[Federal Register Volume 80, Number 169 (Tuesday, September 1, 2015)]
[Notices]
[Pages 52812-52814]
[FR Doc No: 2015-21554]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-4182; 803-00223]

Starwood Capital Group Management, LLC; Notice of Application

August 26, 2015.
AGENCY: Securities and Exchange Commission (the ``SEC'' or
``Commission'').

ACTION: Notice of application for an exemptive order under section 206A
of the Investment Advisers Act of 1940 (the ``Advisers Act'') and rule
206(4)-5(e).

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Applicant: Starwood Capital Group Management, LLC (the ``Adviser'' or
``Applicant'').

Relevant Advisers Act Sections: Exemption requested under section 206A
of the Advisers Act and rule 206(4)-5(e) from rule 206(4)-5(a)(1) under
the Advisers Act.

Summary of Application: Applicant requests that the Commission issue an
order under section 206A of the Advisers Act and rule 206(4)-5(e)
exempting it from rule 206(4)-5(a)(1) under the Advisers Act to permit
Applicant to receive compensation for investment advisory services
provided to a government entity within the two-year period following a
contribution by a covered associate of Applicant to an official of the
government entity.

Filing Dates: The application was filed on February 3, 2014, and
amended and restated on August 4, 2014, January 22, 2015, May 6, 2015,
and July 24, 2015.

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 Applicant 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 21, 2015 and should be accompanied by proof of
service on Applicant, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Advisers Act,
hearing requests should state the nature of the writer's interest, any
facts bearing upon the desirability of a hearing on the matter, the
reason for the request, and the issues contested. Persons may request
notification of a hearing by writing to the Commission's Secretary.

ADDRESSES: Brent J. Fields, Secretary, Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090. Applicant,
Starwood Capital Group Management, LLC c/o Matthew Guttin, 591 West
Putnam Avenue, Greenwich, CT 06830.

FOR FURTHER INFORMATION CONTACT: Parisa Haghshenas, Senior Counsel, at
(202) 551-6723, or Holly Hunter-Ceci, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site either at http://www.sec.gov/rules/iareleases.shtml or by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling<PHONE_NUMBER>.

The Applicant's Representations

    1. Starwood Capital Group Management, LLC is registered with the
Commission as an investment adviser under the Advisers Act. Three of
the Applicant's discretionary advisory clients are funds excluded from
the definition of an investment company by section 3(c)(7) of the
Investment Company Act of 1940 (the ``Funds'').
    2. One of the investors in the Funds is a public pension plan that
is a government entity with respect to the State of Illinois (the
``Client''). The investment decisions for the Client are overseen by a
board of 13 trustees that includes six individuals appointed by the
Governor of Illinois. Due to this power of appointment, a private
citizen running for Governor of Illinois is an ``official'' of the
Client as defined in rule 206(4)-5 under the Advisers Act.
    3. On April 29, 2013, Daniel Yih, the Applicant's Chief Operating
Officer (the ``Contributor''), contributed $1,000 to the Bruce Rauner
Exploratory Committee, a committee to support the candidacy of Bruce
Rauner (the ``Official'') for Illinois Governor (the ``Contribution'').
The Applicant represents that apart from that single contribution (and
requesting its return), the Contributor did not interact with the
Official about campaign contributions and did not solicit the Client or
otherwise communicate with the Client or supervise anyone who solicited
the Client. The Applicant further represents that the Contributor did
not solicit any persons to make contributions to the Official's
campaign or coordinate any such contributions.
    4. The Applicant represents that the Official and the Contributor
have a long-standing personal and professional relationship. The
Applicant represents that they used to work together at the private-
equity firm GTCR Golder Rauner. The Applicant further represents that
they were previously neighbors and their children attend school
together and are friends. At the time of the Contribution, the Official
was a private citizen; he did not take office until January 2015. The
Applicant represents that the Official and the Contributor have not
discussed Starwood's investment advisory business or potential
investments by the Client, except that the Contributor explained rule
206(4)-5's implications when requesting the Official refund the
Contribution.
    5. The Client's initial investment in the Funds predates the
Contribution. Although the Client has made additional investments
subsequent to the Contribution, they were all made prior to the
Official taking office and after the Contribution was fully refunded.
The Applicant represents that the Contributor was not involved in
soliciting the Client and did not solicit or otherwise communicate with
the Client on behalf of the Adviser with respect to the Client's
initial or subsequent investments.
    6. The Applicant represents that five days after making the
Contribution, the Contributor realized that pursuant to Adviser's Pay-
to-Play Policy (the ``Policy''), he was required to obtain pre-approval
for his political contributions. The Applicant further represents that
he contacted the Adviser's Chief Compliance Officer that night
(Saturday, May 4, 2013) and the Chief Compliance Officer responded on
Monday, May 6 that the Contribution was prohibited under the Adviser's
compliance policy and rule 206(4)-5 and would need to be refunded. The
Applicant represents that the Contributor requested a refund of the
full $1,000 that day, and received the refund the next day. The
Applicant represents that at no time did any employees of the Applicant
other than the Contributor have any knowledge of the Contribution prior
to the Contributor's notifying the Applicant's Chief Compliance Officer
five days after the date of the Contribution.
    7. The Applicant represents that the Adviser established an escrow
account into which it has been depositing an amount equal to the
compensation received with respect to the Client's investment in the
Funds for the two-year period starting April 29, 2013. Since the
Contribution Date, the Applicant represents that there have been no
distributions of carried interest from the Funds; however, to the
extent any distributions of carried interest in respect to the Client's
investments are to be paid to the Adviser in the future and the
Commission has not granted an exemptive order to the Adviser, the
portion of that carried interest attributable to investments of the
Client during the two-year period following the Contribution Date will
be placed in escrow. The Applicant represents that it notified the
Client of the Contribution and the application prior to the filing of
the second amendment to the application.
    8. The Applicant represents that the Adviser's Policy was initially
adopted and implemented on February 1, 2008, prior to the effective
date of rule 206(4)-5, to ensure compliance with state and local pay-
to-play laws. It was revised in light of rule 206(4)-5 and has been in
place in its current form since the

effective date of the rule. The Applicant represents that the Policy is
more restrictive than what was contemplated by the rule. The Applicant
represents that the Contributor simply temporarily failed to seek
preclearance for the Contribution and realized his error five days
later. The Applicant represents that after the Contribution, it sent a
reminder of the Policy to all employees.

The Applicant's Legal Analysis

    1. Rule 206(4)-5(a)(1) under the Advisers Act prohibits a
registered investment adviser from providing investment advisory
services for compensation to a government entity within two years after
a contribution to an official of the government entity is made by the
investment adviser or any covered associate of the investment adviser.
The Client is a government entity, as defined in rule 206(4)-5(f)(5),
the Contributor is a ``covered associate'' as defined in rule 206(4)-
5(f)(2), and the Official is an ``official'' as defined in rule 206(4)-
5(f)(6). Rule 206(4)-5(c) provides that when a government entity
invests in a covered investment pool, the investment adviser to that
covered investment pool is treated as providing advisory services
directly to the government entity. The Funds are ``covered investment''
pools as defined in rule 206(4)-5(f)(3)(ii).
    2. Section 206A of the Advisers Act grants the Commission the
authority to ``conditionally or unconditionally exempt any person or
transaction . . . from any provision or provisions of [the Advisers
Act] or of any rule or regulation thereunder, if and to the extent that
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 Advisers Act].''
    3. Rule 206(4)-5(e) provides that the Commission may exempt an
investment adviser from the prohibition under rule 206(4)-5(a)(1) upon
consideration of, among other factors, (i) Whether the 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 Advisers Act; (ii) Whether the investment
adviser: (A) Before the contribution resulting in the prohibition was
made, adopted and implemented policies and procedures reasonably
designed to prevent violations of the rule; and (B) prior to or at the
time the contribution which resulted in such prohibition was made, had
no actual knowledge of the contribution; and (C) after learning of the
contribution: (1) Has taken all available steps to cause the
contributor involved in making the contribution which resulted in such
prohibition to obtain a return of the contribution; and (2) has taken
such other remedial or preventive measures as may be appropriate under
the circumstances; (iii) Whether, at the time of the contribution, the
contributor was a covered associate or otherwise an employee of the
investment adviser, or was seeking such employment; (iv) The timing and
amount of the contribution which resulted in the prohibition; (v) The
nature of the election (e.g., federal, state or local); and (vi) The
contributor's apparent intent or motive in making the contribution
which resulted in the prohibition, as evidenced by the facts and
circumstances surrounding such contribution.
    4. The Applicant requests an order pursuant to section 206A and
rule 206(4)-5(e), exempting it from the two-year prohibition on
compensation imposed by rule 206(4)-5(a)(1) with respect to investment
advisory services provided to the Client following the Contribution.
The Applicant asserts that the exemption sought is necessary and
appropriate in the public interest and consistent with the protection
of investors and the purposes fairly intended by the policy and
provisions of the Advisers Act.
    5. The Applicant maintains that the timing of the Contribution, at
the time of the Contribution the Official's not having the authority to
appoint anyone who participated in the Client's decision to invest with
the Adviser, and the length of time in which the Contributor obtained a
refund from the Official indicate that the Contribution was not part of
any quid pro quo arrangement, but rather an inadvertent failure to
follow the Adviser's Policy by the Contributor.
    6. The Applicant states that the Client determined to invest with
Applicant and established an advisory relationship on an arm's length
basis free from any improper influence as a result of the Contribution.
In support of this argument, Applicant notes that the Client's
relationship with the Applicant pre-dates the Contribution.
Furthermore, the Client's subsequent investments were made after the
Contribution was refunded and the Official had no role in the Client's
subsequent investments, and he did not take office, had not been
elected, nor obtained appointment power until 2015. Similarly, the
Applicant represents that the Contributor did not solicit the Client
with respect to the subsequent investments, nor did anyone whom he
supervises. The Applicant respectfully submits that the interests of
the Client are best served by allowing the Applicant and the Client to
continue their relationship uninterrupted.
    7. The Applicant submits that the Contributor's decision to make
the Contribution to the Official's committee was based on the personal
and professional relationship between the two men and not any desire to
influence with the Client's merit-based selection process for advisory
services.
    8. The Applicant contends that although the Applicant's Policy
required the Contributor to obtain prior approval for the Contribution,
which he failed to do, the Contributor realized his error in less than
a week. The Applicant further maintains that at the Contributor's
request, the Contribution was refunded within nine days of the date it
was made. The Contribution's discovery and refund were well within the
time period required for an automatic exemption pursuant to rule
206(4)-5(b)(3).
    9. Applicant further submits that the other factors set forth in
rule 206(4)-5(e) similarly weigh in favor of granting an exemption to
the Applicant to avoid consequences disproportionate to the violation.
    10. Accordingly, the Applicant respectfully submits that the
interests of investors and the purposes of the Advisers Act are best
served in this instance by allowing the Adviser and its Client to
continue their relationship uninterrupted in the absence of any intent
or action by the Contributor to interfere with the Client's merit-based
process for the selection and retention of advisory services. The
Applicant submits that an exemption from the two-year prohibition on
compensation is necessary and appropriate in the public interest and
consistent with the protection of investors and the purposes fairly
intended by the policy and provisions of the Advisers Act.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-21554 Filed 8-31-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 85 (Tuesday, May 3, 2011)]
[Proposed Rules]
[Pages 24840-24843]
[FR Doc No: 2011-10663]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2011-0195]
RIN 1625-AA00

Safety Zone; 2011 Rohto Ironman 70.3 Miami, Biscayne Bay, Miami,
FL

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Coast Guard proposes to establish a temporary safety zone
on Biscayne Bay, east of Bayfront Park, in Miami, Florida during the
2011 Rohto Ironman 70.3 Miami, a triathlon. The Rohto Ironman 70.3
Miami is scheduled to take place on Sunday, October 30, 2011. The
temporary safety zone is necessary for the safety of race participants,
participant vessels, and the general public during the 1.2 mile swim
portion of this competition. Persons and vessels will be prohibited
from entering, transiting through, anchoring in, or remaining within
the safety zone unless authorized by the Captain of the Port Miami or a
designated representative.

DATES: Comments and related material must be received by the Coast
Guard on or before July 19, 2011.

ADDRESSES: You may submit comments identified by docket number USCG-
2011-0195 using any one of the following methods:
    (1) Federal eRulemaking Portal: http://www.regulations.gov.
    (2) Fax:<PHONE_NUMBER>.
    (3) Mail: Docket Management Facility (M-30), U.S. Department of
Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue, SE., Washington, DC 20590-0001.
    (4) Hand delivery: Same as mail address above, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The telephone
number is<PHONE_NUMBER>.
    To avoid duplication, please use only one of these four methods.
See the ``Public Participation and Request for Comments'' portion of
the SUPPLEMENTARY INFORMATION section below for instructions on
submitting comments.

FOR FURTHER INFORMATION CONTACT: If you have questions on this proposed
rule, call or e-mail Lieutenant Paul A. Steiner, Sector Miami
Prevention Department, Coast Guard; telephone<PHONE_NUMBER>, e-mail
<EMAIL_ADDRESS>If you have questions on viewing or submitting
material to the docket, call Renee V. Wright, Program Manager, Docket
Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    We encourage you to participate in this rulemaking by submitting
comments and related materials. All comments received will be posted
without change to http://www.regulations.gov and will include any
personal information you have provided.

Submitting comments

    If you submit a comment, please include the docket number for this
rulemaking (USCG-2011-0195), indicate the specific section of this
document to which each comment applies, and provide a reason for each
suggestion or recommendation. You may submit your comments and material
online (via http://www.regulations.gov) or by fax, mail, or hand
delivery, but please use only one of these means. If you submit a
comment online via http://

www.regulations.gov, it will be considered received by the Coast Guard
when you successfully transmit the comment. If you fax, hand deliver,
or mail your comment, it will be considered as having been received by
the Coast Guard when it is received at the Docket Management Facility.
We recommend that you include your name and a mailing address, an e-
mail address, or a telephone number in the body of your document so
that we can contact you if we have questions regarding your submission.
    To submit your comment online, go to http://www.regulations.gov,
click on the ``submit a comment'' box, which will then become
highlighted in blue. In the ``Document Type'' drop down menu select
``Proposed Rule'' and insert ``USCG-2011-0195'' in the ``Keyword'' box.
Click ``Search'' then click on the balloon shape in the ``Actions''
column. If you submit your comments by mail or hand delivery, submit
them in an unbound format, no larger than 8\1/2\ by 11 inches, suitable
for copying and electronic filing. If you submit comments by mail and
would like to know that they reached the Facility, please enclose a
stamped, self-addressed postcard or envelope. We will consider all
comments and material received during the comment period and may change
the rule based on your comments.

Viewing comments and documents

    To view comments, as well as documents mentioned in this preamble
as being available in the docket, go to http://www.regulations.gov,
click on the ``read comments'' box, which will then become highlighted
in blue. In the ``Keyword'' box insert ``USCG-2011-0195'' and click
``Search.'' Click the ``Open Docket Folder'' in the ``Actions'' column.
You may also visit the Docket Management Facility in Room W12-140 on
the ground floor of the Department of Transportation West Building,
1200 New Jersey Avenue, SE., Washington, DC 20590, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. We have an
agreement with the Department of Transportation to use the Docket
Management Facility.

Privacy Act

    Anyone can search the electronic form of comments received into any
of our dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act notice
regarding our public dockets in the January 17, 2008, issue of the
Federal Register (73 FR 3316).

Public Meeting

    We do not now plan to hold a public meeting. But you may submit a
request for a public meeting on or before June 10, 2011 using one of
the four methods specified under ADDRESSES. Please explain why you
believe a public meeting would be beneficial. If we determine that one
would aid this rulemaking, we will hold one at a time and place
announced by a later notice in the Federal Register.

Basis and Purpose

    On October 30, 2011, Paramount Productions, LLC will be hosting the
Rohto Ironman 70.3 Miami. This event includes a 1.2 mile swim, which
will take place on the waters of Biscayne Bay located east of Bayfront
Park in Miami, Florida. Approximately 2,500 individuals are scheduled
to compete in the event. This safety zone is necessary to protect race
participants, participant vessels, and the general public during the
effective period.

Discussion of Proposed Rule

    The proposed rule would designate a temporary safety zone around
the swim area of the Rohto Ironman 70.3 Miami on Biscayne Bay, east of
Bayfront Park, in Miami, Florida. The temporary safety zone will be in
effect from 6:45 a.m. until 10 a.m. on October 30, 2011. Persons and
vessels will be prohibited from entering, transiting through, anchoring
in, or remaining within the safety zone unless specifically authorized
by the Captain of the Port Miami or a designated representative.
Persons and vessels may request authorization to enter, transit
through, anchor in, or remain within the safety zone by contacting the
Captain of the Port Miami via telephone at<PHONE_NUMBER>, or a
designated representative via VHF radio on channel 16.

Regulatory Analyses

    We developed this proposed rule after considering numerous statutes
and executive orders related to rulemaking. Below we summarize our
analyses based on 13 of these statutes or executive orders.

Regulatory Planning and Review

    This proposed rule is not a significant regulatory action under
section 3(f) of Executive Order 12866, Regulatory Planning and Review,
and does not require an assessment of potential costs and benefits
under section 6(a)(3) of that Order. The Office of Management and
Budget has not reviewed it under that Order.
    The economic impact of this proposed rule is not significant for
the following reasons: (1) The safety zone will be in effect for just
over three hours; (2) vessel traffic in the area during the effective
period will be minimal; (3) although persons and vessels will not be
able to enter, transit through, anchor in, or remain within the safety
zone without authorization from the Captain of the Port Miami or a
designated representative, they will be able to operate in the
surrounding area during the effective period; (4) persons and vessels
may still enter, transit through, anchor in, or remain within the
safety zone if authorized by the Captain of the Port Miami or a
designated representative; and (5) advance notification will be made to
the local maritime community via Local Notice to Mariners and Broadcast
Notice to Mariners.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this proposed rule would have a significant economic
impact on a substantial number of small entities. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000.
    The Coast Guard certifies under 5 U.S.C. 605(b) that this proposed
rule would not have a significant economic impact on a substantial
number of small entities. This rule may affect the following entities,
some of which may be small entities: the owners or operators of vessels
intending to enter, transit through, anchor in, or remain within the
waters of Biscayne Bay that are encompassed within the safety zone from
6:45 a.m. until 10 a.m. on October 30, 2011. For the reasons discussed
in the Regulatory Planning and Review section above, this proposed rule
will not have a significant economic impact on a substantial number of
small entities.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this rule would have
a significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this proposed rule so that

they can better evaluate its effects on them and participate in the
rulemaking. If the rule would affect your small business, organization,
or governmental jurisdiction and you have questions concerning its
provisions or options for compliance, please contact Lieutenant Paul A.
Steiner, Sector Miami Prevention Department, Coast Guard; telephone
305-535-8724, e-mail<EMAIL_ADDRESS>The Coast Guard will not
retaliate against small entities that question or complain about this
proposed rule or any policy or action of the Coast Guard.

Collection of Information

    This proposed rule would call for no new collection of information
under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on State or local
governments and would either preempt State law or impose a substantial
direct cost of compliance on them. We have analyzed this proposed rule
under that Order and have determined that it does not have implications
for federalism.

Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 or more in any
one year. Though this proposed rule would not result in such an
expenditure, we do discuss the effects of this rule elsewhere in this
preamble.

Taking of Private Property

    This proposed rule would not cause a taking of private property or
otherwise have taking implications under Executive Order 12630,
Governmental Actions and Interference with Constitutionally Protected
Property Rights.

Civil Justice Reform

    This proposed rule meets applicable standards in sections 3(a) and
3(b)(2) of Executive Order 12988, Civil Justice Reform, to minimize
litigation, eliminate ambiguity, and reduce burden.

Protection of Children

    We have analyzed this proposed rule under Executive Order 13045,
Protection of Children from Environmental Health Risks and Safety
Risks. This rule is not an economically significant rule and would not
create an environmental risk to health or risk to safety that might
disproportionately affect children.

Indian Tribal Governments

    This proposed rule does not have tribal implications under
Executive Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it would 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.

Energy Effects

    We have analyzed this proposed rule under Executive Order 13211,
Actions Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use. We have determined that it is not a ``significant
energy action'' under that order because it is not a ``significant
regulatory action'' under Executive Order 12866 and is not likely to
have a significant adverse effect on the supply, distribution, or use
of energy. The Administrator of the Office of Information and
Regulatory Affairs has not designated it as a significant energy
action. Therefore, it does not require a Statement of Energy Effects
under Executive Order 13211.

Technical Standards

    The National Technology Transfer and Advancement Act (NTTAA) (15
U.S.C. 272 note) directs agencies to use voluntary consensus standards
in their regulatory activities unless the agency provides Congress,
through the Office of Management and Budget, with an explanation of why
using these standards would be inconsistent with applicable law or
otherwise impractical. Voluntary consensus standards are technical
standards (e.g., specifications of materials, performance, design, or
operation; test methods; sampling procedures; and related management
systems practices) that are developed or adopted by voluntary consensus
standards bodies.
    This proposed rule does not use technical standards. Therefore, we
did not consider the use of voluntary consensus standards.

Environment

    We have analyzed this proposed rule under Department of Homeland
Security Management Directive 023-01 and Commandant Instruction
M16475.lD, which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and
have made a preliminary determination that this action is one of a
category of actions that do not individually or cumulatively have a
significant effect on the human environment. A preliminary
environmental analysis checklist supporting this determination is
available in the docket where indicated under ADDRESSES. This proposed
rule involves establishing a temporary safety zone, as described in
paragraph 34(g) of the Instruction, on the waters of Biscayne Bay in
Miami, Florida that will be in effect for just over three hours. We
seek any comments or information that may lead to the discovery of a
significant environmental impact from this proposed rule.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard proposes
to amend 33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

    1. The authority citation for part 165 continues to read as
follows:

    Authority:  33 U.S.C. 1226, 1231; 46 U.S.C. Chapter 701, 3306,
3703; 50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, 160.5; Pub.
L. 107-295, 116 Stat. 2064; Department of Homeland Security
Delegation No. 0170.1.

    2. Add a temporary Sec.  165.T07-0195 to read as follows:

Sec.  165.T07-0195  Safety Zone; 2011 Rohto Ironman 70.3 Miami,
Biscayne Bay, Miami, FL.

    (a) Regulated Area. The following regulated area is a safety zone.
All waters of Biscayne Bay located east of Bayfront Park and
encompassed within an imaginary line connecting the following points:
starting at Point 1 in position 25[deg]46'44'' N, 80[deg]10'59'' W;
thence southeast to Point 2 in position 25[deg]46'24'' N,
80[deg]10'46'' W; thence southwest to Point 3 in position
25[deg]46'18'' N, 80[deg]11'06'' W; thence north to Point 4 in position
25[deg]46'31'' N, 80[deg]11'06'' W; thence northeast back to origin.
All coordinates are North American Datum 1983.
    (b) Definition. The term ``designated representative'' means Coast
Guard Patrol Commanders, including Coast Guard coxswains, petty
officers, and other officers operating Coast Guard vessels, and
Federal, state, and local

officers designated by or assisting the Captain of the Port Miami in
the enforcement of the regulated area.
    (c) Regulations. (1) All persons and vessels are prohibited from
entering, transiting through, anchoring in, or remaining within the
regulated area unless authorized by the Captain of the Port Miami or a
designated representative.
    (2) Persons and vessels desiring to enter, transit through, anchor
in, or remain within the regulated area may contact the Captain of the
Port Miami via telephone at<PHONE_NUMBER>, or a designated
representative via VHF radio on channel 16, to seek authorization. If
authorization to enter, transit through, anchor in, or remain within
the regulated area is granted by the Captain of the Port Miami or a
designated representative, all persons and vessels receiving such
authorization must comply with the instructions of the Captain of the
Port Miami or a designated representative.
    (3) The Coast Guard will provide notice of the regulated area via
Local Notice to Mariners, Broadcast Notice to Mariners, and by on-scene
designated representatives.
    (d) Effective Date. This rule is effective from 6:45 a.m. until 10
a.m. on October 30, 2011.

    Dated: April 18, 2011.
C.P. Scraba,
Captain, U.S. Coast Guard, Captain of the Port Miami.
[FR Doc. 2011-10663 Filed 5-2-11; 8:45 am]
BILLING CODE 9110-04-P


Reader's Guide PBO CRM: Cathryn O'Connell EPA/ OPPTS/ OPP/ SRRD Page 1 of 5 Reader's Guide to the Piperonyl Butoxide ( PBO) Reregistration Eligibility Decision ( RED) E Docket # OPP 2005 0042 Publication Date: July 26, 2006 EPA has created this document to provide an organizational structure to the Piperonyl Butoxide ( PBO) E docket. The docket index lists the caption entries sequentially, while this document lists them by subject matter. The Agency is providing the " Readers Guide" to allow the reader to more easily access and navigate the various entries contained in the Piperonyl Butoxide ( PBO) E docket.

Phase 3 Federal Register and Docket Organizational Documents:

Docket Entry 1. Federal Register Notice: Piperonyl Butoxide ( PBO) Risk Assessments; Notice of Availability.

Docket Entry 2. Reader's Guide to the Piperonyl Butoxide ( PBO) E Docket # OPP 2005 0042. ( April 27, 2005)

Docket Entry 3. Overview of the Piperonyl Butoxide ( PBO) Risk Assessments. ( May 4, 2005)

Phase 3 Human Health Risk Assessments Documents:

Docket Entry 4. Piperonyl Butoxide ( PBO) HED Risk Assessments for Reregistration Eligibility Document ( March 11, 2005)

Docket Entry 5. Piperonyl Butoxide ( PBO)   Reregistration Eligibility Decision. Revised Product and Residue Chemistry Considerations. ( November 23, 2005)

Docket Entry 6. Occupational and Residential Exposure Assessment and Recommendations for the RED for Piperonyl Butoxide ( PBO). ( March 11, 2005)

Docket Entry 7. Piperonyl Butoxide ( PBO): Revised Metabolism Assessment Review Committee Report. ( November 23, 2005)

Docket Entry 8. Piperonyl Butoxide ( PBO): Revised Anticipated Residues and Acute Probabilistic Chronic Dietary Exposure Assessment for the RED. ( November 23, 2004) Reader's Guide PBO CRM: Cathryn O'Connell EPA/ OPPTS/ OPP/ SRRD Page 2 of 5 Docket Entry 9. Piperonyl Butoxide ( PBO): First Report of the Hazard Identification Assessment Review Committee. ( June 8, 2004)

Docket Entry 10. Review of Piperonyl Butoxide ( PBO) Incident Reports. ( May 10, 2004)

Phase 3 Ecological Risk Assessment Documents:

Docket Entry 11. EFED Response to Error Only Review: Ecological Risk Assessments for Piperonyl Butoxide ( PBO) ( February 24, 2005)

Docket Entry 12. Screening Ecological Risk Assessment for the Piperonyl Butoxide ( PBO) RED. ( January 4, 2005)

Docket Entry 13. Tier I Drinking Water Assessment for Piperonyl Butoxide ( PBO). ( May 17, 2004)

Phase 5 Federal Register and Docket Organizational Documents:

Docket Entry 26. Federal Register Notice: Piperonyl butoxide Revised Risk Assessments, Notice of Availability, and Solicitation of Risk Reduction Options.

Docket Entry 27. Reader's Guide to the Piperonyl Butoxide ( PBO) E Docket # OPP 2005 0042. ( September 15, 2005)

Phase 5 Human Health Risk Assessments Documents:

Docket Entry 28. Piperonyl Butoxide: Response to Public Comments on the HED Risk Assessment for Piperonyl Butoxide RED Chapter; PC Code 067501; DP Barcode: 321496 ( September 9, 2005)

Docket Entry 29. Piperonyl Butoxide HED Revised Risk Assessment for Reregistration Eligibility Document ( RED) PC Code No 067501; DP Barcode No. 318719 ( September 8, 2005)

Docket Entry 30. Piperonyl Butoxide ( PBO), Pyrethrins and MGK 264: Health Effects Division's response to the Registrant's concerns for using metaplasia seen in the larynx in subchronic inhalation studies as an endpoint for inhalation risk assessment. Reader's Guide PBO CRM: Cathryn O'Connell EPA/ OPPTS/ OPP/ SRRD Page 3 of 5 ( September 8, 2005)

Docket Entry 31. Piperonyl Butoxide ( PC Code 067501): Response to Phase 3 Comments  Toxicity Document, DP Code: D310025 ( September 14, 2005)

Docket Entry 32. Revised Occupational and Residential Exposure Assessment And Recommendations For The Reregistration Eligibility Decision ( RED) for Piperonyl Butoxide ( September 8, 2005)

Docket Entry 33. Occupational and Residential Exposure Assessment for the Use of Piperonyl Butoxide in Residential Outdoor Automatic Mister System. ( August 30, 2005)

Docket Entry 34. Piperonyl Butoxide: Revised Metabolism Assessment Review Committee Report ( September 1, 2005)

Docket Entry 35. Review of Pyrethrins Incident Reports  Second Revision DP Barcode D320300, Chemical # 069001 This document addresses comments made in regard to the PBO Incident Report ( 5/ 10/ 05) as well. ( August 16, 2005)

Phase 5 Ecological Risk Assessment Documents:

Docket Entry 36. Piperonyl butoxide: EFED Response to Public Comments and our Revised Ecological Risk Assessment. ( September 6, 2005)

Docket Entry 37. Piperonyl butoxide Risk Assessment. Provided for SRRD by EFED's Piperonyl Butoxide RED Team. ( September 2005)

Additional Phase 5 Documents:

Docket Entry 38. Pyrethrins Consultation Letter from Michael McGeehin, Dept. of Health and Human Services, CDC. This document also addresses PBO. ( August 1, 2005)

Docket Entry 39. Intermittent Aerosols, Residential Mosquito Misters, and Dairy Barn Misters. Submitted by the Pyrethrin Joint Reader's Guide PBO CRM: Cathryn O'Connell EPA/ OPPTS/ OPP/ SRRD Page 4 of 5 Venture ( Co. No. 058223), and the Piperonyl Butoxide Task Force II, Case 2525, Chemical 067501). ( August 1, 2005)

Final RED Federal Register and Docket Organizational Document:

Docket Entry 55. Federal Register Notice: Piperonyl Butoxide Reregistration Eligibility Decision; Notice of Availability.

Docket Entry 56. Reader's Guide to the Piperonyl Butoxide E Docket # OPP 2005 0042. ( This document, version July 26, 2006)

Piperonyl Butoxide Reregistration Eligibility Decision ( RED) Document:

Docket Entry 57. Reregistration Eligibility Decision ( RED) for Piperonyl Butoxide. ( June 14, 2006)

RED Human Health Risk Assessments Documents:

Docket Entry 58. Piperonyl Butoxide HED Revised Risk Assessment for Reregistration Eligibility Document ( RED). ( February 21, 2006)

Docket Entry 59. Piperonyl Butoxide: Response to Public Comments on the HED Risk Assessment for Piperonyl Butoxide RED Chapter. ( January 31, 2006)

Docket Entry 60. Piperonyl Butoxide: Addendum to Occupational and Residential Exposure Assessment. ( July 5, 2006)

Docket Entry 61. Piperonyl Butoxide: Risk Based Application Rate for Residential Outdoor Automatic Mister Systems. ( July 5, 2006)

RED Ecological Risk Assessment Documents:

Docket Entry 62. Response to Comments of Phase 5 Period about Water Quality, and Other Issues on the Revised Draft EFED RED Chapters for Pyrethrins, PBO and MGK 264. ( January 30, 2006) Reader's Guide PBO CRM: Cathryn O'Connell EPA/ OPPTS/ OPP/ SRRD Page 5 of 5 Additional Documents:

Docket Entry 63. Cover Letter to the National Pest Management Association ( NPMA) regarding Labeling Options for Outdoor Residential Misting Systems ( February 2, 2006)

Docket Entry 64. Attachment to NPMA Letter Mister Labeling Options. ( February 2, 2006)


[Federal Register Volume 82, Number 38 (Tuesday, February 28, 2017)]
[Proposed Rules]
[Pages 12070-12071]
[FR Doc No: 2017-03740]

========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.

========================================================================

Federal Register / Vol. 82, No. 38 / Tuesday, February 28, 2017 /
Proposed Rules

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2017-0016; Directorate Identifier 2016-NE-31-AD]
RIN 2120-AA64

Airworthiness Directives; General Electric Company Turbofan
Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking (NPRM).

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

SUMMARY: We propose to adopt a new airworthiness directive (AD) for
certain General Electric Company (GE) GEnx-1B64, -1B64/P1, -1B64/P2, -
1B67, -1B67/P1, -1B67/P2, -1B70, -1B70/P1, -1B70/P2, -1B70/75/P1, -
1B70/75/P2, -1B70C/P1, -1B70C/P2, -1B74/75/P1, -1B74/75/P2, -1B76A/P2
turbofan engines. This proposed AD was prompted by a fracture of the
fuel manifold which led to an in-flight shutdown of the engine. This
proposed AD would require replacement of the outer left side signal
fuel manifold with a part eligible for installation. We are proposing
this AD to correct the unsafe condition on these products.

DATES: We must receive comments on this proposed AD by April 14, 2017.

ADDRESSES: You may send comments, using the procedures found in 14 CFR
11.43 and 11.45, by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: U.S. Department of Transportation, Docket
Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
    For service information identified in this NPRM, contact General
Electric Company, GE-Aviation, Room 285, 1 Neumann Way, Cincinnati, OH
45215, phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
You may view this service information at the FAA, Engine & Propeller
Directorate, 1200 District Avenue, Burlington, MA. For information on
the availability of this material at the FAA, call<PHONE_NUMBER>.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2017-
0016; or in person at the Docket Management Facility between 9 a.m. and
5 p.m., Monday through Friday, except Federal holidays. The AD docket
contains this proposed AD, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Office (phone:<PHONE_NUMBER>) is in the ADDRESSES section. Comments will
be available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Christopher McGuire, Aerospace
Engineer, Engine Certification Office, FAA, Engine & Propeller
Directorate, 1200 District Avenue, Burlington, MA 01803; phone: 781-
238-7120; fax:<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Comments Invited

    We invite you to send any written relevant data, views, or
arguments about this proposal. Send your comments to an address listed
under the ADDRESSES section. Include ``Docket No. FAA-2017-0016;
Directorate Identifier 2016-NE-31-AD'' at the beginning of your
comments. We specifically invite comments on the overall regulatory,
economic, environmental, and energy aspects of this proposed AD. We
will consider all comments received by the closing date and may amend
this proposed AD because of those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact we
receive about this proposed AD.

Discussion

    We received a report of an in-flight shutdown of an engine that
resulted from the fracture of the fuel manifold. Investigation
determined that the cause of the fracture was a defective weld joining
the fuel line to the manifold. This condition, if not corrected, could
result in fracture of the fuel manifold, engine fire, and damage to the
airplane.

Related Service Information

    We reviewed GE GEnx-1B Service Bulletin (SB) 73-0051 R00, dated
November 4, 2016; GE GEnx-1B SB 73-0052 R00, dated October 28, 2016;
and GE GEnx-1B SB 73-0053 R00, dated November 15, 2016. These SBs
describe, respectively, procedures for the inspection, repair, and
replacement of the outer left side signal fuel manifold, part number
2403M46G01, and CAGE code 05813.

FAA's Determination

    We are proposing this AD because we evaluated all the relevant
information and determined the unsafe condition described previously is
likely to exist or develop in other products of the same type design.

Proposed AD Requirements

    This proposed AD would require replacement of the outer left side
signal fuel manifold with a part eligible for installation.

Differences Between This Proposed AD and the Service Information

    GE GEnx-1B SB 73-0053 R00, dated November 15, 2016, requires
replacement of the affected fuel manifold within 60 days after the
issuance of the SB. This proposed AD, based on our risk assessment of
the potential for additional fractures of the fuel manifold, proposes
that this replacement be done within 12 months.

Costs of Compliance

    We estimate that this proposed AD affects 109 engines installed on
airplanes of U.S. registry.
    We estimate the following costs to comply with this proposed AD:

                                                 Estimated Costs
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
               Action                        Labor cost           Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
Replacement of fuel manifold........  2 work-hours x $85 per          $16,000          $16,170       $1,762,530
                                       hour = $170.
----------------------------------------------------------------------------------------------------------------

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. Subtitle VII: Aviation Programs,
describes in more detail the scope of the Agency's authority.
    We are issuing this rulemaking under the authority described in
Subtitle VII, Part A, Subpart III, Section 44701: ``General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this proposed AD would not have federalism
implications under Executive Order 13132. This proposed AD would not
have a substantial direct effect 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.
    For the reasons discussed above, I certify this proposed
regulation:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska to the extent
that it justifies making a regulatory distinction, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

The Proposed Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA proposes to amend 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new airworthiness
directive (AD):

General Electric Company: Docket No. FAA-2017-0016; Directorate
Identifier 2016-NE-31-AD.

(a) Comments Due Date

    We must receive comments by April 14, 2017.

 (b) Affected ADs

    None.

 (c) Applicability

    This AD applies to all GEnx-1B64, -1B64/P1, -1B64/P2, -1B67, -
1B67/P1, -1B67/P2, -1B70, -1B70/75/P1, -1B70/75/P2, -1B70/P1, -1B70/
P2, -1B70C/P1, -1B70C/P2, -1B74/75/P1, -1B74/75/P2, -1B76A/P2
engines with outer left side signal fuel manifold, part number (P/N)
2403M46G01, and CAGE code 05813, installed.

 (d) Subject

    Joint Aircraft System Component (JASC) Code 7313, Fuel Injector
Nozzle.

 (e) Unsafe Condition

    This AD was prompted by fracture of the fuel manifold which led
to an in-flight shutdown of the engine. We are issuing this AD to
prevent fracture of the fuel manifold, engine fire, and damage to
the airplane.

 (f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.
    (1) Inspect the outer left side signal fuel manifold, P/N
2403M46G01 and CAGE code 05813, to determine if the part has
additional marking ``XB,'' ``INS,'' or ``KB'' adjacent to part
number. If the part is marked with ``XB,'' ``INS,'' or ``KB,'' then
no further action is required.
    (2) For parts without additional marking ``XB,'' ``INS,'' or
``KB'' adjacent to the part number, within 12 months after the
effective date of this AD, replace the outer left side signal fuel
manifold with a part eligible for installation.

 (g) Installation Prohibition

    After the effective date of this AD, do not install an outer
left side signal fuel manifold, P/N 2403M46G01, and CAGE code 05813,
onto an engine, unless additional marking ``XB,'' ``INS,'' or ``KB''
is adjacent to the part number.

 (h) Alternative Methods of Compliance (AMOCs)

    The Manager, Engine Certification Office, FAA, may approve AMOCs
for this AD. Use the procedures found in 14 CFR 39.19 to make your
request. You may email your request to<EMAIL_ADDRESS>
 (i) Related Information

    (1) For more information about this AD, contact Christopher
McGuire, Aerospace Engineer, Engine Certification Office, FAA,
Engine & Propeller Directorate, 1200 District Avenue, Burlington, MA
01803; phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>    (2) GE GEnx-1B Service Bulletin (SB) 73-0051 R00, dated November
4, 2016; GE GEnx-1B SB 73-0052 R00, dated October 28, 2016; and GE
GEnx-1B SB 73-0053 R00, dated November 15, 2016, can be obtained
from GE using the contact information in paragraph (i)(3) of this
AD. These SBs, respectively, describe procedures for inspection,
repair, and replacement of the outer left side signal fuel manifold.
    (3) For service information identified in this proposed AD,
contact General Electric Company, GE-Aviation, Room 285, 1 Neumann
Way, Cincinnati, OH 45215, phone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>;
email<EMAIL_ADDRESS>    (4) You may view this service information at the FAA, Engine &
Propeller Directorate, 1200 District Avenue, Burlington, MA. For
information on the availability of this material at the FAA, call
781-238-7125.

    Issued in Burlington, Massachusetts, on February 14, 2017.
Carlos A. Pestana,
Acting Assistant Manager, Engine & Propeller Directorate, Aircraft
Certification Service.
[FR Doc. 2017-03740 Filed 2-27-17; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 12 (Thursday, January 18, 2018)]
[Notices]
[Pages 2695-2700]
[FR Doc No: 2018-00721]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82487; File No. SR-NYSEArca-2017-138]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To List and Trade
the Shares of the Goldman Sachs Access Emerging Markets Local Currency
Bond ETF Under Commentary .02 to NYSE Arca Rule 5.2-E(j)(3)

January 11, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934

(``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that
on December 28, 2017, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade the shares of the Goldman
Sachs Access Emerging Markets Local Currency Bond ETF (the ``Fund''), a
series of Goldman Sachs ETF Trust (the ``Trust''), under Commentary .02
to NYSE Arca Rule 5.2-E(j)(3) (``Investment Company Units''). The
proposed rule change is available on the Exchange's website at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
Goldman Sachs Access Emerging Markets Local Currency Bond ETF
(``Fund'') under Commentary .02 to NYSE Arca Rule 5.2-E(j)(3), which
governs the listing and trading of Investment Company Units (``ICUs'')
on the Exchange.\4\ The Fund will be an index-based exchange traded
fund (``ETF''). The Shares will be offered by the Goldman Sachs ETF
Trust (the ``Trust''), which is registered with the Commission as an
investment company and has filed a registration statement on Form N-1A
(the ``Registration Statement'') with the Commission on behalf of the
Fund.\5\
---------------------------------------------------------------------------

    \4\ NYSE Arca Rule 5.2-E(j)(3)(A) provides that an Investment
Company Unit is a security that represents an interest in a
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities (or holds securities in another registered
investment company that holds securities comprising, or otherwise
based on or representing an interest in, an index or portfolio of
securities).
    \5\ See the Trust's post-effective amendment to the Trust's
registration statement on Form N-1A, dated November 9, 2017 (File
Nos. 333-200933 and 811-23013) (``Registration Statement''). The
descriptions of the Fund and the Shares contained herein are based,
in part, on information in the Registration Statement. In addition,
the Commission has issued an order granting certain exemptive relief
to the Trust under the Investment Company Act of 1940. See
Investment Company Act Release No. 31465 (February 23, 2015) (File
No. 812-14361).
---------------------------------------------------------------------------

    The investment adviser to the Fund will be Goldman Sachs Asset
Management, L.P. (``Adviser''), a wholly-owned subsidiary of The
Goldman Sachs Group, Inc.\6\ ALPS Distributors, Inc. will serve as the
distributor (the ``Distributor'') of Fund Shares on an agency basis.
The Bank of New York Mellon (the ``Administrator'') will be the
administrator, custodian and transfer agent for the Fund.
---------------------------------------------------------------------------

    \6\ 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
of and/or changes to the Fund's portfolio.
---------------------------------------------------------------------------

Goldman Sachs Access Emerging Markets Local Currency Bond ETF
Principal Investments
    According to the Registration Statement, the Fund will seek to
provide investment results that closely correspond, before fees and
expenses, to the performance of the Citi Goldman Sachs Emerging Markets
Local Currency Government Bond Index (the ``Index''). Under normal
market conditions,\7\ the Fund will seek to achieve its investment
objective by investing at least 80% of its assets (exclusive of
collateral held from securities lending) in securities included in the
Index.
---------------------------------------------------------------------------

    \7\ The term ``normal market conditions'' for these purposes
will have the same meaning as the term defined in NYSE Arca Rule
8.600-E(c)(5).
---------------------------------------------------------------------------

Other Investments
    While, under normal market conditions, the Fund will seek to
achieve its investment objective by investing at least 80% of its
assets (exclusive of collateral held from securities lending) in
securities included in the Index, the Fund may invest up to 20% of its
net assets in the securities and financial instruments not included in
the Index, as described below.
    The Fund may invest in commercial paper and other short-term
obligations issued or guaranteed by U.S. corporations, non-U.S.
corporations or other entities.
    The Fund may hold foreign currencies.
    The Fund may invest in investment company securities, including
exchange-traded funds (``ETFs'') \8\ and money market funds.
---------------------------------------------------------------------------

    \8\ For purposes of this filing, ETFs include 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). The
ETFs all will be listed and traded in the U.S. on registered
exchanges. The Fund will not invest in inverse or leveraged (e.g.,
+2x, -2X) index ETFs.
---------------------------------------------------------------------------

    The Fund may invest in equity and fixed income securities of
foreign issuers, including securities quoted or denominated in a
currency other than U.S. dollars.
    The Fund may invest in Global Depositary Notes, credit linked notes
and loan participation notes.
    The Fund may purchase and sell futures contracts and may also
purchase and write call and put options on futures contracts. The Fund
may purchase and sell futures contracts based on US and foreign
securities indices, foreign currencies, interest rates and
Eurodollars.\9\
---------------------------------------------------------------------------

    \9\ In the aggregate, at least 90% of the weight of the Fund's
holdings invested in futures shall consist of futures for which the
Exchange may obtain information via the ISG from other members or
affiliates of the ISG or for which the principal market is a market
with which the Exchange has a comprehensive surveillance sharing
agreement.
---------------------------------------------------------------------------

    The Fund may enter into interest rate, credit, total return, and
currency swaps. The Fund also may enter into index swaps.
    The Fund may invest in foreign currency forward contracts.
    The Fund may enter into repurchase and reverse repurchase
agreements.
    The Fund may invest in U.S. Government Securities.
    The Fund may invest in zero coupon, deferred interest, pay-in-kind
and capital appreciation bonds.
    The Fund may invest in inflation protected securities of varying
maturities issued by the U.S. Treasury and other U.S. and non-U.S.
Government agencies and corporations.
    The Fund may invest in restricted securities (Rule 144A
securities).
Citi Goldman Sachs Emerging Markets Local Currency Government Bond
Index
    The Index is a rules-based index that is designed to measure the
performance of bonds issued by emerging market

governments and denominated in the local currency of the issuer that
meet certain liquidity and fundamental screening criteria. As of July
31, 2017, there were 189 issues in the Index.
    The Index is a custom index that is owned and calculated by FTSE
Fixed Income LLC (``FTSE'' or the ``Index Provider''), and is based on
the Citi Emerging Markets Government Bond Index (the ``Reference
Index'') using concepts developed with Goldman Sachs Asset
Management.\10\
---------------------------------------------------------------------------

    \10\ The Index Provider is not a broker-dealer and is not
affiliated with a broker dealer and has implemented procedures
designed to prevent the use and dissemination of material, non-
public information regarding the Index.
---------------------------------------------------------------------------

    The Index Provider constructs the Index in accordance with a rules-
based methodology that involves two steps:
Step 1
    In the first step, the Index Provider defines the universe of
potential index components (``Universe'') by applying specified
criteria to the constituent securities of the Reference Index. The
Reference Index includes sovereign debt issued in local currency that
has a minimum of one year to maturity and is rated at least C by S&P or
Ca by Moody's. Issuers need to have a minimum of local currency
equivalent of $10 billion outstanding for three consecutive months to
be eligible for inclusion in the Reference Index. Only constituents of
the Reference Index that have a minimum local currency equivalent of
approximately $1 billion outstanding are included in the Universe.
Provided there are 10 or more countries represented in the Universe,
the weight of each country within the Universe is capped at 10%.
Step 2
    In the second step, the Index Provider applies a fundamental screen
to the Universe. Issuers are measured by two fundamental factors, money
supply growth and current account to gross domestic product (``GDP'').
The Index Provider ranks each issuer based on the two fundamental
factors, equally weighted. The Index is constructed by including the
highest ranking eligible securities, screening out lowest ranking
eligible securities.
    The Index is rebalanced (i) monthly on the last business day of
each month, to account for changes in maturities or ratings migration,
and (ii) quarterly, to account for updates to the constituent
securities on the basis of the fundamental factors (as described
above).
    As of July 31, 2017, issuers from the following emerging market
countries were included in the Index: Brazil, Chile, Colombia, Hungary,
Indonesia, Malaysia, Mexico, Peru, Poland, Russia, South Africa, and
Thailand. The countries included in the Index may change over time. The
percentage of the portfolio exposed to any country or geographic region
will vary from time to time as the weightings of the securities within
the Index change, and the Fund may not be invested in each country or
geographic region at all times. All such issuers are a government of a
foreign country or a political subdivision of a foreign country.
    The Exchange is submitting this proposed rule change because the
Index does not meet all of the ``generic'' listing requirements of
Commentary .02 to NYSE Arca Rule 5.2-E(j)(3) applicable to the listing
of Units. The Index meets all such requirements except for those set
forth in Commentary .02(a)(5) to NYSE Arca Rule 5.2-E(j)(3) that an
underlying index or portfolio (excluding one consisting entirely of
exempted securities) must include a minimum of 13 non-affiliated
issuers. Specifically, as of July 31, 2017, the Index included
components from 12 non-affiliated issuers, each of which is a foreign
government or political subdivision of a foreign country.\11\
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    \11\ The 12 non-affiliated issuers are the following; Republic
of Colombia; Kingdom of Thailand; Government of Malaysia; Republic
of Hungary; Indonesia Republic; Mexico (United Mexican States);
Republic of Peru; Republic of Poland; Republic of South Africa;
Brazil (Federative Republic and Secretaria Tesouro Nacional); Chile
(Republic of Chile and Banco Central de Chile); and Russian
Federation.
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    The Exchange represents that (1) except for the requirement under
Commentary .02(a)(5) to NYSE Arca Rule 5.2-E(j)(3) that an underlying
index or portfolio (excluding one consisting entirely of exempted
securities) must include a minimum of 13 non-affiliated issuers, the
Shares of the Fund would satisfy all of the generic listing standards
under NYSE Arca Rule 5.2-E(j)(3); (2) the continued listing standards
under NYSE Arca Rules 5.2-E(j)(3) and 5.5-E(g)(2) applicable to ICUs
shall apply to the Shares; and (3) the Trust is required to comply with
Rule 10A-3 \12\ under the Act for the initial and continued listing of
the Shares.
---------------------------------------------------------------------------

    \12\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    The Exchange represents that the Fund will comply with the initial
and continued listing requirements of NYSE Arca Rules 5.2-E(j)(3) and
5.5-E(g)(2) applicable to ICUs on a continued basis. In addition, the
Exchange represents that the Shares will comply with all other
requirements applicable to ICUs including, but not limited to,
requirements relating to the dissemination of key information such as
the Index value and Intraday Indicative Value, rules governing the
trading of equity securities, initial minimum number of shares required
to be outstanding at commencement of trading, hours of trading in the
Exchange's Early, Core and Late Trading Sessions, trading halts,
surveillance,\13\ and the Information Bulletin to ETP Holders, as set
forth in prior Commission orders approving the generic listing rules
applicable to the listing and trading of ICUs.\14\
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    \13\ The Exchange or the Financial Industry Regulatory Authority
(``FINRA''), on behalf of the Exchange, or both, will communicate as
needed regarding trading in the Shares and certain futures 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 in the Shares and certain futures from such markets and
other entities. In addition, the Exchange may obtain information
regarding trading in the Shares and certain futures from markets and
other entities that are members of ISG or with which the Exchange
has in place a comprehensive surveillance sharing agreement. For a
list of current members of ISG, see www.isgportal.org. In addition,
the Exchange is able to access from FINRA, as needed, trade
information for certain fixed income securities held by the Fund
reported to FINRA's Trade Reporting and Compliance Engine
(``TRACE'').
    \14\ See Securities Exchange Act Release Nos. 55621 (April 12,
2007), 72 FR 19571 (April 18, 2007) (SR-NYSEArca-006-86) (order
approving generic listing standards for ICUs based on international
or global indexes); 44551 (July 12, 2001), 66 FR 37716 (July 19,
2001) (SR-PCX-2001-14) (order approving generic listing standards
for ICUs and Portfolio Depositary Receipts); 41983 (October 6,
1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29) (order
approving rules for listing and trading of ICUs); 55783 (May 17,
2007), 72 FR 29194 (May 24, 2007) (SR-NYSEArca-2007-36) (notice of
filing of proposed rule change and Amendment No. 1 thereto to
establish generic listing standards for exchange-traded funds based
on fixed income indexes and order granting accelerated approval of
proposed rule change as amended); 55437 (March 9, 2007), 72 FR 12233
(March 15, 2007) (SR-Amex-2006-118) (approving generic listing
standards for series of ETFs based on Fixed Income and Combination
Indexes).
---------------------------------------------------------------------------

    The Exchange believes it is appropriate to permit the listing and
trading of the Shares notwithstanding that the requirement of
Commentary .02(a)(5) to NYSE Arca Rule 5.2-E(j)(3) is not met because
the non-affiliated issuers represented by the Index components each is
and will be a foreign sovereign government or government entity with a
substantial amount of debt issuances outstanding, and, therefore, will
make manipulation of the Index less feasible.\15\ In addition,

the Index currently substantially exceeds the requirements of
Commentary .02(a)(2) and Commentary .02(a)(4) \16\ to NYSE Arca Rule
5.2-E(j)(3).\17\
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    \15\ The Exchange notes, for informational purposes, that, as of
November 30, 2017, the largest bond in the Index had $32.5 billion
outstanding and the smallest bond in the Index had $762 million
outstanding. The average size of Index component bonds was $4.8
billion and the total value of bonds in the Index was $998.7
billion. As of July 31, 2017, the twelve sovereign entities which
have debt issues included in the Index had approximately $3.1
trillion in debt outstanding in the aggregate, with each such
sovereign entity having approximately the following debt amount
outstanding: Brazil ($1.1 trillion), Chile ($83.7 billion), Colombia
($88.6 billion), Hungary ($91.7 billion), Indonesia ($237.6
billion), Malaysia $168.3 billion), Mexico ($444.9 billion), Peru
($39.3 billion), Poland ($237.4 billion), Russia ($185.6 billion),
South Africa ($171.9 billion), and Thailand ($229.7 billion).
    \16\ Commentary .02(a)(2) to NYSE Arca Rule 5.2-E(j)(3) provides
that components that in aggregate account for at least 75% of the
Fixed Income Securities portion of the weight of the index or
portfolio each shall have a minimum original principal amount
outstanding of $100 million or more. Commentary .02(a)(4) to NYSE
Arca Rule 5.2-E(j)(3) provides that no component fixed-income
security (excluding Treasury Securities and GSE Securities) shall
represent more than 30% of the Fixed Income Securities portion of
the weight of the index or portfolio and the top 5 fixed-income
securities (excluding Treasury Securities and GSE Securities) shall
not represent more than 65% of the Fixed Income Securities portion
of the weight of the index or portfolio.
    \17\ The Exchange notes, for informational purposes, that, as of
July 31, 2017, the Index included 189 components; components that in
aggregate accounted for 100% of the weight of the Index each had a
minimum original principal amount outstanding of $100 million or
more; no single component represented more than 3.23% of the weight
of the Index; and the top 5 Index components represented 11.49% of
the weight of the Index. The Index Provider has stated that the
Index methodology is implemented in accordance with International
Organization of Securities Commissions (``IOSCO'') ``Principles for
Financial Benchmarks''. See https://www.yieldbook.com/m/indices/announcements.shtml?view=rq.
---------------------------------------------------------------------------

    The Index will at all times include a minimum of ten non-affiliated
issuers that are foreign sovereign government or government entities,
and a minimum of 75 components, in addition to meeting the other
continued listing requirements of Commentary .02 to NYSE Arca Rule 5.2-
E (j)(3).
    All statements and representations made in this filing regarding
(a) the description of the index, portfolio or reference asset, (b)
limitations on index or portfolio holdings or reference assets, or (c)
the applicability of Exchange listing rules specified in this rule
filing will constitute continued listing requirements for listing the
Shares of the Fund on the Exchange.
    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 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).
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \18\ in general and Section 6(b)(5) of the Act \19\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \18\ 15 U.S.C. 78f.
    \19\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
generic listing criteria in Commentary .02 to NYSE Arca Rule 5.2-
E(j)(3), except that the Index does not meet the requirement in
Commentary .02(a)(5) to NYSE Arca Rule 5.2-E(j)(3) that an underlying
index or portfolio (excluding one consisting entirely of exempted
securities) must include a minimum of 13 non-affiliated issuers. The
Exchange believes that its surveillance procedures are adequate to
properly monitor the trading of the Shares on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Index will at all times include a minimum of ten non-
affiliated issuers that are foreign sovereign government or government
entities; as noted above, such sovereign issuers have a substantial
amount of debt outstanding.\20\ The Index will at all times include at
least 75 components. In addition, the Index will meet the other
continued listing requirements of Commentary .02 to NYSE Arca Rule 5.2-
E (j)(3).\21\ The Exchange believes the Index is and will continue to
be well-diversified based on the minimum number of components (75) of
at least ten sovereign issuers with substantial amounts of debt
outstanding, and is therefore not susceptible to manipulation.
---------------------------------------------------------------------------

    \20\ See note 15, supra.
    \21\ See note 16, supra.
---------------------------------------------------------------------------

    In addition, the Exchange will obtain a representation from the
issuer of the Shares that the net asset value (``NAV'') per Share will
be calculated daily every day the New York Stock Exchange is open, and
that the NAV will be made available to all market participants at the
same time. In addition, a large amount of publicly available
information will be publicly available regarding the Fund and the
Shares, thereby promoting market transparency.
    Moreover, the Intraday Indicative Value (``IIV'') will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Core Trading Session (normally, 9:30 a.m.
to 4:00 p.m., Eastern Time). Information regarding market price and
trading volume of the Shares will be continually available on a real-
time basis throughout the day on brokers' computer screens and other
electronic services, and quotations and last sale information will be
available via the Consolidated Tape Association (``CTA'') high-speed
line. Quotation and last sale information for the Shares will be
available via the CTA high-speed line. Price information for the Index
components will be available from automated quotation systems,
published or other public sources, or online information services such
as Bloomberg or Reuters. The Fund's website, which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, the Trust will disclose on its website the
following information regarding each portfolio holding, as applicable
to the type of holding: Ticker symbol, CUSIP number or other
identifier, if any; a description of the holding (including the type of
holding); the identity of the security, index or other asset or
instrument underlying the holding, if any; maturity date, if any;
coupon rate, if any; effective date, if any; for options, the strike
price; market value of the holding; quantity of each security or other
asset held; and the percentage weighting of the holding in the Fund's
portfolio. In addition, a portfolio composition file, which will
include the security names and quantities of securities and other
assets required to be delivered in exchange for the Fund's Shares,
together with estimates and actual cash components, will be publicly
disseminated prior to the opening of the Exchange via the National
Securities Clearing

Corporation. Moreover, prior to commencement of trading, the Exchange
will inform its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares. Trading
in Shares of the Fund will be halted if the circuit breaker parameters
in NYSE Arca Rule 7.12-E have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading the Shares inadvisable. In addition, as noted above, investors
will have ready access to information regarding the Fund's portfolio,
the IIV, the Index value, and quotation and last sale information for
the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Shares will be subject to the
existing trading surveillances administered by the Exchange and FINRA
on behalf of the Exchange. The Exchange or FINRA, on behalf of the
Exchange, or both, will communicate as needed regarding trading in the
Shares and certain futures with other markets and other entities that
are members of ISG, and the Exchange, FINRA on behalf of the Exchange,
or both, may obtain trading information in the Shares and certain
futures from such markets and other entities. In addition, the Exchange
may obtain information regarding trading in the Shares and certain
futures from markets and other entities that are members of ISG or with
which the Exchange has in place a comprehensive surveillance sharing
agreement. In addition, as noted above, investors will have ready
access to information regarding the Fund's holdings, the IIV, and
quotation and last sale information for the Shares.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type of exchange-traded fund that principally holds fixed
income securities of foreign sovereign governments and government
entities and that will enhance competition among market participants,
to the benefit of investors and the marketplace.

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

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

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \22\ and Rule 19b-
4(f)(6) thereunder.\23\
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 78s(b)(3)(A).
    \23\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \24\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \25\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing.
---------------------------------------------------------------------------

    \24\ 17 CFR 240.19b-4(f)(6).
    \25\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    As discussed above, the Exchange proposes to list and trade the
Shares. The Fund will seek to provide investment results that closely
correspond, before fees and expenses, to the performance of the Index.
The Exchange notes that the Index meets all of the generic listing
requirements under Commentary .02 to NYSE Arca Rule 5.2-E(j)(3), except
the requirement in Commentary .02(a)(5) that the underlying index or
portfolio (excluding one consisting entirely of exempted securities)
include a minimum of 13 non-affiliated issuers. Instead, the Index will
at all times include a minimum of 10 non-affiliated issuers that are
foreign sovereign government or government entities and a minimum of 75
components, in addition to meeting the other listing requirements of
Commentary .02 to NYSE Arca Rule 5.2-E(j)(3). Moreover, the Fund will
comply with the listing requirements of NYSE Arca Rules 5.2-E(j)(3) and
5.5-E(g)(2) applicable to ICUs on a continued basis, and will comply
with all other requirements applicable to ICUs.
    The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
According to the Exchange, waiver of the operative delay would benefit
the market and investors by permitting trading of the Shares prior to
the 30-day delayed operative date, thereby enhancing market
competition. The Commission hereby waives the 30-day operative delay
and designates the proposal operative upon filing.\26\
---------------------------------------------------------------------------

    \26\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEArca-2017-138 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2017-138. This
file number should be included on the subject line if email is used. To
help the Commission process and review your

comments more efficiently, please use only one method. The Commission
will post all comments on the Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent
amendments, all written statements with respect to the proposed rule
change that are filed with the Commission, and all written
communications relating to the proposed rule change between the
Commission and any person, other than those that may be withheld from
the public in accordance with the provisions of 5 U.S.C. 552, will be
available for website viewing and printing in the Commission's Public
Reference Room, 100 F Street NE, Washington, DC 20549 on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
the filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change. Persons submitting comments are cautioned that we do
not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSEArca-2017-138 and should be submitted on or before February 8,
2018.

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

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

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-00721 Filed 1-17-18; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 79 (Monday, April 25, 2011)]
[Notices]
[Pages 22938-22939]
[FR Doc No: 2011-9991]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meetings

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission (``SEC'') and the Commodity Futures Trading
Commission (``CFTC'') will hold a public roundtable to discuss the
schedule for implementing final rules for swaps and security-based
swaps under the Dodd-Frank Wall Street Reform and Consumer Protection
Act on Monday, May 2, 2011 and Tuesday, May 3, 2011 at the CFTC's
headquarters at Three Lafayette Centre, Conference Centre, 1155 21st
Street, NW., Washington, DC 20581.
    Both meetings will being open to the public, with seating on a
first-come, first-served basis. Visitors will be subject to security
checks.
    This Sunshine Act notice is being issued because a majority of the
Commission may attend the meetings.
    The roundtable is expected to include panel discussions of (1)
compliance

dates for new rules for existing trading platforms and clearinghouses
and the registration and compliance with rules for new platforms, such
as swap and security-based swap execution facilities, and data
repositories for swaps and security-based swaps; (2) compliance dates
for new requirements for dealers and major participants in swaps and
security-based swaps; (3) implementation of clearing mandates; (4)
compliance dates for financial entities such as hedge funds, asset
managers, insurance companies and pension funds subject to a clearing
mandate and other requirements; and (5) considerations with regard to
non-financial end users.
    For further information, please contact the CFTC's Office of Public
Affairs at<PHONE_NUMBER> or the SEC's office of Public Affairs at
(202) 551-4120.

    Dated: April 20, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-9991 Filed 4-21-11; 11:15 am]
BILLING CODE 8011-01-P