[Federal Register Volume 80, Number 81 (Tuesday, April 28, 2015)]
[Notices]
[Pages 23628-23634]
[FR Doc No: 2015-09763]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74780; File No. SR-NASDAQ-2015-012]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, Relating to the Listing and Trading of the Shares of the
WisdomTree Western Unconstrained Bond Fund of the WisdomTree Trust

April 22, 2015.

I. Introduction

    On February 18, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or
``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 list and trade the shares (``Shares'') of the
WisdomTree Western Unconstrained Bond Fund (``Fund'') under Nasdaq Rule
5735. The proposed rule change was published for comment in the Federal
Register on March 11, 2015.\3\ On March 18, 2015, the Exchange filed
Amendment No. 1 to the proposed rule change.\4\ The Commission received
no comments on the proposal. This order grants approval of the proposed
rule change, as modified by Amendment No. 1 thereto.
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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. 74448 (Mar. 5,
2015), 80 FR 12832 (``Notice'').
    \4\ In Amendment No. 1 to the proposed rule change, the Exchange
clarified the use of the defined terms ``Debt Instruments'' and
``Money Market Securities,'' and removed certain technical
redundancies. Because Amendment No. 1 to the proposed rule change
seeks to make certain clarifications and technical corrections, and
does not materially affect the substance of the proposed rule change
or raise unique or novel regulatory issues, Amendment No. 1 does not
require notice and comment.
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II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade Shares of the Fund under
Nasdaq Rule 5735, which governs the listing and trading of Managed Fund
Shares on the Exchange. The Shares will be offered by the WisdomTree
Trust (``Trust''), which is registered with the Commission as an
investment company and has filed a registration statement on Form N-1A
(``Registration Statement'') with the Commission on behalf of the
Fund.\5\
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    \5\ According to the Exchange, the Trust has filed an amendment
to its Registration Statement on Form N-1A for the Fund, dated
December 19, 2014, under the Securities Act of 1933 (``Securities
Act'') and the Investment Company Act of 1940 (``1940 Act'') (File
Nos. 333-132380 and 811-21864). The Exchange also represents that
the Trust has obtained an order from the Commission granting certain
exemptive relief under the 1940 Act (``Exemptive Order''). In
compliance with Nasdaq Rule 5735(b)(5), which applies to Managed
Fund Shares based on an international or global portfolio, the
Trust's application for exemptive relief under the 1940 Act states
that the Fund will comply with the federal securities laws in
accepting securities for deposits and satisfying redemptions with
redemption 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.
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    WisdomTree Asset Management, Inc. will be the investment adviser
(``Adviser'') to the Fund, and Western Asset Management Company will
serve as sub-adviser (``Sub-Adviser''). State Street Bank and Trust
Company will serve as the administrator, custodian, and transfer agent
for the Trust, and ALPS Distributors, Inc. will serve as the
distributor.
    The Exchange represents that neither the Adviser nor Sub-Adviser is
registered as, or is affiliated with, a broker-dealer.\6\ The Exchange
also represents that the Shares will be subject to Nasdaq Rule 5735,
which sets forth the initial and continued listing criteria applicable
to Managed Fund Shares, and that for initial and continued listing, the
Fund must be in compliance with Rule 10A-3 under the Act.\7\
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    \6\ See Nasdaq Rule 5735(g). The Exchange states that, in the
event (a) the Adviser or the Sub-Adviser becomes newly affiliated
with a broker-dealer or registers as a broker-dealer, or (b) any new
adviser or sub-adviser is a registered broker-dealer or becomes
affiliated with a broker-dealer, the Adviser, the Sub-Adviser, or
any new adviser or sub-adviser, as the case may be, will implement a
fire wall with respect to its relevant personnel or its broker-
dealer affiliate, as applicable, regarding access to information
concerning the composition of or changes to the portfolio, and will
be subject to procedures designed to prevent the use and
dissemination of material, non-public information regarding the
portfolio.
    \7\ See 17 CFR 240.10A-3.
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    The Exchange has made the following representations and statements
in describing the Fund and its investment strategy, including, among
other things, portfolio holdings and investment restrictions.

A. The Exchange's Description of the Principal Investments of the Fund

    According to the Exchange, the Fund seeks to provide a high level
of total return consisting of both income and capital appreciation. The
Fund intends to achieve its investment objective through direct and
indirect investments in ``Debt Instruments,'' which will include: (i)
Fixed income securities, such as bonds and notes; \8\ and (ii) other
debt obligations and certain derivatives and other instruments based on
Debt Instruments or currency, each as described below. Under normal
market conditions,\9\ the Fund intends to invest at least 80% of its
net assets in Debt Instruments (but not more than 35% of Fund assets in
derivatives that are Debt Instruments).
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    \8\ The Fund may invest in fixed income securities that have
variable or floating interest rates which are readjusted on set
dates (such as the last day of the month or calendar quarter) in the
case of variable rates or whenever a specified interest rate change
occurs in the case of a floating rate instrument. Variable or
floating interest rates generally reduce changes in the market price
of securities from their original purchase price because, upon
readjustment, such rates approximate market rates. Accordingly, as
interest rates decrease or increase, the potential for capital
appreciation or depreciation is less for variable or floating rate
securities than for fixed rate obligations.
    \9\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the fixed income markets or the financial markets generally;
operational issues causing dissemination of inaccurate market
information; or force majeure type events such as systems failure,
natural or man-made disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar intervening
circumstance.
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    Specifically, the Fund intends to invest in the following Debt
Instruments: (1) Instruments denominated in U.S. dollars or local
currencies; (2) securities or other debt obligations issued by
corporations or agencies that may receive financial support or backing
from local government; (3) securities or other debt obligations issued
by supranational organizations, such as the European Investment Bank,
International Bank for Reconstructions and Development, the
International Finance Corporation, or other regional development banks;
(4) ``Government securities,'' as defined in Section 3(a)(42) of the
Act (``Government Securities''); (5) securities issued or guaranteed by
non-U.S. governments, agencies, and instrumentalities; (6) municipal
securities (including taxable and tax-exempt municipal securities), as
defined in Section 3(a)(29) of the Act; (7) ``Putable'' bonds (bonds
that give the holder the right to sell the bond to the issuer prior to
the bond's maturity), when the put date is within a 24 month period;
and ``busted'' convertible securities (convertible securities that are
trading well below their conversion values minimizing the likelihood
that they will ever reach their convertible prices prior to maturity);
(8) loan participation notes; \10\ (9) zero-coupon

securities and interest-only securities; (10) debt securities linked to
inflation rates of the U.S. and non-U.S. countries; (11) repurchase
agreements backed by Government Securities and non-U.S. government
securities; \11\ (12) bank loans (including senior loans); (13) Money
Market Securities; \12\ and (14) mortgage-backed securities (including
commercial mortgage-backed securities, collateralized mortgage
obligations, adjustable rate mortgage back securities, and interest-
only mortgage-backed securities, including, in each case, agency
mortgage-backed securities, GSE-issued or guaranteed mortgage-backed
securities, and privately issued mortgage-backed securities) and asset-
backed securities.\13\
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    \10\ According to the Exchange, the Fund may invest in loan
participation notes that have a minimum outstanding principal amount
of $200 million that the Adviser or Sub-Adviser deems to be liquid.
    \11\ The Fund may enter into repurchase agreements with
counterparties that are deemed to present acceptable credit risks,
and may enter into reverse repurchase agreements, which involve the
sale of securities held by the Fund subject to its agreement to
repurchase the securities at an agreed upon date or upon demand and
at a price reflecting a market rate of interest.
    \12\ ``Money Market Securities'' include: Short-term, high
quality securities issued or guaranteed by the U.S. government or
non-U.S. governments, their agencies and instrumentalities;
repurchase agreements backed by U.S. government securities and non-
U.S. government securities; money market mutual funds; and deposit
and other obligations of U.S. and non-U.S. banks and financial
institutions. In the event the Fund engages in these temporary
defensive strategies that are inconsistent with its investment
strategies, the Fund's ability to achieve its investment objectives
may be limited.
    \13\ The Fund may invest up to 20% of its net assets, in the
aggregate, in privately issued mortgage-backed securities and
privately-issued ABS. Debt Instruments will also include debt
securities which are secured with collateral consisting of mortgage-
backed securities or asset-backed securities.
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    The Fund intends to invest in Debt Instruments originating
primarily in developed and emerging markets countries.\14\ The Fund's
exposure to any single corporate issuer generally will be limited to
10% of the Fund's assets, and the Fund's exposure to any single
sovereign issuer generally will be limited to 25% of the Fund's assets
(excluding exempted securities as defined in Section 3(a)(12) of the
Act). In addition, the Fund's exposure to any one country (other than
the United States) generally will be limited to 30% of the Fund's
assets, though this percentage may change from time to time in response
to economic events and changes to the respective credit ratings of the
Debt Instruments in such country.
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    \14\ The Fund may invest up to 50% of Fund assets in securities
issued by issuers that are organized in or maintain their principal
place of business in emerging market countries.
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    The Fund may invest in Debt Instruments with effective or final
maturities of any length. The Fund will seek to keep the average
effective duration of its portfolio between -5 and 10 years under
normal market conditions. Effective duration is an indication of an
investment's interest rate risk or how sensitive an investment or a
fund is to changes in interest rates. Generally, a fund or instrument
with a longer effective duration is more sensitive to interest rate
fluctuations, and, therefore, more volatile, than a similar fund with a
shorter effective duration. To potentially protect the Fund against the
impact of rising rates, the Adviser or Sub-Adviser may take the
duration of the Fund below zero through strategic short positions in
instruments such as U.S. Treasury futures (subject to the Fund's limits
on investments in derivative instruments as described below). A
negative duration suggests that the Fund may benefit from a rise in
rates.\15\ The Fund's actual portfolio duration may be longer or
shorter depending on market conditions.
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    \15\ Negative duration would occur when the total duration of
the Fund's liabilities (e.g., through short positions in U.S.
government securities or related futures positions) is less than the
total duration of the Fund's assets.
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    In addition, the Fund may invest, in the aggregate, up to 35% of
its assets in the following derivatives, which are also Debt
Instruments (with no more than 20% of the Fund's investments in
derivative instruments that are not within the definition of ``Debt
Instruments''): (1) Credit-linked notes; \16\ (2) listed futures
contracts on Debt Instruments; \17\ (3) non-deliverable forward
currency contracts; \18\ (4) currency swaps; \19\ (5) interest rate
swaps; (6) listed currency options; and (7) listed options on futures
contracts on Debt Instruments.
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    \16\ The Fund will invest no more than 25% of its net assets in
credit-linked notes.
    \17\ According to the Exchange, the Adviser has registered with
the Commodity Futures Trading Commission as a commodity pool
operator under the Commodity Exchange Act with regard to the Fund.
The futures contracts in which the Fund may invest will be listed on
exchanges in the United States, Brazil, Chile, Germany, Hong Kong,
Mexico, Singapore, South Korea, or the United Kingdom. Each of the
futures exchange's primary financial markets regulators are
signatories to the International Organization of Securities
Commissions (``IOSCO'') Multilateral Memorandum of Understanding
(``MMOU''), which is a multi-party information sharing arrangement
among financial regulators. Both the Commission and the Commodity
Futures Trading Commission are signatories to the IOSCO MMOU. In
addition, the futures contracts in which the Fund may invest in the
United States, Germany, Hong Kong, Singapore, South Korea, or the
United Kingdom will be listed on exchanges that are members of the
Intermarket Surveillance Group (``ISG''), which includes affiliates
of LIFFE Administration and Management, Eurex Frankfurt A.G., the
Hong Kong Exchanges & Clearing Ltd., the Korea Exchange, the
Singapore Exchange, Ltd., NASDAQ OMX BX, and NASDAQ OMX PHLX LLC. At
least 90% of Fund assets that are invested in exchange-traded
derivative instruments will be invested in instruments that trade in
markets that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.
    \18\ According to the Exchange, the Fund may enter into forward
currency contracts in order to ``lock in'' the exchange rate between
the currency it will deliver and the currency it will receive for
the duration of the contract. The Fund will invest only in
currencies, and instruments that provide exposure to such
currencies, that have significant foreign exchange turnover and are
included in the Bank for International Settlements Triennial Central
Bank Survey, December 2013 (``BIS Survey''). The Fund may invest in
currencies, and instruments 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.
    \19\ See id.
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    The Fund may invest in combinations of investments that provide
similar exposure to local currency debt, such as investment in U.S.
dollar denominated bonds combined with forward currency positions or
swaps.\20\ Forward currency contracts and swap positions can be
incorporated with bonds denominated in non-U.S. currencies to hedge
bond exposures back into U.S. dollars. Conversely, forward currency
contracts and swap positions can be implemented in combination with
U.S. dollar denominated bonds to create local currency bond exposures.
Additionally, the Fund's use of forward contracts and swaps may be
combined with investments in short-term, high quality U.S. Money Market
Securities in a manner designed to provide exposure to similar
investments in local currency deposits.\21\
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    \20\ To the extent practicable, the Fund will invest in swaps
cleared through the facilities of a centralized clearing house. The
Fund may also invest in Money Market Securities that would serve as
collateral for the futures contracts and swap agreements.
    \21\ According to the Exchange, the Fund will seek, where
possible, to use counterparties, as applicable, whose financial
status is such that the risk of default is reduced; however, the
risk of losses resulting from default is still possible. The Adviser
or the Sub-Adviser will evaluate the creditworthiness of
counterparties on an ongoing basis. In addition to information
provided by credit agencies, the Adviser's or the Sub-Adviser's
analysis will evaluate each approved counterparty using various
methods of analysis and may consider such factors as the
counterparty's liquidity, its reputation, the Adviser's or the Sub-
Adviser's past experience with the counterparty, its known
disciplinary history, and its share of market participation. The
Adviser or Sub-Adviser will also attempt to mitigate the Fund's
respective credit risk by transacting only with large, well-
capitalized institutions using measures designed to determine the
creditworthiness of the counterparty. The Adviser or Sub-Adviser
will take various steps to limit counterparty credit risk. The Fund
will enter into over-the-counter non-centrally cleared instruments
only with financial institutions that meet certain credit quality
standards and monitoring policies. The Fund may also use various
techniques to minimize credit risk, including early termination or
reset and payment, using different counterparties, and limiting the
net amount due from any individual counterparty. The Fund generally
will collateralize over-the-counter, non-centrally- cleared
instruments with cash or certain securities. Such collateral will
generally be held for the benefit of the counterparty in a
segregated tri-party account at the custodian to protect the
counterparty against non-payment by the Fund. In the event of a
default by the counterparty, and the Fund is owed money in the over-
the-counter non-centrally cleared instruments transaction, the Fund
will seek withdrawal of the collateral from the segregated account
and may incur certain costs exercising its right with respect to the
collateral.

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    The Fund will use derivative instruments primarily to hedge
interest rate risk and actively manage interest rate exposure and, as
described below, to hedge foreign currency risk and actively manage
foreign currency exposure. The Fund may also use derivative instruments
to enhance returns, as a substitute for, or to gain exposure to, a
position in an underlying asset, to reduce transaction costs, to
maintain full market exposure (which means to adjust the
characteristics of its investments to more closely approximate those of
the markets in which it invests), to manage cash flows, or to preserve
capital. The Fund's use of derivative instruments will be
collateralized by investments in Money Market Securities and other
liquid Debt Instruments. All Money Market Securities acquired by the
Fund will be rated investment grade,\22\ except that the Fund may
invest in unrated Money Market Securities that are deemed by the
Adviser or Sub-Adviser to be of comparable quality to Money Market
Securities rated investment grade.\23\
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    \22\ The term ``investment grade,'' for purposes of Money Market
Securities, means securities rated A1 or A2 by one or more
Nationally Recognized Statistical Rating Organizations (``NRSROs'').
    \23\ The determination that an unrated security is of comparable
quality to a rated security (including, as applicable, an investment
grade security) by the Adviser or Sub-Adviser will be based on,
among other factors, a comparison between the unrated security and
securities issued by similarly situated companies to determine where
in the spectrum of credit quality the unrated security would fall.
The Adviser or Sub-Adviser would also perform an analysis of the
unrated security and its issuer similar, to the extent possible, to
that performed by a NRSRO in rating similar securities and issuers.
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    The Exchange represents that the Fund's investments in derivative
instruments will be made in accordance with the 1940 Act and consistent
with the Fund's investment objectives and policies, and will not be
used to enhance leverage. The Fund will comply with the regulatory
requirements of the Commission to maintain assets as ``cover,''
maintain segregate accounts, and make margin payments when it takes
positions in derivative instruments involving obligations to third
parties (i.e., instruments other than purchase options). With respect
to certain kinds of derivative transactions entered into by the Fund
that involve obligations to make future payments to third parties,
including, but not limited to, futures and forward contracts, swap
contracts, the purchase of securities on a when-issued or delayed-
delivery basis, or reverse repurchase agreements, the Fund, in
accordance with applicable federal securities laws, rules, and
interpretations thereof, will ``set aside'' liquid assets, or engage in
other measures to ``cover'' open positions with respect to such
transactions.
    The Exchange represents that liquidity will be an important factor
in the Fund's security selection process.\24\ Under normal market
conditions, at least 80% of the Fund's net assets that are invested in
Debt Instruments will be invested in Debt Instruments that are issued
by issuers with outstanding debt of at least $200 million (or the
foreign currency equivalent thereof). In addition, while the Fund will
be actively-managed and will not be tied to an index, the Exchange
represents that the Fund's investment portfolio will meet the criteria
for non-actively managed, index-based, fixed income exchange-traded
funds (``ETFs'') contained in Nasdaq Rule 5705(a)(4)(A).\25\
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    \24\ In reaching liquidity decisions, the Adviser or Sub-Adviser
may consider the following factors: The frequency of trades and
quotes for the security; the number of dealers wishing to purchase
or sell the security and the number of other potential purchasers;
dealer undertakings to make a market in the security; and the nature
of the security and the nature of the marketplace in which it trades
(e.g., the time needed to dispose of the security, the method of
soliciting offers and the mechanics of transfer).
    \25\ See Exchange Rule 5705(a)(4)(A). The Fund will meet the
following requirements of Rule 5705(a)(4)(A): (i) The index or
portfolio must consist of fixed income securities (which are
generally defined to include Debt Instruments) (Rule
5705(a)(4)(A)(i)); (ii) components that in the aggregate account for
at least 75% of the weight of the index or portfolio must each have
a minimum original principal amount outstanding of $100 million or
more (Rule 5705(a)(4)(A)(ii)); (iii) a component may be a
convertible security, however, once the convertible security
converts to an underlying equity security, the component is removed
from the index or portfolio (Rule 5705(a)(4)(A)(iii)); (iv) no
component fixed-income security (excluding Treasury Securities) will
represent more than 30% of the weight of the index or portfolio, and
the five highest weighted component fixed-income securities do not
in the aggregate account for more than 65% of the weight of the
index or portfolio (Rule 5705(a)(4)(A)(iv)); (v) an underlying index
or portfolio (excluding exempted securities) must include securities
from a minimum of 13 non-affiliated issuers (Rule 5705(a)(4)(A)(v));
and (vi) component securities that in the aggregate account for at
least 90% of the weight of the index or portfolio must be from
issuers that have a worldwide market value of its outstanding common
equity held by non-affiliates of $700 million or more (Rule
5705(a)(4)(A)(vi)(c)).
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B. The Exchange's Description of the Other Investments of the Fund

    As noted above, under normal market conditions, no more than 35% of
the Fund's investments will be in derivative instruments, with no more
than 20% of the Fund's investments in derivative instruments that are
not within the definition of ``Debt Instruments.'' The Fund may invest
in the following derivative instruments that are not within the
definition of ``Debt Instruments'': (1) Listed futures contracts (other
than on Debt Instruments); \26\ (2) total return swaps; (3) credit
default swaps; and (4) listed options on futures contracts (other than
on Debt Instruments).\27\
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    \26\ See supra note 16.
    \27\ See id.
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    In addition, the Fund may invest up to 20% of its net assets in one
or more of the following instruments: (a) Securities of other
investment companies (including exchange-traded products (``ETPs''),
such as other ETFs; \28\ (b) debt instruments that do not fall within
the meaning of ``Debt Instruments'' above, including bank loans,
banker's acceptances, bank time deposits, commercial paper, and
certificates of deposit issued against funds deposited in a bank or
savings

and loan association; (c) U.S. and non-U.S. equity securities; \29\ and
(d) cash.\30\
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    \28\ The Exchange states that ETPs in which the Fund may invest
include, without limitation: Portfolio Depository Receipts and Index
Fund Shares (as described in Nasdaq Rule 5705); Securities Linked to
the Performance of Indexes and Commodities (as described in Nasdaq
Rule 5710); Index-Linked Exchangeable Notes; Equity Gold Shares;
Trust Certificates; Commodity-Based Trust Shares; Currency Trust
Shares; Commodity Index Trust Shares; Commodity Futures Trust
Shares; Partnership Units; Trust Units; Managed Trust Securities;
and Currency Warrants (as described in Nasdaq Rule 5711); Alpha-
Index Linked Securities (as described in Nasdaq Rule 5712); Equity-
Linked Debt Securities (as described in Nasdaq Rule 5715); Trust
Issued Receipts (as described in Nasdaq Rule 5720); Index Warrants
(as described in Nasdaq Rule 5725); Securities Not Otherwise
Specified (as described in Nasdaq Rule 5730); Managed Fund Shares
(as described in Nasdaq Rule 5735); and closed-end funds. According
to the Exchange, the ETPs in which the Fund may invest all will be
listed and traded on U.S. registered exchanges. The Fund will invest
in the securities of registered investment company ETPs consistent
with the requirements of Section 12(d)(1) of the 1940 Act or any
rule, regulation, or order of the Commission or interpretation
thereof. The ETPs in which the Fund may invest will primarily be
indexed-based ETFs that hold substantially all of their assets in
securities representing a specific index. While the Fund may invest
in ETPs, the Fund will not invest in leveraged or inverse leveraged
(e.g., 2X, -2X) ETPs.
    \29\ The equity securities in which the Fund may invest will be
limited to securities that trade on markets that are members of the
ISG. The Fund may invest in non-U.S. equity securities by means of
American Depository Receipts, European Depository Receipts, and
Global Depository Receipts.
    \30\ According to the Exchange, the Fund may engage in foreign
currency transactions, and may invest directly in foreign currencies
in the form of bank and financial institution deposits and
certificates of deposit denominated in a specified non-U.S.
currency.
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    In addition, in response to adverse market, economic, political, or
other conditions the Fund reserves the right to invest in U.S.
government securities, Money Market Securities, and cash, without
limitation, as determined by the Adviser or Sub-Adviser.

C. The Exchange's Description of Investment Restrictions of the Fund

    The Fund will invest only in corporate bonds that the Adviser or
Sub-Adviser deems to be sufficiently liquid. The Fund will only buy
performing debt securities and not distressed debt. Generally, a
corporate bond will be required to have $150 million or more par amount
outstanding and significant par value traded to be considered as an
eligible investment. Economic and other conditions may, from time to
time, lead to a decrease in the average par amount outstanding of bond
issuances. Therefore, although the Fund does not intend to do so, it
may invest up to 5% of its net assets in corporate bonds with less than
$150 million par amount outstanding if (1) the Adviser or Sub-Adviser
deems such security to be sufficiently liquid based on its analysis of
the market for such security (based on, for example, broker-dealer
quotations or its analysis of the trading history of the security or
the trading history of other securities issued by the issuer), (2) such
investment is deemed by the Adviser or Sub-Adviser to be in the best
interest of the Fund, and (3) such investment is deemed consistent with
the Fund's goal of providing exposure to a broad range of countries and
issuers.
    The Fund will not concentrate 25% or more of the value of its total
assets (taken at market value at the time of each investment) in any
one industry, as that term is used in the 1940 Act (except that this
restriction does not apply to obligations issued by the U.S. government
or its respective agencies and instrumentalities or government-
sponsored enterprises). The Fund intends to qualify each year as a
regulated investment company (``RIC'') under Subchapter M of the
Internal Revenue Code of 1986, as amended. In addition to satisfying
the RIC diversification requirements, no portfolio security held by the
Fund (other than U.S. government securities) will represent more than
30% of the weight of the Fund's portfolio and the five highest weighted
portfolio securities of the Fund (other than U.S. government
securities) will not, in the aggregate, account for more than 65% of
the weight of the Fund's portfolio. For these purposes, the Fund may
treat repurchase agreements collateralized by U.S. government
securities as U.S. government securities.
    The Fund may hold up to an aggregate of 15% of its net assets in
illiquid assets (calculated at the time of investment), including Rule
144A securities deemed illiquid by the Adviser or Sub-Adviser. The Fund
will monitor its portfolio liquidity on an ongoing basis to determine
whether, in light of current circumstances, an adequate level of
liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets. Illiquid assets include
securities subject to contractual or other restrictions on resale and
other instruments that lack readily available markets as determined in
accordance with Commission staff guidance.
    Additional information regarding the Trust, Fund, and Shares,
including investment strategies and restrictions, risks, creation and
redemption procedures, fees, portfolio holdings disclosure policies,
distributions and taxes, calculation of net asset value per share
(``NAV''), availability of information, trading rules and halts, and
surveillance procedures, among other things, can be found in the
Notice, Registration Statement, and Exemptive Order, as applicable.\31\
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    \31\ See Notice, supra note 3; see also Registration Statement
and Exemptive Order, supra note 5 and accompanying text.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of Section 6 of the Act \32\
and the rules and regulations thereunder applicable to a national
securities exchange.\33\ In particular, the Commission finds that the
proposed rule change is consistent with the requirements of Section
6(b)(5) of the Act,\34\ which requires, among other things, that the
Exchange's rules be designed to prevent fraudulent and manipulative
acts and practices, to promote just and equitable principles of trade,
to foster cooperation and coordination with persons engaged in
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest.
The Commission also finds that the proposal to list and trade the
Shares on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of
the Act,\35\ which sets forth the finding of Congress that it is in the
public interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for, and transactions in, securities.
---------------------------------------------------------------------------

    \32\ 15 U.S.C. 78(f).
    \33\ In approving this proposed rule change, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \34\ 15 U.S.C. 78f(b)(5).
    \35\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    Quotation and last-sale information will be available via Nasdaq
proprietary quote and trade services, as well as in accordance with the
Unlisted Trading Privileges and the Consolidated Tape Association plans
for the Shares and any underlying ETPs.\36\ In addition, the Intraday
Indicative Value (as defined in Nasdaq Rule 5735(c)(3)), which will be
based upon the current value of the components of the Disclosed
Portfolio (as defined in Nasdaq Rule 5735(c)(2)), will be available on
the NASDAQ OMX Information LLC proprietary index data service,\37\ and
will be updated and widely disseminated and broadly displayed at least
every 15 seconds during the Regular Market Session.\38\ During hours
when the markets for local debt and other assets in the Fund's
portfolio are closed, the Intraday Indicative Value will be updated at
least every 15 seconds during the Regular Market Session to reflect
currency exchange fluctuations.
---------------------------------------------------------------------------

    \36\ See Notice, supra note 3, 80 FR at 12839.
    \37\ According to the Exchange, the NASDAQ OMX Global Index Data
Service is the NASDAQ OMX global index data feed service, offering
real-time updates, daily summary messages, and access to widely
followed indexes and ETFs. See id.
    \38\ See id.
---------------------------------------------------------------------------

    On each business day, before commencement of trading in Shares in
the Regular Market Session on the Exchange, the Trust will disclose on
its Web site (www.wisdomtree.com) the identities and quantities of the
portfolio of securities and other assets (``Disclosed Portfolio,'' as
defined in Nasdaq Rule 5732(c)(2)) held by the

Fund that will form the basis for the Fund's calculation of NAV at the
end of the business day.\39\ The NAV of the Fund will normally be
determined as of the close of the regular trading session on the
Exchange (ordinarily 4:00 p.m. ET) on each business day.\40\
Information regarding market price and volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services.\41\ The
previous day's closing price and trading volume information for the
Shares will be published daily in the financial section of
newspapers.\42\ Pricing information for ETFs and exchange-traded
derivatives and other instruments will be available from the exchanges
on which they trade and from major market vendors. Pricing information
for Debt Instruments, forward currency contracts, spot currencies, and
debt instruments that do not fall within the meaning of ``Debt
Instruments'' as defined above will be available from major broker-
dealer firms, major market data vendors, or Pricing Services, as
applicable. Money market funds are typically priced once each business
day, and their prices will be available through the applicable fund's
Web site or from major market vendors.\43\ Intra-day, executable price
quotations on Debt Instruments as well as derivative instruments are
available from major broker-dealer firms.\44\ Intra-day price
information is available through subscription services, such as
Bloomberg and Thomson Reuters, which can be accessed by Authorized
Participants and other investors.\45\ In addition, State Street Bank
and Trust Company, through the National Securities Clearing
Corporation, will make available on each business day, immediately
prior to the opening of business on the Exchange's Core Trading Session
(currently 9:30 a.m. Eastern time), the list of names and the required
number or amount of each security and/or the amount of cash, to be
included in the current ``Fund Deposit'' (based on information at the
end of the previous business day) for the Fund.\46\ The Fund's Web site
will include a form of the prospectus for the Fund and additional data
relating to NAV and other applicable quantitative information.\47\
---------------------------------------------------------------------------

    \39\ On a daily basis, the Fund will disclose on the Fund's Web
site the following information regarding each portfolio holding, as
applicable to the type of holding: Ticker symbol, CUSIP number or
other identifier, if any; a description of the holding (including
the type of holding); the identity of the security or other asset or
instrument underlying the holding, if any; for options, the option
strike price; quantity held (as measured by, for example, par value,
notional value or number of shares, contracts or units); maturity
date, if any; coupon rate, if any; effective date, if any; market
value of the holding; and the percentage weighting of the holding in
the Fund's portfolio. See id. The Web site and information will be
publicly available at no charge. See id.
    \40\ See id., 80 FR at 12838. The Exchange notes that, for
purposes of calculating the Fund's NAV per Share, the Fund's
investment will generally be valued using market valuations. In the
event that current market valuations are not readily available or
such valuations do not reflect current market value, the Trust's
procedures require the Pricing Committee to determine an asset's
fair value if a market price is not readily available in accordance
with the 1940 Act. Bank deposits held in U.S. dollars will be valued
at their actual dollar amount; bank deposits held in foreign
currencies will be converted into U.S. dollars and valued at their
actual amounts in U.S. dollars. According to the Adviser, Debt
Instruments (as well as debt instruments not within the meaning of
``Debt Instruments''), will generally be valued using prices
received from independent Pricing Services as of the announced
closing time for trading in fixed-income instruments in the
respective market or exchange. Exchange traded assets (including
without limitation, equity securities, listed futures contracts,
listed currency options, listed options on futures, and ETPs) will
be valued at the last reported sale price or the official closing
price on that exchange where the security or other instrument is
primarily traded on the day that the valuation is made. Shares of
money market funds will be valued at their net asset values as
reported on the applicable fund's Web site or to major market
vendors. With respect to derivative instruments, if, however,
neither the last sales price nor the official closing price is
available, each of these derivative instruments will be valued at
either the last reported sale price or official closing price as of
the close of regular trading of the principal market on which the
instrument is listed consistent with the primary benchmark. Spot
currencies and non-exchange-traded derivatives, including non-
deliverable forward currency contracts, currency swaps, interest
rate swaps, total return swaps, credit default swaps, and credit-
linked notes, will normally be valued on the basis of quotes
obtained from brokers and dealers or Pricing Services using data
reflecting the earlier closing of the principal markets for those
assets. International Data Corporation is expected to be the primary
price source for the Fund's assets. The Fund may also rely, however,
on other recognized third-party pricing sources, including, without
limitation, Bloomberg, WM Reuters, JP Morgan, Markit, and JJ Kenney,
to provide prices for certain asset categories, including, among
others, currency swaps, forward currency contracts, spot currencies,
and corporate securities, in each case as determined, from time to
time, by the Fund's board of trustees. Each of these pricing sources
is a ``Pricing Service'' for purposes of this Fund.
    \41\ See id., 80 FR at 12839.
    \42\ See id.
    \43\ See id., 80 FR at 12840.
    \44\ See id., 80 FR at 12842.
    \45\ See id.
    \46\ See id., 80 FR at 12837.
    \47\ See id., 80 FR at 12842.
---------------------------------------------------------------------------

    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes that the Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
will be made available to all market participants at the same time.\48\
Further, trading in the Shares will be subject to Nasdaq 5735(d)(2)(D),
which sets forth circumstances under which trading in the Shares may be
halted.\49\ The Exchange may also halt trading in the Shares if trading
is not occurring in the securities or the financial instruments
constituting the Disclosed Portfolio or if other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present.\50\ Further, the Commission notes that the
Reporting Authority that provides the Disclosed Portfolio must
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material, non-public information
regarding the actual components of the portfolio.\51\ The Exchange
states that it has a general policy prohibiting the distribution of
material, non-public information by its employees.\52\ The Exchange
also states that neither the Adviser nor Sub-Adviser is registered as,
or affiliated with, a broker-dealer.\53\

The Financial Industry Regulatory Authority (``FINRA''), on behalf of
the Exchange, will communicate as needed regarding trading in the
Shares and the U.S and non-U.S. equity securities, ETPs, listed
options, and listed futures contracts and other instruments held by the
Fund with other markets and other entities that are members of the ISG
or with which the Exchange has in place a comprehensive surveillance
sharing agreement. FINRA, on behalf of the Exchange, may obtain trading
information regarding trading in the Shares and the U.S. and non-U.S.
equity securities, ETPs, listed options, listed futures contracts, and
other instruments held by the Fund from such markets and other
entities. FINRA, on behalf of the Exchange, also is able to obtain
trading information regarding certain Debt Instruments held by the Fund
reported to FINRA's Trade Reporting and Compliance Engine.\54\ In
addition, the Exchange may obtain information regarding trading in the
Shares and the exchange-traded securities and instruments held by the
Fund from markets and other entities that are members of ISG or with
which the Exchange has in place a comprehensive surveillance sharing
agreement.\55\
---------------------------------------------------------------------------

    \48\ See id.
    \49\ See id., 80 FR at 12840.
    \50\ See id. See also Nasdaq Rule 5735(d)(2)(C) (providing
additional considerations for the suspension of trading in or
removal from listing of Managed Fund Shares on the Exchange). With
respect to trading halts, the Exchange may consider all relevant
factors in exercising its discretion to halt or suspend trading in
the Shares of the Fund. Nasdaq will halt or pause trading in the
Shares under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pauses under Nasdaq Rules 4120(a)(11) and
(12). Trading also may be halted because of market conditions or for
reasons that, in the view of the Exchange, make trading in the
Shares inadvisable. See id.
    \51\ See Nasdaq Rule 5735(d)(2)(B)(ii).
    \52\ See Notice, supra note 3, 80 FR at 12840.
    \53\ See supra note 6 and accompanying text. The Exchange
further represents that an investment adviser to an open-end fund is
required to be registered under the Investment Advisers Act of 1940
(``Advisers Act''). As a result, the Adviser, the Sub-Adviser, and
their related personnel are subject to the provisions of Rule 204A-1
under the Advisers Act relating to codes of ethics. This Rule
requires investment advisers to adopt a code of ethics that reflects
the fiduciary nature of the relationship to clients as well as
compliance with applicable federal securities laws as defined in
Rule 204A-1(e)(4). Accordingly, procedures designed to prevent the
communication and misuse of nonpublic 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.
    \54\ See Notice, supra note 3, 80 FR at 12840.
    \55\ For a list of the current members of ISG, see
www.isgportal.org.
---------------------------------------------------------------------------

    The Exchange represents that it deems the Shares to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has also made the following
representations:
    (1) The Shares will be subject to Rule 5735, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) Prior to the commencement of trading of the Shares, the
Exchange will inform its members in an Information Circular of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Circular will discuss the following: (a)
The procedures for purchases and redemptions of Shares in Creation
Units (and that Shares are not individually redeemable); (b) Nasdaq
Rule 2310, which imposes suitability obligations on Nasdaq members with
respect to recommending transactions in the Shares to customers; (c)
how and by whom information regarding the Intraday Indicative Value and
Disclosed Portfolio are disseminated; (d) the risks involved in trading
the Shares during the Pre-Market and Post-Market Sessions when an
updated Intraday Indicative Value will not be calculated or publicly
disseminated; (e) the requirement that members deliver a prospectus to
investors purchasing newly issued Shares prior to or concurrently with
the confirmation of a transaction; and (f) trading information.
    (4) Trading in the Shares will be subject to the existing trading
surveillances, administered by both Nasdaq and also FINRA on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\56\ These procedures are
adequate to properly monitor Exchange trading of the Shares in all
trading sessions and to deter and detect violations of Exchange rules
and applicable federal securities laws.
---------------------------------------------------------------------------

    \56\ According to the Exchange, FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement. See Notice, supra note 3, 80 FR at 12840.
---------------------------------------------------------------------------

    (5) For initial and continued listing, the Fund must be in
compliance with Rule 10A-3 under the Act.\57\
---------------------------------------------------------------------------

    \57\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange.
    (7) Under normal circumstances, the Fund will invest at least 80%
of its net assets in Debt Instruments, and no more than 35% of Fund
assets in derivatives that are Debt Instruments. In addition, the Fund
will invest no more than 20% of its net assets in derivative
instruments that are not Debt Instruments.
    (8) The Fund may hold up to an aggregate of 15% of its net assets
in illiquid assets (calculated at the time of investment), including
Rule 144A securities deemed illiquid by the Adviser or Sub-Adviser. The
Fund will monitor its portfolio liquidity on an ongoing basis to
determine whether, in light of current circumstances, an adequate level
of liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets.
    (9) While the Fund may invest in ETPs, the Fund will not invest in
leveraged or inverse leveraged ETPs.
    (10) The Fund may invest in loan participation notes that have a
minimum outstanding principal amount of $200 million that the Adviser
or Sub-Adviser deems to be liquid. In addition, the Fund will invest no
more than 25% of its net assets in credit-linked notes.
    (11) At least 90% of Fund assets that are invested in exchange-
traded derivative instruments will be invested in instruments that
trade in markets that are members of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement. In addition,
the equity securities in which the Fund may invest will be limited to
securities that trade on markets that are members of the ISG.
    (12) The Fund will invest only in currencies, and instruments that
provide exposure to such currencies, that have significant foreign
exchange turnover and are included in the BIS Survey. The Fund may
invest in currencies, and instruments 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.
    (13) The Adviser or the Sub-Adviser will evaluate the
creditworthiness of counterparties on an ongoing basis. In addition to
information provided by credit agencies, the Adviser's or the Sub-
Adviser's analysis will evaluate each approved counterparty using
various methods of analysis and may consider such factors as the
counterparty's liquidity, its reputation, the Adviser's or the Sub-
Adviser's past experience with the counterparty, its known disciplinary
history, and its share of market participation. The Adviser or Sub-
Adviser will also attempt to mitigate the Fund's respective credit risk
by transacting only with large, well-capitalized institutions using
measures designed to determine the creditworthiness of the
counterparty. The Adviser or Sub-Adviser will take various steps to
limit counterparty credit risk.
    (14) Under normal market conditions, at least 80% of the Fund's net
assets that are invested in Debt Instruments will be invested in Debt
Instruments that are issued by issuers with outstanding debt of at
least $200 million (or the foreign currency equivalent thereof). In
addition, while the Fund will be actively-managed and will not be tied
to an index, the Exchange represents that the Fund's investment
portfolio will meet the criteria for non-actively managed, index-based,
fixed income ETFs contained in Nasdaq Rule 5705(a)(4)(A).

    (15) The Fund may invest up to 20% of its net assets, in the
aggregate, in privately issued mortgage backed securities and
privately-issued ABSs.
    (16) The Exchange represents that the Fund's investments in
derivative instruments will be made in accordance with the 1940 Act and
consistent with the Fund's investment objectives and policies, and will
not be used to enhance leverage.

The Commission notes that the Fund and the Shares must comply with the
requirements of Nasdaq Rule 5735 to be initially and continuously
listed and traded on the Exchange. This approval order is based on all
of the Exchange's representations and description of the Fund,
including those set forth above and in the Notice.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\58\ that the proposed rule change (SR-NASDAQ-2015-012), as
modified by Amendment No. 1 thereto, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \58\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\59\
---------------------------------------------------------------------------

    \59\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-09763 Filed 4-27-15; 8:45 am]
 BILLING CODE 8011-01-P


Recommended Practices to the maximum extent practicable. In the
instance of this rulemaking, the FAA does not intend to comply with
international standards. The registration and marking requirements in
this IFR apply only to operations within the United States. The agency
will file differences as is appropriate.

G. Environmental Analysis

    FAA Order 1050.1F identifies FAA actions that are categorically
excluded from preparation of an environmental assessment or
environmental impact statement under the National Environmental Policy
Act in the absence of extraordinary circumstances. The FAA has
determined this rulemaking action qualifies for the categorical
exclusion identified in paragraph 5-6.6f and involves no extraordinary
circumstances.

X. Executive Order Determinations

A. Executive Order 13132, Federalism

    The FAA has analyzed this immediately adopted final rule under the
principles and criteria of Executive Order 13132, Federalism. The
agency determined that this action will not have a substantial direct
effect on the States, or the relationship between the Federal
Government and the States, or on the distribution of power and
responsibilities among the various levels of government, and,
therefore, does not have Federalism implications.

B. Executive Order 13211, Regulations That Significantly Affect Energy
Supply, Distribution, or Use

    The FAA analyzed this immediately adopted final rule under
Executive Order 13211, Actions Concerning Regulations that
Significantly Affect Energy Supply, Distribution, or Use (May 18,
2001). The agency has determined that it is not a ``significant energy
action'' under the executive order and it is not likely to have a
significant adverse effect on the supply, distribution, or use of
energy.

C. Executive Order 13609, Promoting International Regulatory
Cooperation

    Executive Order 13609, Promoting International Regulatory
Cooperation, (77 FR 26413, May 4, 2012) promotes international
regulatory cooperation to meet shared challenges involving health,
safety, labor, security, environmental, and other issues and reduce,
eliminate, or prevent unnecessary differences in regulatory
requirements. The FAA has analyzed this action under the policy and
agency responsibilities of Executive Order 13609, Promoting
International Regulatory Cooperation. The FAA has analyzed this action
under the policies and agency responsibilities of Executive Order
13609, and has determined that this action would have no effect on
international regulatory cooperation.

XI. How To Obtain Additional Information

A. Rulemaking Documents

    An electronic copy of a rulemaking document may be obtained via the
Internet by--

Searching the Federal eRulemaking Portal (http://www.regulations.gov);
Visiting the FAA's Regulations and Policies Web page at http://www.faa.gov/regulations_policies/ or
Access the Government Publishing Office's Web page at: http://www.gpo.gov/fdsys/.

    Copies may also be obtained by sending a request (identified by
notice, amendment, or docket number of this rulemaking) to the Federal
Aviation Administration, Office of Rulemaking, ARM-1, 800 Independence
Avenue SW., Washington, DC 20591, or by calling<PHONE_NUMBER>.

B. Comments Submitted to the Docket

    Comments received may be viewed by going to http://www.regulations.gov and following the online instructions to search the
docket number for this action. Anyone is able to search the electronic
form of all comments received into any of the FAA's dockets by the name
of the individual submitting the comment (or signing the comment, if
submitted on behalf of an association, business, labor union, etc.).

C. Small Business Regulatory Enforcement Fairness Act

    The Small Business Regulatory Enforcement Fairness Act (SBREFA) of
1996 requires FAA to comply with small entity requests for information
or advice about compliance with statutes and regulations within its
jurisdiction. A small entity with questions regarding this document,
may contact its local FAA official, or the person listed under the FOR
FURTHER INFORMATION CONTACT heading at the beginning of the preamble.
To find out more about SBREFA on the Internet, visit http://www.faa.gov/regulations_policies/rulemaking/sbre_act/.

List of Subjects

14 CFR Part 1

    Air transportation.

14 CFR Part 45

    Aircraft, Signs and symbols.

14 CFR Part 47

    Aircraft, Reporting and recordkeeping requirements.

14 CFR Part 48

    Aircraft, Reporting and recordkeeping requirements, Signs and
symbols, Small unmanned aircraft, Unmanned aircraft.

14 CFR Part 91

    Air traffic control, Aircraft, Airmen, Airports, Aviation safety,
Reporting and recordkeeping requirements.

14 CFR Part 375

    Administrative practice and procedure, Aircraft, Foreign relations,
Reporting and recordkeeping requirements.

The Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends Chapter I of Title 14, Code of Federal
Regulations, as follows:

PART 1--DEFINITIONS AND ABBREVIATIONS

0
1. The authority citation for part 1 is revised to read as follows:

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

0
2. In Sec.  1.1, add the definitions of ``Model aircraft'', ``Small
unmanned aircraft'', ``Small unmanned aircraft

system'', and ``Unmanned aircraft'' in alphabetical order to read as
follows:

Sec.  1.1  General definitions.

* * * * *
    Model aircraft means an unmanned aircraft that is:
    (1) Capable of sustained flight in the atmosphere;
    (2) Flown within visual line of sight of the person operating the
aircraft; and
    (3) Flown for hobby or recreational purposes.
* * * * *
    Small unmanned aircraft means an unmanned aircraft weighing less
than 55 pounds on takeoff, including everything that is on board or
otherwise attached to the aircraft.
    Small unmanned aircraft system (small UAS) means a small unmanned
aircraft and its associated elements (including communication links and
the components that control the small unmanned aircraft) that are
required for the safe and efficient operation of the small unmanned
aircraft in the national airspace system.
* * * * *
    Unmanned aircraft means an aircraft operated without the
possibility of direct human intervention from within or on the
aircraft.
* * * * *

PART 45--IDENTIFICATION AND REGISTRATION MARKING

0
3. The authority citation for part 45 is revised to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g), 40103, 40113-40114, 44101-
44105, 44107-44111, 44504, 44701, 44708-44709, 44711-44713, 44725,
45302-45303, 46104, 46304, 46306, 47122.

0
4. In Sec.  45.1, revise paragraph (b) to read as follows:

Sec.  45.1  Applicability.

* * * * *
    (b) Nationality and registration marking of aircraft registered in
the United States in accordance with part 47.

PART 47--AIRCRAFT REGISTRATION

0
5. The authority citation for part 47 is revised to read as follows:

    Authority:  4 U.S.T. 1830; Public Law 108-297, 118 Stat. 1095
(49 U.S.C. 40101 note, 49 U.S.C. 44101 note); 49 U.S.C. 106(f),
106(g), 40113-40114, 44101-44108, 44110-44113, 44703-44704, 44713,
45302, 45305, 46104, 46301.

0
6. Revise Sec.  47.2 to read as follows:

Sec.  47.2  Definitions.

    The following are definitions of terms used in this part:
    Citizen of the United States or U.S. citizen means one of the
following:
    (1) An individual who is a citizen of the United States or one of
its possessions.
    (2) A partnership each of whose partners is an individual who is a
citizen of the United States.
    (3) A corporation or association organized under the laws of the
United States or a State, the District of Columbia, or a territory or
possession of the United States, of which the president and at least
two-thirds of the board of directors and other managing officers are
citizens of the United States, which is under the actual control of
citizens of the United States, and in which at least 75 percent of the
voting interest is owned or controlled by persons that are citizens of
the United States.
    Registry means the FAA, Civil Aviation Registry, Aircraft
Registration Branch.
    Resident alien means an individual citizen of a foreign country
lawfully admitted for permanent residence in the United States as an
immigrant in conformity with the regulations of the Department of
Homeland Security (8 CFR Chapter 1).

0
7. In Sec.  47.3, revise paragraph (b)(3) to read as follows:

Sec.  47.3  Registration required.

* * * * *
    (b) * * *
    (3) Is an aircraft of the Armed Forces of the United States.
* * * * *

0
8. In Sec.  47.7, Revise paragraph (b) to read as follows:

Sec.  47.7  United States citizens and resident aliens.

* * * * *
    (b) Resident aliens. An applicant for aircraft registration under
49 U.S.C. 44102 who is a resident alien must furnish a representation
of permanent residence and the applicant's alien registration number
issued by the Department of Homeland Security.
* * * * *

0
9. Add part 48 to read as follows:

PART 48--REGISTRATION AND MARKING REQUIREMENTS FOR SMALL UNMANNED
AIRCRAFT

Subpart A--General

Sec.
48.1 Applicability.
48.5 Compliance dates.
48.10 Definitions.
48.15 Requirement to register.
48.20 Eligibility for registration.
48.25 Applicants.
48.30 Fees.
Subpart B--Certificates of Aircraft Registration for Small Unmanned
Aircraft
48.100 Application.
48.105 Requirement to maintain current information.
48.110 Registration: Persons intending to use small unmanned
aircraft for purposes other than as model aircraft.
48.115 Registration: Individuals intending to use the small unmanned
aircraft exclusively as a model aircraft.
48.120 Invalid registration.
48.125 Foreign civil aircraft.
Subpart C--Aircraft Marking
48.200 General.
48.205 Display and location of unique identifier.

    Authority:  49 U.S.C. 106(f), 106(g), 40101, 40103, 40113-40114,
41703, 44101-44103, 44105-44106, 44110-44113, 45302, 45305, 46104,
46301, 46306.

Subpart A--General

Sec.  48.1  Applicability.

    (a) This part provides registration and identification requirements
for small unmanned aircraft that are part of a small unmanned aircraft
system as defined in Sec.  1.1 of this chapter.
    (b) Small unmanned aircraft eligible for registration in the United
States must be registered and identified in accordance with either:
    (1) The registration and identification requirements in this part;
or
    (2) The registration requirements in part 47 and the identification
and registration marking requirements in subparts A and C of part 45.
    (c) Small unmanned aircraft intended to be operated outside of the
territorial airspace of the United States, or registered through a
trust or voting trust, must be registered in accordance with subparts A
and B of part 47 and satisfy the identification and registration
marking requirements of subparts A and C of part 45.

Sec.  48.5  Compliance dates.

    (a) Small unmanned aircraft used exclusively as model aircraft. For
small unmanned aircraft operated by the current owner prior to December
21, 2015, compliance with the requirements of this part or part 47 is
required no later than February 19, 2016. For all other small unmanned
aircraft, compliance with this part is required prior to operation of
the small unmanned aircraft.
    (b) Small unmanned aircraft used as other than model aircraft.
Small unmanned aircraft owners authorized to conduct operations other
than model aircraft operations must register the small unmanned
aircraft in accordance

with part 47 of this chapter. Beginning March 31, 2016, small unmanned
aircraft operated as other than model aircraft may complete aircraft
registration in accordance with this part.

Sec.  48.10  Definitions.

    For purposes of this part, the following definitions apply:
    Citizen of the United States or U.S. citizen means one of the
following:
    (1) An individual who is a citizen of the United States or one of
its possessions.
    (2) A partnership each of whose partners is an individual who is a
citizen of the United States.
    (3) A corporation or association organized under the laws of the
United States or a State, the District of Columbia, or a territory or
possession of the United States, of which the president and at least
two-thirds of the board of directors and other managing officers are
citizens of the United States, which is under the actual control of
citizens of the United States, and in which at least 75 percent of the
voting interest is owned or controlled by persons that are citizens of
the United States.
    Registry means the FAA, Civil Aviation Registry, Aircraft
Registration Branch.
    Resident alien means an individual citizen of a foreign country
lawfully admitted for permanent residence in the United States as an
immigrant in conformity with the regulations of the Department of
Homeland Security (8 CFR Chapter 1).

Sec.  48.15  Requirement to register.

    No person may operate a small unmanned aircraft that is eligible
for registration under 49 U.S.C. 44101-44103 unless one of the
following criteria has been satisfied:
    (a) The owner has registered and marked the aircraft in accordance
with this part;
    (b) The aircraft weighs 0.55 pounds or less on takeoff, including
everything that is on board or otherwise attached to the aircraft; or
    (c) The aircraft is an aircraft of the Armed Forces of the United
States.

Sec.  48.20  Eligibility for registration.

    A small unmanned aircraft may be registered under 49 U.S.C. 44103
and under this part only when the aircraft is not registered under the
laws of a foreign country and is--
    (a) Owned by a U.S. citizen;
    (b) Owned by an individual citizen of a foreign country lawfully
admitted for permanent residence in the United States;
    (c) Owned by a corporation not a citizen of the United States when
the corporation is organized and doing business under the laws of the
United States or a State within the United States, and the aircraft is
based and primarily used in the United States; or
    (d) An aircraft of--
    (1) The United States Government; or
    (2) A State, the District of Columbia, a territory or possession of
the United States, or a political subdivision of a State, territory, or
possession.

Sec.  48.25  Applicants.

    (a) To register a small unmanned aircraft in the United States
under this part, a person must provide the information required by
Sec.  48.100 to the Registry in the form and manner prescribed by the
Administrator. Upon submission of this information, the FAA issues a
Certificate of Aircraft Registration to that person.
    (b) A small unmanned aircraft must be registered by its owner using
the legal name of its owner, unless the owner is less than 13 years of
age. If the owner is less than 13 years of age, then the small unmanned
aircraft must be registered by a person who is at least 13 years of
age.
    (c) In accordance with 49 U.S.C. 44103(c), registration is not
evidence of aircraft ownership in any proceeding in which ownership of
an unmanned aircraft by a particular person is in issue.
    (d) In this part, ``owner'' includes a buyer in possession, a
bailee, a lessee of a small unmanned aircraft under a contract of
conditional sale, and the assignee of that person.

Sec.  48.30  Fees.

    (a) The fee for issuing or renewing a Certificate of Aircraft
Registration for aircraft registered in accordance with Sec.  48.100(a)
is $5.00 per aircraft.
    (b) The fee for issuing or renewing a Certificate of Aircraft
Registration for aircraft registered in accordance with Sec.  48.100(b)
is $5.00 per certificate.
    (c) Each application for and renewal of a Certificate of Aircraft
Registration must be accompanied by the fee described in paragraphs (a)
and (b), as applicable, paid to the Federal Aviation Administration
through the web-based aircraft registration system, or in another
manner if prescribed by the Administrator.

Subpart B--Certificates of Aircraft Registration for Small Unmanned
Aircraft

Sec.  48.100  Application.

    (a) Required information: Persons intending to use the small
unmanned aircraft as other than a model aircraft. Each applicant for a
Certificate of Aircraft Registration issued under this part must submit
all of the following information to the Registry:
    (1) Applicant name and, for an applicant other than an individual,
the name of the authorized representative applying for a Certificate of
Aircraft Registration.
    (2) Applicant's physical address and, for an applicant other than
an individual, the physical address for the authorized representative.
If the applicant or authorized representative does not receive mail at
their physical address, a mailing address must also be provided.
    (3) Applicant's email address or, for applicants other than
individuals, the email address of the authorized representative.
    (4) The aircraft manufacturer and model name.
    (5) The aircraft serial number, if available.
    (6) Other information as required by the Administrator.
    (b) Required information: Individuals intending to use the small
unmanned aircraft exclusively as a model aircraft. Each applicant for a
Certificate of Aircraft Registration issued under this part must submit
all of the following information to the Registry:
    (1) Applicant name.
    (2) Applicant's physical address and if the applicant does not
receive mail at their physical address, a mailing address must also be
provided.
    (3) Applicant's email address.
    (4) Other information as required by the Administrator.
    (c) Provision of information. The information identified in
paragraphs (a) and (b) of this section must be submitted to the
Registry through the Web-based small unmanned aircraft registration
system in a form and manner prescribed by the Administrator.
    (d) Issuance of Certificate of Aircraft registration. The FAA will
issue a Certificate of Aircraft Registration upon completion of the
application requirements provided in paragraph (a) or (b) of this
section as applicable.

Sec.  48.105  Requirement to maintain current information.

    (a) The holder of a Certificate of Aircraft Registration must
ensure that the information provided under Sec.  48.100 remains
accurate.
    (b) The holder of a Certificate of Aircraft Registration must
update the information using the web-based small unmanned aircraft
registration system within 14 calendar days of the following:

    (1) A change in the information provided under Sec.  48.100.
    (2) When aircraft registration requires cancellation for any reason
including sale or transfer, destruction, or export.

Sec.  48.110  Registration: Persons intending to use small unmanned
aircraft for purposes other than as model aircraft.

    (a) Certificate of Aircraft Registration. A Certificate of Aircraft
Registration issued in accordance with Sec.  48.100 for aircraft used
for purposes other than as model aircraft constitutes registration only
for the small unmanned aircraft identified on the application.
    (b) Effective date of registration. An aircraft is registered when
the applicant receives a Certificate of Aircraft Registration for the
specific aircraft. The effective date of registration is shown by the
date of issue on the Certificate of Aircraft Registration issued for
the aircraft.
    (c) Registration renewal. A Certificate of Aircraft registration
issued under this part expires 3 years after the date of issue unless
it is renewed.
    (1) The holder of a Certificate of Aircraft Registration must renew
the Certificate by verifying, in a form and manner prescribed by the
Administrator, that the information provided in accordance with Sec.
48.100 of this subpart is accurate and if it is not, provide updated
information. The verification may take place at any time within the six
months preceding the month in which the Certificate of Aircraft
registration expires.
    (2) A certificate issued under this paragraph expires three years
from the expiration date of the previous certificate.
    (d) Other events affecting effectiveness of Certificate. Each
Certificate of Aircraft Registration issued by the FAA under this
subpart is effective, unless registration has ended by reason of having
been revoked, canceled, expired, or the ownership is transferred, until
the date upon which one of the following events occurs:
    (1) Subject to the Convention on the International Recognition of
Rights in Aircraft when applicable, the aircraft is registered under
the laws of a foreign country.
    (2) The small unmanned aircraft is totally destroyed or scrapped.
    (3) The holder of the Certificate of Aircraft Registration loses
U.S. citizenship.
    (4) Thirty days have elapsed since the death of the holder of the
Certificate of Aircraft Registration.
    (5) The owner, if an individual who is not a citizen of the United
States, loses status as a resident alien, unless that person becomes a
citizen of the United States at the same time.
    (6) The owner is a corporation other than a corporation which is a
citizen of the United States and one of the following events occurs:
    (i) The corporation ceases to be lawfully organized and doing
business under the laws of the United States or any State thereof; or
    (ii) The aircraft was not operated exclusively within the United
States during the period of registration under this part.

Sec.  48.115  Registration: Individuals intending to use small unmanned
aircraft exclusively as a model aircraft.

    (a) Certificate of Aircraft Registration: A Certificate of Aircraft
Registration issued in accordance with Sec.  48.100 for small unmanned
aircraft used exclusively as model aircraft constitutes registration
for all small unmanned aircraft used exclusively as model aircraft
owned by the individual identified on the application.
    (b) Effective date of registration. An aircraft is registered when
the applicant receives a Certificate of Aircraft Registration. The
effective date of registration is shown by the date of issue on the
Certificate of Aircraft Registration issued under this part.
    (c) Registration renewal. A Certificate of Aircraft registration
issued under this part expires 3 years after the date of issue unless
it is renewed.
    (1) The holder of a Certificate of Aircraft Registration must renew
the Certificate by verifying, in a form and manner prescribed by the
Administrator, that the information provided in accordance with Sec.
48.100(b) and (c) of this part is accurate and if it is not, provide
updated information. The verification may take place at any time within
the six months preceding the month in which the Certificate of Aircraft
registration expires.
    (2) A certificate issued under this paragraph expires three years
from the expiration date of the previous certificate.
    (d) Other events affecting effectiveness of Certificate. Each
Certificate of Aircraft Registration issued by the FAA under this part
is effective, unless registration has ended by reason of having been
revoked, canceled or expired, or until the date upon which one of the
following events occurs:
    (1) The holder of the Certificate of Aircraft Registration loses
U.S. citizenship.
    (2) Thirty days have elapsed since the death of the holder of the
Certificate of Aircraft Registration.
    (3) The owner, if an individual who is not a citizen of the United
States, loses status as a resident alien, unless that person becomes a
citizen of the United States at the same time.

Sec.  48.120  Invalid registration.

    The registration of a small unmanned aircraft is invalid if, at the
time it is made--
    (a) The aircraft is registered in a foreign country;
    (b) The applicant is not the owner, except when the applicant
registers on behalf of an owner who is under 13 years of age;
    (c) The applicant is not eligible to submit an application under
this part; or
    (d) The interest of the applicant in the aircraft was created by a
transaction that was not entered into in good faith, but rather was
made to avoid (with or without the owner's knowledge) compliance with
49 U.S.C. 44101-44103.

Sec.  48.125  Foreign civil aircraft.

    Except for corporations eligible to register under Sec.  48.20(c),
the FAA will issue a recognition of ownership to persons required to
comply with the provisions of this part pursuant to an authorization to
operate issued under part 375 of this title. The recognition of
ownership does not have the effect of U.S. aircraft registration.

Subpart C--Aircraft Marking

Sec.  48.200  General.

    (a) No person may operate a small unmanned aircraft registered in
accordance with this part unless the aircraft displays a unique
identifier in accordance with the requirements of Sec.  48.205 of this
subpart.
    (b) A unique identifier is one of the following:
    (1) The registration number issued to an individual or the
registration number issued to the aircraft by the Registry upon
completion of the registration process provided by this part; or
    (2) If authorized by the Administrator and provided with the
application for Certificate of Aircraft Registration under Sec.  48.100
of this part, the small unmanned aircraft serial number.

Sec.  48.205  Display and location of unique identifier.

    (a) The unique identifier must be maintained in a condition that is
legible.
    (b) The unique identifier must be affixed to the small unmanned
aircraft by any means necessary to ensure that it will remain affixed
for the duration of each operation.
    (c) The unique identifier must be readily accessible and visible
upon

inspection of the small unmanned aircraft. A unique identifier enclosed
in a compartment is readily accessible if it can be accessed without
the use of any tool.

PART 91--GENERAL OPERATING AND FLIGHT RULES

0
10. The authority citation for part 91 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g), 1155, 40101, 40103, 40105,
40113, 40120, 44101, 44111, 44701, 44704, 44709, 44711, 44712,
44715, 44716, 44717, 44722, 46306, 46315, 46316, 46504, 46506-46507,
47122, 47508, 47528-47531, 47534, articles 12 and 29 of the
Convention on International Civil Aviation (61 Stat. 1180), (126
Stat. 11).

0
11. In Sec.  91.203, revise paragraph (a)(2) to read as follows:

Sec.  91.203  Civil aircraft: Certifications required.

    (a) * * *
    (2) An effective U.S. registration certificate issued to its owner
or, for operation within the United States, the second copy of the
Aircraft registration Application as provided for in Sec.  47.31(c), a
Certificate of Aircraft registration as provided in part 48, or a
registration certification issued under the laws of a foreign country.
* * * * *

PART 375--NAVIGATION OF FOREIGN CIVIL AIRCRAFT WITHIN THE UNITED
STATES

0
12. The authority citation for part 375 continues to read as follows:

    Authority:  49 U.S.C. 40102, 40103, and 41703.

0
13. Revise Sec.  375.11 to read as follows:

Sec.  375.11  Other Foreign Civil Aircraft.

    A foreign civil aircraft, including unmanned aircraft as defined in
Sec.  1.1 of this title, other than those referred to in Sec.  375.10
may be navigated in the United States only when:
    (a) The operation is authorized by the Department under the
provisions of this part, and
    (b) The aircraft complies with any applicable airworthiness
standards of the Federal Aviation Administration for its operation.

0
14. Add Sec.  375.38 to subpart D to read as follows:

Sec.  375.38  Other foreign civil aircraft: Small unmanned aircraft
operated exclusively as model aircraft.

    Foreign civil aircraft that are small unmanned aircraft used
exclusively as model aircraft may be operated in the United States only
when the individual:
    (a) Completes the registration process in accordance with
Sec. Sec.  48.30, 48.100(b) and (c), 48.105, and 48.115 of this title;
    (b) Identifies the aircraft in accordance with the aircraft marking
requirements in Sec. Sec.  48.200 and 48.205 of this title; and
    (c) Complies with the requirements of Sec. 336 of Pub. L. 112-95
(Feb. 14, 2012).

    Issued under the authority of 49 U.S.C. 106(f), 41703, 44101-
44103, in Washington, DC on December 14, 2015.
Anthony R. Foxx,
Secretary of Transportation.
Michael P. Huerta,
Administrator.
[FR Doc. 2015-31750 Filed 12-15-15; 8:45 am]
 BILLING CODE 4910-13-P


[Federal Register Volume 78, Number 159 (Friday, August 16, 2013)]
[Notices]
[Page 50054]
[FR Doc No: 2013-20019]

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ENVIRONMENTAL PROTECTION AGENCY

[ER-FRL-9010-6]

Environmental Impacts Statements; Notice of Availability

    Responsible Agency: Office of Federal Activities, General
Information<PHONE_NUMBER> or http://www.epa.gov/compliance/nepa/.

Weekly receipt of Environmental Impact Statements Filed 08/05/2013
Through 08/09/2013.
Pursuant to 40 CFR 1506.9.

Notice

Section 309(a) of the Clean Air Act requires that EPA make public its
comments on EISs issued by other Federal agencies. EPA's comment
letters on EISs are available at: http://www.epa.gov/compliance/nepa/eisdata.html.
EIS No. 20130236, Final EIS, NIH, MD, National Institute of Health
Animal Center Master Plan, Review Period Ends: 09/16/2013, Contact:
Valerie Nottingham<PHONE_NUMBER>.
EIS No. 20130237, Final EIS, NMFS, NJ, FEIS Amendment 14 to the
Atlantic Mackerel, Squid, and Butterfish Fishery Management Plan,
Review Period Ends: 10/14/2013, Contact: Aja Szumylo<PHONE_NUMBER>.
EIS No. 20130238, Draft EIS, USACE, NC, Bogue Banks Coastal Storm
Damage Reduction, Comment Period Ends: 09/30/2013, Contact: Eric Gasch
910-251-4553.
EIS No. 20130239, Draft EIS, BLM, USFS, CO, Northwest Colorado Greater
Sage-Grouse Draft Resource Management Plan Amendment, Comment Period
Ends: 11/13/2013, Contact: Erin Jones<PHONE_NUMBER>.

    The U.S. Department of the Interior's Bureau of Land Management and
the U.S. Department of Agriculture's Forest Service are joint lead
agencies for the above EIS.

EIS No. 20130240, Draft EIS, USA, AZ, PROGRAMMATIC--Yuma Proving Ground
Activities and Operations, Comment Period Ends: 09/30/2013, Contact:
Mr. Chuck Wullenjohn<PHONE_NUMBER>.
EIS No. 20130241, Final EIS, USACE, FL, Tarmac King Road Limestone
Mine, Review Period Ends: 09/16/2013, Contact: Edward Sarfert 850-439-
9533.
EIS No. 20130242, Final EIS, FHWA, IN, I-69 Evansville to Indianapolis,
Indiana Project, Section 5, Bloomington to Martinsville, Contact:
Michelle Allen<PHONE_NUMBER>.

    Under MAP-21 section 1319, FHWA has issued a single FEIS and ROD.
Therefore, the 30-day wait/review period under NEPA does not apply to
this action.

EIS No. 20130243, Draft EIS, FHWA, DE, US 113 North/South Millsboro
South Area, Comment Period Ends: 10/04/2013, Contact: Nick Blendy 302-
734-2966.

    Dated: August 13, 2013.
Cliff Rader,
Director, NEPA Compliance Division, Office of Federal Activities.
[FR Doc. 2013-20019 Filed 8-15-13; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 77, Number 222 (Friday, November 16, 2012)]
[Notices]
[Pages 68767-68768]
[FR Doc No: 2012-27963]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER12-2448-000]

Chisholm View Wind Project, LLC; Supplemental Notice That Initial
Market-Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding,
of Chisholm View Wind Project, LLC's application for market-based rate
authority, with an accompanying rate schedule, noting that such
application includes a request for blanket authorization, under 18 CFR
part 34, of future issuances of securities and assumptions of
liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability is November 19, 2012.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.

    The filings in the above-referenced proceeding(s) are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for review in the Commission's
Public Reference Room in Washington, DC. There is an eSubscription link
on the Web site that enables subscribers to receive email notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please email<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: November 9, 2012.
 Kimberly D. Bose,
 Secretary.
[FR Doc. 2012-27963 Filed 11-15-12; 8:45 am]
BILLING CODE 6717-01-P