[Federal Register Volume 78, Number 158 (Thursday, August 15, 2013)]
[Notices]
[Pages 49742-49743]
[FR Doc No: 2013-19798]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 2

    Take notice that the Commission received the following electric
rate filings:
    Docket Numbers: ER10-2179-020; ER10-2181-019; ER10-2182-019.
    Applicants: Calvert Cliffs Nuclear Power Plant, LLC, Nine Mile
Point Nuclear Station, LLC, R.E. Ginna Nuclear Power Plant, LLC.
    Description: Notice of Non-Material Change in Status of Calvert
Cliffs Nuclear Power Plant, LLC, et al.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5137.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER12-569-002; ER12-775-001; ER10-1849-001; ER11-
2037-001; ER12-2227-002; ER10-1887-001; ER10-1920-003; ER10-1928-003;
ER10-1952-002; ER10-1961-001; ER12-1228-001; ER10-2720-003; ER11-4428-
003; ER12-1880-002; ER10-1971-010.
    Applicants: Blackwell Wind, LLC, Blackwell Wind, LLC, Cimarron Wind
Energy, LLC, Elk City Wind, LLC, Elk City II Wind, LLC, Ensign Wind,
LLC, FPL Energy Cowboy Wind, LLC, FPL Energy Oklahoma Wind, LLC, FPL
Energy Sooner Wind, LLC, Gray County Wind Energy, LLC, High Majestic
Wind Energy Center, LLC, High Majestic Wind II, LLC, Minco Wind, LLC,
Minco Wind II, LLC, Minco Wind III, LLC, NextEra Energy Power
Marketing, LLC.
    Description: Amending December 27, 2012 NextEra Companies Triennial
Market Power Update for the Southwest Power Pool Region.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5111.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER12-2178-007; ER10-2172-018; ER12-2311-007; ER11-
2016-013; ER10-2184-018; ER10-2183-015; ER10-1048-015; ER10-2192-018;
ER11-2056-012; ER10-2178-018; ER10-2174-018; ER11-2014-015; ER11-2013-
015; ER10-3308-017; ER10-1020-014; ER10-1145-014; ER10-1144-013; ER10-
1078-014; ER10-1079-010; ER10-1080-014; ER11-2010-015; ER10-1081-014;
ER10-2180-018; ER11-2011-014; ER12-2201-007; ER12-2528-006; ER11-2009-
014; ER11-3989-012; ER10-1143-014; ER11-2780-014; ER12-1829-007; ER11-
2007-013; ER12-1223-012; ER11-2005-015.
    Applicants: AV Solar Ranch 1, LLC, Baltimore Gas and Electric
Company, Beebe Renewable Energy, LLC, Cassia Gulch Wind Park, LLC, CER
Generation, LLC, CER Generation II, LLC, Commonwealth Edison Company,
Constellation Energy Commodities Group Maine, LLLC, Constellation
Mystic Power, LLC, Constellation NewEnergy, Inc., Constellation Power
Source Generation, Inc., Cow Branch Wind Power, LLC, CR Clearing, LLC,
Criterion Power Partners, LLC, Exelon Framingham, LLC, Exelon
Generation Company, LLC, Exelon New Boston, LLC, Exelon West Medway,
LLC, Exelon Wind 4, LLC, Exelon Wyman, LLC, Handsome Lake Energy, LLC,
Harvest II Windfarm, LLC, Harvest Windfarm, LLC, High Mesa Energy, LLC,
Michigan Wind 1, LLC, Michigan Wind 2, LLC, PECO Energy Company, Safe
Harbor Water Power Corporation, Shooting Star Wind Project, LLC, Tuana
Springs Energy, LLC, Wildcat Wind, LLC, Wind Capital Holdings, LLC.
    Description: Notice of Non-Material Change in Status of AV Solar
Ranch 1, LLC, et al.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5152.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-692-006.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: 2013-08-08 OASIS Compliance Errata Filing to be
effective 4/15/2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5119.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-1783-001.
    Applicants: Duke Energy Progress, Inc.
    Description: Revised Service Agreement No. 134 under Duke Energy
Progress OATT to be effective 6/1/2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5126.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-1931-001.
    Applicants: South Jersey Energy ISO3, LLC.
    Description: South Jersey Energy ISO3, LLC submits Amendment to
Application for Market-Based Rates to be effective 7/11/2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5055.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-2043-001.
    Applicants: South Jersey Energy ISO4, LLC.
    Description: South Jersey Energy ISO4, LLC submits Amendment to
Application for Market-Based Rates to be effective 7/27/2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5056.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-2044-001.
    Applicants: South Jersey Energy ISO5, LLC.
    Description: South Jersey Energy ISO5, LLC submits Amendment to
Application for Market-Based Rates to be effective 7/27/2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5057.

    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-2132-000.
    Applicants: Nevada Power Company.
    Description: Rate Schedule No. 135 SCE Eldorado Interim
Interconnection Agmt Concurrence to be effective 6/25/2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5117.
    Comments Due: 5 p.m. ET 8/29/13.

    Docket Numbers: ER13-2133-000.
    Applicants: Granite State Electric Company.
    Description: Borderline Sales--Rate Update to be effective 5/1/
2013.
    Filed Date: 8/8/13.
    Accession Number: 20130808-5134.
    Comments Due: 5 p.m. ET 8/29/13.
    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: August 8, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-19798 Filed 8-14-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 246 (Thursday, December 22, 2011)]
[Notices]
[Pages 79741-79748]
[FR Doc No: 2011-32751]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65988; File No. SR-NYSEARCA-2011-95]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of the PIMCO
Total Return Exchange Traded Fund Under NYSE Arca Equities Rule 8.600

 December 16, 2011.
    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 December 13, 2011, 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.
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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 the following under NYSE
Arca Equities Rule 8.600 (``Managed Fund Shares''): PIMCO Total Return
Exchange Traded Fund.
    The text of the proposed rule change is available at the Exchange,
the Commission's Public Reference Room, and www.nyse.com.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the following Managed Fund
Shares \4\ (``Shares'') under NYSE Arca Equities Rule 8.600: PIMCO
Total Return Exchange Traded Fund (the ``Fund'').\5\ The Shares will be
offered by PIMCO ETF Trust (the ``Trust''), a statutory trust organized
under the laws of the State of Delaware and registered with the
Commission as an open-end management investment company.\6\
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index or
combination thereof.
    \5\ The Commission has previously approved the listing and
trading on the Exchange of other actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 60981
(November 10, 2009), 74 FR 59594 (November 18, 2009) (SR-NYSEArca-
2009-79) (order approving Exchange listing and trading of five fixed
income funds of the PIMCO ETF Trust); 61365 (January 15, 2010), 75
FR 4124 (January 26, 2010) (SR-NYSEArca-2009-114) (order approving
Exchange listing and trading of Grail McDonnell Fixed Income ETFs).
    \6\ The Trust is registered under the 1940 Act. On July 7, 2011,
the Trust filed with the Commission Post-Effective Amendment No. 30
to Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a)
(``1933 Act'') relating to the Fund (File Nos. 333-155395 and 811-
22250) (the ``Registration Statement''). The description of the
operation of the Trust and the Fund herein is based, in part, on the
Registration Statement. In addition, the Commission has issued an
order granting certain exemptive relief to the Trust under the 1940
Act. See Investment Company Act Release No. 28993 (November 10,
2009) (File No. 812-13571) (``Exemptive Order'').
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    The investment manager to the Fund is Pacific Investment Management
Company LLC (``PIMCO'' or the ``Adviser''). PIMCO Investments LLC
serves as the distributor for the Fund (``Distributor''). State Street
Bank & Trust Co. serves as the custodian and transfer agent for the
Fund (``Transfer Agent'').
    Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\7\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. The Adviser is
affiliated with a broker-dealer and has implemented a ``fire wall''
with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the Fund's portfolio. If
PIMCO elects to hire a sub-adviser for the Fund that is also affiliated
with a broker-dealer, such sub-adviser will implement a fire wall with
respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the portfolio. In the
event (a) the Adviser or any sub-adviser becomes newly affiliated with
a broker-dealer, or (b) any new manager, adviser or sub-adviser becomes
affiliated with a broker-dealer, it will implement a fire wall with
respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the portfolio, and will be
subject to procedures designed to prevent the use and dissemination of
material non-public information regarding such portfolio.
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    \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 are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) Adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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    According to the Registration Statement, the Fund will seek maximum
total return, consistent with preservation of capital and prudent
investment management. The Fund will invest under normal market
circumstances at least 65% of its total assets in a diversified
portfolio of Fixed Income Instruments of varying maturities.\8\ ``Fixed
Income Instruments'' include bonds, debt securities and other similar
instruments issued by various U.S. and non-U.S. public- or private-
sector entities.\9\ The

average portfolio duration of the Fund normally will vary within two
years (plus or minus) of the duration of the Barclays Capital U.S.
Aggregate Index, which as of May 31, 2011 was 5.19 years.\10\
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    \8\ The term ``under normal market circumstances'' includes, but
is not limited to, the absence of extreme volatility or trading
halts in the fixed income markets or the financial markets
generally; operational issues causing dissemination of inaccurate
market information; or force majeure type events such as systems
failure, natural or man-made disaster, act of God, armed conflict,
act of terrorism, riot or labor disruption or any similar
intervening circumstance.
    \9\ Described below are ``Fixed Income Instruments,'' as such
term is used generally in the Registration Statement, in which the
Fund will focus: Debt securities issued or guaranteed by the U.S.
Government, its agencies or government-sponsored enterprises (``U.S.
Government Securities''); corporate debt securities of U.S. and non-
U.S. issuers, including convertible securities and corporate
commercial paper; mortgage-backed and other asset-backed securities;
inflation-indexed bonds issued both by governments and corporations;
structured notes, including hybrid or ``indexed'' securities and
event-linked bonds; bank capital and trust preferred securities;
loan participations and assignments; delayed funding loans and
revolving credit facilities; bank certificates of deposit, fixed
time deposits and bankers' acceptances; repurchase agreements on
Fixed Income Instruments and reverse repurchase agreements on Fixed
Income Instruments; debt securities issued by states or local
governments and their agencies, authorities and other government-
sponsored enterprises; obligations of non-U.S. governments or their
subdivisions, agencies and government-sponsored enterprises; and
obligations of international agencies or supranational entities.
    Securities issued by U.S. Government agencies or government-
sponsored enterprises may not be guaranteed by the U.S. Treasury.
    \10\ Duration is a measure used to determine the sensitivity of
a security's price to changes in interest rates. The longer a
security's duration, the more sensitive it will be to changes in
interest rates.
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    According to the Registration Statement, the Fund will invest
primarily (under normal market circumstances, at least 65% of its total
assets) in investment-grade Fixed Income Instruments, but may invest up
to 10% of its total assets in high yield Fixed Income Instruments
(``junk bonds'') rated B3 through Ba1 by Moody's Investors Service,
Inc. (``Moody's''), or equivalently rated by Standard & Poor's Ratings
Services (``S&P'') or Fitch, Inc. (``Fitch''), or, if unrated,
determined by PIMCO to be of comparable quality.\11\
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    \11\ To the extent the Fund invests in unrated securities that
PIMCO determines to be of comparable quality to rated securities
that the Fund may purchase, the Fund's ability to achieve its
objective may depend more heavily on PIMCO's creditworthiness
analysis than if the Fund invested exclusively in rated securities.
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    The Fund may invest in variable and floating rate debt securities,
which are securities that pay interest at rates that adjust whenever a
specified interest rate changes and/or that reset on predetermined
dates (such as the last day of a month or calendar quarter). The Fund
may invest in floating rate debt instruments (``floaters'') and engage
in credit spread trades. Variable and floating rate debt securities
generally are less sensitive to interest rate changes but may decline
in value if their interest rates do not rise as much, or as quickly, as
interest rates in general. Conversely, floating rate debt securities
will not generally increase in value if interest rates decline.
    The Fund may invest in debt securities and instruments that are
economically tied to foreign (non-U.S.) countries. PIMCO generally
considers an instrument to be economically tied to a non-U.S. country
if the issuer is a foreign government (or any political subdivision,
agency, authority or instrumentality of such government), or if the
issuer is organized under the laws of a non-U.S. country. In the case
of certain money market instruments, such instruments will be
considered economically tied to a non-U.S. country if either the issuer
or the guarantor of such money market instrument is organized under the
laws of a non-U.S. country.
    The Fund may invest up to 15% of its total assets in securities and
instruments that are economically tied to emerging market countries.
PIMCO generally considers an instrument to be economically tied to an
emerging market country if the issuer or guarantor is a government of
an emerging market country (or any political subdivision, agency,
authority or instrumentality of such government), if the issuer or
guarantor is organized under the laws of an emerging market country, or
if the currency of settlement of the security is a currency of an
emerging market country.\12\
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    \12\ According to the Registration Statement, PIMCO has broad
discretion to identify countries that it considers to qualify as
emerging markets. In making investments in emerging market
securities, the Fund emphasizes those countries with relatively low
gross national product per capita and with the potential for rapid
economic growth. Emerging market countries are generally located in
Asia, Africa, the Middle East, Latin America and Eastern Europe.
PIMCO will select the country based on its evaluation of relative
interest rates, inflation rates, exchange rates, monetary and fiscal
policies, trade and current account balances, legal and political
developments and any other specific factors it believes to be
relevant.
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    The Fund may invest, without limitation, in mortgage- or asset-
backed securities.\13\ The Fund may purchase or sell debt and equity
securities on a when-issued, delayed delivery or forward commitment
basis and may engage in short sales.
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    \13\ According to the Registration Statement, the value of some
mortgage-or asset-backed securities may be particularly sensitive to
changes in prevailing interest rates. Early repayment of principal
on some mortgage-related securities may expose the Fund to a lower
rate of return upon reinvestment of principal. When interest rates
rise, the value of a mortgage-related security generally will
decline; however, when interest rates are declining, the value of
mortgage-related securities with prepayment features may not
increase as much as other fixed income securities. The rate of
prepayments on underlying mortgages will affect the price and
volatility of a mortgage-related security, and may shorten or extend
the effective maturity of the security beyond what was anticipated
at the time of purchase. If unanticipated rates of prepayment on
underlying mortgages increase the effective maturity of a mortgage-
related security, the volatility of the security can be expected to
increase. The value of these securities may fluctuate in response to
the market's perception of the creditworthiness of the issuers.
Additionally, although mortgages and mortgage-related securities are
generally supported by some form of government or private guarantee
and/or insurance, there is no assurance that private guarantors or
insurers will meet their obligations.
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    While corporate debt securities and debt securities economically
tied to an emerging market country generally must have $200 million or
more par amount outstanding and significant par value traded to be
considered as an eligible investment for the Fund, at least 80% of
issues of such securities held by the Fund must have $200 million or
more par amount outstanding.
    According to the Registration Statement, the Fund may, without
limitation, seek to obtain market exposure to the securities in which
it primarily invests by entering into a series of purchase and sale
contracts or by using other investment techniques (such as buy backs or
dollar rolls). The ``total return'' sought by the Fund will consist of
income earned on the Fund's investments, plus capital appreciation, if
any, which generally arises from decreases in interest rates, foreign
currency appreciation, or improving credit fundamentals for a
particular sector or security.
    The Fund may also invest in Brady Bonds, which are debt securities
created through the exchange of existing commercial bank loans to
sovereign entities for new obligations in connection with a debt
restructuring.
    The Fund may invest up to 30% of its total assets in securities
denominated in foreign currencies, and may invest beyond this limit in
U.S. dollar-denominated securities of foreign issuers, subject to the
Fund's 10% of total assets limit on investments in preferred stock,
convertible securities and other equity related securities.\14\ The
Fund will normally limit its foreign currency exposure (from non-U.S.
dollar-denominated securities or currencies) to 20% of its total
assets.
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    \14\ The Fund will not invest in any non-U.S registered equity
securities, except if such securities are traded on exchanges that
are members of the Intermarket Surveillance Group (``ISG'').
---------------------------------------------------------------------------

    The Fund may invest in municipal bonds. The types of municipal
bonds in which the Fund may invest include municipal lease obligations,
municipal general obligation bonds, municipal cash equivalents, and
pre-refunded and escrowed to maturity municipal bonds. The Fund may
also invest in industrial development bonds, which are municipal bonds
issued by a government agency on behalf of a private sector company
and, in most cases, are not backed by the credit of the issuing
municipality and may therefore involve more risk. The Fund may also
invest in securities issued by entities whose underlying assets are
municipal bonds.
    The Fund may invest in pre-refunded municipal bonds, which are tax-
exempt bonds that have been refunded to a call date on or before the
final maturity of principal and remain outstanding in the municipal
market.\15\
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    \15\ The payment of principal and interest of the pre-refunded
municipal bonds held by the Fund is funded from securities in a
designated escrow account that holds U.S. Treasury securities or
other obligations of the U.S. Government (including its agencies and
instrumentalities (``Agency Securities'')). As the payment of
principal and interest is generated from securities held in a
designated escrow account, the pledge of the municipality has been
fulfilled and the original pledge of revenue by the municipality is
no longer in place. The escrow account securities pledged to pay the
principal and interest of the pre-refunded municipal bond do not
guarantee the price movement of the bond before maturity. Investment
in pre-refunded municipal bonds held by the Fund may subject the
Fund to interest rate risk, market risk and credit risk. In
addition, while a secondary market exists for pre-refunded municipal
bonds, if the Fund sells pre-refunded municipal bonds prior to
maturity, the price received may be more or less than the original
cost, depending on market conditions at the time of sale.

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    The Fund may make short sales as part of its overall portfolio
management strategies or to offset a potential decline in value of a
security.
    The Fund may invest in bank capital securities. Bank capital
securities are issued by banks to help fulfill their regulatory capital
requirements. There are three common types of bank capital: Lower Tier
II, Upper Tier II and Tier I. Bank capital is generally, but not
always, of investment grade quality. Upper Tier II securities are
commonly thought of as hybrids of debt and preferred stock. Upper Tier
II securities are often perpetual (with no maturity date), callable and
have a cumulative interest deferral feature. This means that under
certain conditions, the issuer bank can withhold payment of interest
until a later date. However, such deferred interest payments generally
earn interest. Tier I securities often take the form of trust preferred
securities.
    In selecting Fixed Income Instruments for the Fund, PIMCO will
develop an outlook for interest rates, currency exchange rates and the
economy, analyze credit and call risks, and use other security
selection techniques. The proportion of the Fund's assets committed to
investments in Fixed Income Instruments with particular characteristics
(such as quality, sector, interest rate or maturity) will vary based on
PIMCO's outlook for the U.S. economy and the economies of other
countries in the world, the financial markets and other factors.
    PIMCO will attempt to identify areas of the bond market that are
undervalued relative to the rest of the market. PIMCO will identify
these areas by grouping Fixed Income Instruments into sectors such as:
money markets, governments, corporates, mortgages, asset-backed and
international. Sophisticated proprietary software then will assist in
evaluating sectors and pricing specific securities. Once investment
opportunities are identified, PIMCO will shift assets among sectors
depending upon changes in relative valuations and credit spreads.

Other Portfolio Holdings

    This describes additional securities and investment techniques that
may be used by the Fund from time to time. Most of the securities and
investment techniques described herein are discretionary, which means
that PIMCO can decide whether to use them or not.
    The Fund may engage in foreign currency transactions on a spot
(cash) basis and enter into forward foreign currency exchange
contracts. A forward foreign currency exchange contract, which involves
an obligation to purchase or sell a specific currency at a future date
at a price set at the time of the contract, reduces the Fund's exposure
to changes in the value of the currency it will deliver and increases
its exposure to changes in the value of the currency it will receive
for the duration of the contract. Certain foreign currency transactions
may also be settled in cash rather than the actual delivery of the
relevant currency. The Fund may enter into these contracts to hedge
against foreign exchange risk, to increase exposure to a foreign
currency or to shift exposure to foreign currency fluctuations from one
currency to another. The Fund may use one currency (or a basket of
currencies) to hedge against adverse changes in the value of another
currency (or a basket of currencies) when exchange rates between the
two currencies are positively correlated. The Fund will segregate or
``earmark'' assets determined to be liquid by PIMCO in accordance with
the procedures established by the Fund's Board of Trustees (or, as
permitted by applicable law, enter into certain offsetting positions)
to cover its obligations under forward foreign currency exchange
contracts entered into for non-hedging purposes.
    As disclosed in the Registration Statement, if PIMCO believes that
economic or market conditions are unfavorable to investors, PIMCO may
temporarily invest up to 100% of the Fund's assets in certain defensive
strategies, including holding a substantial portion of the Fund's
assets in cash, cash equivalents or other highly rated short-term debt
securities, including debt securities issued or guaranteed by the U.S.
government, its agencies or instrumentalities and affiliated money
market and/or short-term bond funds.
    The Fund may invest in, to the extent permitted by Section
12(d)(1)(A) of the 1940 Act, other affiliated and unaffiliated funds,
such as open-end or closed-end management investment companies,
including other exchange traded funds, provided that the Fund's
investment in units or shares of investment companies and other open-
end collective investment vehicles will not exceed 10% of the Fund's
net assets. The Fund may invest securities lending collateral in one or
more money market funds to the extent permitted by Rule 12d1-1 under
the 1940 Act, including series of PIMCO Funds, an affiliated open-end
management investment company managed by PIMCO.
    The Fund may invest up to 10% of its total assets in preferred
stock, convertible securities and other equity related securities.
    Consistent with the Exemptive Order, the Fund will not invest in
options contracts, futures contracts or swap agreements.
    The Fund may not concentrate its investments in a particular
industry, as that term is used in the 1940 Act, and as interpreted,
modified, or otherwise permitted by regulatory authority having
jurisdiction from time to time.\16\
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    \16\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
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    The Fund may not, with respect to 75% of the Fund's total assets,
purchase the securities of any issuer, except securities issued or
guaranteed by the U.S. government or any of its agencies or
instrumentalities, if, as a result (i) more than 5% of the Fund's total
assets would be invested in the securities of that issuer, or (ii) the
Fund would hold more than 10% of the outstanding voting securities of
that issuer.\17\ For the purpose of this restriction, each state and
each separate political subdivision, agency, authority or
instrumentality of such state, each multi-state agency or authority,
and each guarantor, if any, are treated as separate issuers of
municipal bonds.
---------------------------------------------------------------------------

    \17\ The diversification standard is set forth in Section
5(b)(1) of the 1940 Act (15 U.S.C. 80e).
---------------------------------------------------------------------------

    The Fund may hold up to 15% of its net assets in illiquid
securities.\18\

Certain illiquid securities may require pricing at fair value as
determined in good faith under the supervision of the Fund's Board of
Trustees. The term ``illiquid securities'' for this purpose means
securities that cannot be disposed of within seven days in the ordinary
course of business at approximately the amount at which the Fund has
valued the securities. Certain financial instruments, including, but
not limited to, Rule 144A securities, loan participations and
assignments, delayed funding loans, revolving credit facilities, and
fixed- and floating-rate loans will be included in the 15% limitation
on illiquid securities.\19\
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    \18\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008),
footnote 34. See also, Investment Company Act Release No. 5847
(October 21, 1969), 35 FR 19989 (December 31, 1970) (Statement
Regarding ``Restricted Securities''); Investment Company Act Release
No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992) (Revisions
of Guidelines to Form N-1A). A fund's portfolio security is illiquid
if it cannot be disposed of in the ordinary course of business
within seven days at approximately the value ascribed to it by the
ETF. See Investment Company Act Release No. 14983 (March 12, 1986),
51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7 under
the 1940 Act); Investment Company Act Release No. 17452 (April 23,
1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under the
1933 Act).
    \19\ The Fund may invest in fixed- and floating-rate loans,
which investments generally will be in the form of loan
participations and assignments of portions of such loans.
Participations and assignments involve special types of risk,
including credit risk, interest rate risk, liquidity risk, and the
risks of being a lender. The Fund may also enter into, or acquire
participations in, delayed funding loans and revolving credit
facilities, in which a lender agrees to make loans up to a maximum
amount upon demand by the borrower during a specified term. These
commitments may have the effect of requiring the Fund to increase
its investments in a company at a time when it might not otherwise
decide to do so (including at a time when the company's financial
condition makes it unlikely that such amounts will be repaid). To
the extent that the Fund is committed to advance additional funds it
will segregate or ``earmark'' assets determined to be liquid by
PIMCO in accordance with procedures established by the Fund's Board
of Trustees in an amount sufficient to meet such commitments.
---------------------------------------------------------------------------

    The Fund intends to qualify annually and elect to be treated as a
regulated investment company under Subchapter M of the Internal Revenue
Code.\20\
---------------------------------------------------------------------------

    \20\ 26 U.S.C. 851. According to the Registration Statement, to
qualify as a regulated investment company, the Fund generally must,
among other things, (a) Derive in each taxable year at least 90% of
its gross income from dividends, interest, payments with respect to
securities loans, and gains from the sale or other disposition of
stock, securities or foreign currencies, net income from certain
``qualified publicly traded partnerships,'' or other income derived
with respect to its business of investing in such stock, securities
or currencies (``Qualifying Income Test''); (b) diversify its
holdings so that, at the end of each quarter of the taxable year,
(i) at least 50% of the market value of the Fund's assets is
represented by cash, U.S. Government securities, the securities of
other regulated investment companies and other securities, with such
other securities of any one issuer limited for the purposes of this
calculation to an amount not greater than 5% of the value of the
Fund's total assets and 10% of the outstanding voting securities of
such issuer, and (ii) not more than 25% of the value of its total
assets is invested in the securities of any one issuer (other than
U.S. Government securities or the securities of other regulated
investment companies), the securities of certain controlled issuers
in the same or similar trades or businesses, or the securities of
one or more ``qualified publicly traded partnerships''; and (c)
distribute each taxable year the sum of (i) at least 90% of its
investment company taxable income (which includes dividends,
interest and net short-term capital gains in excess of any net long-
term capital losses) and (ii) 90% of its tax exempt interest, net of
expenses allocable thereto.
---------------------------------------------------------------------------

    The Fund will not invest in any non-U.S registered equity
securities, except if such securities are traded on exchanges that are
ISG members. The Fund's investments will be consistent with the Fund's
investment objective and will not be used to enhance leverage. That is,
while the Fund will be permitted to borrow as permitted under the 1940
Act, the Fund's investments will not be used to seek performance that
is the multiple or inverse multiple (i.e., 2Xs and 3Xs) of the Fund's
broad-based securities market index (as defined in Form N-1A).
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Adviser will implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio. The Exchange represents that, for
initial and/or continued listing, the Fund will be in compliance with
Rule 10A-3 \21\ under the Exchange Act, as provided by NYSE Arca
Equities Rule 5.3. A minimum of 100,000 Shares will be outstanding at
the commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares that the net asset value
(``NAV'') per Share will be calculated daily and that the NAV and the
Disclosed Portfolio will be made available to all market participants
at the same time.
---------------------------------------------------------------------------

    \21\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Creations and Redemptions of Shares

    According to the Registration Statement, Shares of the Fund that
trade in the secondary market will be ``created'' at NAV \22\ by
Authorized Participants only in block-size Creation Units of 100,000
Shares or multiples thereof. The Fund will offer and issue Shares at
their NAV per Share generally in exchange for a basket of debt
securities held by the Fund (the ``Deposit Securities'') together with
a deposit of a specified cash payment (the ``Cash Component'').
Alternatively, the Fund may issue Creation Units in exchange for a
specified all-cash payment (``Cash Deposit''). Similarly, Shares can be
redeemed only in Creation Units, generally in-kind for a portfolio of
debt securities held by the Fund and/or for a specified amount of cash.
---------------------------------------------------------------------------

    \22\ The NAV of the Fund's Shares generally is calculated once
daily Monday through Friday as of the close of regular trading on
the New York Stock Exchange (``NYSE''), generally 4 p.m. Eastern
time (``E.T.'') (the ``NAV Calculation Time'') on any business day.
NAV per Share is calculated by dividing the Fund's net assets by the
number of Fund Shares outstanding. For more information regarding
the valuation of Fund investments in calculating the Fund's NAV, see
the Registration Statement.
---------------------------------------------------------------------------

    Except when aggregated in Creation Units, Shares are not redeemable
by the Fund. The prices at which creations and redemptions will occur
will be based on the next calculation of NAV after an order is
received. PIMCO will make available on each business day via the
National Securities Clearing Corporation (``NSCC''), prior to the
opening of business (subject to amendments) on the Exchange (currently
9:30 a.m., E.T.), the identity and the required amount of each Deposit
Security and the amount of the Cash Component (or Cash Deposit) to be
included in the current Fund Deposit \23\ (based on information at the
end of the previous business day). Creations and redemptions must be
made by an Authorized Participant or through a firm that is either a
participant in the Continuous Net Settlement System of the NSCC or a
Depository Trust Company participant, and in each case, must have
executed an agreement with the Distributor and Transfer Agent with
respect to creations and redemptions of Creation Unit aggregations.
---------------------------------------------------------------------------

    \23\ The Deposit Securities and Cash Component or,
alternatively, the Cash Deposit, constitute the ``Fund Deposit,''
which represents the investment amount for a Creation Unit of the
Fund.
---------------------------------------------------------------------------

    Additional information regarding the Trust, the Fund and the
Shares, including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings, disclosure policies,
distributions and taxes is included in the Registration Statement. All
terms relating to the Fund that are referred to but not defined in this
proposed rule change are defined in the Registration Statement.

Availability of Information

    The Trust's Web site (www.pimcoetfs.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Trust's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (the

``Bid/Ask Price''),\24\ and a calculation of the premium and discount
of the Bid/Ask Price against the NAV, and (2) data in chart format
displaying the frequency distribution of discounts and premiums of the
daily Bid/Ask Price against the NAV, within appropriate ranges, for
each of the four previous calendar quarters. On each business day,
before commencement of trading in Shares in the Core Trading Session
(9:30 a.m. E.T. to 4 p.m. E.T.) on the Exchange, the Fund will disclose
on the Trust's Web site the Disclosed Portfolio as defined in NYSE Arca
Equities Rule 8.600(c)(2) that will form the basis for the Fund's
calculation of NAV at the end of the business day.\25\
---------------------------------------------------------------------------

    \24\ The Bid/Ask Price of the Fund is determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Fund and its service
providers.
    \25\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Fund
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
---------------------------------------------------------------------------

    On a daily basis, the Adviser will disclose for each portfolio
security or other financial instrument of the Fund the following
information: Ticker symbol (if applicable), name of security or
financial instrument, number of shares or dollar value of financial
instruments held in the portfolio, and percentage weighting of the
security or financial instrument in the portfolio. The Web site
information will be publicly available at no charge. In addition, price
information for the debt securities held by the Fund will be available
through major market data vendors.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for Fund Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the NYSE via the NSCC. The basket represents one Creation Unit of the
Fund. The NAV of the Fund will normally be determined as of the close
of the regular trading session on the NYSE (ordinarily 4 p.m. E.T.) on
each business day.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports are available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's Web site at www.sec.gov. Information
regarding market price and trading volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Quotation and last sale information for the
Shares will be available via the Consolidated Tape Association
(``CTA'') high-speed line. In addition, the Portfolio Indicative Value,
as defined in NYSE Arca Equities Rule 8.600(c)(3), will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session. \26\ The dissemination of the
Portfolio Indicative Value, together with the Disclosed Portfolio, will
allow investors to determine the value of the underlying portfolio of
the Fund on a daily basis and to provide a close estimate of that value
throughout the trading day.
---------------------------------------------------------------------------

    \26\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Portfolio Indicative Values published on CTA or other data feeds.
---------------------------------------------------------------------------

Trading Halts

    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\27\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities and/or the
financial instruments comprising the Disclosed Portfolio of the Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
---------------------------------------------------------------------------

    \27\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

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 (Opening, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.

Surveillance

    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which include Managed
Fund Shares) to monitor trading in the Shares. 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 applicable Federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. 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 may obtain information via the ISG from other
exchanges that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.\28\
---------------------------------------------------------------------------

    \28\ For a list of the current members of ISG, see http://www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. See note 15, supra.
---------------------------------------------------------------------------

    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
in Creation Unit aggregations (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to

trading the Shares; (3) the risks involved in trading the Shares during
the Opening and Late Trading Sessions when an updated Portfolio
Indicative Value will not be calculated or publicly disseminated; (4)
how information regarding the Portfolio Indicative Value is
disseminated; (5) 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 (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4 p.m. E.T. each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \29\ 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.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable Federal securities laws. The Exchange 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. According to the Registration Statement, the Fund will
invest under normal market circumstances at least 65% of its total
assets in a diversified portfolio of Fixed Income Instruments of
varying maturities. The Fund will invest primarily (under normal market
circumstances, at least 65% of its total assets) in investment-grade
Fixed Income Instruments, but may invest up to 10% of its total assets
in high yield Fixed Income Instruments rated B3 through Ba1 by Moody's
or equivalently rated by S&P or Fitch, or, if unrated, determined by
PIMCO to be of comparable quality. At least 80% of issues of corporate
debt securities and debt securities economically tied to an emerging
market country held by the Fund must have $200 million or more par
amount outstanding. The Fund will not invest in options contracts,
futures contracts or swap agreements. The Fund will not invest in any
non-U.S registered equity securities, except if such securities are
traded on exchanges that are ISG members. The Fund's investments will
be consistent with the Fund's investment objective and will not be used
to enhance leverage; that is, the Fund's investments will not be used
to seek performance that is the multiple or inverse multiple (i.e., 2Xs
and 3Xs) of the Fund's broad-based securities market index (as defined
in Form N-1A).
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information will be publicly available regarding the Fund and the
Shares, thereby promoting market transparency. The Fund's portfolio
holdings will be disclosed on its Web site daily after the close of
trading on the Exchange and prior to the opening of trading on the
Exchange the following day. Moreover, the Portfolio Indicative Value
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Exchange's Core Trading Session. On
each business day, before commencement of trading in Shares in the Core
Trading Session on the Exchange, the Fund will disclose on its Web site
the Disclosed Portfolio that will form the basis for the Fund's
calculation of NAV at the end of the business day. Information
regarding market price and trading volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services, and quotation
and last sale information will be available via the CTA high-speed
line. The Web site for the Fund will include a form of the prospectus
for the Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its ETP Holders in an Information
Bulletin of the special characteristics and risks associated with
trading the Shares. Trading in Shares of the Fund will be halted if the
circuit breaker parameters in NYSE Arca Equities Rule 7.12 have been
reached or because of market conditions or for reasons that, in the
view of the Exchange, make trading in the Shares inadvisable, and
trading in the Shares will be subject to NYSE Arca Equities Rule
8.600(d)(2)(D), which sets forth circumstances under which Shares of
the Fund may be halted. In addition, as noted above, investors will
have ready access to information regarding the Fund's holdings, the
Portfolio Indicative Value, the Disclosed Portfolio, and quotation and
last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. The Adviser is affiliated with a
broker-dealer and has implemented a ``fire wall'' with respect to such
broker-dealer regarding access to information concerning the
composition and/or changes to the Fund's portfolio. In addition, the
Fund's Reporting Authority will implement and maintain, or be subject
to, procedures designed to prevent the use and dissemination of
material non-public information regarding the actual components of the
Fund's portfolio.

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

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

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date 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-2011-95 on the subject line.

Paper Comments:

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

All submissions should refer to File Number SR-NYSEArca-2011-95. 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 Section, 100 F Street
NE., Washington, DC 20549-1090, on official business days between 10
a.m. and 3 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. 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-2011-95 and should be submitted on or before
January 12, 2012.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-32751 Filed 12-21-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 230 (Thursday, November 29, 2012)]
[Notices]
[Page 71188]
[FR Doc No: 2012-28868]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 308-005--Oregon]

PacifiCorp Energy; Notice of Corrected Process Plan and Schedule

    On August 4, 2011, the Federal Energy Regulatory Commission
(Commission) issued the Scoping Document 2 for relicensing of
PacifiCorp Energy's 1.1-megawatt Wallowa Falls Hydroelectric Project
(FERC No. 308). Appendix B of the Scoping Document 2 provides a process
plan and schedule for the Integrated Licensing Process. The process
plan and schedule incorrectly identifies January 13, 2013, as the due
date for filing the initial study report, and January 13, 2014, as the
due date for filing the updated study report.
    The correct due date is January 3, 2013, for the initial study
report, and January 3, 2014, for the updated study report. There are no
other modifications to the previously issued schedule.

    Dated: November 23, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-28868 Filed 11-28-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 83, Number 132 (Tuesday, July 10, 2018)]
[Notices]
[Page 31965]
[FR Doc No: 2018-14712]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER18-1924-000]

Sanford Energy Associates, LLC; Supplemental Notice That Initial
Market-Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding
Sanford Energy Associates, LLC's application for market-based rate
authority, with an accompanying rate tariff, noting that such
application includes a request for blanket authorization, under 18 CFR
part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE, Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is July 23, 2018.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE, Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the website that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email
[email protected]. or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: July 3, 2018.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2018-14712 Filed 7-9-18; 8:45 am]
 BILLING CODE 6717-01-P


Centers for Disease Control and Prevention (CDC).  (2021, May 24).  COVID data tracker. Trends in number of COVID-19 cases and deaths in the US reported to CDC, by state/territory: Trends in Total COVID-19 Deaths in the United States Reported to CDC.  https://covid.cdc.gov/covid-data-tracker/#trends_dailytrendscases.  (CDC, May 24, 2021)

Cover Sheet and List of Attachments

CDC May 24 2021  -  Total Deaths.pdf CDC May 24 2021  -  Total Deaths.xlsx


[Federal Register Volume 75, Number 40 (Tuesday, March 2, 2010)]
[Notices]
[Pages 9486-9487]
[FR Doc No: 2010-4250]

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DEPARTMENT OF TRANSPORTATION

Federal Motor Carrier Safety Administration

[Docket No. FMCSA-2001-10578; FMCSA-2005-22194; FMCSA-2005-22727;
FMCSA-2007-29019]

Qualification of Drivers; Exemption Renewals; Vision

AGENCY: Federal Motor Carrier Safety Administration (FMCSA), DOT.

ACTION: Notice of final disposition.

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

SUMMARY: FMCSA previously announced its decision to renew the
exemptions from the vision requirement in the Federal Motor Carrier
Safety Regulations for 6 individuals. FMCSA has statutory authority to
exempt individuals from the vision requirement if the exemptions
granted will not compromise safety. The Agency has concluded that
granting these exemptions will provide a level of safety that will be
equivalent to, or greater than, the level of safety maintained without
the exemptions for these commercial motor vehicle (CMV) drivers.

FOR FURTHER INFORMATION CONTACT: Dr. Mary D. Gunnels, Director, Medical
Programs,<PHONE_NUMBER><EMAIL_ADDRESS>FMCSA, Department of
Transportation, 1200 New Jersey Avenue, SE., Room W64-224, Washington,
DC 20590-0001. Office hours are from 8:30 a.m. to 5 p.m. Monday through
Friday, except Federal holidays.

SUPPLEMENTARY INFORMATION:

Electronic Access

    You may see all the comments online through the Federal Document
Management System (FDMS) at http://www.regulations.gov.

Background

    Under 49 U.S.C. 31136(e) and 31315, FMCSA may grant an exemption
for a 2-year period if it finds ``such exemption would likely achieve a
level of safety that is equivalent to, or greater than, the level that
would be achieved absent such exemption.'' The statute also allows the
Agency to renew exemptions at the end of the 2-year period. The comment
period ended on February 10, 2010 (75 FR 1450).

Discussion of Comments

    FMCSA received no comments in this proceeding.

Conclusion

    The Agency has not received any adverse evidence on any of these
drivers

that indicates that safety is being compromised. Based upon its
evaluation of the 6 renewal applications, FMCSA renews the Federal
vision exemptions for James S. Ayers, Vernon J. Dohrn, Mark A.
Massengill, Douglas J. Mauton, Dennis L. Maxcy, and Dean B. Ponte.
    In accordance with 49 U.S.C. 31136(e) and 31315, each renewal
exemption will be valid for 2 years unless revoked earlier by FMCSA.
    The exemption will be revoked if: (1) The person fails to comply
with the terms and conditions of the exemption; (2) the exemption has
resulted in a lower level of safety than was maintained before it was
granted; or (3) continuation of the exemption would not be consistent
with the goals and objectives of 49 U.S.C. 31136 and 31315.

    Issued on: February 19, 2010.
Larry W. Minor,
Associate Administrator for Policy and Program Development.
[FR Doc. 2010-4250 Filed 3-1-10; 8:45 am]
BILLING CODE 4910-EX-P


[Federal Register Volume 84, Number 71 (Friday, April 12, 2019)]
[Notices]
[Page 14932]
[FR Doc No: 2019-07222]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP18-137-000]

Columbia Gas Transmission, LLC; Notice of Revised Schedule for
Environmental Review of the Buckeye Xpress Project

    This notice identifies the Federal Energy Regulatory Commission
staff's revised schedule for the completion of the environmental
assessment (EA) for Columbia Gas Transmission, LLC's (Columbia) Buckeye
Xpress Project. The first notice of schedule, issued on February 28,
2019, identified April 8, 2019 as the EA issuance date based on
receiving input from the U.S. Forest Service, our cooperating agency in
preparation of this EA. The U.S. Forest Service is responsible for
acting on Columbia's requested Special Use Permit necessary to cross
the Wayne National Forest. An extension is required for the U.S. Forest
Service to review Columbia's responses to recent information requests
issued on March 1 and March 7, 2019, and to complete its respective
input and to ensure that the EA will satisfy the needs of the federal
permitting agencies. As a result, staff has revised the schedule for
issuance of the EA.

Schedule for Environmental Review

Issuance of Notice of Availability of the EA May 20, 2019
90-day Federal Authorization Decision Deadline August 18, 2019
    If a schedule change becomes necessary, an additional notice will
be provided so that the relevant agencies are kept informed of the
project's progress.

Additional Information

    In order to receive notification of the issuance of the EA and to
keep track of all formal issuances and submittals in specific dockets,
the Commission offers a free service called eSubscription. This can
reduce the amount of time you spend researching proceedings by
automatically providing you with notification of these filings,
document summaries, and direct links to the documents. Go to
www.ferc.gov/docs-filing/esubscription.asp.
    Additional information about the Project is available from the
Commission's Office of External Affairs at (866) 208-FERC or on the
FERC website (www.ferc.gov). Using the ``eLibrary'' link, select
``General Search'' from the eLibrary menu, enter the selected date
range and ``Docket Number'' excluding the last three digits (i.e.,
CP18-137), and follow the instructions. For assistance with access to
eLibrary, the helpline can be reached at<PHONE_NUMBER>, TTY (202) 502-
8659, or at [email protected]. The eLibrary link on the FERC
website also provides access to the texts of formal documents issued by
the Commission, such as orders, notices, and rule makings.

    Dated: April 4, 2019.
Kimberly D. Bose,
 Secretary.
[FR Doc. 2019-07222 Filed 4-11-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 160 (Monday, August 23, 2021)]
[Notices]
[Pages 47174-47176]
[FR Doc No: 2021-17966]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-92690; File No. SR-OCC-2021-008]

Self-Regulatory Organizations; the Options Clearing Corporation;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Make Technical Changes to the By-Laws and Rules of the Options Clearing
Corporation

August 17, 2021.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'' or ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on August 6, 2021, the Options Clearing
Corporation (``OCC'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I, II, and III below, which Items have been prepared by OCC. OCC
filed the proposed rule change pursuant to Section 19(b)(3)(A)(ii) \3\
of the Act and Rule 19b-4(f)(1) \4\ and (f)(4) \5\ thereunder so that
the proposal was effective upon filing with the Commission. 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\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(1).
    \5\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

I. Clearing Agency's Statement of the Terms of Substance of the
Proposed Rule Change

    This proposed rule change would amend OCC's By-Laws and Rules to
(i) correct typographical errors, (ii) make conforming changes intended
by prior proposed rule change filings, (iii) correct erroneous cross-
references, and (iv) remove certain inoperative provisions and
clarifying certain other provisions related to OCC's Clearing Member
Trade Assignment (``CMTA'') process. Amendments to OCC's By-Laws and
Rules are included in Exhibit 5 of filing SR-OCC-2021-008. Material
proposed to be added is marked by underlining, and material proposed to
be deleted is marked with strikethrough text. All terms with initial
capitalization that are not otherwise defined herein have the same
meaning as set forth in the By-Laws and Rules.\6\
---------------------------------------------------------------------------

    \6\ OCC's By-Laws and Rules can be found on OCC's public
website: https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules.
---------------------------------------------------------------------------

II. Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

    In its filing with the Commission, OCC 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 these statements may be examined at the places specified in
Item IV below. OCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.

(A) Clearing Agency's Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change

(1) Purpose
    OCC is proposing to amend its By-Laws and Rules to (1) correct
typographical errors, (2) make conforming changes intended by prior
proposed rule change filings, (3) correct erroneous cross-references
and (4) remove certain inoperative provisions and clarifying certain
other provisions related to OCC's CMTA process.
1. Typographical Error Correction
    First, OCC has identified several typographical errors in the text
of the proposed rule change as submitted to the SEC:
     The definition of ``Clearing Member'' in Article I of the
By-Laws would be amended to reflect that the plural of the defined term
``BOUND'' is ``BOUNDs,'' not ``BOUNDS.'' The same change would be made
to Rule 401(a)(3).
     The definition of ``Equity Exchange'' in Article I of the
By-Laws would be amended to correct a reference to ``Section VIIA'' of
the By-Laws. There is no ``Section VIIA'' of the By-Laws; the
references should be to ``Article VIIA.''
     The definition of ``Hedge Clearing Member'' in Article I
of the By-Laws would be amended to replace a reference to ``Stock
Clearing Member,'' which is not a term defined by the By-Laws or Rules,
with ``Clearing Member.''
     Article IV, Section 3 of the By-Laws would be amended to
re-insert a comma within a series in the second sentence that was
inadvertently removed.
     Article IX, Section 5 of the By-Laws would be amended to
employ more standard American spelling of ``depositories.''
     Article XXI, Section 2(a)(2) of the By-Laws would be
amended to correct capitalization of the word ``accordance.''
     Interpretations and Policies to Rule 1309 and Rule 1405
would be renumbered to conform to the standard numbering convention for
such Interpretations and Policies.
     Rule 1403(a) would be amended to correct the verb tense in
the second clause.
     Interpretation and Policy .01 to Rule 2210A would be
amended to correct a typographical error in the possessive of
``Clearing Member.''
2. Conforming Changes
    Second, OCC has identified instances in which the changes OCC
intended to make in prior rule change filings were not applied to all
affected provisions. This proposed rule change would apply conforming
changes to OCC's By-Laws and Rules reflecting the intended changes to
the affected provisions:
     Article VI, Section 3(d) of the By-Laws would be deleted.
The provision allows for Clearing Members to establish and maintain
Pledge Accounts to the extent permitted by OCC's Rules--Rules which OCC
eliminated in 2012 when it terminated the Pledge Program.\7\ Because
OCC's Rules no longer permit Pledge Accounts, Section 3(d) of By-Law
Article VI is now inoperative and can be eliminated.
---------------------------------------------------------------------------

    \7\ See Securities Exchange Act Release (``Exchange Act
Release'') No. 67706 (Aug. 22, 2012), 77 FR 52082 (Aug. 28, 2012)
(File No. SR-OCC-2012-10).
---------------------------------------------------------------------------

     Article XXVI, Section 1 of the By-Laws would be amended by
deleting the definition of ``index group.'' That defined term was
previously deleted from Article XVII because it was not used elsewhere
in that Article.\8\ Likewise, the term is not used elsewhere in Article
XXVI. In addition, the definition of ``index multiplier'' would be
amended to reflect that the referenced definition is found in Article
I, not Article XVII as currently indicated.
---------------------------------------------------------------------------

    \8\ See Exchange Act Release No. 58352 (Aug. 13, 2008), 73 FR
48421, 48422 (Aug. 19, 2008) (File No. SR-OCC-2008-17).
---------------------------------------------------------------------------

     Rule 504(c) would be amended to use the term ``non-
guaranteed settlement,'' rather than ``money-only settlement.''
Paragraph (c) was inadvertently excluded from a prior rule change
filing that applied the same change to other paragraphs of that
Rule.\9\ Consequently, OCC would also renumber paragraphs (d) through
(g), as they appeared in that filing, as paragraphs (e) through (h).
---------------------------------------------------------------------------

    \9\ See Exchange Act Release No. 63120 (Oct. 15, 2010), 75 FR
65538 (Oct. 25, 2010) (File No. SR-OCC-2010-17).
---------------------------------------------------------------------------

     Interpretation and Policy .14 to Rule 604 would be amended
to reflect the deletion of a former provision under Rule 604(b)(4).
Rule 604(b)(4) limited the amount of margin credit of any single issue
to 10% of the margin

deposited by Clearing Members. OCC intended to remove that limitation
when it eliminated preferred stock as a form of margin asset.\10\
Consequently, the Interpretation and Policy's application of that now
defunct provision to sub-accounts is no longer relevant.
---------------------------------------------------------------------------

    \10\ See Exchange Act Release No. 72206 (May 21, 2014), 79 FR
30674, 30675 (May 28, 2014) (File No. SR-OCC-2014-07). As OCC
explained, the limitation on margin credit was no longer necessary
after eliminating preferred stock as an acceptable form of margin
asset because additional charges for concentration positions are
already determined under OCC's System for Theoretical Analysis and
Numerical Simulations (``STANS'').
---------------------------------------------------------------------------

     Rule 705 would be amended to reflect that interests or
gains received or accrued on the investment of margins deposited in
respect of cross margin accounts shall belong to the Corporation or the
Participating CCO(s) (rather than ``and'') as may be determined by
mutual agreement between the parties, consistent with unmarked changes
in the text as filed in connection with a prior proposed rule
change.\11\
---------------------------------------------------------------------------

    \11\ See Exchange Act Release No. 58258 (July 30, 2008), 73 FR
46133 (Aug. 7, 2008) (File No. SR-OCC-2008-12.
---------------------------------------------------------------------------

     Interpretation and Policy .02 to Rule 1106 would be
renumbered as .01, consistent with the deletion of the immediately
Interpretation and Policy by a previous proposed rule change.\12\
---------------------------------------------------------------------------

    \12\ See Exchange Act Release No. 67835 (Sept. 12, 2012), 77 FR
57602 (Sept. 18, 2012) (File No. SR-OCC-2012-14).
---------------------------------------------------------------------------

     Rule 2205 would be amended to reflect that OCC shall
``make available,'' rather than ``issue,'' information concerning stock
loan positions and stock borrow positions resulting from Stock Loans,
consistent with unmarked changes in the text as filed in connection
with prior proposed rule changes.\13\
---------------------------------------------------------------------------

    \13\ See Exchange Act Release No. 80171 (Mar. 8, 2017), 82 FR
13690 (Mar. 14, 2017) (File No. SR-OCC-2017-004); Exchange Act
Release No. 59294 (Jan. 23, 2009), 74 FR 5958 (Feb. 3, 2009) (File
No. SR-OCC-2008-20).
---------------------------------------------------------------------------

3. Correcting Erroneous Cross-References
    Third, OCC has identified erroneous cross-references to provisions
that have been renumbered by prior rule changes. This proposed rule
change would correct these erroneous cross-references.\14\ In the case
of erroneous cross-references to definitions found in Article I of the
By-Laws or Rule 101, OCC is proposing to replace citations to numbered
paragraphs with references to the defined term. OCC believes citations
to numbered paragraphs are unnecessary for definition sections that are
alphabetized,\15\ and referring to the definitions by term rather than
number will help avoid the need to update cross-references whenever the
definition sections are amended.
---------------------------------------------------------------------------

    \14\ Specifically, OCC would update the cross-references in the
bracketed parentheticals that identify By-Laws or Rules supplemented
or replaced by Article XII, Section 4A; Article XIII, Sections 1 and
3; Article XV, Section 1; Article XVI, Section 1; and Article XVII,
Section 1 of the By-Laws and Rules 1401, 1402, 1403, 1404, 1503,
1703, 1704, 1805, and 2704. OCC would also amend erroneous cross-
references in Rules 101, 304(a), 309(f), and 803 and Article XV,
Section 1 of the By-Laws. The rationale for these amendments and the
identification of the intervening rule filings that renumbered the
referenced provisions is included in Exhibit 3 to File No. SR-OCC-
2021-008.
    Notwithstanding the amendments to Article XV, that Article
remains inoperative until further notice by OCC. See Exchange Act
Release No. 58977 (Nov. 19, 2008), 73 FR 72097, 72098 (Nov. 26,
2008) (File No. SR-OCC-2008-09).
    \15\ The practice of referring to definition sections by number
dates to OCC's original practice of adding new definitions
sequentially to the end of the definition sections, which OCC ceased
when it alphabetized the definition sections. See Exchange Act
Release No. 30327 (Jan. 31, 1992), 57 FR 4785-01 (Feb. 7, 1992)
(File No. SR-OCC-92-4).
---------------------------------------------------------------------------

4. Amendments to CMTA Processes
    Finally, OCC is proposing to remove references to certain
identifiers related to the Clearing Member Trade Assignment (``CMTA'')
process that were never implemented. Specifically, the provisions
related to the Customer CMTA Indicator, CMTA Customer Identifier, and
IB Identifier in Article I of the By-Laws, Rule 401, and Rule 407
contemplated that participant exchanges would adopt rules to implement
them, which did not occur.\16\ OCC proposes to remove the changes
applied when it added the capacity for those identifiers.\17\
---------------------------------------------------------------------------

    \16\ See OCC Rule 401(a) (``Such confirmed trade information
shall also include a Customer CMTA Indicator, a CMTA Customer
Identifier, and an IB Identifier to the extent required under
applicable Exchange rules.'').
    \17\ See Exchange Act Release No. 51350 (Mar. 9, 2005), 70 FR
12934 (Mar. 16, 2005) (File No. SR-OCC-2004-19).
---------------------------------------------------------------------------

    OCC would also clarify Rule 407(b) to address situations where the
account designated by the Carrying Clearing Member to receive confirmed
trades is not approved to hold a specific confirmed trade. Rule 407(b)
does not provide for what happens in this event. In such cases, it is
OCC's practice to default to the Carrying Clearing Member's customer or
segregated futures account, as applicable, or, if the Carrying Clearing
Member does not maintain such an account, to the Carrying Clearing
Member's firm account. In addition, OCC would delete the last sentence
of Rule 407(b), which provides for default accounts if an Executing
Clearing Member failed to designate a default account for failed
transactions. Executing Clearing Members are required to make a
designation prior to engaging in transactions, so the situation this
provision is intended to address could not occur. Therefore, this last
sentence is unnecessary and can be eliminated. OCC believes that these
proposed changes help to clarify OCC's Rules with respect to default
accounts and reflect OCC's current practice.
(2) Statutory Basis
    OCC believes the proposed rule changes are consistent with Section
17A of the Securities Exchange Act of 1934 (``Exchange Act'') and the
rules and regulations thereunder. Section 17A(b)(3)(F) \18\ of the
Exchange Act requires, among other things, that the rules of a clearing
agency be designed to promote the prompt and accurate clearance and
settlement of securities and derivatives transactions and protect
investors and the public interest. By correcting typographical errors,
omissions and erroneous cross-references in OCC's By-Laws and Rules, as
well as removing inoperative provisions, the proposed rule changes
facilitate the administration of existing rules intended to promote the
prompt and accurate clearance and settlement of securities and
derivatives transactions and protect investors and the public interest.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78q-1(b)(3)(F).
---------------------------------------------------------------------------

    In addition, Rule 17Ad-22(e)(1) requires OCC to, among other
things, maintain written policies and procedures reasonably designed
to, among other things, ensure a well-founded, clear, transparent, and
enforceable legal basis for each aspect of OCC's activities.\19\ By
correcting errors and omissions in the text as filed with the SEC and
removing inoperative provisions, the changes discussed above are
intended to support the maintenance of OCC's By-Laws and Rules and
improve their clarity and transparency. The proposed rule change is not
inconsistent with any existing rules of OCC, including any other rules
proposed to be amended.
---------------------------------------------------------------------------

    \19\ 17 CFR 240.17Ad-22(e)(1).
---------------------------------------------------------------------------

(B) Clearing Agency's Statement on Burden on Competition

    Section 17A(b)(3)(I) of the Exchange Act requires that the rules of
a clearing agency not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Exchange Act.\20\ As
discussed above, the proposed changes would correct typographical
errors, omissions and erroneous cross-references and remove certain

inoperative provisions. These proposed changes are technical in nature
and would not impact the rights or obligations of Clearing Members or
other participants in a way that would benefit or disadvantage any
participant versus another participant. Accordingly, OCC does not
believe that the proposed corrections to its By-Laws and Rules have any
impact, or impose any burden, on competition.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78q-1(b)(3)(I).
---------------------------------------------------------------------------

(C) Clearing Agency's Statement on Comments on the Proposed Rule Change
Received From Members, Participants or Others

    Written comments were not and are not intended to be solicited with
respect to the proposed rule change, and none have been received.

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

    Pursuant to Section 19(b)(3)(A)(ii) \21\ of the Act, and Rule 19b-
4(f)(1) \22\ and (f)(4) \23\ thereunder, the proposed rule change is
filed for immediate effectiveness. At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. The proposal shall not take effect until all
regulatory actions required with respect to the proposal are
completed.\24\
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \22\ 17 CFR 240.19b-4(f)(1).
    \23\ 17 CFR 240.19b-4(f)(4).
    \24\ Notwithstanding its immediate effectiveness, implementation
of this rule change will be delayed until this change is deemed
certified under Commodity Futures Trading Commission Regulation
40.6.
---------------------------------------------------------------------------

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-OCC-2021-008 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-OCC-2021-008. 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 such filing also will be available for inspection
and copying at the principal office of OCC and on OCC's website at
https://www.theocc.com/Company-Information/Documents-and-Archives/By-Laws-and-Rules.
    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-OCC-2021-008 and
should be submitted on or before September 13, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-17966 Filed 8-20-21; 8:45 am]
BILLING CODE 8011-01-P