[Federal Register Volume 87, Number 46 (Wednesday, March 9, 2022)]
[Notices]
[Pages 13337-13339]
[FR Doc No: 2022-04920]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94356; File No. SR-FINRA-2022-003]

Self-Regulatory Organizations; Financial Industry Regulatory
Authority, Inc.; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Extend the Implementation Date of Certain
Amendments to FINRA Rule 4210 Approved Pursuant to SR-FINRA-2015-036

March 3, 2022.
    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 February 25, 2022, the Financial Industry Regulatory Authority, Inc.
(``FINRA'') filed with the Securities and Exchange Commission (``SEC''
or ``Commission'') the proposed rule change as described in Items I and
II, below, which Items have been prepared by FINRA. FINRA has
designated the proposed rule change as constituting a ``non-
controversial'' rule change under paragraph (f)(6) of Rule 19b-4 under
the Act,\3\ which renders the proposal effective upon receipt of this
filing by the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    FINRA is proposing to extend, to October 26, 2022, the
implementation date of the amendments to FINRA Rule 4210 (Margin
Requirements) pursuant to SR-FINRA-2015-036, other than the amendments
pursuant to SR-FINRA-2015-036 that were implemented on December 15,
2016. The proposed rule change would not make any changes to the text
of FINRA rules.
    The text of the proposed rule change is available on FINRA's
website at http://www.finra.org, at the principal office of FINRA and
at the Commission's Public Reference Room.

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

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

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

1. Purpose
    On October 6, 2015, FINRA filed with the Commission proposed rule
change SR-FINRA-2015-036, which proposed to amend FINRA Rule 4210 to
establish margin requirements for (1) To Be Announced (``TBA'')
transactions, inclusive of adjustable rate mortgage (``ARM'')
transactions; (2) Specified Pool Transactions; and (3) transactions in
Collateralized Mortgage Obligations (``CMOs''), issued in conformity
with a program of an agency or Government-Sponsored Enterprise
(``GSE''), with forward settlement dates, as defined more fully in the
filing (collectively, ``Covered Agency Transactions''). The Commission
approved SR-FINRA-2015-036 on June 15, 2016 (the ``Approval Date'').\4\
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    \4\ See Securities Exchange Act Release No. 78081 (June 15,
2016), 81 FR 40364 (June 21, 2016) (Notice of Filing of Amendment
No. 3 and Order Granting Accelerated Approval to a Proposed Rule
Change to Amend FINRA Rule 4210 (Margin Requirements) to Establish
Margin Requirements for the TBA Market, as Modified by Amendment
Nos. 1, 2, and 3; File No. SR-FINRA-2015-036).
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    Pursuant to Partial Amendment No. 3 to SR-FINRA-2015-036, FINRA
announced in Regulatory Notice 16-31 that the rule change would become
effective on December 15, 2017, 18 months from the Approval Date,
except that the risk limit determination requirements as set forth in
paragraphs (e)(2)(F), (e)(2)(G) and (e)(2)(H) of Rule 4210 and in new
Supplementary Material .05, each as respectively amended or established
by SR-FINRA-2015-036 (collectively, the ``risk limit determination
requirements''), would become effective on December 15, 2016, six
months from the Approval Date.\5\
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    \5\ See Partial Amendment No. 3 to SR-FINRA-2015-036 and
Regulatory Notice 16-31 (August 2016), both available at:
<www.finra.org>.
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    Industry participants sought clarification regarding the
implementation of the requirements pursuant to SR-FINRA-2015-036.
Industry participants also requested additional time to make system
changes necessary to comply with the requirements, including time to
test the system changes, and requested additional time to update or
amend margining agreements and related documentation. In response,
FINRA made available a set of Frequently Asked Questions & Guidance \6\
and, pursuant to SR-FINRA-2017-029,\7\ extended the implementation date
of the requirements of SR-FINRA-2015-036 to June 25, 2018, except for
the risk limit determination requirements, which, as announced in
Regulatory Notice 16-31, became effective on December 15, 2016.
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    \6\ Available at: <www.finra.org/rules-guidance/guidance/faqs>.
Further, staff of the SEC's Division of Trading and Markets made
available a set of Frequently Asked Questions regarding Exchange Act
Rule 15c3-1 and Rule 15c3-3 in connection with Covered Agency
Transactions under FINRA Rule 4210, also available at:
<www.finra.org/rules-guidance/guidance/faqs>.
    \7\ See Securities Exchange Act Release No. 81722 (September 26,
2017), 82 FR 45915 (October 2, 2017) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Delay the Implementation
Date of Certain Amendments to FINRA Rule 4210 Approved Pursuant to
SR-FINRA-2015-036; File No. SR-FINRA-2017-029); see also Regulatory
Notice 17-28 (September 2017).
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    Industry participants requested that FINRA reconsider the potential
impact of certain requirements pursuant to SR-FINRA-2015-036 on smaller
and mid-sized firms. Industry participants also requested that FINRA
extend the implementation date pending such reconsideration. In
response to these concerns, FINRA further extended the implementation
date of the requirements of SR-FINRA-2015-036, other than the risk
limit determination requirements, most recently to April 26, 2022 (the
``April 26, 2022 implementation date''),\8\ and, informed by extensive
dialogue, both with industry participants and other regulators,
including the staff of the SEC and the Federal Reserve System, FINRA
proposed amendments to the requirements of SR-FINRA-2015-036 (the
``Proposed Amendments'').\9\
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    \8\ See Securities Exchange Act Release No. 93630 (November 19,
2021), 86 FR 67557 (November 26, 2021) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change to Extend the
Implementation Date of Certain Amendments to FINRA Rule 4210
Approved Pursuant to SR-FINRA-2015-036; File No. SR-FINRA-2021-028).
    \9\ See Securities Exchange Act Release No. 91937 (May 19,
2021), 86 FR 28161 (May 25, 2021) (Notice of Filing of a Proposed
Rule Change to Amend the Requirements for Covered Agency
Transactions Under FINRA Rule 4210 (Margin Requirements) as Approved
Pursuant to SR-FINRA-2015-036; File No. SR-FINRA-2021-010). See also
Partial Amendment No. 1 to SR-FINRA-2021-010, and Letter from Adam
Arkel, Associate General Counsel, Office of General Counsel, FINRA,
to Vanessa Countryman, Secretary, SEC, dated September 16, 2021,
both available at: <www.finra.org>.
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    The SEC, pursuant to delegated authority, approved the Proposed
Amendments on January 20, 2022; \10\ however, the Commission has stated
that, in accordance with Rule 431(e) of the Commission's Rules of
Practice, the action approving the Proposed Amendments is stayed until
the Commission orders otherwise.\11\ FINRA believes it is appropriate,
in the interest of regulatory clarity, to adjust the implementation of
the requirements pursuant to SR-FINRA-2015-036 pending further action
by the Commission on the Proposed Amendments. As such, FINRA is
proposing to extend the April 26, 2022 implementation date to October
26, 2022. FINRA notes that the risk limit determination requirements
pursuant to SR-FINRA-2015-036 became effective on December 15, 2016,
and, as such, the implementation of such requirements is not affected
by the proposed rule change.
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    \10\ See Securities Exchange Act Release No. 94013 (January 20,
2022), 87 FR 4076 (January 26, 2022) (Order Granting Approval of a
Proposed Rule Change, as Modified by Amendment No. 1, to Amend the
Requirements for Covered Agency Transactions Under FINRA Rule 4210
(Margin Requirements) as Approved Pursuant to SR-FINRA-2015-036).
    \11\ See Letter from J. Matthew DeLesDernier, Assistant
Secretary, SEC, to Adam Arkel, Associate General Counsel, Office of
General Counsel, FINRA, dated January 27, 2022, available at:
sec.gov.
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    FINRA has filed the proposed rule change for immediate
effectiveness and has requested that the Commission waive the
requirement that the proposed rule change not become operative for 30
days after the date of the filing. The operative date will be the date
of filing of the proposed rule change.
2. Statutory Basis
    FINRA believes that the proposed rule change is consistent with the
provisions of Section 15A(b)(6) of the Act,\12\ which requires, among
other things, that FINRA rules must be designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest. FINRA believes that the proposed rule change serves
the interest of regulatory clarity in the Covered Agency Transaction
market pending further Commission action on the Proposed Amendments.
FINRA believes that this will thereby protect investors and the public
interest by helping to promote stability in the Covered Agency
Transaction market.
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    \12\ 15 U.S.C. 78o-3(b)(6).

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

    FINRA does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. FINRA believes that extending
the April 26, 2022 implementation date to October 26, 2022, pending
further Commission action on the Proposed Amendments, will help to
provide clarity to industry participants and to promote stability in
the Covered Agency Transaction market, thereby benefiting all parties.

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

    Written comments were neither solicited nor received.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b-
4(f)(6) thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-(f)(6)(iii),\16\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. FINRA has requested
that the Commission waive the 30-day operative delay so that the
proposal may become operative upon filing. FINRA has stated that the
proposed rule change will help to provide clarity to industry
participants and to promote stability in the Covered Agency Transaction
market pending further Commission Action on the Proposed Amendments.
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    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii). In addition, Rule 19b-
4(f)(6)(iii) requires a self-regulatory organization to give the
Commission written notice of its intent to file the proposed rule
change, along with a brief description and text of the proposed rule
change, at least five business days prior to the date of filing of
the proposed rule change, or such shorter time as designated by the
Commission. FINRA has satisfied this requirement.
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    The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposal to extend the implementation date of the
amendments to Rule 4210 pursuant to SR-FINRA-2015-036 (other than the
amendments pursuant to SR-FINRA-2015-036 that were implemented on
December 15, 2016) does not raise any new or novel issues and will
reduce any potential uncertainty in the Covered Agency Transaction
market. Therefore, the Commission hereby waives the 30-day operative
delay requirement and designates the proposed rule change as operative
upon filing.\17\
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    \17\ For purposes of waiving the 30-day operative delay, the
Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to sec.gov">[email protected]sec.gov. Please include
File Number SR-FINRA-2022-003 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-FINRA-2022-003. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10 a.m. and 3
p.m. Copies of such filing also will be available for inspection and
copying at the principal office of FINRA.
    All comments received will be posted without change. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-FINRA-2022-003 and should be
submitted on or before March 30, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-04920 Filed 3-8-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 82, Number 192 (Thursday, October 5, 2017)]
[Notices]
[Pages 46566-46574]
[FR Doc No: 2017-21403]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81766; File No. SR-NYSEArca-2017-86]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the JPMorgan
Managed Futures ETF Under NYSE Arca Rule 8.600-E

September 29, 2017.
    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 September 14, 2017, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') 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 self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the following
under NYSE Arca Rule 8.600-E (``Managed Fund Shares''): JPMorgan
Managed Futures ETF. The proposed change is available on the Exchange's
Web site at www.nyse.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.

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

    In its filing with the Commission, the 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 IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Exchange proposes to list and trade shares (``Shares'') of the
following under NYSE Arca Rule 8.600-E, which governs the listing and
trading of Managed Fund Shares \3\ on the Exchange: \4\ JPMorgan
Managed Futures ETF (the ``Fund'').\5\
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    \3\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Rule 5.2-E(j)(3),
seeks to provide investment results that correspond generally to the
price and yield performance of a specific foreign or domestic stock
index, fixed income securities index or combination thereof.
    \4\ The Commission has previously approved listing and trading
on the Exchange of other series of the Trust that are actively
managed funds under Rule 8.600-E. See, e.g., Securities Exchange Act
Release Nos. 79683 (December 23, 2016) (SR-NYSEArca-2016-82) (order
approving a proposed rule change to list and trade shares of the
JPMorgan Diversified Event Driven ETF under NYSE Arca Equities Rule
8.600); 77904 (May 25, 2016) (SR-NYSEArca-2016-17) (order approving
a proposed rule change to list and trade of shares of the JPMorgan
Diversified Alternative ETF under NYSE Arca Equities Rule 8.600).
    \5\ The Trust is registered under the 1940 Act. On July 18,
2017, the Trust filed with the Commission an amendment to its
registration statement on Form N-1A under the Securities Act of 1933
(15 U.S.C. 77a) (``Securities Act'') and the 1940 Act relating to
the Fund (File Nos. 333-191837 and 811-22903) (the ``Registration
Statement''). The description of the operation of the Trust and the
Fund herein is based, in part, on the Registration Statement. In
addition, the Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act. See Investment
Company Act Release No. 31990 (February 9, 2016) (``Exemptive
Order''). Investments made by the Fund will comply with the
conditions set forth in the Exemptive Order.
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    The Fund is a series of J.P. Morgan Exchange-Traded Fund Trust
(``Trust''), a Delaware statutory trust. J.P. Morgan Investment
Management Inc. (``Adviser'' or ``Administrator'') will be the
investment adviser to the Fund and also provide administrative services
for and oversee the other service providers for the Fund. The Adviser
is a wholly-owned subsidiary of JPMorgan Asset Management Holdings
Inc., which is an indirect, wholly-owned subsidiary of JPMorgan Chase &
Co. (``JPMorgan Chase''), a bank holding company. JPMorgan Distribution
Services, Inc. (``Distributor'') will be the distributor of the Fund's
Shares.
    Commentary .06 to Rule 8.600-E provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\6\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. The Adviser is not
registered as a broker-dealer but is affiliated with a broker-dealer
and has implemented and will maintain a fire wall with respect to such
broker-dealer affiliate regarding access to information concerning the
composition and/or changes to the portfolio. In the event (a) the
Adviser becomes registered as a broker-dealer or newly affiliated with
one or more broker-dealers, or (b) any new adviser or sub-adviser is a
registered broker-dealer or becomes affiliated with a broker-dealer, it
will implement and maintain a fire wall with respect to its relevant
personnel or its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
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    \6\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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JPMorgan Managed Futures ETF
    According to the Registration Statement, the Fund will seek to
provide long-term total return. Through the Adviser's systematic
investment process, the Fund seeks to achieve its investment objective
by investing globally to exploit opportunities across a broad range of
asset classes including, but not limited to, equities, fixed income,
currency and commodities based on the adviser's assessment of their
relative attractiveness. Within these strategies, the Adviser believes
it has identified (and will continue to identify) a set of investment
return sources that have a low correlation to each other and to
traditional markets and have distinct risk and return profiles (each a
``return factor'').
    Under normal market conditions,\7\ the Fund will implement its
``Managed Futures'' strategy to access certain return factors. Each
return factor represents a potential source of investment return that
results from, among other things, assuming a particular risk or taking
advantage of a behavioral bias. The Adviser believes that, in general,
the Fund's investment returns are attributable to the individual
contributions of the various return factors. By employing this return
factor based approach, the Fund seeks to provide positive total returns
over time while maintaining a relatively low correlation with
traditional markets.
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    \7\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
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    The exposure to individual return factors may vary based on the
market opportunity of the individual return factors. Additional return
factors may be identified over time. For example, the return factors
that the Adviser may utilize include, but are not limited to, the
following:
     Carry--In the carry strategies, the Fund seeks to take a
short position in a low yielding instrument while also taking a long
position in another instrument that is higher yielding. The strategies
seek to capture the tendency for higher yielding assets to provide
higher returns than lower-yielding assets. The Fund implements these

strategies through derivatives instead of holding long and shorting
securities physically; \8\
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    \8\ According to the Registration Statement, the Fund will use
the following asset classes in implementing this strategy: Fixed
Income--the Fund will seek to benefit from differences in the yield
of interest rates, caused by uncertainty in interest rates. The Fund
will invest in instruments with higher interest rate yields and
short those with lower yields; Currency--the Fund will seek to
benefit from differences in the relative yields of various
currencies. The Fund will invest in higher yielding currencies and
short those with lower yields. Commodities--the Fund will seek to
benefit from differences in the price of commodities futures
contracts trading below the expected market price at contract
maturity and those trading above the expected market price at
contract maturity.
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     Momentum--These strategies seek to capture the tendency
that an asset's recent performance based on its price will continue in
the near future. The Fund will seek to choose investments that have
performed relatively well over those that have underperformed over the
medium-term.\9\
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    \9\ According to the Registration Statement, the Fund will
implement the momentum return factor in the following ways: Looking
at the relative value of prices of commodities and developed market
currencies over time. The Fund intends to invest in futures or
forward contracts to hold the best opportunities long while also
shorting the worst opportunities within these asset classes. Looking
across developed market fixed income, developed market equity
indices and international (including emerging market) commodities,
the Fund will seek to utilize futures contracts to exploit price
momentum trends across the asset classes. At any particular time,
the Fund may hold only long or only short futures in a particular
asset class as part of this strategy.
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    The Fund will invest its assets globally to gain exposure, either
directly or through the use of derivatives, to equity securities
(across market capitalizations) in developed markets, debt securities
(including below investment grade or high yield debt securities),
commodities (through its subsidiary as described below) and currencies
(including in emerging markets). The Fund may use both long and short
positions (achieved primarily through the use of financial derivative
instruments). The Fund may maintain a total net long market exposure,
meaning that the Fund's long exposure will be greater than its short
exposure, neutral aggregate exposure, where the long and short exposure
will be equal, or total net short exposure, meaning that the Fund's
short exposure will be greater than its long exposure. In addition, the
Fund may have net long or net short exposure to one or more industry
sectors, individual markets and/or currencies based on the Adviser's
view of whether a particular sector, market or currency is expected to
outperform or underperform.
    The Adviser will make use of derivatives including swaps, futures,
options and forward contracts, in implementing its strategies. Under
normal market conditions, the Adviser currently expects that a
significant portion of the Fund's exposure will be attained through the
use of derivatives in addition to its exposure through direct
investments. Derivatives, which are instruments that have a value based
on another instrument, exchange rate or index, will primarily be used
as an efficient means of implementing a particular strategy in order to
gain exposure to a desired return factor.
    Derivatives may also be used to increase gain, to effectively gain
targeted exposure from its cash positions, to hedge various investments
and/or for risk management. As a result of the Fund's use of
derivatives and to serve as collateral, the Fund may hold significant
amounts of U.S. Treasury obligations, including Treasury bills, bonds
and notes and other obligations issued or guaranteed by the U.S.
Treasury, obligations of other sovereign governments or supranational
entities, other short-term investments, including money market funds
and foreign currencies in which certain derivatives are denominated.
    The amount that may be invested in any one instrument will vary and
generally depend on the return factors employed by the Adviser at that
time. However, there are no stated percentage limitations on the amount
that can be invested in any one type of instrument, and the Adviser
may, at times, focus on a smaller number of instruments.\10\ Moreover,
the Fund is generally unconstrained by any particular capitalization,
style or sector and may invest in any region or country. The Fund may
have both long and short exposure to these instruments. Given the
complexity of the investments and strategies of the Fund, the Adviser
will make use of quantitative models and information and data supplied
by third parties to, among other things, help determine the portfolio's
weightings among various investments and construct sets of transactions
and investments.
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    \10\ The Fund's investments would be subject to any applicable
percentage limitations in Commentary .01 to NYSE Arca Rule 8.600-E.
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    The Fund will purchase a particular instrument when the Adviser
believes that such instrument will allow the Fund to gain the desired
exposure to a return factor. Conversely, the Fund will consider selling
a particular instrument when it no longer provides the desired exposure
to a return factor. In addition, investment decisions will take into
account a return factor's contribution to the Fund's overall
volatility. In allocating assets, the Adviser seeks to approximately
balance risk to the individual return factors over the long term,
although the exposure to individual return factors will vary based on,
among other things, the opportunity the Adviser sees in each individual
return factor.
Principal Investments
    According to the Registration Statement, under normal market
conditions, the Fund will invest principally (i.e., at least 50% of the
Fund's assets) in the securities and financial instruments described
below, which may be represented by derivatives relating to such
securities and financial instruments, as discussed below.
    The Fund may purchase and sell U.S. and foreign exchange-traded
commodity futures, equity futures, options on equity futures, bond
futures, index futures, currency futures, and options on currency
futures.
    The Fund may invest in over-the-counter (``OTC'') total return
swaps on equities, fixed income, commodities, and foreign currencies;
currency swaps; interest rate swaps; credit default swaps (``CDS'');
CDS index swaps (``CDX'') and loan credit default index swaps
(``LCDX'').
    The Fund may invest in forward and spot currency transactions. Such
investments consist of non-deliverable forwards (``NDFs''), foreign
forward currency contracts,\11\ spot currency transactions, caps and
floors.
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    \11\ A foreign currency forward contract is a negotiated
agreement between the contracting parties to exchange a specified
amount of currency at a specified future time at a specified rate.
The rate can be higher or lower than the spot rate between the
currencies that are the subject of the contract.
---------------------------------------------------------------------------

    The Fund may invest in cash and cash equivalents which are
investments in money market funds (including funds for which the
Adviser and/or its affiliates may serve as investment adviser or
administrator), bank obligations,\12\ and commercial paper.\13\
---------------------------------------------------------------------------

    \12\ Bank obligations include the following: Bankers'
acceptances, certificates of deposit and time deposits. Bankers'
acceptances are bills of exchange or time drafts drawn on and
accepted by a commercial bank. Maturities are generally six months
or less. Certificates of deposit are negotiable certificates issued
by a bank for a specified period of time and earning a specified
return. Time deposits are non-negotiable receipts issued by a bank
in exchange for the deposit of funds.
    \13\ Commercial paper consists of secured and unsecured short-
term promissory notes issued by corporations and other entities.
Maturities generally vary from a few days to nine months.
---------------------------------------------------------------------------

    The Fund may invest in U.S. Government obligations, which may
include direct obligations of the U.S.

Treasury, including Treasury bills, notes and bonds, all of which are
backed as to principal and interest payments by the full faith and
credit of the United States, and separately traded principal and
interest component parts of such obligations that are transferable
through the Federal book-entry system known as Separate Trading of
Registered Interest and Principal of Securities (``STRIPS'') and
Coupons Under Book Entry Safekeeping (``CUBES'').
    The Fund may invest in U.S. and foreign corporate debt.
Other Investments
    While the Fund, under normal market conditions, will invest at
least fifty percent (50%) of its assets in the securities and financial
instruments described above, the Fund may invest its remaining assets
in other assets and financial instruments, as described below.
    The Fund may invest in U.S. and foreign exchange-traded call and
put options on equities, equity indexes and equity futures.
    The Fund will gain exposure to commodity markets by investing
directly in commodity related instruments or indirectly by investing up
to 20% of its total assets in the Managed Futures Fund CS Ltd., a
wholly owned subsidiary of the Fund organized under the laws of the
Cayman Islands (the Subsidiary). The Subsidiary is also advised by the
Adviser. The Subsidiary will only invest in commodity or cash
management related investments described above in the Principal
Investments section. However, the Subsidiary (unlike the Fund) may
invest without limitation in commodity related investments, including
derivative instruments linked to the value of a particular commodity,
commodity index or commodity futures contract described above. The
Subsidiary will otherwise be subject to the same fundamental, non-
fundamental and certain other investment restrictions as the Fund.
    The Fund may invest in U.S. exchange-listed preferred stock.
    The Fund may invest in exchange-listed-and-traded real estate
investment trusts (``REITs''). Exchange-listed REITs will be traded on
U.S. national securities exchanges.
    The Fund may invest in repurchase agreements and reverse repurchase
agreements.
    The Fund may invest in sovereign obligations, which are investments
in debt obligations issued or guaranteed by a foreign sovereign
government or its agencies, authorities or political subdivisions. The
Fund may also invest in obligations of supranational entities including
securities designated or supported by governmental entities to promote
economic reconstruction or development of international banking
institutions and related government agencies.
    In addition to money market funds referenced above, the Fund may
invest in shares of non-exchange-traded investment company securities
including investment company securities for which the Adviser and/or
its affiliates may serve as investment adviser or administrator, to the
extent permitted by Section 12(d)(1) \14\ of the 1940 Act and the rules
thereunder and/or any applicable exemption or exemptive order under the
1940 Act with respect to such investments.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 80a-12(d)(1).
---------------------------------------------------------------------------

Other Restrictions
    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and will not be used to enhance
leverage (although certain derivatives and other investments may result
in leverage). That is, while the Fund will be permitted to borrow as
permitted under the 1940 Act, the Fund's (and the Subsidiary's)
investments will not be used to seek performance that is the multiple
or inverse multiple (e.g., 2Xs and 3Xs) of the Fund's primary broad-
based securities benchmark index (as defined in Form N-1A).\15\
---------------------------------------------------------------------------

    \15\ The Fund's broad-based securities benchmark index will be
identified in a future amendment to the Registration Statement
following the Fund's first full calendar year of performance.
---------------------------------------------------------------------------

The Fund's and the Subsidiary's Use of Derivatives
    The Fund proposes to seek certain exposures through transactions in
the specific derivative instruments described above. The derivatives
usage may occur in the Fund or the Subsidiary (provided that the
Subsidiary will invest only in commodity or cash management related
investments, as described above). The derivatives to be used are
futures, swaps, forwards, and call and put options. Derivatives, which
are instruments that have a value based on another instrument, exchange
rate or index, may also be used as substitutes for securities in which
the Fund can invest. The Fund may use these derivative instruments to
increase gain, to effectively gain targeted exposure from its cash
positions, to hedge various investments and/or for risk management.
    Investments in derivative instruments will be made in accordance
with the 1940 Act and consistent with the Fund's investment objective
and policies. To limit the potential risk associated with such
transactions, the Fund will segregate or ``earmark'' assets determined
to be liquid by the Adviser in accordance with procedures established
by the Trust's Board of Trustees (the ``Board'') and in accordance with
the 1940 Act (or, as permitted by applicable regulation, enter into
certain offsetting positions) to cover its obligations under derivative
instruments. These procedures have been adopted consistent with Section
18 of the 1940 Act and related Commission guidance. In addition, the
Fund will include appropriate risk disclosure in its offering
documents, including leveraging risk. Leveraging risk is the risk that
certain transactions of the Fund, including the Fund's use of
derivatives, may give rise to leverage, causing the Fund to be more
volatile than if it had not been leveraged.\16\ Because the markets for
certain assets, or the assets themselves, may be unavailable or cost
prohibitive as compared to derivative instruments, suitable derivative
transactions may be an efficient alternative for the Fund to obtain the
desired asset exposure.
---------------------------------------------------------------------------

    \16\ To mitigate leveraging risk, the Adviser will segregate or
``earmark'' liquid assets or otherwise cover the transactions that
may give rise to such risk.
---------------------------------------------------------------------------

Creation and Redemption of Shares
    The consideration for a purchase of Creation Units will generally
be cash, but may consist of an in-kind deposit of a designated
portfolio of equity securities and other investments (the ``Deposit
Instruments'') and an amount of cash computed as described below (the
``Cash Amount'') under some circumstances. The Cash Amount together
with the Deposit Instruments, as applicable, are referred to as the
``Portfolio Deposit,'' which represents the minimum initial and
subsequent investment amount for a Creation Unit of the Fund. The size
of a Creation Units is 50,000 Shares and is subject to change.
    In the event the Fund requires Deposit Instruments and a Cash
Amount in consideration for purchasing a Creation Unit, the function of
the Cash Amount is to compensate for any differences between the net
asset value (``NAV'') per Creation Unit and the Deposit Amount (as
defined below). The Cash Amount would be an amount equal to the
difference between the NAV of the Shares (per Creation Unit) and the
``Deposit Amount,'' which is an amount equal to the aggregate market
value of the Deposit Instruments. If the Cash

Amount is a positive number (the NAV per Creation Unit exceeds the
Deposit Amount), the Authorized Participant will deliver the Cash
Amount. If the Cash Amount is a negative number (the NAV per Creation
Unit is less than the Deposit Amount), the Authorized Participant will
receive the Cash Amount. The Administrator, through the National
Securities Clearing Corporation (``NSCC''), will make available on each
business day, immediately prior to the opening of business on the
Exchange (currently 9:30 a.m. Eastern time (``E.T.'')), the list of the
names and the required number of shares of each Deposit Instrument to
be included in the current Portfolio Deposit (based on information at
the end of the previous business day), as well as information regarding
the Cash Amount for the Fund. Such Portfolio Deposit is applicable,
subject to any adjustments as described below, in order to effect
creations of Creation Units of the Fund until such time as the next-
announced Portfolio Deposit composition is made available.
    The identity and number of the Deposit Instruments and Cash Amount
required for the Portfolio Deposit for the Fund changes as rebalancing
adjustments and corporate action events are reflected from time to time
by the Adviser with a view to the investment objective of the Fund. In
addition, the Trust reserves the right to accept a basket of securities
or cash that differs from Deposit Instruments or to permit the
substitution of an amount of cash (i.e., a ``cash in lieu'' amount) to
be added to the Cash Amount to replace any Deposit Instrument which
may, among other reasons, not be available in sufficient quantity for
delivery, not be permitted to be re-registered in the name of the Trust
as a result of an in-kind creation order pursuant to local law or
market convention or for other reasons as described in the Registration
Statement, or which may not be eligible for trading by a Participating
Party (defined below). In light of the foregoing, in order to seek to
replicate the in-kind creation order process, the Trust expects to
purchase the Deposit Instruments represented by the cash in lieu amount
in the secondary market.
Procedures for Creation of Creation Units
    To be eligible to place orders with the Distributor to create
Creation Units of the Fund, an entity or person either must be (1) a
``Participating Party,'' i.e., a broker-dealer or other participant in
the clearing process through the Continuous Net Settlement System of
the NSCC; or (2) a Depositary Trust Company (``DTC'') Participant,
which, in either case, must have executed an agreement with the
Distributor (as it may be amended from time to time in accordance with
its terms) (``Participant Agreement''). A Participating Party and DTC
Participant are collectively referred to as an ``Authorized
Participant.'' All orders to create Creation Units must be received by
the Distributor no later than the closing time of the regular trading
session on the Exchange (``Closing Time'') (ordinarily 4:00 p.m. E.T.),
in each case on the date such order is placed in order for creation of
Creation Units to be effected based on the NAV of the Fund as
determined on such date.
Redemption of Creation Units
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Distributor, only on a business day and only through a Participating
Party or DTC Participant who has executed a Participant Agreement. The
Trust will not redeem Shares in amounts less than Creation Units. All
orders to redeem Creation Units must be received by the Distributor no
later than the Exchange Closing Time (ordinarily 4:00 p.m. E.T.).
    Although the Fund will generally pay redemption proceeds in cash,
there may be instances when it will make redemptions in-kind. In these
instances, the Administrator, through NSCC, makes available immediately
prior to the opening of business on the Exchange (currently 9:30 a.m.
E.T.) on each day that the Exchange is open for business, the identity
of the Fund's assets and/or an amount of cash that will be applicable
(subject to possible amendment or correction) to redemption requests
received in proper form on that day. With respect to redemptions in-
kind, the redemption proceeds for a Creation Unit generally consist of
Redemption Instruments (which are securities received on redemption) as
announced by the Administrator on the business day of the request for
redemption, plus cash in an amount equal to the difference between the
NAV of the Shares being redeemed, as next determined after a receipt of
a request in proper form, and the value of the Redemption Instruments,
less the redemption transaction fee and variable fees described below.
    Should the Redemption Instruments have a value greater than the NAV
of the Shares being redeemed, a compensating cash payment to the Trust
equal to the differential plus the applicable redemption transaction
fee will be required to be arranged for by or on behalf of the
redeeming shareholder. The Fund reserves the right to honor a
redemption request by delivering a basket of securities or cash that
differs from the Redemption Instruments if, among other reasons, not
permitted to be re-registered in the name of the customer as a result
of an in-kind redemption order pursuant to local law or market
convention or which may not be eligible for trading by a Participating
Party.\17\
---------------------------------------------------------------------------

    \17\ The Adviser represents that, to the extent the Trust
effects the creation or redemption of Shares in cash, such
transactions will be effected in the same manner for all Authorized
Participants.
---------------------------------------------------------------------------

Derivatives Valuation Methodology for Purposes of Determining Intra-Day
Indicative Value
    On each business day, before commencement of trading in Fund Shares
on NYSE Arca, the Fund will disclose on its Web site the identities and
quantities of the portfolio instruments and other assets held by the
Fund that will form the basis for the Fund's calculation of NAV at the
end of the business day.
    In order to provide additional information regarding the intra-day
value of Shares of the Fund, one or more major market data vendors will
disseminate every 15 seconds during the Exchange's Core Trading
Session, through the facilities of the Consolidated Tape Association
(``CTA'') or other widely disseminated means, an updated Portfolio
Indicative Value (``PIV'') for the Fund as calculated by a third party
market data provider.
    A third party market data provider will calculate the PIV for the
Fund. The third party market data provider may use market quotes if
available or may fair value securities against proxies (such as swap or
yield curves).
    With respect to specific derivatives:
     NDFs and foreign forward currency contracts may be valued
intraday using market quotes, or another proxy as determined to be
appropriate by the third party market data provider.
     Futures may be valued intraday using the relevant futures
exchange data, or another proxy as determined to be appropriate by the
third party market data provider.
     Interest rate swaps and currency swaps may be mapped to a
swap curve and valued intraday based on changes of the swap curve, or
another proxy as determined to be appropriate by the third party market
data provider.
     CDS, CDX and LCDX may be valued using intraday data from
market vendors, or based on underlying asset price, or another proxy as
determined to

be appropriate by the third party market data provider.
     Total return swaps may be valued intraday using the
underlying asset price, or another proxy as determined to be
appropriate by the third party market data provider.
     Exchange listed options may be valued intraday using the
relevant exchange data, or another proxy as determined to be
appropriate by the third party market data provider.
Disclosed Portfolio
    The Fund's disclosure of derivative positions in the applicable
Disclosed Portfolio includes information that market participants can
use to value these positions intraday. On a daily basis, the Fund will
disclose the information regarding the Disclosed Portfolio required
under NYSE Arca Rule 8.600-E (c)(2) to the extent applicable. The
Fund's Web site information will be publicly available at no charge.
Impact on Arbitrage Mechanism
    The Adviser believes there will be minimal impact to the arbitrage
mechanism as a result of the use of derivatives. Market makers and
participants should be able to value derivatives as long as the
positions are disclosed with relevant information. The Adviser believes
that the price at which Shares trade will continue to be disciplined by
arbitrage opportunities created by the ability to purchase or redeem
creation Shares at their NAV, which should ensure that Shares will not
trade at a material discount or premium in relation to their NAV.
    The Adviser does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives. Because derivatives generally
are not eligible for in-kind transfer, they will typically be
substituted with a ``cash in lieu'' amount when the Fund processes
purchases or redemptions of creation units in-kind.
Application of Generic Listing Requirements
    The Exchange is submitting this proposed rule change because the
portfolio for the Fund will not meet all of the ``generic'' listing
requirements of Commentary .01 to NYSE Arca Rule 8.600-E applicable to
the listing of Managed Fund Shares. The Fund's portfolio would meet all
such requirements except for those set forth in Commentary .01(e) of
Rule 8.600-E.\18\ Specifically, the aggregate gross notional value of
the Fund's investments in OTC derivatives may exceed 20% of Fund
assets, calculated based on the aggregate gross notional value of such
OTC derivatives.
---------------------------------------------------------------------------

    \18\ Commentary .01(e) to NYSE Arca Rule 8.600-E provides that a
portfolio may hold OTC derivatives, including forwards, options and
swaps on commodities, currencies and financial instruments (e.g.,
stocks, fixed income, interest rates, and volatility) or a basket or
index of any of the foregoing; however, on both an initial and
continuing basis, no more than 20% of the assets in the portfolio
may be invested in OTC derivatives. For purposes of calculating this
limitation, a portfolio's investment in OTC derivatives will be
calculated as the aggregate gross notional value of the OTC
derivatives.
---------------------------------------------------------------------------

    The Adviser represents that it intends to engage in strategies that
utilize foreign currency forward transactions and swaps (which may be
traded OTC), as described above, based on its investment strategies.
Depending on market conditions, the exposure due to these strategies
may exceed 20% of the Fund's assets. The Adviser represents further
that the foreign exchange forward market is OTC and swaps may be traded
OTC, and, as such, it is not possible to implement these strategies
efficiently using listed derivatives. If the Fund were limited to
investing up to 20% of assets in OTC derivatives, the Fund would have
to exclude or underweight these strategies and would be less
diversified, concentrating risk in the other strategies it will
utilize.
    The Adviser represents that the Fund will follow an investment
strategy utilized within the JP Morgan Diversified Alternative ETF,
shares of which have previously been approved by the Commission for
Exchange listing and trading.\19\ As noted above, the Fund may use the
derivative instruments described above to increase gain, to effectively
gain targeted exposure from its cash positions, to hedge various
investments and/or for risk management.
---------------------------------------------------------------------------

    \19\ See Securities Exchange Act Release No. 77904 (May 25,
2016), 81 FR 35101 (June 1, 2016) (SR-NYSEArca-2016-17) (order
approving listing and trading of shares of the JPMorgan Diversified
Alternative ETF under NYSE Arca Equities Rule 8.600).
---------------------------------------------------------------------------

    The Exchange notes that, other than Commentary.01(e) to Rule 8.600-
E, the Fund will meet all other requirements of Rule 8.600-E.
Availability of Information
    The Fund's Web site (www.jpmorganfunds.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Fund's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund, (1) daily trading volume, the
prior business day's reported closing price, NAV and mid-point of the
bid/ask spread at the time of calculation of such NAV (the ``Bid/Ask
Price''),\20\ and a calculation of the premium and discount of the Bid/
Ask Price against the NAV, and (2) data in chart format displaying the
frequency distribution of discounts and premiums of the daily Bid/Ask
Price against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Core Trading Session on the Exchange, the
Adviser will disclose on the Fund's Web site the Disclosed Portfolio
for the Fund as defined in NYSE Arca Rule 8.600-E(c)(2) that will form
the basis for the Fund's calculation of NAV at the end of the business
day.\21\
---------------------------------------------------------------------------

    \20\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of the highest bid and the lowest offer on the
Exchange as of the time of calculation of the Fund's NAV. The
records relating to Bid/Ask Prices will be retained by the Fund and
its service providers.
    \21\ Under accounting procedures to be followed by the Fund,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1''). Accordingly,
the Fund will be able to disclose at the beginning of the business
day the portfolio that will form the basis for the NAV calculation
at the end of the business day.
---------------------------------------------------------------------------

    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports are available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's Web site at www.sec.gov.
    Quotation and last sale information for the Shares and for
portfolio holdings of the Fund that are U.S. exchange-listed, including
U.S. and foreign exchange-traded options, preferred stocks, and REITs
will be available via the CTA high speed line. Quotation and last sale
information for such U.S. exchange-listed securities, as well as U.S.
and foreign exchange-traded futures will be available from the exchange
on which they are listed. Quotation and last sale information for
exchange-listed options cleared via the Options Clearing Corporation
will be available via the Options Price Reporting Authority. Price
information for preferred stocks will also be available from one or
more major market data vendors or from broker-dealers.

    Quotation information for cash equivalents, swaps, obligations of
supranational agencies, money market funds, non-exchange-listed
investment company securities (other than money market funds), U.S.
Government obligations, U.S. Government agency obligations, sovereign
obligations, repurchase agreements, reverse repurchase agreements, and
U.S. and foreign corporate debt may be obtained from brokers and
dealers who make markets in such securities or through nationally
recognized pricing services through subscription agreements. The U.S.
dollar value of foreign securities, instruments and currencies can be
derived by using foreign currency exchange rate quotations obtained
from nationally recognized pricing services. Forwards and spot currency
price information will be available from major market data vendors.
    In addition, the PIV, as defined in NYSE Arca Rule 8.600-E(c)(3),
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Core Trading Session.\22\ The
dissemination of the PIV, together with the Disclosed Portfolio, will
allow investors to determine the approximate value of the underlying
portfolio of the Fund on a daily basis and will provide a close
estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \22\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available PIVs
taken from the CTA or other data feeds.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\23\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Rule
7.12-E have been reached. Trading also may be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares of the Fund inadvisable.
---------------------------------------------------------------------------

    \23\ See NYSE Arca Rule 7.12-E.
---------------------------------------------------------------------------

    Trading in the Shares will be subject to NYSE Arca Rule 8.600-
E(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m. E.T. in
accordance with NYSE Arca Rule 7.34-E (Opening, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Rule 7.6-E, the minimum price variation (``MPV'') for quoting
and entry of orders in equity securities traded on the NYSE Arca
Marketplace is $0.01, with the exception of securities that are priced
less than $1.00 for which the MPV for order entry is $0.0001.
    The Shares of the Fund will conform to the initial and continued
listing criteria under NYSE Arca Rule 8.600-E. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 \24\ under the Act, as provided by NYSE Arca
Rule 5.3-E. A minimum of 100,000 Shares of the Fund will be outstanding
at the commencement of trading on the Exchange. The Exchange will
obtain a representation from the issuer of the Shares of the Fund that
the NAV and the Disclosed Portfolio will be made available to all
market participants at the same time.
---------------------------------------------------------------------------

    \24\ 17 CFR 240 10A-3.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market surveillances administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws.\25\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and applicable federal securities laws.
---------------------------------------------------------------------------

    \25\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares, exchange-listed
equity securities, certain futures, and certain exchange-traded options
with other markets and other entities that are members of the
Intermarket Surveillance Group (``ISG''), and the Exchange or FINRA, on
behalf of the Exchange, or both, may obtain trading information
regarding trading such securities and financial instruments from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in such securities and financial
instruments from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.\26\ FINRA, on behalf of the Exchange, is able to
access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine (``TRACE'').
---------------------------------------------------------------------------

    \26\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
listing rules specified in this rule filing shall constitute continued
listing requirements for listing the Shares on the Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If the Fund is not in compliance with
the applicable listing requirements, the Exchange will commence
delisting procedures under NYSE Arca Rule 5.5-E(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares of the Fund. Specifically, the Bulletin will discuss
the following: (1) The procedures for purchases and redemptions of
Shares in Creation Units (and that Shares are not individually
redeemable); (2) NYSE Arca Rule 9.2-E(a), which imposes a duty of due
diligence on its ETP Holders to learn the

essential facts relating to every customer prior to trading the Shares;
(3) the risks involved in trading the Shares during the Early and Late
Trading Sessions when an updated PIV will not be calculated or publicly
disseminated; (4) how information regarding the PIV and the Disclosed
Portfolio is disseminated; (5) the requirement that ETP Holders deliver
a prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (6) trading
information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares of the Fund
will be calculated after 4:00 p.m. E.T. each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \27\ that an exchange have rules that
are designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Rule 8.600-E. The
Adviser is not registered as a broker-dealer but is affiliated with a
broker-dealer and has implemented and will maintain a fire wall with
respect to such broker-dealer affiliate regarding access to information
concerning the composition and/or changes to the portfolio. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances administered by the Exchange, as well as
cross-market surveillances administered by FINRA on behalf of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws. The Exchange represents that these
procedures are adequate to properly monitor Exchange trading of the
Shares in all trading sessions and to deter and detect violations of
Exchange rules and applicable federal securities laws. The Exchange or
FINRA, on behalf of the Exchange, or both, will communicate as needed
regarding trading in the Shares, exchange-listed equity securities,
certain futures, and certain exchange-traded options with other markets
and other entities that are members of the ISG, and the Exchange or
FINRA, on behalf of the Exchange, or both, may obtain trading
information regarding trading such securities and financial instruments
from such markets and other entities. In addition, the Exchange may
obtain information regarding trading in such securities and financial
instruments from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. FINRA, on behalf of the Exchange, is able to access,
as needed, trade information for certain fixed income securities held
by the Fund reported to FINRA's TRACE.
    The PIV, as defined in NYSE Arca Rule 8.600-E(c)(3), will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session. The Fund may hold up to an
aggregate amount of 15% of its net assets in illiquid assets
(calculated at the time of investment), deemed illiquid by the Adviser,
consistent with Commission guidance.
    The Shares of the Fund will conform to the initial and continued
listing criteria under NYSE Arca Rule 8.600-E. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 under the Act, as provided by NYSE Arca Rule
5.3-E. A minimum of 100,000 Shares of the Fund will be outstanding at
the commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares of the Fund that the NAV
per Share will be calculated daily and that the NAV and the Disclosed
Portfolio will be made available to all market participants at the same
time. In addition, a large amount of information is publicly available
regarding the Fund and the Shares, thereby promoting market
transparency. The Fund's portfolio holdings (including those of the
Subsidiary) will be disclosed on its Web site daily after the close of
trading on the Exchange and prior to the opening of trading on the
Exchange the following day. On a daily basis, the Fund will disclose
the information regarding the Disclosed Portfolio required under NYSE
Arca Rule 8.600-E (c)(2) to the extent applicable. The Fund's Web site
information will be publicly available at no charge.
    The Fund's portfolio would meet all requirements of Rule 8.600-E
except for those set forth in Commentary .01(e) of Rule 8.600.\28\
Specifically, the aggregate gross notional value of the Fund's
investments in OTC derivatives may exceed 20% of Fund assets,
calculated based on the aggregate gross notional value of such OTC
derivatives.
---------------------------------------------------------------------------

    \28\ See note 18, supra.
---------------------------------------------------------------------------

    The Exchange believes that it is appropriate and in the public
interest to allow the Fund to exceed the 20% limit in Commentary .01(e)
to Rule 8.600 of portfolio assets that may be invested in OTC
derivatives. Because the Fund, in furtherance of its investment
objective, may seek to gain market exposure using OTC traded foreign
currency forwards and swaps, the 20% limit in Commentary .01(e) to Rule
8.600 could result in the Fund being unable to fully pursue its
investment objective while attempting to sufficiently mitigate
investment risks. As noted above, the Fund's investments in derivative
instruments will be made in accordance with the 1940 Act and consistent
with the Fund's investment objective and policies. To limit the
potential risk associated with such transactions, the Fund will
segregate or ``earmark'' assets determined to be liquid by the Adviser
in accordance with procedures established by the Trust's Board and in
accordance with the 1940 Act (or, as permitted by applicable
regulation, enter into certain offsetting positions) to cover its
obligations under derivative instruments. These procedures have been
adopted consistent with Section 18 of the 1940 Act and related
Commission guidance. In addition, the Fund will include appropriate
risk disclosure in its offering documents, including leveraging risk.
To mitigate leveraging risk, the Adviser will segregate or ``earmark''
liquid assets or otherwise cover the transactions that may give rise to
such risk. Because the markets for certain assets, or the assets
themselves, may be unavailable or cost prohibitive as compared to
derivative instruments, suitable derivative transactions may be an
efficient alternative for the Fund to obtain the desired asset
exposure. In addition, OTC derivatives may be tailored more
specifically to the assets held by the Fund than available listed
derivatives. The Adviser also represents that the Fund will follow an
investment strategy utilized within the JP Morgan Diversified
Alternatives ETF, shares of which have previously been approved by the
Commission for Exchange listing and trading pursuant to Section
19(b)(2)

of the Act.\29\ The Exchange further believes that the Fund would be
placed at a competitive disadvantage to the JP Morgan Diversified
Alternatives ETF, if the Fund's portfolio could not exceed the 20%
limit in Commentary .01(e) to Rule 8.600 of portfolio assets that may
be invested in OTC derivatives, as described above.
---------------------------------------------------------------------------

    \29\ See Securities Exchange Act Release No. 77904 (May 25,
2016), 81 FR 35101 (June 1, 2016) (SR-NYSEArca-2016-17) (order
approving listing and trading of shares of the JPMorgan Diversified
Alternative ETF under NYSE Arca Equities Rule 8.600).
---------------------------------------------------------------------------

    The Exchange notes that, other than Commentary .01(e) to Rule
8.600-E, the Fund's portfolio will meet all other requirements of Rule
8.600-E.
    The Web site for the Fund will include a form of the prospectus for
the Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, 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 the Shares of the Fund. Trading in Shares of the Fund will be
halted if the circuit breaker parameters in NYSE Arca Rule 7.12-E have
been reached or because of market conditions or for reasons that, in
the view of the Exchange, make trading in the Shares inadvisable, and
trading in the Shares will be subject to NYSE Arca Rule 8.600-
E(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted. In addition, as noted above, investors will have
ready access to information regarding the Fund's holdings, the PIV, the
Disclosed Portfolio, and quotation and last sale information for the
Shares. The Fund's investments, including derivatives, will be
consistent with the Fund's investment objective and will not be used to
enhance leverage (although certain derivatives and other investments
may result in leverage). That is, while the Fund will be permitted to
borrow as permitted under the 1940 Act, the Fund's investments will not
be used to seek performance that is the multiple or inverse multiple
(e.g., 2Xs and 3Xs) of the Fund's primary broad-based securities
benchmark index (as defined in Form N-1A).
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares of the
Fund and may obtain information via ISG from other exchanges that are
members of ISG or with which the Exchange has entered into a
comprehensive surveillance sharing agreement. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the PIV, the Disclosed Portfolio for the Fund, and
quotation and last sale information for the Shares of the Fund.

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 purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of an
additional type of actively-managed exchange-traded product that holds
fixed income securities, equity securities, commodities, currencies and
derivatives and that will enhance competition among market
participants, to the benefit of investors and the marketplace.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2017-86 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2017-86. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2017-86, and should
be submitted on or before October 26, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
---------------------------------------------------------------------------

    \30\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-21403 Filed 10-4-17; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 58 (Wednesday, March 26, 2014)]
[Proposed Rules]
[Page 16752]
[FR Doc No: 2014-06573]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 721

[EPA-HQ-OPPT-2012-0740; FRL-9907-54]
RIN 2070-AB27

Significant New Use Rules on Certain Chemical Substances;
Withdrawal

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule; withdrawal.

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

SUMMARY: EPA is withdrawing a significant new use rule (SNUR) proposed
under the Toxic Substances Control Act (TSCA) for chemical substances
generically identified as vinylidene esters, which were the subject of
premanufacture notices (PMNs) P-12-298 and P-12-299. The Agency is
taking this action in response to public comments received on the
proposed rule.

DATES: Proposed Sec.  721.10623, published in the Federal Register of
April 18, 2013 (78 FR 23184) is withdrawn as of March 26, 2014.

ADDRESSES: The docket for this action, identified by docket
identification (ID) number EPA-HQ-OPPT-2012-0740, is available at
http://www.regulations.gov or at the Office of Pollution Prevention and
Toxics Docket (OPPT Docket), Environmental Protection Agency Docket
Center (EPA/DC), EPA West Bldg., Rm. 3334, 1301 Constitution Ave. NW.,
Washington, DC. The Public Reading Room is open from 8:30 a.m. to 4:30
p.m., Monday through Friday, excluding legal holidays. The telephone
number for the Public Reading Room is<PHONE_NUMBER>, and the telephone
number for the OPPT Docket is<PHONE_NUMBER>. Please review the visitor
instructions and additional information about the docket available at
http://www.epa.gov/dockets.

FOR FURTHER INFORMATION CONTACT:
    For technical information contact: Kenneth Moss, Chemical Control
Division (7405M), Office of Pollution Prevention and Toxics,
Environmental Protection Agency, 1200 Pennsylvania Ave. NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; email
address<EMAIL_ADDRESS>    For general information contact: The TSCA-Hotline, ABVI-Goodwill,
422 South Clinton Ave., Rochester, NY 14620; telephone number: (202)
554-1404; email address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Federal Register of November 2, 2012
(77 FR 66149) (FRL-9366-7), EPA issued a direct final SNUR on the
chemical substances generically identified as vinylidene ester, which
were the subject of premanufacture notices (PMNs) P-12-298 and P-12-
299, in accordance with the procedures at Sec.  721.160(c)(3)(i). EPA
received notices of intent to submit adverse comments on this SNUR.
Therefore, as required by Sec.  721.160(c)(3)(ii), EPA removed the
direct final SNUR in a separate final rule published in the Federal
Register of December 21, 2012 (77 FR 75566) (FRL 9373-8), and in the
Federal Register of April 18, 2013 (78 FR 23184), EPA issued a proposed
SNUR for these chemical substances.
    EPA is now withdrawing the April 18, 2013 proposed rule, issued for
two chemical substances which were the subject of PMN P-12-298 and P-
12-299. This action is being taken based upon experimental data
provided by the PMN submitter, and relevant environmental fate and
toxicity data associated with cyanoacrylates submitted to the Agency
during the public comment period for the proposed SNUR. The Agency
determined that this information demonstrated that cyanoacrylates,
rather than esters identified in the proposed rule, are more
appropriate structural analogues for assessment of potential toxicity
of the PMN substances to aquatic organisms, which was the basis for the
notification requirements in the proposed SNUR. Based on review of
experimental data provided by the PMN submitter, and relevant
environmental fate and toxicity data associated with cyanoacrylates,
the Agency no longer supports the original concerns for toxicity to
aquatic organisms. The Agency's previous concerns for ecotoxicity are
mitigated due to the fact that, like cyanoacrylates, the PMN substances
react quickly in the presence of water or moisture and the hydrolysis
products are not expected to produce toxic effects to aquatic organisms
at saturation.
    The record for the direct final and proposed SNURs on these
chemical substances was established as docket EPA-HQ-OPPT-2012-0740.
That record includes information considered by the Agency in developing
these rules and this withdrawal, and the public comments received.

List of Subjects in 40 CFR Part 721

    Environmental protection, Chemicals, Hazardous substances,
Reporting and recordkeeping requirements.

    Dated: March 13, 2014.
Maria J. Doa,
Director, Chemical Control Division, Office of Pollution Prevention and
Toxics.
[FR Doc. 2014-06573 Filed 3-25-14; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 84, Number 112 (Tuesday, June 11, 2019)]
[Notices]
[Page 27108]
[FR Doc No: 2019-12247]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP19-1300-000.
    Applicants: Southwest Energy, L.P., Williams Energy Resources LLC.
    Description: Joint Petition for Temporary Waiver of Commission
Policies, Capacity Release Regulations and Policies of Southwest
Energy, L.P., et al. under RP19-1300.
    Filed Date: 6/4/19.
    Accession Number: 20190604-5047.
    Comments Due: 5 p.m. ET 6/17/19.

    Docket Numbers: RP19-1301-000.
    Applicants: El Paso Natural Gas Company, L.L.C.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate Agreement
Update Filing (Conoco June 19) to be effective 6/5/2019.
    Filed Date: 6/4/19.
    Accession Number: 20190604-5076.
    Comments Due: 5 p.m. ET 6/17/19.

    Docket Numbers: RP19-1302-000.
    Applicants: Texas Eastern Transmission, LP.
    Description: Sec.  4(d) Rate Filing: Negotiated Rates--June 2019
Cleanup Filing to be effective 7/5/2019.
    Filed Date: 6/5/19.
    Accession Number: 20190605-5022.
    Comments Due: 5 p.m. ET 6/17/19.

    Docket Numbers: RP19-1303-000.
    Applicants: Algonquin Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: June 2019 Negotiated Rates
Cleanup Filing to be effective 7/5/2019.
    Filed Date: 6/5/19.
    Accession Number: 20190605-5023.
    Comments Due: 5 p.m. ET 6/17/19

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: June 4, 2019.
Kimberly D. Bose,
Secretary.
[FR Doc. 2019-12247 Filed 6-10-19; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 77, Number 98 (Monday, May 21, 2012)]
[Rules and Regulations]
[Pages 29873-29874]
[FR Doc No: 2012-12102]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2011-1104; Airspace Docket No. 11-ACE-21]

Establishment of Class E Airspace; Eldon, MO

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action establishes Class E airspace at Eldon, MO.
Controlled airspace is necessary to accommodate new Area Navigation
(RNAV) Standard Instrument Approach Procedures at Eldon Model Airpark.
The FAA is taking this action to enhance the safety and management of
Instrument Flight Rule (IFR) operations at the airport.

DATES: Effective date: 0901 UTC, July 26, 2012. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order 7400.9 and
publication of conforming amendments.

FOR FURTHER INFORMATION CONTACT: Scott Enander, Central Service Center,
Operations Support Group, Federal Aviation Administration, Southwest
Region, 2601 Meacham Blvd., Fort Worth, TX 76137; telephone 817-321-
7716.

SUPPLEMENTARY INFORMATION:

History

    On January 31, 2012, the FAA published in the Federal Register a
notice of proposed rulemaking (NPRM) to establish Class E airspace at
Eldon Model Airpark, Eldon, MO (77 FR 4710) Docket No. FAA-2011-1104.
Interested parties were invited to participate in this rulemaking
effort by submitting written comments on the proposal to the FAA. No
comments were received. Class E airspace designations are published in
paragraph 6005 of FAA Order 7400.9V dated August 9, 2011, and effective
September 15, 2011, which is incorporated by reference in 14 CFR 71.1.
The Class E airspace designations listed in this document will be
published subsequently in the Order.

The Rule

    This action amends Title 14 Code of Federal Regulations (14 CFR)
Part 71 by establishing Class E airspace extending upward from 700 feet
above the surface to accommodate new standard instrument approach
procedures at Eldon Model Airpark, Eldon, MO. This action is necessary
for the safety and management of IFR operations at the airport.
    The FAA has determined that this regulation only involves an
established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
Therefore, this regulation: (1) Is not a ``significant regulatory
action'' under Executive Order 12866; (2) is not a ``significant rule''
under DOT Regulatory Policies and Procedures (44 FR 11034; February 26,
1979); and (3) does not warrant preparation of a regulatory evaluation
as the anticipated impact is so minimal. Since this is a routine matter
that will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act.
    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the U.S. Code. Subtitle 1, Section 106, describes
the authority of the FAA Administrator. Subtitle VII, Aviation
Programs, describes in more detail the scope of the agency's authority.
This rulemaking is promulgated under the authority described in
Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the
FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it establishes controlled airspace at Eldon Model Airpark, Eldon,
MO.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (air).

Adoption of the Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for 14 CFR part 71 continues to read as
follows:

    Authority:  49 U.S.C. 106(g), 40103, 40113, 40120; E.O. 10854,
24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of the Federal
Aviation Administration Order 7400.9V, Airspace Designations and
Reporting Points, dated August 9, 2011, and effective September 15,
2011, is amended as follows:

Paragraph 6005 Class E airspace areas extending upward from 700
feet or more above the surface.

* * * * *

ACE MO E5 Eldon, MO [New]

Eldon Model Airpark, MO
    (Lat. 38[deg]21'38'' N., long. 92[deg]34'17'' W.)

    That airspace extending upward from 700 feet above the surface
within a 6.4-mile radius of Eldon Model Airpark.

    Issued in Fort Worth, Texas, on May 10, 2012.
Walter L. Tweedy,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. 2012-12102 Filed 5-18-12; 8:45 am]
BILLING CODE 4910-13-P