[Federal Register: September 2, 2010 (Volume 75, Number 170)]
[Notices]
[Page 53972-53973]
[DOCID:fr02se10-66]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2010-D-0435]

Guidance for Industry; Small Entities Compliance Guide--The Index
of Legally Marketed Unapproved New Animal Drugs for Minor Species;
Availability

AGENCY:  Food and Drug Administration, HHS.

ACTION:  Notice.

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SUMMARY:  The Food and Drug Administration (FDA) is announcing the
availability of a Level 2 guidance for industry 201 entitled
``Small Entities Compliance Guide--The Index of Legally Marketed
Unapproved New Animal Drugs for Minor Species.'' This small entities
compliance guide aids industry in complying with the requirements of
the final rule that published in the Federal Register of December 6,
2007. This regulation establishes administrative procedures and
criteria for index listing a new animal drug for use in a minor species
as provided by the Minor Use and Minor Species Animal Health Act of
2004 (MUMS).

DATES:  Submit either electronic or written comments on Agency
guidances at any time.

ADDRESSES:  Submit written requests for single copies of the guidance
to the Communications Staff (HFV-12), Center for Veterinary Medicine,
Food and Drug Administration, 7519 Standish Pl., Rockville, MD 20855.
Send one self-addressed adhesive label to assist that office in
processing your requests. See the SUPPLEMENTARY INFORMATION section for
electronic access to the guidance document.
    Submit electronic comments on the guidance to http://
www.regulations.gov. Submit written comments to the Division of Dockets
Management (HFA-305), Food and Drug Administration, 5630 Fishers Lane,
rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT:  Joan Gotthardt, Center for Veterinary
Medicine (HFV-50), Food and Drug Administration, 7500 Standish Pl.,
MPN2, rm. N371, Rockville, MD 20855,<PHONE_NUMBER>, email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a Level 2 guidance for
industry 201 entitled ``Small Entities Compliance Guide--The
Index of Legally Marketed Unapproved New Animal Drugs for Minor
Species.'' This guidance aids industry in complying with the
requirements of the final rule published in the Federal Register of
December 6, 2007 (72 FR 69108) (the indexing regulation).
    FDA has prepared this guidance in accordance with section 212 of
the Small Business Regulatory Enforcement Fairness Act (Public Law 104-
121). This document is intended to provide guidance to small businesses
on the requirements of section 572 of the MUMS act. Congress, in
enacting MUMS, sought to encourage the development of animal drugs that
are currently unavailable to minor species (species other than cattle,
horses, swine, chickens, turkeys, dogs, and cats) in the United States
or to major species afflicted with uncommon diseases or conditions
(minor uses). The indexing regulation establishes procedures and
criteria for index listing a new animal drug for use in a minor
species.

II. Significance of Guidance

    This level 2 guidance is being issued consistent with FDA's good
guidance practices regulation (21 CFR 10.115). The guidance represents
the Agency's current thinking on this topic. It does not create or
confer any rights for or on any person and does not operate to bind FDA
or the public. An alternative approach may be used if such approach
satisfies the requirements of the applicable statutes and regulations.

III. Paperwork Reduction Act of 1995

    This guidance refers to previously approved collections of
information found in FDA regulations. These collections of information
are subject to review by the Office of Management and Budget (OMB)
under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520). The
collections of information in section 572 of the MUMS act have been
approved under OMB Control No. 0910-0620.

IV. Comments

    Interested persons may submit to the Division of Dockets Management
(see ADDRESSES) either electronic or written comments regarding this
document. It is only necessary to send one set of comments. It is no
longer necessary to send two copies of mailed comments. Identify
comments with the docket number found in brackets in the heading of
this document. Received comments may be seen in the Division of Dockets
Management between 9 a.m. and 4 p.m., Monday through Friday.

V. Electronic Access

    Persons with access to the Internet may obtain the guidance at
either http://www.fda.gov/AnimalVeterinary/default.htm or http://
www.regulations.gov.

    Dated: August 30, 2010.
Leslie Kux,
Acting Assistant Commissioner for Policy.
[FR Doc. 2010-21981 Filed 9-1-10; 8:45 am]
BILLING CODE 4160-01-S


[Federal Register Volume 81, Number 37 (Thursday, February 25, 2016)]
[Notices]
[Pages 9578-9579]
[FR Doc No: 2016-03977]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Government/Industry Aeronautical Charting Forum Meeting

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of public meeting

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SUMMARY: This notice announces the bi-annual meeting of the Federal
Aviation Administration (FAA) Aeronautical Charting Forum (ACF) to
discuss informational content and design of aeronautical charts and
related products, as well as instrument flight procedures development
policy and design criteria.

DATES: The ACF is separated into two distinct groups. The Instrument
Procedures Group (IPG) will meet April 26, 2016 from 8:30 a.m. to 5:00
p.m. The Charting Group will meet April 27 and 28, 2016 from 8:30 a.m.
to 5:00 p.m.

ADDRESSES: The meeting will be hosted by Air Line Pilots Association
(ALPA) located at 535 Herndon Parkway, Herndon, VA 20170.

FOR FURTHER INFORMATION CONTACT: For information relating to the
Instrument Procedures Group, contact Thomas E. Schneider, FAA, Flight
Procedures Standards Branch, AFS-420, 6500 South MacArthur Blvd., P.O.
Box 25082, Oklahoma City, OK 73125; telephone:<PHONE_NUMBER>.
    For information relating to the Charting Group, contact Valerie S.
Watson, FAA, Aeronautical Information Services, Governance & Standards,
AJV-553, 1305 East-West Highway, SSMC4, Station 3409, Silver Spring, MD
20910; telephone:<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Pursuant to Sec.  10(a)(2) of the Federal
Advisory Committee Act (Pub. L. 92-463; 5 U.S.C. App. II), notice is
hereby given of a meeting of the FAA Aeronautical Charting Forum to be
held from April 26 through April 28, 2016, from 8:30 a.m. to 5:00 p.m.
at Air Line Pilots Association (ALPA), at their offices located at 535
Herndon Parkway, Herndon, VA 20170.
    The Instrument Procedures Group agenda will include briefings and
discussions on recommendations regarding pilot procedures for
instrument flight, as well as criteria, design, and developmental
policy for instrument approach and departure procedures.
    The Charting Group agenda will include briefings and discussions on
recommendations regarding aeronautical charting specifications, flight
information products, and new aeronautical charting and air traffic
control initiatives. Attendance is open to the interested public, but
will be limited to the space available.
    The public must make arrangements by April 7, 2016, to present oral
statements at the meeting. The public may present written statements
and/or new agenda items to the committee by providing a copy to the
person listed in the FOR FURTHER INFORMATION section not later than
April 7, 2016. Public statements will only be considered if time
permits.

    Issued in Washington, DC, on February 18, 2016.
Valerie S. Watson,
Co-Chair, Aeronautical Charting Forum.
[FR Doc. 2016-03977 Filed 2-24-16; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 85, Number 229 (Friday, November 27, 2020)]
[Proposed Rules]
[Pages 75996-75998]
[FR Doc No: 2020-25654]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket Number USCG-2020-0556]
RIN 1625-AA11

Regulated Navigation Area; Sparkman Channel, Tampa, FL

AGENCY: Coast Guard, DHS.

ACTION: Notice of proposed rulemaking.

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SUMMARY: The Coast Guard is proposing to remove an existing regulated
navigation area in Sparkman Channel, located in Tampa, FL. The
regulated navigation area is no longer needed to protect vessels
navigating in the area. This proposed action would remove the existing
regulations related to restricting vessel draft in the channel due to
an underwater pipeline that is no longer a navigational concern. We
invite your comments on this proposed rulemaking.

DATES: Comments and related material must be received by the Coast
Guard on or before December 28, 2020.

ADDRESSES: You may submit comments identified by docket number USCG-
2020-0556 using the Federal eRulemaking Portal at https://www.regulations.gov. See the ``Public Participation and Request for
Comments'' portion of the SUPPLEMENTARY INFORMATION section for further
instructions on submitting comments.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
proposed rulemaking, call or email Lieutenant Clark Sanford, Sector St
Petersburg, Coast Guard; telephone<PHONE_NUMBER> x8105, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
NPRM Notice of proposed rulemaking
Sec.  Section
U.S.C. United States Code

II. Background, Purpose, and Legal Basis

    On January 25, 1991, the Coast Guard established a regulated
navigation area in Sparkman Channel. The regulated navigation area is
described in 33 CFR 165.752. The regulated navigation area was created
to restrict navigation in the area to vessels with a draft of less than
34.5 feet. A recent survey places the sewer line at or below the
permitted depth of 42 feet. The navigation hazard is properly marked on
the water surface as well as on navigation charts. With the advancement
in technologies and mechanical innovations coupled with the expertise
of the pilots that guide vessels in and around Port Tampa Bay, the
current restricted navigation area along Sparkman Channel has become
outdated.
    The purpose of this rulemaking is to remove unnecessary navigation
regulations in Tampa, Florida that are no longer needed to ensure the
safety of vessels and the navigable waters within Sparkman Channel. The
Coast Guard is proposing this rulemaking under authority in 46 U.S.C.
70034 (previously 33 U.S.C. 1231).

III. Discussion of Proposed Rule

    The Coast Guard is proposing to remove the existing regulated
navigation area established in 33 CFR 165.752. This regulation placed
restrictions on vessel navigation in Sparkman Channel in Tampa, Florida
based on vessel drafts. The regulatory text we are proposing appears at
the end of this document.

IV. Regulatory Analyses

    We developed this proposed rule after considering numerous statutes
and Executive orders related to rulemaking. Below we summarize our
analyses

based on a number of these statutes and Executive orders.

A. Regulatory Planning and Review

    Executive Orders 12866 (Regulatory Planning and Review) and 13563
(Improving Regulation and Regulatory Review) direct agencies to assess
the costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits (including potential economic, environmental, public
health and safety effects, distributive impacts, and equity). Executive
Order 13563 emphasizes the importance of quantifying both costs and
benefits, of reducing costs, harmonizing rules, and promoting
flexibility. Executive Order 13771 (Reducing Regulation and Controlling
Regulatory Costs) directs agencies to reduce regulation and control
regulatory costs and provides that ``for every one new regulation
issued, at least two prior regulations be identified for elimination,
and that the cost of planned regulations be prudently managed and
controlled through a budgeting process.''
    The Office of Management and Budget (OMB) has not designated this
proposed rule a ``significant regulatory action,'' under section 3(f)
of Executive Order 12866. Accordingly, OMB has not reviewed it. Because
this proposed rule is not a significant regulatory action, it is exempt
from the requirements of Executive Order 13771. See the OMB Memorandum
titled ``Guidance Implementing Executive Order 13771, titled `Reducing
Regulation and Controlling Regulatory Costs' '' (April 5, 2017).
    The Coast Guard proposes to revise its regulations by removing the
existing regulated navigation area established in 33 CFR 165.752. This
regulation placed restrictions on vessel navigation in Sparkman Channel
in Tampa, Florida based on vessel drafts.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as
amended, requires Federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this
proposed rule would not have a significant economic impact on a
substantial number of small entities.
    While some owners or operators of vessels intending to transit
Sparkman Channel may be small entities, for the reasons stated in
section IV.A above, this proposed rule would not have a significant
economic impact on any vessel owner or operator.
    If you think that your business, organization, or governmental
jurisdiction qualifies as a small entity and that this rule would have
a significant economic impact on it, please submit a comment (see
ADDRESSES) explaining why you think it qualifies and how and to what
degree this rule would economically affect it.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this proposed rule. If the rule would affect
your small business, organization, or governmental jurisdiction and you
have questions concerning its provisions or options for compliance,
please call or email the person listed in the FOR FURTHER INFORMATION
CONTACT section. The Coast Guard will not retaliate against small
entities that question or complain about this proposed rule or any
policy or action of the Coast Guard.

C. Collection of Information

    This proposed rule would not call for a new collection of
information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-
3520).

D. Federalism and Indian Tribal Governments

    A rule has implications for federalism under Executive Order 13132
(Federalism), if it has a substantial direct effect on the States, on
the relationship between the National Government and the States, or on
the distribution of power and responsibilities among the various levels
of government. We have analyzed this proposed rule under that Order and
have determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this proposed rule does not have tribal implications under
Executive Order 13175 (Consultation and Coordination with Indian Tribal
Governments) because it would not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes. If
you believe this proposed rule has implications for federalism or
Indian tribes, please call or email the person listed in the FOR
FURTHER INFORMATION CONTACT section.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this proposed rule would not
result in such an expenditure, we do discuss the effects of this rule
elsewhere in this preamble.

F. Environment

    We have analyzed this proposed rule under Department of Homeland
Security Directive 023-01, Rev. 1, associated implementing
instructions, and Environmental Planning COMDTINST 5090.1 (series),
which guide the Coast Guard in complying with the National
Environmental Policy Act of 1969 (42 U.S.C. 4321-4370f), and have made
a preliminary determination that this action is one of a category of
actions that do not individually or cumulatively have a significant
effect on the human environment. This proposed rule involves removing
existing regulations established in 33 CFR 165.752. Normally such
actions are categorically excluded from further review under paragraph
L60(b) of Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01,
Rev. 1. A preliminary Memorandum for Record supporting this
determination is available in the docket. For instructions on locating
the docket, see the ADDRESSES section of this preamble. We seek any
comments or information that may lead to the discovery of a significant
environmental impact from this proposed rule.

V. Public Participation and Request for Comments

    We view public participation as essential to effective rulemaking,
and will consider all comments and material received during the comment
period. Your comment can help shape the outcome of this rulemaking. If
you submit a comment, please include the docket number for this
rulemaking, indicate the specific section of this document to which
each comment applies, and provide a reason for each suggestion or
recommendation.
    We encourage you to submit comments through the Federal eRulemaking
Portal at https://www.regulations.gov. If your material

cannot be submitted using https://www.regulations.gov, call or email
the person in the FOR FURTHER INFORMATION CONTACT section of this
document for alternate instructions.
    We accept anonymous comments. All comments received will be posted
without change to https://www.regulations.gov and will include any
personal information you have provided. For more about privacy and
submissions in response to this document, see DHS's eRulemaking System
of Records notice (85 FR 14226, March 11, 2020).
    Documents mentioned in this NPRM as being available in the docket,
and all public comments, will be in our online docket at https://www.regulations.gov and can be viewed by following that website's
instructions. Additionally, if you go to the online docket and sign up
for email alerts, you will be notified when comments are posted or a
final rule is published.

List of Subjects in 33 CFR Part 165

    Harbors, Marine Safety, Navigation (water), Reporting and Record
keeping requirements, Security measures, Waterways.
    For the reasons discussed in the preamble, the Coast Guard is
proposing to amend 33 CFR part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 46 U.S.C. 70034; 33 CFR 1.01-1, 6.04-1, and 160.5;
Department of Homeland Security Delegation No. 01070.1.

Sec.  165.752  [Removed]

0
2. Remove Sec.  165.752.

     Dated: October 29, 2020.
Eric C. Jones,
Rear Admiral, U.S. Coast Guard, Commander, Seventh Coast Guard
District.
[FR Doc. 2020-25654 Filed 11-25-20; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register Volume 84, Number 56 (Friday, March 22, 2019)]
[Notices]
[Pages 10863-10869]
[FR Doc No: 2019-05459]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85347; File No. SR-CboeBZX-2019-015]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To List and Trade Units of Each of (i)
Cboe Vest S&P 500[supreg] Buffer Enhanced Growth Protect Strategy ETNs;
(ii) Cboe Vest S&P 500[supreg] Enhanced Growth Strategy ETNs; (iii)
Cboe Vest S&P 500[supreg] Accelerated Return Strategy ETNs; and (iv)
Cboe Vest S&P 500[supreg] Power Buffer Strategy ETNs Under Rule
14.11(d), Equity Index-Linked Securities

March 18, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 4, 2019, Cboe BZX Exchange, Inc. (``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes a rule change to list and trade units of each
of (i) the Cboe Vest S&P 500[supreg] Buffer Enhanced Growth Protect
Strategy ETNs; (ii) the Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy ETNs; (iii) the Cboe Vest S&P 500[supreg] Accelerated Return
Strategy ETNs; and (iv) the Cboe Vest S&P 500[supreg] Power Buffer
Strategy ETNs under Rule 14.11(d), which governs the listing and
trading of Equity Index-Linked Securities on the Exchange.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade units (``Units'') of up to
twelve monthly series of each of the following under Rule 14.11(d),
which governs the listing and trading of Linked Securities \3\ on the
Exchange: \4\ Cboe Vest S&P 500[supreg] Buffer Enhanced Growth Protect
Strategy ETNs (the ``Buffer Notes''), Cboe Vest S&P 500[supreg]
Enhanced Growth Strategy ETNs (the ``Enhanced Growth Notes''), Cboe
Vest S&P 500[supreg] Accelerated Return Strategy ETNs (the
``Accelerated Return Notes''), and Cboe Vest S&P 500[supreg] Power
Buffer Strategy ETNs (the ``Power Buffer Notes'') (each a ``Series of
Notes'' and, collectively, the ``Notes'' or the ``Target Outcome
Notes'').
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    \3\ As defined in Rule 14.11(d), ``Linked Securities'' includes
Multifactor Index-Linked Securities, Equity Index-Linked Securities,
Commodity-Linked Securities, Fixed Income Index-Linked Securities,
and Futures-Linked Securities.
    \4\ The Commission originally approved BZX Rule 14.11(d) in
Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR
55148 (September 6, 2011) (SR-BATS-2011-018).
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    The Exchange is submitting this proposal because the indexes
underlying the Notes (the ``Indexes'') do not meet the listing
requirements of Rule 14.11(d)(2)(K)(i)(a) applicable to a series of
Equity Index-Linked Securities,\5\ which requires that the equity
securities in the underlying index meet the criteria set forth in Rule
14.11(d)(2)(K)(i)(a)(1) \6\ or 14.11(d)(2)(K)(i)(a)(2).\7\
Specifically, the Notes do not meet all of the ``generic'' listing
requirements of Rule 14.11(d)(2)(K)(i)(a)(2), applicable to the listing
of Equity Index-Linked Securities. Rule 14.11(d)(2)(K)(i)(a)(2) sets
forth the requirements to be met by components of an index of equity
securities. Because the Indexes consist exclusively of standardized
and/or FLexible EXchange Options (``FLEX Options'') on the S&P
500[supreg] Index (together, ``SPX Options''), rather than equity
securities, the Indexes do not satisfy the requirements of Rule
14.11(d)(2)(K)(i)(a)(2).\8\ However, the Notes and the Issuer, as
defined below, will conform to all other initial and continued listing
criteria applicable to Equity Index-Linked Securities under Rule
14.11(d).
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    \5\ As defined in Rule 14.11(d), ``Equity Index-Linked
Securities'' are securities that provide for the payment at maturity
of a cash amount based on the performance of an underlying equity
index or indexes (an ``Equity Reference Asset'').
    \6\ Rule 14.11(d)(2)(K)(i)(a)(1) requires that the index or
indexes to which the security is linked shall have been reviewed and
approved for the trading of Index Fund Shares or options or other
derivatives by the Commission under Section 19(b)(2) of the Act and
rules thereunder and the conditions set forth in the Commission's
approval order, including comprehensive surveillance sharing
agreements for non-U.S. stocks, continue to be satisfied. The
Indexes have not been reviewed and approved by the Commission under
Section 19(b)(2) of the Act.
    \7\ Rule 14.11(d)(2)(K)(i)(a)(2) provides certain quantitative
standards applicable to an underlying index or indexes and
constituent securities.
    \8\ The Exchange notes that the Commission has approved the
listing and trading of several series of funds, including both Index
Fund Shares and Managed Fund Shares, that employ similar target
outcome strategies as those of the Notes, as further discussed
below. See Securities Exchange Act Release No. 83679 (July 26,
2018), 83 FR 35505 (July 26, 2018) (SR-BatsBZX-2017-72); and 83796
(August 8, 2018), 83 FR 40361 (August 14, 2018) (SR-CboeBZX-2017-
005) (the ``Approval Order''). While such products are different
product types than the Notes, the Exchange believes that many of the
issues contemplated both in that proposal and in the Approval Order
are either very similar or identical to those applicable to the
Notes, specifically related to the susceptibility to manipulation of
the underlying instruments, which include FLEX Options and certain
other instruments based on the S&P 500[supreg] Index.
    Rule 14.11(d)(2)(K)(i)(a)(2)(E) provides that all U.S. listed
equity securities in the applicable index shall be, among other
things, an NMS Stock as defined in Rule 600 under Regulation NMS of
the Act. Options are excluded from the definition of NMS Stock,
meaning that the Indexes do not meet this requirement because they
are composed exclusively of SPX Options. The Exchange, however,
notes that each component stock of the S&P 500[supreg] Index is an
NMS Stock and that the S&P 500[supreg] Index meets the requirements
of Rule 14.11(d)(2)(K)(i)(a)(2)(A)-(E).
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    The Notes will be offered by Bank of Montreal. Bank of Montreal
(the ``Issuer'') is a company listed on NYSE.\9\ The Notes will be the
non-convertible debt of the Issuer. The Issuer is currently and will
continue to be in compliance with Rule 10A-3 under the Act prior to
initial listing and on a continual basis.\10\ Each Series of Notes
will: Have a term not less than one year and not greater than thirty
years, which the Issuer expects will consist of a twenty year term with
two five-year extensions at the discretion of the Issuer; \11\ have a
minimum public market value at the time of issuance of at least $4
million; \12\ be redeemable at the option of holders thereof on at
least

a weekly basis; \13\ and will not have a loss (negative payment) at
maturity accelerated by a multiple that exceeds three times the
performance of the applicable Index.\14\
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    \9\ The Exchange notes that the Issuer will meet the
requirements applicable under Rules 14.8(b)(2)(A)(1),
14.11(d)(2)(E), 14.11(h)(1)(A), and 14.11(h)(1)(E) on both an
initial and continual basis.
    \10\ See Rule 14.11(d)(2)(F).
    \11\ See Rule 14.11(d)(2)(B).
    \12\ See Rule 14.11(h)(1)(D).
    \13\ See Rule 14.11(d)(2)(A). Rule 14.11(d)(2)(A) provides that
both the issue and the issuer of a security must meet the criteria
applicable under Rule 14.11(h); however, where a security is
redeemable at the option of holders thereof on at least a weekly
basis, then no minimum number of holders and no minimum public
distribution of trading units shall be required. Because the Notes
will be redeemable at the option of a holder on at least a weekly
basis, the Issuer and the Notes will not be required to meet such
requirements under Rule 14.11(h). The public distribution and
trading unit requirements under Rule 14.11(h) require a minimum of
400 holders and a minimum public distribution of 1,000,000 trading
units. See Rule 14.11(h)(1)(B) and (C).
    \14\ See Rule 14.11(d)(2)(D).
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    Rule 14.11(d)(2)(G)(i) requires that if the index is maintained by
a broker-dealer, the broker-dealer shall erect and maintain a
``firewall'' around the personnel who have access to information
concerning changes and adjustments to the index, and the index shall be
calculated by a third party who is not a broker-dealer. The Indexes are
maintained by Cboe Exchange, Inc. (the ``Index Provider'' or ``Cboe
Options''), which is not a broker-dealer.
Cboe Vest Target Outcome Notes
    The investment objective of each Series of Notes is to track,
before fees and expenses, the performance of its respective Index. The
value of each Index is calculated daily by the Index Provider utilizing
an options valuation methodology. Each Index is a rules-based options
index that consists exclusively of SPX Options and that is designed to
provide a targeted outcome based on the performance of the S&P
500[supreg] Index over a period of one year, as further described
below.
Cboe Vest S&P 500[supreg] Buffer Enhanced Growth Protect Strategy ETNs
    The Exchange is proposing to list and trade each monthly series of
the Buffer Notes,\15\ each of which is based on its respective Cboe S&P
500[supreg] Buffer Enhanced Growth Protect Index. Each Index is a
rules-based options index that consists exclusively of SPX Options. The
Indexes are designed to provide exposure to the large capitalization
U.S. equity market, with lower volatility and downside risk than
traditional equity indices, except in environments of rapid
appreciation in the U.S. equity market over the course of one year. On
a specified day of the applicable month for each Index, the SPX Options
expire (the ``Expiry Date'') and on the following trading day
(typically the last trading day of that month, subject to postponement;
the applicable Index implements a new portfolio of SPX Options (the
``Roll Date,'' and the time period from and including the Expiry Date
to and including the Roll Date, is the ``Roll Period''),\16\ with
expirations on the next Expiry Date that, if held to such Expiry Date,
seeks to ``buffer protect'' against the first 10% decline in the value
of the S&P 500[supreg] Index, while providing 200% participation up to
a maximum capped gain in the value of the S&P 500[supreg] Index (the
``Capped Level'').
---------------------------------------------------------------------------

    \15\ In total, the Exchange is proposing to list and trade
twelve monthly series of the Cboe Vest S&P 500[supreg] Enhanced
Growth Buffer Protect Strategy ETNs. The Buffer Notes will include
the following: Cboe Vest S&P 500[supreg] Buffer Enhanced Growth
Protect Strategy (January) ETN; Cboe Vest S&P 500[supreg] Buffer
Enhanced Growth Protect Strategy (February) ETN; Cboe Vest S&P
500[supreg] Buffer Enhanced Growth Protect Strategy (March) ETN;
Cboe Vest S&P 500[supreg] Buffer Enhanced Growth Protect Strategy
(April) ETN; Cboe Vest S&P 500[supreg] Buffer Enhanced Growth
Protect Strategy (May) ETN; Cboe Vest S&P 500[supreg] Buffer
Enhanced Growth Protect Strategy (June) ETN; Cboe Vest S&P
500[supreg] Buffer Enhanced Growth Protect Strategy (July) ETN; Cboe
Vest S&P 500[supreg] Buffer Enhanced Growth Protect Strategy
(August) ETN; Cboe Vest S&P 500[supreg] Buffer Enhanced Growth
Protect Strategy (September) ETN; Cboe Vest S&P 500[supreg] Buffer
Enhanced Growth Protect Strategy (October) ETN; Cboe Vest S&P
500[supreg] Buffer Enhanced Growth Protect Strategy (November) ETN;
and Cboe Vest S&P 500[supreg] Buffer Enhanced Growth Protect
Strategy (December) ETN. Each Note will be based on the Cboe S&P
500[supreg] Buffer Enhanced Growth Protect Index (Month) Series,
where ``Month'' is the corresponding month associated with the Roll
Date as defined below, of the applicable Series of Notes.
    \16\ Each of the twelve Indexes are designed to provide returns
over a defined year long period and, thus, there is an Index
associated with each month. As such, the Roll Date for a specific
Index is dependent on the monthly series for which the Index is
associated. For example, the Roll Date for the Cboe[supreg] S&P
500[supreg] Enhanced Growth Buffer Protect Index January Series is
in January and the Roll Date for the Cboe[supreg] S&P 500[supreg]
Enhanced Growth Buffer Protect Index February Series is in February,
a pattern which continues through the rest of the calendar year.
---------------------------------------------------------------------------

    Each Index is designed to provide the following outcomes between
Roll Dates:
     If the S&P 500[supreg] Index declines more than 10%: The
Index declines 10% less than the S&P 500[supreg] Index (e.g., if the
S&P 500[supreg] Index returns -35%, the Index is designed to return -
25%);
     If the S&P 500[supreg] Index declines between 0% and 10%:
The Index provides a total return of zero (0%);
     If the S&P 500[supreg] Index appreciates between 0% and
the Capped Level: The Index appreciates by an amount that equals 200%
of the gain in the level of the S&P 500[supreg] Index; and
     If the S&P 500[supreg] Index appreciates more than the
Capped Level: The Index appreciates by the amount equal to the Capped
Level.
    Each Index includes a mix of purchased and written (sold) SPX
Options structured to achieve the results described above. Such results
are only applicable for each full 12-month period from one Roll Date to
the next Roll Date, and the Index may not return such results for
shorter or longer periods. The value of each Index is calculated daily
by Cboe Options utilizing a rules-based options valuation methodology,
which utilizes the prices at which the component SPX Options that
comprise the Index trade on that day or prices that are derived from a
valuation model when a traded price is not available or appropriate.
Cboe Vest S&P 500[supreg] Enhanced Growth Strategy ETN
    The Exchange is proposing to list and trade each monthly series of
the Enhanced Growth Notes,\17\ each of which is based on its respective
Cboe S&P 500[supreg] Enhanced Growth Index. Each Index is a rules-based
options index that consists exclusively of SPX Options. The Indexes are
designed to provide exposure to the large capitalization U.S. equity
market with similar volatility and downside risk, but higher upside
potential in market environments with modest gains in the U.S. equity
market over the course of one year. On a specified day of the
applicable month for each Index the SPX Options expire (the ``Expiry
Date'') and on the following trading day (typically the last trading
day of that month, subject to postponement, the applicable Index
implements a new portfolio of SPX Options (the ``Roll Date,'' and the
time period from and including the Expiry Date to and including the
Roll Date, is the ``Roll Period''),\18\ with expirations

on the next Expiry Date that, if held to such Expiry Date, seeks to
provide 200% participation up to a maximum capped gain in the value of
the S&P 500[supreg] Index (the ``Capped Level'') and 100% participation
in losses in the value of the S&P 500[supreg] Index.
---------------------------------------------------------------------------

    \17\ In total, the Exchange is proposing to list and trade
twelve monthly series of the Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy ETNs. The Enhanced Growth Notes will include the
following: Cboe Vest S&P 500[supreg] Enhanced Growth Strategy ETN.
Each Note will be an index-based exchange traded note (``ETN''). The
Notes will be the following: Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy (January) ETN; Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy (February) ETN; Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy (March) ETN; Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy (April) ETN; Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy (May) ETN; Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy (June) ETN; Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy (July) ETN; Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy (August) ETN; Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy (September) ETN; Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy (October) ETN; Cboe Vest S&P 500[supreg] Enhanced Growth
Strategy (November) ETN; and Cboe Vest S&P 500[supreg] Enhanced
Growth Strategy (December) ETN. Each Note will be based on the Cboe
S&P 500 Enhanced Growth Index (Month) Series, where ``Month'' is the
corresponding month associated with the Roll Date of the applicable
Series of Notes.
    \18\ Each of the twelve Indexes are designed to provide returns
over a defined year long period and, thus, there is an Index
associated with each month. As such, the Roll Date for a specific
Index is dependent on the monthly series for which the Index is
associated. For example, the Roll Date for the Cboe[supreg] S&P
500[supreg] Enhanced Growth Index January Series is in January and
the Roll Date for the Cboe[supreg] S&P 500[supreg] Enhanced Growth
Index February Series is in February, a pattern which continues
through the rest of the calendar year.
---------------------------------------------------------------------------

    Each Index is designed to provide the following outcomes between
Roll Dates:
     If the S&P 500[supreg] Index declines: The Index declines
by the same amount as the S&P 500[supreg] Index (e.g., if the S&P
500[supreg] Index returns -35%, the Index is designed to return -35%);
     If the S&P 500[supreg] Index appreciates between 0% and
the Capped Level: The Index appreciates by an amount that equals 200%
of the gain in the price of the S&P 500[supreg] Index; and
     If the S&P 500[supreg] Index appreciates more than the
Capped Level: The Index appreciates by the amount equal to the Capped
Level.
    Each Index includes a mix of purchased and written (sold) SPX
Options structured to achieve the results described above. Such results
are only applicable for each full 12-month period from one Roll Date to
the next Roll Date, and the Index may not return such results for
shorter or longer periods. The value of each Index is calculated daily
by Cboe Options utilizing a rules-based options valuation methodology,
which utilizes the prices at which the component SPX Options that
comprise the Index trade on that day or prices that are derived from a
valuation model when a traded price is not available or appropriate.
Cboe Vest S&P 500[supreg] Accelerated Return Strategy ETN
    The Exchange is proposing to list and trade each monthly series of
the Accelerated Return Notes,\19\ each of which is based on its
respective Cboe S&P 500[supreg] Accelerated Return Index. Each Index is
a rules-based options index that consists exclusively of SPX Options.
The Indexes are designed to provide exposure to the large
capitalization U.S. equity market with similar volatility and downside
risk, but higher upside potential in market environments with modest
gains in the U.S. equity market over the course of one year. On a
specified day of the applicable month for each Index the SPX Options
expire (the ``Expiry Date'') and on the following trading day
(typically the last trading day of that month, subject to postponement,
the applicable Index implements a new portfolio of SPX Options (the
``Roll Date,'' and the time period from and including the Expiry Date
to and including the Roll Date, is the ``Roll Period''),\20\ with
expirations on the next Expiry Date that, if held to such Expiry Date,
seeks to provide 300% participation up to a maximum capped gain in the
value of the S&P 500[supreg] Index (the ``Capped Level'') and 100%
participation in losses in the value of the S&P 500[supreg] Index.
---------------------------------------------------------------------------

    \19\ In total, the Exchange is proposing to list and trade
twelve monthly series of the Cboe Vest S&P 500[supreg] Accelerated
Return Strategy ETNs. The Accelerated Return Notes will include the
following: Cboe Vest S&P 500[supreg] Accelerated Return Strategy
ETN. Each Note will be an index-based exchange traded note
(``ETN''). The Notes will be the following: Cboe Vest S&P
500[supreg] Accelerated Return Strategy (January) ETN; Cboe Vest S&P
500[supreg] Accelerated Return Strategy (February) ETN; Cboe Vest
S&P 500[supreg] Accelerated Return Strategy (March) ETN; Cboe Vest
S&P 500[supreg] Accelerated Return Strategy (April) ETN; Cboe Vest
S&P 500[supreg] Accelerated Return Strategy (May) ETN; Cboe Vest S&P
500[supreg] Accelerated Return Strategy (June) ETN; Cboe Vest S&P
500[supreg] Accelerated Return Strategy (July) ETN; Cboe Vest S&P
500[supreg] Accelerated Return Strategy (August) ETN; Cboe Vest S&P
500[supreg] Accelerated Return Strategy (September) ETN; Cboe Vest
S&P 500[supreg] Accelerated Return Strategy (October) ETN; Cboe Vest
S&P 500[supreg] Accelerated Return Strategy (November) ETN; and Cboe
Vest S&P 500[supreg] Accelerated Return Strategy (December) ETN.
Each Note will be based on the Cboe S&P 500[supreg] Accelerated
Return Index (Month) Series, where ``Month'' is the corresponding
month associated with the Roll Date of the applicable Series of
Notes.
    \20\ Each of the twelve Indexes are designed to provide returns
over a defined year long period and, thus, there is an Index
associated with each month. As such, the Roll Date for a specific
Index is dependent on the monthly series for which the Index is
associated. For example, the Roll Date for the Cboe[supreg] S&P
500[supreg] Accelerated Return Index January Series is in January
and the Roll Date for the Cboe[supreg] S&P 500[supreg] Accelerated
Return Index February Series is in February, a pattern which
continues through the rest of the calendar year.
---------------------------------------------------------------------------

    Each Index is designed to provide the following outcomes between
Roll Dates:
     If the S&P 500[supreg] Index declines: The Index declines
by the same amount as the S&P 500[supreg] Index (e.g., if the S&P
500[supreg] Index returns -35%, the Index is designed to return -35%);
     If the S&P 500[supreg] Index appreciates between 0% and
the Capped Level: The Index appreciates by an amount that equals 300%
of the gain in the price of the S&P 500[supreg] Index; and
     If the S&P 500[supreg] Index appreciates more than the
Capped Level: The Index appreciates by the amount equal to the Capped
Level.
    Each Index includes a mix of purchased and written (sold) SPX
Options structured to achieve the results described above. Such results
are only applicable for each full 12-month period from one Roll Date to
the next Roll Date, and the Index may not return such results for
shorter or longer periods. The value of each Index is calculated daily
by Cboe Options utilizing a rules-based options valuation methodology,
which utilizes the prices at which the component SPX Options that
comprise the Index trade on that day or prices that are derived from a
valuation model when a traded price is not available or appropriate.
Cboe Vest S&P 500[supreg] Power Buffer Strategy ETN
    The Exchange is proposing to list and trade each monthly series of
the Power Buffer Notes,\21\ each of which is based on its respective
Cboe S&P 500[supreg] Power Buffer Index. Each Index is a rules-based
options index that consists exclusively of SPX Options. The Indexes are
designed to provide exposure to the large capitalization U.S. equity
market with lower volatility and downside risks than traditional equity
indices, except in environments of rapid appreciation in the U.S.
equity market over the course of one year. On a specified day of the
applicable month for each Index the SPX Options expire (the ``Expiry
Date'') and on the following trading day (typically the last trading
day of that month, subject to postponement, the applicable Index
implements a new portfolio of SPX Options (the ``Roll Date,'' and the
time period from and including the Expiry Date to and including the
Roll Date, is the ``Roll Period''),\22\ with expirations on the next
Expiry Date that, if held to such Expiry Date, seeks to ``buffer

protect'' against the first 15% decline in the value of the S&P
500[supreg] Index, while providing 100% participation up to a maximum
capped gain in the value of the S&P 500[supreg] Index (the ``Capped
Level'').
---------------------------------------------------------------------------

    \21\ In total, the Exchange is proposing to list and trade
twelve monthly series of the Cboe Vest S&P 500[supreg] Power Buffer
Strategy ETNs. The Power Buffer Notes will include the following:
Cboe Vest S&P 500[supreg] Power Buffer Strategy (January) ETN; Cboe
Vest S&P 500[supreg] Power Buffer Strategy (February) ETN; Cboe Vest
S&P 500[supreg] Power Buffer Strategy (March) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (April) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (May) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (June) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (July) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (August) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (September) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (October) ETN; Cboe Vest S&P
500[supreg] Power Buffer Strategy (November) ETN; and Cboe Vest S&P
500[supreg] Power Buffer Strategy (December) ETN. Each Note will be
based on the Cboe S&P 500[supreg] Power Buffer Index (Month) Series,
where ``Month'' is the corresponding month associated with the Roll
Date of the applicable Series of Notes.
    \22\ Each of the twelve Indexes are designed to provide returns
over a defined year long period and, thus, there is an Index
associated with each month. As such, the Roll Date for a specific
Index is dependent on the monthly series for which the Index is
associated. For example, the Roll Date for the Cboe[supreg] S&P
500[supreg] Power Buffer Index January Series is in January and the
Roll Date for the Cboe[supreg] S&P 500[supreg] Power Buffer Index
February Series is in February, a pattern which continues through
the rest of the calendar year.
---------------------------------------------------------------------------

    Each Index is designed to provide the following outcomes between
Roll Dates:
     If the S&P 500[supreg] Index declines more than 15%: The
Index declines 15% less than the S&P 500[supreg] Index (e.g., if the
S&P 500[supreg] Index returns -35%, the Index is designed to return -
20%);
     If the S&P 500[supreg] Index declines between 0% and 15%:
The Index provides a total return of zero (0%);
     If the S&P 500[supreg] Index appreciates between 0% and
the Capped Level: The Index appreciates by an amount that equals the
gain in the price of the S&P 500[supreg] Index; and
     If the S&P 500[supreg] Index appreciates more than the
Capped Level: The Index appreciates by the amount equal to the Capped
Level.
    Each Index includes a mix of purchased and written (sold) SPX
Options structured to achieve the results described above. Such results
are only applicable for each full 12-month period from one Roll Date to
the next Roll Date, and the Index may not return such results for
shorter or longer periods. The value of each Index is calculated daily
by Cboe Options utilizing a rules-based options valuation methodology,
which utilizes the prices at which the component SPX Options that
comprise the Index trade on that day or prices that are derived from a
valuation model when a traded price is not available or appropriate.
S&P 500[supreg] Options
    The market for options contracts on the S&P 500[supreg] Index
traded on Cboe Options is among the most liquid markets in the world.
According to publicly available data, more than 1.48 million options
contracts on the S&P 500[supreg] Index were traded per day on Cboe
Options in 2018, which is more than $350 billion in notional volume
traded on a daily basis. While FLEX Options are traded differently than
standardized options contracts, the Exchange believes that this
liquidity bolsters the market for FLEX Options, as described below.
Every FLEX Option order submitted to Cboe Options is exposed to a
competitive auction process for price discovery. The process begins
with a request for quote (``RFQ'') in which the interested party
establishes the terms of the FLEX Options contract. The RFQ solicits
interested market participants, including on-floor market makers,
remote market makers trading electronically, and member firm traders,
to respond to the RFQ with bids or offers through a competitive
process. This solicitation contains all of the contract specifications-
underlying, size, type of option, expiration date, strike price,
exercise style and settlement basis. During a specified amount of time,
responses to the RFQ are received and at the end of that time period,
the initiator can decide whether to accept the best bid or offer. The
process occurs under the rules of Cboe Options, which means that
customer transactions are effected according to the principles of a
fair and orderly market following trading procedures and policies
developed by Cboe Options.
    The Exchange believes that sufficient protections are in place to
protect against market manipulation of the Notes and SPX Options for
several reasons: (i) The diversity, liquidity, and market cap of the
securities underlying the S&P 500[supreg] Index; (ii) the significant
liquidity in the market for options on the S&P 500[supreg] Index; (iii)
the competitive quoting process for FLEX Options combined with the
significant liquidity in the market for options on the S&P 500[supreg]
Index results in a well-established price discovery process that
provides meaningful guideposts for FLEX Option pricing; and (iv)
surveillance by the Exchange, Cboe Options \23\ and the Financial
Industry Regulatory Authority (``FINRA'') designed to detect violations
of the federal securities laws and self-regulatory organization
(``SRO'') rules. The Exchange has in place a surveillance program for
derivative products, including Linked Securities, to ensure the
availability of information necessary to detect and deter potential
manipulations and other trading abuses, thereby making the Notes less
readily susceptible to manipulation. Further, the Exchange believes
that because the Indexes will consist only of SPX Options, which trade
in extremely liquid and highly regulated markets, the Notes are less
readily susceptible to manipulation.
---------------------------------------------------------------------------

    \23\ The Exchange notes that Cboe Options is a member of the
Option Price Regulatory Surveillance Authority, which was
established in 2006, to provide efficiencies in looking for insider
trading and serves as a central organization to facilitate
collaboration in insider trading and investigations for the U.S.
options exchanges. For more information, see http://www.cboe.com/aboutcboe/legal/departments/orsareg.aspx.
---------------------------------------------------------------------------

    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Notes on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws. Trading of the Notes
through the Exchange will be subject to the Exchange's surveillance
procedures for derivative products, including Linked Securities. All
statements and representations made in this filing regarding (a) the
description of the portfolio, reference assets, and index, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability of Exchange rules shall constitute continued listing
requirements for listing the Notes on the Exchange. The Issuer has
represented to the Exchange that it will advise the Exchange of any
failure by a Series of Notes to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will surveil for compliance with the continued
listing requirements. If a Series of Notes is not in compliance with
the applicable listing requirements, then, with respect to such Series
of Notes, the Exchange will commence delisting procedures under
Exchange Rule 14.12. FINRA conducts certain 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 Exchange or FINRA, on behalf of the Exchange, will communicate
as needed regarding trading in the Units and exchange-traded options
contracts with other markets and other entities that are members of the
Intermarket Surveillance Group (``ISG'') \24\ and may obtain trading
information regarding trading in the Units and exchange-traded options
contracts from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Units and SPX
Options from Cboe Options. In addition, the Exchange also has a general
policy prohibiting the distribution of material, non-public information
by its employees.
---------------------------------------------------------------------------

    \24\ For a list of the current members and affiliate members of
ISG, see www.isgportal.com. 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.
---------------------------------------------------------------------------

    As noted above, options on the S&P 500[supreg] Index are among the
most liquid options in the world and derive their value from the
actively traded S&P 500[supreg] Index components. The contracts are
cash-settled with no delivery of stocks or ETFs, and trade in
competitive auction markets with price and quote transparency. The
Exchange believes the highly regulated options markets and the broad
base and scope of the S&P

500[supreg] Index make securities that derive their value from that
index less susceptible to market manipulation in view of the market
capitalization and liquidity of the S&P 500[supreg] Index components,
price and quote transparency, and arbitrage opportunities.
    The Exchange believes that the liquidity of the markets for S&P
500[supreg] Index securities, options on the S&P 500[supreg] Index, and
other related derivatives is sufficiently great to deter fraudulent or
manipulative acts associated with the price of the Units. The Exchange
also believes that such liquidity is sufficient to support the creation
and redemption mechanism. Coupled with the extensive surveillance
programs of the SROs described above, the Exchange does not believe
that trading in the Notes would present manipulation concerns.
    The Exchange represents that, except for the exception to Rule
14.11(d)(2)(K)(i)(a), the Indexes will satisfy, on an initial and
continued listing basis, all of the listing standards under BZX Rule
14.11(d)(K)(i) and all other requirements under Rule 14.11(d) that are
applicable to Equity Index-Linked Securities. The Issuer is required to
comply with Rule 10A-3 under the Act for the initial and continued
listing of the Notes. In addition, the Exchange represents that the
Notes will comply with all other requirements applicable to Equity
Index-Linked Securities, which includes index dissemination,\25\
suspension of trading or removal,\26\ trading halts,\27\
surveillance,\28\ minimum price variation for quoting and order
entry,\29\ and the information circular,\30\ as set forth in Exchange
rules applicable Equity Index-Linked Securities. Further, all
statements or representations regarding the description of the
portfolio or reference assets, limitations on portfolio holdings or
reference assets, dissemination and availability of the index,
reference asset, and intraday indicative values, or the applicability
of Exchange listing rules shall constitute continued listing
requirements for the Notes. Moreover, all of the options contracts
included in the Indexes will trade on markets that are a member of ISG
or affiliated with a member of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement. Quotation and
last sale information for U.S. exchange-listed options contracts
cleared by The Options Clearing Corporation will be available via the
Options Price Reporting Authority. RFQ information for FLEX Options
will be available directly from Cboe Options. The intra-day, closing
and settlement prices of exchange-traded options will be readily
available from the options exchanges, automated quotation systems,
published or other public sources, or online information services such
as Bloomberg or Reuters.
---------------------------------------------------------------------------

    \25\ See Rule 14.11(d)(2)(G).
    \26\ See Rule 14.11(d)(2)(K)(i)(b).
    \27\ See Rule 14.11(d)(2)(H).
    \28\ See Rule 14.11(d)(2)(I).
    \29\ See Rule 11.11(a).
    \30\ See Rule 14.11(h)(1)(F).
---------------------------------------------------------------------------

    Lastly, the Issuer represents that there will be a publicly
available web tool for each Series of Notes on a website that provides
existing and prospective investors with important information to help
inform investment decisions. The information provided will include the
start and end dates of the current outcome period, the time remaining
in the outcome period, the Index's current value, the applicable cap
for the outcome period and the maximum investment gain available up to
the cap for an investor purchasing Notes at the current Index value.
For each of the Series of Notes, the web tool will also provide
information regarding its buffer. This information will include the
remaining buffer available for an investor purchasing Notes at the
current Index value or the amount of losses that an investor purchasing
Notes at the Index value would incur before benefitting from the
protection of the buffer.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \31\ in general and Section 6(b)(5) of the Act \32\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78f.
    \32\ 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, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system and, in general, to
protect investors and the public interest in that the Notes will meet
each of the initial and continued listing criteria in BZX Rule 14.11(d)
with the exception of Rule 14.11(d)(2)(K)(i)(a)(2), because the Indexes
consist exclusively of SPX Options, rather than equity securities. Rule
14.11(d)(2)(K)(i)(a)(2) is intended to ensure that a series of Equity
Index-Linked Securities is not subject to manipulation by requiring
that the underlying reference index is composed of equity securities
that are sufficiently large, liquid, and diverse to mitigate
manipulation concerns. The Exchange believes that these manipulation
concerns are otherwise mitigated.
    Specifically, the Exchange believes that sufficient protections are
in place to protect against market manipulation of the Units and SPX
Options for several reasons: (i) The diversity, liquidity, and market
cap of the securities underlying the S&P 500[supreg] Index; (ii) the
significant liquidity in the market for options on the S&P 500[supreg]
Index; (iii) the competitive quoting process for FLEX Options combined
with the significant liquidity in the market for options on the S&P
500[supreg] Index results in a well-established price discovery process
that provides meaningful guideposts for FLEX Option pricing; and (iv)
surveillance by the Exchange, Cboe Options and FINRA designed to detect
violations of the federal securities laws and SRO rules. The Exchange
has in place a surveillance program for transactions in Linked
Securities to ensure the availability of information necessary to
detect and deter potential manipulations and other trading abuses,
thereby making the Notes less readily susceptible to manipulation.
Further, the Exchange believes that because the assets in each Index,
which are comprised entirely of SPX Options on the S&P 500[supreg]
Index, are priced in extremely liquid and highly regulated markets, the
Notes are less readily susceptible to manipulation.
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Notes on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws. Trading of the Notes
through the Exchange will be subject to the Exchange's surveillance
procedures for derivative products, including Linked Securities. All
statements and representations made in this filing regarding (a) the
description of the portfolio, reference assets, and index, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability

of Exchange rules shall constitute continued listing requirements for
listing the Notes on the Exchange. The Issuer has represented to the
Exchange that it will advise the Exchange of any failure by a Series of
Notes to comply with the continued listing requirements, and, pursuant
to its obligations under Section 19(g)(1) of the Act, the Exchange will
surveil for compliance with the continued listing requirements. If a
Series of Notes is not in compliance with the applicable listing
requirements, then, with respect to such Notes, the Exchange will
commence delisting procedures under Exchange Rule 14.12. FINRA conducts
certain 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. If a
Series of Notes is not in compliance with the applicable listing
requirements, the Exchange will commence delisting procedures with
respect to such Series of Notes under Exchange Rule 14.12.
    The Exchange or FINRA, on behalf of the Exchange, will communicate
as needed regarding trading in the Notes and exchange-traded options
contracts with other markets and other entities that are members of the
ISG and may obtain trading information regarding trading in the Notes
and exchange-traded options contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Notes and exchange-traded options contracts from markets
and other entities 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. As
noted above, options on the S&P 500[supreg] Index are among the most
liquid options in the world and derive their value from the actively
traded S&P 500[supreg] Index components. The contracts are cash-settled
with no delivery of stocks or ETFs, and trade in competitive auction
markets with price and quote transparency. The Exchange believes the
highly regulated options markets and the broad base and scope of the
S&P 500[supreg] Index make securities that derive their value from that
index less susceptible to market manipulation in view of the market
capitalization and liquidity of the S&P 500[supreg] Index components,
price and quote transparency, and arbitrage opportunities.
    The Exchange believes that the liquidity of the markets for S&P
500[supreg] Index securities, options on the S&P 500[supreg] Index, and
other related derivatives is sufficiently great to deter fraudulent or
manipulative acts associated with the price of the Notes. Coupled with
the extensive surveillance programs of the SROs described above, the
Exchange does not believe that trading in the Units would present
manipulation concerns.
    The Exchange represents that, except as described above, the Notes
will meet and be subject to all other requirements of the listing
standards and other applicable continued listing requirements for
Equity Index-Linked Securities, including index dissemination,\33\
suspension of trading or removal,\34\ trading halts,\35\
surveillance,\36\ minimum price variation for quoting and order
entry,\37\ and the information circular.\38\ The Issuer is required to
comply with Rule 10A-3 under the Act for the initial and continued
listing of each Series of Notes. Moreover, all of the options contracts
included in the Indexes will trade on markets that are a member of ISG
or affiliated with a member of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.
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    \33\ See Rule 14.11(d)(2)(G).
    \34\ See Rule 14.11(d)(2)(K)(i)(b).
    \35\ See Rule 14.11(d)(2)(H).
    \36\ See Rule 14.11(d)(2)(I).
    \37\ See Rule 11.11(a).
    \38\ See Rule 14.11(h)(1)(F).
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    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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

    The Exchange does not believe that the proposed rule change will
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 several
additional types of exchange-traded products 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

    The Exchange has neither solicited nor received written comments on
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 Exchange consents, the Commission will:
    (A) By order approve or disapprove such 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-CboeBZX-2019-015 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-CboeBZX-2019-015. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for

inspection and copying at the principal office of the Exchange. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-CboeBZX-2019-015, and should
be submitted on or before April 12, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\39\
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    \39\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-05459 Filed 3-21-19; 8:45 am]
 BILLING CODE 8011-01-P