[Federal Register Volume 81, Number 1 (Monday, January 4, 2016)]
[Notices]
[Pages 120-129]
[FR Doc No: 2015-32986]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76776; File No. SR-BATS-2015-105]

Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing of a Proposed Rule Change to Rule 14.11(i), Managed Fund Shares,
To List and Trade the Shares of the Elkhorn S&P GSCI Dynamic Roll
Commodity ETF of Elkhorn ETF Trust

December 28, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on December 18, 2015, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. 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\ 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 is proposing a rule change to list and trade the
shares of the Elkhorn S&P GSCI Dynamic Roll Commodity ETF (the
``Fund'') of Elkhorn ETF Trust (the ``Trust'') under BATS Rule 14.11(i)
(``Managed Fund Shares''). The shares of the Fund are collectively
referred to herein as (the ``Shares'').
    The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.com, at the principal office of the
Exchange, and at

the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.

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

1. Purpose
    The Exchange proposes to list and trade the Shares under BATS Rule
14.11(i), which governs the listing and trading of Managed Fund Shares
on the Exchange.\3\ The Fund will be an actively managed fund. The
Shares will be offered by the Trust, which was established as a
Massachusetts business trust on December 12, 2013.\4\ The Trust is
registered with the Commission as an open-end investment company and
has filed a registration statement on behalf of the Fund on Form N-1A
(``Registration Statement'') with the Commission.\5\ The Fund will be a
series of the Trust. The Fund will invest in, among other things,
exchange-traded commodity futures contracts and exchange-traded
commodity-linked instruments held indirectly through a wholly-owned
subsidiary controlled by the Fund and organized under the laws of the
Cayman Islands (referred to herein as the ``Subsidiary'').
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    \3\ The Commission approved BATS Rule 14.11(i) in Securities
Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148
(September 6, 2011) (SR-BATS-2011-018).
    \4\ The Trust has obtained from the Commission an order granting
certain exemptive relief to the Trust under the 1940 Act (File No.
812-14262). In compliance with BATS Rule 14.11(i)(2)(E), which
applies to Managed Fund Shares based on an international or global
portfolio, the Trust's application for exemptive relief under the
1940 Act states that the Fund will comply with the federal
securities laws in accepting securities for deposits and satisfying
redemptions with redemption securities, including that the
securities accepted for deposits and the securities used to satisfy
redemption requests are sold in transactions that would be exempt
from registration under the Securities Act of 1933 (15 U.S.C. 77a).
    \5\ See Registration Statement on Form N-1A for the Trust, dated
November 10, 2015 (File Nos. 333-201473 and 811-22926). The
descriptions of the Fund and the Shares contained herein are based,
in part, on information in the Registration Statement.
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Description of the Shares and the Fund
    Elkhorn Investments, LLC will be the investment adviser (the
``Adviser'') to the Fund and will monitor the Fund's investment
portfolio. It is currently anticipated that day-to-day portfolio
management for the Fund will be provided by the Adviser. However, the
Fund and the Adviser may contract with an investment sub-adviser (a
``Sub-Adviser'') to provide day-to-day portfolio management for the
Fund. ALPS Distributors, Inc. (the ``Distributor'') will be the
principal underwriter and distributor of the Fund's Shares. The Fund
will contract with unaffiliated third parties to provide
administrative, custodial and transfer agency services to the Fund.
    Rule 14.11(i)(7) 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.\6\ In addition, Rule 14.11(i)(7) further
requires that personnel who make decisions on the investment company's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material, non-public information regarding
the applicable investment company portfolio. Rule 14.11(i)(7) is
similar to BATS Rule 14.11(b)(5)(A)(i), however, Rule 14.11(i)(7) in
connection with the establishment of a ``fire wall'' between the
investment adviser and the broker-dealer reflects the applicable open-
end fund's portfolio, not an underlying benchmark index, as is the case
with index-based funds. The Adviser is not a broker-dealer, although it
is affiliated with a broker-dealer. The Adviser has implemented a fire
wall with respect to its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the Fund's
portfolio. In addition, personnel who make decisions regarding the
Fund's portfolio composition will be subject to procedures designed to
prevent the use and dissemination of material non-public information
regarding the Fund's portfolio. In the event that (a) the Adviser or a
Sub-Adviser becomes, or becomes newly affiliated with, a broker-dealer
or registers as a broker-dealer, or (b) any new adviser or sub-adviser
is a registered broker-dealer or becomes affiliated with a broker-
dealer, it will implement a fire wall with respect to its relevant
personnel and/or such broker-dealer affiliate, as applicable, 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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    \6\ 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 any Sub-Adviser and their
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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Elkhorn S&P GSCI Dynamic Roll Commodity ETF Portfolio
    According to the Registration Statement, the Fund's investment
objective will be to provide total return which exceeds that of the S&P
GSCI Dynamic Roll Index (the ``Benchmark'') \7\ consistent with prudent
investment management. The Fund will seek excess return above the
Benchmark through the active management of a short duration portfolio
of highly liquid, high quality bonds.
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    \7\ The Benchmark is developed, maintained and sponsored by S&P
Dow Jones Indices LLC (``S&P Indices'').
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    The Fund will be an actively managed fund that seeks to achieve its
investment objective by, under normal market conditions,\8\ investing
in exchange-traded commodity futures contracts, centrally cleared and
non-centrally

cleared swaps,\9\ exchange-traded options on futures contracts and
exchange-traded commodity-linked instruments \10\ (collectively,
``Commodities'') through the Subsidiary, thereby obtaining exposure to
the commodities markets, and directly investing, as further described
below, in short-term investment grade fixed income securities, money
market instruments, exchange-traded and non-exchange-traded investment
companies, certain bank instruments, and cash and other cash
equivalents.
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    \8\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the fixed income markets, futures 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\ Investments in non-centrally cleared swaps (through the
Subsidiary) will not represent more than 20% of the Fund's net
assets. When investing in non-centrally cleared swaps, the
Subsidiary will seek, where possible, to use counterparties, as
applicable, whose financial status is such that the risk of default
is reduced; however, the risk of losses resulting from default is
still possible. The Adviser and/or a Sub-Adviser will evaluate the
creditworthiness of counterparties on an ongoing basis. In addition
to information provided by credit agencies, the Adviser's and/or a
Sub-Adviser's analysis will evaluate each approved counterparty
using various methods of analysis and may consider such factors as
the counterparty's liquidity, its reputation, the Adviser's and/or a
Sub-Adviser's past experience with the counterparty, its known
disciplinary history and its share of market participation.
    \10\ Exchange-traded commodity-linked instruments include only
the following: (1) Funds that provide exposure to commodities as
would be listed under Rules 14.11(b), (c), and (i); and (2) pooled
investment vehicles that invest primarily in commodities and
commodity-linked instruments as would be listed under Rules 14.11(d)
and 14.11(e)(2), (4), (6), (7), (8), (9) and (10). Such pooled
investment vehicles are commonly referred to as ``exchange-traded
funds'' but they are not registered as investment companies because
of the nature of their underlying investments.
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    The Fund's Commodities investments, in part, will be comprised of
exchange-traded futures contracts on commodities that comprise the
Benchmark. Although the Fund, through the Subsidiary, will generally
hold many of the futures contracts included in the Benchmark, the Fund
and the Subsidiary will be actively managed and will not be obligated
to invest in all of (or to limit investments solely to) such futures
contracts. In addition, with respect to investments in exchange-traded
futures contracts, the Fund and the Subsidiary will not be obligated to
invest in the same amount or proportion as the Benchmark, or be
obligated to track the performance of the Benchmark. There can be no
assurance that the Fund's performance will exceed the performance of
the Benchmark at any time. In addition to exchange-traded futures
contracts, the Fund's Commodities investments will also be comprised of
the following: Centrally cleared and non-centrally-cleared swaps on
commodities, exchange-traded options on futures contracts that provide
exposure to the investment returns of the commodities markets, and
exchange-traded commodity-linked instruments, without investing
directly in physical commodities.
    The Fund will invest in Commodities through investments in the
Subsidiary and will not invest directly in physical commodities. The
Fund's investment in the Subsidiary may not exceed 25% of the Fund's
total assets. In addition to Commodities, the Fund's assets will be
invested in: (1) Short-term investment grade fixed income securities
that include only the following instruments: U.S. government and agency
securities,\11\ corporate debt obligations \12\ and repurchase
agreements; \13\ (2) money market instruments; \14\ (3) investment
companies (other than those that are commodity-linked instruments),\15\
including both exchange-traded and non-exchange-traded investment
companies, that provide exposure to commodities, equity securities and
fixed income securities to the extent permitted under the 1940 Act and
any applicable exemptive relief; \16\ (4) certain bank instruments
\17\; and (5) cash and other cash equivalents (collectively, ``Other
Investments''). The Fund will use the Other Investments as investments,
to provide liquidity and to collateralize the Subsidiary's commodity
exposure on a day-to-day basis.
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    \11\ Such securities are securities that are issued or
guaranteed by the U.S. Treasury, by various agencies of the U.S.
government, or by various instrumentalities, which have been
established or sponsored by the U.S. government. U.S. Treasury
obligations are backed by the ``full faith and credit'' of the U.S.
government. Securities issued or guaranteed by federal agencies and
U.S. government-sponsored instrumentalities may or may not be backed
by the full faith and credit of the U.S. government.
    \12\ At least 75% of corporate debt obligations will have a
minimum principal amount outstanding of $100 million or more.
    \13\ The Fund intends to enter into repurchase agreements only
with financial institutions and dealers believed by the Adviser and/
or a Sub-Adviser to present minimal credit risks in accordance with
criteria approved by the Trust's Board of Trustees (the ``Board'').
The Adviser and/or a Sub-Adviser will review and monitor the
creditworthiness of such institutions. The Adviser and/or a Sub-
Adviser will monitor the value of the collateral at the time the
transaction is entered into and at all times during the term of the
repurchase agreement.
    \14\ For the Fund's purposes, money market instruments will
include only the following instruments: short-term, high-quality
securities issued or guaranteed by non-U.S. governments, agencies
and instrumentalities; non-convertible corporate debt securities
with remaining maturities of not more than 397 days that satisfy
ratings requirements under Rule 2a-7 under the 1940 Act; money
market mutual funds; and deposits and other obligations of U.S. and
non-U.S. banks and financial institutions. In addition, the Fund may
invest in commercial paper, which are short-term unsecured
promissory notes. The Fund may additionally invest in commercial
paper only if it has received the highest rating from at least one
nationally recognized statistical rating organization or, if
unrated, has been judged by the Adviser and/or a Sub-Adviser to be
of comparable quality.
    \15\ The Fund may invest in the securities of certain other
investment companies in excess of the limits imposed under the 1940
Act pursuant to an exemptive order obtained by the Trust and the
Adviser from the Commission. See Investment Company Act Release No.
31401 (December 29, 2014) (File No. 812-14264). The exchange-traded
investment companies in which the Fund may invest include Index Fund
Shares (as described in Rule 14.11(c)), Portfolio Depository
Receipts (as described in Rule 14.11(b)), and Managed Fund Shares
(as described in Rule 14.11(i)). While the Fund and the Subsidiary
may invest in inverse commodity-linked instruments, the Fund and the
Subsidiary will not invest in leveraged or inverse leveraged (e.g.,
2X or -3X) commodity-linked instruments.
    \16\ The exchange-traded investment companies in which the Fund
invests will be listed and traded in the U.S. on registered
exchanges.
    \17\ The term ``certain bank instruments'' includes only the
following instruments: certificates of deposit issued against funds
deposited in a bank or savings and loan association; bankers'
acceptances, which are short-term credit instruments used to finance
commercial transactions; and bank time deposits, which are monies
kept on deposit with banks or savings and loan associations for a
stated period of time at a fixed rate of interest.
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    The Fund's investment in the Subsidiary will be designed to help
the Fund achieve exposure to commodity returns in a manner consistent
with the federal tax requirements applicable to the Fund and other
regulated investment companies.
    The Fund intends to qualify for and to elect to be treated as a
separate regulated investment company under Subchapter M of the
Internal Revenue Code.\18\
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    \18\ 26 U.S.C. 851.
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Subsidiary's Investments
    The Subsidiary will generally seek to make investments in
Commodities and its portfolio will be managed by the Adviser or a Sub-
Adviser.\19\ The Adviser or a Sub-Adviser will use its discretion to
determine the percentage of the Fund's assets allocated to the
Commodities held by the Subsidiary that will be invested in exchange-
traded commodity futures contracts, centrally cleared and non-centrally
cleared

swaps, exchange-traded options on futures contracts and exchange-traded
commodity-linked instruments. In this regard, under normal market
conditions, the Subsidiary is expected, as a general matter, to invest
in futures contracts in proportional weights and allocations that are
similar to the Benchmark, as well as in the other Commodities.
Additionally, the Subsidiary, like the Fund, may invest in Other
Investments (e.g., as investments or to serve as margin or collateral
or otherwise support the Subsidiary's positions in Commodities).
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    \19\ The Subsidiary will not be registered under the 1940 Act
and will not be directly subject to its investor protections, except
as noted in the Registration Statement. However, the Subsidiary will
be wholly-owned and controlled by the Fund. Therefore, the Fund's
ownership and control of the Subsidiary will prevent the Subsidiary
from taking action contrary to the interests of the Fund or its
shareholders. The Board will have oversight responsibility for the
investment activities of the Fund, including its expected investment
in the Subsidiary, and the Fund's role as the sole shareholder of
the Subsidiary. The Subsidiary will also enter into separate
contracts for the provision of custody, transfer agency, and
accounting agent services with the same or with affiliates of the
same service providers that provide those services to the Fund.
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    The Fund's investment in the Subsidiary is intended to provide the
Fund with exposure to commodity markets within the limits of current
federal income tax laws applicable to investment companies such as the
Fund, which limit the ability of investment companies to invest
directly in the derivative instruments. The Subsidiary will have the
same investment objective as the Fund, but unlike the Fund, it may
invest without limitation in Commodities. The Subsidiary's investments
will provide the Fund with exposure to domestic and international
markets.
    The Benchmark is a version of the S&P GSCI Index that aims to
mitigate the effects of ``contango'' (which means that futures
contracts with distant delivery months are priced higher than those
with nearer delivery months) on index performance. The S&P GSCI Index
is a broad-based, production-weighted index that is designed to be
representative of global commodity market performance and to reflect
general levels of price movements and inflation in the world economy.
The S&P GSCI Index consists of twenty-four commodity futures on
physical commodities across five sectors: energy; agriculture;
livestock; industrial metals; and precious metals. The following table
describes each of the commodities underlying the futures contracts
included in the Benchmark as of October 31, 2015. The table also
provides each instrument's trading hours, exchange and ticker symbol.
The table is subject to change (and the Subsidiary will not in all
cases invest in the futures contracts included in the Benchmark).
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    \20\ All of the exchanges are Intermarket Surveillance Group
(``ISG'') members except for the London Metal Exchange (``LME''),
ICE Futures Europe and Commodity Exchange, Inc. (``COMEX''). The LME
falls under the jurisdiction of the Financial Conduct Authority
(``FCA''). The FCA is responsible for ensuring the financial
stability of the exchange members' businesses, whereas the LME is
largely responsible for the oversight of day-to-day exchange
activity, including conducting the arbitration proceedings under the
LME arbitration regulations. With respect to the futures contracts
in which the Subsidiary invests, not more than 10% of the weight (to
be calculated as the value of the contract divided by the total
absolute notional value of the Subsidiary's futures contracts) of
the futures contracts held by the Subsidiary in the aggregate shall
consist of instruments whose principal trading market is a market
from which the Exchange may not obtain information regarding trading
in the futures contracts by virtue of: (a) Its membership in ISG; or
(b) a comprehensive surveillance sharing agreement. In addition, at
least 90% of the Fund's net assets that are invested in exchange-
traded options on futures contracts and exchange-traded commodity-
linked instruments (in the aggregate) will be invested in
instruments that trade in markets that are members of ISG or are
parties to a comprehensive surveillance sharing agreement with the
Exchange.

----------------------------------------------------------------------------------------------------------------
                                                                              Trading hours          Contract
           Commodity             Exchange code     Exchange name \20\       electronic (E.T.)       symbol(s)
----------------------------------------------------------------------------------------------------------------
Corn..........................  CBT              Chicago Board of Trade  Sun-F 20:00-08:45 M-F   C; ZC.
                                                                          09:30-14:15.
Cocoa.........................  NYB              ICE Futures US........  04:45-13:30...........  CC.
WTI Crude Oil.................  NYM              New York Mercantile     18:00-17:15...........  CL.
                                                  Exchange.
Brent Crude Oil...............  ICE              ICE Futures Europe....  20:00-18:00...........  B.
Cotton........................  NYB              ICE Futures US........  21:00-14:20...........  CT.
Feeder Cattle.................  CME              Chicago Mercantile      M 10:05-F 14:55 (Halts  FC; GF.
                                                  Exchange.               17:00-18:00).
Gold..........................  CMX              COMEX.................  18:00-17:15...........  GC.
NY Harbor ULSD................  NYM              New York Mercantile     18:00-17:15...........  HO.
                                                  Exchange.
Coffee ``C'' Arabica..........  NYB              ICE Futures US........  04:15-13:30...........  KC.
HRW Wheat.....................  CBT              Chicago Board of Trade  Sun-F 20:00-08:45 M-F   KW; KE.
                                                                          9:30-14:15.
Aluminium primary.............  LME              London Metal Exchange.  20:00-14:00...........  AH.
Live Cattle...................  CME              Chicago Mercantile      M 10:05-F 14:55 (Halts  LC; LE.
                                                  Exchange.               17:00-18:00).
Lean Hogs.....................  CME              Chicago Mercantile      M 10:05-F 14:55 (Halts  LH; HE.
                                                  Exchange.               17:00-18:00).
Lead standard.................  LME              London Metal Exchange.  20:00-14:00...........  PB.
Nickel primary................  LME              London Metal Exchange.  20:00-14:00...........  NI.
Copper grade A................  LME              London Metal Exchange.  20:00-14:00...........  CA.
Zinc high grade...............  LME              London Metal Exchange.  20:00-14:00...........  ZS.
Natural Gas...................  NYM              New York Mercantile     18:00-17:15...........  NG.
                                                  Exchange.
Gasoil........................  ICE              ICE Futures Europe....  20:00-18:00...........  G.
Soybeans......................  CBT              Chicago Board of Trade  Sun-F 20:00-08:45 M-F   S; ZS.
                                                                          09:30-14:15.
Sugar #11.....................  NYB              ICE Futures US........  03:30-13:00...........  SB.
Silver........................  CMX              COMEX.................  18:00-17:15...........  SI.
SRW Wheat.....................  CBT              Chicago Board of Trade  Sun-F 20:00-08:45 M-F   W; ZW.
                                                                          09:30-14:15.
RBOB Gasoline.................  NYM              New York Mercantile     18:00-17:15...........  RB.
                                                  Exchange.
----------------------------------------------------------------------------------------------------------------

    As the U.S. and foreign exchanges noted above list additional
contracts, as currently listed contracts on those exchanges gain
sufficient liquidity, or as other exchanges list sufficiently liquid
contracts, the Adviser and/or any Sub-Adviser will include those
contracts in the list of possible investments of the Subsidiary. The
list of commodities futures and commodities markets considered for
investment can and will change over time.
Commodities Regulation
    The Commodity Futures Trading Commission (``CFTC'') has adopted
substantial amendments to CFTC Rule 4.5 relating to the permissible
exemptions and conditions for reliance on exemptions from registration
as a commodity pool operator. As a result of the instruments that will
be indirectly held by the Fund, the Adviser will register as a
commodity pool operator \21\ and will also be a member of the National
Futures Association (``NFA''). Any Sub-Adviser will register as a
commodity pool operator or commodity trading adviser, as required by
CFTC regulations. The Fund and the Subsidiary will be subject to
regulation by the CFTC and NFA and additional

disclosure, reporting and recordkeeping rules imposed upon commodity
pools.
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    \21\ As defined in Section 1a(11) of the Commodity Exchange Act.
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Investment Restrictions
    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., 2X and -3X) of the
Benchmark.
    The Fund may not invest more than 25% of the value of its total
assets in securities of issuers in any one industry or group of
industries. This restriction will not apply to obligations issued or
guaranteed by the U.S. government, its agencies or instrumentalities,
or securities of other investment companies.\22\
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    \22\ 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 Subsidiary's shares will be offered only to the Fund and the
Fund will not sell shares of the Subsidiary to other investors. The
Fund and the Subsidiary will not invest in any non-U.S. equity
securities (other than shares of the Subsidiary). The Fund will not
purchase securities of open-end or closed-end investment companies
except in compliance with the 1940 Act or any applicable exemptive
relief.\23\
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    \23\ See supra note 15.
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    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including securities deemed illiquid by the Adviser.\24\ The Fund will
monitor its portfolio liquidity on an ongoing basis to determine
whether, in light of current circumstances, an adequate level of
liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets. Illiquid assets include
securities subject to contractual or other restrictions on resale and
other instruments that lack readily available markets as determined in
accordance with Commission staff guidance.\25\
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    \24\ In reaching liquidity decisions, the Adviser may consider
the following factors: The frequency of trades and quotes for the
security; the number of dealers wishing to purchase or sell the
security and the number of other potential purchasers; dealer
undertakings to make a market in the security; and the nature of the
security and the nature of the marketplace trades (e.g., the time
needed to dispose of the security, the method of soliciting offers,
and the mechanics of transfer).
    \25\ 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), 73 FR
14618 (March 18, 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 fund. 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 Securities Act of 1933).
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Net Asset Value
    The Fund's net asset value (``NAV'') will be determined as of the
close of trading (normally 4:00 p.m., Eastern Time (``E.T.'')) on each
day the New York Stock Exchange (``NYSE'') is open for business. The
NAV of the Fund will be calculated by dividing the value of the net
assets of such Fund (i.e., the value of its total assets, less total
liabilities) by the total number of outstanding Shares, generally
rounded to the nearest cent.
    The Fund's and the Subsidiary's investments will be generally
valued using market valuations. A market valuation generally means a
valuation (i) obtained from an exchange, a pricing service, or a major
market maker (or dealer), (ii) based on a price quotation or other
equivalent indication of value supplied by an exchange, a pricing
service, or a major market maker (or dealer), or (iii) based on
amortized cost. The Fund and the Subsidiary may use various pricing
services or discontinue the use of any pricing service. A price
obtained from a pricing service based on such pricing service's
valuation matrix may be considered a market valuation.
    If available, debt securities and money market instruments with
maturities of more than 60 days will typically be priced based on
valuations provided by independent, third-party pricing agents. Such
values will generally reflect the last reported sales price if the
security is actively traded. The third-party pricing agents may also
value debt securities at an evaluated bid price by employing
methodologies that utilize actual market transactions, broker-supplied
valuations, or other methodologies designed to identify the market
value for such securities. Debt obligations with remaining maturities
of 60 days or less may be valued on the basis of amortized cost, which
approximates market value. If such prices are not available, the
security will be valued based on values supplied by independent brokers
or by fair value pricing, as described below.
    Futures contracts will be valued at the settlement price
established each day by the board or exchange on which they are traded.
    Exchange-traded options will be valued at the closing price in the
market where such contracts are principally traded.
    Swaps will be valued based on valuations provided by independent,
third-party pricing agents.
    Securities of non-exchange-traded investment companies will be
valued at NAV. Equity securities listed on a securities exchange
(including exchange-traded commodity-linked instruments and exchange-
traded investment companies), market or automated quotation system for
which quotations are readily available (except for securities traded on
The NASDAQ Stock Market LLC (``NASDAQ'') and the London Stock Exchange
Alternative Investment Market (``LSE AIM'')) will be valued at the last
reported sale price on the primary exchange or market on which they are
traded on the valuation date (or at approximately 4:00 p.m., E.T. if a
security's primary exchange is normally open at that time). For a
security that trades on multiple exchanges, the primary exchange will
generally be considered to be the exchange on which the security
generally has the highest volume of trading activity. If it is not
possible to determine the last reported sale price on the relevant
exchange or market on the valuation date, the value of the security
will be taken to be the most recent mean between the bid and asked
prices on such exchange or market on the valuation date. Absent both
bid and asked prices on such exchange, the bid price may be used. For
securities traded on the NASDAQ or LSE AIM, the official closing price
will be used. If such prices are not available, the security will be
valued based on values supplied by independent brokers or by fair value
pricing, as described below.
    The prices for foreign instruments will be reported in local
currency and converted to U.S. dollars using currency exchange rates.
Exchange rates will be provided daily by recognized independent pricing
agents.
    In the event that current market valuations are not readily
available or such valuations do not reflect current market values, the
affected investments will be valued using fair value pricing pursuant
to the pricing policy and procedures approved by the Board in
accordance with the 1940 Act. Fair value pricing may require subjective
determinations about the value of an

asset and may result in prices that differ from the value that would be
realized if the asset was sold.
Creation and Redemption of Shares
    The Fund will issue and redeem Shares on a continuous basis at
NAV\26\ only in large blocks of Shares (``Creation Units'') in
transactions with authorized participants, generally including broker-
dealers and large institutional investors (``Authorized
Participants''). Creation Units are not expected to consist of less
than 25,000 Shares. The Fund will issue and redeem Creation Units in
exchange for an in-kind portfolio of instruments and/or cash in lieu of
such instruments (the ``Creation Basket'').\27\ In addition, if there
is a difference between the NAV attributable to a Creation Unit and the
market value of the Creation Basket exchanged for the Creation Unit,
the party conveying instruments with the lower value will pay to the
other an amount in cash equal to the difference (referred to as the
``Cash Component'').
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    \26\ The NAV of the Fund's Shares generally will be calculated
once daily Monday through Friday as of the close of regular trading
on the NYSE, generally 4:00 p.m., E.T. (the ``NAV Calculation
Time''). NAV per Share will be calculated by dividing the Fund's net
assets by the number of Fund Shares outstanding.
    \27\ The Adviser represents that, to the extent that the Trust
permits or requires a ``cash in lieu'' amount, such transactions
will be effected in the same or equitable manner for all Authorized
Participants.
---------------------------------------------------------------------------

    Creations and redemptions must be made by or through an Authorized
Participant that has executed an agreement that has been agreed to by
the Distributor with respect to creations and redemptions of Creation
Units. All standard orders to create Creation Units must be received by
the Distributor no later than the closing time of the regular trading
session on the NYSE (ordinarily 4:00 p.m., E.T.) (the ``Closing Time'')
in each case on the date such order is placed in order for the creation
of Creation Units to be effected based on the NAV of Shares as next
determined on such date after receipt of the order in proper form.
Shares may be redeemed only in Creation Units at their NAV next
determined after receipt not later than the Closing Time of a
redemption request in proper form by the Fund through the Distributor
and only on a business day.
    On each business day, prior to the opening of business of the
Exchange, the Fund will cause to be published through the National
Securities Clearing Corporation the list of the names and quantities of
the instruments comprising the Creation Basket, as well as the
estimated Cash Component (if any), for that day. The published Creation
Basket will apply until a new Creation Basket is announced on the
following business day.
Availability of Information
    The Fund's Web site (www.elkhorn.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 Web site
will include the Shares' ticker, CUSIP and exchange information along
with additional quantitative information updated on a daily basis,
including, for the Fund: (1) Daily trading volume, the prior business
day's reported NAV and closing price, mid-point of the bid/ask spread
at the time of calculation of such NAV (the ``Bid/Ask Price'') \28\ 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. Daily trading volume information for the
Fund will also be available in the financial section of newspapers,
through subscription services such as Bloomberg, Thomson Reuters, and
International Data Corporation, which can be accessed by Authorized
Participants and other investors, as well as through other electronic
services, including major public Web sites. On each business day,
before commencement of trading in Shares during Regular Trading
Hours\29\ on the Exchange, the Fund will disclose on its Web site the
identities and quantities of the portfolio of securities, Commodities
and other assets (the ``Disclosed Portfolio'' as defined in Rule
14.11(i)(3)(B)) held by the Fund and the Subsidiary that will form the
basis for the Fund's calculation of NAV at the end of the business
day.\30\ The Fund's disclosure of derivative positions in the Disclosed
Portfolio will include information that market participants can use to
value these positions intraday. On a daily basis, the Disclosed
Portfolio displayed on the Fund's Web site the following information
regarding each portfolio holding, as applicable to the type of holding:
Ticker symbol, CUSIP number or other identifier, if any; a description
of the holding (including the type of holding such as the type of
swap), the identity of the security, commodity or other asset or
instrument underlying the holding, if any; for options, the option
strike price; quantity held (as measured by, for example, par value,
notional value or number of shares, contracts or units); maturity date,
if any; coupon rate, if any; effective date, if any; market value of
the holding; and percentage weighting of the holding in the Fund's
portfolio. The Web site and information will be publicly available at
no charge.
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    \28\ The Bid/Ask Price of the Fund will be determined using the
mid-point 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.
    \29\ Regular Trading Hours are 9:30 a.m. to 4:00 p.m. Eastern
Time.
    \30\ Under accounting procedures to be 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.
---------------------------------------------------------------------------

    In addition, for the Fund, an estimated value, defined in BATS Rule
14.11(i)(3)(C) as the ``Intraday Indicative Value,'' that reflects an
estimated intraday value of the Fund's portfolio (including the
Subsidiary's portfolio), will be disseminated. Moreover, the Intraday
Indicative Value will be based upon the current value for the
components of the Disclosed Portfolio and will be updated and widely
disseminated by one or more major market data vendors and broadly
displayed at least every 15 seconds during the Exchange's Regular
Trading Hours.\31\
---------------------------------------------------------------------------

    \31\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Intraday Indicative Values published via the Consolidated Tape
Association (``CTA'') or other data feeds.
---------------------------------------------------------------------------

    The dissemination of the Intraday 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 will provide
a close estimate of that value throughout the trading day.
    Intra-day executable price quotations on the securities and other
assets held by the Fund and the Subsidiary will be available from major
broker-dealer firms or on the exchange on which they are traded, as
applicable. Intra-day price information on the securities and other
assets held by the Fund and the Subsidiary will also be available
through subscription services, such as Bloomberg and Thomson Reuters,
which can be accessed by Authorized Participants and other investors.
More specifically, pricing information for exchange-traded commodity
futures contracts, exchange-traded options on futures contracts,
exchange-traded commodity-linked instruments, securities of exchange-
traded investment companies other than exchange-traded commodity-linked

instruments will be available on the exchanges on which they are traded
and through subscription services. Pricing information for securities
of non-exchange-traded investment companies will be available through
the applicable fund's Web site or major market data vendors. Pricing
information for swaps, fixed income securities and money market
instruments will be available through subscription services and/or
broker-dealer firms and/or pricing services. Additionally, the Trade
Reporting and Compliance Engine (``TRACE'') of the Financial Industry
Regulatory Authority (``FINRA'') will be a source of price information
for certain fixed income securities held by the Fund.
    Investors will also be able to obtain the Fund's Statement of
Additional Information (``SAI''), the Fund's annual and semi-annual
reports (together, ``Shareholder Reports''), and its Form N-CSR and
Form N-SAR, filed twice a year. The Fund's SAI and Shareholder Reports
will be available free upon request from the Fund, 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. 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 on the facilities of the
CTA.
    Information relating to the Benchmark, including its constituents,
weightings and changes to its constituents, will be available on the
Web site of S&P Indices.
Initial and Continued Listing
    The Shares will be subject to BATS Rule 14.11(i), which sets forth
the initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and/or continued
listing, the Fund and the Subsidiary must be in compliance with Rule
10A-3 under the Act.\32\ 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 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.
---------------------------------------------------------------------------

    \32\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

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. The Exchange will halt trading in
the Shares under the conditions specified in BATS Rule 11.18. Trading
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, Commodities and other assets constituting the Disclosed
Portfolio of the Fund and the Subsidiary; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. Trading in the Shares also will be
subject to Rule 14.11(i)(4)(B)(iv), which sets forth circumstances
under which Shares of the Fund may be halted.
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. BATS will allow
trading in the Shares from 8:00 a.m. until 5:00 p.m. Eastern Time. The
Exchange has appropriate rules to facilitate transactions in the Shares
during all trading sessions. As provided in BATS Rule 11.11(a), the
minimum price variation for quoting and entry of orders in Managed Fund
Shares traded on the Exchange is $0.01, with the exception of
securities that are priced less than $1.00, for which the minimum price
variation for order entry is $0.0001.
Surveillance
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Shares on the Exchange during
all trading sessions and to deter and detect violations of Exchange
rules and the applicable federal securities laws. Trading of the Shares
through the Exchange will be subject to the Exchange's surveillance
procedures for derivative products, including Managed Fund Shares. The
Exchange may obtain information regarding trading in the Shares and the
underlying shares in exchange traded investment companies, futures, and
options on futures via the ISG, from other exchanges who are members or
affiliates of the ISG, or with which the Exchange has entered into a
comprehensive surveillance sharing agreement. In addition, the Exchange
is able to access, as needed, trade information for certain fixed
income instruments reported to TRACE. With respect to the futures
contracts in which the Subsidiary invests, not more than 10% of the
weight (to be calculated as the value of the contract divided by the
total absolute notional value of the Subsidiary's futures contracts) of
the futures contracts held by the Subsidiary in the aggregate shall
consist of instruments whose principal trading market is a market from
which the Exchange may not obtain information regarding trading in the
futures contracts by virtue of: (a) Its membership in ISG; or (b) a
comprehensive surveillance sharing agreement. In addition, at least 90%
of the Fund's net assets that are invested in exchange-traded options
on futures contracts and exchange-traded commodity-linked instruments
(in the aggregate), will be invested in instruments that trade in
markets that are members of ISG or are parties to a comprehensive
surveillance sharing agreement with the Exchange. Investments in non-
centrally cleared swaps (through the Subsidiary) will not represent
more than 20% of the Fund's net assets.
    In addition, the Exchange prohibits the distribution of material,
non-public information by its employees.
Information Circular
    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) BATS Rule 3.7, which imposes suitability
obligations on Exchange members with respect to recommending
transactions in the Shares to customers; (3) how information regarding
the Intraday Indicative Value and the Disclosed Portfolio is
disseminated; (4) the risks involved in trading the Shares during the
Pre-Opening\33\ and After Hours Trading Sessions\34\ when an updated
Intraday Indicative Value will not be calculated or publicly
disseminated; (5) the requirement that members deliver a prospectus to
investors purchasing

newly issued Shares prior to or concurrently with the confirmation of a
transaction; and (6) trading information.
---------------------------------------------------------------------------

    \33\ The Pre-Opening Session is from 8:00 a.m. to 9:30 a.m.
Eastern Time.
    \34\ The After Hours Trading Session is from 4:00 p.m. to 5:00
p.m. Eastern Time.
---------------------------------------------------------------------------

    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Fund for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Act.
    Additionally, the Information Circular will reference that the Fund
is subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares of the Fund and the applicable NAV Calculation Time
for the Shares. The Information Circular will disclose that information
about the Shares of the Fund will be publicly available on the Fund's
Web site. In addition, the Information Circular will reference that the
Trust is subject to various fees and expenses described in the Fund's
Registration Statement.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \35\ in general and Section 6(b)(5) of the Act \36\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78f.
    \36\ 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 BATS Rule 14.11(i). The
Exchange believes that its surveillance procedures are adequate to
properly monitor the trading of the Shares on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws. If the investment adviser
to the investment company issuing Managed Fund Shares is affiliated
with a broker-dealer, such investment adviser to the investment company
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. The
Adviser is not registered as a broker-dealer, although it is affiliated
with a broker-dealer, and is therefore required to implement a ``fire
wall'' with respect to such broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the Fund's
portfolio. In addition, Rule 14.11(i)(7) 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 non-public information regarding the
Fund's portfolio. The Exchange may obtain information regarding trading
in the Shares and the underlying shares in investment companies,
futures, and options on futures via the ISG, from other exchanges who
are members or affiliates of the ISG, or with which the Exchange has
entered into a comprehensive surveillance sharing agreement. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances which are designed to detect violations
of Exchange rules and applicable federal securities laws.
    The Exchange will communicate as needed regarding trading in the
Shares and in the exchange-traded Commodities and exchange-traded
investment companies not included within the definition of Commodities
(together, ``Exchange-Traded Instruments'') held by the Fund and the
Subsidiary with other markets and other entities that are members of
the ISG and may obtain trading information regarding trading in the
Shares and in the Exchange-Traded Instruments held by the Fund and the
Subsidiary from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares and in
the Exchange-Traded Instruments held by the Fund and the Subsidiary
from markets and other entities that are members of ISG, which includes
securities and futures exchanges, or with which the Exchange has in
place a comprehensive surveillance sharing agreement. The Exchange will
be able to access, as needed, trade information for certain fixed
income securities held by the Fund reported to FINRA's TRACE.
    With respect to the futures contracts in which the Subsidiary
invests, not more than 10% of the weight (to be calculated as the value
of the contract divided by the total absolute notional value of the
Subsidiary's futures contracts) of the futures contracts held by the
Subsidiary in the aggregate shall consist of instruments whose
principal trading market is a market from which the Exchange may not
obtain information regarding trading in the futures contracts by virtue
of: (a) Its membership in ISG; or (b) a comprehensive surveillance
sharing agreement. In addition, at least 90% of the Fund's net assets
that are invested in exchange-traded options on futures contracts and
exchange-traded commodity-linked instruments (in the aggregate) will be
invested in instruments that trade in markets that are members of ISG
or are parties to a comprehensive surveillance sharing agreement with
the Exchange. Investments in non-centrally cleared swaps (through the
Subsidiary) will not represent more than 20% of the Fund's net assets.
    The Fund's investment objective will be to provide total return
which exceeds that of the Benchmark, consistent with prudent investment
management. The Fund will invest in Commodities through investments in
the Subsidiary and will not invest directly in physical commodities.
The Fund's investment in the Subsidiary may not exceed 25% of the
Fund's total assets. 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., 2X
and -3X) of the Benchmark. The Fund may hold up to an aggregate amount
of 15% of its net assets in illiquid assets (calculated at the time of
investment), including securities deemed illiquid by the Adviser. The
Fund and the Subsidiary will not invest in any non-U.S. equity
securities (other than shares of the Subsidiary).
    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. Moreover, the Intraday
Indicative Value will be widely disseminated by one or more major
market data vendors and broadly displayed at least every 15 seconds
during Regular Trading Hours. On each business day, before commencement
of

trading in Shares during Regular Trading Hours, the Fund will disclose
on its Web site the Disclosed Portfolio of the Fund and the Subsidiary
that will form the basis for the Fund's calculation of NAV at the end
of the business day. Pricing information will be available on the
Fund's Web site including: (1) The prior business day's reported NAV,
the Bid/Ask Price of the Fund, 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. Additionally,
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 for the Shares will be available on
the facilities of the CTA.
    Intra-day executable price quotations on the securities and other
assets held by the Fund and the Subsidiary will be available from major
broker-dealer firms or on the exchange on which they are traded, as
applicable. Intra-day price information on the securities and other
assets held by the Fund and the Subsidiary will also be available
through subscription services, such as Bloomberg and Thomson Reuters,
which can be accessed by Authorized Participants and other investors.
More specifically, pricing information for exchange-traded commodity
futures contracts, exchange-traded options on futures contracts,
exchange-traded commodity-linked instruments, and exchange-traded
investment companies other than exchange-traded commodity-linked
instruments will be available on the exchanges on which they are traded
and through subscription services. Pricing information for non-
exchange-traded investment companies will be available through the
applicable fund's Web site or major market data vendors. Pricing
information for swaps, fixed income securities and money market
instruments will be available through subscription services and/or
broker-dealer firms and/or pricing services. Additionally, FINRA's
TRACE will be a source of price information for certain fixed income
securities held by the Fund.
    The Fund's Web site will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Trading in Shares of the Fund will be halted
under the conditions specified in BATS Rule 11.18. Trading may also be
halted because of market conditions or for reasons that, in the view of
the Exchange, make trading in the Shares inadvisable. Finally, trading
in the Shares will be subject to BATS Rule 14.11(i)(4)(B)(iv), which
sets forth circumstances under which Shares of the Fund may be halted.
In addition, the Exchange is able to access, as needed, trade
information for certain fixed income instruments reported to FINRA's
TRACE. As noted above, investors will also have ready access to
information regarding the Fund's holdings, the Intraday 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 in
the Exchange-Traded Instruments held by the Fund and the Subsidiary
with other markets and other entities that are members of the ISG and
may obtain information via ISG from other exchanges that are members of
ISG or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Fund's holdings,
the Intraday Indicative Value, the Disclosed Portfolio, and quotation
and last sale information for the Shares.
    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of an
additional actively-managed exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace.

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

    The Exchange has neither solicited nor received written comments on
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 Exchange consents, the Commission will: (a) By order approve
or disapprove such proposed rule change, or (b) institute proceedings
to determine whether the proposed rule change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-BATS-2015-105 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-BATS-2015-105. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be

available for Web site viewing and printing in the Commission's Public
Reference Room, 100 F Street NE., Washington, DC 20549 on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
such filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly. All submissions should refer to
File Number SR-BATS-2015-105, and should be submitted on or before
January 25, 2016.
---------------------------------------------------------------------------

    \37\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-32986 Filed 12-31-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)]
[Notices]
[Pages 38246-38247]
[FR Doc No: 2016-13822]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78001; File No. SRndash;Phlxndash;2016-63]

Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to a Proposal To
Relocate and Update the Existing Provisions of Rule 1080.07 to New Rule
1098

June 7, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 27, 2016, NASDAQ PHLX LLC (``Exchange'') filed with the
Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I, II, a proposal to
relocate and update the existing provisions of Rule 1080.07 to new Rule
1098.and III, below, which Items have been prepared by the Exchange.
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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to a proposal to relocate and update the
existing provisions of Rule 1080.07 to new Rule 1098.
    The text of the proposed rule change is available on the Exchange's
Web site at http://nasdaqomxphlx.cchwallstreet.com/, at the principal
office of the Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange 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. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

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

1. Purpose
    The purpose of the proposal is to move the existing provisions
regarding complex orders from Rule 1080.07 to new Rule 1098, Complex
Orders. The Exchange intends to update and reorganize its rule book in
a number of ways. The Exchange believes that the complex orders
provisions are easier to read and follow if organized into a separate
rule. Various references to Rule 1080.07 within Rule 1080 and in Rules
1047 and 1066 will be changed to refer to Rule 1098.\3\
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    \3\ Previously, Rule 1080.07 was Rule 1080.08. Securities
Exchange Act Release No. 75436 (July 13, 2015), 80 FR 42566 (July
17, 2015) (SR-Phlx-2015-55). Two incorrect references to Rule
1080.08 remain in Rule 1080.07(e)(i)(B)(1) and (e)(vi)(B), which is
now being changed to refer to Rule 1098.
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    In addition, the Exchange proposes to make a few minor changes.
First, the Exchange proposes to replace incorrect references in
subparagraph (a)(i) of Rule 1080.07 to Nasdaq Options Services LLC and
its abbreviation NOS with Nasdaq Execution Services, LLC and NES. The
Exchange now uses NES for this purpose.\4\ This will be reflected in
new Rule 1098(a)(i).
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    \4\ The Exchange replaced references to NOS with NES throughout
its rule book but this particular reference was inadvertently
omitted. Securities Exchange Act Release No. 71417 (January 28,
2014), 79 FR 6253 (February 3, 2014) (SR-Phlx-2014-04).
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    Second, the Exchange proposes to amend subparagraph (c)(ii)(E) to
replace the reference to the risk monitor mechanism with ``automatic
removal of quotes'' and to delete the reference to Rule 1093, which was
previously deleted and replaced with Rule 1095.\5\
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    \5\ Rule 1095 now covers various risk tools, including the risk
monitor mechanism (which is now known as the Percentage-Based
Threshold), the Volume-Based Threshold and the Multi-Trigger
Threshold. Securities Exchange Act Release No. 76295 (October 29,
2015), 80 FR 68338 (November 4, 2015) (SR-Phlx-2015-83).
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    Third, the Exchange proposes to refer to the ``System'' in new Rule
1098 rather than Phlx XL or Phlx XL II to parallel the rules of its
affiliated options exchanges \6\ and move away from that specific
system name in the rules.\7\ As a result, the terms ``Phlx XL
participant'' will now be referred to as ``participant'' and ``Phlx XL
market maker'' will now be referred to as a ``Phlx electronic market
maker.''
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    \6\ See e.g., NOM Chapter VI, Section 1(a) defining ``System''
in general terms.
    \7\ Separately, the Exchange intends to make this change
throughout the rules.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act \8\ in general, and furthers the objectives of Section
6(b)(5) of the Act \9\ in particular, in that it is designed to promote
just and equitable principles of trade and to protect investors and the
public interest, by rendering the complex orders provision easier to
read. The proposed relocation and other changes are minor and
administrative.
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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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 not necessary or appropriate in
furtherance of the purposes of the Act. The proposal merely makes minor
organizational corrections and changes.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
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    \10\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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    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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in

furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or 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-Phlx-2016-63 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-Phlx-2016-63. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-Phlx-2016-63, and should be
submitted on or before July 5, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-13822 Filed 6-10-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 161 (Monday, August 22, 2022)]
[Rules and Regulations]
[Pages 51265-51267]
[FR Doc No: 2022-17866]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 52 and 81

[EPA-R10-OAR-2022-0125; FRL-9489-02-R10]

Air Plan Approval; OR; Oakridge PM10 Redesignation to Attainment
and Maintenance Plan

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is redesignating the
Oakridge, Oregon nonattainment area to attainment for the 1987 National
Ambient Air Quality Standard for particulate matter of 10 microns or
less (PM10 NAAQS). The EPA is also approving a maintenance
plan for the area that demonstrates continued compliance with the
PM10 NAAQS through the year 2035, which Oregon submitted,
along with the redesignation request, for inclusion into the Oregon
State Implementation Plan (SIP). Additionally, the EPA finds adequate
and is approving the PM10 motor vehicle emission budgets for
the area. The EPA is taking these actions pursuant to the Clean Air Act
(CAA or the Act).

DATES: This action is effective on September 21, 2022.

ADDRESSES: The EPA has established a docket for this action under
Docket ID No. EPA-R10-OAR-2022-0125. All documents in the docket are
listed on the https://www.regulations.gov website. Although listed in
the index, some information is not publicly available, e.g.,
Confidential Business Information or other information the disclosure
of which is restricted by statute. Certain other material, such as
copyrighted material, is not placed on the internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available at https://www.regulations.gov, or please
contact the person listed in the FOR FURTHER INFORMATION CONTACT
section for additional availability information.

FOR FURTHER INFORMATION CONTACT: Christi Duboiski (15-H13), EPA Region
10, 1200 Sixth Avenue (Suite 155), Seattle, WA 98101, at (360) 753-
9081, or [email protected].

SUPPLEMENTARY INFORMATION: Throughout this document whenever ``we,'' or
``our'' is used, it refers to the EPA.

I. Background

    On January 13, 2022, Oregon submitted a request for the EPA to
redesignate the Oakridge nonattainment area to attainment for the 1987
24-hour

PM10 NAAQS under section 107(d)(3)(E) of the CAA. On May 9,
2022, the EPA proposed to determine that the Oakridge, Oregon
nonattainment area met the statutory requirements for redesignation
under the CAA and proposed to approve, as a revision to the Oregon SIP,
the State's plan for maintaining the 1987 24-hour PM10 NAAQS
through the year 2035 (87 FR 27540). The EPA's proposed approval was
based upon the EPA's determination that the area continues to attain
the 1987 24-hour PM10 NAAQS \1\ and that all other
redesignation criteria have been met for the area. In addition, in
accordance with 40 CFR 93.118(f)(2), the EPA proposed to find adequate
and approve the Oakridge 2015, 2025, 2030 and 2035 PM10
motor vehicle emission budgets.
---------------------------------------------------------------------------

    \1\ The EPA, 2020 Air Quality System (AQS) Design Value Report,
AMP480, accessed July 26, 2022. The Design Value Report excludes
measurements with regionally concurred exceptional event flags.
---------------------------------------------------------------------------

    An explanation of the CAA requirements, a detailed analysis of the
submittal, and the EPA's reasons for approval were provided in the
notice of proposed rulemaking and will not be restated here. The public
comment period closed on June 8, 2022. We received no public comments,
therefore, we are finalizing the action as proposed.

II. Final Action

    The EPA is redesignating the Oakridge, Oregon PM10 area
to attainment and we are approving the associated maintenance plan as a
revision to the Oregon SIP. The designation status of the Oakridge,
Oregon PM10 area under 40 CFR part 81 will be revised to
attainment upon the effective date of this final action. We are also
finding adequate and approving the PM10 motor vehicle
emission budgets included in the Oakridge maintenance plan.
    Finally, the EPA is removing from the SIP and from incorporation by
reference the outdated City of Oakridge Ordinance 815, city approved
August 15, 1996, which restricts use of solid fuel space heating
devices during air pollution episodes, because it has been superseded
by the City of Oakridge Ordinance No. 920, approved by the EPA on
February 08, 2018 (83 FR 5537).
    We note, the EPA is taking a separate and final action on the
Oakridge PM2.5 redesignation request and maintenance plan,
the Lane County Codes, the City of Oakridge Ordinance No. 920 and the
LRAPA Title 29 rule revisions, which were also included in the January
13, 2022 submission.

III. Incorporation by Reference

    In this document, the EPA is finalizing regulatory text that
includes incorporation by reference. As described in section II of this
preamble, the EPA is removing City of Oakridge Ordinance 815, which is
outdated. This material has been approved by the EPA for exclusion from
the SIP as of the effective date of EPA's approval of the final rule.
The EPA has made, and will continue to make, incorporation by reference
materials generally available through https://www.regulations.gov and
at the EPA Region 10 Office (please contact the person identified in
the FOR FURTHER INFORMATION CONTACT section of this preamble for more
information).

IV. Statutory and Executive Order Reviews

    Under the Clean Air Act, the Administrator is required to approve a
SIP submission that complies with the provisions of the Clean Air Act
and applicable Federal regulations. 42 U.S.C. 7410(k); 40 CFR 52.02(a).
Thus, in reviewing SIP submissions, the EPA's role is to approve state
choices, provided that they meet the criteria of the Clean Air Act.
Accordingly, this action merely approves State law as meeting Federal
requirements and does not impose additional requirements beyond those
imposed by State law. For that reason, this action:
     Is not a significant regulatory action subject to review
by the Office of Management and Budget under Executive Orders 12866 (58
FR 51735, October 4, 1993) and 13563 (76 FR 3821, January 21, 2011);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide the EPA with the discretionary authority
to address, as appropriate, disproportionate human health or
environmental effects, using practicable and legally permissible
methods, under Executive Order 12898 (59 FR 7629, February 16, 1994).
    In addition, the SIP is not approved to apply on any Indian
reservation land or in any other area where the EPA or an Indian tribe
has demonstrated that a tribe has jurisdiction. In those areas of
Indian country, the rule does not have tribal implications and will not
impose substantial direct costs on tribal governments or preempt tribal
law as specified by Executive Order 13175 (65 FR 67249, November 9,
2000).
    This action is subject to the Congressional Review Act, and the EPA
will submit a rule report to each House of the Congress and to the
Comptroller General of the United States. This action is not a ``major
rule'' as defined by 5 U.S.C. 804(2).
    Under section 307(b)(1) of the Clean Air Act, petitions for
judicial review of this action must be filed in the United States Court
of Appeals for the appropriate circuit by October 21, 2022. Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this action for the purposes of
judicial review nor does it extend the time within which a petition for
judicial review may be filed and shall not postpone the effectiveness
of such rule or action. This action may not be challenged later in
proceedings to enforce its requirements. (See section 307(b)(2).)

List of Subjects

40 CFR Part 52

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

40 CFR Part 81

    Environmental protection, Air pollution control, National parks,
Wilderness areas.

    Dated: August 12, 2022.
Casey Sixkiller,
Regional Administrator, Region 10.

    For the reasons set forth in the preamble, 40 CFR part 52 is
amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

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

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

Subpart MM--Oregon

0
2. In Sec.  52.1970:
    a. In paragraph (c), amend Table 3 by removing the entry ``City of
Oakridge Ordinance 815''; and
0
b. In paragraph (e), amend Table 5 under the heading ``Attainment and
Maintenance Planning--Particulate Matter (PM10)'' by adding
an entry for ``Oakridge PM10 Maintenance Plan'' immediately
following the entry for ``PM10 2nd 10-year Limited
Maintenance Plan''.
    The addition reads as follows:

Sec.  52.1970  Identification of plan.

* * * * *
    (e) * * *

         Table 5--State of Oregon Air Quality Control Program Approved But Not Incorporated By Reference
----------------------------------------------------------------------------------------------------------------
                                       Applicable
      Name of SIP provision          geographic or          State       EPA approval date       Explanations
                                   nonattainment area  submittal date
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
                         Attainment and Maintenance Planning--Particulate Matter (PM10)
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
Oakridge PM10 Maintenance Plan..  Oakridge...........       1/13/2022  8/22/2022, [INSERT  .....................
                                                                        Federal Register
                                                                        CITATION].

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

PART 81--DESIGNATION OF AREAS FOR AIR QUALITY PLANNING PURPOSES

0
3. The authority citation for part 81 continues to read as follows:

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

0
4. In Sec.  81.338 amend the table entitled ``Oregon--PM-10'' by
revising the entry for ``Oakridge (the Urban Growth Boundary area)'' to
read as follows:

Sec.  81.338  Oregon.

* * * * *

                                                  Oregon--PM-10
----------------------------------------------------------------------------------------------------------------
                                             Designation                            Classification
        Designated area        ---------------------------------------------------------------------------------
                                     Date               Type                  Date                  Type
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
Oakridge (the Urban Growth           8/22/2022  Attainment
 Boundary area).

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

* * * * *
[FR Doc. 2022-17866 Filed 8-19-22; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 78, Number 105 (Friday, May 31, 2013)]
[Notices]
[Page 32696]
[FR Doc No: 2013-12989]

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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

China Environmental Protection, Inc., Order of Suspension of
Trading

May 29, 2013.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
China Environmental Protection, Inc. because it has not filed any
periodic reports since the period ended June 30, 2011.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed company. Therefore, it is ordered,
pursuant to Section 12(k) of the Securities Exchange Act of 1934, that
trading in the securities of the above-listed company is suspended for
the period from 9:30 a.m. EDT on May 29, 2013, through 11:59 p.m. EDT
on June 11, 2013.

    By the Commission.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-12989 Filed 5-29-13; 11:15 am]
BILLING CODE 8011-01-P