FINDINGS FOR 1999 2003 ZEV AMENDMENTS PREEMPTION WAIVER   G 04 062 State of California AIR RESOURCES BOARD EXECUTIVE ORDER G 04 062 Relating to Findings in Support of Request for a Waiver of Preemption and a Within the Scope of Previous Waivers Determination for the 1999 2003 Amendments to the California Zero Emission Vehicle Regulations WHEREAS, during 1998 2004 the Air Resources Board ( ARB or Board) conducted four different rulemakings in which it adopted amendments to the California Zero Emission Vehicle ( ZEV) regulations; these rulemakings are the 1999 ZEV amendments ( part of the second generation low emission vehicle ( LEV II) rulemaking), the 2001 ZEV amendments, the 2003 ZEV amendments, and the electric vehicle charger amendments; an additional minor amendment to the ZEV requirements was made as part of the second set of follow up amendments to the LEV II regulations adopted in 2002;

WHEREAS, Attachment A hereto shows in underline and strikeout text the ZEV regulations as they were amended in the last of these rulemakings   the 2003 ZEV amendments   compared to the text of the ZEV regulations as they existed immediately before the first of the rulemakings; the amendments shown are collectively referred to as the 1999 2003 ZEV amendments; and WHEREAS, Health and Safety Code section 39515 provides that the Board may delegate to the Executive Officer any duty that the Board deems appropriate, and section 39516 provides that any power which the Board may lawfully delegate to the Executive Officer shall be conclusively presumed to have been delegated unless it is shown that the Board, by affirmative vote recorded in the minutes of the Board, has specifically reserved the same for the Board's own action.

NOW, THEREFORE, IT IS ORDERED that I find that the 1999 2003 ZEV amendments as they apply to the 2006 and earlier model years do not undermine the ARB's prior determinations in the rulemakings adopting the first generation low emission vehicle regulations ( LEV I) regulations and the LEV II regulations that the California motor vehicle emission standards, in the aggregate, are at least as protective of public health and welfare as applicable federal standards.

IT IS FURTHER ORDERED that I find that the 1999 2003 ZEV amendments do not affect the consistency of the California ZEV requirements with section 202( a) of the federal Clean Air Act, and raise no new issues affecting the previous actions of the U. S. Environmental Protection Agency waiving preemption of the LEV I and LEV II regulations pursuant to section 209( b) of the federal Clean Air Act.

IT IS FURTHER ORDERED that I find that the California emission standards for 2007 and subsequent model year passenger cars and light duty trucks with the 1999 2003 Executive Order G 04 062 Page 2 FINDINGS FOR 1999 2003 ZEV AMENDMENTS PREEMPTION WAIVER   G 04 062 ZEV amendments are at least as protective of public health and welfare as applicable federal standards.

IT IS FURTHER ORDERED that I find that separate California emission standards and test procedures continue to be necessary to meet compelling and extraordinary conditions.

Executed this 15th day of September, 2004, at Sacramento, California.

/ s/

Catherine Witherspoon Executive Officer Attachment


[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Pages 37856-37857]
[FR Doc No: 2017-17090]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2809-034]

KEI (Maine) Power Management (III); Notice Soliciting Scoping
Comments

    Take notice that the following hydroelectric license application
has been filed with the Commission and is available for public
inspection.
    a. Type of Application: Subsequent Minor License.
    b. Project No.: P-2809-034.
    c. Date filed: April 28, 2017.
    d. Applicant: KEI (Maine) Power Management (III) LLC (KEI Power).
    e. Name of Project: American Tissue Hydroelectric Project.
    f. Location: On Cobbosseecontee Stream, in the Town of Gardiner,
Kennebec County, Maine. There are no Federal or tribal lands within the
project boundary.
    g. Filed Pursuant to: Federal Power Act 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Lewis C. Loon, Operations and Maintenance
Manager, USA, KEI (Maine) Power Management (III) LLC, 423 Brunswick
Avenue, Gardiner, ME 04345;<PHONE_NUMBER>.
    i. FERC Contact: John Baummer,<PHONE_NUMBER>, or
<EMAIL_ADDRESS>    j. Deadline for filing scoping comments: September 7, 2017.
    The Commission strongly encourages electronic filing. Please file
scoping comments using the Commission's eFiling system at http://www.ferc.gov/docs-filing/efiling.asp. Commenters can submit brief
comments up to 6,000 characters, without prior registration, using the
eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You
must include your name and contact information at the end of your
comments. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). In lieu of electronic filing, please send a paper copy to:
Secretary, Federal Energy Regulatory Commission, 888 First Street NE.,
Washington, DC 20426. The first page of any filing should include
docket number P-2809-034.
    The Commission's Rules of Practice require all intervenors filing
documents with the Commission to serve a copy of that document on each
person on the official service list for the project. Further, if an
intervenor files comments or documents with the Commission relating to
the merits of an issue that may affect the responsibilities of a
particular resource agency, they must also serve a copy of the document
on that resource agency.
    k. This application is not ready for environmental analysis at this
time.
    l. The existing American Tissue Project consists of: (1) A 256-
foot-long, 23-foot-high cut granite, stone and brick masonry dam that
includes a 61-foot-long west abutment section, a 100-foot-long spillway
section with 12-inch-high flashboards and a crest elevation of 122.3
feet mean sea level (msl), and a 95-foot-long east abutment section
with an intake structure that includes: (a) Trashracks with 2-inch
clear spacing, (b) a manually-operated headgate that controls flow to
the penstock, and (c) three low level outlets at an elevation of about
100 feet msl for releasing minimum flows to the bypassed reach; (2) an
approximately 5.5-acre, 1,000-foot-long impoundment with a normal
maximum water surface elevation of 123.3 feet msl; (3) a 280-foot-long,
7-foot-diameter underground steel penstock; (4) a 37-foot-long, 34-
foot-wide concrete and wooden powerhouse containing a single 1.0-MW
turbine-generator unit; (5) a 250-foot-long, 12-kilovolt transmission
line; (6) a tailrace; and (7) appurtenant facilities.
    KEI Power operates the project in a run-of-river mode with an
average annual generation of 5,430 megawatt-hours. KEI Power proposes
to release year-round minimum flows of 10 cubic feet per second (cfs)
(or inflow to the impoundment, whichever is less), to the bypassed
reach to enhance habitat for aquatic organisms and provide downstream
passage for alewives. KEI Power also proposes to release a minimum flow
of 52 cfs (or inflow, whichever is less) to the tailrace to protect
aquatic resources in the downstream reach. In addition, KEI Power
proposes to upgrade the existing downstream fish passage facility,
construct and operate a new upstream passage facility for American eel,
and release 40 cfs through the low level gates of the dam from
September 1 to November 15 to facilitate downstream eel passage.
    m. A copy of the application is available for review at the
Commission in the Public Reference Room or may be viewed on the
Commission's Web site at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to address the document. For assistance, contact
FERC Online Support. A copy is available for inspection and
reproduction at the address in item (h) above.
    n. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects.

For assistance, contact FERC Online Support.
    o. Scoping Process: The Commission staff intends to prepare a
single Environmental Assessment (EA) for the American Tissue
Hydroelectric Project in accordance with the National Environmental
Policy Act. The EA will consider both site-specific and cumulative
environmental impacts and reasonable alternatives to the proposed
action.
    Commission staff does not propose to conduct any on-site scoping
meetings at this time. Instead, we are soliciting comments,
recommendations, and information, on Scoping Document 1 (SD1) issued on
August 8, 2017.
    Copies of SD1 outlining the subject areas to be addressed in the EA
were distributed to the parties on the Commission's mailing list and
the applicant's distribution list. Copies of SD1 may be viewed on the
web at http://www.ferc.gov using the ``eLibrary'' link. Enter the
docket number excluding the last three digits in the docket number
field to access the document. For assistance, call 1-866-208-3676 or
for TTY,<PHONE_NUMBER>.

    Dated: August 8, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-17090 Filed 8-11-17; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 41 (Thursday, March 1, 2012)]
[Rules and Regulations]
[Pages 12495-12497]
[FR Doc No: 2012-4974]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2011-0990; FRL-9626-4]

Revisions to the California State Implementation Plan, Antelope
Valley Air Quality Management District and Mojave Desert Quality
Management District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Direct final rule.

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

SUMMARY: EPA is taking direct final action to approve revisions to the
Antelope Valley Air Quality Management District (AVAQMD) and Mojave
Desert Air Quality Management District (MDAQMD) portion of the
California State Implementation Plan (SIP). These revisions concern
recordkeeping for rules governing volatile organic compound (VOC)
emissions from coatings, solvents and adhesives and rules governing VOC
emissions from graphic arts and paper, film, foil and fabric coatings.
We are approving local rules that regulate these emission sources under
the Clean Air Act as amended in 1990(CAA or the Act).

DATES: This rule is effective on April 30, 2012 without further notice,
unless EPA receives adverse comments by April 2, 2012. If we receive
such comments, we will publish a timely withdrawal in the Federal
Register to notify the public that this direct final rule will not take
effect.

ADDRESSES: Submit comments, identified by docket number EPA-R09-OAR-
2011-0990, by one of the following methods:
    1. Federal eRulemaking Portal: www.regulations.gov. Follow the on-
line instructions.
    2. Email<EMAIL_ADDRESS>    3. Mail or deliver: Andrew Steckel (Air-4), U.S. Environmental
Protection Agency Region IX, 75 Hawthorne Street, San Francisco, CA
94105-3901.
    Instructions: All comments will be included in the public docket
without change and may be made available online at www.regulations.gov,
including any personal information provided, unless the comment
includes Confidential Business Information (CBI) or other information
whose disclosure is restricted by statute. Information that you
consider CBI or otherwise protected should be clearly identified as
such and should not be submitted through www.regulations.gov or email.
www.regulations.gov is an ``anonymous access'' system, and EPA will not
know your identity or contact information unless you provide it in the
body of your comment. If you send email directly to EPA, your email
address will be automatically captured and included as part of the
public comment. If EPA cannot read your comment due to technical
difficulties and cannot contact you for clarification, EPA may not be
able to consider your comment. Electronic files should avoid the use of
special characters, any form of encryption, and be free of any defects
or viruses.
    Docket: Generally, documents in the docket for this action are
available electronically at www.regulations.gov and in hard copy at EPA
Region IX, 75 Hawthorne Street, San Francisco, California. While all
documents in the docket are listed at www.regulations.gov, some
information may be publicly available only at the hard copy location
(e.g., copyrighted material, large maps), and some may not be publicly
available in either location

(e.g., CBI). To inspect the hard copy materials, please schedule an
appointment during normal business hours with the contact listed in the
FOR FURTHER INFORMATION CONTACT section.

FOR FURTHER INFORMATION CONTACT: Adrianne Borgia, EPA Region IX, (415)
972-3576<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, ``we,'' ``us,''
and ``our'' refer to EPA.

Table of Contents

I. The State's Submittal
    A. What rules did the State submit?
    B. Are there other versions of these rules?
    C. What is the purpose of the submitted rules?
II. EPA's Evaluation and Action
    A. How is EPA evaluating the rules?
    B. Do the rules meet the evaluation criteria?
    C. EPA Recommendations To Further Improve the Rules
    D. Public Comment and Final Action
III. Statutory and Executive Order Reviews

I. The State's Submittal

A. What rules did the State submit?

    Table 1 lists the rules we are approving with the dates that they
were adopted by the local air agency and submitted by the California
Air Resources Board (CARB).

                                            Table 1--Submitted Rules
----------------------------------------------------------------------------------------------------------------
             Local agency                  Rule No.            Rule title             Amended        Submitted
----------------------------------------------------------------------------------------------------------------
AVAQMD................................             109  Recordkeeping for                4/20/10         7/20/10
                                                         Volatile Organic
                                                         Compound Emissions.
MDAQMD................................            1117  Graphic Arts and Paper,          9/28/09         7/20/10
                                                         Film, Foil and Fabric
                                                         Coatings.
----------------------------------------------------------------------------------------------------------------

    On August 25, 2010, EPA determined that the two submittals met the
completeness criteria in 40 CFR Part 51 Appendix V, which must be met
before formal EPA review.

B. Are there other versions of these rules?

    We approved an earlier version of AVAQMD Rule 109 into the SIP on
September 2, 2008 (73 FR 51226). The AVAQMD amended the SIP-approved
version on April 20, 2010. We approved an earlier version of MDAQMD
Rule 1117 into the SIP on April 30, 1996 (61 FR 18962). The MDAQMD
amended the SIP-approved version on September 28, 2009. CARB submitted
both rules to us on July 20, 2010. While we can act on only the most
recently submitted version, we have reviewed materials provided with
previous submittals.

C. What is the purpose of the submitted rules?

    VOCs help produce ground-level ozone and smog, which harm human
health and the environment. Section 110(a) of the CAA requires States
to submit regulations that control VOC emissions. AVAQMD Rule 109
prescribes recordkeeping for several rules that limit emissions of VOC
from various solvents, coating, adhesive, graphic arts and polyester
resin operations and MDAQMD Rule 1117 limits emissions of VOC from
graphic art and paper, film, foil and fabric coatings. EPA's technical
support documents (TSDs) have more information about these rules.

II. EPA's Evaluation and Action

A. How is EPA evaluating the rules?

    Generally, SIP rules must be enforceable (see section 110(a) of the
Act), must require Reasonably Available Control Technology (RACT) for
each category of sources covered by a Control Techniques Guidelines
(CTG) document as well as each major source in nonattainment areas (see
sections 182(a)(2) and (b)(2)), and must not relax existing
requirements (see sections 110(l) and 193). AVAQMD and MDAQMD regulate
ozone moderate nonattainment areas (see 40 CFR part 81). AVAQMD Rule
109 does not, in itself, control VOC emissions and therefore is not
subject to RACT requirements. However, MDAQMD Rule 1117 must fulfill
RACT.
    Guidance and policy documents that we use to evaluate
enforceability and RACT requirements consistently include the
following:

1. ``Issues Relating to VOC Regulation Cutpoints, Deficiencies, and
Deviations,'' EPA, May 25, 1988 (the Bluebook).
2. ``Guidance Document for Correcting Common VOC & Other Rule
Deficiencies,'' EPA Region 9, August 21, 2001 (the Little Bluebook).
3. CARB's Consumer Products Regulation, Title 17, California Code of
Regulations (CCR), Division 3, Chapter 1, Subchapter 8.5, Article 2,
Sections 94507-94517.
4. EPA's model VOC rule guidance titled, ``Model Volatile Organic
Compound Rules for Reasonably Available Control Technology'' (June
1992).

B. Do the Rules Meet the Evaluation Criteria?

    We believe these rules are consistent with the relevant policy and
guidance regarding enforceability, RACT and SIP relaxations. The TSDs
have more information on our evaluation.

C. EPA Recommendations To Further Improve the Rules

    The TSDs describe additional rule revisions that we recommend for
the next time the local agency modifies the rules.

D. Public Comment and Final Action

    As authorized in section 110(k)(3) of the Act, EPA is fully
approving the submitted rules because we believe they fulfill all
relevant requirements. We do not think anyone will object to this
approval, so we are finalizing it without proposing it in advance.
However, in the Proposed Rules section of this Federal Register, we are
simultaneously proposing approval of the same submitted rules. If we
receive adverse comments by April 2, 2012, we will publish a timely
withdrawal in the Federal Register to notify the public that the direct
final approval will not take effect and we will address the comments in
a subsequent final action based on the proposal. If we do not receive
timely adverse comments, the direct final approval will be effective
without further notice on April 30, 2012. This will incorporate these
rules into the federally enforceable SIP.
    Please note that if EPA receives adverse comments on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment.

III. 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 Act and
applicable Federal regulations. 42 U.S.C. 7410(k);

40 CFR 52.02(a). Thus, in reviewing SIP submissions, EPA's role is to
approve State choices, provided that they meet the criteria of the
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 Order
12866 (58 FR 51735, October 4, 1993);
     Does not impose an information collection burden under the
provisions of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.);
     Is certified as not having a significant economic impact
on a substantial number of small entities under the Regulatory
Flexibility Act (5 U.S.C. 601 et seq.);
     Does not contain any unfunded mandate or significantly or
uniquely affect small governments, as described in the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4);
     Does not have Federalism implications as specified in
Executive Order 13132 (64 FR 43255, August 10, 1999);
     Is not an economically significant regulatory action based
on health or safety risks subject to Executive Order 13045 (62 FR
19885, April 23, 1997);
     Is not a significant regulatory action subject to
Executive Order 13211 (66 FR 28355, May 22, 2001);
     Is not subject to requirements of Section 12(d) of the
National Technology Transfer and Advancement Act of 1995 (15 U.S.C. 272
note) because application of those requirements would be inconsistent
with the Clean Air Act; and
     Does not provide EPA with the discretionary authority to
address disproportionate human health or environmental effects with
practical, appropriate, and legally permissible methods under Executive
Order 12898 (59 FR 7629, February 16, 1994).
    In addition, this rule does not have tribal implications as
specified by Executive Order 13175 (65 FR 67249, November 9, 2000),
because the SIP is not approved to apply in Indian country located in
the State, and EPA notes that it will not impose substantial direct
costs on tribal governments or preempt tribal law.
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rules,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this action and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Parties with objections to this direct final rule are encouraged to
file a comment in response to the parallel notice of proposed
rulemaking for this action published in the Proposed Rules section of
today's Federal Register, rather than file an immediate petition for
judicial review of this direct final rule, so that EPA can withdraw
this direct final rule and address the comment in the proposed
rulemaking. This action may not be challenged later in proceedings to
enforce its requirements (see section 307(b)(2)).

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Reporting and recordkeeping requirements, Volatile organic
compounds.

    Dated: January 13, 2012.
Jared Blumenfeld,
Regional Administrator, Region IX.
    Part 52, Chapter I, Title 40 of the Code of Federal Regulations is
amended as follows:

PART 52 [AMENDED]

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

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

Subpart F--California

0
2. Section 52.220, is amended by adding paragraphs (c)(381)(i)(G)(2)
and (c)(381)(i)(H) to read as follows:

Sec.  52.220  Identification of plan.

* * * * *
    (c) * * *
    (381) * * *
    (i) * * *
    (G) * * *
    (2) Rule 109, ``Recordkeeping for Volatile Organic Compound
Emissions,'' amended April 20, 2010.
    (H) Mojave Desert Air Quality Management District
    (1) Rule 1117, ``Graphic Arts and Paper, Film, Foil and Fabric
Coatings,'' amended September 28, 2009.
* * * * *
[FR Doc. 2012-4974 Filed 2-29-12; 8:45 am]
BILLING CODE 6560-50-P


	ENVIRONMENTAL PROTECTION AGENCY

	40 CFR Part 52

	[EPA-R03-OAR-2005-0549; FRL-          ]

Approval and Promulgation of Air Quality Implementation Plans;
Pennsylvania; Additional NOx Emission Reductions to Support the
Philadelphia-Trenton-Wilmington One-Hour Ozone Nonattainment Area, and
Remaining NOx SIP Call Requirements

AGENCY:	Environmental Protection Agency (EPA).

ACTION:	Final rule.

SUMMARY:  EPA is approving State Implementation Plan (SIP) revisions
submitted by the Commonwealth of Pennsylvania.  These revisions pertain
to nitrogen oxides (NOx) reductions that are required for the
Commonwealth to support its approved attainment demonstration for the
Philadelphia-Trenton-Wilmington one-hour ozone nonattainment area (the
Philadelphia Area); NOx reductions from stationary internal combustion
(IC) engines to meet the NOx SIP Call Phase II (Phase II); and NOx
reductions from cement kilns to meet the NOx SIP Call.  The revisions
also include provisions for emission credits for sources that generate
zero-emission renewable energy.  The intended effect of this action is
to approve these revisions into the Pennsylvania SIP.  This action is
being taken under the Clean Air Act (CAA or the Act).

EFFECTIVE DATE:  This final rule is effective on [insert date 30 days
from date of publication].

ADDRESSES:  EPA has established a docket for this action under Docket
ID Number EPA-R03-OAR-2005-0549.  All documents in the docket are listed
in the www.regulations.gov website.   Although listed in the electronic
docket, some information is not publicly available, i.e., confidential
business information (CBI) or other information whose disclosure is
restricted by statute.  Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy form.  Publicly available docket materials are
available either electronically through www.regulations.gov or in hard
copy for public inspection during normal business hours at the Air
Protection Division, U.S. Environmental Protection Agency, Region III,
1650 Arch Street, Philadelphia, Pennsylvania 19103. Copies of the State
submittal are available at the Pennsylvania Department of Environmental
Resources Bureau of Air Quality Control, P.O. Box 8468, 400 Market
Street, Harrisburg, Pennsylvania 17105.

FOR FURTHER INFORMATION CONTACT:  Marilyn Powers,<PHONE_NUMBER>, or by

email at<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

I.	Background

On July 14, 2006 (71 FR 40048), EPA published a notice of proposed
rulemaking (NPR) for the Commonwealth of Pennsylvania.  The NPR proposed
approval of SIP revisions submitted by the Commonwealth on March 29,
2005, with a supplemental submittal on February 6, 2006.

Summary of SIP Revision

The SIP revisions establish ozone season NOx emission limits for certain
existing and new boilers, turbines, and stationary internal combustion
engines that are small sources of NOx located in the Pennsylvania
portion of the Philadelphia Area.  This revision also establishes ozone
season NOx emission limits for large stationary internal combustion
engines and Portland cement kilns throughout the State.  Other specific
requirements of the SIP revisions and the rationale for EPA's proposed
action are explained in the NPR and will not be restated here.  No
public comments were received on the NPR.

III.	Final Action

EPA is approving the SIP revisions submitted by the Commonwealth of
Pennsylvania on March 29, 2005, with a supplemental submission on
February 6, 2006.  The revisions support the State’s attainment
demonstration for the Philadelphia Area SIP and satisfy its remaining
obligations under the NOx SIP Call.

IV.   Statutory and Executive Order Reviews

A.   General Requirements

Under Executive Order 12866 (58 FR 51735, October 4, 1993), this action
is not a "significant regulatory action" and therefore is not subject to
review by the Office of Management and Budget.  For this reason, this
action is also not subject to Executive Order 13211, "Actions Concerning
Regulations That Significantly Affect Energy Supply, Distribution, or
Use" (66 FR 28355, May 22, 2001).  This action merely approves state law
as meeting Federal requirements and imposes no additional requirements
beyond those imposed by state law.  Accordingly, the Administrator
certifies that this rule will not have a significant economic impact on
a substantial number of small entities under the Regulatory Flexibility
Act (5 U.S.C. 601 et seq.).  Because this rule approves pre-existing
requirements under state law and does not impose any additional
enforceable duty beyond that required by state law, it does not contain
any unfunded mandate or significantly or uniquely affect small
governments, as described in the Unfunded Mandates Reform Act of 1995
(Public Law 104-4).   This rule also does not have tribal implications
because it will not have a substantial direct effect on one or more
Indian tribes, on the relationship between the Federal Government and
Indian tribes, or on the distribution of power and responsibilities
between the Federal Government and Indian tribes, as specified by
Executive Order 13175 (65 FR 67249, November 9, 2000).  This action also
does not have Federalism implications because it does not have
substantial direct effects on the States, on the relationship between
the national government and the States, or on the distribution of power
and responsibilities among the various levels of government, as
specified in Executive Order 13132 (64 FR 43255, August 10, 1999).  This
action merely approves a state rule implementing a Federal requirement,
and does not alter the relationship or the distribution of power and
responsibilities established in the Clean Air Act.  This rule also is
not subject to Executive Order 13045 (Protection of Children from
Environmental Health Risks and Safety Risks( (62 FR 19885, April 23,
1997), because it is not economically significant.

In reviewing SIP submissions, EPA(s role is to approve state choices,
provided that they meet the criteria of the Clean Air Act.  In this
context, in the absence of a prior existing requirement for the State to
use voluntary consensus standards (VCS), EPA has no authority to
disapprove a SIP submission for failure to use VCS.  It would thus be
inconsistent with applicable law for EPA, when it reviews a SIP
submission, to use VCS in place of a SIP submission that otherwise
satisfies the provisions of the Clean Air Act.  Thus, the requirements
of section 12(d) of the National Technology Transfer and Advancement Act
of 1995 (15 U.S.C. 272 note) do not apply.  This rule does not impose an
information collection burden under the provisions of the Paperwork
Reduction Act of 1995 (44 U.S.C. 3501 et seq.).

B.   Submission to Congress and the Comptroller General

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

C.  Petitions for Judicial Review

Under section 307(b)(1) of the 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 [insert date 60 days from date of
publication of this document in the Federal Register].  Filing a
petition for reconsideration by the Administrator of this final rule
does not affect the finality of this rule 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 to approve ozone season NOx emission limits for small
sources of NOx in the Philadelphia Area and for large stationary
internal combustion engines and Portland cement kilns throughout the
State may not be challenged later in proceedings to enforce its
requirements.  (See section 307(b)(2).)

List of Subjects in 40 CFR part 52

Environmental protection, Air pollution control, Nitrogen dioxide,
Ozone, Reporting and recordkeeping requirements.

                              /s/

_____________
___________________________

Dated:   September 20, 2006  				Donald S. Welsh,
         								Regional Administrator,

                                  					Region III.

40 CFR part 52 is amended as follows:

PART 52 - [AMENDED]

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

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

Subpart NN(Pennsylvania

2. In ( 52.2020, the table in paragraph (c)(1) is amended by revising
entries for Title 25, Chapter121, Section 1 and Chapter 145, Section 42;
and by adding entries for Chapter 129, Sections 201 through 205, Chapter
145, Sections 111 through 113, and Chapter 145, Sections 141 through
143. The amendments read as follows:

( 52.2020  	Identification of plan.

* 	* 	* 	* 	*

(c) ***

(1) ***

State citation

Title/subject

State effective date

EPA approval date

Additional

explanation/

( 52.2063 citation

	TITLE 25.  ENVIRONMENTAL PROTECTION

ARTICLE III.  AIR RESOURCES

*      *      *      *      *     *      *

CHAPTER 121. GENERAL PROVISIONS

Section 121.1

	Definitions	12/11/04	[Insert Federal Register publication date] [Insert
page number where the document begins]

*      *      *      *      *     *      *

CHAPTER 129.  STANDARDS FOR SOURCES

*      *      *      *      *     *      *

ADDITIONAL NOx REQUIREMENTS

Section 129.201

	Boilers	12/11/04	[Insert Federal Register publication date] [Insert
page number where the document begins]

	Section 129.202	Stationary combustion turbines

12/11/04	[Insert Federal Register publication date] [Insert page number
where the document begins]

Section 129.203

Stationary internal combustion engines

12/11/04	[Insert Federal Register publication date] [Insert page number
where the document begins]

Section 129.204

Emission accountability

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

Section 129.205	Zero emission renewable energy production credit

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

*      *      *      *      *     *      *

CHAPTER 145.  INTERSTATE POLLUTION TRANSPORT REDUCTION

Subchapter A.	NOx  Budget Trading Program

*      *      *      *      *     *      *

NOx Allowance Allocations

*      *      *      *      *     *      *

Section 145.42

NOx allowance allocations

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

*      *      *      *      *     *      *

Subchapter B.  	Emissions of NOx From Stationary Internal Combustion
Engines

Section 145.111

Applicability

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

New Section

Section 145.112	Definitions

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

New Section

Section 145.113

Standard Requirements

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

New Section

Subchapter C.  	Emissions of NOx From Cement Manufacturing

Section 145.141

Applicability

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

New Section

Section 145.142

Definitions

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

New Section

Section 145.143

Standard requirements

12/11/04

[Insert Federal Register publication date] [Insert page number where the
document begins]

New Section

*      *      *      *      *     *      *

*    *   *   *    *

 PAGE  6

 PAGE  10


[Federal Register Volume 78, Number 149 (Friday, August 2, 2013)]
[Notices]
[Pages 47037-47041]
[FR Doc No: 2013-18594]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-70055; File No. SR-NYSEArca-2013-52]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment No. 1 and Order Granting Accelerated Approval of Proposed
Rule Change, as Modified by Amendment No. 1 Thereto, To List and Trade
Shares of the First Trust Morningstar Managed Futures Strategy Fund
Under NYSE Arca Equities Rule 8.600

July 29, 2013.

I. Introduction

    On May 15, 2013, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the First
Trust Morningstar Futures Strategy Fund (``Fund'') \3\ under NYSE Arca
Equities Rule 8.600. The proposed rule change was published for comment
in the Federal Register on May 30, 2013.\4\ The Commission received no
comments on the proposal. On July 24, 2013, the Exchange filed
Amendment No. 1 to the proposed rule change.\5\ The Commission is
publishing this notice to solicit comments on Amendment No. 1 to the
proposed rule change from interested persons and is approving the
proposed rule change, as modified by Amendment No. 1, on an accelerated
basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See infra note 5 (noting the change in the name of the Fund
in Amendment No. 1).
    \4\ See Securities Exchange Act Release No. 69636 (May 24,
2013), 78 FR 32503 (``Notice'').
    \5\ In Amendment No. 1, the Exchange: (i) Changed the name of
the Fund to the First Trust Morningstar Futures Managed Strategy
Fund; (ii) clarified that the Fund will seek to exceed, rather than
track, the performance of its benchmark (as described below); and
(iii) made conforming changes to reflect the clarification in (ii).
The Exchange explained that the changes in Amendment No. 1 are
intended to ensure that the representations in the Exchange's 19b-4
filing correspond to the representations made by the Trust in its
application for certain exemptive relief under the 1940 Act
applicable to the Fund and other actively-managed funds of the
Trust. See Investment Company Act Release No. 30029 (April 20, 2012)
(File No. 812-13795). According to the Exchange, the changes
contained in Amendment No. 1 do not represent a change in the manner
in which the Fund would be operated as described in the Exchange's
original 19b-4 filing. In addition, the revised language conforms to
language included in an amendment to the Trust's registration
statement filed with the Commission on July 18, 2013. See infra note
6 and accompanying text.
---------------------------------------------------------------------------

II. Description of the Proposal

    The Exchange proposes to list and trade the Shares under NYSE Arca
Equities Rule 8.600, which governs the listing and trading of Managed
Fund Shares. The Shares will be offered by First Trust Exchange-Traded
Fund V (``Trust''),\6\ a statutory trust organized under the laws of
the State of Massachusetts and registered with the Commission as an
open-end management investment company. The investment adviser to the
Fund is First Trust Advisors L.P. (``Adviser''). First Trust Portfolios
L.P. will be the principal underwriter and distributor of the Shares.
The Bank of New York Mellon Corporation will serve as administrator,
custodian, and transfer agent for the Fund. The Exchange states that
the Adviser is not a broker-dealer but is affiliated with a broker-
dealer and has implemented a fire wall between it and its broker-dealer
affiliate regarding access to information concerning the composition
and/or changes to the portfolio.\7\
---------------------------------------------------------------------------

    \6\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). On July 18, 2013, the Trust filed with the
Commission an amendment to its registration statement on Form N-1A
under the Securities Act of 1933 (15 U.S.C. 77a) (the ``1933 Act'')
and under the 1940 Act relating to the Fund (File Nos. 333-181507
and 811-22709) (``Registration Statement''). In addition, the
Commission issued an order granting certain exemptive relief to the
Trust under the 1940 Act. See Investment Company Act Release No.
30029 (April 10, 2012) (File No. 812-13795).
    \7\ See NYSE Arca Equities Rule 8.600, Commentary .06. In the
event (a) the Adviser becomes newly affiliated with a broker-dealer,
or (b) any new adviser or sub-adviser is a registered broker-dealer
or becomes affiliated with a broker-dealer, it will implement a fire
wall with respect to its relevant personnel or its broker-dealer
affiliate 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.
---------------------------------------------------------------------------

    The Exchange states that the Commodity Futures Trading Commission
(``CFTC'') has recently 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 (``CPO''). As
a result of the instruments that will be held by the Fund, the Adviser
has registered as a CPO and is also a member of the National Futures
Association.

Investments

    The Fund will seek to achieve positive total returns that are not
directly correlated to broad market equity or fixed income returns. The
Fund uses as a benchmark the Morningstar\(R)\ Diversified Futures
Index\(SM)\ (the ``Benchmark''), which is developed, maintained and
sponsored by Morningstar, Inc. (``Morningstar'') \8\ and seeks to
exceed the performance of the Benchmark. The Fund is not an ``index
tracking'' ETF. However, the Fund will generally seek to hold similar
instruments to those included in the Benchmark and seek exposure to
commodities, currencies, and equity indexes included in the Benchmark.
The Benchmark seeks to reflect trends (in either direction) in the
commodity futures, currency futures, and financial futures markets. The
Benchmark is a fully collateralized futures index that offers
diversified exposure to global markets through highly-liquid, exchange-
listed futures contracts on commodities, currencies, and equity
indexes. However, the Fund is not obligated to invest in the same
instruments included in the Benchmark. The Exchange states that there
can be no assurance that the Fund's performance

will exceed the performance of the Benchmark at any time.
---------------------------------------------------------------------------

    \8\ Morningstar is not a broker-dealer but is affiliated with a
broker-dealer and, with respect to such broker-dealer affiliate, has
implemented a fire wall and procedures designed to prevent the
illicit use and dissemination of material, non-public information
regarding the Benchmark.
---------------------------------------------------------------------------

    The Fund is not sponsored, endorsed, sold or promoted by
Morningstar. Morningstar's only relationship to the Fund is the
licensing of certain service marks and service names of Morningstar and
of the Benchmark, which is determined, composed, and calculated by
Morningstar without regard to the Adviser or the Fund. Morningstar has
no obligation to take the needs of the Adviser or the Fund into
consideration in determining, composing, or calculating the Benchmark.
    Under normal market conditions,\9\ the Fund, through FT Cayman
Subsidiary, a wholly-owned subsidiary of the Fund organized under the
laws of the Cayman Islands (``Subsidiary''), will invest in a
diversified portfolio of exchange-listed commodity futures, currency
futures, and equity index futures (collectively, ``Futures
Instruments'') with an aggregate notional value substantially equal to
the Fund's net assets.
---------------------------------------------------------------------------

    \9\ 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.
---------------------------------------------------------------------------

    The Fund will not invest directly in Futures Instruments. The Fund
expects to exclusively gain exposure to these investments by investing
in the Subsidiary. The Subsidiary will be advised by the Adviser.\10\
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 Futures Instruments. The Subsidiary will have the same investment
objective as the Fund, but unlike the Fund, it may invest without
limitation in Futures Instruments. Except as otherwise noted,
references to the Fund's investments may also be deemed to include the
Fund's indirect investments through the Subsidiary. The Fund will
invest up to 25% of its total assets in the Subsidiary. The
Subsidiary's investments will provide the Fund with exposure to
domestic and international markets.
---------------------------------------------------------------------------

    \10\ The Subsidiary is not registered under the 1940 Act and is
not directly subject to its investor protections, except as noted in
the Registration Statement. However, the Subsidiary is wholly-owned
and controlled by the Fund and is advised by the Adviser. Therefore,
because of the Fund's ownership and control of the Subsidiary, the
Subsidiary would not take action contrary to the interests of the
Fund or its shareholders. The Fund's Board of Trustees (``Board'')
has 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 Adviser
receives no additional compensation for managing the assets 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.
---------------------------------------------------------------------------

    The Fund will invest a substantial portion of its assets in fixed
income securities that include U.S. government and agency securities,
money market instruments,\11\ overnight and fixed-term repurchase
agreements, cash, and other cash equivalents. The Fund will use the
fixed-income securities as investments and to meet asset coverage tests
resulting from the Subsidiary's derivative exposure on a day-to-day
basis. The Fund may also invest directly in exchange-traded funds
(``ETFs'') \12\ and other investment companies that provide exposure to
commodities, equity securities, and fixed income securities, to the
extent permitted under the 1940 Act. Under the 1940 Act, the Fund's
investment in investment companies is limited to, subject to certain
exceptions: (i) 3% of the total outstanding voting stock of any one
investment company; (ii) 5% of the Fund's total assets with respect to
any one investment company; and (iii) 10% of the Fund's total assets of
investment companies in the aggregate. As a whole, the Fund's
investments seek to exceed the investment returns of the Benchmark
within the limitations of the federal tax requirements applicable to
regulated investment companies.
---------------------------------------------------------------------------

    \11\ The Fund may invest in shares of money market funds to the
extent permitted by the 1940 Act.
    \12\ For purposes of this proposed rule change, ETFs include
securities such as those listed and traded under NYSE Arca Equities
Rule 5.2(j)(3) (Investment Company Units), 8.100 (Portfolio
Depositary Receipts), and 8.600 (Managed Fund Shares).
---------------------------------------------------------------------------

    The Benchmark and the Subsidiary's holdings in futures contracts
will consist of futures contracts providing long, short, and flat
exposure, which include, but are not limited to, commodities, equity
indexes, and currencies (Euro, Japanese Yen, British Pound, Canadian
Dollar, Australian Dollar, and Swiss Franc).\13\ The Subsidiary's
exposure will generally be weighted 50% in commodity futures, 25% in
equity futures, and 25% in currency futures. The base weights typically
will be rebalanced quarterly to maintain the 50%/25%/25% allocation.
---------------------------------------------------------------------------

    \13\ According to the Exchange, to be ``long'' means to hold or
be exposed to a security or instrument with the expectation that its
value will increase over time. To be ``short'' means to sell or be
exposed to a security or instrument with the expectation that it
will fall in value. To be ``flat'' means to move a position to cash
if a short signal is triggered in a security or instrument. The
Fund, through the Subsidiary, will benefit if it has a long position
in a security or instrument that increases in value or a short
position in a security or instrument that decreases in value.
Conversely, the Fund, through the Subsidiary, will be adversely
impacted if it holds a long position in a security or instrument
that declines in value and a short position in a security or
instrument that increases in value.
---------------------------------------------------------------------------

    The Subsidiary's commodity- and currency-linked investments
generally will be limited to investments in listed futures contracts
that provide exposure to commodity and non-U.S. currency returns. The
Subsidiary will also invest in exchange-listed equity index futures.
The Fund and the Subsidiary also may enter into repurchase agreements
with counterparties that are deemed to present acceptable credit risks.
A repurchase agreement is a transaction in which the Fund and the
Subsidiary purchase securities or other obligations from a bank or
securities dealer and simultaneously commit to resell them to the bank
or securities dealer at an agreed-upon date or upon demand and at a
price reflecting a market rate of interest unrelated to the coupon rate
or maturity of the purchased obligations.
    The Fund, through the Subsidiary, will attempt to capture the
economic benefit derived from rising and declining trends based on the
moving average price changes of commodity futures, currency futures,
and equity index futures. Each of the Subsidiary's investments will
generally be positioned long, short, or flat based on its price
relative to its average price over a recent period, with the ability to
change positions as frequently as daily if the Benchmark is so
adjusted. The Fund, through the Subsidiary, may have a higher or lower
exposure to any sector or component within the Benchmark at any time.
    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 will not invest in any non-U.S. equity securities (other than
shares of the Subsidiary), and the Subsidiary will not invest in any
non-U.S. equity securities.
    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.

Other Investments

    The Fund may from time to time purchase securities on a ``when-
issued''

or other delayed-delivery basis. The price of securities purchased in
such transactions is fixed at the time the commitment to purchase is
made, but delivery and payment for the securities take place at a later
date.
    The Fund may invest in certificates of deposit issued against funds
deposited in a bank or savings and loan association. In addition, the
Fund may invest in bankers' acceptances, which are short-term credit
instruments used to finance commercial transactions.
    The Fund may invest in 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. In addition, the Fund may invest
in commercial paper, which are short-term unsecured promissory notes,
including variable rate master demand notes issued by corporations to
finance their current operations. Master demand notes are direct
lending arrangements between the Fund and a corporation. The Fund may
invest in commercial paper only if it has received the highest rating
from at least one nationally recognized statistical rating organization
or, if unrated, judged by First Trust to be of comparable quality.
    The Fund may also invest a portion of its assets in exchange-traded
pooled investment vehicles (``Underlying ETPs'') other than registered
investment companies that invest principally in commodities.\14\
---------------------------------------------------------------------------

    \14\ The term ``Underlying ETPs'' includes Trust Issued Receipts
(as described in NYSE Arca Equities Rule 8.200); Commodity-Based
Trust Shares (as described in NYSE Arca Equities Rule 8.201);
Commodity Index Trust Shares (as described in NYSE Arca Equities
Rule 8.203); and Trust Units (as described in NYSE Arca Equities
Rule 8.500). The Underlying ETPs all will be listed and traded in
the U.S. on registered exchanges.
---------------------------------------------------------------------------

Investment Limitations

    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
Fund's Benchmark. Further the Fund's investments will be consistent
with the Fund's investment objective and will not be used to enhance
leverage.
    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.\15\ This restriction does not apply to obligations issued
or guaranteed by the U.S. Government, its agencies, or
instrumentalities.
---------------------------------------------------------------------------

    \15\ 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).
---------------------------------------------------------------------------

    The Fund will not purchase securities of open-end or closed-end
investment companies except in compliance with the 1940 Act.
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities (calculated at the time of investment),
including Rule 144A securities and master demand notes. 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 securities. Illiquid securities 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.\16\
---------------------------------------------------------------------------

    \16\ 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
1933 Act).
---------------------------------------------------------------------------

    The Fund or the Subsidiary will not invest in options on commodity
futures, structured notes, equity-linked derivatives, forwards, or swap
contracts.
    The Fund intends to qualify, and to elect to be treated as, a
separate regulated investment company under Subchapter M of the
Internal Revenue Code.\17\
---------------------------------------------------------------------------

    \17\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    A more detailed description of the Shares, Fund, Subsidiary,
Benchmark, investment strategies and risks, creation and redemption
procedures, and fees, among other things, is included in the Notice and
the Registration Statement, as applicable.\18\
---------------------------------------------------------------------------

    \18\ See supra notes 4 and 6, respectively.
---------------------------------------------------------------------------

III. Discussion and Commission's Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\19\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Exchange
Act,\20\ which requires, among other things, that the Exchange's rules
be designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest. The Commission notes that the Fund
and the Shares must comply with the rules of the Exchange, including
the requirements of NYSE Arca Equities Rule 8.600, to be listed and
traded on the Exchange.
---------------------------------------------------------------------------

    \19\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Exchange Act,\21\ which sets forth Congress's finding that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for, and transactions in, securities. Quotation and last-
sale information for the Shares will be available via the Consolidated
Tape Association (``CTA'') high-speed line. In addition, the Portfolio
Indicative Value, as defined in NYSE Arca Equities Rule 8.600(c)(3),
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Core Trading Session.\22\ On each
business day, before commencement of trading in Shares in the Core
Trading Session on the Exchange, the Fund will disclose on its Web site
the Disclosed Portfolio, as defined in NYSE Arca Equities Rule
8.600(c)(2), that will form the basis for the Fund's calculation of net
asset value (``NAV'') at the end of the business day.\23\ The NAV of
the

Fund will be determined at the close of trading (normally 4:00 p.m.
Eastern Time) on each day the New York Stock Exchange is open for
business. Information regarding market price and trading volume of the
Shares will be continually available on a real-time basis throughout
the day on brokers' computer screens and other electronic services.
Information regarding the previous day's closing price and trading
volume information for the Shares will be published daily in the
financial section of newspapers. The intra-day, closing, and settlement
prices of the portfolio investments (e.g., Futures Instruments, ETFs,
underlying ETPs, and fixed income securities) are also readily
available from the national securities and futures exchanges trading
such securities and futures, as applicable, automated quotation
systems, published or other public sources, or on-line information
services such as Bloomberg or Reuters. 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.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \22\ According to the Exchange, several major market data
vendors widely disseminate Portfolio Indicative Values taken from
CTA or other data feeds.
    \23\ On a daily basis, for each portfolio security and other
financial instrument of the Fund and of the holdings of the
Subsidiary, the Fund will disclose the following information on the
Fund's Web site: ticker symbol (if applicable); name of security,
futures contract, and/or financial instrument; number of shares, if
applicable, and dollar value of each security, futures contract,
and/or financial instrument held; and percentage weighting of each
security, futures contract, and/or financial instrument held. The
Web site information will be publicly available at no charge.
---------------------------------------------------------------------------

    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes 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.\24\
In addition, trading in the Shares will be subject to NYSE Arca
Equities Rule 8.600(d)(2)(D), which sets forth circumstances under
which Shares may be halted. The Exchange may halt trading in the Shares
if trading is not occurring in the securities and/or the financial
instruments comprising the Disclosed Portfolio of the Fund, or if other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present.\25\
---------------------------------------------------------------------------

    \24\ See NYSE Arca Equities Rule 8.600(d)(1)(B).
    \25\ See NYSE Arca Equities Rule 8.600(d)(2)(C) (providing
additional considerations for the suspension of trading in or
removal from listing of Managed Fund Shares on the Exchange). With
respect to trading halts, the Exchange may consider other relevant
factors in exercising its discretion to halt or suspend trading in
the Shares. Trading in Shares will be halted if the circuit breaker
parameters in NYSE Arca Equities Rule 7.12 have been reached.
Trading also may be halted because of market conditions or for
reasons that, in the view of the Exchange, make trading in the
Shares inadvisable.
---------------------------------------------------------------------------

    Further, the Financial Industry Regulatory Authority (``FINRA''),
on behalf of the Exchange,\26\ will communicate as needed regarding
trading in the Shares with other markets that are members of the
Intermarket Surveillance Group (``ISG''), including all U.S. securities
exchanges and futures exchanges on which futures contracts included in
the Benchmark are traded or with which the Exchange has in place a
comprehensive surveillance sharing agreement. The Exchange states that
it has a general policy prohibiting the distribution of material, non-
public information by its employees. The Exchange also states that the
Adviser is affiliated with a broker-dealer, and 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 portfolio.\27\
---------------------------------------------------------------------------

    \26\ The Exchange states that, while FINRA surveils trading on
the Exchange pursuant to a regulatory services agreement, the
Exchange is responsible for FINRA's performance under this
regulatory services agreement.
    \27\ See supra note 7. The Commission notes that an investment
adviser to an open-end fund is required to be registered under the
Investment Advisers Act of 1940 (``Advisers Act''). As a result, the
Adviser and its related personnel are subject to the provisions of
Rule 204A-1 under the Advisers Act relating to codes of ethics. This
Rule requires investment advisers to adopt a code of ethics that
reflects the fiduciary nature of the relationship to clients as well
as compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has: (i) Adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
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    The Exchange represents that the Shares are deemed to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of its proposal to list and trade the Shares, the Exchange
has made representations, including:
    (1) The Shares will conform to the initial listing criteria
applicable under NYSE Arca Equities Rule 8.600.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) Trading in the Shares will be subject to the existing trading
surveillances, administered by FINRA on behalf of the Exchange, which
are designed to detect violations of Exchange rules and applicable
federal securities laws.\28\ These procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and applicable federal
securities laws.
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    \28\ See supra note 26.
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    (4) Prior to the commencement of trading, the Exchange will inform
its Equity Trading Permit Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (i)
The procedures for purchases and redemptions of Shares in Creation
Units (and that Shares are not individually redeemable); (ii) NYSE Arca
Equities Rule 9.2(a), which imposes a duty of due diligence on its
Equity Trading Permit Holders to learn the essential facts relating to
every customer prior to trading the Shares; (iii) the risks involved in
trading the Shares during the Opening and Late Trading Sessions when an
updated Portfolio Indicative Value will not be calculated or publicly
disseminated; (iv) how information regarding the Portfolio Indicative
Value is disseminated; (v) the requirement that Equity Trading Permit
Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (vi) trading information.
    (5) For initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 under the Exchange Act,\29\ as provided by
NYSE Arca Equities Rule 5.3.\30\
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    \29\ 17 CFR 240.10A-3.
    \30\ See Notice, supra note 4, 78 FR 32506.
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    (6) The Chicago Mercantile Exchange (``CME''), the Chicago Board of
Trade, the New York Mercantile Exchange (``NYMEX''), and ICE Futures
U.S. are members of ISG, and the Exchange may obtain market
surveillance information with respect to transactions occurring on the
Commodity Exchange (``COMEX'') pursuant to the ISG memberships of CME
and NYMEX. The Exchange has in place a comprehensive surveillance
sharing agreement with the Kansas City Board of Trade and ICE Futures
U.K. relating to trading of applicable components of the Benchmark. In
addition, with respect to

futures contracts in which the Subsidiary invests, not more than 10% of
the weight of such futures contracts in the aggregate shall consist of
futures contracts whose principal trading market: (i) Is not a member
of ISG; or (ii) is a market with which the Exchange does not have a
comprehensive surveillance sharing agreement, provided that, so long as
the Exchange may obtain market surveillance information with respect to
transactions occurring on the COMEX pursuant to the ISG memberships of
CME and NYMEX, futures contracts whose principal trading market is
COMEX shall not be subject to the prohibition in (i) above.
    (7) Neither the Fund nor the Subsidiary will invest in options on
commodity futures, structured notes, equity-linked derivatives,
forwards, or swap contracts. The Fund's investments will be consistent
with its investment objective and will not be used to enhance leverage.
    (8) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities (calculated at the time of investment),
including Rule 144A securities and master demand notes.
    (9) The Fund will not invest in any non-U.S. equity securities,
other than shares of the Subsidiary, and the Subsidiary will not invest
in any non-U.S. equity securities.
    (10) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.

This approval order is based on all of the Exchange's representations
and description of the Fund, including those set forth above and in the
Notice, as modified by Amendment No. 1.\31\
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    \31\ The Commission notes that it does not regulate the market
for futures contracts in which the Fund plans to take positions,
which, in the U.S., is the responsibility of the CFTC. The CFTC has
the authority to set limits on the positions that any person may
take in futures subject to its jurisdiction. These limits may be
directly set by the CFTC or by the markets on which the futures are
traded. The Commission has no role in establishing position limits
on futures even though such limits could impact an exchange-traded
product that is under the jurisdiction of the Commission.
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    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Exchange Act \32\
and the rules and regulations thereunder applicable to a national
securities exchange
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    \32\ 15 U.S.C. 78f(b)(5).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendment No. 1
to the proposed rule change is consistent with the Act. Comments may be
submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEARCA-2013-52 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEARCA-2013-52. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549-1090. Copies of the filing will also be
available for inspection and copying at the NYSE's principal office and
on its Internet Web site at www.nyse.com. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEARCA-2013-52 and should be submitted
on or before August 23, 2013.

V. Accelerated Approval of Proposed Rule Change as Modified by
Amendment No. 1

    As discussed above, the Exchange submitted Amendment No. 1 to
ensure that its Form 19b-4 corresponds to the representations made by
the Trust in its application for certain exemptive relief under the
1940 Act applicable to the Fund and other actively-managed funds of the
Trust.\33\ According to the Exchange, the revised language does not
represent a change in the manner in which the Fund would be operated as
described in the Exchange's original 19b-4 filing. In addition, the
revised language conforms to language included in an amendment to the
Trust's registration statement filed with the Commission on July 18,
2013.\34\
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    \33\ See supra note 5.
    \34\ See supra note 6 and accompanying text.
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    Accordingly, the Commission finds good cause, pursuant to Section
19(b)(2) of the Act,\35\ for approving the proposed rule change, as
modified by Amendment No. 1, prior to the 30th day after the date of
publication of notice in the Federal Register.
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    \35\ 15 U.S.C. 78f(b)(2).
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VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\36\ that the proposed rule change (SR-NYSEArca-2013-52),
as modified by Amendment No. 1, be, and it hereby is, approved on an
accelerated basis.
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    \36\ 15 U.S.C. 78s(b)(2).
    \37\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-18594 Filed 8-1-13; 8:45 am]
BILLING CODE 8011-01-P