[Federal Register Volume 75, Number 225 (Tuesday, November 23, 2010)]
[Notices]
[Pages 71444-71446]
[FR Doc No: 2010-29483]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-N-0422]

Agency Information Collection Activities; Submission for Office
of Management and Budget Review; Comment Request; Information From
United States Firms and Processors That Export to the European
Community

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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SUMMARY: The Food and Drug Administration (FDA) is announcing that a
proposed collection of information has been submitted to the Office of
Management and Budget (OMB) for review and clearance under the
Paperwork Reduction Act of 1995.

DATES: Fax written comments on the collection of information by
December 23, 2010.

ADDRESSES: To ensure that comments on the information collection are
received, OMB recommends that written comments be faxed to the Office
of Information and Regulatory Affairs, OMB, Attn: FDA Desk Officer,
FAX:<PHONE_NUMBER>, or e-mailed to<EMAIL_ADDRESS>All
comments should be identified with the OMB control number 0910-0320.
Also include the FDA docket number found in brackets in the heading of
this document.

FOR FURTHER INFORMATION CONTACT: Denver Presley, Jr., Office of
Information Management, Food and Drug Administration, 1350 Piccard Dr.,
PI50-400B, Rockville, MD 20850,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In compliance with 44 U.S.C. 3507, FDA has
submitted the following proposed collection of information to OMB for
review and clearance.

Information From United States Firms and Processors That Export to the
European Community (OMB Control Number 0910-0320)--Revision

    The European Community (EC) is a group of 27 European countries
that have agreed to harmonize their commodity requirements to
facilitate commerce among member States. EC legislation for intra-EC
trade has been extended to trade with non-EC countries, including the
United States. For certain food products, including those listed in
this document, EC legislation requires assurances from the responsible
authority of the country of origin that the processor of the food is in
compliance with applicable regulatory requirements. The European
Commission, the executive branch of the EC, requires countries trading
with any of the EC member countries to provide lists of firms and
processors approved to export certain animal-derived commodities to the
EC. As stated in the notice published in the Federal Register of April
4, 1996 (61 FR 15077), FDA established a list of U.S. firms and
processors that intended to export shell eggs, dairy products, and game
meat and game meat products to the EC.
    Although the 1996 Federal Register notice did not include on the
list firms and processors exporting raw, bulk collagen, and gelatin
intended for

human consumption, EC directives require that shipments of raw, bulk
collagen, and gelatin products be accompanied by certification stating
that the product, derived from ruminant bones, bovine hides, and
pigskins, has been produced in compliance with EC Council Directive
2003/863/EC. The directive contains the requirements for sourcing,
manufacture, transport, and storage of raw materials and manufacture of
finished products. Chapter III, Article 23, of the directive requires
lists identifying non-EC firms and processors that meet EC requirements
and have the appropriate animal and public health certificates.
Therefore, FDA is revising this information collection in order to
facilitate exports of raw, bulk collagen, and gelatin originating from
the United States into the EC. The description of the data elements to
be collected from firms and processors of raw, bulk collagen, and
gelatin products follows. The estimated burden hours associated with
this information collection remain 37 total hours. FDA requests the
following information from each firm or processor seeking to be
included on the lists for shell eggs, dairy products, game meat, game
meat products, and animal casings:
     Business name and address;
     Name and telephone number of person designated as business
contact;
     Lists of products presently being shipped to the EC and
those intended to be shipped in the next 6 months;
     Name and address of manufacturing plants for each product;
and
     Names and affiliations of any Federal, State, or local
governmental agencies that inspect the plant, government-assigned plant
identifier such as plant number, and last date of inspection.
    FDA uses the information to maintain lists of firms and processors
that have demonstrated current compliance with U.S. requirements and
provides the lists to the EC quarterly. Inclusion on the list is
voluntary. EC member countries refer to the lists at ports of entry to
verify that products offered for importation to the EC from the United
States are from firms and processors that meet U.S. regulatory
requirements. Products processed by firms and processors not on the
lists are subject to detention and possible refusal at the port.
    FDA requests the following information from each firm or processor
seeking to be included on the lists for raw, bulk collagen, and
gelatin:
     Business name and address;
     Name, telephone number, and email address of contact
person;
     List of products presently shipped to the EC and those
intended to be shipped within the next 2 years;
     Name and address of the manufacturing and processing plant
for each product;
     Names and affiliations of any Federal, State, and local
governmental agencies that inspect the plant, government assigned plant
identifier, such as plant number and last date of inspection; and
     A copy of the most recent (within 1 year of the date of
application) inspection report issued by a State, local or Federal
public health regulatory agency and a copy of a recent laboratory
analysis as required by the EC of the finished product including: Total
aerobic bacteria, coliforms (30 [deg]C), coliforms (44.5 [deg]C),
anaerobic sulphite-reducing bacteria (no gas production), Clostridium
perfringens, Staphylococcus aureus, Salmonella, Arsenic, Lead, Cadmium,
Mercury, Chromium, Copper, Zinc, Moisture (105 [deg]C), Ash (550
[deg]C), SO2, and H2O2.
    FDA will use the information to maintain a list of approved firms
and processors that will be posted on FDA's Web site. FDA intends to
place on the list only firms and processors that are not the subject of
an unresolved regulatory enforcement action. If a listed firm or
processor subsequently becomes the subject of a regulatory enforcement
action or an unresolved warning letter, FDA will view such a
circumstance as evidence that the firm or processor is no longer in
compliance with applicable U.S. laws and regulations. Should this
occur, FDA will take steps to remove that firm or processor from the
list and send a revised list to the EC authorities, usually within 48
to 72 hours after the relevant FDA action. If a firm or processor has
been delisted as a result of a regulatory enforcement action or
unresolved warning letter, the firm or processor will have to reapply
for inclusion on the list once the regulatory action has been resolved.
    FDA intends to update the list of firms and processors eligible to
export raw, bulk collagen, and gelatin to the EC quarterly. Firms and
processors placed on the approved exporters list are subject to audit
by FDA and EC officials. Complete requests for inclusion must be
submitted to FDA every 12 months to remain on the list. Inclusion on
the list is voluntary. However, raw, bulk collagen, and gelatin
products from firms or processors not on the approved exporters list
for these products will not receive an export certificate, and these
products may be detained at EC ports of entry.
    Description of Respondents: The respondents to this collection of
information include U.S. producers of shell eggs, dairy products, game
meat, game meat products, animal casings, gelatin, and collagen.
    In the Federal Register of August 18, 2010 (75 FR 51077), FDA
published a 60-day notice requesting public comment on the proposed
collection of information. No comments were received.
    FDA estimates the burden of this collection of information as
follows:

                                 Table 1--Estimated Annual Reporting Burden \1\
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                                                      Annual
            Products                 Number of    frequency  per   Total annual      Hours per      Total hours
                                    respondents      response        responses       response
----------------------------------------------------------------------------------------------------------------
Shell Eggs......................              10               1              10            0.25               3
Dairy...........................             120               1             120            0.25              30
Game Meat and Game Meat Products               5               1               5            0.25               1
Animal Casings..................               5               1               5            0.25               1
Gelatin.........................               3               1               3            0.25               1
Collagen........................               3               1               3            0.25               1
                                 -------------------------------------------------------------------------------
    Total.......................  ..............  ..............  ..............  ..............              37
----------------------------------------------------------------------------------------------------------------
\1\There are no capital costs or operating and maintenance costs associated with this collection of information.

    FDA bases its estimates of the number of respondents and total
annual responses on the submissions that the Agency has received in the
past 3 years for each product type. To calculate the estimate for the
hours per response values, we assumed that the information requested is
readily available to the submitter. We expect that the submitter will
need to gather information from appropriate persons in the submitter's
company and to prepare this information for submission. We believe that
this effort should take no longer than 15 minutes (0.25 hour) per
response. FDA estimates that it will receive 1 submission from 10 shell
egg producers annually, for a total of 10 annual responses. Each
submission is estimated to take 0.25 hour per response for a total of
2.5 hours, rounded to 3. FDA estimates that it will receive 1
submission from 120 dairy product producers annually, for a total of
120 annual responses. Each submission is estimated to take 0.25 hour
per response for a total of 30 hours. FDA estimates that it will
receive one submission from five game meat and game meat product
producers annually, for a total of five annual responses. Each
submission is estimated to take 0.25 hour per response for a total of
1.25 hours, rounded to 1 hour. FDA estimates that it will receive one
submission from five animal casings producers annually, for a total of
five annual responses. Each submission is estimated to take 0.25 hour
per response for a total of 1.25 hours, rounded to 1 hour. FDA
estimates that it will receive one submission from three gelatin
producers annually, for a total of three annual responses. Each
submission is estimated to take 0.25 hour per response for a total of
0.75 hour, rounded to 1 hour. FDA estimates that it will receive one
submission from three collagen producers annually, for a total of three
annual responses. Each submission is estimated to take 0.25 hour per
response for a total of 0.75 hour, rounded to 1 hour. Therefore, the
proposed annual burden for this information collection is 37 hours.

    Dated: November 18, 2010.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2010-29483 Filed 11-22-10; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register: June 7, 2007 (Volume 72, Number 109)]
[Proposed Rules]
[Page 31491-31492]
[DOCID:fr07jn07-26]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 51 and 52

[EPA-HQ-OAR-2005-0163; FRL-8321-9]
RIN-2060-AN28

Supplemental Notice of Proposed Rulemaking for Prevention of
Significant Deterioration (PSD) and Nonattainment New Source Review
(NSR): Emission Increases for Electric Generating Units

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of public hearing.

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SUMMARY: The EPA is announcing a public hearing to be held on June 29,
2007 for the supplemental proposed rule on ``Prevention of Significant
Deterioration (PSD) and Nonattainment New Source Review (NSR): Emission
Increases for Electric Generating Units.'' This rulemaking action was
published in the Federal Register on May 8, 2007

and proposes options to change the emissions increase test used to
determine if the NSR permitting program would apply when an existing
power plant makes a physical or operational change. The public hearing
will provide interested parties the opportunity to present data, views,
or arguments concerning these proposed changes.

DATES: The public hearing will convene at 9 a.m. on June 29, 2007, and
continue until 1 hour after the last registered speaker has spoken.
People wishing to present oral testimony must pre-register by 5 p.m. on
June 28, 2007. The EPA is willing to keep the public hearing open into
the evening hours of June 29, 2007, if speakers are pre-registered by
the registration deadline of 5 p.m. on June 28, 2007, and have
registered to speak during evening hours. For updates and additional
information on the public hearing, please check EPA's Web site for this
rulemaking at http://www.epa.gov.nsr/.

ADDRESSES: The public hearing will be held at U.S. Environmental
Protection Agency, 109 TW Alexander Drive, Research Triangle Park,
North Carolina 27709, Building C, Auditorium. Because this hearing is
being held at U.S. government facilities, everyone planning to attend
the hearing should be prepared to show valid picture identification to
the security staff in order to gain access to the meeting room. In
addition, you will need to obtain a property pass for any personal
belongings you bring with you. Upon leaving the building, you will be
required to return this property pass to the security desk. No large
signs will be allowed in the building, cameras may only used inside the
classroom and outside of the building, and demonstrations will not be
allowed on Federal property for security reasons. Directions to the EPA
Campus are available on the Internet at http://www.epa.gov/rtp/facilities/maindirections.htm
, along with a map showing the area

designated for visitor parking. From there, walk toward the main
facility and enter the center building (by the U.S. and EPA flags).

FOR FURTHER INFORMATION CONTACT: If you would like to speak at the
public hearing or have questions concerning the public hearing, please
contact Ms. Pamela Long, U.S. Environmental Protection Agency, OAQPS,
Air Quality Planning Division, (C504-03), Research Triangle Park, NC
27711, telephone<PHONE_NUMBER>, fax number<PHONE_NUMBER>, e-mail
address<EMAIL_ADDRESS>    Questions concerning the May 8, 2007, proposed rule should be
addressed to Mr. David Svendsgaard, U.S. EPA, Office of Air Quality
Planning and Standards, Air Quality Policy Division, (C504-03),
Research Triangle Park, NC 27711, telephone number<PHONE_NUMBER>, e-
mail at<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The May 8, 2007, proposed rule is a
supplemental notice to EPA's October 20, 2005 notice of proposed
rulemaking. In the October 2005 notice, we proposed three options to
revise the NSR emissions test for existing electric generating units: A
maximum achievable hourly emissions test, a maximum achieved hourly
emissions test, and an output-based hourly emissions test. The May 2007
notice recast the previously proposed options so that the output-based
test becomes an alternative method to implement the maximum achieved or
maximum achievable hourly tests, rather than a separate option. It also
proposed a new option in which the hourly emissions increase test is
added to the existing requirements for computing a significant increase
and a significant net emissions increase on an annual basis. It also
included proposed rule language and supplemental information for the
October 2005 proposal, including an examination of the impacts on
emissions and air quality.
    Public hearing: The proposal for which EPA is holding the public
hearing was published in the Federal Register on May 8, 2007, (72 FR
26202) and is available at: http://www.access.gpo.gov/su_docs/fedreg/a070508c.html.
 The public hearing will provide interested parties the

opportunity to present data, views, or arguments concerning the
supplemental rule proposal. The EPA may ask clarifying questions during
the oral presentations, but will not respond to the presentations at
that time. Written statements and supporting information submitted
during the comment period will be considered with the same weight as
any oral comments and supporting information presented at the public
hearing. Written comments on the proposed rule must be postmarked by
July 9, 2007, which is the closing date for the comment period, as
specified in the proposal for the rule. However, the record will remain
open until July 30, 2007, to allow 30 days after the public hearing for
submittal of additional information related to the hearing.
    Commenters should notify Ms. Long if they will need specific
equipment, or if there are other special needs related to providing
comments at the hearing. The EPA will provide equipment for commenters
to show overhead slides or make computerized slide presentations if we
receive special requests in advance. Oral testimony will be limited to
5 minutes for each commenter. The EPA encourages commenters to provide
EPA with a copy of their oral testimony electronically (via e-mail or
CD) or in hard copy form.
    The hearing schedule, including lists of speakers, will be posted
on EPA's Web site http://www.epa.gov/nsr/. Verbatim transcripts of the

hearing and written statements will be included in the docket for the
rulemaking.

How Can I Get Copies of This Document and Other Related Information?

    The EPA has established the official public docket for the
supplemental proposed rule entitled ``Supplemental Notice of Proposed
Rulemaking for Prevention of Significant Deterioration (PSD) and
Nonattainment New Source Review (NSR): Emission Increases for Electric
Generating Units'' under Docket ID No. EPA-HQ-OAR-2005-0163.
    As stated previously, the proposed rule was published in the
Federal Register on May 8, 2007 (72 FR 26202) and is available at
http://www.access.gpo.gov/su_docs/fedreg/a070508c.html.

    Dated: May 29, 2007.
Jenny Noonan Edmonds,
Acting Director, Office of Air Quality Planning and Standards.
[FR Doc. E7-10855 Filed 6-6-07; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 205 (Monday, October 24, 2016)]
[Notices]
[Pages 73179-73182]
[FR Doc No: 2016-25575]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79111; File No. SR-NYSEArca-2016-96]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change To Amend NYSE Arca Equities Rule 8.700 and To List and
Trade Shares of the Managed Emerging Markets Trust Under Proposed
Amended NYSE Arca Equities Rule 8.700

October 18, 2016.

I. Introduction

    On July 1, 2016, NYSE Arca, Inc. (``Exchange'') 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 amend NYSE Arca
Equities Rule 8.700 and to list and trade shares (``Shares'') of the
Managed Emerging Markets Trust (``Trust'') under proposed amended NYSE
Arca Equities Rule 8.700. The proposed rule change was published for
comment in the Federal Register on July 21, 2016.\3\ On August 30,
2016, pursuant to Section 19(b)(2) of the Act,\4\ the Commission
designated a longer period within which to approve the proposed rule
change, disapprove the proposed rule change, or institute proceedings
to determine whether to disapprove the proposed rule change.\5\ The
Commission received no comments on the proposed rule change. This order
institutes proceedings under Section 19(b)(2)(B) of

the Act \6\ to determine whether to approve or disapprove the proposed
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 78345 (July 15,
2016), 81 FR 47447 (``Notice'').
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 78727, 81 FR 61268
(September 6, 2016). The Commission designated October 19, 2016 as
the date by which the Commission shall either approve or disapprove,
or institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
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II. Exchange's Description of the Proposal

A. Amendments to NYSE Arca Equities Rule 8.700

    NYSE Arca Equities Rule 8.700 permits the trading of Managed Trust
Securities on the Exchange. A Managed Trust Security is a security that
is registered under the Securities Act of 1933, as amended, and (i) is
issued by a trust that (1) is a commodity pool as defined in the
Commodity Exchange Act (``CEA'') and regulations thereunder, and that
is managed by a commodity pool operator registered with the Commodity
Futures Trading Commission (``CFTC'') and (2) holds long and/or short
positions in exchange-traded futures contracts and/or certain currency
forward contracts selected by the trust's advisor consistent with the
trust's investment objectives, which will only include exchange-traded
futures contracts involving commodities, currencies, stock indices,
fixed income indices, interest rates and sovereign, private and
mortgage or asset backed debt instruments, and/or forward contracts on
specified currencies, each as disclosed in the trust's prospectus; and
(ii) is issued and redeemed continuously in specified aggregate amounts
at the next applicable net asset value (``NAV'').\7\ The Exchange
proposes to amend NYSE Arca Equities Rule 8.700 to permit the use of
swaps on equity indices, fixed income indices, commodity indices,
commodities, or interest rates.
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    \7\ See NYSE Arca Equities Rule 8.700(c)(1).
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B. Proposal To List and Trade Shares of the Trust

    The Exchange proposes to list and trade Shares of the Trust under
proposed amended NYSE Arca Equities Rule 8.700. The Trust is a Delaware
statutory trust that will issue Shares representing fractional
undivided beneficial interests in the Trust. The Trust is a commodity
pool as defined in the CEA and the regulations of the CFTC.\8\ The
Trust will be operated by Artivest Advisors LLC, a Delaware limited
liability company (``Sponsor'') that is also the Trust's adviser
(``Adviser''), and will be registered under the CEA as a commodity pool
operator. The sole member of the Sponsor is Artivest Holdings, Inc., a
Delaware corporation. The Adviser is the commodity trading advisor of
the Trust and will at all times be either registered as a commodity
trading advisor or properly exempt from such registration under the
CEA. The Adviser is not a broker-dealer and is not affiliated with a
broker-dealer. In the event (a) the Adviser or any sub-adviser becomes
registered as a broker-dealer or 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
and changes to the Trust's portfolio and will be subject to procedures
designed to prevent the use and dissemination of material non-public
information regarding such portfolio.\9\
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    \8\ According to the Exchange, the Trust will not be an
investment company registered under the Investment Company Act of
1940 (``1940 Act'') and will not be required to register under the
1940 Act.
    \9\ The activities of the Trust will be limited to (1) issuing
Baskets (i.e., blocks of 100,000 Shares) in exchange for cash, (2)
paying out of Trust assets any Trust expenses and liabilities not
assumed by the Sponsor, (3) delivering proceeds consisting of cash
in exchange for Baskets surrendered for redemption, (4) depositing
any required margin in the form of cash or other eligible assets
with domestic futures commission merchants, foreign futures brokers,
or other financial intermediaries or dealers, and (5) investing its
cash, at the direction of the Adviser, in a portfolio of futures
contracts, forward contracts, and swaps.
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    The Bank of New York Mellon, a New York banking corporation, is the
trustee of the Trust. Wilmington Trust, National Association, a
national banking association, is the Delaware trustee of the Trust. The
Bank of New York Mellon also is the administrator, custodian,
processing agent, and settlement agent of the Trust. The Trust has
engaged Foreside Fund Services, LLC to act as a distributor on its
behalf.
Principal and Other Trust Investments
    The Trust will pursue long-term total returns by seeking to provide
both (1) a long-only exposure to one or more emerging markets equity
indices (``index exposure'') and (2) ``alpha'' returns that are
additive to, and are not correlated with, the index exposure (measured
over rolling 5-year periods), while seeking to control overall downside
risk and volatility.
    According to the Exchange, the Trust will primarily trade and
invest in futures on emerging market equity indices \10\ and foreign
currency forward contracts, as discussed in more detail below. The
Trust's portfolio may also contain cash which may be used, as needed,
to secure the Trust's trading obligations with respect to its trading
positions. Although the Trust's investment objective is not primarily
to hold significant amounts of cash, cash may comprise a significant
portion of the NAV of the Trust. Moreover, in order to collateralize
futures contracts and forward contracts, the Trust may invest in U.S.
government debt instruments, which are U.S. Treasury bills, notes, and
bonds of varying maturities that are backed by the full faith and
credit of the United States government, or other short-term securities
(in each case eligible as margin deposits under the rules of the
Exchange), which may include money market instruments (``Short-Term
Securities''). Although the Trust's investment objective is not
primarily to trade and invest in Short-Term Securities, Short-Term
Securities may comprise a significant portion of the NAV of the Trust.
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    \10\ The Trust expects to trade futures contracts on U.S.
exchanges and non-U.S. exchanges. Not more than 10% of the net
assets of the Trust in the aggregate invested in futures contracts
will consist of futures contracts whose principal market is not a
member of the Intermarket Surveillance Group (``ISG'') or is a
market with which the Exchange does not have a comprehensive
surveillance sharing agreement.
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Index Exposure Portfolio Construction
    According to the Exchange, the Trust will seek to maintain constant
exposure to one or more emerging markets equity indices by holding long
positions in emerging markets index futures contracts.\11\ Generally,
the Adviser will seek to maintain an emerging markets index exposure
equal to 100% of the Trust's net assets, although this may vary from
time to time depending on market conditions. Initially, the Trust will
hold long MSCI Emerging Markets Index \12\ futures contracts to achieve
its index exposure.\13\ The Adviser may in the future invest in
additional or different emerging markets index futures contracts.\14\
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    \11\ According to the Exchange, the Adviser will look at a
variety of factors to determine whether a country is an ``emerging
market.'' Currently, the Adviser views countries as ``emerging
markets'' if they are considered to be developing, emerging, or
frontier by sources such as MSCI, the International Monetary Fund,
the World Bank, the International Finance Corporation, the United
Nations, The Economist magazine, Standard & Poor's and Dow Jones, or
if they are countries with a stock market capitalization of less
than 5% of the MSCI World Index. Additional information regarding
emerging markets as related to this proposal can be found in the
Notice, supra note 3, 81 FR at 47449-50.
    \12\ Information regarding the MSCI Emerging Markets Index can
be found in the Notice, supra note 3, 81 FR at 47450.
    \13\ ICE Futures U.S. has been licensed to create futures
contracts on the MSCI Emerging Markets Index. ICE Futures U.S. is a
member of the ISG.
    \14\ Information regarding rebalancing and risk management for
the index portfolio can be found in the Notice, supra note 3, 81 FR
at 47450 and 74752.

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Alpha Portfolio Construction
    According to the Exchange, the Trust's alpha strategy \15\ will
seek to provide returns that are independent of, and uncorrelated to,
the index exposure, by trading and investing primarily in futures
contracts and forward contracts relating to emerging markets. The alpha
portfolio primarily will be composed of futures contracts on emerging
market equity indices and foreign currency forward contracts. According
to the Exchange, the Adviser anticipates that as the Trust grows
larger, it may also, in certain limited circumstances, invest in
exchange-traded swaps, swaps accepted for central clearing (``cleared
swaps''), and swaps that are not accepted for central clearing
(``uncleared swaps''). These limited circumstances include the
following:
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    \15\ According to the Exchange, the Adviser will pursue a
strategy based on fundamental analysis and will make investment
decisions based on its view of the fundamental value of various
financial instruments relative to market prices and expectations. To
construct the alpha portfolio, the Adviser will apply both
quantitative and qualitative analysis to market and economic data to
generate investment ideas, to trade and invest on a discretionary
basis, and to manage portfolio risk. The Adviser will form
conclusions regarding future economic conditions and future
financial instruments pricing based on its review and analysis of
macroeconomic factors. From time to time, the Adviser will form
thematic, macroeconomic-based ``alpha views'' regarding its desired
exposures to investment themes. Additional information regarding the
alpha strategy can be found in the Notice, supra note 3, 81 FR at
47449.
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     When futures contracts are not available or market
conditions do not permit investing in futures contracts (for example, a
particular futures contract may not exist or may trade only on an
exchange that has not yet been approved by the Trust); and
     When there are position limits, price limits or
accountability limits on futures contracts.
    According to the Exchange, swaps would only be used by the Trust as
a substitute for futures contracts in the limited circumstances
described above when the Adviser has determined that it is necessary to
use swaps in order for the Trust to remain consistent with the Trust's
investment objective. Further, the Adviser expects that the Trust's use
of swaps, if any, will be of a de minimis nature. Moreover, to the
extent that the Trust invests in swaps, it would first make use of
exchange-traded swaps if such swaps are available. If an investment in
exchange-traded swaps is unavailable, then the Trust would invest in
cleared swaps that clear through derivatives clearing organizations
that satisfy the Trust's criteria. If an investment in cleared swaps is
unavailable, then the Trust would invest in other swaps, including
uncleared swaps in the over-the-counter (``OTC'') market. However, no
more than 20% of the portfolio may be invested, on both an initial and
an ongoing basis, in OTC swaps.\16\
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    \16\ Information regarding rebalancing and risk management for
the alpha portfolio can be found in the Notice, supra note 3, 81 FR
at 47452.
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Alpha Futures Contracts
    The Adviser expects that 75%-90% of the portfolio's alpha exposure
will be obtained via futures contracts. The Trust expects to take long
or short positions in a wide variety of commodity futures contracts
(including metals, agriculturals, energies, and softs) and financial
futures contracts (including interest rates, currencies and currency
indices, U.S. and non-U.S. equity indices, and government bond futures
contracts).
Alpha Forward Contracts
    The Trust may enter into foreign currency forward contracts, which
the Adviser expects may make up 10%-25% of the portfolio's alpha
exposure.\17\ The Adviser does not currently expect to engage in any
transactions that would be considered ``retail forex'' transactions for
purposes of the CEA. The Trust will only enter into foreign currency
forward contracts related to foreign currencies that have significant
foreign exchange turnover and are included in the Bank for
International Settlements Triennial Central Bank Survey, September 2013
(``BIS Survey''). Specifically, the Trust may enter into foreign
currency forward contracts that provide exposure to such currencies
selected from the top 40 currencies (as measured by percentage share of
average daily turnover for the applicable month and year) included in
the BIS Survey.\18\
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    \17\ The Trust may enter into deliverable forward contracts or
non-deliverable forward contracts.
    \18\ The Trust's forward contracts will be collateralized to the
extent required by the relevant counterparties. The counterparties
to the Trust's forward contracts are expected to be brokers,
dealers, and other financial institutions. The Adviser will seek to
diversify the Trust's counterparty exposure but may from time to
time have concentrated exposure to one or more counterparties.
However, the Adviser represents that it will not concentrate risks
with a single counterparty and will establish policies and
procedures to manage counterparty concentration and monitor
counterparty creditworthiness. The policies and procedures to
monitor counterparty creditworthiness will consider the credit
rating of the counterparty and any past experience with the
counterparty.
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III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2016-96 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \19\ to determine whether the proposed rule
change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change.
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    \19\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\20\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \21\
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    \20\ Id.
    \21\ 15 U.S.C. 78f(b)(5).
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    Under the proposal, an authorized participant may place a purchase
or redemption order to create or redeem Baskets of Shares on any
``Eligible Business Day'' (rather than on any Business Day). The
proposal defines ``Eligible Business Day'' to mean any Business Day
\22\ other than a Business Day which immediately precedes two or more
days on which there is no scheduled exchange trading session for one or
more futures contracts purchased or sold, or that may be purchased or
sold, by the Trust on that day. Moreover, purchase and redemption
orders must be placed by 1:15 p.m. Eastern Time or the close of regular
trading on the New York Stock Exchange, whichever is earlier (``Cutoff
Time''). Purchase and redemption

orders received after the Cutoff Time on an Eligible Business Day, or
on a day that is not an Eligible Business Day, will be treated as
received on the next Eligible Business Day. The Exchange does not
discuss whether these aspects of the proposal would have any impact on
the trading of the Shares, including any impact on arbitrage. The
Commission seeks commenters' views on these aspects of the proposal,
and on whether the Exchange's statements relating to the creation and
redemption process support a determination that the listing and trading
of the Shares would be consistent with Section 6(b)(5) of the Act,
which, among other things, requires that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, and to protect
investors and the public interest.
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    \22\ Under the proposal, ``Business Day'' is defined to mean any
day other than (a) a Saturday or Sunday; (b) a day on which the
Exchange is closed for regular trading; (c) a day on which any of
the Adviser, the processing agent, the settlement agent, the trust
administrator, the Sponsor or the trustee is authorized or required
by law or regulation to remain closed; or (d) a day on which the
Federal Reserve wire transfer system is closed for cash wire
transfers.
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IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, or
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\23\
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    \23\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Pub. L. 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Acts Amendments of 1975, Senate Comm.
on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by November 14, 2016. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
November 28, 2016. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal,
which are set forth in the Notice,\24\ in addition to any other
comments they may wish to submit about the proposed rule change.
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    \24\ See supra note 3.
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    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2016-96 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2016-96. 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 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-NYSEArca-2016-96 and should
be submitted on or before November 14, 2016. Rebuttal comments should
be submitted by November 28, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
Robert W. Errett,
Deputy Secretary.
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    \25\ 17 CFR 200.30-3(a)(57).
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[FR Doc. 2016-25575 Filed 10-21-16; 8:45 am]
 BILLING CODE 8011-01-P