[Federal Register Volume 83, Number 88 (Monday, May 7, 2018)]
[Notices]
[Pages 20111-20118]
[FR Doc No: 2018-09572]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83142; File No. SR-NASDAQ-2018-032]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
List and Trade Exchange-Traded Managed Fund Shares of the Gabelli Pet
Parent Fund Under Nasdaq Rule 5745

May 1, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 18, 2018, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is

publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade under Nasdaq Rule 5745
(Exchange-Traded Managed Fund Shares) the common shares (``Shares'') of
the exchange-traded managed fund described herein (the ``Fund'').\3\
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    \3\ Except for the specific Fund information set forth below,
this rule filing conforms to the rule filing, as modified by
amendments 1 and 2 thereto, relating to the listing and trading on
Nasdaq of the shares of 18 series of the Eaton Vance ETMF Trust and
the Eaton Vance ETMF Trust II, as approved by the Commission in
Securities Exchange Act Release No. 75499 (Jul. 21, 2015) (SR-
NASDAQ-2015-036) and to the rule filing, as modified by amendment 1
thereto, relating to the listing and trading on Nasdaq of the shares
of 5 series of the Gabelli NextShares Trust, as approved by the
Commission in Securities Exchange Act Release No. 79377 (Nov. 22,
2016) (SR-NASDAQ-2016-134).
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    The text of the proposed rule change is available on the Exchange's
website at http://nasdaq.cchwallstreet.com, at the principal office of
the Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the Shares of the Fund
under Nasdaq Rule 5745, which governs the listing and trading of
exchange-traded managed fund shares, as defined in Nasdaq Rule
5745(c)(1), on the Exchange.\4\ The Fund listed below is registered
with the Commission as an open-end investment company and has filed a
registration statement on Form N-1A (``Registration Statement'') with
the Commission. The Fund is a series of the Gabelli
NextSharesTM Trust (the ``Trust'') and will be advised by an
investment adviser registered under the Investment Advisers Act of 1940
(``Adviser''), as described below. The Fund will be actively managed
and will pursue the principal investment strategy noted below.\5\
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    \4\ The Commission approved Nasdaq Rule 5745 in Securities
Exchange Act Release No. 34-73562 (Nov. 7, 2014), 79 FR 68309 (Nov.
14, 2014) (SR-NASDAQ-2014-020).
    \5\ Additional information regarding the Fund will be available
on one of two free public websites (www.gabelli.com or
www.nextshares.com, as indicated more fully below), as well as in
the Registration Statement for the Fund.
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Gabelli NextSharesTM Trust
    The Trust is registered with the Commission as an open-end
investment company and has filed a Registration Statement with the
Commission.\6\ The following Fund is a series of the Trust.\7\
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    \6\ See Registration Statement on Form N-1A for the Trust dated
April 4, 2018 (File Nos. 333-211881 and 811-23160). The descriptions
of the Fund and the Shares contained herein conform to the
Registration Statement.
    \7\ The Commission has issued an order granting the Trust and
certain affiliates exemptive relief under the Investment Company
Act. See Investment Company Act Release No. 31608 (May 19, 2015)
(File No. 812-14438).
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    Gabelli Funds, LLC will be the Adviser to the Fund. The Adviser is
not a registered broker-dealer, although it is affiliated with a
broker-dealer. Gabelli Funds, LLC will also act as administrator to the
Fund. The Adviser has implemented and will maintain a firewall with
respect to its affiliated broker-dealer regarding access to information
concerning the composition of and/or changes to the Fund's
portfolio.\8\ In addition, personnel who make decisions on the Fund's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material, non-public information regarding
the open-end fund's portfolio.
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    \8\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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    In the event that (a) the Adviser registers as a broker-dealer or
becomes newly affiliated with a broker-dealer, or (b) any new adviser
or a sub-adviser to the Fund is a registered broker-dealer or becomes
affiliated with a broker-dealer, it will implement and maintain a
firewall with respect to its relevant personnel and/or such broker-
dealer affiliate, if applicable, regarding access to information
concerning the composition of and/or changes to the relevant Fund's
portfolio and will be subject to procedures designed to prevent the use
and dissemination of material non-public information regarding such
portfolio. G.distributors, LLC, will be the principal underwriter and
distributor of the Fund's Shares. The Bank of New York Mellon will act
as custodian and transfer agent. BNY Mellon Investment Servicing (US)
Inc. will act as the sub-administrator to the Fund. Interactive Data
Pricing and Reference Data, Inc. will be the IIV calculator to the
Fund.
    The Fund will be actively managed and will pursue the principal
investment strategy described below.\9\
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    \9\ See footnote 5.
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1. Gabelli Pet Parent FundTM--Companion Pets, Their Parents,
and The Ecosystems (the ``Gabelli Pet Parent Fund'')
    The Gabelli Pet Parent Fund seeks to provide capital appreciation.
Under normal market conditions, the Gabelli Pet Parent Fund invests at
least 80% of its net assets, plus borrowings for investment purposes,
in common and preferred shares of publicly traded domestic and foreign
companies of all capitalization ranges in the pet industry. The pet
industry includes companies that offer services, support, and products
for pets and pet parents including, without limitation, the following
specific sectors: Food, healthcare, veterinary services,
pharmaceuticals, wellness, nutrition, equipment, medical and dental
supplies and services, recreation and entertainment, agriculture,
infrastructure related to parks, toys and games, exercise, consumer
products that support these sectors, and any other sector which
supports the well-being of pets and pet parents.
Creations and Redemptions of Shares
    Shares will be issued and redeemed on a daily basis for the Fund at
the next-

determined net asset value (``NAV'') \10\ in specified blocks of Shares
called ``Creation Units.'' A Creation Unit will consist of at least
25,000 Shares. Creation Units may be purchased and redeemed by or
through ``Authorized Participants.'' \11\ Purchases and sales of Shares
in amounts less than a Creation Unit may be effected only in the
secondary market, as described below, and not directly with the Fund.
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    \10\ As with other registered open-end investment companies, NAV
generally will be calculated daily Monday through Friday as of the
close of regular trading on the New York Stock Exchange, normally
4:00 p.m. Eastern Time (``E.T.''). NAV will be calculated by
dividing the Fund's net asset value by the number of Shares
outstanding. Information regarding the valuation of investments in
calculating the Fund's NAV will be contained in the Registration
Statement for its Shares.
    \11\ ``Authorized Participants'' will be either: (1)
``participating parties,'' i.e., brokers or other participants in
the Continuous Net Settlement System (``CNS System'') of the
National Securities Clearing Corporation (``NSCC''), a clearing
agency registered with the Commission and affiliated with the
Depository Trust Company (``DTC''), or (2) DTC participants, which
in either case have executed participant agreements with the Fund's
distributor and transfer agent regarding the creation and redemption
of Creation Units. Investors will not have to be Authorized
Participants in order to transact in Creation Units, but must place
an order through and make appropriate arrangements with an
Authorized Participant for such transactions.
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    The creation and redemption process for Funds [sic] may be effected
``in kind,'' in cash, or in a combination of securities and cash.
Creation ``in kind'' means that an Authorized Participant--usually a
brokerage house or large institutional investor-- purchases the
Creation Unit with a basket of securities equal in value to the
aggregate NAV of the Shares in the Creation Unit. When an Authorized
Participant redeems a Creation Unit in kind, it receives a basket of
securities equal in value to the aggregate NAV of the Shares in the
Creation Unit.\12\
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    \12\ In compliance with Nasdaq Rule 5745(b)(5), which applies to
Shares based on an international or global portfolio, the Trust's
application for exemptive relief under the Investment Company Act
states that the Fund will comply with the federal securities laws in
accepting securities for deposits and satisfying redemptions with
securities, including that the securities accepted for deposits and
the securities used to satisfy redemption requests are sold in
transactions that would be exempt from registration under the
Securities Act of 1933, as amended (15 U.S.C. 77a).
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Composition File
    As defined in Nasdaq Rule 5745(c)(3), the Composition File is the
specified portfolio of securities and/or cash that the Fund will accept
as a deposit in issuing a Creation Unit of Shares, and the specified
portfolio of securities and/or cash that the Fund will deliver in a
redemption of a Creation Unit of Shares. The Composition File will be
disseminated through the NSCC once each business day before the open of
trading in Shares on such day and also will be made available to the
public each day on a free website.\13\ Because the Fund seeks to
preserve the confidentiality of its current portfolio trading program,
the Fund's Composition File generally will not be a pro rata reflection
of the Fund's investment positions. Each security included in the
Composition File will be a current holding of the Fund, but the
Composition File generally will not include all of the securities in
the Fund's portfolio or match the weightings of the included securities
in the portfolio. Securities that the Adviser is in the process of
acquiring for the Fund generally will not be represented in the Fund's
Composition File until their purchase has been completed. Similarly,
securities that are held in the Fund's portfolio but in the process of
being sold may not be removed from its Composition File until the sale
program is substantially completed. When creating and redeeming Shares
in kind, the Fund will use cash amounts to supplement the in-kind
transactions to the extent necessary to ensure that Creation Units are
purchased and redeemed at NAV. The Composition File also may consist
entirely of cash, in which case it will not include any of the
securities in the Fund's portfolio.\14\
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    \13\ The free website containing the Composition File will be
www.nextshares.com.
    \14\ In determining whether the Fund will issue or redeem
Creation Units entirely on a cash basis, the key consideration will
be the benefit that would accrue to the Fund and its investors. For
instance, in bond transactions, the Adviser may be able to obtain
better execution for the Fund than Authorized Participants because
of the Adviser's size, experience and potentially stronger
relationships in the fixed-income markets.
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Transaction Fees
    All persons purchasing or redeeming Creation Units of the Fund are
expected to incur a transaction fee to cover the estimated cost to that
Fund of processing the transaction, including the costs of clearance
and settlement charged to it by NSCC or DTC, and the estimated trading
costs (i.e., brokerage commissions, bid-ask spread, and market impact)
to be incurred in converting the Composition File to or from the
desired portfolio holdings. The transaction fee is determined daily and
will be limited to amounts determined by the Adviser to be appropriate
to defray the expenses that the Fund incurs in connection with the
purchase or redemption of Creation Units.
    The purpose of transaction fees is to protect the Fund's existing
shareholders from the dilutive costs associated with the purchase and
redemption of Creation Units. Transaction fees will differ among funds
and may vary over time for a given fund depending on the estimated
trading costs for its portfolio positions and Composition File,
processing costs and other considerations. Funds that specify greater
amounts of cash in their Composition File may impose higher transaction
fees.
    In addition, funds that include in their Composition File
instruments that clear through DTC may impose higher transaction fees
than funds with a Composition File consisting solely of instruments
that clear through NSCC, because DTC may charge more than NSCC in
connection with Creation Unit transactions.\15\ The transaction fees
applicable to the Fund's purchases and redemptions on a given business
day will be disseminated through the NSCC prior to the open of market
trading on that day and also will be made available to the public each
day on a free website.\16\ In all cases, the transaction fees will be
limited in accordance with the requirements of the Commission
applicable to open-end management investment companies offering
redeemable securities.
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    \15\ Authorized Participants that participate in the CNS System
of the NSCC are expected to be able to use the enhanced NSCC/CNS
process for effecting in-kind purchases and redemptions of ETFs (the
``NSCC Process'') to purchase and redeem Creation Units of the Fund
that limit the composition of their baskets to include only NSCC
Process-eligible instruments (generally domestic equity securities
and cash). Because the NSCC Process is generally more efficient than
the DTC clearing process, NSCC is likely to charge the Fund less
than DTC to settle purchases and redemptions of Creation Units.
    \16\ The free website will be www.nextshares.com.
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NAV-Based Trading
    Because Shares will be listed and traded on the Exchange, Shares
will be available for purchase and sale on an intraday basis. Shares
will be purchased and sold in the secondary market at prices directly
linked to the Fund's next-determined NAV using a new trading protocol
called ``NAV-Based Trading.'' \17\ All bids, offers, and execution
prices of Shares will be expressed as a premium/discount (which may be
zero) to the Fund's next-determined NAV (e.g., NAV-$0.01, NAV+$0.01).
The Fund's NAV will be determined each business day, normally

as of 4:00 p.m., E.T. Trade executions will be binding at the time
orders are matched on Nasdaq's facilities, with the transaction prices
contingent upon the determination of NAV.
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    \17\ Aspects of NAV-Based Trading are protected intellectual
property subject to issued and pending U.S. patents held by
NextShares Solutions LLC (``NextShares Solutions''), a wholly owned
subsidiary of Eaton Vance Corp. Nasdaq has entered into a license
agreement with NextShares Solutions to allow for NAV-Based Trading
on the Exchange of exchange-traded managed funds that have
themselves entered into license agreements with NextShares
Solutions.
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Trading Premiums and Discounts
    Bid and offer prices for Shares will be quoted throughout the day
relative to NAV. The premium or discount to NAV at which Share prices
are quoted and transactions are executed will vary depending on market
factors, including the balance of supply and demand for Shares among
investors, transaction fees, and other costs in connection with
creating and redeeming Creation Units of Shares, the cost and
availability of borrowing Shares, competition among market makers, the
Share inventory positions and inventory strategies of market makers,
the profitability requirements and business objectives of market
makers, and the volume of Share trading. Reflecting such market
factors, prices for Shares in the secondary market may be above, at or
below NAV. Funds with higher transaction fees may trade at wider
premiums or discounts to NAV than other funds with lower transaction
fees, reflecting the added costs to market makers of managing their
Share inventory positions through purchases and redemptions of Creation
Units.
    Because making markets in Shares will be simple to manage and low
risk, competition among market makers seeking to earn reliable, low-
risk profits should enable the Shares to routinely trade at tight bid-
ask spreads and narrow premiums/discounts to NAV. As noted below, the
Fund will maintain a public website that will be updated on a daily
basis to show current and historical trading spreads and premiums/
discounts of Shares trading in the secondary market.\18\
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    \18\ The website containing this information will be
www.gabelli.com.
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Transmitting and Processing Orders
    Member firms will utilize certain existing order types and
interfaces to transmit Share bids and offers to Nasdaq, which will
process Share trades like trades in shares of other listed
securities.\19\ In the systems used to transmit and process
transactions in Shares, the Fund's next-determined NAV will be
represented by a proxy price (e.g., 100.00) and a premium/discount of a
stated amount to the next-determined NAV to be represented by the same
increment/decrement from the proxy price used to denote NAV (e.g., NAV-
$0.01 would be represented as 99.99; NAV+$0.01 as 100.01).
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    \19\ As noted below, all orders to buy or sell Shares that are
not executed on the day the order is submitted will be automatically
cancelled as of the close of trading on such day. Prior to the
commencement of trading in the Fund, the Exchange will inform its
members in an Information Circular of the effect of this
characteristic on existing order types.
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    To avoid potential investor confusion, Nasdaq will work with member
firms and providers of market data services to seek to ensure that
representations of intraday bids, offers, and execution prices of
Shares that are made available to the investing public follow the
``NAV-$0.01/NAV+$0.01'' (or similar) display format. All Shares listed
on the Exchange will have a unique identifier associated with their
ticker symbols, which would indicate that the Shares are traded using
NAV-Based Trading. Nasdaq makes available to member firms and market
data services certain proprietary data feeds that are designed to
supplement the market information disseminated through the consolidated
tape (``Consolidated Tape'').
    Specifically, the Exchange will use the Nasdaq Basic and Nasdaq
Last Sale data feeds to disseminate intraday price and quote data for
Shares in real time in the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format. Member firms could use the Nasdaq Basic and Nasdaq Last Sale
data feeds to source intraday Share prices for presentation to the
investing public in the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format.
    Alternatively, member firms could source intraday Share prices in
proxy price format from the Consolidated Tape and other Nasdaq data
feeds (e.g., Nasdaq TotalView and Nasdaq Level 2) and use a simple
algorithm to convert prices into the ``NAV-$0.01/NAV+$0.01'' (or
similar) display format. As noted below, prior to the commencement of
trading in the Fund, the Exchange will inform its members in an
Information Circular of the identities of the specific Nasdaq data
feeds from which intraday Share prices in proxy price format may be
obtained.
Intraday Reporting of Quotes and Trades
    All bids and offers for Shares and all Share trade executions will
be reported intraday in real time by the Exchange to the Consolidated
Tape \20\ and separately disseminated to member firms and market data
services through the Exchange data feeds listed above. The Exchange
will also provide the member firms participating in each Share trade
with a contemporaneous notice of trade execution, indicating the number
of Shares bought or sold and the executed premium/discount to NAV.\21\
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    \20\ Due to systems limitations, the Consolidated Tape will
report intraday execution prices and quotes for Shares using a proxy
price format. As noted, Nasdaq will separately report real-time
execution prices and quotes to member firms and providers of market
data services in the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format, and otherwise seek to ensure that representations of
intraday bids, offers and execution prices for Shares that are made
available to the investing public follow the same display format.
    \21\ All orders to buy or sell Shares that are not executed on
the day the order is submitted will be automatically cancelled as of
the close of trading on such day.
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Final Trade Pricing, Reporting, and Settlement
    All executed Share trades will be recorded and stored intraday by
Nasdaq to await the calculation of the Fund's end-of- day NAV and the
determination of final trade pricing. After the Fund's NAV is
calculated and provided to the Exchange, Nasdaq will price each Share
trade entered into during the day at the Fund's NAV plus/minus the
trade's executed premium/discount. Using the final trade price, each
executed Share trade will then be disseminated to member firms and
market data services via an FTP file to be created for exchange-traded
managed funds and confirmed to the member firms participating in the
trade to supplement the previously provided information to include
final pricing.\22\ After the pricing is finalized, Nasdaq will deliver
the Share trading data to NSCC for clearance and settlement, following
the same processes used for the clearance and settlement of trades in
other exchange-traded securities.
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    \22\ File Transfer Protocol (``FTP'') is a standard network
protocol used to transfer computer files on the internet. Nasdaq
will arrange for the daily dissemination of an FTP file with
executed Share trades to member firms and market data services.
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Availability of Information
    Prior to the commencement of market trading in Shares, the Fund
will be required to establish and maintain a public website through
which its current prospectus may be downloaded.\23\ In addition, a
separate website (www.nextshares.com) will include additional
information concerning the Fund updated on a daily basis, including the
prior business day's NAV, and the following trading information for
such business day expressed as premiums/discounts to NAV: (a) Intraday
high, low, average, and closing prices of Shares in Exchange trading;
(b) the midpoint of the highest bid and lowest offer prices as of the
close of Exchange trading, expressed as a premium/discount to NAV (the
``Closing Bid/Ask Midpoint''); and (c) the spread between highest bid
and lowest offer prices as of the close of Exchange trading (the
``Closing Bid/Ask

Spread.''). The www.nextshares.com website will also contain charts
showing the frequency distribution and range of values of trading
prices, Closing Bid/Ask Midpoints, and Closing Bid/Ask Spreads over
time.
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    \23\ See footnote 18.
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    The Composition File will be disseminated through the NSCC before
the open of trading in Shares on each business day and also will be
made available to the public each day on a free website as noted
above.\24\ Consistent with the disclosure requirements that apply to
traditional open-end investment companies, a complete list of current
Fund portfolio positions will be made available at least once each
calendar quarter, with a reporting lag of not more than 60 days. The
Fund may provide more frequent disclosures of portfolio positions at
their discretion.
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    \24\ See footnote 13.
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    Reports of Share transactions will be disseminated to the market
and delivered to the member firms participating in the trade
contemporaneous with execution. Once the Fund's daily NAV has been
calculated and disseminated, Nasdaq will price each Share trade entered
into during the day at the Fund's NAV plus/minus the trade's executed
premium/discount. Using the final trade price, each executed Share
trade will then be disseminated to member firms and market data
services via an FTP file to be created for exchange-traded managed
funds and confirmed to the member firms participating in the trade to
supplement the previously provided information to include final
pricing.
    Information regarding NAV-based trading prices, best bids and
offers for Shares, and volume of Shares traded will be continuously
available on a real-time basis throughout each trading day on brokers'
computer screens and other electronic services.
Initial and Continued Listing
    Shares will conform to the initial and continued listing criteria
as set forth under Nasdaq Rule 5745. A minimum of 50,000 Shares and no
less than two Creation Units of the Fund will be outstanding at the
commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily (on each business day that the New York Stock
Exchange is open for trading) and provided to Nasdaq via the Mutual
Fund Quotation Service (``MFQS'') by the fund accounting agent. As soon
as the NAV is entered into MFQS, Nasdaq will disseminate the NAV to
market participants and market data vendors via the Mutual Fund
Dissemination Service (``MFDS'') so all firms will receive the NAV per
share at the same time. The Reporting Authority \25\ also will
implement and maintain, or ensure that the Composition File will be
subject to, procedures designed to prevent the use and dissemination of
material non-public information regarding the Fund's portfolio
positions and changes in the positions.
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    \25\ See Nasdaq Rule 5745(c)(4).
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    For the Fund, an estimated value of an individual Share, defined in
Nasdaq Rule 5745(c)(2) as the ``Intraday Indicative Value,'' will be
calculated and disseminated at intervals of not more than 15 minutes
throughout the Regular Market Session \26\ when Shares trade on the
Exchange. The Exchange will obtain a representation from the issuer of
the Shares that the IIV will be calculated on an intraday basis and
provided to Nasdaq for dissemination via the Nasdaq Global Index
Service (``GIDS'').
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    \26\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m. E.T.; (2) Regular Market Session from 9:30 a.m. to 4 p.m. or
4:15 p.m. E.T.; and (3) Post-Market Session from 4 p.m. or 4:15 p.m.
to 8 p.m. E.T.).
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    The IIV will be based on current information regarding the value of
the securities and other assets held by the Fund.\27\ The purpose of
the IIVs is to enable investors to estimate the next-determined NAV so
they can determine the number of Shares to buy or sell if they want to
transact in an approximate dollar amount (e.g., if an investor wants to
acquire approximately $5,000 of the Fund, how many Shares should the
investor buy?).\28\
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    \27\ IIVs disseminated throughout each trading day would be
based on the same portfolio as used to calculate that day's NAV. The
Fund will reflect purchases and sales of portfolio positions in its
NAV the next business day after trades are executed.
    \28\ Because, in NAV-Based Trading, prices of executed trades
are not determined until the reference NAV is calculated, buyers and
sellers of Shares during the trading day will not know the final
value of their purchases and sales until the end of the trading day.
The Fund's Registration Statement, website and any advertising or
marketing materials will include prominent disclosure of this fact.
Although IIVs may provide useful estimates of the value of intraday
trades, they cannot be used to calculate with precision the dollar
value of the Shares to be bought or sold.
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    The Adviser is not a registered broker-dealer, although it is
affiliated with a broker-dealer. The Adviser has implemented and will
maintain a firewall with respect to its broker-dealer affiliate
regarding access to information concerning the composition of and/or
changes to the Fund's portfolio. In addition, personnel who make
decisions on the Fund's portfolio composition must be subject to
procedures designed to prevent the use and dissemination of material,
non-public information regarding the open-end fund's portfolio.
    In the event that (a) the Adviser registers as a broker-dealer or
becomes newly affiliated with a broker-dealer, or (b) any new adviser
or a sub-adviser to the Fund is a registered broker-dealer or becomes
affiliated with a broker-dealer, it will implement and will maintain a
firewall with respect to its relevant personnel and/or such broker-
dealer affiliate, if applicable, regarding access to information
concerning the composition of and/or changes to the Fund's portfolio
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
Trading Halts
    The Exchange may consider all relevant factors in exercising its
discretion to halt or suspend trading in Shares. Nasdaq will halt
trading in Shares under the conditions specified in Nasdaq Rule 4120
and in Nasdaq Rule 5745(d)(2)(C). Additionally, Nasdaq may cease
trading Shares if other unusual conditions or circumstances exist
which, in the opinion of Nasdaq, make further dealings on Nasdaq
detrimental to the maintenance of a fair and orderly market. To manage
the risk of a non-regulatory Share trading halt, Nasdaq has in place
back-up processes and procedures to ensure orderly trading. Because, in
NAV-Based Trading, all trade execution prices are linked to end-of-day
NAV, buyers and sellers of Shares should be less exposed to risk of
loss due to intraday trading halts than buyers and sellers of
conventional exchange-traded funds (``ETFs'') and other exchange-traded
securities.
Trading Rules
    Nasdaq deems Shares to be equity securities, thus rendering trading
in Shares to be subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in Shares from
9:30 a.m. until 4:00 p.m. E.T.
    Every order to trade Shares of the Fund is subject to the proxy
price protection threshold of plus/minus $1.00, which determines the
lower and upper threshold for the life of the order and whereby the
order will be cancelled at any point if it exceeds $101.00 or falls
below $99.00, the established thresholds.\29\ With certain exceptions,

each order also must contain the applicable order attributes, including
routing instructions and time-in-force information, as described in
Nasdaq Rule 4703.\30\
---------------------------------------------------------------------------

    \29\ See Nasdaq Rule 5745(h).
    \30\ See Nasdaq Rule 5745(b)(6).
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in Shares will be subject to
the existing trading surveillances, administered by both Nasdaq and the
Financial Industry Regulatory Authority, Inc. (``FINRA'') on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\31\ The Exchange represents
that these procedures are adequate to properly monitor trading of
Shares on the Exchange and to deter and detect violations of Exchange
rules and applicable federal securities laws.
---------------------------------------------------------------------------

    \31\ FINRA provides surveillance of trading on the Exchange
pursuant to a regulatory services agreement. The Exchange is
responsible for FINRA's performance under this regulatory services
agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    FINRA, on behalf of the Exchange, will communicate as needed with
other markets and other entities that are members of the Intermarket
Surveillance Group (``ISG'') \32\ regarding trading in Shares, and in
exchange-traded securities and instruments held by the Fund (to the
extent such exchange-traded securities and instruments are known
through the publication of the Composition File and periodic public
disclosures of the Fund's portfolio holdings), and FINRA may obtain
trading information regarding such trading from other markets and other
entities.
---------------------------------------------------------------------------

    \32\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Fund's portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange may obtain information regarding trading
in Shares, and in exchange-traded securities and instruments held by
the Fund (to the extent such exchange-traded securities and instruments
are known through the publication of the Composition File and periodic
public disclosures of the Fund's portfolio holdings), from markets and
other entities that are members of ISG, which includes securities and
futures exchanges, or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material non-public information by its employees.
Information Circular
    Prior to the commencement of trading in the Fund, the Exchange will
inform its members in an Information Circular of the special
characteristics and risks associated with trading the Shares.
Specifically, the Information Circular will discuss the following: (1)
The procedures for purchases and redemptions of Shares in Creation
Units (and noting that Shares are not individually redeemable); (2)
Nasdaq Rule 2111A, which imposes suitability obligations on Nasdaq
members with respect to recommending transactions in Shares to
customers; (3) how information regarding the IIV and Composition File
is disseminated; (4) the requirement that members deliver a prospectus
to investors purchasing Shares prior to or concurrently with the
confirmation of a transaction; and (5) information regarding NAV-Based
Trading protocols.
    As noted above, all orders to buy or sell Shares that are not
executed on the day the order is submitted will be automatically
cancelled as of the close of trading on such day. The Information
Circular will discuss the effect of this characteristic on existing
order types. The Information Circular also will identify the specific
Nasdaq data feeds from which intraday Share prices in proxy price
format may be obtained.
    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Fund for
resale to investors will deliver a summary prospectus to such
investors. The Information Circular will also discuss any exemptive,
no-action and interpretive relief granted by the Commission from any
rules under the Act.
    The Information Circular also will reference that the Fund is
subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares and the applicable NAV calculation time for the
Shares. The Information Circular will disclose that information about
the Shares will be publicly available at www.nextshares.com.
    Information regarding the Fund's trading protocols will be
disseminated to Nasdaq members in accordance with current processes for
newly listed products. Nasdaq intends to provide its members with a
detailed explanation of NAV-Based Trading through a Trading Alert
issued prior to the commencement of trading in Shares on the Exchange.
Continued Listing Representations
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, (c) dissemination and availability of the
reference asset or intraday indicative values, or (d) the applicability
of Exchange listing rules shall constitute continued listing
requirements for listing the Shares on the Exchange. In addition, the
issuer has represented to the Exchange that it will advise the Exchange
of any failure by the Fund to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will monitor for compliance with the continued
listing requirements. If the Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under the Nasdaq 5800 Series.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act,\33\ in general, and Section 6(b)(5) of the Act,\34\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system.
---------------------------------------------------------------------------

    \33\ 15 U.S.C. 78f(b).
    \34\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares would be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in Nasdaq Rule 5745. The
Exchange believes that its surveillance procedures are adequate to
properly monitor the trading of Shares on Nasdaq and to deter and
detect violations of Exchange rules and the applicable federal
securities laws. The Adviser is not registered as a broker-dealer, but
it is affiliated with a broker-dealer. The Adviser has implemented

and will maintain a ``firewall'' between the Adviser and its broker-
dealer affiliate with respect to access to information concerning the
composition of and/or changes to the Fund's portfolio holdings. The
Exchange may obtain information via ISG from other exchanges that are
members of ISG or with which the Exchange has entered into a
comprehensive surveillance sharing agreement, to the extent necessary.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest.
The Exchange will obtain a representation from the issuer of Shares
that the NAV per Share will be calculated on each business day that the
New York Stock Exchange is open for trading and that the NAV will be
made available to all market participants at the same time. In
addition, a large amount of information would be publicly available
regarding the Fund and the Shares, thereby promoting market
transparency.
    Prior to the commencement of market trading in Shares, the Fund
will be required to establish and maintain a public website through
which its current prospectus may be downloaded.\35\ In addition, a
separate website (www.nextshares.com) will display additional
information concerning the Fund updated on a daily basis, including the
prior business day's NAV, and the following trading information for
such business day expressed as premiums/discounts to NAV: (a) Intraday
high, low, average and closing prices of Shares in Exchange trading;
(b) the Closing Bid/Ask Midpoint; and (c) the Closing Bid/Ask Spread.
---------------------------------------------------------------------------

    \35\ See footnote 18.
---------------------------------------------------------------------------

    The www.nextshares.com website will also contain charts showing the
frequency distribution and range of values of trading prices, Closing
Bid/Ask Midpoints, and Closing Bid/Ask Spreads over time. The
Composition File will be disseminated through the NSCC before the open
of trading in Shares on each business day and also will be made
available to the public each day on a free website, as noted above.\36\
The Exchange will obtain a representation from the issuer of the Shares
that the IIV will be calculated and disseminated on an intraday basis
at intervals of not more than 15 minutes during trading on the Exchange
and provided to Nasdaq for dissemination via GIDS. A complete list of
current portfolio positions for the Fund will be made available at
least once each calendar quarter, with a reporting lag of not more than
60 days. The Fund may provide more frequent disclosures of portfolio
positions at its discretion.
---------------------------------------------------------------------------

    \36\ See footnote 13.
---------------------------------------------------------------------------

    Transactions in Shares will be reported to the Consolidated Tape at
the time of execution in proxy price format and will be disseminated to
member firms and market data services through Nasdaq's trading service
and market data interfaces, as defined above. Once the Fund's daily NAV
has been calculated and the final price of its intraday Share trades
has been determined, Nasdaq will deliver a confirmation with final
pricing to the transacting parties. At the end of the day, Nasdaq will
also post a newly created FTP file with the final transaction data for
the trading and market data services.
    The Exchange expects that information regarding NAV-based trading
prices and volumes of Shares traded will be continuously available on a
real-time basis throughout each trading day on brokers' computer
screens and other electronic services. Because Shares will trade at
prices based on the next-determined NAV, investors will be able to buy
and sell individual Shares at a known premium or discount to NAV that
they can limit by using limit orders at the time of order entry.
Trading in Shares will be subject to Nasdaq Rules 5745(d)(2)(B) and
(C), which provide for the suspension of trading or trading halts under
certain circumstances, including if, in the view of the Exchange,
trading in Shares becomes inadvisable.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
the Fund, which seeks to provide investors with access to a broad range
of actively managed investment strategies in a structure that offers
the cost and tax efficiencies and shareholder protections of ETFs,
while removing the requirement for daily portfolio holdings disclosure
to ensure a tight relationship between market trading prices and NAV.
    For the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.

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

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. In fact, the
Exchange believes that the introduction of the Fund will promote
competition by making available to investors an actively managed
investment strategy in a structure that offers the cost and tax
efficiencies and shareholder protections of ETFs, while removing the
requirement for daily portfolio holdings disclosure to ensure a tight
relationship between market trading prices and NAV. Moreover, the
Exchange believes that the proposed method of Share trading would
provide investors with transparency of trading costs, and the ability
to control trading costs using limit orders, that is not available for
conventionally traded ETFs.
    These developments could significantly enhance competition to the
benefit of the markets and investors.

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

    No written comments were either solicited or received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \37\ and Rule 19b-
4(f)(6) thereunder.\38\
---------------------------------------------------------------------------

    \37\ 15 U.S.C. 78s(b)(3)(A).
    \38\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \39\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \40\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing. The
Commission notes that it has approved a number of filings by the
Exchange to list and trade NextShares filings under Exchange Rule

5745.\41\ This proposed rule change is consistent with those filings
and raises no novel issues. The Shares will be purchased and sold in
the secondary market at prices directly linked to the Fund's next-
determined NAV using the trading protocol called ``NAV-Based Trading,''
and the Fund's permitted investments will be consistent with those
approved in prior filings. Accordingly, the Commission believes that
waiver of the 30-day operative delay is consistent with the protection
of investors and the public interest and hereby waives the operative
delay and designates the proposed rule change operative upon
filing.\42\
---------------------------------------------------------------------------

    \39\ 17 CFR 240.19b-4(f)(6).
    \40\ 17 CFR 240.19b-4(f)(6)(iii).
    \41\ See, e.g., Securities Exchange Act Release Nos. 82730 (Feb.
16, 2018), 83 FR 8118 (Feb. 23, 2018) (SR-NASDAQ-2017-131) (Order
Granting Approval of a Proposed Rule Change To List and Trade the
Shares of the Reinhart Intermediate Bond NextShares Fund Under
Nasdaq Rule 5745) and 82564 (Jan. 22, 2018), 83 FR 3842 (Jan. 26,
2018) (SR-NASDAQ-2017-123) (Order Granting Approval of a Proposed
Rule Change, as Modified by Amendment No. 1, To List and Trade
Shares of the Causeway International Value NextSharesTM
and the Causeway Global Value NextSharesTM Under Nasdaq
Rule 5745).
    \42\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NASDAQ-2018-032 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2018-032. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2018-032, and should be submitted
on or before May 29, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
---------------------------------------------------------------------------

    \43\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-09572 Filed 5-4-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 72 (Friday, April 16, 2021)]
[Notices]
[Pages 20184-20185]
[FR Doc No: 2021-07781]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4491-DR; Docket ID FEMA-2021-0001]

Maryland; Amendment No. 3 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Maryland (FEMA-4491-DR), dated March 26, 2020, and
related determinations.

DATES: This amendment was issued February 2, 2021.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, pursuant to the
President's Memorandum to Extend Federal Support to Governors' Use of
the National Guard to Respond to COVID-19 and to Increase Reimbursement
and Other Assistance Provided to States, dated January 21, 2021 and the
President's Memorandum on Maximizing Assistance from the Federal
Emergency Management Agency, dated February 2, 2021 FEMA is amending
the cost-sharing arrangements regarding Federal funds provided under
the authority of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act, 42 U.S.C. 5121-5207 (the ``Stafford Act'') for all of

the COVID-19 emergency and major disaster declarations. FEMA is
amending this declaration as follows:

    Federal funds for emergency protective measures (Category B),
including direct Federal assistance, under the Public Assistance
program (Section 403) are authorized at 100 percent of total
eligible costs for work performed from January 20, 2020 through
September 30, 2021.

(The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals and Households; 97.050, Presidentially Declared Disaster
Assistance to Individuals and Households--Other Needs; 97.036,
Disaster Grants--Public Assistance (Presidentially Declared
Disasters); 97.039, Hazard Mitigation Grant.)

Robert J. Fenton,
Senior Official Performing the Duties of the Administrator, Federal
Emergency Management Agency.
[FR Doc. 2021-07781 Filed 4-15-21; 8:45 am]
BILLING CODE 9111-23-P


[Federal Register Volume 84, Number 106 (Monday, June 3, 2019)]
[Notices]
[Pages 25542-25543]
[FR Doc No: 2019-11275]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2012-0527; FRL-9994-31-OMS]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for Paints and Allied Products
Manufacturing Area Source Category (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency (EPA) has submitted an
information collection request (ICR), NESHAP for Paints and Allied
Products Manufacturing Area Source Category (EPA ICR Number 2348.05,
OMB

Control Number 2060-0633), to the Office of Management and Budget
(OMB), for review and approval in accordance with the Paperwork
Reduction Act. This is a proposed extension of the ICR, which is
currently approved through May 31, 2019. Public comments were
previously requested, via the Federal Register, on May 30, 2018 during
a 60-day comment period. This notice allows for an additional 30 days
for public comments. A fuller description of the ICR is given below,
including its estimated burden and cost to the public. An agency may
neither conduct nor sponsor, and a person is not required to respond
to, a collection of information unless it displays a currently valid
OMB control number.

DATES: Additional comments may be submitted on or before July 3, 2019.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2012-0527 to: (1) EPA online using www.regulations.gov (our
preferred method), or by email to<EMAIL_ADDRESS>or by mail to:
EPA Docket Center, Environmental Protection Agency, Mail Code 28221T,
1200 Pennsylvania Ave. NW, Washington, DC 20460; and (2) OMB via email
to<EMAIL_ADDRESS>Address comments to OMB Desk Officer
for EPA.
    EPA's policy is that all comments received will be included in the
public docket without change, including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI), or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave. NW,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number:
(202) 564-0050; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Supporting documents, which explain in
detail the information that the EPA will be collecting, are available
in the public docket for this ICR. The docket can be viewed online at
www.regulations.gov or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW, Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit: http://www.epa.gov/dockets.
    Abstract: The National Emission Standards for Hazardous Air
Pollutants (NESHAP) for Paints and Allied Products Manufacturing Area
Source Category (40 CFR part 63) were proposed on June 1, 2009, and
promulgated on December 3, 2009. These regulations apply to existing
facilities and new facilities that are an area source of hazardous air
pollutants (HAP) emissions and that either use or have the potential to
emit urban air toxics (i.e., benzene; methylene chloride; cadmium,
chromium, lead, and nickel compounds). New facilities include those
that commenced construction or reconstruction after the date of
proposal. This information is being collected to assure compliance with
40 CFR part 63, subpart CCCCCCC.
    In general, all NESHAP standards require initial notifications,
performance tests, and periodic reports by the owners/operators of the
affected facilities. They are also required to maintain records of the
occurrence and duration of any startup, shutdown, or malfunction in the
operation of an affected facility, or any period during which the
monitoring system is inoperative. These notifications, reports, and
records are essential in determining compliance, and are required of
all affected facilities subject to NESHAP.
    Form Numbers: None.
    Respondents/affected entities: Paints and allied products
manufacturing facilities.
    Respondent's obligation to respond: Mandatory (40 CFR part 63,
subpart CCCCCCC)
    Estimated number of respondents: 219 (total).
    Frequency of response: Initially and semiannually.
    Total estimated burden: 500 hours (per year). Burden is defined at
5 CFR 1320.3(b).
    Total estimated cost: $131,000 (per year), which includes $0 in
annualized capital/startup and/or operation & maintenance costs.
    Changes in the Estimates: There is an adjustment decrease in the
total estimated burden as currently identified in the OMB Inventory of
Approved Burdens; this decrease is not due to any program changes. The
decrease in burden is due to more accurate estimates of existing
sources based on information gathered by industry. Specifically, the
American Coatings Association (ACA) provided that the previous estimate
of 2,190 sources is based on the 2009 proposed rule, which relied on
2002 U.S. Census data to identify 2,510 paints and allied products
manufacturing facilities, of which 2,190 were further estimated to be
small business and assumed to be area sources of HAP. However, the
final rule made clarifications on the applicability of the NESHAP,
including that final rule did not include retail and commercial paints
and allied products operations which add and mix pigments to pre-
manufactured products per customer specifications; that the rule does
not apply to activities conducted by end users of coating products in
preparation for application; and that the Generally Available Control
Technology (GACT) requirements only apply when the target HAP are being
processed, used, or generated (rather than at all times regardless of
whether any of the target HAP was or was not being used). The ACA
indicated that because the final rule only applies to those facilities
that use the HAPs of concern (benzene, methylene chloride, or compounds
of cadmium, chromium, lead, and/or nickel, in amounts greater than or
equal to 0.1 percent by weight), the number of affected facilities is
much smaller than what was initially proposed. The ACA stated that only
10% of paint and allied products facilities (or 219 of the 2,190 small
sources identified in the 2009 final rule and prior ICR) would use the
HAPs of concern (benzene, methylene chloride, or compounds of cadmium,
chromium, lead, and/or nickel, in amounts greater than or equal to 0.1
percent by weight). Therefore, this ICR adjusts the total number of
respondents to 219. The decrease in the number of respondents also
results in a decrease in responses.

Courtney Kerwin,
Director, Regulatory Support Division.
[FR Doc. 2019-11275 Filed 5-31-19; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register: March 5, 2009 (Volume 74, Number 42)]
[Notices]
[Page 9619-9620]
[DOCID:fr05mr09-53]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2009-N-0664]

Risk Communication Advisory Committee; Notice of Meeting

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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    This notice announces a forthcoming meeting of a public advisory
committee of the Food and Drug Administration (FDA). The meeting will
be open to the public.
    Name of Committee: Risk Communication Advisory Committee.
    General Function of the Committee: To provide advice and
recommendations to the agency on FDA's regulatory issues.
    Date and Time: The meeting will be held on April 30, 2009, from 8
a.m. to 5 p.m. and May 1, 2009, from 8 a.m. to 2 p.m.
    Location: Food and Drug Administration, Center for Drug Evaluation
and Research Advisory Committee Conference Room, rm. 1066, 5630 Fishers
Lane, Rockville, MD.
    Contact Person: Lee L. Zwanziger, Office of the Commissioner,
Office of Policy, Planning and Preparedness, Office of Planning, Food
and Drug Administration, 5600 Fishers Lane, rm 14-90, Rockville, MD
20857, telephone:<PHONE_NUMBER>, FAX:<PHONE_NUMBER>, e-mail:
<EMAIL_ADDRESS>or FDA Advisory Committee Information Line, 1-800-
741-8138<PHONE_NUMBER> in the Washington, DC area), code<PHONE_NUMBER>.
Please call the Information Line for up-to-date information on this
meeting. A notice in the Federal Register about last minute
modifications that impact a previously announced advisory committee
meeting cannot always be published quickly enough to provide timely
notice. Therefore, you should always check the agency's Web site and
call the appropriate advisory committee hot line/phone line to learn
about possible modifications before coming to the meeting.
    Agenda: On both days the Committee will discuss the Agency's draft
risk communication strategic plan and will be asked for comment and
further advice, for example, on strategic priorities for research on
effective risk communication.
    FDA intends to make background material available to the public no
later than 2 business days before the meeting. If FDA is unable to post
the background material on its Web site prior to the meeting, the
background material will be made publicly available at the location of
the advisory committee meeting, and the background material will be
posted on FDA's Web site after the meeting. Background material is
available at http://www.fda.gov/ohrms/dockets/ac/acmenu.htm, click on
the year 2009 and scroll down to the appropriate advisory committee
link.
    Procedure: Interested persons may present data, information, or
views, orally or in writing, on issues pending before the committee.
Written submissions may be made to the contact person on or before
April 23, 2009. Oral presentations from the public will be scheduled
between approximately 1 p.m. and 2 p.m. on April 30th and 10:30 to
11:30 a.m. on May 1st. Those desiring to make formal oral presentations
should notify the contact person on or before April 23, 2009, and
should submit a brief statement of the general nature of the evidence
or arguments they wish to present, the names and addresses of proposed
participants, and an indication of the approximate time requested to
make their presentation. Time allotted for each presentation may be
limited. If the number of registrants requesting to speak is greater
than can be reasonably accommodated during the scheduled open public
hearing session, FDA may conduct a lottery to determine the speakers
for the scheduled open public hearing session. The contact person will
notify interested persons regarding their request to speak by April 24,
2009.
    Persons attending FDA's advisory committee meetings are advised
that the agency is not responsible for providing access to electrical
outlets.
    FDA welcomes the attendance of the public at its advisory committee
meetings and will make every effort to accommodate persons with
physical disabilities or special needs. If you require special
accommodations due to a disability, please contact Lee L. Zwanziger at
least 7 days in advance of the meeting.
    FDA is committed to the orderly conduct of its advisory committee
meetings. Please visit our Web site at http://www.fda.gov/oc/advisory/
default.htm for procedures on public conduct during advisory committee
meetings.

    Notice of this meeting is given under the Federal Advisory
Committee Act (5 U.S.C. app. 2).

    Dated: February 25, 2009.
Randall W. Lutter,
Deputy Commissioner for Policy.
[FR Doc. E9-4645 Filed 3-4-09; 8:45 am]

BILLING CODE 4160-01-S