UNITED STATES ENVIRONMENTAL PROTECTION AGENCY WASHINGTON, D. C. 20460 Office of Prevention, Pesticides and Toxic Substances August 6, 2002 SUBJECT: Carbaryl: Agency Response To Aventis Crop Science Error Correction Comments On Revised HED Risk Assessment and Supporting Documents, DP Barcode: D284591, PC Code: 056801 FROM: Jeffrey L. Dawson, Chemist/ Risk Assessor Reregistration Branch 1 Health Effects Division (7509C)

THRU: Whang Phang, PhD, Branch Senior Scientist Reregistration Branch 1 Health Effects Division (7509C)

TO: Anthony Britten, Chemical Review Manager Reregistration Branch 3 Special Review & Reregistration Division (7508C)

Attached is the Agency's response to 30 day error correction comments provided by Aventis Crop Science on the previous version of the human health effects risk assessment (D281420/ June 7, 2002). The registrant comments were included in the document entitled Human Health Risk and Supporting Documents  Phase 1 Error Correction (Date: July 12, 2002). The Agency's human health risk assessment was updated based on a number of the comments and re issued on July 30, 2002 (D284580). The intent of this document is to illustrate how the comments were considered in the revisions to the risk assessment. The comments addressed the risk assessment, the product and residue chemistry chapter, and the occupational and residential risk assessment. Note that only the Agency risk assessment and not the supporting documents have been updated at this point. The Agency response is provided for each set of comments, respectively, in Sections 1, 2, and 3 of this document below. 2 Section 1: Human Health Risk Assessment The Aventis Crop Science comments on the human health risk assessment are presented below as well as the Agency's responses to each.

Aventis Crop Science Comment 1:

EPA statement: The company name of the registrant is listed throughout the document as Aventis Corporation, Aventis Crop Sciences, Aventis Crop Science, and Aventis Crop Science Corporation.

Aventis' comment: Reference should be either to Aventis or Aventis CropScience.

Agency Response To Aventis Crop Science Comment 1:

The Agency has used Aventis Crop Science throughout the document.

Aventis Crop Science Comment 2:

1.0 Executive Summary Dietary Risk Estimates (Page 7; Paragraph 3; Lines 4 6) EPA statement: "In livestock commodities, carbaryl, 5,6 dihydro 5,6 dihydroxy carbaryl, 5 methoxy 6 dydroxy carbaryl and all residues which can be hydrolyzed to carbaryl, 5,6 dihydro 5,6 dihydroxy carbaryl, 5 methoxy 6 hydroxy carbaryl under acidic conditions …."

Aventis' comment: Add "and" before "5 methoxy 6 hydroxy carbaryl under acidic conditions ….".

Agency Response To Aventis Crop Science Comment 2:

The "and" has been added. 3 Aventis Crop Science Comment 3:

1.0 Executive Summary Aggregate Risks and DWLOCs (Page 11; Paragraph 4; Lines 9 14) EPA statement: "Additionally, acute dietary risks were also exceeded for infants and children (1 to 6 years old) at the 99.9 th percentile when the Carbamate Market Basket Survey (CMBS) was not considered in the assessment (133% of aPAD). However, the risk picture could substantively change if residential risks are refined based on updated use information from the carbaryl use survey yet to be submitted to the Agency, and the Agency uses the CMBS data even with the caveats associated with that study."

Aventis' comment: This statement is inconsistent with information presented elsewhere in the HED Chapter. As written, the statement implies that the Agency has not yet approved the use of the CMBS data in the dietary risk assessment for carbaryl. However, EPA states in the Hazard Characterization section of the Executive Summary, page 6, paragraph 2, line 9, "Dietary exposures were calculated using FDA and PDP monitoring data, a carbamate market basket survey, and …" which indicates that the EPA approved the use of the CMBS data. In addition, it is stated on pages 8 and 31 (Footnotes) and page 37, first paragraph: "At the present time, information from the industry sponsored Carbamate Market Basket Survey has been approved for use in dietary risk assessments with appropriate characterization of uncertainties associated with the conduct of the study. Hence, the use of these data in this assessment should be considered with associated caveats …"

Agency Response To Aventis Crop Science Comment 3:

The Agency has considered this and other comments related to the use and interpretation of the carbamate market basket survey results in a similar fashion. The intent of the Agency in any risk assessment is to present as broad a picture as possible to risk managers so they can make the most informed decisions possible given the resources available. This approach is very consistent with the Agency's available guidelines for exposure assessment and risk characterization.

In this case, both the CMBS and the PDP data (as well as the other data used in the Agency's dietary risk assessment) were considered to be acceptable for use in the risk assessment. However, both sources of data have associated uncertainties such as the rubbing issue in the CMBS. Additionally, it should be noted that if the Agency considers multiple sources of data acceptable for risk assessment, it does not mean that the 4 Agency would disregard other sources of information. This is particularly true when each one is considered to be of high quality yet still has uncertainties associated with its use. As such, the Agency has retained the comparative risk analyses based on the use, or not, of the CMBS in the recently revised risk assessment (D284580/ July 30, 2002).

Aventis Crop Science Comment 4:

1.0 Executive Summary Issues for Consideration (Page 16, Paragraph 1, Lines 19 26) EPA statement: It should also be noted that Aventis Crop Sciences is in the process of conducting biological monitoring studies in residences where there have been carbaryl applications (sampling urine from children) and also for field workers during harvesting and hand thinning operations in apples and cherries. Preliminary results from these studies, based on personal communication with Aventis scientists (they have not been submitted to the Agency yet), indicate body burden levels similar to those calculated by the Agency for risk assessment purposes. For example, the turf risk assessments completed by the Agency are intended to provide upper percentile exposures. The data from the monitored children appear to indicate similar results a the upper percentiles.

Aventis' comment: This statement does not accurately reflect the true scope of the study and would be misleading. The comment would be more accurate as follows: "It should also be noted that Aventis CropScience has completed and is in the process of submitting to the Agency a biomonitoring study of individuals in residences following the application by a member of the household to the lawn and either the vegetable garden or ornamental flowers. A biomonitoring study of field workers during harvesting and hand thinning operations in apples and cherries will also be submitted to the Agency. Based on personal communication with Aventis scientists, preliminary results from the residential biomonitoring study indicate that the highest percentiles of the distribution of the younger children in the homes were similar to those predicted in the Agency's turf risk assessment for toddlers that are intended to represent the higher percentiles of the exposure distribution."

Agency Response To Aventis Crop Science Comment 4:

The Agency replaced the text in the revised assessment with that suggested by Aventis Crop Science. 5 Aventis Crop Science Comment 5:

4.0 Non Occupational Risk Assessment and Characterization 4.1 Summary of Registered Uses (Page 28; Table 3: Technical and Manufacturing Carbaryl Products) Aventis' comment: Carbaryl – Technical Products ° EPA Registration No. 45735 24 (99%), Carbaryl 99% Technical Grade Insecticide, Burlington Scientific Corporation, should be added to the list of registered carbaryl technical. ° EPA Registration No. 264 325 (97.5%), Aventis CropScience, should be included in the list of manufacturing use products.

Carbaryl – Manufacturing Use Products ° EPA Registration No. 5481 190 (46% FI), AMVAC Chemical corporation , is an active registration and should be added to the list of Manufacturing Use Products. (It is listed in Table 1, page 2, of the Product and Residue Chemistry Chapters) ° EPA Registration No. 4816 270 (97.5%) is no longer active; it was transferred to EPA Registration No. 432 982 (97.5%), Aventis Environmental Science USA LP, on February 22, 2000. ° EPA Registration No. 4816 407 (1%) is no longer active; it was transferred to Reg. No. 432 1006 on February 22, 2000 and subsequently transferred to Reg. No. 73049 238, Valent Bioscience Corporation, on June 27, 2001 (neither 4816 407 or 432 1006 are active). ° As stated above, EPA Registration No. 264 325 (97.5%), Aventis CropScience, should be added to the list of manufacturing use products.

Agency Response To Aventis Crop Science Comment 5:

The suggested modifications have been made to the risk assessment.

Aventis Crop Science Comment 6:

4.0 Non Occupational Risk Assessment and Characterization 4.2 Dietary Risk Assessment (Page 31; Paragraph 1; Lines 3 5) EPA statement: Carbaryl is used late in the season at maximal seasonal rates of 6 12 lb ai/ acre. [Note: A Special Local Needs registration in California uses 16 lb ai/ acre as a maximum rate on citrus.] 6 Aventis' comment: The Section 3 registration of carbaryl products cover the use on citrus at the rate of 5 16 lbs ai/ acre in the state of California only.

Agency Response To Aventis Crop Science Comment 6:

The suggested modifications have been made to the risk assessment.

Aventis Crop Science Comment 7:

4.0 Non Occupational Risk Assessment and Characterization 4.3 Estimated Environmental Concentrations in Water 4.3.1 Environmental Fate Characteristics (Section 4.3.1, Pages 39 40)

Aventis' comment: The text in section 4.3.1 does not include the revisions that were made to the EFED draft Chapter and is inconsistent. For example: ° on Page 39, first paragraph of Section 4.3.1, first sentence "Carbaryl and its degradate 1 naphthol are fairly mobile but are not likely to persist or accumulate in the environment." ° on Page 40, Paragraph 1, last sentence "Carbaryl is mobile to very mobile in the environment (Kf = 1.7 to 3.2)."

The information in the EFED chapter has been revised to ° "Carbaryl is considered to be moderately mobile in soils" and the Kf range is 1.7 to 3.5 (EFED Chapter, Page 20 – Table 3; Page 22 – Mobility). ° "… literature information suggest that it [1 naphthol] is less persistent and less mobile than parent carbaryl."( EFED Chapter, Page 26, 1 Naphthol Fate and Transport).

Agency Response To Aventis Crop Science Comment 7:

The suggested modifications have been made to the risk assessment. 7 Aventis Crop Science Comment 8:

4.0 Non Occupational Risk Assessment and Characterization 4.3 Estimated Environmental Concentrations in Water 4.3.1 Environmental Fate Characteristics (Section 4.3.1, Paragraphs 2 and 3 (pages 39 40))

EPA statement: In these 2 paragraphs, the chemical name for the major carbaryl degradation product is typed as "1 napthol".

Aventis' comment: Correct spelling is "1 naphthol".

Agency Response To Aventis Crop Science Comment 8:

The suggested modifications have been made to the risk assessment.

Aventis Crop Science Comment 9:

4.0 Non Occupational Risk Assessment and Characterization 4.4 Residential Risk Assessment <IP_ADDRESS> Residential Handler Cancer Risks (Page 52; Paragraph 1; Lines 11 12)

EPA statement: "…[ Note: Scenarios where risks are still of concern (i. e., <1x10 6 ) are highlighted in the table.].

Aventis' comment: (i. e., "<" 1x10 6 ) should be corrected to (i. e., ">" 1x10 6 ).

Agency Response To Aventis Crop Science Comment 9:

The suggested modifications have been made to the risk assessment. 8 Aventis Crop Science Comment 10:

4.0 Non Occupational Risk Assessment and Characterization 4.4 Residential Risk Assessment 4.4.3 Residential Postapplication Risk Assessment (Page 59; Paragraph 1; Lines 4 6)

EPA statement: These levels were The Agency instead considers them a qualitative indicator that exposures in the general population are likely to occur.

Aventis' comment: Words are missing from the first part of the sentence.

Agency Response To Aventis Crop Science Comment 10:

The suggested modifications have been made to the risk assessment.

Aventis Crop Science Comment 11:

4.0 Non Occupational Risk Assessment and Characterization 4.4 Residential Risk Assessment 4.4.3 Residential Postapplication Risk Assessment (Page: 59 Paragraph: 2 Lines: 1 6)

EPA statement: Aventis Crop Science is in the process of conducting a biomonitoring study with children who live in households where carbaryl has been used. Based on discussions with Aventis, the preliminary results indicate that levels at the highest percentiles of the distribution are similar to those predicted in the Agency's turf risk assessment for toddlers which are intended to represent the higher percentiles of the exposure distribution. A more detailed analysis will be completed upon submission Aventis' comment: The statement does not accurately reflect the true scope of the study and would be misleading. The comment would be more accurate as follows:

Aventis CropScience has completed and is in the process of submitting to the Agency a biomonitoring study of individuals in residences following the application by a member of the household to the lawn and either the vegetable garden or ornamental flowers. Based on discussions with Aventis, preliminary results indicate that the highest percentiles of the distribution of the younger children in the homes were similar to those predicted in the Agency's turf risk assessment for toddlers that are intended to represent the higher percentiles of the exposure distribution. A more detailed analysis will be completed upon submission. 9 Agency Response To Aventis Crop Science Comment 11 The suggested modifications have been made to the risk assessment.

Aventis Crop Science Comment 12:

5.0 Aggregate Risk Assessments and Risk Characterization 5.1 Calculation of Aggregate Risks and DWLOCs (Page 72; Paragraph 2; Lines 6 11)

EPA statement: "Additionally, acute dietary risks were also exceeded for infants and children (1 to 6 years old) at the 99.9 th percentile when the Carbamate Market Basket Survey (CMBS) was not considered in the assessment. However, the risk picture could substantively change if residential risks are refined based on updated use information from the carbaryl use survey yet to be submitted to the Agency and the Agency chooses to regulate using the results of the CMBS."

Aventis' comment: This statement is inconsistent with information presented elsewhere in the HED Chapter. As written, the statement implies that the Agency has not yet approved the use of the CMBS data in the dietary risk assessment for carbaryl. However, EPA states in the Hazard Characterization section of the Executive Summary, page 6, paragraph 2, line 9, "Dietary exposures were calculated using FDA and PDP monitoring data, a carbamate market basket survey, and …" which indicates that the EPA approved the use of the CMBS data. In addition, it is stated on pages 8 and 31 (Footnotes) and page 37, first paragraph: "At the present time, information from the industry sponsored Carbamate Market Basket Survey has been approved for use in dietary risk assessments with appropriate characterization of uncertainties associated with the conduct of the study. Hence, the use of these data in this assessment should be considered with associated caveats …"

Agency Response To Aventis Crop Science Comment 12:

Please refer to the Agency response to Aventis Crop Science comment 3 above.

Aventis Crop Science Comment 13:

5.0 Aggregate Risk Assessments and Risk Characterization 5.7 Summary of Aggregate Risks (Page 76; Paragraph 2; Lines 3 4 continued on page 77)

EPA statement: "Additionally, acute dietary risks were also exceeded for infants and children (1 to 6 years old) at the 99.9 th percentile when the Carbamate Market Basket Survey (CMBS) was not considered in the assessment. However, the risk picture 10 could substantively change if residential risks are refined based on updated use information from the carbaryl use survey yet to be submitted to the Agency and the Agency chooses to regulate using the results of the CMBS."

Aventis' comment: This statement is inconsistent with information presented elsewhere in the HED Chapter. As written, the statement implies that the Agency has not yet approved the use of the CMBS data in the dietary risk assessment for carbaryl. However, EPA states in the Hazard Characterization section of the Executive Summary, page 6, paragraph 2, line 9, "Dietary exposures were calculated using FDA and PDP monitoring data, a carbamate market basket survey, and …" which indicates that the EPA approved the use of the CMBS data. In addition, it is stated on pages 8 and 31 (Footnotes) and page 37, first paragraph: "At the present time, information from the industry sponsored Carbamate Market Basket Survey has been approved for use in dietary risk assessments with appropriate characterization of uncertainties associated with the conduct of the study. Hence, the use of these data in this assessment should be considered with associated caveats …"

Agency Response To Aventis Crop Science Comment 13:

Please refer to the Agency response to Aventis Crop Science comment 3 above.

Aventis Crop Science Comment 14:

7.1 Occupational Handler Risk Assessment (Page: 83; Paragraph 5; Lines 9 10 and Footnote)

EPA statement: There are no data compensation issues with any of these data. 11 .

(Footnote) 11 Non ORETF data included in MRIDs 451672 01 and 452507 01 were from studies submitted by Aventis CropScience. The propoxur trigger sprayer study has a signed PHED data waiver but has not been included into PHED.

Aventis' comment: Aventis concurs that there are no data compensation issues. However, the rationale presented for the propoxur trigger sprayer study is not accurate. The PHED data waiver is applicable only when the data are in PHED and not when cited outside of PHED. The propoxur study does not trigger data compensation because the study is the property of Bayer CropScience which has recently acquired Aventis CropScience.

Agency Response To Aventis Crop Science Comment 14:

The suggested modifications have been made to the risk assessment. 11 Section 2: Product and Residue Chemistry This section addresses the comments received from Aventis Crop Science pertaining to the product and residue chemistry supporting document (D283328). This document has not been altered at this point to reflect the changes suggested by the registrant, Aventis Crop Sciences. Rather, specific changes which could impact the results of the risk assessment were considered and the appropriate modifications were made to the risk assessment. The Agency response to comments provided by Aventis will serve as errata to the product and residue chemistry chapter (D283328).

Aventis Crop Science Comment 15:

General several References Throughout the Document EPA statement: The company name of the registrant is listed throughout the document as Aventis Ag Company.

Aventis' comment: Reference should be to Aventis CropScience.

[Note: This issue was repeated in the Aventis Crop Science comments pertaining to the product and residue chemistry chapters. It is only addressed here.]

Agency Response To Aventis Crop Science Comment 15:

The suggested modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect the suggested change.

Aventis Crop Science Comment 16:

Product Chemistry Chapter/ Manufacturing Use Products (Page 2; Table 1 – Registered Carbaryl Manufacturing Use Products)

Aventis' comment: ° EPA Registration No. 45735 24 (99%), Carbaryl 99% Technical Grade Insecticide, Burlington Scientific Corporation, should be added to the list of registered carbaryl technical.

° EPA Registration No. 4816 270 (97.5%) is no longer active; it was transferred to EPA Registration No. 432 982 (97.5%), Aventis Environmental Science USA LP, on February 22, 2000. 12 ° EPA Registration No. 4816 407 (1%) is no longer active; it was transferred to Reg. No. 432 1006 on February 22, 2000 and subsequently transferred to Reg. No. 73049 238, Valent Bioscience Corporation, on June 27, 2001 (neither 4816 407 or 432 1006 are active).

° The name of the registrant for EPA Registration No. 769 971 is Value Gardens Supply, LLC.

Corresponding corrections should be made to the Product Chemistry Section of the Memorandum for this Chapter and in other sections of the Product Chemistry Chapter of the Reregistration Eligibility Decision (RED) Document.

Agency Response To Aventis Crop Science Comment 16:

The suggested modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect the suggested change.

Aventis Crop Science Comment 17:

Regulatory Background (Page 2: Paragraph 2: Line 5)

EPA statement: "... but should not delay on the reregistration eligibility decisions for carbaryl."

Aventis' comment: Remove "on" from the sentence, "... but should not delay on the reregistration..."

Agency Response To Aventis Crop Science Comment 17:

The Agency is unclear about this comment but will review the affected text and make appropriate changes.

Aventis Crop Science Comment 18:

Summary of Science Findings GLN 860.1200: Directions for Use (Page 3: Table A1. Carbaryl EPs with Food/ Feed Uses Registered to Aventis Ag Company)

EPA statement: EPA Registration No. 264 430 is listed on this table.

Aventis' comment: The registration of Sevin Brand Granular Carbaryl Insecticide For Outdoor Home Use, EPA Registration No. 264 430, was transferred to Aventis Environmental Science, EPA Registration No. 432 885 on February 9, 2000. 13 Agency Response To Aventis Crop Science Comment 18:

The appropriate changes to the product and residue chemistry chapter will be made after verification by the chemical review manager. There is no anticipated impact on the results of the risk assessment.

Aventis Crop Science Comment 19:

GLN 860.1380: Storage Stability Data  Plants (page 6: Paragraph 1; Lines 2 3)

EPA statement: Additional data are required depicting the storage stability of carbaryl per se in an oilseed, processed commodities of an oily crop, and a dried fruit stored up to 10 months.

Aventis' comment: Inconsistencies are noted between the information presented in the section "Summary of Science Findings" and Table B. Residue Chemistry Science Assessments for Reregistration of Carbaryl (page 63)

Paragraph 1 of the "GLN 860.1380: Storage Stability Data  Plants" section indicates the need for storage stability data for dried fruit (in addition to other items). Table B data requirements (page 63 along with footnote #14 on page 73) does not request storage stability data for dried fruit; neither does the 4 th paragraph on page 6 (GLN 860.1380).

Agency Response To Aventis Crop Science Comment 19:

The appropriate modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect appropriate changes.

Aventis Crop Science Comment 20:

GLN 860.1500: Crop Field Trials (Page 7, paragraph 5)

EPA statement: "In addition, conclusions regarding the adequacy of the data for alfalfa, apples, potatoes... are contingent upon receipt and acceptance of adequate supporting storage stability data."

Aventis' comment: The statement is inconsistent with information elsewhere in the document. There is no requirement for storage stability data on apples in the "GLN 860.1380: Storage Stability Data  Plants" section (page 6) nor in Table B (page 63 along with footnote #14 on pate 73). 14 Agency Response To Aventis Crop Science Comment 20:

The appropriate modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect appropriate changes.

Aventis Crop Science Comment 21:

GLN 860.1500: Crop Field Trials (Page 8, paragraph 14, Line 4)

EPA statement: "However, additional residue data are required if the registrant seeks tolerances for residues in/ on succulent, shelled pea and bean commodities." (Also stated in the Memorandum on page 3, paragraph 3).

Aventis' comment: This statement is in contradiction with paragraph 6 of this section: "... adequate magnitude of the residue data are available on the following crops: ... beans (dried and succulent), ... peas (dried and succulent..." and Table B requirements for crop field trials (page 65). Also, MRID 43984701 (succulent bean) and MRID 43703102 (fresh pea) were found to be acceptable.

Agency Response To Aventis Crop Science Comment 21:

The appropriate modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued after verification by the chemical review manager. There is no anticipated impact on the results of the risk assessment.

Aventis Crop Science Comment 22:

GLN 860.1520: Processed Food/ Feed (page 9, paragraph 1, lines 4 6)

EPA statement: Based on the available processing studies, tolerances are required for residues in citrus fruit oil, raisins, wet apple pomace, and rice hulls only.

Aventis' comment: EPA requests processed commodity tolerances for (among other commodities) wet apple pomace and raisins (see also Table C, page 85). Calculations according to the 860.1520 Guidelines indicate that processed commodity tolerances are not needed for these commodities. The Agency's statement appears to be the result of a mathematical or computational type error since the 860.1520 Guidelines are rather clear on determination of need for processed commodity tolerances. 15 Agency Response To Aventis Crop Science Comment 22:

The appropriate modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect appropriate changes.

Aventis Crop Science Comment 23:

GLN 860.1480: Meat, Milk, Poultry, Eggs (page 11: paragraph 3, line 5)

EPA statement: "The calculation of the maximum dietary is tentative..."

Aventis' comment: Add the word "burden" to the statement "The calculation of the maximum dietary (burden) is tentative...".

Agency Response To Aventis Crop Science Comment 23:

The Agency will add the word "burden" to the text of the document.

Aventis Crop Science Comment 24:

GLN 860.1480: Meat, Milk, Poultry, Eggs (page 11: paragraph 4, lines 1 2)

EPA statement: "... tolerances for residues of carbaryl per se in livestock (excluding swine) commodities should be reassessed..."

Aventis' comment: The tolerance expression in GLN 860.1480 should be modified to agree with the one in GLN 860.1300 (page 4): "... tolerances for ruminant meat and milk should be expressed as residues of free and conjugated carbaryl, 5,6 dihydro 5,6 dihydroxy carbaryl, and 5 methoxy 6 hydroxy carbaryl."

Agency Response To Aventis Crop Science Comment 24:

The appropriate modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect appropriate changes. 16 Aventis Crop Science Comment 25:

Tolerance Reassessment Summary, Table C. Tolerance Reassessment Summary For Carbaryl, Tolerance Listed Under 40 CFR §180.169 (a), page 79 Aventis' comment: Under the commodity "Corn, forage", Comments on "Corn, sweet, forage": should read "Residue data indicate that the tolerance for sweet corn forage should be increased." (i. e., replace "field" with "sweet" in the sentence).

Agency Response To Aventis Crop Science Comment 25:

The appropriate modifications will be made to the product and residue chemistry chapter (D283328) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect appropriate changes. 17 Section 3: Occupational & Residential Exposure This section addresses the comments received from Aventis Crop Science pertaining to the occupational and residential exposure supporting document (D281418). This document has not been altered at this point to reflect the changes suggested by the registrant, Aventis Crop Sciences. Rather, specific changes which could impact the results of the risk assessment were considered and the appropriate modifications were made to the risk assessment. The Agency response to comments provided by Aventis will serve as errata to the occupational and residential exposure/ risk assessment chapter (D281418).

Aventis Crop Science Comment 26:

General, Several References Throughout the Document EPA statement: The company name of the registrant is listed throughout the document as Aventis Corporation and Aventis Crop Science.

Aventis' comment: Reference should either to Aventis or Aventis CropScience.

Agency Response To Aventis Crop Science Comment 26:

The suggested modifications will be made to the occupational and residential exposure chapter (D281418) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect the suggested change.

Aventis Crop Science Comment 27:

Executive Summary (Page 10, paragraph: 3, Lines 16 20)

EPA comment: [Note: The Aventis Corporation is in the process of conducting a biomonitoring study with children who live in households where carbaryl has been used. Preliminary results indicate that levels at the highest percentiles of the distribution were similar to those predicted in the Agency's turf risk assessment for toddlers which are intended to represent the higher percentiles of the exposure distribution. A more detailed analysis will be completed upon submission.]

Aventis's response: The statement does not accurately reflect the true scope of the study and would be misleading. The comment would be more accurate as follows:

Aventis Crop Science has completed and is in the process of submitting to the Agency a biomonitoring study of individuals in residences following the application by a member of the household to the lawn and either the vegetable garden or ornamental 18 flowers. Preliminary results indicate that the highest percentiles of the distribution of the younger children in the homes were similar to those predicted in the Agency's turf risk assessment for toddlers that are intended to represent the higher percentiles of the exposure distribution. A more detailed analysis will be completed upon submission.

Agency Response To Aventis Crop Science Comment 27:

The suggested modifications will be made to the occupational and residential exposure chapter (D281418) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect the suggested change.

Aventis Crop Science Comment 28:

1.0 Occupational and Residential Exposure/ Risk Assessment 1.5 Summary of Use Patterns and Formulations 1.5.1 End Use Products (page 15, table 2)

Aventis' comment: Carbaryl – Technical Products ° EPA Registration No. 45735 24 (99%), Carbaryl 99% Technical Grade Insecticide, Burlington Scientific Corporation, should be added to the list of registered carbaryl technical. ° EPA Registration No. 264 325 (97.5%), Aventis CropScience, should be included in the list of manufacturing use products.

Carbaryl – Manufacturing Use Products ° EPA Registration No. 5481 190 (46% FI), AMVAC Chemical corporation , is an active registration and should be added to the list of Manufacturing Use Products. (It is listed in Table 1, page 2, of the Product and Residue Chemistry Chapters) ° EPA Registration No. 4816 270 (97.5%) is no longer active; it was transferred to EPA Registration No. 432 982 (97.5%), Aventis Environmental Science USA LP, on February 22, 2000. ° EPA Registration No. 4816 407 (1%) is no longer active; it was transferred to Reg. No. 432 1006 on February 22, 2000 and subsequently transferred to Reg. No. 73049 238, Valent Bioscience Corporation, on June 27, 2001 (neither 4816 407 or 432 1006 are active). ° As stated above, EPA Registration No. 264 325 (97.5%), Aventis CropScience, should be added to the list of manufacturing use products. 19 Agency Response To Aventis Crop Science Comment 28:

The suggested modifications will be made to the occupational and residential exposure chapter (D281418) if and when the document is reissued pending verification by the chemical review manager. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect the suggested change. [Note: This comment was also addressed above in the risk assessment section.]

Aventis Crop Science Comment 29:

1.5.3 Registered Use Categories and Sites (page 20, animal uses)

EPA statement:

Poultry (Chickens, ducks, geese, game birds, turkeys) Livestock (cattle, sheep, horses, etc.)

Aventis' comment: Both uses should be removed from the list of registered uses. Aventis voluntarily requested the deletion of the use on poultry. A Federal Register Notice dated October 24, 2001 announced receipt by the Agency of an application from Aventis Crop Science to delete this use. The use on livestock (cattle, sheep, horses, etc.) is no longer registered. Aventis will not support the reregistration of this use.

Agency Response To Aventis Crop Science Comment 29:

The suggested modifications will be made to the occupational and residential exposure chapter (D281418) if and when the document is reissued once the suggested changes are verified by the chemical review manager. It should be noted that an August 1, 2002 review of the Agency's REFs system still had active registrations listed for both poultry and unspecified livestock and horses. There were some registrations for cattle that were listed as inactive.

Aventis Crop Science Comment 30:

1.5.3 Registered Use Categories and Sites (page 21, aquatic food crop)

EPA statement: Aquatic sites  commercial fishery water systems Aventis' comment: This use is not listed on Aventis Carbaryl product labels. 20 Agency Response To Aventis Crop Science Comment 30:

The use likely attributed to this site is from EPA Reg. No. 264 316, SLN WA 900013 which is for Sevin Brand 80S Carbaryl Insecticide For Control Of Ghost and Mud Shrimp in Oyster Beds in Washington state.

Aventis Crop Science Comment 31:

1.5.3 Registered Use Categories and Sites (page 21, aquatic non food industrial)

EPA statement: Aquatic sites  drainage systems Aventis' comment: This use is not listed on Aventis carbaryl products labels.

Agency Response To Aventis Crop Science Comment 31:

The suggested modifications will be made to the occupational and residential exposure chapter (D281418) if and when the document is reissued once the suggested changes are verified by the chemical review manager and another review of available labels is completed. It should be noted that an August 1, 2002 review of the Agency's REFs system still had an active registration for this site.

Aventis Crop Science Comment 32:

2.0 Occupational Exposures and Risks 2.1 Occupational Handler Exposures and Risks 2.1.2 Data and Assumptions For Handler Exposure Scenarios (page 36, paragraph 1, lines 1  4)

EPA statement: There are no data compensation issues associated with the use of nonORETF data... and the propoxur trigger sprayer study has a signed PHED data waiver but just has not been included into PHED at this time.

Aventis' response: Aventis concurs that there are no data compensation issues. However, the rationale for the propoxur trigger sprayer study is not correct. The PHED data waiver is applicable only when the data are in PHED and not when cited outside of PHED. The propoxur study does not trigger data compensation because the study is the property of Bayer Crop Science which has acquired Aventis Crop Science. 21 Agency Response To Aventis Crop Science Comment 32:

The suggested modifications will be made to the occupational and residential exposure chapter (D281418) if and when the document is reissued. Otherwise the Agency acknowledges this comment and has altered the overall risk assessment document to reflect the suggested change. [Note: This comment was also addressed above in the risk assessment section.]

Aventis Crop Science Comment 33:

3.0 Residential and Other Non Occupational Exposures and Risks 3.1 Residential Handler Exposures and Risks 3.1.2 Data and Assumptions For Handler Exposure Scenarios (page 99, paragraph: 2, line 9)

EPA statement: "Longitudinal data, however, were not available to establish that such populations definitively exist."

Aventis' comment: The following should be added after this sentence to accurately reflect the submission of Residential Exposure Joint Venture data for carbaryl that covers use patterns by the same individuals between May and August.

"Note: Aventis has recently submitted an analysis of longitudinal residential use patterns of carbaryl that monitored the use of carbaryl within several thousand households between the months of May through August."

Agency Response To Aventis Crop Science Comment 33:

At the time the occupational and residential exposure/ risk assessment was completed, the Residential Exposure Joint Venture data for carbaryl had not yet been submitted by Aventis Crop Science. The Agency will review this information, both in the context of a deterministic and a probabilistic risk assessment strategy. Results from this study will be incorporated into any revisions to the human health risk assessment and the occupational and residential exposure/ risk assessment documents as appropriate. 22 Aventis Crop Science Comment 34:

3.0 Residential and Other Non Occupational Exposures and Risks 3.1 Residential Handler Exposures and Risks 3.1.2 Data and Assumptions For Handler Exposure Scenarios (pages 104 105, Discussion of OMA004)

EPA statement: The discussion presents exposure data for Dial type (DTS) Homeowner Hose End sprayers and Ready to Use Sprayers. However, Table 23 and subsequent risk and exposure tables only present exposure estimates based on the DTS sprayer.

Aventis' response: The RTU sprayer is an important component of the carbaryl market and was developed as an exposure mitigation product that eliminates the homeowner's need to pour concentrated formulations of carbaryl. The OMA004 study demonstrated significant reductions in the exposure to homeowners and the presentation of the resultant RTU hose end sprayer data, exposure, and risk is essential to the residential handler section.

Agency Response To Aventis Crop Science Comment 34:

The Agency did not include a quantitative analysis based on the ready to use (no mixing/ loading) product because it is unclear if the packaging used in the study is similar to the containers used for carbaryl and it is also not clear what percentage of the market for carbaryl is accounted for by the no mix containers. The Agency calculated risk estimates based solely on the hose end sprayer data that required users to add concentrated formulation to the device. Both sets of information will be considered in any risk management decision. The Agency used the following unit exposures in its assessment (i. e., the open mixing data from ORETF Study OMA004):

° Dermal geo. mean for a person wearing shorts and a short sleeved shirt: 11 mg/ lb ai ° Inhalation geo. mean for a person not wearing a respirator: 16 µg/ lb ai [Dermal exposure drives the overall risk estimate so any change in dermal exposure would clearly and proportionally alter the overall risk estimate. The total MOE (includes both dermal and inhalation exposures) for broadcast applications to lawns is 25 while the MOE for spot treatments is 495 (Agency target is 100).]

The unit exposure values from ORETF Study OMA004 where no mixing dial type sprayers were used are as follows:

° Dermal geo. mean for a person wearing shorts and a short sleeved shirt: 2.6 mg/ lb ai ° Inhalation geo. mean for a person not wearing a respirator: 11 µg/ lb ai 23 If the MOE for broadcast applications is adjusted for changes in the dermal exposure estimate, then the MOE would be ~106 (25* 11/ 2.6) which exceeds Agency targets. This information will be considered in the risk management decisions as well as the feasability of using the no mix containers in 100 percent of the carbaryl market.

Aventis Crop Science Comment 35:

3.2 Residential Postapplication Exposures and Risks 3.2.2 Data and Assumptions For Residential Postapplication Exposure Scenarios (Page: 122 Paragraph: 5 Lines: 1 6)

EPA statement: Aventis Crop Science is in the process of conducting a biomonitoring study with children who live in households where carbaryl has been used. Preliminary results indicate that levels at the highest percentiles of the distribution were similar to those predicted in the Agency's turf risk assessment for toddlers which are intended to represent the higher percentiles of the exposure distribution. A more detailed analysis will be completed upon submission Aventis' comment: The statement does not accurately reflect the true scope of the study and would be misleading. The comment would be more accurate as follows:

Aventis CropScience has completed and is in the process of submitting to the Agency a biomonitoring study of individuals in residences following the application by a member of the household to the lawn and either the vegetable garden or ornamental flowers. Preliminary results indicate that the highest percentiles of the distribution of the younger children in the homes were similar to those predicted in the Agency's turf risk assessment for toddlers that are intended to represent the higher percentiles of the exposure distribution. A more detailed analysis will be completed upon submission.

Agency Response To Aventis Crop Science Comment 35:

The suggested modifications have been made to the risk assessment.

Aventis Crop Science Comment 36:

3.2.4 Residential Postapplication Exposure and Noncancer Risk Estimates (page 132 and 135, Tables 26 and 28)

EPA comment: The residential turf (lawncare) scenario does not differentiate between liquid spray and granular formulation applications. 24 Aventis' response: There is significant differences in the postapplication exposure potential following a liquid spray application compared to a granular application. ORETF data submitted to the Agency indicate that transferable residues following a granular application are about 10 times less than a liquid spray application . In addition, ORETF has recently conducted a large postapplication exposure study in Moses Lake, Washington that will provide both adult Jazzercise and Children's Activity Pattern (CHAPs) transfer coefficients. Although the Moses Lake data have not yet been submitted, the conduct of the study should be referenced and the tables should differentiate between the very different liquid spray and granular lawn postapplication exposure scenarios.

Agency Response To Aventis Crop Science Comment 36:

The Agency acknowledges this comment and will incorporate data from this study as appropriate in the risk assessment and risk management process. It should be noted that even there appears to be differences between TTR (turf transferable residues) levels after liquid or granular formulation applications, Aventis Crop Science only completed a TTR study using a liquid formulation of carbaryl.


[Federal Register Volume 85, Number 197 (Friday, October 9, 2020)]
[Notices]
[Pages 64181-64182]
[FR Doc No: 2020-22455]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Advisers Act Release No. 5607/File No. 803-00253]

D.B. Fitzpatrick & Co., Inc.

October 6, 2020.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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

Applicant: D.B. Fitzpatrick & Co., Inc. (``Applicant'').

Summary of Application: Applicant filed an application for an order
under Section 206A of the Act and rule 206(4)-5(e) under the Act
exempting it from rule 206(4)-5(a)(1) under the Act to permit Applicant
to receive compensation from a government entity for investment
advisory services provided to the government entity within the two-year
period following contributions by a covered associate of the Applicant
to an official of the government entity. The Commission issued a notice
of application on April 9, 2020 \1\ (``Notice''). The Commission did
not receive a hearing request and issued an order on May 5, 2020 \2\

(``Order'') granting the requested exemption. Due to a clerical error,
the Notice was not published in the Federal Register and, therefore,
the Commission is now publishing this notice in the Federal Register.
The Commission is also stating, as provided below, a related position
with respect to this matter.
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    \1\ Investment Advisers Act Release No. 5475 (Apr. 9, 2020)
(notice).
    \2\ Investment Advisers Act Release No. 5946 (May 5, 2020)
(order).

Filing Dates: The application was filed on January 22, 2020, and
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amended on March 23, 2020 (``Application'').

Hearing or Notification of Hearing: Interested persons may request a
hearing by emailing the Commission's Secretary at<EMAIL_ADDRESS>and serving Applicant with a copy of the request by
email. Hearing requests should be received by the Commission by 5:30
p.m. on October 21, 2020, and should be accompanied by proof of service
on the Applicant, in the form of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0-5 under the Act, hearing
requests should state the nature of the writer's interest, any facts
bearing upon the desirability of a hearing on the matter, the reason
for the request, and the issues contested. Persons may request
notification of a hearing by emailing the Commission's Secretary.

ADDRESSES: The Commission<EMAIL_ADDRESS>Applicant: D.B.
Fitzpatrick & Co., Inc. at<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Jean E. Minarick, Senior Counsel, at
(202) 551-6811 or Kaitlin C. Bottock, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website at http://www.sec.gov/rules/iareleases.shtml or by
calling<PHONE_NUMBER>.

Publication of Notice in the Federal Register

    1. Applicant filed the Application to request an order pursuant to
Section 206A of the Act and rule 206(4)-5(e) thereunder exempting
Applicant from rule 206(4)-5(a)(1) under the Act to permit the
Applicant to receive compensation from a government entity within the
two-year period following contributions by a covered associate of the
Applicant to an official of the government entity. The Commission
published the Application on its public website shortly thereafter.
    2. Based on the representations provided by the Applicant in the
Application, the Commission issued the Notice on April 9, 2020, and
published it on the Commission's public website on the same day. The
Commission did not receive a hearing request. On May 5, 2020, the
Commission issued the Order and published it on the Commission's public
website on the same day. The Commission understands that the Applicant
is relying on the Order.
    3. Because of a clerical error, the Notice was not published in the
Federal Register. The Commission is thus publishing this notice in the
Federal Register.

Commission Position

    The Commission takes the position that it would not provide a basis
for a Commission enforcement action under Section 206(4) of the Act and
rule 206(4)-5(e) under the Act against the Applicant if, in reliance on
the Order and subject to its conditions, the Applicant receives
compensation from the government entity identified in the Application
within the two-year period following the contributions addressed in the
application. This position will apply with respect to payments
received, or released from escrow, from May 5, 2020 until the notice
period for hearing requests has expired. Applicant has represented that
since May 5, 2020, it has complied with the conditions of the Order.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22455 Filed 10-8-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 75, Number 78 (Friday, April 23, 2010)]
[Notices]
[Pages 21287-21288]
[FR Doc No: 2010-9410]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. CP10-136-000]

Empire Pipeline Inc.; Notice of Application

April 16, 2010.
    Take notice that on February 2, 2010, Empire Pipeline, Inc. (EPI),
6363 Main Street, Williamsville, New York 14221, filed in Docket No.
CP10-136-000, an application pursuant to section 3 of the Natural Gas
Act (NGA), to amend its authorization under NGA section 3 and its
Presidential Permit to allow it to export natural gas from the United
States to Canada utilizing EPI's existing cross-border facilities. EPI
proposes no new facilities in its application. The application is on
file with the Commission and open to public inspection. This filing may
also be viewed on the Commission's Web site at http://www.ferc.gov
using the ``eLibrary'' link. Enter the docket number, excluding the
last three digits, in the docket number field to access the document.
For assistance, call<PHONE_NUMBER> or TTY,<PHONE_NUMBER>.
    Any questions regarding this petition should be directed to David
W. Reitz, Attorney for Empire Pipeline, Inc., 6363 Main Street,
Williamsville, NY 14221, at<PHONE_NUMBER>, by fax at<PHONE_NUMBER>,
or at<EMAIL_ADDRESS>    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either:
Complete its environmental assessment (EA) and place it into the
Commission's public record (eLibrary) for this proceeding, or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or EA for this
proposal. The filing of the EA in the Commission's public record for
this proceeding or the issuance of a Notice of Schedule for
Environmental Review will serve to notify Federal and State agencies of
the timing for the completion of all necessary reviews, and the
subsequent need to complete all Federal authorizations within 90 days
of the date of issuance of the Commission staff's FEIS or EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the below listed comment date, file with the Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 14 copies of filings made with the Commission and must mail a
copy to the applicant and to every other party in the proceeding. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party

to the proceeding. The Commission's rules require that persons filing
comments in opposition to the project provide copies of their protests
only to the party or parties directly involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenters will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commenters will not be required to serve copies of filed
documents on all other parties. However, the non-party commenters will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right to seek court
review of the Commission's final order.
    Motions to intervene, protests and comments may be filed
electronically via the Internet in lieu of paper; see, 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.
    Comment Date: May 7, 2010.

Kimberly D. Bose,
Secretary.
[FR Doc. 2010-9410 Filed 4-22-10; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: June 15, 2009 (Volume 74, Number 113)]
[Notices]
[Page 28310-28315]
[DOCID:fr15jn09-148]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60065; File No. SR-NYSEArca-2009-47]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Order Granting Accelerated Approval of Proposed Rule Change
Relating to Generic Listing Rules for Currency Trust Shares

June 8, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on May 28, 2009, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons and is approving the proposed rule change on an accelerated
basis.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See infra notes 7 and 36 and accompanying text.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange, through its wholly owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities'' or the ``Corporation''),
proposes to amend its rules governing NYSE Arca, LLC, which is the
equities trading facility of NYSE Arca. NYSE Arca is proposing to amend
NYSE Arca Equities Rule 8.202 (Currency Trust Shares) to provide
generic listing and trading rules for such securities. The text of the
proposed rule change is available at the Exchange, the Commission's
Public Reference Room, and http://www.nyse.com.\4\
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    \4\ E-mail from Michael Cavalier, Chief Counsel, NYSE Euronext,
to Edward Cho, Special Counsel, Division of Trading and Markets,
Commission, dated June 4, 2009 (``Exchange Confirmation'').

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

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

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

1. Purpose
    The Exchange currently has rules permitting the listing and
trading, including trading pursuant to unlisted trading privileges
(``UTP''), of Currency Trust Shares (NYSE Arca Equities Rule 8.202).\5\
The Exchange proposes to amend NYSE Arca Equities Rule 8.202 to include
provisions for the listing and trading (including trading pursuant to
UTP) of Currency Trust Shares pursuant to Rule 19b-4(e) \6\ under the
Act.\7\
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    \5\ See Securities Exchange Act Release No. 53253 (February 8,
2006), 71 FR 8029 (February 15, 2006) (SR-PCX-2005-123) (order
approving Rule 8.202 and trading on the Exchange pursuant to UTP of
shares of the Euro Currency Trust).
    \6\ 17 CFR 240.19b-4(e).
    \7\ The Exchange previously filed a proposed rule change to
permit listing pursuant to Rule 19b-4(e) of Commodity-Based Trust
Shares, Currency Trust Shares, and Commodity Index Trust Shares. See
Securities Exchange Act Release No. 58332 (August 8, 2008), 73 FR
47996 (August 15, 2008) (SR-NYSEArca-2008-51) (Notice of Filing of
Proposed Rule Change and Amendment No. 1 Thereto To Adopt Generic
Listing and Trading Rules for Commodity-Based Trust Shares, Currency
Trust Shares, and Commodity Index Trust Shares). The Exchange
withdrew NYSEArca-2008-51 on May 18, 2009. The amendments to NYSE
Arca Equities Rule 8.202 proposed herein are substantially identical
to changes to NYSE Arca Equities Rule 8.202 proposed in SR-NYSEArca-
2008-51.
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Generic Listing Standards
    Rule 19b-4(e) under the Act provides that the listing and trading
of a new derivative securities product by a self-regulatory
organization (``SRO'') shall not be deemed a proposed rule change,
pursuant to Section (c)(1) of Rule 19b-4,\8\ if the Commission has
approved, pursuant to Section 19(b) of the Act,\9\ the SRO's trading
rules, procedures, and listing standards for the product class that
would include the new derivatives securities product, and the SRO has a
surveillance program for the product class.\10\
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    \8\ 17 CFR 240.19b-4(c)(1).
    \9\ 17 U.S.C. 78s(b).
    \10\ See Securities Exchange Act Release No. 40761 (December 8,
1998), 63 FR 70952 (December 22, 1998) (File No. S7-13-98).
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    The Exchange is proposing to adopt generic listing standards under
amended Rule 8.202 for Currency Trust Shares,\11\ pursuant to which it
will be able to trade such securities without Commission approval of
each individual product pursuant to Section 19(b)(2) of the Act.\12\
Instead, the Exchange represents that any securities it lists and/or
trades pursuant to NYSE Arca Equities Rule 8.202 will satisfy the
standards set forth therein. The Exchange states that within five (5)
business days after commencement of trading of a security pursuant to
NYSE Arca Equities Rule 8.202, the Exchange will file a Form 19b-
4(e).\13\
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    \11\ See Exchange Confirmation, supra note 4 (replacing the term
``Shares'' with ``Currency Trust Shares'' where applicable).
    \12\ 15 U.S.C. 78s(b)(2).
    \13\ 17 CFR 240.19b-4(e)(2)(ii); 17 CFR 249.820.
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Currency Trust Shares
    The Exchange proposes to amend the definition of the term
``Currency Trust Shares'' in NYSE Arca Equities Rule 8.202(c) to
provide that Currency Trust Shares may be issued by a trust that holds
more than one non-U.S. currency. In addition, NYSE Arca Equities Rule
8.202(c) would be amended to provide that Currency Trust Shares may be
surrendered to the Trust by an Authorized Participant (as defined in
the Trust's prospectus), and the Trust will deliver to the redeeming
Authorized Participant the specified non-U.S. currency or
currencies.\14\ The reference to surrender of Currency Trust Shares by
the beneficial owner would be deleted. NYSE Arca Equities Rule 8.202(d)
relating to designation of a non-U.S. currency would be amended to
clarify the rule's application to an issue of Currency Trust Shares
that holds more than one currency. Commentary .01 also would be amended
to clarify that Currency Trust Shares are Trust Issued Receipts that
can hold multiple currencies.
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    \14\ See Exchange Confirmation, supra note 4.
---------------------------------------------------------------------------

    The Exchange proposes to amend Commentary .04 to NYSE Arca Equities
Rule 8.202 to incorporate generic listing and trading standards for
Currency Trust Shares.\15\ In addition to the general requirements of
NYSE Arca Equities Rule 8.202, Currency Trust Shares listed on the
Exchange must satisfy the following initial listing criteria. For a
series of Currency Trust Shares listed on the Exchange, a minimum of
100,000 shares of a series of Currency Trust Shares is required to be
outstanding at commencement of trading.\16\ In addition, for both
listed Currency Trust Shares and those traded pursuant to UTP: (1) The
value of the applicable non-U.S. currency must be disseminated by one
or more major market data vendors on at least a 15-second delayed
basis; (2) the Indicative Trust Value must be calculated and widely
disseminated by the Corporation or one or more major market data
vendors on at least a 15-second basis during the Core Trading Session
as defined in NYSE Arca Equities Rule 7.34; and (3) the Corporation
will implement written surveillance procedures applicable to Currency
Trust Shares.
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    \15\ The Commission has previously approved a number of issues
of Currency Trust Shares for exchange listing and trading. See,
e.g., Securities Exchange Act Release No. 52843 (November 28, 2005),
70 FR 72486 (December 5, 2005) (SR-NYSE 2005-65) (order granting
accelerated approval for NYSE to list and trade shares of the
CurrencyShares Euro Trust); Securities Exchange Act Release No.
54020 (June 20, 2006), 71 FR 36579 (June 27, 2006) (SR-NYSE-2006-35)
(order granting accelerated approval for NYSE to list and trade
shares of the CurrencyShares Australian Dollar Trust,
CurrencyShares\\ British Pound Sterling Trust, CurrencyShares
Canadian Dollar Trust, CurrencyShares Mexican Peso Trust,
CurrencyShares\\ Swedish Krona Trust and CurrencyShares\\ Swiss
Franc Trust); Securities Exchange Act Release No. 55268 (February 9,
2007), 72 FR 7793 (February 20, 2007) (SR-NYSE-2007-03) (order
granting accelerated approval for NYSE to list and trade shares of
the CurrencyShares Japanese Yen Trust); and Securities Exchange Act
Release No. 56131 (July 25, 2007), 72 FR 42212 (August 1, 2007) (SR-
NYSEArca-2007-57) (order granting accelerated approval for listing
on NYSE Arca of CurrencyShares Trusts).
    \16\ The Exchange notes that the proposed 100,000 share minimum
is the same as the requirement in NYSE Arca Equities Rule
5.2(j)(3)(d) applicable to Investment Company Units (``Units''),
which provides that a minimum of 100,000 shares of a series of Units
is required to be outstanding at commencement of trading. In
addition, the 100,000 share minimum is comparable to requirements
previously applied to series of Units approved by the Commission for
exchange listing pursuant to Section 19(b)(2) of the Act. See, e.g.,
Securities Exchange Act Release No. 52816 (November 21, 2005), 70 FR
71574, 71578 n.19 and accompanying text (November 29, 2005) (SR-
NYSE-2005-70).
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    Proposed Commentary .05 to NYSE Arca Equities Rule 8.202 provides
certain ``firewall'' requirements where the value of a Currency Trust
Share is based in whole or in part on an index that is maintained by a
broker-dealer, as well as requirements on any advisory committee,
supervisory board or similar entity that advises or that makes certain
decisions regarding the index, similar to the requirements currently
specified in NYSE Arca Equities Rule 5.2(j)(3), Commentary .01(b)(1).
    Commentary .06 provides that Currency Trust Shares will be subject
to the Exchange's equity trading rules. Commentary .07 provides that,
if the

Indicative Trust Value, or the value of the currency, currencies or
currency index applicable to a series of Currency Trust Shares is not
being disseminated as required, the Exchange may halt trading during
the day on which such interruption first occurs. If such interruption
persists past the trading day in which it occurred, the Exchange will
halt trading no later than the beginning of the trading day following
the interruption. If the Exchange becomes aware that the net asset
value applicable to a series of Currency Trust Shares is not being
disseminated to all market participants at the same time, it will halt
trading in such series until such time as the net asset value is
available to all market participants.
    Proposed NYSE Arca Equities Rule 8.202(j) provides that the
Exchange may submit a rule filing pursuant to Section 19(b)(2) of the
Act \17\ to permit the listing and trading of Currency Trust Shares
that do not otherwise meet the standards set forth in proposed
Commentary .04 to NYSE Arca Equities Rule 8.202.
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    \17\ 17 U.S.C. 78s(b)(2).
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Exchange Rules Applicable to Currency Trust Shares
    Currency Trust Shares will be subject to all Exchange rules
governing the trading of equity securities. The Exchange's equity
margin rules will apply to transactions in Currency Trust Shares.
Currency Trust Shares will trade during trading hours set forth in Rule
7.34(a).\18\
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    \18\ Pursuant to NYSE Arca Rule 7.34(a), the NYSE Arca
Marketplace will have three trading sessions each day the
Corporation is open for business unless otherwise determined by the
Corporation:
     Opening Session--begins at 1:00:00 a.m. (Pacific Time) and
concludes at the commencement of the Core Trading Session. The
Opening Auction and the Market Order Auction shall occur during the
Opening Session.
    Core Trading Session--begins for each security at 6:30:00 a.m.
(Pacific Time) or at the conclusion of the Market Order Auction,
whichever comes later, and concludes at 1:00:00 p.m. (Pacific Time).
     Late Trading Session--begins following the conclusion of the
Core Trading Session and concludes at 5:00:00 p.m. (Pacific Time).
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Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products, including Currency Trust
Shares, to monitor trading in the securities. The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the securities in all trading sessions and to deter and detect
violations of Exchange rules or applicable Federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
when securities trade outside their normal patterns. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The components underlying Currency Trust Shares are based on spot
prices of the relevant currency, and such underlying currencies are
traded in over-the-counter markets rather than on exchanges.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members of
the ISG.\19\
---------------------------------------------------------------------------

    \19\ For a list of current members of the ISG, see http://
www.isgportal.org.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading an issue of Currency Trust Shares,
including risks inherent with trading such securities during the
Opening and Late Trading Sessions and suitability recommendation
requirements.
    Specifically, the Information Bulletin will discuss the following:
(1) The procedures for purchases and redemptions of Currency Trust
Shares; (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty of due
diligence on ETP Holders to learn the essential facts relating to every
customer prior to trading an issue of Currency Trust Shares; (3) how
information regarding the Indicative Trust Value is disseminated; (4)
the risks involved in trading an issue of Currency Trust Shares during
the Opening and Late Trading Sessions when an updated Indicative Trust
Value will not be calculated or publicly disseminated; (5) the
requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Currency Trust Shares prior to or concurrently
with the confirmation of a transaction; and (6) trading information.
For example, the Information Bulletin will advise ETP Holders, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the relevant issue of Currency Trust Shares. The Exchange
notes that investors purchasing Currency Trust Shares directly from the
applicable trust will receive a prospectus. ETP Holders purchasing
Currency Trust Shares from the trust for resale to investors will
deliver a prospectus to such investors.
    In addition, the Information Bulletin will reference that an issue
of Currency Trust Shares is subject to various fees and expenses
described in the applicable prospectus. The Information Bulletin will
also reference the fact that there is no regulated source of last sale
information regarding non-U.S. currencies, and that the Commission has
no jurisdiction over the trading of currencies or futures contracts on
which the value of an issue of Currency Trust Shares may be based.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \20\ of
the Act in general and furthers the objectives of Section 6(b)(5) \21\
in particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and facilitating transaction in
securities, and, in general, to protect investors and the public
interest. The Exchange believes that the proposed rules applicable to
trading pursuant to generic listing and trading criteria, together with
the Exchange's surveillance procedures applicable to trading in the
securities covered by the proposed rules serve to foster investor
protection. The proposed rules will also enhance market competition by
assisting in bringing Currency Trust Shares to market more quickly,
consistent with the Commission's adoption of Rule 19b-4(e) \22\ under
the Act.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f(b).
    \21\ 15 U.S.C. 78f(b)(5).
    \22\ 17 CFR 240.19b-4(e).
---------------------------------------------------------------------------

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

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

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

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

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2009-47 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2009-47. This
file number should be included on the subject line if e-mail 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 inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of 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-2009-47 and should
be submitted on or before July 6, 2009.

IV. Commissions Findings and Order Granting Accelerated Approval of the
Proposed Rule Change

    After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\23\ In particular, the Commission finds that the proposed
rule change is consistent with the requirements of Section 6(b)(5) of
the Act,\24\ which requires, among other things, that the Exchange's
rules be designed to promote just and equitable principles of trade, to
foster cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and national market
system, and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \23\ In approving the 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).
    \24\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

A. Generic Listing Standards for Currency Trust Shares

    To list and trade Currency Trust Shares, the Exchange currently
must file a proposed rule change with the Commission pursuant to
Section 19(b)(1) of the Act \25\ and Rule 19b-4 thereunder.\26\ Rule
19b-4(e) provides that the listing and trading of a new derivative
securities product by an SRO will not be deemed a proposed rule change
pursuant to Rule 19b-4(c)(1) if the Commission has approved, pursuant
to Section 19(b) of the Act, the SRO's trading rules, procedures, and
listing standards for the product class that would include the new
derivative securities product, and the SRO has a surveillance program
for the product class. The Exchange proposes to adopt certain
provisions that would permit it to list and trade Currency Trust Shares
pursuant to Rule 19b-4(e).
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(1).
    \26\ 17 CFR 240.19b-4. See Commentary .04 to NYSE Arca Equities
Rule 8.202 (providing that NYSE Arca Equities must file separate
proposals under Section 19(b) of the Act before trading, either by
listing or pursuant to unlisted trading privileges, Currency Trust
Shares).
---------------------------------------------------------------------------

    The Commission notes that it has previously approved the adoption
of generic listing standards for various classes of new derivative
securities products, including currency-related derivative securities
products, to be listed and traded pursuant to Rule 19b-4(e).\27\ In
addition, the Commission notes that it has approved multiple series of
Currency Trust Shares for listing and trading on the Exchange.\28\ In
approving these securities for Exchange trading, the Commission
considered the applicable Exchange rules that govern their trading. The
Commission believes that proposed generic listing standards for
Currency Trust Shares should fulfill the intended objective of Rule
19b-4(e) and allow securities that satisfy the proposed generic listing
standards to commence trading without the need for public comment and
Commission approval.\29\ The Exchange's ability to rely on Rule 19b-
4(e) to list and trade Currency Trust Shares that meet the applicable
requirements and minimum standards should reduce the time frame for
bringing these securities to market and thereby reduce the burdens on
issuers and other market participants, while also promoting competition
and making such securities available to investors more quickly.
---------------------------------------------------------------------------

    \27\ See, e.g., Securities Exchange Act Release No. 56637
(October 10, 2007), 72 FR 58704 (October 16, 2007) (SR-NYSEArca-
2007-92) (approving, among other things, generic listing and trading
rules for Currency-Linked Securities). See also, e.g., Securities
Exchange Act Release Nos. 44551 (July 12, 2001), 66 FR 37716 (July
19, 2001) (SR-PCX-2001-14) (approving, among other things, generic
listing standards for Units); 55621 (April 12, 2007), 72 FR 19571
(April 18, 2007) (SR-NYSEArca-2006-86) (approving, among other
things, generic listing standards for Units based on foreign equity
securities); 55783 (May 17, 2007), 72 FR 29194 (May 24, 2007) (SR-
NYSEArca-2007-36) (approving generic listing standards for Units
based on fixed income indexes); 52204 (August 3, 2005), 70 FR 46559
(August 10, 2005) (SR-PCX-2005-63) (approving generic listing
standards for Index-Linked Securities); and 57701 (April 23, 2008),
73 FR 23281 (April 29, 2008) (SR-NYSEArca-2008-20) (approving
generic listing rules for Fixed Income Index-Linked Securities,
Futures-Linked Securities, and Multifactor Index-Linked Securities).
    \28\ See supra note 15 (indicating prior Commission orders
approving the listing and trading of Currency Trust Shares).
    \29\ The Commission notes that the failure of a particular
product or index to comply with the proposed generic listing
standards under Rule 19b-4(e), however, would not preclude the
Exchange from submitting a separate filing pursuant to Section
19(b)(1) of the Act, requesting Commission approval to list and
trade a particular series of Currency Trust Shares. See proposed
NYSE Arca Equities Rule 8.202(j) (providing that NYSE Arca Equities
may submit a proposed rule change pursuant to Section 19(b) of the
Act to permit the listing and trading of Currency Trust Shares that
do not otherwise meet the generic listing standards set forth in the
relevant rules).
---------------------------------------------------------------------------

B. Listing and Trading Currency Trust Shares

    Taken together, the Commission finds that the proposal contains
adequate rules and procedures to govern the listing and trading of
Currency Trust Shares pursuant to Rule 19b-4(e) on the Exchange.
Products listed and traded under the proposed generic standards will be
subject to the full panoply of NYSE Arca Equities rules and procedures,
including the equity rules relating to margin, that currently govern
the trading of equity securities on the Exchange.

    Each of the proposed modifications to the listing requirements
under NYSE Arca Equities Rule 8.202 provide the following:
     For the Exchange to approve each applicable issue for
listing, each such issue must satisfy all of the criteria set forth in
the relevant rule,\30\ and, for those issues approved for trading
pursuant to UTP, each such issue must satisfy the requirements relating
to the dissemination of the underlying asset and/or index values and
the Indicative Trust Values and the implementation of written
surveillance procedures applicable to Currency Trust Shares;
---------------------------------------------------------------------------

    \30\ The Commission notes that each issue of Currency Trust
Shares to be traded on the Exchange, whether by listing or pursuant
to UTP, must satisfy not only those requirements proposed to be
adopted herein, but also all of the other existing applicable
requirements in the respective rules for Currency Trust Shares.
---------------------------------------------------------------------------

     The Exchange may submit a proposed rule change to permit
the listing and trading of Currency Trust Shares that do not otherwise
meet the proposed generic listing standards set forth in Commentary .04
to NYSE Arca Rule 8.202; \31\
---------------------------------------------------------------------------

    \31\ See supra note 29.
---------------------------------------------------------------------------

     A minimum of 100,000 Currency Trust Shares is required to
be outstanding at the commencement of trading;
     The values of the underlying non-U.S. currency,
currencies, or currency index, as the case may be, must be disseminated
by one or more major market data vendors on at least a 15-second
delayed basis;
     The Indicative Trust Value must be calculated and widely
disseminated by NYSE Arca Equities or one or more major market data
vendors on at least a 15-second basis during the Core Trading Session;
     The Exchange must implement written surveillance
procedures applicable to Currency Trust Shares; and
     Currency Trust Shares will be subject to the Exchange's
equity trading rules; and
     If the Indicative Trust Value or the values of the
underlying non-U.S. currency, currencies, or currency index, as the
case may be, is not being disseminated as required, the Exchange may
halt trading during the day on which such interruption first occurs. If
such interruption persists past the trading day in which it occurred,
the Exchange will halt trading no later than the beginning of the
trading day following the interruption. In addition, if the Exchange
becomes aware that the net asset value applicable to a series of
Currency Trust Shares is not being disseminated to all market
participants at the same time, it will halt trading in such series
until such time as the net asset value is available to all market
participants.

In addition, the Commission notes that the proposed ``firewall''
provisions in Commentary .05 to NYSE Arca Equities Rules 8.202 are
virtually identical to the ``firewall'' restrictions applicable to all
types of Index-Linked Securities, including Currency-Linked
Securities.\32\
---------------------------------------------------------------------------

    \32\ See NYSE Arca Equities Rule 5.2(j)(6)(C) (setting forth
similar firewall restrictions with respect to all types of Index-
Linked Securities); see also Commentary .01(b)(1) to NYSE Arca
Equities Rule 5.2(j)(3) (setting forth similar firewall restrictions
with respect to Units).
---------------------------------------------------------------------------

    To clarify the definition of Currency Trust Shares under NYSE Arca
Equities Rule 8.202(c), with respect to the procedures for surrendering
or redeeming Currency Trust Shares, the proposal provides that such
Currency Trust Shares may be surrendered or redeemed, when aggregated
in some specified minimum number, to the trust only by, or at the
request of, an Authorized Participant, as such term is defined in the
relevant trust prospectus. The proposal also seeks to modify the
definition of Currency Trust Shares and other provisions under NYSE
Arca Equities Rule 8.202 such that the underlying asset thereof may be
represented by more than one non-U.S. currency deposited with the
trust.
    The Commission believes that the proposal is designed to maintain
fair and orderly markets for the listing and trading of Currency Trust
Shares. The proposed generic listing standards seek to ensure a minimum
level of transparency with respect key values of the underlying
currency assets, establish events that would trigger a trading halt in
Currency Trust Shares when the availability of such key information
related to Currency Trust Shares becomes impaired, and prevent
conflicts of interest and the use and dissemination of material, non-
public information with respect to the personnel responsible for the
maintenance of an underlying index maintained by a broker-dealer. The
Commission notes that all of the existing continued listing standards
applicable to Currency Trust Shares, requirements relating to
information barriers and accounts with respect to ETP Holders acting as
registered Market Makers or Market Maker Authorized Traders in Currency
Trust Shares, and prospectus delivery requirements continue to apply to
Currency Trust Shares. The Commission further notes that the Exchange
has a general policy prohibiting the distribution of material, non-
public information by its employees.

C. Surveillance

    Proposed Commentary .04(d) to NYSE Arca Equities Rule 8.202
provides that NYSE Arca Equities will implement written surveillance
procedures applicable to Currency Trust Shares. The Commission notes
that Currency Trust Shares would be subject to the Exchange's existing
surveillance procedures applicable to derivative products, including
Currency Trust Shares. The Exchange has represented that its
surveillance procedures are adequate to properly monitor the trading of
Currency Trust Shares in all trading sessions and to deter and detect
violations of Exchange rules or applicable federal securities laws.
    The Exchange states that, with respect to Currency Trust Shares
based on spot prices of a currency or currencies, such underlying
currencies are traded in OTC markets rather than on exchanges. The
Commission notes that information relating the trading of such assets
in the OTC markets may not be readily available.

D. Information Bulletin

    The Exchange has represented that, prior to the commencement of
trading in Currency Shares, it will inform its ETP Holders in an
Information Bulletin describing the special characteristics and risks
associated with trading an issue of Currency Trust Shares.
Specifically, the Information Bulletin will discuss the following: (1)
The procedures for purchases and redemptions of Currency Trust Shares;
(2) suitability requirements; (3) how information regarding the
Indicative Trust Value is disseminated; (4) the risks involved in
trading an issue of Currency Trust Shares during the Opening and Late
Trading Sessions when an updated Indicative Trust Value will not be
calculated or publicly disseminated; (5) the requirement that ETP
Holders deliver a prospectus to investors purchasing newly issued
Currency Trust Shares prior to or concurrently with the confirmation of
a transaction; and (6) trading information.
    The Information Bulletin will also advise ETP Holders, prior to the
commencement of trading, of the prospectus delivery requirements
applicable to the relevant issue of Currency Trust Shares. The Exchange
notes that investors purchasing Currency Trust Shares directly from the
applicable trust will receive a prospectus; ETP Holders purchasing
Currency Trust Shares from the trust for resale to investors will
deliver a

prospectus to such investors. Finally, the Information Bulletin will
reference that: An issue of Currency Trust Shares is subject to various
fees and expenses described in the applicable prospectus; that there is
no regulated source of last-sale information regarding non-U.S.
currencies; and the Commission has no jurisdiction over the trading of
physical currencies on which the value of an issue of Currency Trust
Shares may be based.

E. Firewall Procedures

    Currency Trust Shares, which are securities issued by a trust that
may hold multiple currencies, will be subject to the firewall
requirements under proposed Commentary .05 to NYSE Arca Equities Rule
8.202. The firewall requirements provide that, if the value of a
Currency Trust Share is based in whole or in part on an index that is
maintained by a broker-dealer, the broker-dealer shall erect a
``firewall'' around the personnel responsible for the maintenance of
the underlying index or who have access to information concerning
changes and adjustments to the index, and the index shall be calculated
by a third party who is not a broker-dealer. Furthermore, any advisory
committee, supervisory board, or similar entity that advises an index
licensor or administrator or that makes decisions regarding the index
or portfolio composition, methodology, and related matters must
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material, non-public information
regarding the applicable index or portfolio.
    The Commission believes that the proposed ``firewall'' restrictions
applicable to Currency Trust Shares are designed to prevent the use and
dissemination of material, non-public information regarding an
underlying index and prevent conflicts of interest with respect to
personnel of a broker-dealer maintaining an index underlying such
securities. The Commission notes that such proposed restrictions are
substantially similar to restrictions adopted for the listing and
trading of Index-Linked Securities and Units.\33\
---------------------------------------------------------------------------

    \33\ See id. and accompanying text.
---------------------------------------------------------------------------

F. Accelerated Approval

    The Commission finds good cause, pursuant to Section 19(b)(2) of
the Act,\34\ for approving the proposed rule change prior to the 30th
day after publication of notice in the Federal Register. The Commission
notes that the Exchange previously filed a proposed rule change
(NYSEArca-2008-51) seeking to adopt generic listing standards for
Currency Trust Shares and other commodity-related derivative securities
products.\35\ Notice of the proposed rule change was published in the
Federal Register on August 15, 2008 for a 21-day comment period, and no
comments were received by the Commission.\36\ The Commission further
notes that the proposed changes to NYSE Arca Equities Rule 8.202 in
NYSEArca-2008-51 are substantively identical to this proposed rule
change. The Commission believes that the Exchange's proposed amendments
to NYSE Arca Equities Rule 8.202 do not raise any new issues or
significant regulatory concerns. The Commission believes that
accelerating approval of this proposal should benefit investors by
creating, without undue delay, enhanced competition in the market for
Currency Trust Shares, consistent with Section 6(b) of the Act and Rule
19b-4(e) thereunder.
---------------------------------------------------------------------------

    \34\ 15 U.S.C. 78s(b)(2).
    \35\ See supra note 7.
    \36\ See id. (noting that the Exchange subsequently withdrew the
proposed rule change on May 18, 2009).
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\37\ that the proposed rule change (SR-NYSEArca-2009-47) be, and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \37\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
---------------------------------------------------------------------------

    \38\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-13970 Filed 6-12-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: December 7, 2007 (Volume 72, Number 235)]
[Notices]
[Page 69203]
[DOCID:fr07de07-42]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER04-1244-001]

NorthPoint Energy Solutions, Inc.; Notice of Filing

November 30, 2007.
    Take notice that on November 28, 2007, NorthPoint Energy Solutions,
Inc. tendered for filing an amendment to their October 22, 2007 amended
market-based rate tariff filing.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant and all the parties in this proceeding.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

original and 14 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street, NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on December 19, 2007.

Kimberly D. Bose,
Secretary.
 [FR Doc. E7-23773 Filed 12-6-07; 8:45 am]

BILLING CODE 6717-01-P