications for Futures Contracts are also
available on such Web sites, as well as other financial informational
sources. Information regarding options will be available from the
applicable exchanges or major market data vendors. Quotation and last-
sale information regarding the Shares will be disseminated through the
facilities of the CTA. In addition, the Funds' Web site will display
the applicable end of day closing NAV. Each Fund's total portfolio
composition will be disclosed each Business Day on the Funds' Web site.
The Web site disclosure of portfolio holdings will be made daily and
will include, as applicable, (i) the composite value of the total
portfolio, (ii) the name, percentage weighting, and value of the
Futures Contracts and Financial Instruments, (iii) the name and value
of each Treasury security and cash equivalent, and (iv) the amount of
cash held in each Fund's portfolio.
    Moreover, prior to the commencement of trading, the Exchange will
inform its Equity Trading Permit Holders in an Information Bulletin of
the special characteristics and risks associated with trading the
Shares and of the suitability requirements of NYSE Arca Equities Rule
9.2(a). The Information Bulletin will advise ETP Holders, prior to the
commencement of trading, of the prospectus delivery requirements
applicable to a Fund. The Information Bulletin will also discuss any
exemptive, no-action, and interpretive relief granted by the Commission
from any rules under the Act. In addition, the Information Bulletin
will reference that a Fund is subject to various fees and expenses
described in the Registration Statement. The Information Bulletin will
also reference that the CFTC has regulatory jurisdiction over the
trading of Futures Contracts traded on U.S. markets. The Information
Bulletin will also disclose the trading hours of the Shares and that
the NAV for the Shares will be calculated after 2:30 p.m. E.T. each
trading day. The Information Bulletin will disclose that information
about the Shares will be publicly available on the Funds' Web site.
    Trading in Shares of a Fund will be halted if the circuit breaker
parameters in NYSE Arca Equities Rule 7.12 have been reached or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
additional types of Trust Issued Receipts based on oil prices that will
enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures that are adequate to properly monitor
trading in the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.

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

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

notes that the proposed rule change will facilitate the listing and
trading of additional types of Trust Issued Receipts based on oil
prices and that will enhance competition among market participants, to
the benefit of investors and the marketplace.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
(a) By order approve or disapprove such proposed rule change; or (b)
institute proceedings to determine whether the proposed rule change
should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2017-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2017-07. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing will also be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2017-07 and should
be submitted on or before February 28, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02445 Filed 2-6-17; 8:45 am]
BILLING CODE 8011-01-P