MEMORANDUM

TO:		Jodi Howard, EPA/OAQPS/SPPD

FROM:	Bradley Nelson, EC/R, Inc.

DATE:	April 20, 2016

SUBJECT:	Comparison of State Leak Detection and Repair Programs
--------------------------------------------------------------------------------

      The purpose of this memorandum is to provide a summary of state leak detection and repair programs and compare, if available, the potential methane reduction with the methane reductions in the proposed rule. This memorandum only includes information from State programs that were publically available at the time of production of this memorandum, and may not include State programs that are currently being drafted or proposed. In the September 18, 2015 proposed Oil and Natural Gas Sector NSPS (80 FR 56593), the EPA determined that the best system of emission reductions (BSER) for oil and natural gas production well sites and compressor stations was the implementation of a semiannual optical gas imaging (OGI, also referred to as infrared or IR camera) monitoring and repair program. The proposed rule estimated 2.72 tons per year (TPY) methane reductions from natural gas production well sites, 21.1 TPY methane from gathering and boosting stations, 37.4 TPY methane at transmission stations, and 98.7 TPY methane at storage facilities.
      For this memorandum, we reviewed leak detection and repair programs from Colorado, Wyoming, Utah, Ohio, Pennsylvania and West Virginia. A summary of each of the programs are provided in the following sections.
Colorado Regulation 7
      The Colorado Department of Public Health & Environment (CDPHE) finalized regulations in April 2014 to address hydrocarbon emissions from oil and gas facilities, including well production facilities and natural gas compressor stations. For well production facilities and compressor stations, the monitoring frequency is determined by the estimated uncontrolled actual VOC emissions leak from the highest emitting tank or if no tanks are present, the controlled actual emissions from all permanent equipment. The monitoring frequency for fugitives at well production facilities vary depending on emissions. There is a one-time inspection (0-6 TPY VOC), annual inspections (6-12 TPY VOC), quarterly inspections (12-20 TPY VOC w/o tanks, 12-50 w/ tanks), or monthly inspections (> 20 TPY VOC w/o tanks, > 50 TPY VOC w/ tanks). Monthly audio-visual-olfactory (AVO) inspections are also required for well production facilities that do one-time, annual, and quarterly monitoring. For compressor stations the monitoring frequency is annual (0-12 TPY VOC), quarterly (12-50 TPY VOC), or monthly (> 50 TPY VOC). A leak is defined as hydrocarbon concentration greater than 500 ppm. The rule does not cover methane emissions from well sites or compressor stations. Monitoring is required using IR camera, Method 21 device or a state approved monitoring instrument. The first attempt to repair leaks found during monitoring must be made no later than five working days after discovery, unless parts are unavailable or the equipment requires shutdown to complete repair.  If parts are unavailable, they must be ordered promptly and the repair must be made within fifteen working days of receipt of the parts. If a shutdown is required, the leak must be repaired during the next scheduled shutdown.
      The CDPHE estimated emission reductions for annual, quarterly and monthly monitoring, whereas the NSPS emission estimate is for semiannual monitoring. The CDPHE published a summary of the 2014 leak detection and repair (LDAR) results for facilities having to meet the reporting requirements in Regulation 7. Regulation 7 requires well production facilities constructed on or after October 15, 2014 to submit annual reports for LDAR activities in 2014. A total of twenty one companies reported a total of 4,869 leak inspections (1,697 approved instrument monitoring method inspections at well sites, 2,818 AVO inspections, and 41 AIMM inspections at compressor stations) which were conducted at 1,803 well production facilities and natural gas compressor stations. 1,706 leaks were found during the inspections (745 valves, 688 connectors, 86 flanges, 16 pump seals, and 171 pressure relief devices). Of these leaks found, 1,544 (90.5%) were repaired and 80 (4.7%) were placed on the delay of repair list. See Table 1 of the Appendix for emissions reduction comparison.
Wyoming Chapter 8
      The Wyoming Department of Environmental Quality issued regulations in June 2015 for existing (as of January 1, 2014) PAD facility (location where more than one well and/or associated production equipment are located, where some or all production equipment is shared by more than one well or where well streams from more than one well are routed through individual production trains at the same location) and single-well oil and gas production facilities or sources, and all compressor stations that are located in the Upper Green River Basin (UGRB) ozone nonattainment area. The rule requires operators with fugitive emissions greater than or equal to 4 tons per year of VOC to develop and implement an LDAR protocol by January 1, 2017. Operators must monitor components (flanges, connectors (other than flanges), open-ended lines, pumps, valves, and "other" components listed in Table 2-4 of the EPA's Protocol for Equipment Leak Emissions Estimates) quarterly using a combination of Method 21, IR camera, other instrument based technologies, or AVO inspections. However, an LDAR protocol consisting of only AVO inspections does not meet the requirements of the rule.  No specific repair timeframes are included in the regulation.
       A review of Wyoming's permitting data shows that the average number of wells for the natural gas production permitted facilities was 16 with an average number of components of 5,042, which is eight times the number of wells and components that were used for EPA's model plant (2 wells, 671 components). For oil wells, the average number of wells per well site from the permit data was 2, with a total of 1,003 components per well site. The EPA model plant estimated 2 oil wells per well sites and a total of 127 components. See Table 3 of the Appendix for emissions reduction comparison.

Utah General Approval Order
      The Utah Department of Environmental Quality approved a "General Approval Order for a Crude Oil and Natural Gas Well Site and/or Tank Battery" on June 5, 2014. This General Approval Order (GAO) requires LDAR for equipment (e.g., valve, flange or other connection, pump, compressor, pressure relief device or other vent, process drain, open-ended valve, pump seal, compressor seal, and access door seal or other seal that contains or contacts a process stream with hydrocarbons) based on annual throughput of crude oil and condensate. Annual inspections are required for sources that have a projected annual throughput of crude oil and condensate combined that is greater than or equal to 10,000 barrels or for sources that do not have a crude oil or condensate storage tank on site, and quarterly inspections are required for sources that have a projected annual throughput of crude oil and condensate combined that is greater than or equal to 25,000 barrels. For sources performing quarterly monitoring, provisions are provided for less frequent monitoring if no leaks are found during a year of monitoring. Repairs must be made within 15 days of finding a leak. A delay of repair is allowed if replacement parts are unavailable (must order parts within 5 days of detection and repair leak within 15 days after receipt of the parts) or technically infeasible to repair without a shutdown (shutdown must occur within 6 months of finding leak or operators must demonstrate emissions from shutdown would be greater than the uncontrolled leaking component.
      The monitoring can be performed using Method 21, a tunable diode laser absorption spectroscopy (TDLAS) or an infrared (IR) camera. A leak is defined as a reading of 500 ppm with Method 21 analyzer or TDLAS, or visible leak with IR camera.
      The methane reductions estimated by Utah are much higher than the methane reductions estimated for the NSPS. This difference is the result of the model plant used by Utah to estimate emissions. The model plant used by Utah assumed 50 valves, pump seals, other, connectors, and flanges for the component counts and the uncontrolled VOC emissions were calculated using Tables 2-4 & 2-8 of the 1995 EPA Protocol for Equipment Leak Emission Estimates. See Table 2 of the Appendix for emissions reduction comparison.
Ohio General Permit
      The Ohio EPA approved two types of general permits in May 2014 for oil and gas well-site production operations (small flares and large flares) and high volume horizontal hydraulic fracturing for facilities that emit less than 1 ton per year of any toxic air contaminant (not including HAP emitting sources that are subject to MACT subpart HH). Each permittee is required to develop and implement an LDAR program for ancillary equipment (pumps, compressors, pressure relief devices, connectors, valves, flanges, vents, covers, any bypass in a closed vent system, and each storage vessel) that requires monitoring using a forward looking infrared (FLIR) camera or Method 21. Leak definitions vary depending on component (most are 500 or 10,000 ppm). Quarterly monitoring is required for the first year and varies after that depending on performance. Repairs must be made within 30 days of finding a leak but if leaks cannot be repaired within that time frame, the general permit references the delay of repair provisions allowed under NSPS subpart VVa.
      Ohio has also proposed a general permit for natural gas compressor stations that has the potential to leak greater than 10 tons per year of VOC. The general permit requirements for compressor stations are similar to the LDAR requirements for oil and gas well-site production operations.  No emissions data were available for this LDAR program.
Pennsylvania General Permit 5 and Exemption Category No. 38
      General Permit 5 is a General Plan Approval and/or General Operating Permit for mid-stream natural gas gathering, compression and/or processing facilities that are minor air contamination facilities. Exemption Category No. 38 of the Air Quality Permit Exemption List applies to sources located at a well pad. The general permit requires operators to conduct leak detection and repair programs monthly using AVO methods. Equipment to be monitored include: valves, flanges, connectors, storage vessels/storage tanks, and compressor seals. In addition, the general permit requires annual monitoring at wells and quarterly monitoring for compression and processing facilities. Operators must use a FLIR camera or approved device to detect gaseous hydrocarbons leaks. All leaks at production sites, compressor stations or processing facilities must be repaired within 15 days of finding the leak. The general permit also requires operators of certain traditional oil and natural gas sources to report their emissions annually. A search of the Pennsylvania Department of Environmental Protection (PA DEP) website found no emissions information. However, in their comments on the proposed rule, the PA DEP stated that they performed independent cost-effectiveness analyses for LDAR and leak quantification surveys for sources at natural gas compressor station, processing plant and transmission station facilities. Using cost information received from two vendors for the LDAR surveys, the PA DEP estimated the cost-effectiveness for 5 percent leaking components at $41.96 per ton of methane reduced and $2.10 per ton of methane reduced for 100 percent leaking components.
West Virginia Class II General Permit G70-B
      General Permit G70-B is for natural gas production facilities. The permit requires quarterly monitoring using AVO, Method 21 analyzers, IR cameras, or some combination. The AVO inspection shall include, but not limited to, defects as visible cracks, holes, or gaps in piping; loose connections; liquid leaks; or broken or missing caps or other closure devices. If a Method 21 analyzer is used a leak (fugitive emissions of regulated air pollutants) is defined as no detectable emissions (less than 500 ppm). If an IR camera is used no detectable emissions is defined as no visible leaks detected in accordance with US EPA alternative IR camera work practices (40 CFR 60, subpart A). The first attempt at repair must be made within 5 calendar days of discovering the leak, and the final repair must be made within 15 calendar days of discovering the leak. No emissions data are available for this LDAR program
 San Joaquin Valley Air Pollution Control District Rule 4409
      The San Joaquin Valley Air Pollution Control District requires the development of an operator management plan that establishes inspection, replacement, re-inspection requirements, maintenance, repair periods and replacement retrofit requirements for components at light crude oil production facilities, natural gas production facilities and natural gas processing plants.
      For manned facilities, the District requires owners and operators to audio-visually inspect for leaks daily, and for unmanned sites the District requires owners and operators to audio-visually inspect for leaks weekly. Additionally, the District requires owners and operators to conduct inspections for leaks quarterly using Method 21. Leaks discovered are required to be repaired within two to seven days of discovery, depending on the magnitude of the leak. An extension of up to seven days is allowed if the leak is minor. Owners and operators are also allowed to apply for written approval to change the Method 21 monitoring inspection frequency from quarterly to annually if they meet specified criteria. Components at oil production facilities and gas production facilities that exclusively handle gas/vapor or liquid with a VOC content of ten percent by weight or less are exempt from requirements.
      Component leaks that are discovered during monitoring must be repaired or replaced, vented to a closed vent system, or removed from operation as soon as practicable but no later than 7 days for minor leaks greater than or equal to 2,000 parts per million by volume (ppmv) but equal to or less than 10,000 ppmv, 3 days for major leaks greater than 10,000 ppmv but equal to or less than 50,000 ppmv, or 2 days for major leaks greater than 50,000 ppmv. The operator may be allowed to extend the repair period for 7 days for minor leaks greater than or equal to 2,000 ppmv but equal to or less than 10,000 ppmv or 2 days for major leaks greater than 10,000 ppmv but equal to or less than 50,000 ppmv. The repair time for major leaks greater than 50,000 ppmv cannot be extended.
Equivalency of State Regulations
      The final fugitive monitoring requirements in 40 CFR Part 60, subpart OOOOa include semiannual monitoring of fugitive components for oil and natural gas production well sites and quarterly monitoring of fugitive components at compressor stations. Because of the variability of the state rules or general permit requirements and the applicability thresholds, we are unable to determine equivalency with any of these state regulations or general permit requirements. Therefore, we are finalizing the standards with revisions, where appropriate, to expand the source category, promote gas capture and beneficial use, and provide opportunity for flexibility and expanded transparency in order to yield a consistent and accountable national program that provides a clear path for states and other federal agencies to further align their programs.

      Appendix A
      Summary of State Leak Detection and Repair Requirements and
      Methane Emission Reductions

Table 1 - Colorado Regulation 7

[1] Methane reduction data obtained from Initial Economic Impact Analysis for Proposed Revisions to AQCC Regulations No. 7, November 15, 2013. Colorado methane-ethane emissions estimated to be 7.3 TPY for well production facilities and 15.5 and 44.3 for compressor stations from the CO impact analysis. The emissions were converted to methane using the average percent methane (86.1% for production, 93.1% for transmission) calculated from data from Table 5 of the gas composition memorandum.

Table 2 - Utah General Approval Order

[2] Methane emissions obtained from GAOEmissionCalcs.xls spreadsheet obtained from http://www.deq.utah.gov/Permits/GAOs/oilgas/oilgasinfo.htm. Fugitive emissions were calculated using VOC emission factors from Table 2-4 (uncontrolled) and 2-8 (controlled) of the EPA Equipment Leaks Protocol document. The analysis assumed 50 valves, pump seals, other, connectors, and open-ended lines for the component counts and selected the maximum emission factor from each service. Methane emissions were calculated using the maximum methane/VOC ratio from Utah well site speciation data.
Table 3 - Wyoming Chapter 8

[3] Methane emissions were estimated using WT permit application data for 4 oil production sites well and 5 natural gas well sites. A summary of the permit application information is provided in the spreadsheet WY Fugitive Permit Data.xls. The 95% emission reduction for quarterly monitoring is based on information from WY NSR.
Table 4 - Ohio General Permit Requirements

Table 5 - Pennsylvania General Permit and Exemption Category No. 38

Table 6 - West Virginia Class II General Permit G70-B


[Federal Register Volume 84, Number 194 (Monday, October 7, 2019)]
[Notices]
[Pages 53522-53525]
[FR Doc No: 2019-21727]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87190; File No. SR-NYSEArca-2019-57]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change To List and Trade Shares of the
Franklin Liberty Systematic Style Premia ETF, a Series of the Franklin
Templeton ETF Trust Under NYSE Arca Rule 8.600-E

October 1, 2019.

I. Introduction

    On August 8, 2019, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934
(``Act'') \2\ and Rule 19b-4 thereunder,\3\ a proposed rule change to
list shares (``Shares'') of the Franklin Liberty Systematic Style
Premia ETF (``Fund'') under NYSE Arca Rule 8.600-E. The proposed rule
change was published for comment in the Federal Register on August 20,
2019.\4\ The Commission has received no comments on the proposed rule
change. This order approves the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 86659 (Aug. 8,
2019), 84 FR 43196 (``Notice'').
---------------------------------------------------------------------------

II. Summary of the Exchange's Description of the Proposed Rule Change
\5\
---------------------------------------------------------------------------

    \5\ For more information regarding the Fund and the Shares, see
Notice, supra note 4.
---------------------------------------------------------------------------

    The Exchange proposes to list and trade the Shares under NYSE Arca
Rule 8.600-E, which governs the listing and trading of Managed Funds
Shares on the Exchange. The Fund is a series of the Franklin Templeton
ETF Trust (``Trust'').\6\ Franklin Advisers, Inc. (``Adviser'') will be
the investment adviser to the Fund.\7\ Franklin

Templeton Distributors, Inc. will be the distributor of the Shares.
State Street Bank and Trust Company will be the custodian and transfer
agent for the Fund. According to the Exchange, the Fund will seek to
provide absolute return.
---------------------------------------------------------------------------

    \6\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). On July 31, 2019, the Trust filed a
registration statement on Form N-1A relating to the Fund (File Nos.
333-208873 and 811-23124).
    \7\ The Exchange states that the Adviser is not registered as a
broker-dealer but is affiliated with a broker-dealer and has
implemented and will maintain a fire wall with respect to such
broker-dealer affiliate regarding access to information concerning
the composition and/or changes to the portfolio. In the event (a)
the Adviser becomes registered as a broker-dealer or newly
affiliated with one or more broker-dealers, or (b) any new adviser
or sub-adviser is a registered broker-dealer or becomes affiliated
with a broker-dealer, it will implement and maintain a fire wall
with respect to 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.
---------------------------------------------------------------------------

    According to the Exchange, the Fund's portfolio will not meet the
generic listing requirements of Commentary .01(e) to NYSE Arca Rule
8.600-E, which requires that, on both an initial and a continuing
basis, no more than 20% of the assets in the Fund's portfolio may be
invested in OTC derivatives (calculated as the aggregate gross notional
value of the OTC derivatives). The Exchange states that the aggregate
gross notional value of the Fund's investments in OTC derivatives is
expected to exceed this limit. The Exchange states that, other than
Commentary .01(e) to Rule 8.600-E, the Shares will meet all other
requirements of Rule 8.600-E.

A. Principal Investments

    According to the Exchange, under normal market conditions,\8\ at
least 80% of the Fund's assets will be invested in the securities and
financial instruments described below.
---------------------------------------------------------------------------

    \8\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
---------------------------------------------------------------------------

    The Fund may invest in the following derivatives: (1) Futures
contracts on U.S. and foreign equity, interest rate/bond and commodity
indices; (2) U.S. and foreign equity and commodity-linked total return
swaps; and (3) currency forward contracts. The Fund may hold its
commodity-linked derivative instruments indirectly through a wholly-
owned subsidiary established in the Cayman Islands (``Subsidiary'').
The Subsidiary will only invest in commodity-linked total return swaps
and futures on commodity indices and will also hold any necessary cash
or cash equivalents as collateral. No more than 25% of the Fund's total
assets may be invested in the Subsidiary.
    The Fund may hold cash and cash equivalents.\9\
---------------------------------------------------------------------------

    \9\ The term ``cash equivalents'' is defined in Commentary
.01(c) to NYSE Arca Rule 8.600-E.
---------------------------------------------------------------------------

    The Fund may hold U.S. and foreign bonds (including convertible
bonds), debentures and non-cash equivalent U.S. government securities
(other than debt securities with variable interest rates, as referenced
below).
    The Fund may hold U.S. and foreign exchange-traded common stock,
preferred stock (including convertible preferred stock), rights and
warrants of U.S. and foreign companies.
    The Fund may engage in short sales in securities and financial
instruments in which the Fund may invest, including short sales
``against the box.'' \10\
---------------------------------------------------------------------------

    \10\ According to the Exchange, short sales ``against the box''
are transactions in which the Fund sells a security short but it
also owns an equal amount of the securities sold short or owns
securities that are convertible or exchangeable, without payment of
further consideration, into an equal amount of such security.
---------------------------------------------------------------------------

B. Other Investments

    While the Fund, under normal market conditions, will invest at
least 80% of its assets in the securities and financial instruments
described above, the Fund may invest its remaining assets in other
assets and financial instruments, as described below.
    The Fund may invest in ETFs.\11\
---------------------------------------------------------------------------

    \11\ The Exchange states that, for purposes of this filing,
``ETFs'' are Investment Company Units (as described in NYSE Arca
Rule 5.2-E(j)(3)); Portfolio Depositary Receipts (as described in
NYSE Arca Rule 8.100-E); and Managed Fund Shares (as described in
NYSE Arca Rule 8.600-E). All ETFs will be listed and traded in the
U.S. on a national securities exchange. While the Fund may invest in
inverse ETFs, the Fund will not invest in leveraged (e.g., 2X, -2X,
3X or -3X) ETFs.
---------------------------------------------------------------------------

    The Fund may invest in U.S. and foreign corporate debt.
    The Fund may invest in foreign governmental and supranational debt
securities.
    The Fund may invest in U.S. and foreign exchange-listed and non-
exchange-traded ``Depositary Receipts''.\12\
---------------------------------------------------------------------------

    \12\ According to the Exchange, many securities of foreign
issuers are represented by American Depositary Receipts (ADRs),
Global Depositary Receipts (GDRs), and European Depositary Receipts
(EDRs) (collectively, ``Depositary Receipts''). Generally,
Depositary Receipts in registered form are designed for use in the
U.S. securities market and Depositary Receipts in bearer form are
designed for use in securities markets outside the U.S. ADRs
evidence ownership of, and represent the right to receive,
securities of foreign issuers deposited in a domestic bank or trust
company or a foreign correspondent bank. Prices of ADRs are quoted
in U.S. dollars, and ADRs are traded in the U.S. on exchanges or
over-the-counter. EDRs and GDRs are typically issued by foreign
banks or trust companies and evidence ownership of underlying
securities issued by either a foreign or a U.S. corporation. EDRs
and GDRs may not necessarily be denominated in the same currency as
the underlying securities into which they may be converted. No more
than 10% of the equity weight of the Fund's portfolio will be
invested in non-exchange-traded ADRs.
---------------------------------------------------------------------------

    The Fund may invest in the following debt securities with variable
interest rates: Floating rate, adjustable rate and inverse floating
rate debt securities.
    The Fund and the Subsidiary will not invest in securities or other
financial instruments that have not been described in this proposed
rule change.

C. Investment Restrictions

    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and will not be used to enhance
leverage (although certain derivatives and other investments may result
in leverage). That is, while the Fund will be permitted to borrow as
permitted under the 1940 Act, the Fund's investments will not be used
to seek performance that is the multiple or inverse multiple (e.g., 2Xs
and 3Xs) of the Fund's primary broad-based securities benchmark index
(as defined in Form N-1A).\13\
---------------------------------------------------------------------------

    \13\ The Fund's broad-based securities benchmark index will be
identified in a future amendment to the Registration Statement
following the Fund's first full calendar year of performance.
---------------------------------------------------------------------------

D. Failure To Satisfy Commentary .01(e) to NYSE Arca Rule 8.600-E

    Commentary .01(e) to Rule 8.600-E requires that an actively managed
fund whose shares are generically listed must not invest more than 20%
of its assets (calculated as the aggregate gross notional value of the
OTC derivatives) in OTC derivatives on both an initial and a continuing
basis.
    The Exchange states that, based on the Fund's investment
strategies, the Fund's exposure to foreign currency forward
transactions and U.S. and foreign equity and commodity-linked total
return swaps (which swaps will be traded OTC) is expected to exceed 20%
of the Fund's assets.\14\ According to the Exchange, this will provide
the Fund with additional flexibility to manage risk associated with its
investments. The Exchange states that, depending on market conditions,
it may be critical that the Fund utilize available OTC swaps and
currency forwards to efficiently gain exposure to equities, currencies
and commodities, in furtherance of the Fund's investment objective. The
Exchange states that because foreign currency forward transactions and
total

return swaps will be traded OTC, it is not possible to implement these
strategies efficiently using listed derivatives. According to the
Exchange, swaps on equity securities may be an important means to
reduce risk in the Fund's equity investments, or, depending on market
conditions, to enhance returns of such investments. The Exchange states
that, if the Fund were limited to investing up to 20% of assets in OTC
derivatives, the Fund would have to exclude or underweight these
strategies and would be less diversified, concentrating risk in its
other strategies.
---------------------------------------------------------------------------

    \14\ According to the Fund, the Adviser and its affiliates
actively monitor counterparty credit risk exposure (including for
OTC derivatives) and evaluate counterparty credit quality on a
continuous basis.
---------------------------------------------------------------------------

    The Exchange states the proposed exception to Commentary .01(e) to
Rule 8.600-E would be consistent with other funds that the Commission
has approved for listing and trading on an exchange.\15\
---------------------------------------------------------------------------

    \15\ See, e.g., Securities Exchange Act Release Nos. 82492
(January 12, 2018), 83 FR 2850 (January 19, 2018) (SR-NYSEArca-2017-
87) (approving a proposed rule change to list and trade shares of
the JPMorgan Long/Short ETF under NYSE Arca Rule 8.600-E, which
provides that the aggregate gross notional value of the Fund's
investments in OTC derivatives may exceed 20%); 79683 (December 23,
2016), 81 FR 96539 (December 30, 2016) (SR-NYSEArca-2016-82); 77904
(May 25, 2016), 81 FR 35101 (June 1, 2016) (SR-NYSEArca-2016-17)
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the Act and rules and regulations thereunder
applicable to a national securities exchange.\16\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 6(b)(5) of the Act,\17\ which requires, among other things,
that the Exchange's rules be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \16\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \17\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    As noted above, the Exchange proposes that the aggregate gross
notional value of the Fund's investments in OTC derivatives may exceed
the 20% limit in Commentary .01(e) to NYSE Arca Rule 8.600-E. The
Exchange believes that this exception is generally consistent with
previous filings for the listing of ETFs approved by the
Commission.\18\ The Fund will disclose on its website information
regarding the Disclosed Portfolio required under NYSE Arca Rule 8.600-
E(c)(2) to the extent applicable. The Exchange represents that the
Fund's disclosure of its derivative positions in the Disclosed
Portfolio will include information that market participants can use to
value the derivative positions intraday.\19\ The website information
will be publicly available at no charge.\20\
---------------------------------------------------------------------------

    \18\ See supra note 15. See also Securities Exchange Act Release
No. 82080 (November 15, 2017), 82 FR 55449 (November 21, 2017)
(approving a proposed rule change to list and trade shares of the
JPMorgan Managed Futures ETF under NYSE Arca Rule 8.600-E, which
provides that the aggregate gross notional value of the investments
in OTC derivatives may exceed 20% of the fund's assets).
    \19\ See Notice, supra note 4, 84 FR at 43199.
    \20\ See id.
---------------------------------------------------------------------------

    The Commission also believes that the proposal 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 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. Trading in the Shares will be halted if the circuit-breaker
parameters in NYSE Arca Rule 7.12-E have been reached. Trading also may
be halted because of market conditions or for reasons that, in the view
of the Exchange, make trading in the Shares inadvisable. Moreover,
trading in the Shares will be subject to NYSE Arca Rule 8.600-
E(d)(2)(D), which sets forth circumstances under which Shares may be
halted.
    The Exchange states that the Adviser is not registered as a broker-
dealer but is affiliated with a broker-dealer and has implemented and
will maintain a fire wall with respect to that broker-dealer affiliate
regarding access to information concerning the composition of and/or
changes to the Fund's portfolio. Further, the Commission notes that the
Reporting Authority that provides the Disclosed Portfolio must
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material, non-public information
regarding the actual components of the portfolio.\21\ The Exchange
states that it has a general policy prohibiting the distribution of
material, non-public information by its employees.
---------------------------------------------------------------------------

    \21\ See NYSE Arca Rule 8.600-E(d)(2)(B)(ii).
---------------------------------------------------------------------------

    The Commission also finds that the proposal is consistent with
Section 11A(a)(1)(C)(iii) of the Act,\22\ 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 CTA high-speed line. The Portfolio Indicative Value
(``PIV'') for the Fund, as defined in NYSE Arca Rule 8.600-E(c)(3),
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Exchange's Core Trading Session.\23\
Information regarding market price and trading volume for 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.
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \23\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available PIVs
taken from the CTA or other data feeds. See Notice, supra note 4, 84
FR at 43201, n.20.
---------------------------------------------------------------------------

    Quotation and last-sale information for portfolio holdings of the
Fund that are U.S. exchange-listed, including common stocks, preferred
stocks, warrants, rights, ETFs, and U.S. exchange-traded Depositary
Receipts will be available via the CTA high speed line. Quotation and
last sale information for such U.S. exchange-listed securities, as well
as U.S. and foreign exchange-traded futures will be available from the
exchanges on which they are listed and from major market data vendors.
Quotation information for cash equivalents, bonds, debentures, swaps,
foreign governmental and supranational debt securities, U.S. Government
securities, debt securities with variable interest rates and U.S. and
foreign corporate debt may be obtained from brokers and dealers who
make markets in such securities or through nationally recognized
pricing services through subscription agreements. The U.S. dollar value
of foreign securities, instruments and currencies can be derived by
using foreign currency exchange rate quotations obtained from
nationally recognized pricing services. Price information for non-
exchange-traded Depositary Receipts is available from major market data
vendors.
    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. In support of this
proposal, the Exchange represents that:

    (1) Other than Commentary .01(e) to Rule 8.600-E, the Shares will
meet all other requirements of Rule 8.600-E.
    (2) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    (3) Trading in the Shares will be subject to the existing trading
surveillances administered by the Exchange, as well as cross-market
surveillances administered by the Financial Industry Regulatory
Authority (``FINRA'') on behalf of the Exchange, and 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.\24\
---------------------------------------------------------------------------

    \24\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    (4) The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares, certain
exchange-listed equity securities, certain futures, and certain
exchange-traded options with other markets and other entities that are
members of the Intermarket Surveillance Group (``ISG''), and the
Exchange or FINRA, on behalf of the Exchange, or both, may obtain
trading information regarding trading such securities and financial
instruments from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in such securities
and financial instruments from markets and other entities that are
members of ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine.
    (5) 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: (a) The procedures
for purchases and redemptions of Shares in creation units (and that
Shares are not individually redeemable); (b) NYSE Arca Rule 9.2-E(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; (c) the risks involved in trading the Shares
during the Early and Late Trading Sessions when an updated PIV will not
be calculated or publicly disseminated; (d) how information regarding
the PIV and the Disclosed Portfolio is disseminated; (e) 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 (f) trading information.
    (6) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (7) For initial and continued listing, the Fund will be in
compliance with Rule 10A-3 under the Act.\25\
---------------------------------------------------------------------------

    \25\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (8) The Fund's investments, including derivatives, will be
consistent with the Fund's investment objective and will not be used to
enhance leverage. That is, while the Fund will be permitted to borrow
as permitted under the 1940 Act, the Fund's investments will not be
used to seek performance that is the multiple or inverse multiple
(e.g., 2Xs and 3Xs) of the Fund's primary broad-based securities
benchmark index (as defined in Form N-1A).
    The Exchange represents that all statements and representations
made in the filing regarding: (1) The description of the portfolio
holdings or reference assets; (2) limitations on portfolio holdings or
reference assets; or (3) the applicability of Exchange listing rules
specified in the rule filing constitute continued listing requirements
for listing the Shares on the Exchange. In addition, the Exchange
represents that the issuer must notify the Exchange of any failure by
the Fund to comply with the continued listing requirements and,
pursuant to its obligations under Section 19(g)(1) of the Act, the
Exchange will monitor \26\ for compliance with the continued listing
requirements. If the Fund is not in compliance with the applicable
listing requirements, the Exchange will commence delisting procedures
under NYSE Arca Rule 5.5-E(m).
---------------------------------------------------------------------------

    \26\ The Commission notes that certain proposals for the listing
and trading of exchange traded products include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Securities Exchange Act Release No.
77499 (April 1, 2016), 81 FR 20428, 20432 (April 7, 2016) (SR-BATS-
2016-04). In the context of this representation, it is the
Commission's view that ``monitor'' and ``surveil'' both mean ongoing
oversight of compliance with the continued listing requirements.
Therefore, the Commission does not view ``monitor'' as a more or
less stringent obligation than ``surveil'' with respect to the
continued listing requirements.
---------------------------------------------------------------------------

    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act \27\ and
Section 11A(a)(1)(C)(iii) of the Act \28\ and the rules and regulations
thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78f(b)(5).
    \28\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\29\ that the proposed rule change (SR-NYSEArca-2019-57), be, and
it hereby is, approved.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78s(b)(1).

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

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

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-21727 Filed 10-4-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: December 5, 2008 (Volume 73, Number 235)]
[Proposed Rules]
[Page 74097-74098]
[DOCID:fr05de08-24]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R09-OAR-2008-0788; FRL-8745-3]

Revisions to the California State Implementation Plan, South
Coast Air Quality Management District

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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

SUMMARY: EPA is proposing to approve revisions to the South Coast Air
Quality Management District (SCAQMD) portion of the California State
Implementation Plan (SIP). These revisions concern oxides of nitrogen
(NOX ) emissions from large water heaters and small boilers
and process heaters. We are proposing to approve a local rule to
regulate these emission sources under the Clean Air Act as amended in
1990 (CAA or the Act).

DATES: Any comments on this proposal must arrive by January 5, 2009.

ADDRESSES: Submit comments, identified by docket number [EPA-R09-OAR-
2008-0788], by one of the following methods:
    1. Federal eRulemaking Portal: http://www.regulations.gov. Follow
the on-line instructions.
    2. E-mail<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 http://
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 http://
www.regulations.gov or e-mail. http://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 e-mail directly to EPA, your e-mail 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: The index to the docket for this action is available
electronically at http://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 in the index, some information may
be publicly available only at the hard copy location (e.g., copyrighted
material), 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: Idalia Perez, EPA Region IX, (415)
972-3248<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: This proposal addresses the following local
rule: SCAQMD 1146.2. In the Rules and Regulations section of this
Federal Register, we are approving this local rule in a direct final
action without prior proposal because we believe these SIP revisions
are not controversial. If we receive adverse comments, however, we will
publish a timely withdrawal of the direct final rule and address the
comments in subsequent action based on this proposed rule.
    We do not plan to open a second comment period, so anyone
interested in commenting should do so at this time. If we do not
receive adverse comments, no further activity is planned. For further
information, please see the direct final action.

    Dated: November 6, 2008.
Laura Yoshii,
Acting Regional Administrator, Region IX.
 [FR Doc. E8-28726 Filed 12-4-08; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register: August 20, 2010 (Volume 75, Number 161)]
[Notices]
[Page 51507-51509]
[DOCID:fr20au10-96]

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

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 29380; File No. 812-13733]

WisdomTree Asset Management, Inc., and WisdomTree Trust; Notice
of Application

August 13, 2010.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act and rule 18f-2 under the Act.

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

Summary of the Application: Applicants, including an actively-managed
open-end exchange traded fund, request an order that would permit them
to enter into and materially amend subadvisory agreements without
shareholder approval.

Applicants: WisdomTree Asset Management, Inc (``WTAM'' or ``Adviser'')
and WisdomTree Trust (``Trust'').

Filing Dates: The application was filed on December 23, 2009, and
amended on May 21, 2010 and August 11, 2010. Applicants have agreed to
file an amendment during the notice period the substance of which is
reflected in this notice.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on September 7, 2010, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F

Street, NE., Washington, DC 20549-1090. Applicants, 380 Madison Avenue,
21st Floor, New York, New York 10017.

FOR FURTHER INFORMATION CONTACT: Lewis B. Reich, Senior Counsel, at
(202) 551-6919, or Jennifer L. Sawin, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.
    Applicants' Representations:
    1. The Trust is organized as a Delaware statutory trust, is
registered under the Act as an open-end management investment company,
and offers multiple series (each, a ``Fund''). Currently, 42 Funds are
operational, and additional Funds may be offered in the future.\1\
Funds of the Trust operate as actively-managed exchange traded open-end
funds (``ETFs'') in reliance on previously-granted exemptive orders.\2\
---------------------------------------------------------------------------

    \1\ Applicants request that any relief granted pursuant to the
application also apply to any existing or future open-end management
investment companies or series thereof that (a) are advised by WTAM
or any entity controlling, controlled by or under common control
with WTAM or its successors (each such entity included in the term
``Adviser''), (b) are registered under the Act, (c) use the
``Manager of Managers Structure'' (as described in the application),
and (d) comply with the terms and conditions in the application
(included in the term ``Funds''); and any Adviser. The term
``Trust'' as used in the application includes any open-end series
management investment company that is registered with the Commission
and advised by the Adviser. Every entity that currently intends to
rely on the requested order is named as an Applicant. Any entity
that relies on the order in the future will do so only in accordance
with the terms and conditions in the application. If the name of any
Fund relying on the requested relief contains the name of a
Subadviser (as defined below), the name ``WisdomTree'' or other name
being used by the Adviser will precede the name of the Subadviser.
    \2\ WisdomTree Investments, Inc., et al., Investment Company Act
Release Nos. 27324 (May 18, 2006) (notice) and 27319 (June 12, 2006)
(order); WisdomTree Investments, Inc., et al., Investment Company
Act Release Nos. 27976 (Sept. 21, 2007) (notice) and 28015 (Oct. 17,
2007) (order); WisdomTree Trust, et al., Investment Company Act
Release Nos. 28147 (Feb. 6, 2008) (notice) and 28174 (Feb. 27, 2008)
(order); and WisdomTree Trust, et al., Investment Company Act
Release Nos. 228419 (Sept. 29, 2008) (notice) and 28471 (Oct. 27,
2008) (order).
---------------------------------------------------------------------------

    2. WTAM, a Delaware corporation with its principal office in New
York City, is registered as an investment adviser under the Investment
Advisers Act of 1940 (``Advisers Act'') and is a wholly-owned
subsidiary of WisdomTree Investments, Inc. WTAM serves as the
investment adviser to the current Funds pursuant to an investment
advisory agreement with each of those Funds (an ``Advisory Agreement'')
approved by the board of trustees of the Trust (the ``Board'') \3\,
including a majority of the trustees who are not ``interested
persons,'' as defined in section 2(a)(19) of the Act (the ``Independent
Trustees''), and by the initial shareholder of each Fund in the manner
required by sections 15(a) and (c) of the Act and rule 18f-2
thereunder. With respect to new Funds offered in the future, the
Advisory Agreement will be approved by the initial shareholder of the
Fund in the manner required by sections 15(a) and (c) of the Act and
rule 18f-2 thereunder.
---------------------------------------------------------------------------

    \3\ ``Board,'' as used herein, is also the board of each
individual Fund.
---------------------------------------------------------------------------

    3. Under the Advisory Agreement, the Adviser is responsible for
furnishing the overall investment program for each Fund and providing
continuous investment management for each Fund's assets. As
compensation for its investment management services, the Adviser
receives the fee specified in the Advisory Agreement from each Fund
based on the Fund's average daily net assets. The Advisory Agreement
permits the Adviser to retain one or more unaffiliated subadvisers
(each a ``Subadviser'') pursuant to investment subadvisory agreements
(each a ``Subadvisory Agreement'') at the Adviser's own expense, for
the purpose of managing all or a portion of the assets of a Fund. Each
Subadviser is, or will be, an investment adviser registered under the
Advisers Act. Each Subadviser is and will be responsible, subject to
the general supervision of the Adviser and the Board, for the purchase,
retention and sale of securities for the applicable Fund. The Adviser
will evaluate and recommend Subadvisers to the Board and will monitor
and evaluate each Subadviser's investment programs, performance and
compliance. The Adviser will recommend to the Board whether Subadvisory
Agreements should be renewed, modified or terminated.
    4. Applicants request an order to permit the Adviser, subject to
Board approval, to enter into and materially amend Subadvisory
Agreements without shareholder approval. The requested relief will not
apply with respect to any subadviser that is an affiliated person, as
defined in section 2(a)(3) of the Act, of the Trust, a Fund or of the
Adviser, other than by reason of serving as subadviser to one or more
Funds (``Affiliated Subadviser'').
    5. Applicants state that the requested relief is unusual insofar as
the requested order seeks relief for an ETF. However, applicants
believe that operations of the Funds under the requested order address
the concerns historically considered by the Commission when granting
identical relief to mutual funds. Applicants believe that similar to
shareholders of a mutual fund who may ``vote with their feet'' by
redeeming their individual shares at net asset value (``NAV'') if they
do not approve of a change in subadviser or subadvisory agreement, Fund
shareholders will be able to sell shares in the secondary market at
negotiated prices that usually closely track the relevant Fund's NAV if
they do not approve of a change. Applicants state that the Funds that
are ETFs will rely on the same delivery mechanisms currently used by
certain mutual funds to ensure that shareholders who purchase shares in
the secondary market receive a prospectus and all of the information
that would have been provided in a proxy statement in an information
statement. Applicants note that the requested relief is not broader in
scope than the relief previously granted to mutual funds.
    Applicants' Legal Analysis:
    1. Section 15(a) of the Act provides, in relevant part, that it is
unlawful for any person to act as an investment adviser to a registered
investment company except pursuant to a written contract that has been
approved by a vote of a majority of the company's outstanding voting
securities. Rule 18f-2 under the Act provides that each series or class
of stock in a series investment company affected by a matter must
approve the matter if the Act requires shareholder approval.
    2. Section 6(c) of the Act provides that the Commission may exempt
any person, security, or transaction or any class or classes of
persons, securities, or transactions from any provisions of the Act, or
from any rule thereunder, if such exemption is necessary or appropriate
in the public interest and consistent with the protection of investors
and the purposes fairly intended by the policy and provisions of the
Act. Applicants seek the same relief previously granted to mutual
funds, and believe that the requested relief is equally appropriate for
ETFs. Applicants state that the requested relief meets the necessary
standards for the reasons discussed below.
    3. Applicants state that the shareholders expect the Adviser and
the Board to select the Subadviser for a Fund that is best suited to
achieve the Fund's investment objective. Applicants assert that, from
the perspective of the investor, the role of the Subadvisers

with respect to the Funds utilizing the Manager of Managers Structure
is substantially equivalent to the role of the individual portfolio
managers employed by traditional investment company advisory firms. In
the absence of exemptive relief from Section 15(a) of the Act, when a
new Subadviser is proposed for retention by a Fund or the Trust on
behalf of one or more Funds, shareholders would be required to approve
the Subadvisory Agreement with that Subadviser. Similarly, approval by
the shareholders of the affected Fund would be required in order to
amend an existing Subadvisory Agreement in any material respect or in
order to continue to retain an existing Subadviser whose Subadvisory
Agreement is ``assigned'' as a result of a change of control. Obtaining
shareholder approval would be costly and slow, and potentially harmful
to the affected Fund and its shareholders. Applicants also note that
the Advisory Agreement will remain fully subject to the shareholder
approval requirements in section 15(a) of the Act and rule 18f-2 under
the Act, including the requirement for shareholder voting.
    Applicants' Conditions:
    Applicants agree that any order granting the requested relief will
be subject to the following conditions:
    1. Before a Fund may rely on the order requested in the
application, the operation of the Fund in the manner described in the
application will be approved by a majority of the Fund's outstanding
voting securities, as defined in the Act, or, in the case of a Fund
whose public shareholders purchase shares on the basis of a prospectus
containing the disclosure contemplated by condition 2 below, by the
initial shareholder(s) before offering shares of that sub-advised Fund
to the public.
    2. The prospectus for each Fund relying on the order requested in
the application will disclose the existence, substance, and effect of
any order granted pursuant to the application. Each Fund relying on the
order requested in the application will hold itself out to the public
as utilizing the Manager of Managers Structure described in the
application. The prospectus will prominently disclose that the Adviser
has ultimate responsibility (subject to oversight by the Board) to
oversee the Subadvisers and recommend their hiring, termination, and
replacement.
    3. Within 90 days of the hiring of a new Subadviser, the affected
Fund shareholders will be furnished all information about the new
Subadviser that would be included in a proxy statement. To meet this
obligation, the Fund will provide shareholders of the affected Fund
within 90 days of hiring a new Subadviser with an information statement
meeting the requirements of Regulation 14C, Schedule 14C and Item 22 of
Schedule 14A under the Securities Exchange Act of 1934, as amended.
    4. The Adviser will not enter into a subadvisory agreement with any
Affiliated Subadviser without such agreement, including the
compensation to be paid thereunder, being approved by the shareholders
of the applicable Fund.
    5. At all times, at least a majority of the Board will be
Independent Trustees, and the nomination of new or additional
Independent Trustees will be placed within the discretion of the then-
existing Independent Trustees.
    6. Whenever a subadviser change is proposed for a Fund with an
Affiliated Subadviser, the Board, including a majority of the
Independent Trustees, will make a separate finding, reflected in the
applicable Board minutes, that such change is in the best interests of
the Fund and its shareholders, and does not involve a conflict of
interest from which the Adviser or the Affiliated Subadviser derives an
inappropriate advantage.
    7. The Adviser will provide general management services to each
Fund that is sub-advised, including overall supervisory responsibility
for the general management and investment of the Fund's assets and,
subject to review and approval of the Board, will: (i) Set each Fund's
overall investment strategies; (ii) evaluate, select and recommend
Subadvisers to manage all or a part of a Fund's assets; (iii) allocate
and, when appropriate, reallocate a Fund's assets among one or more
Subadvisers; (iv) monitor and evaluate the performance of Subadvisers;
and (v) implement procedures reasonably designed to ensure that the
Subadvisers comply with the relevant Fund's investment objective,
policies and restrictions.
    8. No trustee or officer of the Trust or a Fund, or director,
manager or officer of the Adviser, will own directly or indirectly
(other than through a pooled investment vehicle that is not controlled
by such person), any interest in a Subadviser except for: (a) Ownership
of interests in the Adviser, or (b) ownership of less than 1% of the
outstanding securities of any class of equity or debt of any publicly
traded company that is either a Subadviser or an entity that controls,
is controlled by, or is under common control with a Subadviser.
    9. In the event the Commission adopts a rule under the Act
providing substantially similar relief to that in the order requested
in the application, the requested order will expire on the effective
date of that rule.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-20673 Filed 8-19-10; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register Volume 77, Number 117 (Monday, June 18, 2012)]
[Notices]
[Page 36333]
[FR Doc No: 2012-14830]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

[Summary Notice No. PE-2012-24]

Petition for Exemption; Summary of Petition Received

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of petition for exemption received.

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

SUMMARY: This notice contains a summary of a petition seeking relief
from specified requirements of 14 CFR. The purpose of this notice is to
improve the public's awareness of, and participation in, this aspect of
FAA's regulatory activities. Neither publication of this notice nor the
inclusion or omission of information in the summary is intended to
affect the legal status of the petition or its final disposition.

DATES: Comments on this petition must identify the petition docket
number involved and must be received on or before July 9, 2012.

ADDRESSES: You may send comments identified by Docket Number FAA-2012-
0587 using any of the following methods:
     Government-wide rulemaking web site: Go to http://www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: Send comments to the Docket Management Facility;
U.S. Department of Transportation, 1200 New Jersey Avenue SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590.
     Fax: Fax comments to the Docket Management Facility at
202-493-2251.
     Hand Delivery: Bring comments to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Privacy: We will post all comments we receive, without change, to
http://www.regulations.gov, including any personal information you
provide. Using the search function of our docket web site, anyone can
find and read the comments received into any of our dockets, including
the name of the individual sending the comment (or signing the comment
for an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (65 FR 19477-78).
    Docket: To read background documents or comments received, go to
http://www.regulations.gov at any time or to the Docket Management
Facility in Room W12-140 of the West Building Ground Floor at 1200 New
Jersey Avenue SE., Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: Tyneka Thomas ARM-105,<PHONE_NUMBER>,
FAA, Office of Rulemaking, 800 Independence Ave SW., Washington, DC
20591. This notice is published pursuant to 14 CFR 11.85.

    Issued in Washington, DC, on June 11, 2012.
Brenda D. Courtney,
Acting Director, Office of Rulemaking.

Petition for Exemption

Docket No.: FAA-2012-0587
Petitioner: Fern Case
Section of 14 CFR Affected: 14 CFR Sec.  121.317(f) and (k)

Description of Relief Sought:

    The relief sought would allow Ms. Fern Case to use the aircraft
lavatory while the Fasten Seat Belt sign is illuminated. Without this
exemption, Ms. Case would not be able to fly due to a functional
disorder requiring access to the lavatory without reasonable notice.

[FR Doc. 2012-14830 Filed 6-15-12; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: September 18, 2008 (Volume 73, Number 182)]
[Rules and Regulations]
[Page 54072]
[DOCID:fr18se08-8]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2008-0760]

Drawbridge Operation Regulation; Atlantic Intracoastal Waterway,
Jay Jay, FL

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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

SUMMARY: The Commander, Seventh Coast Guard District, has issued a
temporary deviation from the regulation governing the operation of the
NASA Railroad bridge across the Atlantic Intracoastal Waterway, mile
876.6, at Jay Jay, FL. The deviation is necessary to perform
rehabilitation work on the bridge. This deviation allows the bridge to
not open to vessel traffic from 7 a.m. until 11 a.m. and from 1 p.m.
until 5 p.m., Monday through Friday except Federal holidays until
October 19, 2008. All other times the bridge will continue to operate
in accordance with 33 CFR 117.261(j).

DATES: This deviation is effective from September 18, 2008 until
October 19, 2008.

ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket USCG-2008-0760 and are available online
at http://www.regulations.gov. They are also available for inspection
or copying at two locations: the Docket Management Facility (M-30),
U.S. Department of Transportation, West Building Ground Floor, Room
W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays, and
the Commander (dpb), Seventh Coast Guard District, 909 SE 1st Avenue,
Room 432, Miami, Florida 33131-3028 between 8 a.m. and 4:30 p.m.,
Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call Mr. Barry Dragon, Bridge Branch, Seventh Coast Guard District, at
305-415-6743. If you have questions on viewing the docket, call Renee
V. Wright, Program Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This deviation was requested by NASA, the
bridge owner, in order to complete rehabilitation of the NASA Bridge,
mile 876.6, of the Atlantic Intracoastal Waterway, Jay Jay, FL. The
bridge has a vertical clearance of 7 feet in the closed position and a
horizontal clearance of 90 feet. The work will require four hours of
continuous closure followed by two hours for vessel passage followed by
four hours of continuous closure, Monday through Friday except Federal
holidays. All other times the bridge will operate in accordance with 33
CFR 117.261(j). This deviation period begins September 18, 2008 and
ends on October 19, 2008. The bridge must return to its regular
operating schedule immediately at the end of the designated time
period. This deviation from the operating regulations is authorized
under 33 CFR 117.35.

    Dated: August 1, 2008.
Gregory E. Shapley,
Chief, Bridge Branch, Commander, Seventh Coast Guard District.
[FR Doc. E8-21891 Filed 9-17-08; 8:45 am]

BILLING CODE 4910-15-P


 UNITED STATES ENVIRONMENTAL PROTECTION AGENCY

WASHINGTON D.C., 20460

OFFICE OF

PREVENTION, PESTICIDES AND

TOXIC SUBSTANCES

MEMORANDUM	DATE:  May 17, 2006

	PC CODE: 098801

	DP BARCODE: 323825

SUBJECT:	Drinking Water Assessment for Chlorflurenol Growth Regulator
and Herbicide

TO:	Richard Griffin, Risk Assessor

	RB2 (7509C)

	Health Effects Division

FROM:	Ronald D. Parker, Ph.D. Senior Environmental Engineer

ERB5 (7507C)

		Environmental Fate and Effects Division

THRU:	Mah Shamim, Branch Chief

ERB5 (7507C)

		Environmental Fate and Effects Division

EXECUTIVE SUMMARY:

This memo summarizes estimated drinking water concentrations (EDWCs) for
Chlorflurenol Methyl Ester from surface water and groundwater sources.
Chlorflurenol is a plant growth regulator (retardant) and herbicide. It
retards the growth of turf, trees, grass, shrubs, ornamentals, grassy
weeds, conifer release and non-agricultural rights-of way, and it
controls broadleaf weeds.

Groundwater concentrations were estimated using the Tier I SCIGROW
model. Surface water concentration values were estimated using the
linked, Tier II PRZM and EXAMS models. See model descriptions below. The
environmental fate information for chlorflurenol is incomplete.
Conservative default values have been substituted for missing data in
order to proceed with this assessment. The only acceptable environmental
fate studies indicate that Chlorflurenol has a Koc in the range of 65
L/mg and is stable to hydrolysis. See Table 1 below. The OPP/EFED
Florida turf scenario was selected for this assessment as a reasonable
worst case based on the available usage and environmental fate
information. It is likely that a more complete database for this
chemical would lead to reduced estimates of Chlorflurenol concentrations
in drinking water. For this assessment, it was assumed that 8
applications of chlorflurenol were applied to turf grass at a rate of
3.0 pounds active ingredient per acre with a 28-day spacing between
applications. See Table 3 below. The acute and chronic ground water
concentration of 2050 ppb (2.05 ppm) is the highest of the estimated
values. This would represent a maximum concentration in a shallow,
private well in a high usage area. Surface water concentrations are
acute: 386 ppb; chronic non-cancer: 236 ppb; and chronic cancer: 176
ppb. See Tables 2, 4 and 5 below.

Usage of Chlorflurenol

Chlorflurenol is an herbicide and plant growth regulator (PGR). Products
containing chlorflurenol methyl ester have been reported to exhibit
varying biological properties. For example, they retard growth of many
grasses and control broadleaf weeds and vines. Some products are
recommended for use on areas where regular mowing and trimming are
difficult. Such locations would include areas under security fences and
guard rails, around sign posts, delineator posts, culverts,
rights-of-way, median strips and ditches and steep banks. Some products
are intended for bark banding to inhibit tree growth, induce seedless
fruit set in all-female cultivars of pickling cucumbers, and are used
for control of broadleaf weeds in ornamental turfgrass. One product,
Maintain CF 125, produces vegetative planting material for pineapples
and is registered in Hawaii under Section 24(c) for use on pineapples
(see Reg. No.: 000400 HI-83-0011)

Identity of the Active Ingredient:

Chemical Name:		9H-Fluorene-9-carboxylic acid, 2-chloro-

				9-hydroxy-, methyl ester

Synonym:			Methyl 2-chloro-9-hydroxyfluorene-

				9-carboxylate

Common Names:		Chlorflurecol-methyl ester

				Chlorflurenol-methyl ester (ISO)

CAS Reg. No.:			2536-31-4

EPA Chemical Code:		098801

EPA Case Name:		Chlorflurenol, methyl ester

EPA Case Number:		2095

Chemical Structure:

  SEQ CHAPTER \h \r 1 Background Information on SCIGROW:

SCI-GROW is a screening model used by the EPA Office of Pesticide
Programs (OPP) to estimate pesticide concentrations in vulnerable ground
water. The model provides an exposure value that is used to determine
the potential risk to the environment and to human health from drinking
water contaminated with the pesticide. The SCI-GROW estimate is based on
environmental fate properties of the pesticide (aerobic soil degradation
half-life and linear adsorption coefficient normalized for soil organic
carbon content), the maximum application rate, and existing data from
small-scale prospective ground-water monitoring studies at sites with
sandy soils and shallow ground water.

Pesticide concentrations estimated by SCI-GROW represent conservative or
high-end exposure values because the model is based on ground-water
monitoring studies which were conducted by applying pesticides at
maximum allowed rates and frequency to vulnerable sites (i.e., shallow
aquifers, sandy, permeable soils, and substantial rainfall and/or
irrigation to maximize leaching). In most cases, a large majority of the
use areas will have ground water that is less vulnerable to
contamination than the areas used to derive the SCI-GROW estimate.

The SCI-GROW value is likely to be exceeded only under exceptional
circumstances in a small percentage of the use area. No more than a few
percent of U.S. agricultural land consists of sandy soils overlying
shallow ground water like those selected for reasonable worst-case,
small-scale prospective groundwater monitoring studies (source: STATSGO
soils database).

Background Information on Linked PRZM/EXAMS Models

The linked EPA PRZM-EXAMS models estimate aquatic concentrations in a
one hectare pond that is two meters deep next to a ten hectare plot. The
pond receives simulated drift, runoff and eroded soil from the adjacent
field.  PRZM models terrestrial pesticide fate and transport and EXAMS
models the aquatic portion.

The Pesticide Root Zone Model (PRZM) is a one-dimensional, dynamic,
compartmental model that can be used to simulate chemical movement in
unsaturated soil systems within and immediately below the plant root
zone.  It has two major components: hydrology (and hydraulics) and
chemical transport. The hydrologic component for calculating runoff and
erosion is based on the Soil Conservation Service curve number technique
and the Universal Soil Loss Equation. Evapotranspiration is estimated
either directly from pan evaporation data, or based on an empirical
formula. Evapotranspiration is divided among evaporation from crop
interception, evaporation from soil, and transpiration by the crop.
Water movement is simulated by the use of generalized soil parameters,
including field capacity, wilting point, and saturation water content.

Exposure Analysis Modeling System (EXAMS) is a model that can receive
progressive PRZM runoff concentration output to further predict aquatic
pesticide concentrations in a simulated pond.  The predicted
concentrations over the period of time (usually 30 years) can be
averaged over time to produce peak and time averaged concentrations that
take into account aquatic degradation.

Table 1. Input Parameters for PRZM/EXAMS and SCIGROW Models

Parameter

Input

Source

Hydrolysis t1/2 @ pH 7 (days)

Stable

MRID 43496201

Aerobic soil t1/2 (days)

Stable

EFED Default

Aerobic aquatic t1/2 (days)

Stable

EFED Default

Photolysis t1/2 in water (days)

Stable

EFED Default

Organic carbon partition coefficient - Koc (mL/g)

65

MRID 43496202

Application rates (lb a.i./Acre)	3.0 lbs a.i./acre

Label maximum rate

Applications / year

8	Typical maximum number applications

Application spacing

28 Days	Label minimum spacing

Table 2. Simulated drinking water concentrations for surface and ground
water.

Model	Chlorflurenol Drinking Water Concentration (ppb)

Exposure Duration	Acute

	Chronic

Non-cancer	Chronic

Cancer

No. Annual Turf Applications 	8 Apps

@28 Days	8 Apps

@28 Days	8 Apps

@28 Days

PRZM/EXAMS

(Surface Water)	386	236	176

SCIGROW

(Ground Water)	2050	2050	2050

Table 3. Chloroflurenol Uses and Application Rates

Chloroflurenol:  Uses and Application Rates

Crop	EPA Reg. No.	Max. Application Rate	Specific Instructions Regarding
Intervals	Likely Applications per Unit Area per Year	Likely Applications
by Occupational or Residential Applicator per Year

Occupational Uses

Turf:  ornamental and lawns	69361-1

water dispersible solution	1.0 lb ai/acre	Apply when weeds are actively
growing	8 (FL)	40 (FL)

	69361-3

dry	0.26 lb ai/acre	Wait at least 4 weeks before 2nd application

Apply anytime weeds actively growing and temp is >60°F	8 (FL)	40 (FL)

	69361-6

liquid	3.0 lb ai/acre	Apply when grass just beginning to green up.
Apply throughout growing season.	8(FL)	40 (FL)

Turf:  golf courses	69361-1

water dispersible solution	1.0 lb ai/acre	Apply when weeds are actively
growing	8 (FL)	40 (FL)

Weed Turf:

growing in culverts, ROW, median strips, ditches, under security fences
69361-6

liquid	3.0 lb ai/acre	Apply throughout growing season	6	60

Weed Hardwoods:

growing under utility lines, as screens or ground cover, adjacent to
highways	69361-6

liquid	1.0 lb ai/100 gallons	Retards growth up to 1 year	1	10

Weed Hedges:

growing under utility lines, as screen	69361-6

liquid	1.0 lb ai/100 gallons	Retards growth up to 2 months	6	60

Weed Vines

growing under utility lines, as screens or ground cover, ROW, hedgerows
69361-6

liquid	1.0 lb ai/100 gallons	Retards growth up to 6 months	2	20

Weed Gymnosperms	69361-6

liquid	0.25 lb ai/100 gallons	Must be treated before buds expand	1	10

Trees:

bark banding to inhibit growth	69361-6

liquid	depends on trunk diameter & tree type

1	10

Agricultural Uses

Turf:  sod farms	69361-6

liquid	3.0 lb ai/acre	Apply throughout growing season beginning when
turf is just beginning to green up. (REI 48 hours)	6	30

Pineapple plants:

for plant material production (non food use)	69361-6 (SLN)

liquid	1.0 lb ai/acre	A 2nd application may be made after an interval of
10-12 days.  Apply to mature pineapple plants at time of forcing, and 6
months prior to desired planting material harvest.   	2	10

Residential Uses

Turf:  lawns	69361-3

dry	0.26 lb ai/acre	Wait at least 4 weeks before 2nd application

Apply anytime weeds actively growing and temp is >60°F	6	6

Table 4. PRZM/EXAMS Output File

Stored as FLTurfIR.out

Chemical: Chlorflurenol

PRZM environment: FLturfC.txt	modified Monday, 16 June 2003 at 14:48:06

EXAMS environment: ir298.exv	modified Thuday, 29 August 2002 at 15:34:12

Metfile: w12834.dvf	modified Wedday, 3 July 2002 at 10:04:28

Water segment concentrations (ppb)

Year	Peak	96 hr	21 Day	60 Day	90 Day	Yearly

1961	126	125	121	117	112	53.93

1962	278	276	267	248	234	133

1963	286	284	275	268	262	201

1964	289	287	281	266	266	217

1965	218	216	211	203	197	162

1966	445	443	432	423	418	267

1967	390	387	375	349	331	260

1968	292	290	281	269	267	227

1969	402	399	386	359	339	216

1970	272	270	262	244	237	190

1971	213	212	205	195	190	150

1972	284	282	274	259	250	196

1973	262	260	252	235	222	177

1974	336	334	323	300	284	200

1975	261	259	251	234	222	193

1976	354	352	340	316	300	236

1977	293	291	282	268	256	210

1978	279	277	270	257	254	219

1979	270	268	262	250	239	207

1980	184	183	178	166	160	148

1981	158	156	152	147	142	112

1982	227	225	219	215	211	166

1983	263	261	258	249	240	193

1984	309	307	297	276	270	232

1985	218	216	210	196	189	166

1986	194	193	188	182	181	136

1987	177	175	170	163	159	141

1988	113	112	109	107	104	99.33

1989	103	102	99.08	96.51	94.54	81.82

1990	123	122	118	114	110	77.43

Sorted results

Prob.	Peak	96 hr	21 Day	60 Day	90 Day	Yearly

0.032258064516129	445	443	432	423	418	267

0.0645161290322581	402	399	386	359	339	260

0.0967741935483871	390	387	375	349	331	236

0.129032258064516	354	352	340	316	300	232

0.161290322580645	336	334	323	300	284	227

0.193548387096774	309	307	297	276	270	219

0.225806451612903	293	291	282	269	267	217

0.258064516129032	292	290	281	268	266	216

0.290322580645161	289	287	281	268	262	210

0.32258064516129	286	284	275	266	256	207

0.354838709677419	284	282	274	259	254	201

0.387096774193548	279	277	270	257	250	200

0.419354838709677	278	276	267	250	240	196

0.451612903225806	272	270	262	249	239	193

0.483870967741936	270	268	262	248	237	193

0.516129032258065	263	261	258	244	234	190

0.548387096774194	262	260	252	235	222	177

0.580645161290323	261	259	251	234	222	166

0.612903225806452	227	225	219	215	211	166

0.645161290322581	218	216	211	203	197	162

0.67741935483871	218	216	210	196	190	150

0.709677419354839	213	212	205	195	189	148

0.741935483870968	194	193	188	182	181	141

0.774193548387097	184	183	178	166	160	136

0.806451612903226	177	175	170	163	159	133

0.838709677419355	158	156	152	147	142	112

0.870967741935484	126	125	121	117	112	99.33

0.903225806451613	123	122	118	114	110	81.82

0.935483870967742	113	112	109	107	104	77.43

0.967741935483871	103	102	99.08	96.51	94.54	53.93

0.1	                    386.4    383.5      371.5	345.7	327.9	235.6

Average of yearly averages:	175.6

Inputs generated by pe4.pl - 8-August-2003

Data used for this run:

Output File: FLTurfIR

Metfile:	w12834.dvf

PRZM scenario:	FLturfC.txt

EXAMS environment file:	ir298.exv

Chemical Name:	Chlorflurenol

Description	Variable Name	Value	Units	Comments

Molecular weight	mwt	300	g/mol

Henry's Law Const.	henry	3.0e-10	atm-m^3/mol

Vapor Pressure	vapr	3.0e-8	torr

Solubility	sol	 18	mg/L

Kd	Kd		mg/L

Koc	Koc	65	mg/L

Photolysis half-life	kdp	0.0	days	Half-life

Aerobic Aquatic Metabolism	kbacw	0.0	days	Halfife

Anaerobic Aquatic Metabolism	kbacs	0.0	days	Halfife

Aerobic Soil Metabolism	asm	1000000	days	Halfife

Hydrolysis:	pH 5	0.0	days	Half-life

Hydrolysis:	pH 7	0.0	days	Half-life

Hydrolysis:	pH 9	0.0	days	Half-life

Method:	CAM	2	integer	See PRZM manual

Incorporation Depth:	DEPI		cm

Application Rate:	TAPP	3.37	kg/ha

Application Efficiency:	APPEFF	.99	fraction

Spray Drift	DRFT	.05	fraction of application rate applied to pond

Application Date	Date	01-03	dd/mm or dd/mmm or dd-mm or dd-mmm

Interval 1	interval	28	days	Set to 0 or delete line for single app.

Interval 2	interval	28	days	Set to 0 or delete line for single app.

Interval 3	interval	28	days	Set to 0 or delete line for single app.

Interval 4	interval	28	days	Set to 0 or delete line for single app.

Interval 5	interval	28	days	Set to 0 or delete line for single app.

Interval 6	interval	28	days	Set to 0 or delete line for single app.

Interval 7	interval	28	days	Set to 0 or delete line for single app.

Record 17:	FILTRA

	IPSCND	1

	UPTKF

Record 18:	PLVKRT

	PLDKRT

	FEXTRC	0.5

Flag for Index Res. Run	IR	IR

Flag for runoff calc.	RUNOFF	total	none, monthly or total(average of
entire run)

Table 5. SCIGROW Output File.

				SCIGROW

                     VERSION 2.2: NOVEMBER 1, 2001

   RUN No.   1 FOR Chlorflurenol       ** INPUT VALUES **

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

    APP RATE   APPS/   TOTAL/     SOIL   AEROBIC SOIL METAB

    (LBS/AC)    YEAR    SEASON    KOC       HALFLIFE (DAYS)

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

      3.000             8             24             65.0
100000.00

   GROUND-WATER SCREENING CONCENTRATION (IN UG/L - PPB)

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

                                                  2051.633000

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