[Federal Register Volume 76, Number 224 (Monday, November 21, 2011)]
[Notices]
[Pages 72011-72012]
[FR Doc No: 2011-29871]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65744; File No. SR-C2-2011-034]

 Self-Regulatory Organizations; C2 Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Related to the Quote Risk Monitor Mechanism

November 14, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 7, 2011, the C2 Options Exchange, Incorporated
(``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (the ``Commission'') the proposed rule change as described
in Items I and II below, which Items have been prepared by the
Exchange. The Exchange has designated the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to adopt Rule 8.12 Quote Risk Monitor
Mechanism. The text of the proposed rule change is available on the
Exchange's Web site (http://www.c2exchange.com/Legal/RuleFilings.aspx),
at the Exchange's Office of the Secretary and at the Commission.

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

    In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of 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
    Through this rule change, the Exchange proposes to codify in its
rules a service the Exchange offers to help Market-Makers manage their
quotations. C2 Rules require Market-Makers to maintain continuous
electronic quotes.\5\ To comply with this requirement, each Market-
Maker can employ its own proprietary quotation and risk management
systems to determine the prices and sizes at which it quotes.
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    \5\ See C2 Rule 8.5(a)(1).
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    A Market-Maker's risk in an options class is not limited to the
risk in a single series of that class. Rather, a Market-Maker typically
is active in quoting in multiple option classes, and each such option
class can comprise dozens of individual option series. On C2, trades
are automatically effected against a Market-Maker's then current quote.
As a result, a Market-Maker faces exposure in all series of a class,
requiring that the Market-Maker off-set or otherwise hedge its overall
position in a class. The QRM functionality helps Market-Makers limit
this overall exposure and risk. Specifically, the functionality permits
a Market-Maker to establish parameters in the system to cancel its
electronic quotes in all series of an option class until the Market-
Maker refreshes those electronic quotes.
    Under proposed Rule 8.12, each Market-Maker that elect to use the
functionality would be required to specify two parameters that the QRM
Mechanism would use to determine

when that Market-Maker's quotes should be cancelled. In particular,
each Market-Maker is required to specify a maximum number of contracts
for each option class (the ``Contract Limit'') and a rolling time
period in seconds during which such Contract Limit is to be measured
(the ``Measurement Interval'').
    When the QRM Mechanism determines that the Market-Maker has traded
more than the Contract Limit for any option class during any rolling
Measurement Interval, the QRM Mechanism automatically cancels all of
the Market-Maker's quotes in any series of that option class. By
limiting its exposure across series, a Market-Maker is better able to
quote aggressively in an option, knowing that the QRM Mechanism will
automatically cancel all its quotations in a class when its exposure
limit is hit.
    The Exchange notes that the proposed rule would not relieve a
Market-Maker of its obligations to provide continuous electronic quotes
under the Exchange rules \6\ nor to provide ``firm'' quotes pursuant to
the requirements of Exchange Rule 8.6. The Exchange also notes that the
proposed rule is based on Chicago Board Options Exchange, Incorporated
(``CBOE'') Rule 8.18 (Quote Risk Monitor Mechanism).
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    \6\ See C2 Rule 8.5(a)(1).
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2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Act'')
for this proposed rule change is the requirement under Section 6(b)(5)
\7\ that an exchange have rules that are designed to promote just and
equitable principles of trade, and to remove impediments to and perfect
the mechanism for a free and open market and a national market system,
and, in general, to protect investors and the public interest. In
particular, the Exchange believes the proposed change is designed to
promote just and equitable principles of trade, and to remove
impediments to and perfect the mechanism for a free and open market and
national market system because the rule change would provide a
mechanism that would allow C2 Market-Makers to more effectively and
efficiently manage their quotations. Knowing that a helpful quote
management tool is in place would, in turn, allow those Market-Makers
to quote more aggressively which removes impediments to a free and open
market and benefits all C2 users.
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    \7\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

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

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

    The Exchange neither solicited nor received comments on the
proposal.

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

    Because the foregoing proposed rule change: (1) Does not
significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) by its terms does not become operative for 30 days after the
date of this filing, or such shorter time as the Commission may
designate if consistent with the protection of investors and the public
interest, the proposed rule change has become effective pursuant to
Section 19(b)(3)(A) \8\ of the Act and Rule 19b-4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A). In addition, Rule 19b-4(f)(6)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
    \9\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is 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 Exchange Act. Comments may be submitted
by any of the following methods:

Electronic Comments:

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an Email to<EMAIL_ADDRESS>Please include
File No. SR-C2-2011-034 in the subject line.

Paper Comments

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

All submissions should refer to File Number SR-C2-2011-034. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-C2-2011-034 and should be
submitted by December 12, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-29871 Filed 11-18-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 84, Number 141 (Tuesday, July 23, 2019)]
[Rules and Regulations]
[Pages 35313-35315]
[FR Doc No: 2019-15624]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2019-0597]
RIN 1625-AA00

Safety Zone; NAACP Fireworks, Detroit River, MI

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing a temporary safety zone for
navigable waters within a 200-yard radius of a portion of the Detroit
River, Detroit, MI. This zone is necessary to protect spectators and
vessels from potential hazards associated with the NAACP Fireworks.

DATES: This temporary final rule is effective from 9:30 p.m. on July
23, 2019, through 11 p.m. on July 24, 2019.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type USCG-
2019-0597 in the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rule.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary rule, call or email Tracy Girard, Prevention Department,
Sector Detroit, Coast Guard; telephone<PHONE_NUMBER>, or email
[email protected].

SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
COTP Captain of the Port Detroit
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of Proposed Rulemaking
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this temporary rule without prior notice
and opportunity to comment pursuant to authority under section 4(a) of
the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because doing so would be impracticable. The
Coast Guard did not receive the final details of this fireworks display
in time to publish an NPRM. As such, it is impracticable to publish an
NPRM because we lack sufficient time to provide a reasonable comment
period and then consider those comments before issuing the rule.
Furthermore, immediate action is needed to allow the Coast Guard to
enhance the safety of this event.

    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Delaying the effective date of
this rule would inhibit the Coast Guard's ability to protect
participants, mariners and vessels from the hazards associated with
this event.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority in 46 U.S.C.
70034. The Captain of the Port Detroit (COTP) has determined that
potential hazard associated with fireworks from 9:30 p.m. through 11
p.m. on July 23, 2019 will be a safety concern to anyone within a 200-
yard radius of the launch site. This rule is needed to protect
personnel, vessels, and the marine environment in the navigable waters
within the safety zone while the fireworks are being displayed.

IV. Discussion of the Rule

    This rule establishes a safety zone from 9:30 p.m. through 11 p.m.
on July 23, 2019. The safety zone will encompass all U.S. navigable
waters of the Detroit River, Detroit, MI, within a 200-yard radius of
position 42[deg]19.529' N, 083[deg]02.436' W (NAD 83). No vessel or
person will be permitted to enter the safety zone without obtaining
permission from the COTP or a designated representative.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive orders, and we
discuss First Amendment rights of protestors.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, this rule has not been reviewed by the Office of
Management and Budget (OMB), and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the size,
location, duration, and time-of-year of the safety zone. Vessel traffic
will be able to safely transit around this safety zone which will
impact a small designated area of the Detroit River from 9:30 p.m.
through 11 p.m. on July 23, 2019. Moreover, the Coast Guard will issue
Broadcast Notice to Mariners (BNM) via VHF-FM marine channel 16 about
the zone and the rule allows vessels to seek permission to enter the
zone.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. 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 rule
will not have a significant economic impact on a substantial number of
small entities.
    While some owners or operators of vessels intending to transit the
safety zone may be small entities, for the reasons stated in section
V.A above, this rule will not have a significant economic impact on any
vessel owner or operator.
    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 rule. 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 the person listed in the FOR FURTHER INFORMATION CONTACT
section.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule will not call for a new collection of information under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has 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. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does 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. If
you believe this rule has implications for federalism or Indian tribes,
please contact the person listed in the FOR FURTHER INFORMATION CONTACT
section above.

E. 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 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Directive 023-01 and Environmental Planning COMDTINST 5090.1 (series),
which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (42 U.S.C. 4321-4370f), and have
determined that this action is one of a category of actions that do not
individually or cumulatively have a significant effect on the human
environment. This rule involves a safety zone lasting one and a half
hours on two nights that will prohibit entry into a designated area. It
is categorically excluded from further review under paragraph L[60](a)
in Table 3-1 of U.S. Coast Guard Environmental Planning Implementing
Procedures 5090.1. A

Record of Environmental Consideration supporting this determination is
available in the docket where indicated under ADDRESSES.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the FOR FURTHER
INFORMATION CONTACT section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

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 amends
33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 46 U.S.C. 70034, 70051; 33 CFR 1.05-1, 6.04-1, 6.04-
6, and 160.5; Department of Homeland Security Delegation No. 0170.1.

0
2. Add Sec.  165.T09-0597 to read as follows:

Sec.  165.T09-0597  Safety Zone; NAACP Fireworks, Detroit, MI.

    (a) Location. A safety zone is established to include all U.S.
navigable waters of the Detroit River, Detroit, MI, within a 200-yard
radius of position 42[deg]19.529' N, 083[deg]02.436' W (NAD 83).
    (b) Enforcement period. The regulated area described in paragraph
(a) will be enforced from 9:30 p.m. until 11 p.m. on July 23, 2019. In
the case of inclement weather on July 23, 2019, this safety zone will
be enforced from 9:30 p.m. to 11 p.m. on July 24, 2019.
    (c) Regulations. (1) No vessel or person may enter, transit
through, or anchor within the safety zone unless authorized by the
Captain of the Port Detroit (COTP), or his or her on-scene
representative.
    (2) The safety zone is closed to all vessel traffic, except as may
be permitted by the COTP or his or her on-scene representative.
    (3) The ``on-scene representative'' of COTP is any Coast Guard
commissioned, warrant or petty officer or a Federal, State, or local
law enforcement officer designated by or assisting the Captain of the
Port Detroit to act on his or her behalf.
    (4) Vessel operators shall contact the COTP or his or her on-scene
representative to obtain permission to enter or operate within the
safety zone. The COTP or his or her on-scene representative may be
contacted via VHF Channel 16 or at<PHONE_NUMBER>. Vessel operators
given permission to enter or operate in the regulated area must comply
with all directions given to them by the COTP or his or her on-scene
representative.

    Dated: July 17, 2019.
Jeffrey W. Novak,
Captain, U.S. Coast Guard, Captain of the Port Detroit.
[FR Doc. 2019-15624 Filed 7-22-19; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register: March 11, 2009 (Volume 74, Number 46)]
[Rules and Regulations]
[Page 10473-10475]
[DOCID:fr11mr09-6]

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DEPARTMENT OF TRANSPORTATION

14 CFR Part 97

[Docket No. 30655; Amdt. No. 3311]

Standard Instrument Approach Procedures, and Takeoff Minimums and
Obstacle Departure Procedures; Miscellaneous Amendments

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This rule establishes, amends, suspends, or revokes Standard
Instrument Approach Procedures (SIAPs) and associated Takeoff Minimums
and Obstacle Departure Procedures for operations at certain airports.
These regulatory actions are needed because of the adoption of new or
revised criteria, or because of changes occurring in the National
Airspace System, such as the commissioning of new navigational
facilities, adding new obstacles, or changing air traffic requirements.
These changes are designed to provide safe and efficient use of the
navigable airspace and to promote safe flight operations under
instrument flight rules at the affected airports.

DATES: This rule is effective March 11, 2009. The compliance date for
each SIAP, associated Takeoff Minimums, and ODP is specified in the
amendatory provisions.
    The incorporation by reference of certain publications listed in
the regulations is approved by the Director of the Federal Register as
of March 11, 2009.

ADDRESSES: Availability of matter incorporated by reference in the
amendment is as follows:
    For Examination--
    1. FAA Rules Docket, FAA Headquarters Building, 800 Independence
Avenue, SW., Washington, DC 20591;
    2. The FAA Regional Office of the region in which the affected
airport is located;
    3. The National Flight Procedures Office, 6500 South MacArthur
Blvd., Oklahoma City, OK 73169 or
    4. The National Archives and Records Administration (NARA). For
information on the availability of this material at NARA, call 202-741-
6030, or go to: http://www.archives.gov/federal_register/code_of_
federal_regulations/ibr_locations.html.
    Availability_All SIAPs are available online free of charge. Visit
nfdc.faa.gov to register. Additionally, individual SIAP and Takeoff
Minimums and ODP copies may be obtained from:
    1. FAA Public Inquiry Center (APA-200), FAA Headquarters Building,
800 Independence Avenue, SW., Washington, DC 20591; or
    2.The FAA Regional Office of the region in which the affected
airport is located.

FOR FURTHER INFORMATION CONTACT: Harry J. Hodges, Flight Procedure
Standards Branch (AFS-420) Flight Technologies and Programs Division,
Flight Standards Service, Federal Aviation Administration, Mike
Monroney Aeronautical Center, 6500 South MacArthur Blvd., Oklahoma
City, OK 73169 (Mail Address: P.O. Box 25082 Oklahoma City, OK. 73125)
telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This rule amends Title 14, Code of Federal
Regulations, Part 97 (14 CFR part 97) by amending the referenced SIAPs.
The complete regulatory description of each SIAP is listed on the
appropriate FAA Form 8260, as modified by the National Flight Data
Center (FDC)/Permanent

Notice to Airmen (P-NOTAM), and is incorporated by reference in the
amendment under 5 U.S.C. 552(a), 1 CFR part 51, and Sec.  97.20 of
Title 14 of the Code of Federal Regulations.
    The large number of SIAPs, their complex nature, and the need for a
special format make their verbatim publication in the Federal Register
expensive and impractical. Further, airmen do not use the regulatory
text of the SIAPs, but refer to their graphic depiction on charts
printed by publishers of aeronautical materials. Thus, the advantages
of incorporation by reference are realized and publication of the
complete description of each SIAP contained in FAA form documents is
unnecessary. This amendment provides the affected CFR sections and
specifies the types of SIAP and the corresponding effective dates. This
amendment also identifies the airport and its location, the procedure
and the amendment number.

The Rule

    This amendment to 14 CFR part 97 is effective upon publication of
each separate SIAP as amended in the transmittal. For safety and
timeliness of change considerations, this amendment incorporates only
specific changes contained for each SIAP as modified by FDC/P-NOTAMs.
    The SIAPs, as modified by FDC P-NOTAM, and contained in this
amendment are based on the criteria contained in the U.S. Standard for
Terminal Instrument Procedures (TERPS). In developing these changes to
SIAPs, the TERPS criteria were applied only to specific conditions
existing at the affected airports. All SIAP amendments in this rule
have been previously issued by the FAA in a FDC NOTAM as an emergency
action of immediate flight safety relating directly to published
aeronautical charts. The circumstances which created the need for all
these SIAP amendments requires making them effective in less than 30
days.
    Because of the close and immediate relationship between these SIAPs
and safety in air commerce, I find that notice and public procedure
before adopting these SIAPs are impracticable and contrary to the
public interest and, where applicable, that good cause exists for
making these SIAPs effective in less than 30 days.

Conclusion

    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore--(1) is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a regulatory evaluation as the
anticipated impact is so minimal. For the same reason, the FAA
certifies that this amendment will not have a significant economic
impact on a substantial number of small entities under the criteria of
the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 97

    Air Traffic Control, Airports, Incorporation by reference, and
Navigation (Air).

    Issued in Washington, DC on February 20, 2009.
John M. Allen,
Director, Flight Standards Service.

Adoption of the Amendment

0
Accordingly, pursuant to the authority delegated to me, Title 14, Code
of Federal regulations, Part 97, 14 CFR part 97, is amended by amending
Standard Instrument Approach Procedures, effective at 0901 UTC on the
dates specified, as follows:

PART 97--STANDARD INSTRUMENT APPROACH PROCEDURES

0
1. The authority citation for part 97 continues to read as follows:

    Authority: 49 U.S.C. 106(g), 40103, 40106, 40113, 40114, 40120,
44502, 44514, 44701, 44719, 44721-44722.

0
2. Part 97 is amended to read as follows:

Sec. Sec.  97.23, 97.25, 97.27, 97.29, 97.31, 97.33, and
97.35  [Amended]

    By amending: Sec.  97.23 VOR, VOR/DME, VOR or TACAN, and VOR/DME or
TACAN; Sec.  97.25 LOC, LOC/DME, LDA, LDA/DME, SDF, SDF/DME; Sec.
97.27 NDB, NDB/DME; Sec.  97.29 ILS, ILS/DME, ISMLS, MLS/DME, MLS/RNAV;
Sec.  97.31 RADAR SIAPs; Sec.  97.33 RNAV SIAPs; and Sec.  97.35 COPTER
SIAPs,

----------------------------------------------------------------------------------------------------------------
      FDC date             State              City               Airport          FDC No.          Subject
----------------------------------------------------------------------------------------------------------------
01/23/09............  NY              CANANDAIGUA........  CANANDAIGUA........       9/2878  THIS NOTAM
                                                                                PUBLISHED IN TL09-
                                                                                06 IS HEREBY
                                                                                RESCINDED IN ITS
                                                                                ENTIRETY. RNAV
                                                                                (GPS) RWY 13,
                                                                                ORIG.
02/09/09............  IN              GREENSBURG.........  GREENSBURG-DECATUR        9/4397  RNAV (GPS) RWY 36,
                                                            COUNTY.                           ORIG.
02/09/09............  IN              GREENSBURG.........  GREENSBURG-DECATUR        9/4398  VOR-A, AMDT 2B.
                                                            COUNTY.
02/05/09............  CA              HAWTHORNE..........  JACK NORTHROP FIELD/      9/4403  VOR OR GPS RWY 25,
                                                            HAWTHORNE MUNI.                   AMDT 15B.
02/05/09............  WA              OAK HARBOR.........  WES LUPIEN.........       9/4405  RNAV (GPS) RWY 7,
                                                                                AMDT 2.
02/05/09............  WA              OAK HARBOR.........  WES LUPIEN.........       9/4414  RADAR-1, AMDT 1.
02/09/09............  IN              GREENSBURG.........  GREENSBURG-DECATUR        9/4453  TAKEOFF MINIMUMS
                                                            COUNTY.                           AND (OBSTACLE) DP,
                                                                                AMDT 1.
02/05/09............  WA              OAK HARBOR.........  WES LUPIEN.........       9/4454  TAKEOFF MINIMUMS
                                                                                AND (OBSTACLE) DP,
                                                                                ORIG.
02/06/09............  NY              LE ROY.............  LE ROY.............       9/4664  VOR OR GPS-A, ORIG.
02/06/09............  NY              ROCHESTER..........  GREATER ROCHESTER         9/4803  ILS OR LOC RWY 22,
                                                            INTL.                             AMDT 6A.
02/09/09............  PR              PONCE..............  MERCEDITA..........       9/4996  RNAV (GPS) RWY 12,
                                                                                ORIG.
02/10/09............  CA              CARLSBAD...........  MC CLELLAN-PALOMAR.       9/5094  ILS OR LOC RWY 24,
                                                                                AMDT 8C.
02/10/09............  CA              CARLSBAD...........  MC CLELLAN-PALOMAR.       9/5095  RNAV (GPS) RWY 24,
                                                                                AMDT 1.
02/11/09............  CA              LOS ANGELES........  LOS ANGELES INTL...       9/5297  ILS OR LOC RWY 7R,
                                                                                AMDT 6.
02/12/09............  PA              PHILADELPHIA.......  PHILADELPHIA INTL..       9/5433  ILS OR LOC RWY 17,
                                                                                AMDT 7.
02/12/09............  CA              ARCATA/EUREKA......  ARCATA.............       9/5477  ILS OR LOC/DME RWY
                                                                                32, AMDT 1D.
02/13/09............  CT              HARTFORD...........  HARTFORD-BRAINARD..       9/5768  LDA RWY 2, AMDT 1E.
02/17/09............  NV              ELY................  ELY ARPT-YELLAND          9/6034  RNAV (GPS) RWY 18,
                                                            FLD.                              ORIG-B.

02/18/09............  IA              ANKENY.............  ANKENY REGIONAL....       9/6097  RNAV (GPS) RWY 22,
                                                                                ORIG.
02/18/09............  IA              ANKENY.............  ANKENY REGIONAL....       9/6100  RNAV (GPS) RWY 18,
                                                                                ORIG.
02/18/09............  UT              OGDEN..............  OGDEN-HINCKLEY.....       9/6135  ILS OR LOC RWY 3,
                                                                                AMDT 4A.
02/18/09............  AK              DILLINGHAM.........  DILLINGHAM.........       9/6173  LOC/DME RWY 19,
                                                                                AMDT 6.
----------------------------------------------------------------------------------------------------------------

[FR Doc. E9-4498 Filed 3-10-09; 8:45 am]

BILLING CODE 4910-13-P


From:	"Frey, Nathan J."<EMAIL_ADDRESS>To:	Lydia Wegman/RTP/USEPA/US@EPA
Date:	06/14/2012 09:56 AM
Subject:	Summary of Interagency Comments under EOs 12866 and 13563

Attached please find a summary of some additional interagency comments under EOs 12866 and 13563 regarding the National Ambient Air Quality Standards for Particulate Matter proposed rule: RIN 2060-AO47.

Please let me know if you have any questions.

   I.       Executive Summary
       A. Purpose of this Regulatory Action
      Sections 108 and 109 of the Clean Air Act (CAA) govern the establishment, review, and revision, as appropriate, of the national ambient air quality standards (NAAQS) to protect public health and welfare. The CAA requires periodic review of the air quality criteria  -  the science upon which the standards are based  -  and the standards themselves.
      In direct response to a court order, explicitly requiring the issuance of this proposed rule, and to statutory requirements,  the EPA proposes to make revisions to the suite of primary and secondary standards for PM to provide increased protection of public health and welfare, respectively, and to make corresponding revisions to the data handling conventions for PM and ambient air monitoring, reporting, and network design requirements.
      In this proposed rule, we discuss EPA's current perspectives on implementation issues related to the proposed revisions to the PM NAAQS. The EPA proposes revisions to the Prevention of Significant Deterioration (PSD) permitting regulations to address the proposed changes in the primary and secondary PM NAAQS. The EPA also proposes an approach for implementing the PSD program specifically for the proposed secondary standard.
      In 2006, the EPA completed the last review of the PM NAAQS. With regard to fine particles (generally referring to particles less than or equal to 2.5 micrometers (um) in diameter, PM2.5), at that time, the EPA revised the level of the primary 24-hour PM2.5 standard from 65 to 35 ug/m3 and retained the level of the primary annual PM2.5 standard. With regard to the primary standards for particles less than or equal to 10 um in diameter (PM10), the EPA retained the primary 24-hour PM10 standard to continue to provide protection against effects associated with short-term exposure to thoracic coarse particles (i.e., PM10-2.5) and revoked the primary annual PM10 standard. The EPA also revised the secondary standards to be identical in all respects to the primary standards.
      In subsequent litigation, the U.S. Court of Appeals for the District of Columbia Circuit remanded the primary annual PM2.5 standard to EPA because EPA failed to explain adequately why the standard provided the requisite protection from both short- and long-term exposures to fine particles, including protection for at-risk populations such as children. The Court remanded the secondary PM2.5 standards to the EPA because the Agency failed to explain adequately why setting the secondary standards identical to the primary standards provided the required protection for public welfare, including protection from PM-related visibility impairment. The EPA is responding to the court's remands as part of the current review of the PM NAAQS.
       B. Summary of Major Provisions
      With regard to the primary standards for fine particles, EPA proposes to revise the annual PM2.5 standard by lowering the level from 15.0 to a range of 12.0 to 13.0 ug/m[3] and by eliminating spatial averaging provisions as part of the form of the standard, so as to provide increased protection against health effects associated with long- and short-term exposures. The EPA proposes to retain the level (35 ug/m[3]) and the form (98[th] percentile) of the 24-hour PM2.5 standard to provide supplemental protection against health effects associated with short-term exposures. This proposed action would provide increased protection for children, older adults, persons with pre-existing heart and lung disease, and other at-risk populations against an array of PM2.5-related adverse health effects that include premature mortality, increased hospital admissions and emergency department visits, and development of chronic respiratory disease.
      The proposed changes to the primary annual PM2.5 standard are within the range recommended by the Clean Air Act Advisory Committee and are based on an integrative assessment of an extensive body of new scientific evidence, which substantially strengthens what was known about PM2.5-related health effects in the last review. The proposed changes reflect consideration of a quantitative risk assessment that estimates public health risks likely to remain even after meeting the current standards. The risk assessment then considered the increased protection that would be afforded by alternative standards. Based on this information, the Administrator provisionally concludes that the current primary PM2.5 standards are not requisite to protect public health with an adequate margin of safety, as required by the CAA, and that the proposed revisions are warranted to provide the appropriate degree of increased public health protection.
      The EPA solicits comment on alternative combinations of primary PM2.5 standards including: (1) an annual standard level of 12.0 or 13.0 ug/m[3]  as proposed here, but in conjunction with an alternative 24-hour standard level down to 30 ug/m[3]; (2) an annual standard level down to 11.0 ug/m[3] in conjunction with retaining the 24-hour standard level at 35 ug/m[3]; or (3) other combinations of annual and 24-hour standards.
      With regard to the primary standard for coarse particles, EPA proposes to retain the current 24-hour PM10 standard, with a level of 150 ug/m[3] and a one-expected exceedance form, to continue to provide protection against effects associated with short-term exposure to PM10-2.5, including premature mortality and increased hospital admissions and emergency department visits. In reaching this proposed decision, the Administrator concludes that the available health evidence and air quality information for PM10-2.5, taken together with the considerable uncertainties and limitations associated with that information, suggests that the degree of public health protection provided against short-term exposures to PM10-2.5 does not need to be increased beyond that provided by the current PM10 standard. The Administrator welcomes the public's views on these approaches to considering and accounting for the evidence and its limitations and uncertainties.
      With regard to the secondary PM standards, the EPA proposes to add a new standard for PM2.5 to address PM-related visibility impairment. More specifically, the EPA proposes to establish a new secondary standard defined in terms of a PM2.5 visibility index, which would use speciated PM2.5 mass concentrations and relative humidity data to calculate PM2.5 light extinction, similar to the Regional Haze Program; a 24-hour averaging time; a 90[th] percentile form, averaged over 3 years; and a level set at one of two options  -  either 30 deciviews (dv) or 28 dv. The EPA also proposes to rely upon the existing Chemical Speciation Network (CSN) to provide appropriate monitoring data for calculating PM2.5 visibility index values.
      The proposed new secondary standard is based on the long-standing science characterizing the contribution of PM, especially fine particles, to visibility impairment and on air quality analyses, with consideration also given to a reanalysis of public perception surveys regarding people's stated preferences regarding acceptable and unacceptable visual air quality. Based on this information, the Administrator provisionally concludes that the current secondary PM2.5 standards are not sufficiently protective of the public welfare with respect to visual air quality. The EPA solicits comment on all aspects of the proposed new secondary standard.
      To address other non-visibility welfare effects including ecological effects, effects on materials, and climate impacts, the EPA proposes to retain the current suite of secondary PM standards generally, while proposing to revise only the form of the secondary annual PM2.5 standard to remove the option for spatial averaging consistent with this proposed change to the primary annual PM2.5 standard.
      The proposed revisions to the PM NAAQS would trigger a process under which states (and tribes, if they choose) will make recommendations to the Administrator regarding designations, identifying areas of the country that either meet or do not meet the proposed new or revised NAAQS for PM2.5. States will also review, modify and supplement their existing state implementation plans. The proposed NAAQS revisions would affect the applicable air permitting requirements and the transportation conformity and general conformity processes. This notice provides background information for understanding the implications of the proposed NAAQS revisions for these implementation processes and describes and requests comment on EPA's current perspectives on implementation issues. In addition, the EPA proposes to revise its PSD regulations to provide limited grandfathering from the requirements that result from the revised PM NAAQS for permit applications for which the public comment period has begun when the revised PM NAAQS take effect. The EPA also proposes to implement a surrogate approach that would provide a mechanism for permit applicants to demonstrate that they will not cause or contribute to a violation of the proposed secondary PM2.5 visibility index NAAQS. It is the EPA's intention to finalize any time-sensitive revisions to its PSD regulations at the same time as any new or revised NAAQS are finalized.
      With regard to implementation-related activities, the EPA intends to promulgate rules or develop guidance related to NAAQS implementation on a schedule that provides timely clarity to the states, tribes, and other parties responsible for NAAQS implementation. The EPA solicits comment on all implementation aspects during the public comment period for this notice and will consider these comments as it develops future rulemaking or guidance, as appropriate.
      On other topics, the EPA proposes changes to the Air Quality Index (AQI) for PM2.5 to be consistent with the proposed primary PM2.5 standards. The EPA also proposes revisions to the data handling procedures consistent with the proposed primary and secondary standards for PM2.5 including the computations necessary for determining when these standards are met and the measurement data that are appropriate for comparison to the standards. With regard to monitoring-related activities, the EPA proposes updates to several aspects of the monitoring regulations and specifically proposes to require that a small number of PM2.5 monitors be relocated to be collocated with measurements of other pollutants (e.g., nitrogen dioxide, carbon monoxide) in the near-road environment.
       C. Costs and Benefits
      In setting the NAAQS, the EPA may not consider the costs of implementing the standards. This was confirmed by the Supreme Court in Whitman v. American Trucking Associations, 531 U.S. 457, 465-472, 475-76 (2001), as discussed in section II.A of this notice. As has traditionally been done in NAAQS rulemaking, the EPA has conducted a Regulatory Impact Analysis (RIA) to provide the public with information on the potential costs and benefits of attaining several alternative PM2.5 standards. In NAAQS rulemaking, the RIA is done for informational purposes only, and the proposed decisions on the NAAQS in this rulemaking are not in any way based on consideration of the information or analyses in the RIA. The RIA fulfills the requirements of Executive Order 12866 as discussed below in section X.A, which includes a summary of the estimated costs and benefits from the RIA.


[Federal Register Volume 78, Number 22 (Friday, February 1, 2013)]
[Notices]
[Page 7426]
[FR Doc No: 2013-02181]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EL13-44-000]

City of Fallon, Nevada; Truckee Donner Public Utility District v.
NV Energy Operating Companies; Notice of Complaint

    Take notice that on January 22, 2013, pursuant to Rules 206 and 212
of the Rules of Practice and Procedure of the Federal Energy Regulatory
Commission (Commission), 18 CFR 385.206 and 385.212 and section 206 and
306 of the Federal Power Act, 16 U.S.C. 824(e) and 825(e), the City of
Fallon, Nevada and Truckee Donner Public Utility District
(collectively, Complainants) filed a formal complaint against NV Energy
Operating Companies (Respondent), alleging that the Respondent (1) has
improperly implemented the current Zone A imbalance provisions of their
open access transmission tariff (NV Energy OATT) and (2) should replace
the imbalance provisions currently reflected in Schedules 4 and 9 of
the NV Energy OATT, with the pro forma provisions on a forward-looking
basis, because they are no longer just and reasonable.
    The Complainants certify that copies of the complaint were served
on the contacts for the Respondents as listed on the Commission's list
of Corporate Officials and on parties of the regulatory agencies the
Complainants reasonably expect to be affected by this complaint.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. The Respondent's
answer and all interventions, or protests must be filed on or before
the comment date. The Respondent's answer, motions to intervene, and
protests must be served on the Complainants.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on February 11, 2013.

    Dated: January 25, 2013.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2013-02181 Filed 1-31-13; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 79, Number 72 (Tuesday, April 15, 2014)]
[Notices]
[Pages 21333-21337]
[FR Doc No: 2014-08416]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71913; File No. SR-NASDAQ-2014-019]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Amendment No. 1 and Order Granting Accelerated
Approval of Proposed Rule Change, as Modified by Amendment No. 1
Thereto, Relating to the Listing and Trading of the Shares of the First
Trust Managed Municipal Fund of First Trust Exchange-Traded Fund III

April 9, 2014.

I. Introduction

    On February 7, 2014, The NASDAQ Stock Market LLC (``Exchange'' or
``Nasdaq'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade the shares of the First Trust
Managed Municipal ETF (``Fund'') of First Trust Exchange-Traded Fund
III (``Trust''). The proposed rule change was published for comment in
the Federal Register on February 25, 2014.\3\ The Commission received
no comments on the proposed rule change. On March 27, 2014, the
Exchange filed Amendment No. 1 to the proposed rule change. This order
approves the proposed rule change, as modified by Amendment No. 1
thereto, on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71572 (February 19,
2014), 79 FR 10584 (``Notice'').
---------------------------------------------------------------------------

II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade Shares pursuant to Nasdaq
Rule 5735, which governs the listing and trading of Managed Fund
Shares.\4\ The Exchange deems the Shares to be equity securities,
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities.\5\
---------------------------------------------------------------------------

    \4\ Under Nasdaq's Rules, a Managed Fund Share is a security
that (a) represents an interest in a registered investment company
(``Investment Company'') organized as an open-end management
investment company or similar entity, that invests in a portfolio of
securities selected by the Investment Company's investment adviser
consistent with the Investment Company's investment objectives and
policies; (b) is issued in a specified aggregate minimum number in
return for a deposit of a specified portfolio of securities and/or a
cash amount with a value equal to the next determined net asset
value; and (c) when aggregated in the same specified minimum number,
may be redeemed at a holder's request, which holder will be paid a
specified portfolio of securities and/or cash with a value equal to
the next determined net asset value. See Nasdaq Rule 5735(c)(1).
    \5\ See Notice, supra note 3, 78 FR at 16017.
---------------------------------------------------------------------------

    The Shares will be offered by the First Trust Exchange Traded Fund
III (``Trust''), which is organized as a Massachusetts business trust
and is registered with the Commission as an investment company.\6\
First Trust Advisors L.P. is the investment adviser (``Adviser'') to
the Fund. First Trust Portfolios L.P. is the principal underwriter and
distributor of the Shares (``Distributor''). Brown Brothers Harriman &
Co. will act as the administrator, accounting agent, custodian, and
transfer agent to the Fund. The Adviser is affiliated with the
Distributor, a broker-dealer. As required by Nasdaq Rule 5735(g),\7\
the Adviser has implemented a firewall with respect to its broker-
dealer affiliate regarding access to information concerning the
composition of or changes to the portfolio.\8\
---------------------------------------------------------------------------

    \6\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). See Post-Effective Amendment No. 2 to
Registration Statement on Form N-1A for the Trust, dated December
20, 2013 (File Nos. 333-176976 and 811-22245) (``Registration
Statement''). In addition, the Exchange represents that the Trust
has obtained certain exemptive relief under the 1940 Act. See
Investment Company Act Release No. 30029 (April 10, 2012) (File No.
812-13795) (``Exemptive Order'').
    \7\ Nasdaq Rule 5735(g) also requires that Adviser personnel who
make decisions regarding the Fund's portfolio be subject to
procedures designed to prevent the use and dissemination of
material, non-public information regarding the Fund's portfolio.
    \8\ Additionally, the Exchange represents that, in the event (a)
the Adviser becomes newly affiliated with a broker-dealer, or (b)
any new adviser or sub-adviser becomes affiliated with a broker-
dealer, it will implement a fire wall with respect to such broker-
dealer regarding access to information concerning the composition of
or changes to the portfolio, and it will be subject to procedures
designed to prevent the use and dissemination of material, non-
public information regarding such portfolio.
---------------------------------------------------------------------------

First Trust Managed Municipal ETF
Principal Investments
    The primary investment objective of the Fund will be to generate
current income that is exempt from regular federal income taxes, and
its secondary objective will be long-term capital appreciation. Under
normal market conditions,\9\ the Fund will seek to achieve its
investment objectives by investing at least 80% of its net assets
(including investment borrowings) in municipal debt securities that pay
interest that is exempt from regular federal income taxes
(collectively, ``Municipal Securities'').\10\ Municipal Securities are
generally issued by or on behalf of states, territories, or possessions
of the U.S. (including the District of Columbia) and their political
subdivisions, agencies, authorities, and other instrumentalities. The
types of Municipal Securities in which the Fund may invest include
municipal lease obligations (and certificates of participation in such
obligations), municipal general obligation bonds, municipal revenue
bonds, municipal notes, municipal cash equivalents, private activity
bonds (including without limitation industrial development bonds), and
pre-refunded \11\ and escrowed-to-maturity bonds. In addition,
Municipal Securities include securities issued by entities whose
underlying assets are municipal bonds (for example, tender option bond
(TOB) trusts and custodial receipts

trusts). The Fund may invest in Municipal Securities of any maturity.
---------------------------------------------------------------------------

    \9\ The term ``under normal market conditions'' as used herein
includes, but is not limited to, the absence of adverse market,
economic, political, or other conditions, including extreme
volatility or trading halts in the fixed income markets or the
financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption, or any similar intervening circumstance. For temporary
defensive purposes, during the initial invest-up period and during
periods of high cash inflows or outflows, the Fund may depart from
its principal investment strategies and invest part or all of its
assets in short-term debt securities, money market funds, and other
cash equivalents, or it may hold cash. (See ``Other Investments''
below.) During such periods, the Fund may not be able to achieve its
investment objectives. The Fund may adopt a defensive strategy when
the Adviser believes securities in which the Fund normally invests
have elevated risks due to political or economic factors and in
other extraordinary circumstances.
    \10\ Assuming compliance with the investment requirements and
limitations described herein (including the 10% limitation on
distressed Municipal Securities described below), the Fund may
invest up to 100% of its net assets in Municipal Securities that pay
interest that generates income subject to the federal alternative
minimum tax.
    \11\ A pre-refunded municipal bond is a municipal bond that has
been refunded to a call date on or before the final maturity of
principal and that remains outstanding in the municipal market. The
payment of principal and interest of the pre-refunded municipal
bonds held by the Fund will be funded from securities in a
designated escrow account that holds U.S. Treasury securities or
other obligations of the U.S. government (including its agencies and
instrumentalities). As the payment of principal and interest is
generated from securities held in a designated escrow account, the
pledge of the municipality has been fulfilled and the original
pledge of revenue by the municipality is no longer in place. The
escrow account securities pledged to pay the principal and interest
of the pre-refunded municipal bond do not guarantee the price
movement of the bond before maturity. Investment in pre-refunded
municipal bonds held by the Fund may subject the Fund to interest
rate risk, market risk, and credit risk. In addition, while a
secondary market exists for pre-refunded municipal bonds, if the
Fund sells pre-refunded municipal bonds prior to maturity, the price
received may be more or less than the original cost, depending on
market conditions at the time of sale.
---------------------------------------------------------------------------

    The Fund will invest at least 65% of its net assets in investment
grade securities, which are securities that are rated at the time of
investment in one of the four highest credit quality categories by at
least one nationally recognized statistical rating organization or
that, if unrated, are determined by the Adviser to be of comparable
quality.\12\ The Fund will consider pre-refunded or escrowed to
maturity bonds, regardless of rating, to be investment grade
securities. The Fund may invest up to 35% of its net assets in
securities that are, at the time of investment, rated below investment
grade (or securities that are unrated and determined by the Adviser to
be of comparable quality), commonly referred to as ``high yield'' or
``junk'' bonds. If, subsequent to purchase by the Fund, a security held
by the Fund experiences a decline in credit quality and falls below
investment grade, the Fund may continue to hold the security, and it
will not cause the Fund to violate the 35% investment limitation;
however, the security will be taken into account for purposes of
determining whether purchases of additional securities will cause the
Fund to violate such limitation.
---------------------------------------------------------------------------

    \12\ Comparable quality of unrated securities will be determined
by the Adviser based on fundamental credit analysis of the unrated
security and comparable rated securities. On a best efforts basis,
the Adviser will attempt to make a rating determination based on
publicly available data. In making a ``comparable quality''
determination, the Adviser may consider, for example, whether the
issuer of the security has issued other rated securities, the nature
and provisions of the relevant security, whether the obligations
under the relevant security are guaranteed by another entity and the
rating of such guarantor (if any), relevant cash flows,
macroeconomic analysis, and/or sector or industry analysis.
---------------------------------------------------------------------------

Investments in Derivatives
    To pursue its investment objectives, the Fund may invest in
exchange-listed options on U.S. Treasury securities, exchange-listed
options on U.S. Treasury futures contracts and exchange-listed U.S.
Treasury futures contracts. The use of these derivative transactions
may allow the Fund to obtain net long or short exposures to selected
interest rates. These derivatives may also be used to hedge risks,
including interest rate risks and credit risks, associated with the
Fund's portfolio investments.
    The Fund expects that no more than 20% of the value of the Fund's
net assets will be invested in derivative instruments.\13\ The Fund's
investments in derivative instruments will be consistent with the
Fund's investment objectives and the 1940 Act and will not be used to
seek to achieve a multiple or inverse multiple of an index.
---------------------------------------------------------------------------

    \13\ The Fund will limit its direct investments in futures and
options on futures to the extent necessary for the Adviser to claim
the exclusion from regulation as a ``commodity pool operator'' with
respect to the Fund under Rule 4.5 promulgated by the Commodity
Futures Trading Commission (``CFTC''), as such rule may be amended
from time to time. Under Rule 4.5 as currently in effect, the Fund
will limit its trading activity in futures and options on futures
(excluding activity for ``bona fide hedging purposes,'' as defined
by the CFTC) such that it will meet one of the following tests: (i)
Aggregate initial margin and premiums required to establish its
futures and options on futures positions will not exceed 5% of the
liquidation value of the Fund's portfolio, after taking into account
unrealized profits and losses on such positions; or (ii) aggregate
net notional value of its futures and options on futures positions
will not exceed 100% of the liquidation value of the Fund's
portfolio, after taking into account unrealized profits and losses
on such positions.
---------------------------------------------------------------------------

Other Investments
    Under normal market conditions, the Fund will invest substantially
all of its assets to meet its investment objectives as described above.
In addition, the Fund may invest its assets as generally described
below.
    The Fund may invest up to 10% of its net assets in taxable
municipal securities. In addition, the Fund may invest up to 10% of its
net assets in distressed Municipal Securities.\14\ The Fund may also
invest up to 10% of its net assets in short-term debt securities, money
market funds and other cash equivalents, or it may hold cash. The
percentage of the Fund invested in such holdings will vary and will
depend on several factors, including market conditions.
---------------------------------------------------------------------------

    \14\ Distressed Municipal Securities are Municipal Securities
that are currently in default and not expected to pay the current
coupon. If, subsequent to purchase by the Fund, a Municipal Security
held by the Fund becomes distressed, the Fund may continue to hold
the Municipal Security and it will not cause the Fund to violate the
10% limitation; however, the Municipal Security will be taken into
account for purposes of determining whether purchases of additional
Municipal Securities will cause the Fund to violate such limitation.
---------------------------------------------------------------------------

    Short-term debt securities, which do not include Municipal
Securities, are securities from issuers having a long-term debt rating
of at least A by Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc. (``S&P Ratings''); Moody's Investors
Service, Inc. (``Moody's''); or Fitch Ratings (``Fitch'') and having a
maturity of one year or less. The use of temporary investments will not
be a part of a principal investment strategy of the Fund.
    Short-term debt securities are defined to include, without
limitation, the following: (1) Fixed-rate and floating-rate U.S.
government securities, including bills, notes, and bonds differing as
to maturity and rates of interest, which are either issued or
guaranteed by the U.S. Treasury or by U.S. government agencies or
instrumentalities; (2) certificates of deposit issued against funds
deposited in a bank or savings and loan association; (3) bankers'
acceptances, which are short-term credit instruments used to finance
commercial transactions; (4) repurchase agreements,\15\ which involve
purchases of debt securities; (5) bank time deposits, which are monies
kept on deposit with banks or savings and loan associations for a
stated period of time at a fixed rate of interest; and (6) commercial
paper, which is short-term unsecured promissory notes. The Fund may
only invest in commercial paper rated A-1 or higher by S&P Ratings,
Prime-1 or higher by Moody's, or F1 or higher by Fitch.
---------------------------------------------------------------------------

    \15\ The Fund intends to enter into repurchase agreements only
with financial institutions and dealers believed by the Adviser to
present minimal credit risks in accordance with criteria approved by
the Board of Trustees of the Trust (``Trust Board''). The Adviser
will review and monitor the creditworthiness of such institutions.
The Adviser will monitor the value of the collateral at the time the
transaction is entered into and at all times during the term of the
repurchase agreement.
---------------------------------------------------------------------------

    The Fund may invest up to 20% of its net assets in the securities
of other investment companies, including money market funds, closed-end
funds, open-end funds, and other ETFs.\16\
---------------------------------------------------------------------------

    \16\ An ETF is an investment company registered under the 1940
Act that holds a portfolio of securities. Many ETFs are designed to
track the performance of a securities index, including industry,
sector, country, and region indexes. ETFs included in the Fund will
be listed and traded in the U.S. on registered exchanges. The Fund
may invest in the securities of ETFs in excess of the limits imposed
under the 1940 Act pursuant to exemptive orders obtained by other
ETFs and their sponsors from the Commission. In addition, the Fund
may invest in the securities of certain other investment companies
in excess of the limits imposed under the 1940 Act pursuant to an
exemptive order that the Trust has obtained from the Commission. See
Investment Company Act Release No. 30377 (February 5, 2013) (File
No. 812-13895). The ETFs in which the Fund may invest include Index
Fund Shares (as described in Nasdaq Rule 5705), Portfolio Depository
Receipts (as described in Nasdaq Rule 5705), and Managed Fund Shares
(as described in Nasdaq Rule 5735). While the Fund may invest in
inverse ETFs, the Fund will not invest in leveraged or inverse
leveraged (e.g., 2X or -3X) ETFs.
---------------------------------------------------------------------------

    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Adviser, in
accordance with Commission guidance.\17\ The Fund will

monitor its portfolio liquidity on an ongoing basis to determine
whether, in light of current circumstances, an adequate level of
liquidity is being maintained, and the Fund will consider taking
appropriate steps in order to maintain adequate liquidity if, through a
change in values, net assets, or other circumstances, more than 15% of
the Fund's net assets are held in illiquid assets. Illiquid assets
include securities subject to contractual or other restrictions on
resale and other instruments that lack readily available markets as
determined in accordance with Commission staff guidance.
---------------------------------------------------------------------------

    \17\ In reaching liquidity decisions, the Adviser may consider
the following factors: The frequency of trades and quotes for the
security; the number of dealers wishing to purchase or sell the
security and the number of other potential purchasers; dealer
undertakings to make a market in the security; and the nature of the
security and the nature of the marketplace in which it trades (e.g.,
the time needed to dispose of the security, the method of soliciting
offers, and the mechanics of transfer).
---------------------------------------------------------------------------

    The Fund may not invest 25% or more of the value of its total
assets in securities of issuers in any one industry. This restriction
does not apply to (a) Municipal Securities issued by governments or
political subdivisions of governments, (b) obligations issued or
guaranteed by the U.S. government or by its agencies or
instrumentalities, or (c) securities of other investment companies.\18\
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    \18\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund intends to qualify each year as a regulated investment
company (``RIC'') under Subchapter M of the Internal Revenue Code of
1986, as amended.
    Additional information regarding the Shares and the Fund,
including, among other things, investment strategies, risks, creation
and redemption procedures, fees, portfolio holdings disclosure
policies, availability of Fund values and other information, and
distributions and taxes, can be found in the Notice or Registration
Statement, as applicable.\19\
---------------------------------------------------------------------------

    \19\ See supra notes 3 and 6 and respective accompanying text.
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III. Discussion and Commission's Findings

    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of Section 6 of the
Act \20\ and the rules and regulations thereunder applicable to a
national securities exchange.\21\ In particular, the Commission finds
that the proposal is consistent with Section 6(b)(5) of the Act,\22\
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 foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. The Commission notes that
the Fund and the Shares must comply with the requirements of Nasdaq
Rule 5735 to be listed and traded on the Exchange.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f.
    \21\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \22\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Act,\23\ which sets forth Congress' 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 Nasdaq
proprietary quote and trade services, as well as in accordance with the
Unlisted Trading Privileges and the Consolidated Tape Association plans
for the Shares. One source of price information for Municipal
Securities is the Electronic Municipal Market Access (``EMMA'') of the
Municipal Securities Rulemaking Board (``MSRB'').\24\ Additionally, the
MSRB offers trade data subscription services that permit subscribers to
obtain information about municipal securities transactions. Quotation
information from brokers and dealers or Pricing Services will also be
available for fixed income securities generally. On each business day,
before commencement of trading in Shares in the Regular Market Session
\25\ on the Exchange, the Fund will disclose on its Web site the
identities and quantities of the portfolio of securities and other
assets (``Disclosed Portfolio'') held by the Fund that will form the
basis for the Fund's calculation of net asset value (``NAV'') at the
end of the business day.\26\ The NAV of the Fund's Shares generally
will be calculated once daily Monday through Friday as of the close of
regular trading on the New York Stock Exchange, generally 4:00 p.m.,
Eastern time.\27\ Moreover, the Intraday Indicative Value, available on
the NASDAQ OMX Information LLC proprietary index data service,\28\ will
be based upon the current value for the components of the Disclosed
Portfolio and will be updated and widely disseminated by one or more
major market data vendors and will be broadly displayed at least every
15 seconds during the Regular Market Session.
---------------------------------------------------------------------------

    \23\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \24\ A source of price information for other types of fixed
income securities is the Trade Reporting and Compliance Engine
(``TRACE'') of the Financial Industry Regulatory Authority
(``FINRA'').
    \25\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 7:00 a.m. to
9:30 a.m.; (2) Regular Market Session from 9:30 a.m. to 4:00 p.m. or
4:15 p.m.; and (3) Post-Market Session from 4:00 p.m. or 4:15 p.m.
to 8:00 p.m.).
    \26\ The Disclosed Portfolio will include, as applicable, the
names, quantity, percentage weighting, and market value of fixed-
income securities and other assets held by the Fund and the
characteristics of such assets. The Web site and information will be
publicly available at no charge.
    \27\ Under accounting procedures to be followed by the Fund,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1''). Accordingly,
the Fund will be able to disclose at the beginning of the business
day the portfolio that will form the basis for the NAV calculation
at the end of the business day.
    \28\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service,
offering real-time updates, daily summary messages, and access to
widely followed indexes and Intraday Indicative Values for ETFs.
GIDS provides investment professionals with the daily information
needed to track or trade NASDAQ OMX indexes, listed ETFs, or third-
party partner indexes and ETFs.
---------------------------------------------------------------------------

    In addition, 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 the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers. Intraday executable price information for fixed
income securities, equity securities, and derivatives will be available
from major broker-dealer firms and major market data vendors. For
exchange-traded assets, intraday price information will also be
available directly from the applicable listing exchanges. Intraday
price information will also generally be available through subscription
services, such as Bloomberg, Markit, and Thomson Reuters, which can be
accessed by Authorized Participants and other investors. The Fund's Web
site will include a form of the prospectus for the Fund and additional
data relating to NAV and other applicable quantitative information.
    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be

necessary to price the Shares appropriately and to prevent trading when
a reasonable degree of transparency cannot be assured. The Commission
notes that the Exchange will obtain a representation from the issuer of
the Shares that the NAV per Share will be calculated daily and that the
NAV and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, the Exchange will halt
trading in the Shares under the conditions specified in Nasdaq Rules
4120 and 4121. Trading may be halted because of market conditions or
for reasons that, in the view of the Exchange, make trading in the
Shares inadvisable. These may include: (1) The extent to which trading
is not occurring in the securities or the financial instruments
constituting the Disclosed Portfolio of the Fund; or (2) whether other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present. Trading in the Shares also will be
subject to Rule 5735(d)(2)(D), which sets forth circumstances under
which Shares of the Fund may be halted. The Exchange will consider the
suspension of trading in or removal from listing of the Shares if the
Intraday Indicative Value is no longer calculated or available or the
Disclosed Portfolio is not made available to all market participants at
the same time.\29\ The Exchange states that the Adviser is affiliated
with the Distributor, a broker-dealer. The Exchange represents that the
Adviser has implemented a fire wall with respect to its broker-dealer
affiliate.\30\ 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.\31\ The Exchange states that trading of the Shares through
Nasdaq will be subject to FINRA's surveillance procedures for
derivative products, including Managed Fund Shares.\32\ FINRA, on
behalf of the Exchange, will communicate as needed regarding trading in
the Shares with other markets and other entities that are members of
the Intermarket Surveillance Group (``ISG''),\33\ and FINRA may obtain
trading information regarding trading in the Shares from such markets
and other entities. Further, the Exchange states that it prohibits the
distribution of material, non-public information by its employees.
---------------------------------------------------------------------------

    \29\ See Nasdaq Rule 5735(d)(2)(C)(ii).
    \30\ See Nasdaq Rule 5735(g), supra note 6 and accompanying
text. The Commission notes that an investment adviser to an open-end
fund is required to be registered under the Investment Advisers Act
of 1940 (``Advisers Act''). As a result, the Adviser and Sub-Adviser
and their related personnel are subject to the provisions of Rule
204A-1 under the Advisers Act relating to codes of ethics. This Rule
requires investment advisers to adopt a code of ethics that reflects
the fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
    \31\ See Nasdaq Rule 5735(d)(2)(B)(ii).
    \32\ The Exchange states that FINRA surveils trading on Nasdaq
pursuant to a regulatory services agreement and that it is
responsible for FINRA's performance under this regulatory services
agreement.
    \33\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    The Exchange represents that the Shares are deemed to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has made representations,
including:
    (1) The Shares will be subject to Nasdaq Rule 5735, which sets
forth the initial and continued listing criteria applicable to Managed
Fund Shares.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) The Exchange's surveillance procedures are adequate to properly
monitor the trading of the Shares on Nasdaq during all trading sessions
and to deter and detect violations of Exchange rules and the applicable
federal securities laws.
    (4) Prior to the commencement of trading, the Exchange will inform
its members in an Information Circular of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Circular will discuss the following: (a) The procedures for
purchases and redemptions of Shares in Creation Units (and that Shares
are not individually redeemable); (b) Nasdaq Rule 2310, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (c) how information regarding
the Intraday Indicative Value is disseminated; (d) the risks involved
in trading the Shares during the Pre-Market and Post-Market Sessions
when an updated Intraday Indicative Value will not be calculated or
publicly disseminated; (e) the requirement that members deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (f) trading
information.
    (5) For initial and/or continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act.\34\
---------------------------------------------------------------------------

    \34\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) The Fund will invest at least 80% of its net assets in
Municipal Securities, and at least 65% of its net assets in investment
grade securities.
    (7) The Fund will invest 85% or more of the portfolio in assets
that the Adviser deems to be sufficiently liquid at the time of
investment. The Fund may hold up to an aggregate amount of 15% of its
net assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Advisor, in
accordance with Commission guidance. The Fund will monitor its
portfolio liquidity on an ongoing basis to determine whether, in light
of current circumstances, an adequate level of liquidity is being
maintained and will consider taking appropriate steps in order to
maintain adequate liquidity if, through a change in values, net assets,
or other circumstances, more than 15% of the Fund's net assets are held
in illiquid assets.
    (8) The Fund will not invest more than 10% of the portfolio in
distressed Municipal Securities, as described herein, as determined at
the time of the investment.
    (9) The Fund may invest in the following derivative instruments:
exchange-listed options on U.S. Treasury securities, exchange-listed
options on U.S. Treasury futures contracts, and exchange-listed U.S.
Treasury futures contracts. The Fund expects that no more than 20% of
its net assets will be invested in these derivatives. The Fund's
investments in derivatives will be consistent with the Fund's
investment objectives and will not be used to seek to achieve a
multiple or inverse multiple of the performance of an index.
    (10) At least 90% of the Fund's net assets that are invested in
exchange-

traded futures and exchange-traded options (in the aggregate) will be
invested in instruments that trade in markets that are members of ISG
or are parties to a comprehensive surveillance sharing agreement with
the Exchange.
    (11) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice, and
the Exchange's description of the Fund.
    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act\35\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \35\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Solicitation of Comments on Amendment No. 1

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2014-019 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2014-019. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site http://www.sec.gov/rules/sro.shtml.
    Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of Nasdaq. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly.
    All submissions should refer to File Number SR-NASDAQ-2014-019 and
should be submitted on or before May 6, 2014.

V. Accelerated Approval of Amendment No. 1

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 1, prior to the thirtieth day
after the date of publication of notice in the Federal Register. The
proposed Amendment supplements the proposed rule change by limiting the
type and amount of derivatives in which the Fund may invest and makes
modifications related thereto, adds greater clarity regarding the
intended investment limitations regarding non-investment grade
securities and distressed municipal securities, and provides how Net
Asset Value will be calculated with respect to repurchase agreements.
Accordingly, the Commission finds good cause, pursuant to Section
19(b)(2) of the Act,\36\ to approve the proposed rule change, as
modified by Amendment No. 1, on an accelerated basis.
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act\37\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \37\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\38\ that the proposed rule change (SR-NASDAQ-2014-019), as
modified by Amendment No. 1 thereto, be, and it hereby is, approved on
an accelerated basis.
---------------------------------------------------------------------------

    \38\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
Kevin M. O'Neill,
Deputy Secretary.
---------------------------------------------------------------------------

    \39\ CFR 200.30-3(a)(12).
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[FR Doc. 2014-08416 Filed 4-14-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 102 (Friday, May 28, 2021)]
[Notices]
[Pages 28925-28926]
[FR Doc No: 2021-11342]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent of Waiver With Respect to Land; Prairie Du Chien
Municipal Airport, Prairie Du Chien, WI

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice.

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SUMMARY: The FAA is considering a proposal to change 0.50 acres (future
Parcel 17D) of Clear Zone Easement contained in Parcel 17B to Avigation
Easement in exchange for converting 2.94 acres of land currently not
controlled by the Airport Sponsor (future Parcel 36) to an Avigation
Easement for approach protection. Both Parcel 17B and future Parcel 36
are owned by Crossing Rivers Health Center (and are being sold to a
commercial developer) and located adjacent to Prairie du Chien
Municipal Airport, Prairie du Chien, WI. The proposed release of 0.50
acres of Clear Zone Easement to Avigation Easement is not in the Runway
Protection Zone (RPZ). The release of 0.50 acres from Clear Zone
Easement to Avigation Easement is required to allow development on the
property that is being sold by the Crossing Rivers Health Center. The
conversion from Clear Zone Easement to Avigation Easement will not
result in any impact to surfaces protected by Part 77 or airport design
surfaces. The Clear

Zone Easement was originally purchased to enable the Airport to ensure
airport compatible land use. The proposed future use of 0.50 acres of
the land will be a compatible land use.

DATES: Comments must be received on or before June 28, 2021.

ADDRESSES: Documents are available for review by appointment at the FAA
Chicago Airports District Office, Christina Sullivan, Chicago Airports
District Office, 2300 East Devon Avenue, Des Plaines, IL 60018,
Telephone:<PHONE_NUMBER>/Fax:<PHONE_NUMBER> and City of Prairie Du
Chien, 37735 US Highway 18, Prairie Du Chien, WI 53821, Telephone:
(608)326-2118.
    Written comments on the Sponsor's request must be delivered or
mailed to: Christina, Program Manager, Federal Aviation Administration,
Chicago Airports District Office, 2300 East Devon, Ste. 320, Des
Plaines, IL 60018, Telephone:<PHONE_NUMBER>/Fax:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Christina Sullivan, Program Manager,
Federal Aviation Administration, Chicago Airports District Office, 2300
East Devon, Ste. 320, Des Plaines, IL 60018, Telephone:<PHONE_NUMBER>/
Fax:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In accordance with section 47107(h) of Title
49, United States Code, this notice is required to be published in the
Federal Register 30 days before modifying the land-use assurance that
requires the property to be used for an aeronautical purpose.
    The Clear Zone Easement (within Parcel 17B) is owned by the City of
Prairie du Chien. The easement was originally purchased to ensure
airport compatible development.
    Based on current Fair Market Value of Clear Zone Easement ($8,428)
being released and Avigation Easement ($9,384) being granted to the
City of Prairie du Chien in exchange, the net gain to the airport in
value of easements is $956.00.
    This notice announces that the FAA is considering the release of
the subject airport property at the Prairie du Chien Municipal Airport,
Prairie du Chien, WI from federal easement covenants, subject to a
reservation for continuing right of flight as well as restrictions on
the released property as required in FAA Order 5190.6B section 22.16.
Approval does not constitute a commitment by the FAA to financially
assist in the disposal of the subject airport property nor a
determination of eligibility for grant-in-aid funding from the FAA.

Easement Parcel 17D, Part of Airport Parcel 17B (Legal Description),
Avigation Easement To Be Converted From Clear Zone Easement, per
Proposed Release

    Clear Zone Easement located in Farm Lot 43, of the Private Land
Claims at Prairie du Chien, City of Prairie du Chien, Crawford County,
Wisconsin. Also being part of Lot 1, Crawford County Certified Survey
Map Number 237, Document Number 207064 recorded in the Crawford County
Register of Deeds Office, described as follows:
    Commencing at the Northeast Corner of Farm Lot 43 of the Private
Land Claims at Prairie du Chien; thence S79[deg]36'51'' W, 975.51 feet
along the north line of said Farm Lot 43; thence S0[deg]00'00'' W,
1,098.80 feet to a found \3/4\'' iron re-bar at the Northeast Corner of
Lot 1, Crawford County Certified Survey Map Number 237; thence
S69[deg]31'09'' E, along the north line of said Lot 1, 565.40 feet to
the northeast corner of said Lot 1, and a found \3/4\'' iron rebar;
thence S4[deg]15'28'' E, along the east line of said Lot 1, 489.86 feet
to a set \3/4\'' iron rebar, said point being the Point of Beginning of
this Clear Zone Easement.
    Thence continuing S4[deg]15'28'' E, along the east line of said Lot
1, 273.84 feet to a found \3/4\'' iron rebar on the westerly line of
Lot 2, Crawford County Certified Survey Map Number 1220; thence
S4[deg]10'52'' E, along the east line of said Lot 1, and the westerly
line of said Lot 2, 22.03 feet to a found \3/4\'' iron rebar on the
northerly right of way line of U.S.H. 18 and S.T.H. 35; thence
N47[deg]15'09'' W, along the northerly right of way of U.S.H. 18 and
S.T.H. 35, 165.09 feet, to a found \3/4\'' iron rebar; thence
N47[deg]17'32'' W, along the northerly right of way line of U.S.H. 18
and S.T.H 35, 51.16 feet, to a set \3/4\'' iron rebar; thence
N42[deg]42'28'' E, 201.82 feet, to the Point of Beginning.
    Containing 0.50 acres more or less.

    Issued in Des Plaines, IL, on May 24, 2021.
Debra L. Bartell,
Manager, Chicago Airports District Office, FAA, Great Lakes Region.
[FR Doc. 2021-11342 Filed 5-27-21; 8:45 am]
BILLING CODE 4910-13-P