[Federal Register Volume 85, Number 183 (Monday, September 21, 2020)]
[Notices]
[Pages 59354-59361]
[FR Doc No: 2020-20696]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89869; File No. SR-NYSEArca-2020-80]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the Alger Mid Cap
40 ETF and Alger 25 ETF Under Rule 8.900-E, Managed Portfolio Shares

September 15, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on September 1, 2020, NYSE Arca, Inc. (``NYSE Arca'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the following
under Rule 8.900-E (Managed Portfolio Shares): Alger Mid Cap 40 ETF and
Alger 25 ETF. The proposed change is available on the Exchange's
website 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
    NYSE Arca Rule 8.900-E permits the listing and trading, or trading
pursuant to unlisted trading privileges, of Managed Portfolio Shares,
which are securities issued by an actively managed open-end investment
management company.\4\ Rule 8.900-E(b)(1) requires the Exchange to file
separate proposals under Section 19(b) of the Act before listing and
trading any series of Managed Portfolio Shares on the Exchange.
Therefore, the Exchange is submitting this proposal in order to list
and trade Managed Portfolio Shares of the Alger Mid Cap 40 ETF and the
Alger 25 ETF (each a ``Fund'' and, collectively, the ``Funds'') under
Rule 8.900-E.
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    \4\ Rule 8.900-E(c)(1) provides that the term ``Managed
Portfolio Share'' means a security that (a) represents an interest
in an investment company registered under the Investment Company Act
of 1940 (``Investment Company'') organized as an open-end management
investment company that invests in a portfolio of securities
selected by the Investment Company's investment adviser consistent
with the Investment Company's investment objectives and policies;
(b) is issued in a Creation Unit, or multiples thereof, in return
for a designated portfolio of instruments (and/or an amount of cash)
with a value equal to the next determined net asset value and
delivered to the Authorized Participant (as defined in the
Investment Company's Form N-1A filed with the Commission) through a
Confidential Account; (c) when aggregated into a Redemption Unit, or
multiples thereof, may be redeemed for a designated portfolio of
instruments (and/or an amount of cash) with a value equal to the
next determined net asset value delivered to the Confidential
Account for the benefit of the Authorized Participant; and (d) the
portfolio holdings for which are disclosed within at least 60 days
following the end of every fiscal quarter.
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Description of the Funds and the Trust
    The shares of each Fund (the ``Shares'') will be issued by The
Alger ETF Trust (the ``Trust''), a business trust organized under the
laws of the state of Massachusetts and registered with the Commission
as an open-end management investment company.\5\ The investment adviser
to each Fund will be Fred Alger Management, LLC (the ``Adviser''). Fred
Alger & Company, LLC (the ``Distributor'') will serve as the
distributor of each of the Funds' Shares. All statements and
representations made in this filing regarding (a) the description of
the portfolio or reference assets, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
rules shall constitute continued listing requirements for listing the
Shares on the Exchange, as provided under Rule 8.900-E(b)(1).
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    \5\ The Trust is registered under the Investment Company Act of
1940 (the ``1940 Act''). On August 17, 2020, the Trust filed a
registration statement on Form N-1A under the Securities Act of 1933
(the ``1933 Act'') and the 1940 Act for the Funds (File No. 811-
23603) (``Registration Statement''). The Commission issued an order
granting exemptive relief to the Trust (``Exemptive Order'') under
the 1940 Act on May 19, 2020 (Investment Company Act Release No.
33869). The Exemptive Order was granted in response to the Trust's
application for exemptive relief (the ``Exemptive Application'')
(File No. 812-15117). The description of the operation of the Trust
and the Funds herein is based, in part, on the Registration
Statement.
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    Rule 8.900-E(b)(4) provides that, if the investment adviser to the
Investment Company issuing Managed Portfolio Shares is registered as a
broker-dealer or is affiliated with a broker-dealer, such investment
adviser will erect and maintain a ``fire wall'' between the investment
adviser and personnel of the broker-dealer or broker-dealer affiliate,
as applicable, with respect to access to information concerning the
composition of and/or changes to such Investment Company portfolio and/
or the Creation Basket.\6\ Any person related to the investment adviser
or Investment Company who makes decisions pertaining to the Investment
Company's portfolio composition or has access to information regarding
the Investment Company's portfolio composition or changes thereto or
the Creation Basket must be subject to procedures designed to prevent
the use and dissemination of material non-public information regarding
the applicable Investment Company portfolio or changes thereto or the
Creation Basket.
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    \6\ Rule 8.900-E(c)(5) provides that the term ``Creation
Basket'' means, on any given business day, the names and quantities
of the specified instruments (and/or an amount of cash) that are
required for an AP Representative to deposit in-kind on behalf of an
Authorized Participant in exchange for a Creation Unit and the names
and quantities of the specified instruments (and/or an amount of
cash) that will be transferred in-kind to an AP Representative on
behalf of an Authorized Participant in exchange for a Redemption
Unit, which will be identical and will be transmitted to each AP
Representative before the commencement of trading.
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    Rule 8.900-E(b)(4) is similar to Commentary .03(a)(i) and (iii) to
Rule 5.2-E(j)(3); however, Commentary .03(a) in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds.\7\
Rule 8.900-E(b)(4) is also similar to Commentary .06 to Rule 8.600-E
related to Managed Fund Shares, except that Rule 8.900-E(b)(4) relates
to establishment and maintenance of a ``fire wall'' between the
investment adviser and personnel of the broker-dealer or broker-dealer
affiliate, as applicable, with respect to an Investment Company's
portfolio and Creation Basket, and not just to the underlying
portfolio, as is the case with Managed Fund Shares. The Adviser is not
registered as a broker-dealer but is affiliated with a broker-dealer.
The Adviser has implemented and will maintain a ``fire wall'' with
respect to such broker-dealer affiliate regarding access to information
concerning the composition of and/or changes to a Fund's portfolio and/
or Creation Basket.
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    \7\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel will be
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violations, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above. The Funds will also be required to comply
with Exchange rules relating to disclosure, including Rule 5.3-E(i).
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    In the event (a) the Adviser or any sub-adviser becomes registered
as a broker-dealer or becomes newly affiliated with a broker-dealer, or
(b) any new adviser or sub-adviser is a registered broker-dealer, or
becomes affiliated with a broker-dealer, it will implement and maintain
a fire wall with respect to personnel of the broker-dealer or broker-
dealer affiliate regarding

access to information concerning the composition and/or changes to the
portfolio and/or Creation Basket. Any person related to the Adviser or
the Trust who makes decisions pertaining to a Fund's portfolio
composition or that has access to information regarding a Fund's
portfolio composition or that has access to information regarding a
Fund's portfolio or changes thereto or the Creation Basket will be
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding such portfolio or changes
thereto and the Creation Basket.
    Further, Rule 8.900-E(b)(5) requires that any person or entity,
including an AP Representative, custodian, Reporting Authority,
distributor, or administrator, who has access to non-public information
regarding the Investment Company's portfolio composition or changes
thereto or the Creation Basket, must be subject to procedures
reasonably designed to prevent the use and dissemination of material
non-public information regarding the applicable Investment Company
portfolio or changes thereto or the Creation Basket. Moreover, if any
such person or entity is registered as a broker-dealer or affiliated
with a broker-dealer, such person or entity will erect and maintain a
``fire wall'' between the person or entity and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such Investment Company portfolio or Creation Basket.
Description of the Funds \8\
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    \8\ The Exchange represents that, for initial and/or continued
listing, each Fund will be in compliance with Rule 10A-3 under the
Act. See 17 CFR 240.10A-3.
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    Each Fund's holdings will conform to the permissible investments as
set forth in the Exemptive Application and Exemptive Order and the
holdings will be consistent with all requirements in the Exemptive
Application and Exemptive Order.\9\
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    \9\ Pursuant to the Exemptive Order, the only permissible
investments for a Fund are the following: exchange-traded funds
(``ETFs''), exchange-traded notes, exchange-listed common stocks,
exchange-traded American Depositary Receipts, exchange-traded real
estate investment trusts, exchange-traded commodity pools, exchange-
traded metals trusts, exchange-traded currency trusts and exchange-
traded futures that trade contemporaneously with Shares of a Fund,
as well as cash and cash equivalents (short-term U.S. Treasury
securities, government money market funds, and repurchase
agreements).
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Alger Mid Cap 40 ETF
    The Fund's primary objective is to seek long-term capital
appreciation. The Fund will primarily invest in equity securities,
including common or preferred stocks listed on U.S. exchanges, of mid-
cap companies.
    Alger 25 ETF
    The Fund's primary objective is to seek long-term capital
appreciation. The Fund will primarily invest in equity securities of
companies listed on U.S. exchanges, including common or preferred
stocks.
Investment Restrictions
    Each Fund's holdings will be consistent with all requirements
described in the Exemptive Application and Exemptive Order.\10\
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    \10\ See id.
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    Each Fund's investments, including derivatives, will be consistent
with its investment objective and will not be used to enhance leverage
(although certain derivatives and other investments may result in
leverage). That is, for each Fund, the Fund's investments will not be
used to seek performance that is the multiple or inverse multiple
(e.g., 2X or -3X) of the Fund's primary broad-based securities
benchmark index (as defined in Form N-1A).\11\
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    \11\ Each Fund's broad-based securities benchmark index will be
identified in a future amendment to the Registration Statement
following that Fund's first full calendar year of performance.
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Creations and Redemptions of Shares
    Creations and redemptions of Shares will take place as described in
Rule 8.900-E. Specifically, in connection with the creation and
redemption of Creation Units \12\ and Redemption Units,\13\ the
delivery or receipt of any portfolio securities in-kind will be
required to be effected through a separate confidential brokerage
account (a ``Confidential Account'').\14\ Authorized Participants
(``AP''), as defined in the applicable Form N-1A filed with the
Commission, will sign an agreement with an AP Representative \15\
establishing the Confidential Account for the benefit of the AP. AP
Representatives will be broker-dealers. An AP must be a Depository
Trust Company Participant that has executed an authorized participant
agreement (``Participant Agreement'') with the Distributor with respect
to the creation and redemption of Creation Units and Redemption Units
and formed a Confidential Account for its benefit in accordance with
the terms of the Participant Agreement. For purposes of creations or
redemptions, all transactions will be effected through the respective
AP's Confidential Account, for the benefit of the AP, without
disclosing the identity of such securities to the AP.
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    \12\ Rule 8.900-E(c)(6) provides that the term ``Creation Unit''
means a specified minimum number of Managed Portfolio Shares issued
by an Investment Company at the request of an Authorized Participant
in return for a designated portfolio of instruments and/or cash.
    \13\ Rule 8.900-E(c)(7) provides that the term ``Redemption
Unit'' means a specified minimum number of Managed Portfolio Shares
that may be redeemed to an Investment Company at the request of an
Authorized Participant in return for a portfolio of instruments and/
or cash.
    \14\ Rule 8.900-E(c)(4) provides that the term ``Confidential
Account'' means an account owned by an Authorized Participant and
held with an AP Representative on behalf of the Authorized
Participant. The account will be established and governed by
contractual agreement between the AP Representative and the
Authorized Participant solely for the purposes of creation and
redemption, while keeping confidential the Creation Basket
constituents of each series of Managed Portfolio Shares, including
from the Authorized Participant. The books and records of the
Confidential Account will be maintained by the AP Representative on
behalf of the Authorized Participant.
    \15\ Rule 8.900-E(c)(3) provides that the term ``AP
Representative'' means an unaffiliated broker-dealer, with which an
Authorized Participant has signed an agreement to establish a
Confidential Account for the benefit of such Authorized Participant,
that will deliver or receive, on behalf of the Authorized
Participant, all consideration to or from the Investment Company in
a creation or redemption. An AP Representative will not be permitted
to disclose the Creation Basket to any person, including the
Authorized Participants.
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    Each day, the Funds' custodian will transmit the Funds' Creation
Basket (as described below) to each AP Representative. This information
will permit an AP that has established a Confidential Account with an
AP Representative to transact in the underlying securities of the
Creation Basket through their AP Representatives, enabling them to
engage in in-kind creation or redemption activity without knowing the
identity or weighting of those securities. Fund Shares will be issued
and redeemed in Creation Units and Redemption Units, the size of which
will be specified in the Registration Statement. The Funds will offer
and redeem Creation Units and Redemption Units on a continuous basis at
the net asset value (``NAV'') per Share next determined after receipt
of an order in proper form. The Funds' NAVs will be determined as of
the scheduled closing time of the regular trading session on the NYSE
(ordinarily, 4:00 p.m. E.T.) on each business day.
    To keep costs low and permit the Funds to be as fully invested as
possible, Shares are generally purchased and redeemed in Creation Units
and Redemption Units on an in-kind basis. Except in limited
circumstances where the purchase or redemption will include cash,
purchasers, through the AP Representative, purchase Creation Units by
making an in-kind deposit of specified instruments (``Deposit

Instruments''), and the AP Representative, acting on behalf of an
Authorized Participant that is redeeming shares, receives an in-kind
transfer of specified instruments (``Redemption Instruments''). The
names and quantities of the instruments that constitute the Deposit
Instruments and the names and quantities of the instruments that
constitute the Redemption Instruments correspond pro rata to the
positions in the Fund's portfolio (including cash positions) and thus
will be identical. These instruments may be referred to, in the case of
either a purchase or a redemption, as the ``Creation Basket.''
Placement of Purchase Orders
    Each Fund will issue Shares through the Distributor on a continuous
basis at NAV. The Exchange represents that the issuance of Shares will
operate in a manner substantially similar to that of other ETFs. Each
Fund will issue Shares only at the NAV per Share next determined after
an order in proper form is received.
    The Distributor will furnish acknowledgements to those placing such
orders that the orders have been accepted, but the Distributor may
reject any order which is not submitted in proper form, as described in
each Fund's prospectus or Statement of Additional Information
(``SAI''). The NAV of each Fund is expected to be determined once each
business day at a time determined by the Trust's Board of Trustees,
currently anticipated to be as of the close of the regular trading
session on the NYSE (ordinarily, 4:00 p.m. E.T.) (the ``Valuation
Time''). Each Fund will establish a cut-off time (``Order Cut-Off
Time'') for purchase orders in proper form. The Order Cut-Off Time will
be specified in a Fund's SAI and/or the Participant Agreement. To
initiate a purchase of Shares, an AP must submit to the Distributor an
irrevocable order to purchase such Shares after the most recent prior
Valuation Time. In purchasing the necessary securities, the AP
Representative will use methods, such as breaking the transaction into
multiple transactions and transacting in multiple marketplaces, to
avoid revealing the composition of the Creation Basket.
    Generally, all orders to purchase Creation Units must be received
by the Distributor no later than the end of the Core Trading Session
(ordinarily, 9:30 a.m. to 4:00 p.m. E.T.) on the date such order is
placed (``Transmittal Date'') in order for the purchaser to receive the
NAV per Share determined on the Transmittal Date. As with all existing
ETFs, if there is a difference between the NAV attributable to a
Creation Unit and the aggregate market value of the Creation Basket
exchanged for the Creation Unit, the party conveying instruments with
the lower value will also pay to the other an amount in cash equal to
that difference (the ``Balancing Amount'').
    Purchases of Shares will be settled in-kind and/or in cash for an
amount equal to the applicable NAV per Share purchased plus applicable
transaction fees.\16\ Other than the Balancing Amount, the Fund will
substitute cash only under exceptional circumstances and as set forth
under the Fund's policies and procedures governing the composition of
Creation Baskets.
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    \16\ To the extent that a Fund allows creations or redemptions
to be conducted in cash, such transactions will be effected in the
same manner for all APs transacting in cash.
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Authorized Participant Redemption
    The Shares may be redeemed to a Fund in Redemption Unit size or
multiples thereof as described below. Redemption orders of Redemption
Units must be placed by or through an AP (``AP Redemption Order'').
Each Fund will establish an Order Cut-Off Time for redemption orders of
Redemption Units in proper form. Redemption Units of a Fund will be
redeemable at their NAV per Share next determined after receipt of a
request for redemption by the Trust in the manner specified below
before the Order Cut-Off Time. To initiate an AP Redemption Order, an
AP must submit to the Distributor an irrevocable order to redeem such
Redemption Unit after the most recent prior Valuation Time, but not
later than the Order Cut-Off Time.
    In the case of a redemption, the AP would enter into an irrevocable
redemption order, and then the applicable Fund would instruct its
custodian to deliver the Redemption Instruments to the appropriate
Confidential Account. The AP would direct the AP Representative on that
day to liquidate those securities. As with the purchase of securities,
the AP Representative will use methods, such as breaking the
transaction into multiple transactions and transacting in multiple
marketplaces, to avoid revealing the composition of the Creation
Basket.
    Redemptions will occur primarily in-kind, although redemption
payments may also be made partly or wholly in cash. The Participant
Agreement signed by each AP will require establishment of a
Confidential Account to receive distributions of securities in-kind
upon redemption. Each AP will be required to open a Confidential
Account with an AP Representative in order to facilitate orderly
processing of redemptions.
Net Asset Value
    The NAV will be calculated separately for the Shares of each Fund
on each Business Day. Each Fund's NAV is determined as of the close of
regular trading on the NYSE, normally 4:00 p.m., Eastern Time. The NAV
of each Fund is computed by adding the value of the Fund's investments
plus cash and other assets allocable to the class, deducting
liabilities, and then dividing the result by the number of Shares
outstanding at the time the determination is made.
    The assets of the Funds are generally valued on the basis of market
quotations. Securities for which such information is readily available
are generally valued at the last reported sales price, the official
closing price as reported by an independent pricing service on the
primary market or exchange on which they are traded, or, in the absence
of reported sales, at the bid price. Other investments and other
assets, including restricted securities and securities for which market
quotations are not readily available, are valued at fair value under
procedures approved by the Board of Trustees.
    Information regarding each Fund's NAV and how often Shares of each
Fund traded at a price above (i.e., at a premium) or below (i.e., at a
discount) a Fund's NAV will be posted to the Funds' website when it
becomes available.
Availability of Information
    The Funds' website, www.alger.com, will include the prospectus for
each Fund that may be downloaded. The Funds' website will include
additional quantitative information updated on a daily basis,
including, for each Fund, the prior Business Day's NAV, market closing
price or mid-point of the bid/ask spread at the time of calculation of
such NAV (the ``Bid/Ask Price''),\17\ and a calculation of the premium
and discount of the market closing price or Bid/Ask Price against the
NAV. The website and information will be publicly available at no
charge.
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    \17\ The Bid/Ask Price of a Fund's Shares is determined using
the mid-point between the current national best bid and offer at the
time of calculation of such Fund's NAV. The records relating to Bid/
Ask Prices will be retained by the Funds or their service providers.
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    Form N-PORT requires reporting of a Fund's complete portfolio
holdings on a position-by-position basis on a quarterly basis within 60
days after fiscal quarter end. Investors can obtain a Fund's SAI, its
shareholder reports, its Form N-CSR,

filed twice a year, and its Form N-CEN, filed annually. Each Fund's SAI
and shareholder reports are available free upon request from the Fund,
and those documents and the Form N-PORT, Form N-CSR, and Form N-CEN may
be viewed onscreen or downloaded from the Commission's website at
www.sec.gov.
    Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Quotation and last sale information for the
Shares will be available via the Consolidated Tape Association
(``CTA'') high-speed line. In addition, the Verified Intraday
Indicative Value (``VIIV''), as defined in Rule 8.900-E(c)(2),\18\ will
be widely disseminated by the Reporting Authority \19\ and/or one or
more major market data vendors in one second intervals during the
Exchange's Core Trading Session.
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    \18\ Rule 8.900-E(c)(2) provides that the term ``Verified
Intraday Indicative Value'' is the indicative value of a Managed
Portfolio Share based on all of the holdings of a series of Managed
Portfolio Shares as of the close of business on the prior business
day and, for corporate actions, based on the applicable holdings as
of the opening of business on the current business day, priced and
disseminated in one second intervals during the Core Trading Session
by the Reporting Authority.
    \19\ Rule 8.900-E(c)(8) provides that the term ``Reporting
Authority'' in respect of a particular series of Managed Portfolio
Shares means the Exchange, an institution, or a reporting service
designated by the Exchange or by the exchange that lists a
particular series of Managed Portfolio Shares (if the Exchange is
trading such series pursuant to unlisted trading privileges), as the
official source for calculating and reporting information relating
to such series, including, but not limited to, the NAV, the VIIV, or
other information relating to the issuance, redemption, or trading
of Managed Portfolio Shares. A series of Managed Portfolio Shares
may have more than one Reporting Authority, each having different
functions.
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Dissemination of the VIIV
    With respect to trading of the Shares, the ability of market
participants to buy and sell Shares at prices near the VIIV is
dependent upon their assessment that the VIIV is a reliable, indicative
real-time value for a Fund's underlying holdings. Market participants
are expected to accept the VIIV as a reliable, indicative real-time
value because (1) the VIIV will be calculated and disseminated based on
a Fund's actual portfolio holdings, (2) the securities in which a Fund
plans to invest are generally highly liquid and actively traded and
trade at the same time as the Fund and therefore generally have
accurate real time pricing available, and (3) market participants will
have a daily opportunity to evaluate whether the VIIV at or near the
close of trading is indeed predictive of the actual NAV.
    Information regarding the VIIV will be calculated and disseminated
by the Reporting Authority and/or by one or more major market data
vendors in one second intervals during the Core Trading Session. The
VIIV will also be available on the Funds' website and on websites that
publish updated market quotations during the trading day. The VIIV is
based on the current market value of the securities in a Fund's
portfolio that day. The VIIV is intended to provide investors and other
market participants with a highly correlated per Share value of the
underlying portfolio that can be compared to the current market price.
The methodology for calculating the fund's VIIV, which will be overseen
by the Board, is available on the Funds' website.
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.\20\ Trading in Shares of a Fund will
be halted if the circuit breaker parameters in Rule 7.12-E 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. Trading in the Shares will be subject to Rule 8.900-
E(d)(2)(C), which sets forth circumstances under which Shares of a Fund
will be halted.
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    \20\ See Rule 7.12-E.
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    Specifically, Rule 8.900-E(d)(2)(C)(i) provides that the Exchange
may consider all relevant factors in exercising its discretion to halt
trading in a series of Managed Portfolio Shares. Trading may be halted
because of market conditions or for reasons that, in the view of the
Exchange, make trading in the series of Managed Portfolio Shares
inadvisable. These may include: (a) The extent to which trading is not
occurring in the securities and/or the financial instruments composing
the portfolio; or (b) whether other unusual conditions or circumstances
detrimental to the maintenance of a fair and orderly market are
present.\21\
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    \21\ The Exemptive Application provides that the Investment
Company or their agent will request that the Exchange halt trading
in the applicable series of Managed Portfolio Shares where: (i) The
intraday indicative values calculated by the calculation engines
differ by more than 25 basis points for 60 seconds in connection
with pricing of the Verified Intraday Indicative Value; or (ii)
holdings representing 10% or more of a series of Managed Portfolio
Shares' portfolio have become subject to a trading halt or otherwise
do not have readily available market quotations. Any such requests
will be one of many factors considered in order to determine whether
to halt trading in a series of Managed Portfolio Shares and the
Exchange retains sole discretion in determining whether trading
should be halted. As provided in the Exemptive Application, each
series of Managed Portfolio Shares would employ a pricing
verification agent to continuously compare two intraday indicative
values during regular trading hours in order to ensure the accuracy
of the VIIV.
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    Rule 8.900-E(d)(2)(C)(ii) provides that, if the Exchange becomes
aware that: (i) The VIIV of a series of Managed Portfolio Shares is not
being calculated or disseminated in one second intervals, as required;
(ii) the NAV with respect to a series of Managed Portfolio Shares is
not disseminated to all market participants at the same time; (iii) the
holdings of a series of Managed Portfolio Shares are not made available
on at least a quarterly basis as required under the 1940 Act; or (iv)
such holdings are not made available to all market participants at the
same time (except as otherwise permitted under the currently applicable
exemptive order or no-action relief granted by the Commission or
Commission staff to the Investment Company with respect to the series
of Managed Portfolio Shares), it will halt trading in such series until
such time as the Verified Intraday Indicative Value, the net asset
value, or the holdings are available, as required.
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 Exchange in all trading sessions in accordance with Rule 7.34-E(a).
As provided in Rule 7.6-E, 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 Rule 8.900-E, as well as all terms in the Exemptive
Order. The Exchange will obtain a representation from the issuer of the
Shares of each Fund that the NAV per Share of each Fund will be
calculated daily and will be made available to all market participants
at the same time.
Surveillance
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of Shares on the Exchange during all
trading

sessions and to deter and detect violations of Exchange rules and the
applicable federal securities laws. Trading of Shares through the
Exchange will be subject to the Exchange's surveillance procedures for
derivative products. As part of these surveillance procedures and
consistent with Rule 8.900-E(b)(3) and 8.900-E(d)(2)(B), the Adviser
will upon request make available to the Exchange and/or the Financial
Industry Regulatory Authority (``FINRA''), on behalf of the Exchange,
the daily portfolio holdings of a Fund. The issuer of the Shares of
each Fund will be required to represent to the Exchange that it will
advise the Exchange of any failure by a Fund to comply with the
continued listing requirements, and, pursuant to its obligations under
Section 19(g)(1) of the Exchange Act, the Exchange will surveil 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 Exchange Rule 5.5-E(m).
    FINRA, on behalf of the Exchange, or the regulatory staff of the
Exchange, or both, will communicate as needed regarding trading in the
Shares and certain exchange-traded instruments with other markets and
other entities that are members of the Intermarket Surveillance Group
(``ISG''), and FINRA, on behalf of the Exchange, or the regulatory
staff of the Exchange, or both, may obtain trading information
regarding trading such securities from such markets and other entities.
In addition, the Exchange may obtain information regarding trading in
the Shares and certain exchange-traded instruments from markets and
other entities that are members of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares. Specifically, the Bulletin will discuss the
following: (1) The procedures for purchases and redemptions of Shares;
(2) Rule 9.2-E(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; (3) how information regarding the VIIV is
disseminated; (4) the requirement that ETP Holders deliver a prospectus
to investors purchasing newly issued Shares prior to or concurrently
with the confirmation of a transaction; (5) trading information; and
(6) that the portfolio holdings of the Shares are not disclosed on a
daily basis.
    In addition, the Bulletin will reference that the Funds are subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m., ET each trading day.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\22\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\23\ in particular, in that it
is 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
a national market system, and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that this proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Funds would meet each of the rules relating to listing and trading of
Managed Portfolio Shares. To the extent that a Fund is not in
compliance with such rules, the Exchange would either prevent the Fund
from listing and trading on the Exchange or commence delisting
procedures under Rule 8.900-E(d)(2)(B). Specifically, the Exchange
would consider the suspension of trading, and commence delisting
proceedings under Rule 8.900-E(d)(2)(B), of a Fund under any of the
following circumstances: (a) If, following the initial twelve-month
period after commencement of trading on the Exchange, there are fewer
than 50 beneficial holders of the Fund; (b) if the Exchange has halted
trading in a Fund because the VIIV is interrupted pursuant to Rule
8.900-E(d)(2)(C)(ii) and such interruption persists past the trading
day in which it occurred or is no longer available; (c) if the Exchange
has halted trading in a Fund because the net asset value with respect
to such Fund is not disseminated to all market participants at the same
time, the holdings of such Fund are not made available on at least a
quarterly basis as required under the 1940 Act, or such holdings are
not made available to all market participants at the same time pursuant
to Rule 8.900-E(d)(2)(C)(ii) and such issue persists past the trading
day in which it occurred; (d) if the Exchange has halted trading in
Shares of a Fund pursuant to Rule 8.900-E(d)(2)(C)(i) and such issue
persists past the trading day in which it occurred; (e) if a Fund has
failed to file any filings required by the Commission or if the
Exchange is aware that a Fund is not in compliance with the conditions
of any currently applicable exemptive order or no-action relief granted
by the Commission or Commission staff with respect to the Fund; (f) if
any of the continued listing requirements set forth in Rule 8.900-E are
not continuously maintained; (g) if any of the statements of
representations regarding (a) the description of the portfolio, (b)
limitations on portfolio holdings, or (c) the applicability of Exchange
listing rules as specified herein to permit the listing and trading of
a Fund, are not continuously maintained; or (h) if such other event
shall occur or condition exists which, in the opinion of the Exchange,
makes further dealings on the Exchange inadvisable.
    As discussed above, the Adviser is not registered as a broker-
dealer but is affiliated with a broker-dealer and has implemented and
will maintain a ``fire wall'' with respect to such affiliate broker-
dealer regarding access to information concerning the composition and/
or changes to a Fund's portfolio and Creation Basket. In the event that
(a) the Adviser becomes registered as a broker-dealer or becomes newly
affiliated with a broker-dealer, or (b) any new adviser or sub-adviser
is a registered broker-dealer or becomes affiliated with a broker-
dealer, the Adviser will implement and maintain a fire wall with
respect to personnel of the broker-dealer or broker-dealer affiliate
regarding access to information concerning the composition and/or
changes to the portfolio and/or Creation Basket. Any person related to
the Adviser or the Trust who makes decisions pertaining to a Fund's
portfolio composition or that has access to information regarding a
Fund's portfolio or changes thereto or the Creation Basket will be
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding such portfolio or changes
thereto and the Creation Basket.
    In addition, Rule 8.900-E(b)(5) requires that any person or entity,
including an AP Representative, custodian, Reporting Authority,
distributor, or administrator, who has

access to non-public information regarding the Investment Company's
portfolio composition or changes thereto or the Creation Basket, must
be subject to procedures designed to prevent the use and dissemination
of material non-public information regarding the applicable Investment
Company portfolio or changes thereto or the Creation Basket. Moreover,
if any such person or entity is registered as a broker-dealer or
affiliated with a broker-dealer, such person or entity will erect and
maintain a ``fire wall'' between the person or entity and the broker-
dealer with respect to access to information concerning the composition
and/or changes to such Investment Company portfolio or Creation Basket.
Any person or entity who has access to information regarding a Fund's
portfolio composition or changes thereto or the Creation Basket will be
subject to procedures designed to prevent the use and dissemination of
material nonpublic information regarding the portfolio or changes
thereto or the Creation Basket.
    The Exchange further believes that Rule 8.900-E is designed to
prevent fraudulent and manipulative acts and practices related to the
listing and trading of Shares of the Funds because it provides
meaningful requirements about both the data that will be made publicly
available about the Shares, as well as the information that will only
be available to certain parties and the controls on such information.
Specifically, the Exchange believes that the requirements related to
information protection set forth in Rule 8.900-E(b)(5) will act as a
safeguard against misuse and improper dissemination of information
related to a Fund's portfolio composition, the Creation Basket, or
changes thereto. The requirement that any person or entity implement
procedures to prevent the use and dissemination of material non-public
information regarding the portfolio or Creation Basket will act to
prevent any individual or entity from sharing such information
externally and the internal ``fire wall'' requirements applicable where
an entity is a registered broker-dealer or affiliated with a broker-
dealer will act to make sure that no entity will be able to misuse the
data for their own purposes. Accordingly, the Exchange believes that
this proposal is designed to prevent fraudulent and manipulative acts
and practices.
    The Exchange further believes that the proposal is designed to
prevent fraudulent and manipulative acts and practices related to the
listing and trading of Shares of the Funds and to promote just and
equitable principles of trade and to protect investors and the public
interest because the Exchange would halt trading under certain
circumstances under which trading in the Shares of a Fund may be
inadvisable. Specifically, trading in the Shares will be subject to
Rule 8.900-E(d)(2)(C)(i), which provides that the Exchange may consider
all relevant factors in exercising its discretion to halt trading in a
Fund. Trading may be halted because of market conditions or for reasons
that, in the view of the Exchange, make trading in the series of
Managed Portfolio Shares inadvisable. These may include: (a) The extent
to which trading is not occurring in the securities and/or the
financial instruments composing the portfolio; or (b) whether other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present.\24\ Additionally, trading in the
Shares will be subject to Rule 8.900-E(d)(2)(C)(ii), which provides
that the Exchange would halt trading where the Exchange becomes aware
that: (a) The VIIV of a series of Managed Portfolio Shares is not being
calculated or disseminated in one second intervals, as required; (b)
the net asset value with respect to a series of Managed Portfolio
Shares is not disseminated to all market participants at the same time;
(c) the holdings of a series of Managed Portfolio Shares are not made
available on at least a quarterly basis as required under the 1940 Act;
or (d) such holdings are not made available to all market participants
at the same time (except as otherwise permitted under the currently
applicable exemptive order or no-action relief granted by the
Commission or Commission staff to the Investment Company with respect
to the series of Managed Portfolio Shares). The Exchange would halt
trading in such Shares until such time as the VIIV, the NAV, or the
holdings are available, as required.
---------------------------------------------------------------------------

    \24\ See supra note 21.
---------------------------------------------------------------------------

    With respect to the proposed listing and trading of Shares of the
Funds, the Exchange believes that the proposed rule change is designed
to prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in Rule 8.900-E.\25\ Each Fund's
holdings will conform to the permissible investments as set forth in
the Exemptive Application and Exemptive Order.\26\ As noted above,
FINRA, on behalf of the Exchange, or the regulatory staff of the
Exchange, or both, will communicate as needed regarding trading in the
Shares and the underlying exchange-traded instruments with other
markets and other entities that are members of the ISG, and FINRA, on
behalf of the Exchange, or the regulatory staff of the Exchange, or
both, may obtain trading information regarding trading such instruments
from such markets and other entities. In addition, the Exchange may
obtain information regarding trading in the Shares and the underlying
exchange-traded instruments from markets and other entities that are
members of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement.
---------------------------------------------------------------------------

    \25\ The Exchange represents that, for initial and/or continued
listing, each Fund will be in compliance with Rule 10A-3 under the
Act. See 17 CFR 240.10A-3.
    \26\ See supra note 9.
---------------------------------------------------------------------------

    With respect to trading of Shares of the Funds, the ability of
market participants to buy and sell Shares at prices near the VIIV is
dependent upon their assessment that the VIIV is a reliable, indicative
real-time value for a Fund's underlying holdings. Market participants
are expected to accept the VIIV as a reliable, indicative real-time
value because (1) the VIIV will be calculated and disseminated based on
a Fund's actual portfolio holdings, (2) the securities in which the
Funds plan to invest are generally highly liquid and actively traded
and trade at the same time as the Funds and therefore generally have
accurate real time pricing available, and (3) market participants will
have a daily opportunity to evaluate whether the VIIV at or near the
close of trading is indeed predictive of the actual NAV.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation that the NAV per Share
of the Funds will be calculated daily and that the NAV will be made
available to all market participants at the same time. Investors can
also obtain a Fund's SAI, its shareholder reports, its Form N-CSR
(filed twice a year), and its Form N-CEN (filed annually). A Fund's SAI
and shareholder reports will be available free upon request from the
applicable Fund, and those documents and the Form N-PORT, Form N-CSR,
and Form N-CEN may be viewed on-screen or downloaded from the
Commission's website at www.sec.gov. In addition, a large amount of
information will be publicly available regarding the Funds and the
Shares, thereby promoting market transparency. Quotation and last sale
information for

the Shares will be available via the CTA high-speed line. Information
regarding the VIIV will be widely disseminated in one second intervals
throughout the Core Trading Session by the Reporting Authority and/or
one or more major market data vendors. The website for the Funds will
include a prospectus for the Funds that may be downloaded, and
additional data relating to NAV and other applicable quantitative
information, updated on a daily basis. Moreover, prior to the
commencement of trading, the Exchange will inform its members in an
Information Bulletin of the special characteristics and risks
associated with trading the Shares.
    In addition, as noted above, investors will have ready access to
the VIIV, and quotation and last sale information for the Shares. The
Shares will conform to the initial and continued listing criteria under
Rule 8.900-E. Each Fund's investments, including derivatives, will be
consistent with its investment objective and will not be used to
enhance leverage (although certain derivatives and other investments
may result in leverage). That is, the Fund's investments will not be
used to seek performance that is the multiple or inverse multiple
(e.g., 2X or -3X) of the Fund's primary broad-based securities
benchmark index (as defined in Form N-1A).
    The Exchange also believes that 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 actively-managed exchange-traded
products that will enhance competition among market participants, to
the benefit of investors and the marketplace. As noted above, the
Exchange has in place surveillance procedures relating to trading in
the Shares and may obtain information via ISG from other exchanges that
are members of ISG or with which the Exchange has entered into a
comprehensive surveillance sharing agreement. In addition, as noted
above, investors will have ready access to information regarding the
VIIV and quotation and last sale information for the Shares.
    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes the
proposed rule change would permit the listing and trading of additional
actively-managed exchange-traded products, thereby promoting
competition among exchange-traded products to the benefit of investors
and the marketplace.

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

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

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

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

IV. Solicitation of Comments

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

Electronic comments:

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2020-80 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-2020-80.
This file number should be included on the subject line if email is
used. To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for website
viewing and printing in the Commission's Public Reference Room, 100 F
Street NE, Washington, DC 20549 on official business days between the
hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2020-80 and should
be submitted on or before October 13, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20696 Filed 9-18-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 217 (Friday, November 8, 2013)]
[Rules and Regulations]
[Pages 67026-67027]
[FR Doc No: 2013-26816]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 100

[Docket No. USCG-2013-0869]
RIN 1625-AA08

Special Local Regulations; Recurring Marine Events in the Seventh
Coast Guard District

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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

SUMMARY: The Coast Guard will enforce the special local regulations
pertaining to the Key West World Championship in the Atlantic Ocean,
off Key West, FL from 9:30 a.m. until 4:30 p.m. on November 10, 2013.
This action is necessary to protect race participants, participant
vessels, spectators, and the general public from the hazards associated
with high-speed boat races. The special local regulations establish
regulated areas on the waters of the Key West Main Ship Channel, Key
West Turning Basin, and Key West Harbor Entrance. During the
enforcement period, no person or vessel may enter the regulated area
without permission from the Captain of the Port.

DATES: The regulations in 33 CFR 100.701 will be enforced from 9:30
a.m. until 4:30 p.m. on November 10, 2013.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice,
call or email Marine Science Technician First Class Ian G. Bowes,
Sector Key West Prevention Department, Coast Guard; telephone 305-292-
8809 extension 5, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the Special
Local Regulations for the annual Key West World Championship Super Boat
Race in 33 CFR 100.701 on November 10, 2013, from 9:30 a.m. until 4:30
p.m. These regulations can be found in the 2013 issue of the Federal
Register 33 CFR 100.701.
    On November 6, 8, and 10, 2013, Super Boat International
Productions,

Inc. is hosting the Key West World Championship, a series of high-speed
boat races. Under the provisions of 33 CFR 100.701, no unauthorized
person or vessel may enter, transit through, anchor within, or remain
in the established regulated areas. The event will be held on the
waters of the Atlantic Ocean located southwest of Key West, Florida.
Approximately 75 high-speed power boats will be participating in the
races. It is anticipated that at least 100 spectator vessels will be
present during the races.
    The special local regulations will be enforced from 9:30 a.m. until
4:30 p.m. on November 10, 2013. The Coast Guard will provide notice of
the regulated area by Local Notice to Mariners, Broadcast Notice to
Mariners, and on-scene designated representatives. The Coast Guard may
be assisted by other Federal, State, or local law enforcement agencies
in enforcing this regulation. The events on November 6, 2013 and
November 8, 2013 will be enforced with actual notice.
    This notice is issued under authority of 33 CFR 100.701 and 5
U.S.C. 552(a). In addition to this notice in the Federal Register, the
Coast Guard will provide the maritime community with advance
notification of this enforcement period via a Broadcast Notice to
Mariners.

    Dated: October 24, 2013.
A.S. Young, Sr.,
Captain, U.S. Coast Guard, Captain of the Port Key West.
[FR Doc. 2013-26816 Filed 11-7-13; 8:45 am]
BILLING CODE 9110-04-P


<EMAIL_ADDRESS> 05/10/2007 04:56 PM	To

	Margaret Sheppard/DC/USEPA/US@EPA, Jeff Cohen/DC/USEPA/US@EPA

	cc

	bcc

	Subject

	Fw: SNAP Acceptability Determination for NPB

FYI

----- Forwarded by Kurt Werner/US-Corporate/3M/US on 05/10/2007 03:55 PM

-----

             Kurt

             Werner/US-Corpora

             te/3M/US                                                   To

<EMAIL_ADDRESS>

             05/09/2007 09:27                                           cc

             AM<EMAIL_ADDRESS>

                                                                   Subject

                                       SNAP Acceptability Determination

                                       for NPB

Dear Mary Ann,

I am sorry I was not able to attend the recent meeting organized by Caffey

Norman regarding nPB.

I would like to emphasize the need to complete the rule making on nPB.  The

uncertainty associated with the regulatory acceptability, risks to worker

health, and environmental impact of nPB have existed for many years.  The

markets need clarity on these issues so as provide a common understanding

associated with the risks of nPB and the management practices necessary to

adequately protect workers.  Clear guidance on the acceptability in various

end-use sectors will also foster sound decision making in costly solvent

specification processes.

I encourage OMB to advance the rule making process in a manner that

utilizes a bench-marked methodology for establishing industrial exposure

guidelines and removes the current ambiguity associated with the

recommended exposure guideline on nPB.  Consistency in the methodology used

to establish exposure guidelines enables those making choices between

available solvents to better understand the relative margin of safety

associated with those solvent options.

Thank you for your consideration of these issues.

Sincerely,

Kurt T. Werner, DABT

EHS Manager

3M Specialty Materials

651-733-8494


[Federal Register: April 15, 2008 (Volume 73, Number 73)]
[Notices]
[Page 20275-20278]
[DOCID:fr15ap08-62]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No.: 2232-522]

Duke Energy Carolinas, LLC; Notice of Application Ready for
Environmental Analysis and Soliciting Comments, Recommendations, Terms
and Conditions, and Prescriptions

April 7, 2008.
    Take notice that the following hydroelectric application has been
filed

with the Commission and is available for public inspection.
    a. Type of Application: New Major License.
    b. Project No.: 2232-522.
    c. Date filed: August 29, 2006.
    d. Applicant: Duke Energy Carolinas, LLC.
    e. Name of Project: Catawba-Wateree Hydroelectric Project.
    f. Location: On the Catawba River, in Alexander, Burke, Caldwell,
Catawba, Gaston, Iredell, Lincoln, McDowell, and Mecklenburg counties,
North Carolina, and on the Catawba and Wateree rivers in the counties
of Chester, Fairfield, Kershaw, Lancaster, and York, South Carolina.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Jeffrey G. Lineberger, Catawba-Wateree Hydro
Relicensing Manager; and E. Mark Oakley, Catawba-Wateree Relicensing
Project Manager, Duke Energy, Mail Code EC12Y, P.O. Box 1006,
Charlotte, NC 28201-1006.
    i. FERC Contact: Sean Murphy at<PHONE_NUMBER>; or at
<EMAIL_ADDRESS>    j. The deadline for filing comments, recommendations, terms and
conditions, and prescriptions is 60 days from the issuance of this
notice; reply comments are due 105 days from the issuance date of this
notice.
    All documents (original and eight copies) should be filed with:
Kimberly D. Bose, Secretary, Federal Energy Regulatory Commission, 888
First Street, NE., Washington, DC 20426.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    Comments, recommendations, terms and conditions, and prescriptions
may be filed electronically via the Internet in lieu of paper. The
Commission strongly encourages electronic filings. See 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
(http://www.ferc.gov) under the ``e-Filing'' link.
    k. This application has been accepted, and is ready for
environmental analysis at this time.
    l. The existing 831-megawatt (MW) Catawba-Wateree Project consists
of the eleven reservoirs and thirteen developments described below,
which span more than 225 River Miles (RM) and include approximately
1,795 miles of reservoir and island shoreline:
    1. The Bridgewater development consists of the following existing
facilities: (1) The Catawba dam consisting of: (a) A 1,650-foot-long,
125-foot-high earth embankment; (b) a 305-foot-long, 120-foot-high
concrete gravity ogee spillway; and (c) a 850-foot-long, 125-foot-high
earth embankment; (2) the Paddy Creek dam consisting of: A 1,610-foot-
long, 165-foot-high earth embankment; (3) the Linville dam consisting
of: A 1,325-foot-long, 160-foot-high earth embankment; (4) a 430-foot-
long uncontrolled low overflow weir spillway situated between Paddy
Creek dam and Linville dam; (5) a 6,754 acre reservoir formed by
Catawba, Paddy Creek, and Linville with a normal water surface
elevation of 1,200 feet above mean sea level (msl); (6) a 900-foot-long
concrete-lined intake tunnel; (7) a powerhouse containing two vertical
Francis-type turbines directly connected to two generators, each rated
at 10,000 kilowatts (kW), for a total installed capacity of 20.0 MW;
and (8) other appurtenances.
    2. The Rhodhiss development consists of the following existing
facilities: (1) The Rhodhiss dam consisting of: (a) A 119.58-foot-long
concrete gravity bulkhead; (b) a 800-foot-long, 72-foot-high concrete
gravity ogee spillway; (c) a 122.08-foot-long concrete gravity bulkhead
with an additional 8-foot-high floodwall; and (d) a 283.92-foot-long
rolled fill earth embankment; (2) a 2,724 acre reservoir with a normal
water surface elevation of 995.1 feet above msl; (4) a powerhouse
integral to the dam, situated between the bulkhead on the left bank and
the ogee spillway section, containing three vertical Francis-type
turbines directly connected to three generators, two rated at 12,350
kW, one rated at 8,500 kW for a total installed capacity of 28.4 MW;
and (5) other appurtenances.
    3. The Oxford development consists of the following existing
facilities: (1) The Oxford dam consisting of: (a) A 74.75-foot-long
soil nail wall; (b) a 193-foot-long emergency spillway; (c) a 550-foot-
long gated concrete gravity spillway; (d) a 112-foot-long embankment
wall situated above the powerhouse; and (e) a 429.25-foot-long earth
embankment; (2) a 4,072 acre reservoir with a normal water surface
elevation of 935 feet above msl; (4) a powerhouse integral to the dam,
situated between the gated spillway and the earth embankment,
containing two vertical Francis-type turbines directly connected to two
generators, each rated at 18,000 kW for a total installed capacity of
35.7 MW; and (5) other appurtenances.
    4. The Lookout Shoals development consists of the following
existing facilities: (1) The Lookout Shoals dam consisting of: (a) A
282.08-foot-long concrete gravity bulkhead section; (b) a 933-foot-long
uncontrolled concrete gravity ogee spillway; (c) a 65-foot-long gravity
bulkhead section; and (d) a 1,287-foot-long, 88-foot-high earth
embankment; (2) a 1,155 acre reservoir with a normal water surface
elevation of 838.1 feet above msl; (3) a powerhouse integral to the
dam, situated between the bulkhead on the left bank and the ogee
spillway, containing three main vertical Francis-type turbines and two
smaller vertical Francis-type turbines directly connected to five
generators, the three main generators rated at 8,970 kW, and the two
smaller rated at 450 kW for a total installed capacity of 25.7 MW; and
(4) other appurtenances.
    5. The Cowans Ford development consists of the following existing
facilities: (1) The Cowans Ford dam consisting of: (a) A 3,535-foot-
long embankment; (b) a 209.5-foot-long gravity bulkhead; (c) a 465-
foot-long concrete ogee spillway with eleven Taintor gates, each 35-
feet-wide by 28-feet-high; (d) a 276-foot-long bulkhead; and (e) a
3,924-foot-long earth embankment; (2) a 3,134-foot-long saddle dam
(Hicks Crossroads); (3) a 32,339 acre reservoir with a normal water
surface elevation of 760 feet above msl; (4) a powerhouse integral to
the dam, situated between the spillway and the bulkhead near the right
embankment, containing four vertical Kaplan-type turbines directly
connected to four generators rated at 83,125 kW for a total installed
capacity of 332.5 MW; and (5) other appurtenances.
    6. The Mountain Island development consists of the following
existing facilities: (1) The Mountain Island dam consisting of: (a) A
997-foot-long, 97-foot-high uncontrolled concrete gravity ogee
spillway; (b) a 259-foot-long bulkhead on the left side of the
powerhouse; (c) a 200-foot-long bulkhead on the right side of the
powerhouse; (d) a 75-foot-long concrete core wall; and (e) a 670-foot-
long, 140-foot-high earth embankment; (2) a 3,117 acre reservoir with a
normal water surface elevation of 647.5 feet above msl; (3) a
powerhouse integral to the dam, situated between the two bulkheads,
containing four vertical Francis-type turbines directly connected to
four generators rated at 15,000 kW for a total installed capacity of
55.1 MW; and (4) other appurtenances.
    7. The Wylie development consists of the following existing
facilities: (1) The

Wylie dam consisting of: (a) A 234-foot-long bulkhead; (b) a 790.92-
foot-long ogee spillway section that contains 2 controlled sections
with a total of eleven Stoney gates, each 45-feet-wide by 30-feet-high,
separated by an uncontrolled section with no gates; (c) a 400.92-foot-
long bulkhead; and (d) a 1,595-foot-long earth embankment; (2) a 12,177
acre reservoir with a normal water surface elevation of 569.4 feet
above msl; (3) a powerhouse integral to the dam, situated between the
bulkhead and the spillway near the left bank, containing four vertical
Francis-type turbines directly connected to four generators rated at
18,000 kW for a total installed capacity of 69 MW; and (4) other
appurtenances.
    8. The Fishing Creek development consists of the following existing
facilities: (1) The Fishing Creek dam consisting of: (a) A 114-foot-
long, 97-foot-high uncontrolled concrete ogee spillway; (b) a 1,210-
foot-long concrete gravity, ogee spillway with twenty-two Stoney gates,
each 45-feet-widy by 25-feet-high; and (c) a 214-foot-long concrete
gravity bulkhead structure; (2) a 3,431 acre reservoir with a normal
water surface elevation of 417.2 feet above msl; (3) a powerhouse
integral to the dam, situated between the gated spillway and the
bulkhead structure near the right bank, containing five vertical
Francis-type turbines directly connected to five generators two rated
at 10,530 kW and three rated at 9,450 kW for a total installed capacity
of 48.1 MW; and (4) other appurtenances.
    9. The Great Falls-Dearborn development consists of the following
existing facilities: (1) The Great Falls diversion dam consisting of a
1,557.6-foot-long concrete section; (2) the Dearborn dam consisting of:
(a) A 160-foot-long, 103-foot-high, concrete embankment; (b) a 150-
foot-long, 103-foot-high intake and bulkhead section; and (c) a 75-
foot-long, 103-foot-high bulkhead section; (3) the Great Falls dam
consisting of: (a) a 675-foot-long, 103-foot-high concrete embankment
situated in front of the Great Falls Powerhouse (and joined to the
Dearborn dam embankment); and (b) a 250-foot-long intake section
(within the embankment); (4) the Great Falls bypassed spillway and
headworks section consisting of: (a) A 446.7-foot-long short concrete
bypassed reach uncontrolled spillway with a gated trashway (main
spillway); (b) a 583.5-foot-long concrete headworks uncontrolled
spillway with 4-foot-high flashboards (canal spillway); and (c) a 262-
foot-long concrete headworks section situated perpendicular to the main
spillway and the canal spillway, containing ten openings, each 16-feet-
wide; (5) a 353 acre reservoir with a normal water surface elevation of
355.8 feet above msl; (6) two powerhouses separated by a retaining
wall, consisting of: (a) Great Falls powerhouse: containing eight
horizontal Francis-type turbines directly connected to eight generators
rated at 3,000 kW for an installed capacity of 24.0 MW, and (b)
Dearborn powerhouse: containing three vertical Francis-type turbines
directly connected to three generators rated at 15,000 kW for an
installed capacity of 42.0 MW, for a total installed capacity of 66.0
MW; and (7) other appurtenances.
    10. The Rocky Creek-Cedar Creek development consists of the
following existing facilities: (1) A U-shaped concrete gravity overflow
spillway with (a) A 130-foot-long section (on the east side) that forms
a forebay canal to the Cedar Creek powerhouse and contains two Stoney
gate, each 45-feet-wide by 25-feet-high; (b) a 1,025-foot-long, 69-
foot-high concrete gravity overflow spillway; and (c) a 213-foot-long
section (on the west side) that forms the upper end of the forebay
canal for the Rocky Creek powerhouse; (2) a 450-foot-long concrete
gravity bulkhead section that completes the lower end of the Rocky
Creek forebay canal; (3) a 748-acre reservoir with a normal water
surface elevation of 284.4 feet above msl; (4) two powerhouses
consisting of: (a) Cedar Creek powerhouse (on the east): containing
three vertical Francis-type turbines directly connected to three
generators, one rated at 15,000 kW, and two rated at 18,000 kW for an
installed capacity of 43.0 MW; and (b) Rocky Creek powerhouse (on the
west): containing eight horizontal twin-runner Francis-type turbines
directly connected to eight generators, six rated at 3,000 kW and two
rated at 4,500 kW for an installed capacity of 25.8 MW, for a total
installed capacity of 68.8 MW; and (5) other appurtenances.
    11. The Wateree development consists of the following existing
facilities: (1) The Wateree dam consisting of: (a) A 1,450-foot-long
uncontrolled concrete gravity ogee spillway; and (b) a 1,370-foot-long
earth embankment; (2) a 13,025-acre reservoir with a normal water
surface elevation of 225.5 feet above msl; (3) a powerhouse integral to
the dam, situated between the spillway and the earth embankment,
containing five vertical Francis-type turbines directly connected to
five generators, two rated at 17,100 kW and three rated at 18,050 kW
for a total installed capacity of 82.0 MW; and (4) other appurtenances.
    m. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov, using the ``eLibrary''
link. Enter the docket number, excluding the last three digits in the
docket number field, to access the document. For assistance, contact
FERC Online Support at<EMAIL_ADDRESS>or toll-free at 1-
866-208-3676, or for TTY,<PHONE_NUMBER>. A copy is also available for
inspection and reproduction at the address in item h above.
    All filings must (1) Bear in all capital letters the title
``COMMENTS,'' ``REPLY COMMENTS,'' ``RECOMMENDATIONS,'' ``TERMS AND
CONDITIONS,'' or ``PRESCRIPTIONS;'' (2) set forth in the heading the
name of the applicant and the project number of the application to
which the filing responds; (3) furnish the name, address, and telephone
number of the person submitting the filing; and (4) otherwise comply
with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, recommendations, terms and conditions or prescriptions must
set forth their evidentiary basis and otherwise comply with the
requirements of 18 CFR 4.34(b). Agencies may obtain copies of the
application directly from the applicant. Each filing must be
accompanied by proof of service on all persons listed on the service
list prepared by the Commission in this proceeding, in accordance with
18 CFR 4.34(b), and 385.2010.
    You may also register online at http://www.ferc.gov/docs-filing/
esubscription.asp to be notified via e-mail of new filings and
issuances related to this or other pending projects. For assistance,
contact FERC Online Support.
    n. The revised schedule for the Catawba-Wateree Project relicensing
follows:

------------------------------------------------------------------------
               Milestone                           Target date
------------------------------------------------------------------------
Filing of recommendations, preliminary   June 2008.
 terms and conditions, and fishway
 prescriptions.
Issue Draft EIS........................  November 2008.
Comments filed on Draft EIS and          January 2009.
 Modified Terms and Conditions.
Issue Final EIS........................  April 2009.
------------------------------------------------------------------------

    o. A license applicant must file, no later than 60 days following
the date of issuance of this notice: (1) A copy of the water quality
certification; (2) a copy of the request for certification, including
proof of the date on which the certifying

agency received the request; or (3) evidence of waiver of water quality
certification.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-7913 Filed 4-14-08; 8:45 am]

BILLING CODE 6717-01-P