[Federal Register: January 19, 2006 (Volume 71, Number 12)]
[Notices]
[Page 3074]
[DOCID:fr19ja06-66]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. EC06-60-000; ER01-3103-010]

Weichert Enterprise IV, LLC, EIF Astoria II, LLC, Astoria Energy,
LLC; Notice of Filing

January 11, 2006.
    Take notice that on January 5, 2006, the Weichert Enterprise IV,
LLV, EIF Astoria II, LLC, and Astoria Energy, LLC (collectively,
applicants), filed with the Federal Energy Regulatory Commission an
application pursuant to section 203 of the Federal Power Act for
authorization of an indirect disposition of jurisdictional facilities
that would result from an internal change in ownership involving
upstream equity holders of Astoria Energy, LLC (Astoria). Astoria is
developing a generating facility in Queens County, New York, and holds
market-based rate authority. The application seeks privileged treatment
of certain agreements.
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211 and 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date.
Anyone filing a motion to intervene or protest must serve a copy of
that document on the Applicant. On or before the comment date, it is
not necessary to serve motions to intervene or protests on persons
other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov.
 Persons unable to file electronically should submit an

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

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

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on January 26, 2006.

Magalie R. Salas,
Secretary.
[FR Doc. E6-547 Filed 1-18-06; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: September 16, 2009 (Volume 74, Number 178)]
[Notices]
[Page 47569]
[DOCID:fr16se09-43]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2602-029]

Duke Energy Carolinas, LLC; Notice of Application for Amendment
of License and Soliciting Comments, Motions To Intervene, and Protests

September 9, 2009.
    Take notice that the following application has been filed with the
Commission and is available for public inspection:
    a. Application Type: Amendment of Project Boundary.
    b. Project No.: 2602-029.
    c. Date Filed: May 29, 2009.
    d. Applicant: Duke Energy Carolinas, LLC.
    e. Name of Project: Dillsboro Project.
    f. Location: The project is located on the Tuckaseegee River in the
town of Dillsboro in Jackson County, North Carolina.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a--825r.
    h. Applicant Contact: John Whittaker, Winston and Strawn LLP, 1700
K Street, NW., Washington, DC 20006<PHONE_NUMBER>.
    i. FERC Contact: Any questions on this notice should be addressed
to Mr. Steven Sachs at<PHONE_NUMBER> or<EMAIL_ADDRESS>    j. Deadline for filing comments and or motions: October 9, 2009.
    Please include the project number (P-2602) on any comments or
motions filed. All documents (an original and eight copies) must be
filed with: Kimberly D. Bose, Secretary, Federal Energy Regulatory
Commission, 888 First Street, NE., Washington, DC 20426.
    Motions to intervene, protests, comments and recommendations may be
filed electronically via the Internet in lieu of paper filings, see 18
CFR 385.2001 (a)(1)(iii) and the instructions on the Commission's Web
site (http://www.ferc.gov) under the ``e-filing'' link. The Commission
strongly encourages electronic filings.
    The Commission's Rules of Practice and Procedure require all
interveners filing documents with the Commission to serve a copy of
that document on each person whose name appears on the official service
list for the project. Further, if an intervener files comments or
documents with the Commission relating to the merits of an issue that
may affect the responsibilities of a particular resource agency, they
must also serve a copy of the document on that resource agency. A copy
of any motion to intervene must also be served upon each representative
of the Applicant specified in the particular application.
    k. Description of Request: Duke Energy Carolinas, LLC proposes to
include within the project boundary about 1,600 feet of land between
the full pond contour of the Dillsboro Project reservoir and the
western edge of River Road, and approximately 1,000 feet of land
between the full pond contour and the eastern edge of Mockingbird Lane.
The lands in question are identified as Jackson County, NC tax parcel
Nos. 7631-44-2809, 7631-44-2597, 7631-44-3352, and 7631-35-5169. The
amendment would add to the project about 11 acres of land upstream of
the dam. The applicant states this land is required to perform the sand
dredging operation as approved by the Commission.
    l. Location of the Application: A copy of the licensee's filing is
available for inspection and reproduction at the Commission's Public
Reference Room, located at 888 First Street, NE., Room 2A, Washington,
DC 20426, or by calling<PHONE_NUMBER>. This filing may also be viewed
on the Commission's Web site at http://ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. You may also register
online at http://www.ferc.gov/docsfiling/esubscription.asp to be
notified via email of new filings and issuances related to this or
other pending projects. For assistance, call toll-free at 1-866-208-
3372 or e-mail<EMAIL_ADDRESS>or for TTY, call (202) 502-
8659. A copy is also available for inspection and reproduction at the
address listed in item (h) above.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210,
385.211, and 385.214. In determining the appropriate action to take,
the Commission will consider all protests or other comments filed, but
only those who file a motion to intervene in accordance with the
Commission's Rules may become a party to the proceeding. Any comments,
protests, or motions to intervene must be received on or before the
specified comment date for the particular application (see item (j)
above).
    o. Any filing must bear in all capital letters the title
``COMMENTS'', ``PROTEST'', ``MOTION TO INTERVENE'', or
``RECOMMENDATIONS'', as applicable, and the Project Number of the
particular application to which the filing refers.
    p. Agency Comments: Federal, state, and local agencies are invited
to file comments on the described application. A copy of the
application may be obtained by agencies directly from the Applicant. If
an agency does not file comments within the time specified for filing
comments, it will be presumed to have no comments. One copy of an
agency's comments must also be sent to the Applicant's representatives.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-22235 Filed 9-15-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 248 (Monday, December 28, 2020)]
[Notices]
[Pages 84460-84462]
[FR Doc No: 2020-28472]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[Docket No. FRA-2020-0027-N-31]

Proposed Agency Information Collection Activities; Comment
Request

AGENCY: Federal Railroad Administration (FRA), Department of
Transportation (DOT).

ACTION: Notice of information collection; request for comment.

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SUMMARY: Under the Paperwork Reduction Act of 1995 (PRA) and its
implementing regulations, this notice announces that FRA is forwarding
the Information Collection Request (ICR) abstracted below to the Office
of Management and Budget (OMB) for review and comment. The ICR
describes the information collection and its expected burden. On
September 11, 2020, FRA published a notice providing a 60-day period
for public comment on the ICR.

DATES: Interested persons are invited to submit comments on or before
January 27, 2021.

ADDRESSES: Written comments and recommendations for the proposed ICR
should be sent within 30 days of publication of this notice to
www.reginfo.gov/public/do/PRAMain. Find the particular ICR by selecting
``Currently under 30-day Review--Open for Public Comments'' or by using
the search function.

FOR FURTHER INFORMATION CONTACT: Ms. Hodan Wells, Information
Collection Clearance Officer, Office of Railroad Safety, Regulatory
Analysis Division, Federal Railroad Administration, telephone: (202)
493-0440, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: The PRA, 44 U.S.C. 3501-3520, and its
implementing regulations, 5 CFR part 1320, require Federal agencies to
issue two notices seeking public comment on information collection
activities before OMB may approve paperwork packages. See 44 U.S.C.
3506, 3507; 5 CFR 1320.8 through 1320.12. On September 11, 2020, FRA
published a 60-day notice in the Federal Register soliciting comment on
the ICR for which it is now seeking OMB approval. See 85 FR 56286. FRA
received no comments in response to this notice.
    Before OMB decides whether to approve the proposed collection of
information, it must provide 30 days for public comment. Federal law
requires OMB to approve or disapprove paperwork packages between 30 and
60 days after the 30-day notice is published. 44 U.S.C. 3507(b)-(c); 5
CFR 1320.12(d); see also 60 FR 44978, 44983, Aug. 29, 1995. OMB
believes the 30-day notice informs the regulated community to file
relevant comments and affords the agency adequate time to digest public
comments before it renders a decision. 60 FR 44983, Aug. 29, 1995.
Therefore, respondents should submit their respective comments to OMB
within 30 days of publication to best ensure having their full effect.
    Comments are invited on the following ICR regarding: (1) Whether
the information collection activities are necessary for FRA to properly
execute its functions, including whether the information will have
practical utility; (2) the accuracy of FRA's estimates of the burden of
the information collection activities, including the validity of the
methodology and assumptions used to determine the estimates; (3) ways
for FRA to enhance the quality, utility, and clarity of the information
being collected; and (4) ways to minimize the burden of information
collection activities on the public, including the use of automated
collection techniques or other forms of information technology.
    The summary below describes the ICR that FRA will submit for OMB
clearance as the PRA requires:
    Title: Railroad Operating Rules.
    OMB Control Number: 2130-0035.
    Abstract: The collection of information associated with Title 49
Code of Federal Regulations (CFR) parts 217 and 218, Railroad Operating
Rules and Practices, requires railroads to file with FRA copies of
their operating rules, timetables, timetable special instructions, and
subsequent amendments. The regulations also require railroads to retain
copies of these documents at their systems headquarters and make these
documents available to FRA upon request.

Through these requirements, FRA learns of operating rules and practices
for trains and instructions railroads provide their employees on
operating practices.
    Type of Request: Extension with change (revised estimates) of a
currently approved collection.
    Affected Public: Businesses.
    Form(s): N/A.
    Respondent Universe: 765 railroads.
    Frequency of Submission: On occasion.
    Reporting Burden:\1\
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    \1\ FRA provides a revised PRA table that includes updated
burdens associated with Sec. Sec.  217.11, 218.95, and 218.97. The
estimates have been updated after an internal review.
    \2\ Note: The current inventory estimates a total burden of
4,791,614 hours while the requesting inventory estimates a total
burden of 763,236 hours. There is no change in the method of the
collection. However, FRA determined some of the estimates were
double counted and/or outdated, while other estimates were not PRA
requirements, thus leading to the increased figures in the current
inventory, which were decreased accordingly in this notice. Also,
totals may not add due to rounding.
    \3\ The dollar equivalent cost is derived from the Surface
Transportation Board's Full Year Wage A&B data series using the
appropriate employee group hourly wage rate that includes a 75-
percent overhead charge. The hourly wage rate used is $77 per hour
($44.27 * 1.75 = $77).

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                Total annual     Total cost
            CFR section \2\                Respondent universe      Total annual responses    Average time per response    burden hours   equivalent \3\
--------------------------------------------------------------------------------------------------------------------------------------------------------
217.7(a)--Operating rules; filing and   2 new railroads..........  2 documents.............  1 hour.....................               2            $154
 recordkeeping--Filing of code of
 operating rules, timetables, and
 timetable special instructions by
 Class Is, Class IIs, Amtrak, and
 commuter railroads with FRA.
    --(b) Amendments to code of         53 railroads.............  312 revised documents...  20 minutes.................             104           8,008
     operating rules, timetables, and
     timetable special instructions by
     Class Is, Class IIs, Amtrak, and
     commuter railroads with FRA.
    --(c) Class III and other           2 new railroads..........  2 documents.............  1 hour.....................               2             154
     railroads--Copy of code of
     operating rules, timetables, and
     timetable special instructions at
     system headquarters.
    --(c) Class III and other           798 railroads............  1,596 copies............  15 minutes.................             399          30,723
     railroads--Amendments to code of
     operating rules, timetables, and
     timetable special instructions at
     system headquarters.
217.9(b)(2)--Program of operational     765 railroads............  4,732 records...........  2 minutes..................             158          12,166
 tests and inspections; recordkeeping--
 Written records documenting
 qualification of each railroad
 testing officer.
    --(c) Written program of            2 new railroads..........  2 programs..............  10 hours...................              20           2,300
     operational tests and inspections.
    --(d)(1) Records of operational     765 railroads............  9,120,000 test records    5 minutes..................         760,000      58,520,000
     tests/inspections.                                             and updates.
    --(d)(2) Railroad copy of current   53 railroads.............  159 program revisions...  70 minutes.................             186          14,322
     program operational tests/
     inspections--Amendments.
    --(e)(1)(i) Written quarterly       7 Class I railroads +      32 reviews..............  2 hours....................              64           4,928
     review of operational tests/        Amtrak.
     inspections by RRs other than
     passenger RRs.
    --(e)(1)(ii) 6-month review of      7 Class I railroads......  14 reviews..............  2 hours....................              28           2,156
     operational tests/inspections/
     naming of officer.
    --(e)(2) 6-month review by          35 Amtrak + passenger      70 reviews..............  2 hours....................             140          10,780
     passenger railroads designated      railroads.
     officers of operational testing
     and inspection data.
    --(e)(3) Records of periodic        50 railroads.............  116 records.............  1 minute...................               2             154
     reviews.
    --(f)-(g) Annual summary of         50 railroads.............  50 summary records......  1 hour.....................              50           3,850
     operational tests and inspections.
    --(h)(1)(i) RR amended program of   765 railroads............  6 revised programs......  30 minutes.................               3             231
     operational tests/inspections.
    --(h)(1)(ii) FRA disapproval of RR  765 railroads............  6 supporting documents..  1 hour.....................               6             462
     program of operational tests/
     inspections and RR written
     response in support of program.
217.11(a)--RR periodic instruction of   2 new railroads..........  2 written programs......  8 hours....................              16           1,232
 employees on operating rules--New
 railroads.
217.11(b)--RR copy of program           765 railroads............  110 modified written      30 minutes.................              55           4,235
 amendments for periodic instruction                                programs.
 of employees.
218.95(a)(5)-(b)--Instruction,          765 railroads............  85,600 employee records.  1 minute...................           1,427         109,879
 training, examination--Employee
 completed test records.

    --(c)(1)(i) Amended RR program of   765 railroads............  5 amended programs......  30 minutes.................               3             231
     instruction, testing, examination.
218.97(b)(4)--RR copy of good faith     765 railroads............  4,732 copies to new       6 minutes..................             473          36,421
 challenge procedures.                                              employees.
218.97(c)(1) and (4)--RR employee good  10 workers...............  10 good faith challenges  15 minutes.................               3             231
 faith challenge of RR directive.
    --(c)(5) RR resolution of employee  2 new railroads..........  5 responses.............  15 minutes.................               1              77
     good faith challenge.
    --(d)(1) RR officer immediate       2 new railroads..........  3 reviews...............  30 minutes.................               2             154
     review of unresolved good faith
     challenge.
    --(d)(2) RR officer explanation to  2 new railroads..........  3 answers...............  15 minutes.................               1              77
     employee that Federal law may
     protect against employer
     retaliation for refusal to carry
     out work if employee refusal is a
     lawful, good faith act.
    --(d)(3) Employee written/          2 new railroads..........  3 written protests......  15 minutes.................               1              77
     electronic protest of employer
     final decision.
    --(d)(3) Employee copy of protest.  2 new railroads..........  3 copies................  1 minute...................             0.1               8
    --(d)(4) Employer further review    2 new railroads..........  2 further reviews.......  15 minutes.................             0.5              39
     of good faith challenge after
     employee written request.
    --(d)(4) RR verification decision   2 new railroads..........  2 decisions.............  15 minutes.................             0.5              39
     to employee in writing.
    --(e) Recordkeeping and record      765 railroads............  765 copies..............  5 minutes..................              64           4,928
     retention--Employer's copy of
     written procedures at division
     headquarters.
218.99(a)--Shoving or pushing           2 new railroads..........  2 rule modifications....  1 hour.....................               2             154
 movement--RR operating rule complying
 with section's requirements.
218.101(a)-(c)--Leaving equipment in    2 new railroads..........  2 rule modifications....  30 minutes.................               1              77
 the clear--Operating rule that
 complies with this section.
218.103(a)(1)--Hand-Operated Switches-- 2 new railroads..........  2 rule modifications....  30 minutes.................               1              77
 Operating Rule that Complies with
 this section.
                                       -----------------------------------------------------------------------------------------------------------------
    Total.............................  765 railroads............  9,348,371 responses.....  N/A........................         763,236      58,770,040
--------------------------------------------------------------------------------------------------------------------------------------------------------

    Total Estimated Annual Responses: 9,348,371.
    Total Estimated Annual Burden: 763,236 hours.
    Total Estimated Annual Burden Hour Dollar Cost Equivalent:
$58,770,040.
    Under 44 U.S.C. 3507(a) and 5 CFR 1320.5(b) and 1320.8(b)(3)(vi),
FRA informs all interested parties that a respondent is not required to
respond to, conduct, or sponsor a collection of information that does
not display a currently valid OMB control number.

    Authority: 44 U.S.C. 3501-3520.

Brett A. Jortland,
Deputy Chief Counsel.
[FR Doc. 2020-28472 Filed 12-23-20; 8:45 am]
BILLING CODE 4910-06-P


[Federal Register Volume 84, Number 79 (Wednesday, April 24, 2019)]
[Notices]
[Pages 17233-17234]
[FR Doc No: 2019-08263]

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DEPARTMENT OF TRANSPORTATION

National Highway Traffic Safety Administration

[U.S. DOT Docket No. NHTSA-2019-0019]

Reports, Forms, and Record Keeping Requirements

AGENCY: National Highway Traffic Safety Administration (NHTSA), DOT.

ACTION: Request for public comment on a proposed collection of
information.

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SUMMARY: Before a Federal agency can collect certain information from
the public, it must receive approval from the Office of Management and
Budget (OMB). Under the procedures established by the Paperwork
Reduction Act of 1995, before seeking OMB approval, Federal agencies
must solicit public comment on proposed collections of information,
including extensions and reinstatements of previously approved
collections. This document describes one collection of information for
which NHTSA intends to seek OMB approval.

DATES: Comments must be received on or before June 24, 2019.

ADDRESSES: You may submit comments identified by DOT Docket ID Number
NHTSA--NHTSA-2019-0019 using any of the following methods:
    Electronic submissions: Go to http://www.regulations.gov. Follow
the on-line instructions for submitting comments.
    Mail: Docket Management Facility, M-30, U.S. Department of
Transportation, 1200 New Jersey Avenue SE, West Building Ground Floor,
Room W12-140, Washington, DC 20590.
    Hand Delivery: West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
    Fax: 1-202-493-2251.
    Instructions: Each submission must include the Agency name and the
Docket number for this Notice. Note that all comments received will be
posted without change to http://www.regulations.gov including any
personal information provided.

FOR FURTHER INFORMATION CONTACT: Amy Berning, Research Psychologist,
NHTSA-NPD-130, 1200 New Jersey Avenue SE, W44-237, Washington, DC
20590. Ms. Berning's phone number is<PHONE_NUMBER>, and her email
address is [email protected].

SUPPLEMENTARY INFORMATION: Under the Paperwork Reduction Act of 1995,
before an agency submits a proposed collection of information to OMB
for approval, it must publish a document in the Federal Register
providing a 60-day comment period and otherwise consult with members of
the public and affected agencies concerning each proposed collection of
information. The OMB has promulgated regulations describing what must
be included in such a document. Under OMB's regulations (at 5 CFR
1320.8(d)), an agency must ask for public comment on the following:
    (i) Whether the proposed collection of information is necessary for
the proper performance of the functions of the agency, including
whether the information will have practical utility;
    (ii) The accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of the
methodology and assumptions used;
    (iii) How to enhance the quality, utility, and clarity of the
information to be collected; and
    (iv) How to minimize the burden of the collection of information on
those who are to respond, including the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., permitting electronic
submissions of responses.
    In compliance with these requirements, NHTSA asks public comment on
the following proposed collection of information:
    Title: Prevalence of Alcohol and Other Drug Use Among Motor Vehicle
Crash Victims Admitted to Select Trauma Centers.
    OMB Control Number: None.
    Form No.: None.
    Type of Information Collection Request: Approval of a New
Information Collection.
    Type of Review Requested: Regular.
    The research study will involve the use of information, including
blood samples, that was originally collected in the course of clinical
treatment. Generally, under 5 U.S.C. 1320.3(h)(5), information does not
include ``[f]acts or

opinions obtained initially or in follow-on requests, from individuals
(including individuals in control groups) under treatment or clinical
examination in connection with research on or prophylaxis to prevent a
clinical disorder, direct treatment of that disorder, or the
interpretation of biological analyses of body fluids, tissues, or other
specimens, or the identification or classification of such specimens.''
However, as provided in 5 U.S.C. 1320.3(h), OMB may determine that any
specific item constitutes ``information.'' NHTSA has consulted with OMB
on a proposed research study and OMB has determined that, for the
purpose of NHTSA's research study, the collection of the blood samples
and de-identified information, including patient demographics, cause of
injury, and injury severity, is a collection of information for which
NHTSA must seek clearance from OMB.
    Respondents: Participants will include approximately 7,500 people
seriously injured in a motor vehicle crash (MVC) arriving at one of the
selected trauma centers or morgues immediately after the crash injury
was incurred. As such, participants will include seriously-injured and
fatally-injured drivers and other crash-involved road users (e.g.,
passengers, pedestrians, bicyclists, scooter riders).
    Estimated Time per Participant: The trauma centers and medical
examiners at the selected study sites universally draw patients' blood
for clinical treatment or autopsy purposes. The trauma centers and
medical examiners also collect other information such as patient
demographics, cause of injury, injury severity, and drugs administered
during treatment as part of their normal operating procedures. The only
blood that will be used in this study will be de-identified blood
samples that were collected, but not used, during their routine
clinical procedures. The study will also use other de-identified
information that was collected as part of their routine clinical
documentation procedures. Again, this information would be collected
even in the absence of NHTSA's research study. As such, NHTSA does not
estimate any burden on the participants.
    Total Estimated Annual Burden Hours: 0.00 hours per year.
    Frequency of Collection: The collection is part of a one-time
study. The trauma centers will provide de-identified information on a
patient every time an individual presents to the trauma center as an
MVC victim. When available, blood samples from MVC victims that were
already collected as part of routine clinical procedures will be de-
identified and provided for toxicological analyses. Similarly, the
medical examiners will provide de-identified information on the
fatally-injured MVC victims in the morgue and will provide a blood
sample, when available, after all clinical procedures are complete.
    Abstract: The National Highway Traffic Safety Administration
(NHTSA) seeks to examine the prevalence of legal and illegal drugs in
the systems of seriously- or fatally-injured drivers and other crash-
involved road users presenting directly to the selected trauma centers
or medical examiners. The contracted trauma centers and medical
examiners will provide the study with de-identified blood samples, when
available, that were already collected during their routine clinical
treatment activities. The study will then conduct independent drug
toxicology testing to determine the prevalence of alcohol and other
drugs in the systems of the participants. The trauma centers and
medical examiners will also provide the study with other de-identified
participant classification information such as patient demographics,
cause of injury, and injury severity. The trauma centers and medical
examiners will provide this already-collected and de-identified
information to the study in accordance with all applicable Federal,
State, and local regulations governing the sharing of such information
and as approved by the study Institutional Review Board.
    Description of the Need for the Information and Proposed Use of the
Information: NHTSA's mission is to save lives, prevent injuries and
reduce traffic-related health care and other economic costs. The agency
develops, promotes and implements educational, and enforcement programs
with the goal of ending preventable tragedies and reducing economic
costs associated with vehicle use and highway travel. There is a dearth
of information on drug prevalence for seriously-injured MVC victims
with only a couple studies exploring the issue in the United States
(e.g., Walsh, et al., 2004 \1\) and Canada (e.g., Brubacher et al.,
2016 \2\). This study seeks to help fill a gap in the state of
knowledge concerning drug prevalence among MVC victims who are
seriously- or fatally-injured, and present directly to a trauma center
or morgue. While the sample is not nationally representative and will
not be used for national estimates, the results of this research will
produce information on a large sample of MVC victims, and will assist
NHTSA in better understanding the prevalence of different drugs among
the seriously- and-fatally-injured at the participating trauma centers
and morgues.
---------------------------------------------------------------------------

    \1\ Walsh, J. M., Flegel, R., Cangianelli, L. A., Atkins, R.,
Soderstrom, C.A., & Kerns, T. J. (2004). Epidemiology of alcohol and
other drug use among motor vehicle crash victims admitted to a
trauma center. Traffic Injury Prevention, 5(3), 254-60.
    \2\ Brubacher, J., Chan, H., Martz, W., Schreiber, W., Abridge,
M., Eppler, J., Lund, A., Macdonald, S., Drummer, O., Purssell, R.,
Andolfatto, G., Mann, R., & Brant, R. (2016). Prevalence of alcohol
and drug use in injured British Columbia drivers. BMJ Open, 6(3),
e009278.

---------------------------------------------------------------------------
    Authority: 44 U.S.C. Section 3506(c)(2)(A).

    Issued in Washington, DC on April 19, 2019.
Jon Krohmer,
Associate Administrator, Acting, Research and Program Development.
[FR Doc. 2019-08263 Filed 4-23-19; 8:45 am]
BILLING CODE 4910-59-P


[Federal Register Volume 84, Number 236 (Monday, December 9, 2019)]
[Notices]
[Pages 67304-67308]
[FR Doc No: 2019-26404]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87650; File No. SR-NYSECHX-2019-24]

Self-Regulatory Organizations; NYSE Chicago, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Amend the
Fee Schedule of NYSE Chicago, Inc.

December 3, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on November 29, 2019 the NYSE Chicago, Inc. (``NYSE
Chicago'' or the ``Exchange'') filed with the Securities and Exchange
Commission (the ``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\ 15 U.S.C. 78a.
    \3\ 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 amend its Fee Schedule to (a) adopt the
same billing dispute practice as the Exchange's affiliates and other
exchanges, (b) adopt the same policy regarding the aggregation of
affiliated Participants' activity as applied by the Exchange's
affiliates and other exchanges, and (c) delete text referencing fees
and services that became obsolete upon the Exchange's transition to the
Pillar trading platform. proposed rule change is available on the
Exchange's website 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 amend its Fee Schedule to (a) adopt the
same billing dispute practice as the Exchange's affiliates and other
exchanges, (b) adopt the same policy regarding the aggregation of
affiliated Participants' \4\ activity as applied by the Exchange's
affiliates and other exchanges, and (c) delete text referencing fees
and services that became obsolete upon the Exchange's transition to the
Pillar trading platform (``Pillar'').\5\
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    \4\ As defined in Article 1, Rule 1(s) of the Exchange's Rules,
``Participants'' refers to persons who are permitted to trade on the
Exchange. See Securities Exchange Act Release No. 87264 (October 9,
2019), 84 FR 55345, 55346 n.25 (October 16, 2019) (SR-NYSECHX-2019-
08) (Approval Order).
    \5\ Pillar is an integrated trading technology platform designed
to use a single specification for connecting to the equities and
options markets operated by the Exchange's affiliates New York Stock
Exchange LLC (``NYSE''), NYSE American LLC (``NYSE American''), NYSE
Arca, Inc. (``NYSE Arca''), and NYSE National, Inc. (``NYSE
National'' and, together, the ``Affiliate SROs''). See Securities
and Exchange Act Release No. 87408 (October 28, 2019), 84 FR 58778
(November 1, 2019) (SR-NYSECHX-2019-12).
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Proposed Billing Procedure
    The Exchange proposes to amend its Fee Schedule to adopt a billing
procedure to prevent Participants from contesting their bills long
after they have received an invoice. The proposed provision would be
based on those in the fee schedules of the Affiliate SROs,\6\ and
substantially the same as that in place at other equities and options
exchanges.\7\
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    \6\ See New York Stock Exchange Price List 2019 (``NYSE Price
List''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf (``All fee disputes concerning fees billed
by the Exchange must be submitted to the Exchange in writing and
must be accompanied by supporting documentation. All fee disputes
must be submitted no later than sixty (60) days after receipt of a
billing invoice.''); NYSE American Equities Price List (``NYSE
American Equities Price List''), available at https://www.nyse.com/publicdocs/nyse/markets/nyse-american/NYSE_America_Equities_Price_List.pdf (same); NYSE American Options
Fee Schedule (``NYSE American Options Fee Schedule''), available at
https://www.nyse.com/publicdocs/nyse/markets/american-options/NYSE_American_Options_Fee_Schedule.pdf (same); NYSE Arca Equities
Fees and Charges (``NYSE Arca Equities Fee Schedule''), available at
https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf (same); NYSE Arca Options Fees and
Charges (``NYSE Arca Options Fee Schedule''), available at https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf (same); and NYSE National, Inc.
Schedule of Fees and Rebates (``NYSE National Fee Schedule''), at
https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_National_Schedule_of_Fees.pdf (same).
    \7\ See NASDAQ Equity Rules, Equity 7 (Pricing Schedule),
Section 70(b) (all fee disputes must be submitted no later than 60
days after receipt of billing invoice, in writing and accompanied by
supporting documentation); NASDAQ Options Rules, Options 7 (Pricing
Schedule), Section 7(a)-(b) (same); NASDAQ BX Equity Rules, Equity 7
(Pricing Schedule), Section 111(b) (Collection of Exchange Fees and
Other Claims and Billing Policy) (same); NASDAQ BX Options Rules,
Options 7 (Pricing Schedule), Section 7(a)-(b) (BX Options Fee
Disputes) (same); NASDAQ PHLX Equity Rules, Equity 7 (Pricing
Schedule), Section 1(a) (same); NASDAQ PHLX Options Rules, Options 7
(Pricing Schedule), Section 1(a) (same); NASDAQ ISE Options Rules,
Options 7 (Pricing Schedule), Section 1(b) (same); NASDAQ GEMX
Options Rules, Options 7 (Pricing Schedule), Section 1(b) (same);
NASDAQ MRX Options Rules, Options 7 (Pricing Schedule), Section 1(b)
(same); MIAX Options Fee Schedule, available at https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_10222019.pdf (same); MIAX Pearl Fee
Schedule, available at https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_PEARL__Fee__Schedule_10222019.pdf
(same); and MIAX Emerald Fee Schedule, available at https://www.miaxoptions.com/sites/default/files/fee_schedule-files/MIAX_Emerald_Fee_Schedule_10222019.pdf (same).
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    Under the proposed billing procedure, all disputes concerning fees
billed by the Exchange would have to be submitted to the Exchange in
writing and accompanied by supporting documentation. Further, all fee
disputes would have be submitted no later than sixty (60) days after
receipt of a billing invoice. After sixty days, all fees assessed by
the Exchange would be considered final. The Exchange believes that this
requirement, which is the same as that in place at the Exchange's
equities and options market affiliates,\8\ will streamline the billing
dispute process.
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    \8\ See note 6, supra.
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    The Exchange believes it is reasonable for Participants to become
aware of any potential billing errors within sixty calendar days of
receiving an invoice. Requiring that Participants dispute an invoice
within this time period will encourage Participants to review their
invoices promptly and allow disputed charges to be addressed while the
information and data underlying those charges (e.g., applicable fees
and order information) are still easily and readily available. This
practice would avoid issues that may arise when Participants do not
dispute an invoice in a timely manner and conserve Exchange resources
that would be expended to resolve untimely billing disputes.\9\
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    \9\ The same rationale has been advanced by other exchanges that
have adopted the Exchange's proposed billing procedure. See, e.g.,
Securities and Exchange Act Release Nos. 79061 (October 6, 2016), 81
FR 70721 (October 13, 2016) (SR-ISE-2016-23); 74895 (May 7, 2015),
80 FR 27352 (May 13, 2015) (SR-NASDAQ-2015-50); and 73452 (October
28, 2014), 79 FR 65279 (November 3, 2014) (SR-BX-2014-54).
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    In order for Participants to be fully aware of this rule regarding
fee disputes, the Exchange proposes to include the proposed Fee
Schedule language in each customer invoice.
    To effect this change, the Exchange proposes to amend Section P of
the Fee Schedule, which is currently designated as ``Reserved,'' to
title it ``Billing Disputes'' and add text describing the billing
procedure. The Exchange also proposes a non-substantive change to add a
heading of ``Q. Minor Rule Violation Plan'' before the next section of
the Fee Schedule.
Aggregation of Affiliate Activity
    The Fee Schedule currently provides that activity of affiliated
Participants may be aggregated for specified purposes.\10\ The Exchange
proposes to amend its Fee Schedule to replace the current method of
aggregation of affiliated Participant activity with the method used by
the Affiliated SROs to aggregate activity of affiliated
Participants.\11\ Other exchanges also include similar provisions in
their rules.\12\
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    \10\ See Section O of the Fee Schedule.
    \11\ See, e.g., NYSE Price List available at https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf; NYSE
American Equities Price List, available at https://www.nyse.com/publicdocs/nyse/markets/nyse-american/NYSE_America_Equities_Price_List.pdf; NYSE Arca Equities Price List,
available at https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf; and NYSE National Fee Schedule,
available at https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_National_Schedule_of_Fees.pdf.
    \12\ See, e.g., NASDAQ Equity Rules, Equity 7, Section 127;
NASDAQ Options Rules, Options 7, Section 127; NASDAQ BX Equity
Rules, Equity 7, Section 127; NASDAQ BX Options Rules, Options 7;
NASDAQ PHLX Equity Rules, Equity 7, Section 3; NASDAQ PHLX Options
Rules, Options 7, Section 1.
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    The proposed rule change would provide that for purposes of
applying any provision of the Exchange's Fee Schedule where the charge
assessed, or credit provided, by the Exchange

depends on the volume of a Participant's activity (i.e., where a volume
threshold or volume percentage is required to obtain the pricing), a
Participant may request that the Exchange aggregate its eligible
activity with the eligible activity of its affiliates. The Exchange
further proposes that a Participant requesting aggregation of eligible
affiliate activity would be required to (1) certify to the Exchange
which affiliate(s) it seeks to aggregate prior to receiving approval
for aggregation, and (2) inform the Exchange immediately of any event
that causes an entity to cease being an affiliate(s). The Exchange
would review available information regarding the entities and reserves
the right to request additional information to verify the affiliate
status of an entity. The Exchange would approve a request, unless it
determines that the certificate is not accurate.
    The Exchange also proposes to establish a standard practice for
determining an affiliation as of the month's beginning or close in time
to when the affiliation occurs, provided the Participant submits a
timely request. Specifically, if two or more Participants become
affiliated on or prior to the sixteenth day of a month, and submit the
required request for aggregation on or prior to the twenty-second day
of the month, an approval of the request would be deemed to be
effective as of the first day of that month. If two or more
Participants become affiliated after the sixteenth day of a month, or
submit a request for aggregation after the twenty second day of the
month, an approval of the request would be deemed to be effective as of
the first day of the next calendar month. The Exchange believes that
this requirement, which is based on the requirements of the Affiliate
SROs without any substantive differences, would be a fair and objective
way to apply the aggregation rule to fees and streamline the billing
process.
    The Exchange further proposes to provide that for purposes of
applying any provision of the Fee Schedule where the charge assessed,
or credit provided, by the Exchange depends upon the volume of a
Participant's activity, references to an entity would be deemed to
include the entity and its affiliates that have been approved for
aggregation. Consistent with the requirements of the Affiliate
SROs,\13\ the Exchange proposes to provide that Participants may not
aggregate volume wherever the Fee Schedule may specify that aggregation
is not permitted.
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    \13\ See note 11, supra.
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    Finally, the Exchange proposes to simplify its definition of
``affiliate'' for purposes of the Fee Schedule. Currently, the term
``affiliate'' is defined in the Fee Schedule as any wholly owned
subsidiary, parent, or sister of the Participant that is also a
Participant, with the terms ``wholly owned subsidiary,'' ``parent,''
and ``sister'' also individually defined. The proposed change would
define ``affiliate'' as any Participant under 75% common ownership or
control of that Participant. This proposed definition is consistent
with rules adopted by the Affiliate SROs and other exchanges.\14\
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    \14\ See notes 11-12, supra.
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    To effect this change, the Exchange proposes to delete the text
currently set forth in Section O of the Fee Schedule, replace it with
the above-described rule, and amend the title of that section to
``Aggregate Billing of Affiliated Participants.''
Removal of Obsolete Fees
    Because the Exchange does not offer the Connect service in Pillar,
in connection with the transition to Pillar, the Exchange deleted
Article 4, Rule 2 relating to the Connect service in its entirety.\15\
The Exchange proposes to similarly delete reference to the Connect
service in the Fee Schedule by deleting the text set forth in Section
``L'' of the Fee Schedule and designating that section as ``Reserved.''
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    \15\ See 84 FR 55345, supra note 4, at 55346 n.19.
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    The Exchange also proposes to delete certain text in the Fee
Schedule referencing fees for services that have become obsolete
because of the Exchange's move to the Mahwah data center. Specifically,
the Exchange proposes to delete Section D.2 of the Fee Schedule, which
sets forth Cross Connection Charges for physical connections that are
no longer used by Participants now that the Exchange has moved to the
Mahwah data center. The Exchange also proposes to delete Section G of
the Fee Schedule, which sets forth fees for co-location services that
were provided prior to the migration to Pillar, and not for co-location
services provided in the Mahwah data center.\16\ The Exchange proposes
to designate Section G of the Fee Schedule as ``Reserved.''
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    \16\ See Securities Exchange Act Release No. 49728 (May 19,
2004), 69 FR 29988 (May 26, 2004) (SR-CHX-2004-15). The Exchange
sets forth fees for the co-location services it currently offers
under the heading of ``Co-Location Fees'' on page 13 of the Fee
Schedule.
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\17\ in general, and furthers the
objectives of Sections 6(b)(4) and 6(b)(5) of the Act,\18\ in
particular, because it provides for the equitable allocation of
reasonable dues, fees, and other charges among its members, issuers,
and other persons using its facilities and does not unfairly
discriminate among customers, issuers, brokers, or dealers, and because
it is designed to promote just and equitable principles of trade, 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.
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    \17\ 15 U.S.C. 78f(b).
    \18\ 15 U.S.C. 78f(b)(4)-(5).
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    With respect to the proposed billing procedure, the Exchange
believes that the requirement to submit all billing disputes in
writing, and with supporting documentation, within sixty days from
receipt of the invoice, is reasonable because the Exchange provides
Participants with ample tools to monitor and account for various
charges incurred in a given month. The proposed provision also promotes
the protection of investors and the public interest by providing a
clear and concise mechanism in Exchange Rules for Participants to
dispute fees and for the Exchange to review such disputes in a timely
manner. In addition, the proposed 60-day limitation is fair, equitable,
and not unfairly discriminatory because it will apply equally to all
Participants and be implemented prospectively on all Participants, only
applying to invoices issued after the proposed rule change becomes
operative. Moreover, the proposed billing dispute language, which will
lower the Exchange's administrative burden, is based on billing dispute
language of the Affiliate SROs without any substantive differences, and
is substantially similar to billing dispute language of other
exchanges.\19\
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    \19\ See notes 6-7, supra.
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    With respect to the proposed billing aggregation, the Exchange
believes that this policy implements a reasonable and clear process for
the Exchange to group together affiliated Participants for purposes of
assessing charges or credits that are based on volume. The provision is
equitable because all Participants seeking to aggregate their activity
are subject to the same parameters, in accordance with a standard that
recognizes an affiliation as of the month's beginning or close in time
to when the affiliation occurs, provided the Participant submits a
timely request.

In addition, the Exchange believes that the proposed change would
reduce disparity of treatment between Participants with regard to the
pricing of different services and reduce any potential for confusion on
how activity can be aggregated. For example, the proposed rule change
avoids disparate treatment of Participants that have divided their
various business activities between separate corporate entities as
compared to Participants that operate those business activities within
a single corporate entity. The Exchange also believes that the proposed
rule change is designed to remove impediments to and perfect the
mechanism of a free and open market by harmonizing the process by which
Participants can seek to aggregate volume with the practices of the
Affiliate SROs and other exchanges.\20\
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    \20\ See notes 11-12, supra.
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    With respect to the proposed deletion of obsolete fees, the
Exchange believes that the proposed change would remove impediments to
and perfect the mechanisms of a free and open market by eliminating
references to services that are no longer offered, thereby improving
the clarity of the Exchange's rules and enabling market participants to
more easily navigate the Exchange's fee schedule. The Exchange also
believes that the proposed change would protect investors and the
public interest because the deletion of obsolete text would make the
Fee Schedule more accessible and transparent and facilitate market
participants' understanding of the fees charged for services currently
offered by the Exchange.

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

    In accordance with Section 6(b)(8) of the Act,\21\ the Exchange
believes that the proposed rule change would not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act.
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    \21\ 15 U.S.C. 78f(b)(8).
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    With respect to the billing procedure and billing aggregation
policy, the proposed rule change would establish a clear process that
would apply equally to all Participants and is based on the rules of
the Affiliate SROs without any substantive differences, and is
substantially similar to rules of other exchanges. The Exchange does
not believe such proposed changes would impair the ability of
Participants or competing order execution venues to maintain their
competitive standing in the financial markets. Moreover, because the
proposed changes would apply equally to all Participants, the proposal
does not impose any burden on competition.
    With respect to the proposed deletion of text referencing outdated
functionalities and services, the changes would not have any impact on
competition, because they are solely designed to eliminate obsolete
text to accurately reflect the services that the Exchange currently
offers.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.\24\
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 17 CFR 240.19b-4(f)(6).
    \24\ 17 CFR 240.19b-4(f)(6). 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.
The Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \25\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\26\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Exchange asserts that
waiver of the operative delay would be consistent with the protection
of investors and the public interest because it would allow the
Exchange to immediately implement a defined process for billing
disputes and the revised rules for how activity of affiliates can be
aggregated, and more quickly remove obsolete text from its Fee
Schedule. Further, the Exchange states that waiver of the operative
delay will allow the Exchange to implement these changes beginning
December 2, 2019, which is the first business day in December. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest,
and hereby waives the 30-day operative delay and designates the
proposed rule change operative upon filing.\27\
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    \25\ 17 CFR 240.19b-4(f)(6).
    \26\ 17 CFR 240.19b-4(f)(6)(iii).
    \27\ For purposes only of waiving the 30-day operative delay,
the Commission also has 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 such 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 under
Section 19(b)(2)(B) \28\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \28\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSECHX-2019-24 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-NYSECHX-2019-24. 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-NYSECHX-2019-24 and should
be submitted on or before December 30, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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    \29\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-26404 Filed 12-6-19; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: June 6, 2008 (Volume 73, Number 110)]
[Notices]
[Page 32369-32373]
[DOCID:fr06jn08-127]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57884; File No. SR-CHX-2008-07]

Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Order Granting Accelerated Approval of Proposed
Rule Change to Trade Shares of 12 Funds of the ProShares Trust Pursuant
to Unlisted Trading Privileges

May 30, 2008.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 15, 2008, the Chicago Stock Exchange, Inc. (``CHX'' or
``Exchange'') 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 substantially prepared by the
Exchange. This order provides notice of the proposed rule change and
approves the proposal on an accelerated basis.
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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 trade shares (``Shares'') of the following
12 funds of the ProShares Trust (f/k/a xtraShares Trust) (``Trust'')
pursuant to unlisted trading privileges (``UTP''): (1) Ultra S&P 500
ProShares (f/k/a Ultra 500 Fund); (2) Ultra QQQ ProShares (f/k/a Ultra
100 Fund); (3) Ultra Dow 30 ProShares (f/k/a Ultra 30 Fund); (4) Ultra
Mid-Cap 400 ProShares (f/k/a Ultra Mid-Cap 400 Fund); (5) Short S&P

500 ProShares (f/k/a Short 500 Fund); (6) Short QQQ ProShares (f/k/a
Short 100 Fund); (7) Short Dow 30 ProShares (f/k/a Short 30 Fund); (8)
Short Mid-Cap 400 ProShares (f/k/a Short Mid-Cap 400 Fund); (9)
UltraShort S&P 500 ProShares (f/k/a Ultra Short 500 Fund); (10)
UltraShort QQQ ProShares (f/k/a Ultra Short 100 Fund); (11) UltraShort
Dow 30 ProShares (f/k/a Ultra Short 30 Fund); and (12) UltraShort Mid-
Cap 400 ProShares (Ultra Short Mid-Cap 400 Fund) (collectively,
``Funds''). The text of this proposed rule change is available on the
Exchange's Web site at http://www.chx.com/content/Participant_
Information/Rules_Filings.html, at the Exchange's principal office,
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 III 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 trade pursuant to UTP the Shares of the
Funds, which are ``investment company units'' under CHX Article 22,
Rule 24 (``Rule 24''). \3\The Shares seek to provide investment results
that exceed the daily performance of a specified stock index by a
specified percentage, or that seek to provide investment results that
correspond to the inverse or opposite of the index's daily performance
or twice the inverse or opposite (-200%) of the index's daily
performance. The Commission previously approved the original listing
and trading of the Shares of the 12 Funds on the American Stock
Exchange LLC (``Amex'').\4\ In addition, the Funds are currently
trading pursuant to UTP on NYSE Arca, Inc.\5\
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    \3\ CHX Rule 24(A)(1)(a) allows the listing and trading of
investment company units issued by a registered investment company
that holds securities comprising, or otherwise based on or
representing an interest in, an index of portfolio or securities.
The Exchange represents that the Shares qualify under CHX Rule 24
because they are being registered under the Investment Company Act
of 1940 (``1940 Act'') and are ``otherwise based on'' an index.
    \4\ See Securities Exchange Act Release No. 52553 (October 3,
2005), 70 FR 59100 (October 11, 2005) (SR-Amex-2004-62) (``Amex
Order I'') (approving the listing and trading on Amex of the
following eight Funds: Ultra 500 Fund, Ultra 100 Fund, Ultra 30
Fund, Ultra Mid-Cap 400 Fund, Short 500 Fund, Short 100 Fund, Short
30 Fund, and Short Mid-Cap 400 Fund); Securities Exchange Act
Release No. 52197 (August 2, 2005), 70 FR 46228 (August 9, 2005)
(SR-Amex-2004-62) (``Amex Notice''). See also Securities Exchange
Act Release No. 54040 (June 23, 2006) (SR-Amex-2006-41) (``Amex
Order II'', together with Amex Order I and Amex Notice, ``Amex
Releases'') (approving the listing and trading on Amex of the
following four funds: Ultra Short 500 Fund, Ultra Short 100 Fund,
Ultra Short 30 Fund, and Ultra Short Mid-Cap 400 Fund).
    \5\ See Securities Exchange Act Release No. 54026 (June 21,
2006), 71 FR 36850 (June 28, 2006) (SR-PCX-2005-115) (order
approving the trading pursuant to UTP of the Ultra 500 Fund, Ultra
100 Fund, Ultra 30 Fund, Ultra Mid-Cap 400 Fund, Short 500 Fund,
Short 100 Fund, Short 30 Fund, and Short Mid-Cap 400 Fund);
Securities Exchange Act Release No. 54045 (June 26, 2006), 71 FR
37971 (July 3, 2006) (SR-PCX-2005-115) (order approving the trading
of the Ultra Short 500 Fund, Ultra Short 100 Fund, Ultra Short 30
Fund, and Ultra Short Mid-Cap 400 Fund).
---------------------------------------------------------------------------

    Four of the Funds--the Ultra S&P 500 ProShares, Ultra QQQ
ProShares, Ultra Dow 30 ProShares, and Ultra Mid-Cap 400 ProShares
(``Bullish Funds'')--seek daily investment results, before fees and
expenses, that correspond to twice (200%) the daily performance of the
Standard & Poor's 500[reg] Index (``S&P 500''), the Nasdaq-100[reg]
Index (``Nasdaq 100''), the Dow Jones Industrial Average\SM\
(``DJIA''), and the S&P MidCap400\TM\ Index (``S&P MidCap''),
respectively. Each such index is referred to herein individually as an
``Underlying Index'' or ``Index'' and collectively as ``Underlying
Indexes.'' \6\ Any such Fund, if successful in meeting its objective,
should gain, on a percentage basis, approximately twice as much as the
Fund's Underlying Index when the prices of the securities in such Index
increase on a given day, and should lose approximately twice as much
when such prices decline on a given day.
---------------------------------------------------------------------------

    \6\ Exchange-traded funds based on the Underlying Indexes are
traded on several exchanges, including the CHX. The Statement of
Additional Information (``SAI'') of each Fund discloses that such
Fund reserves the right to substitute a different Underlying Index
under certain circumstances.
---------------------------------------------------------------------------

    In addition, four Funds-the Short S&P 500 ProShares, Short QQQ
ProShares, Short Dow 30 ProShares, and Short Mid-Cap 400 ProShares
(``Initial Bearish Funds'')--seek daily investment results, before fees
and expenses, which correspond to the inverse or opposite of the daily
performance (-100%) of the S&P 500, Nasdaq 100, DJIA, and S&P MidCap,
respectively. If one such Fund is successful in meeting its objective,
the net asset value (``NAV'') of shares of the Fund should increase
approximately as much, on a percentage basis, as the respective
Underlying Index decreases when the prices of the securities in the
Index decline on a given day; or should decrease approximately as much,
on a percentage basis, as the respective Index gains when the prices of
the securities in the index rise on a given day.
    The remaining four Funds--the UltraShort S&P 500 ProShares,
UltraShort QQQ ProShares, UltraShort Dow 30 ProShares, and UltraShort
Mid-Cap 400 ProShares (the ``Additional Bearish Funds'')--seek daily
investment results, before fees and expenses, that correspond to twice
(or two times) the inverse or opposite (-200%) of the daily performance
of the S&P 500, Nasdaq 100, DJIA, and S&P MidCap, respectively. If one
such Fund is successful in meeting its objective, the NAV of the Shares
of the Fund should increase approximately twice as much, on a
percentage basis, as the respective Underlying Index loses when the
prices of the securities in the Index decline on a given day; or should
decrease approximately twice as much as the respective Underlying Index
gains when the prices of the securities in the Index rise on a given
day. The ``Initial Bearish Funds'' and the ``Additional Bearish Funds''
are referred to herein collectively as ``Bearish Funds.''
    Each Share represents a beneficial ownership interest in the net
assets of the corresponding Fund, less expenses. Each Bullish Fund
generally will hold at least 80% of its assets in the component equity
securities of the relevant Underlying Index (``Equity Securities'').
The remainder of assets will be devoted to Financial Instruments (as
defined below) that are intended to create the additional needed
exposure to such Underlying Index necessary to pursue the Fund's
investment objective. A Bearish Fund will not invest directly in the
component securities of the relevant Underlying Index, but instead,
will create short exposure to such Index. At least 80% of the value of
the portfolio of each Bearish Fund will be devoted to Financial
Instruments (defined below), debt instruments, and money market
instruments, including U.S. government securities and repurchase
agreements (``Money Market Instruments''). The financial instruments to
be held by any of the Bullish or Bearish Funds may include stock index
futures contracts; options on futures contracts; options on securities
and indices; equity caps, collars, and floors; swap agreements; forward
contracts; repurchase agreements and reverse repurchase agreements
(``Financial Instruments'');

and Money Market Instruments. ProShare Advisors LLC is the investment
adviser (``Advisor'') to each Fund.
    (a) The Shares. A description of the Trust, the operation of the
Funds, and the creation and redemption process for the Shares is set
forth in the Amex Releases. To summarize, issuances of Shares will be
made only in aggregations of at least 75,000 Shares or multiples
thereof (``Creation Units''). Each Fund will issue and redeem the
Creation Units on a continuous basis, by or through participants that
have entered into participant agreements (each, an ``Authorized
Participant'') with the distributor.
    The NAV per Share of each Fund is computed by dividing the value of
the net assets of such Fund (i.e., the value of its total assets less
total liabilities) by its total number of Shares outstanding. The NAV
of each Fund is calculated by the accounting agent for the Fund and
determined each business day at the close of regular trading of the New
York Stock Exchange (ordinarily 4 p.m. Eastern Time (``ET'')).
    (b) Dissemination of Information About the Shares and the
Underlying Indexes. The Trust's or Advisor's Web site, which is and
will be publicly accessible at no charge (and to which the Exchange
will provide a hyperlink on its Web site), will contain the following
information for each Fund's Shares: (1) The prior business day's
closing NAV, the reported closing price, and a calculation of the
premium or discount of such price in relation to the closing NAV; (2)
data for a period covering at least the four previous calendar quarters
(or the life of a Fund, if shorter) indicating how frequently each
Fund's Shares traded at a premium or discount to NAV based on the
reported closing price and NAV, and the magnitude of such premiums and
discounts; (3) its prospectus and Product Description; and (4) other
quantitative information such as daily trading volume.
    Amex represented that it will disseminate for each Fund on a daily
basis by means of Consolidated Tape Association (``CTA'') and CQ High
Speed Lines information with respect to an Indicative Intra-Day Value
(``IIV'') (discussed below), recent NAV, shares outstanding, estimated
cash amount, and total cash amount per Creation Unit. Quotations for
and last-sale information regarding the Shares are disseminated through
the facilities of the Consolidated Tape Association and Consolidated
Quotation System. Amex also represented that it will make available on
its Web site (http://www.amex.com) daily trading volume, closing price,
the NAV, and final dividend amounts, if any, to be paid for each Fund.
The closing prices of the Shares are readily available from exchanges,
automated quotation systems, published or other public sources, or on-
line information services such as Bloomberg or Reuters.
    Each Fund's total portfolio composition will be disclosed on the
Web site of the trust (http://www.profunds.com). The Trust expects that
Web site disclosure of portfolio holdings will be made daily and will
include, as applicable, the names and number of shares held of each
specific Equity Security, the specific types of Financial Instruments
and characteristics of such instruments, cash equivalents, and amount
of cash held in the portfolio of each Fund.\7\
---------------------------------------------------------------------------

    \7\ The same portfolio information (including accrued expenses
and dividends) will be provided on the public Web site as well as in
the IIV File and PCF File provided to Authorized Participants. The
format of the public Web site disclosure and the IIV and PCF Files
will differ because the public Web site will list all portfolio
holdings, whereas the IIV and PCF Files provide the portfolio
holdings in a different format appropriate for Authorized
Participants, i.e., the exact components of a Creation Unit.
---------------------------------------------------------------------------

    The daily closing index value and the percentage change in the
daily closing index value for each Underlying Index will be publicly
available on various Web sites (e.g., http://www.bloomberg.com).\8\ The
value of each Underlying Index will be updated intra-day on a real time
basis as its individual component securities change in price. These
intra-day values of each Underlying Index will be disseminated every 15
seconds throughout the trading day by the Amex or another organization
authorized by the relevant Underlying Index provider.
---------------------------------------------------------------------------

    \8\ Data regarding each Underlying Index are also available from
the respective index provider to subscribers. Several independent
data vendors also package and disseminate index data in various
value-added formats (including vendors displaying both securities
and index levels and vendors displaying index levels only).
---------------------------------------------------------------------------

    To provide updated information relating to each Fund, Amex will
disseminate through the facilities of the CTA from 9:30 a.m. ET to 4:15
p.m. ET: (1) Continuously, the market value of a Share; and (2) every
15 seconds, a calculation of the IIV as calculated by a third-party
calculator. Comparing these two figures helps an investor to determine
whether, and to what extent, the Shares may be selling at a premium or
a discount to NAV. The IIV is designed to provide investors with a
reference value that can be used in connection with other related
market information. The IIV may not reflect the value of all securities
included in the Underlying Index or the precise composition of the
current portfolio of securities held by each Fund at a particular point
in time. Therefore, the IIV should not be viewed as a real-time update
of the NAV of a particular Fund, which is calculated only once a day.
    (c) UTP Trading Criteria. The Exchange represents that it would
immediately halt trading the Shares during the listing market's trading
hours if: (1) The listing market stops trading the Shares because of a
regulatory halt similar to a halt based on CHX Article 20, Rule 2 or a
halt because the IIV or the value of the applicable Underlying Index is
no longer widely disseminated; (2) the listing market delists the
Shares; or (3) in the situations described in ``Trading Rules'' below.
Additionally, the Exchange may cease trading the Shares if such other
event shall occur or condition exists which in the opinion of the
Exchange makes further dealings on the Exchange inadvisable.
    The Exchange also represents that it would immediately halt trading
the Shares of a Fund upon notification by the listing market that the
NAV is not being disseminated to all market participants at the same
time. The Exchange would resume trading only when trading in the Shares
resumes on the listing market.
    (d) Other 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 CHX during both its regular trading session (from
8:30 a.m. to 3 p.m. (Central Time (``CT''))) and during its late
trading session (from 3 p.m. to 4 p.m. CT), even if the IIV is not
disseminated from 3:14 to 4 p.m. CT.\9\ The Exchange has appropriate
rules to facilitate transactions in the Shares during all trading
sessions.
---------------------------------------------------------------------------

    \9\ Because NSCC does not disseminate the new basket amount to
market participants until approximately 6 p.m. to 7 p.m. ET, an
updated IIV is not possible to calculate during the Exchange's late
trading session. Currently the official index sponsors for the
Funds' indexes do not calculate updated index values during the
Exchange's late trading session; however, if the index sponsors did
so in the future, the Exchange would not trade this product unless
such official index value is widely disseminated.
---------------------------------------------------------------------------

    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 a Fund. Trading may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which

trading is not occurring in the securities comprising an Underlying
Index and/or the Financial Instruments of a Fund, or (2) whether other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present. In addition, trading in Shares
will be subject to trading halts caused by extraordinary market
volatility pursuant to the Exchange's ``circuit breaker'' rule or by
the halt or suspension of trading of the underlying securities.
    Shares will be deemed ``NMS stocks'' and therefore will be subject
to, among other things, Rule 611 of Regulation NMS under the Act
(``Order Protection Rule'').
    (e) Surveillance. The Exchange intends to utilize its existing
surveillance procedures applicable to Investment Company Units to
monitor trading in the Shares. The Exchange represents that these
procedures are adequate to monitor Exchange trading of the Shares and
to deter and detect violations of Exchange rules.
    The Exchange's current trading surveillance focuses on detecting
securities trading on the Exchange outside their normal patterns. When
such situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations
    (f) Information Bulletin. Prior to the commencement of trading, the
Exchange will inform its Participants in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (1)
The procedures for purchases and redemptions of Shares in Creation Unit
Aggregations (and that Shares are not individually redeemable); (2) CHX
Rules 11 and 16, which impose a suitability obligation and a duty of
due diligence on Participants to learn the essential facts relating to
every customer prior to trading the Shares; (3) how information
regarding the IIV is disseminated; (4) the requirement that
Participants deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (5) trading information.
    The Information Bulletin also will advise Participants, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Funds.\10\ The Exchange notes that investors
purchasing Shares directly from the Trust will receive a prospectus.
Participants purchasing Shares from the Trust for resale to investors
will deliver a prospectus to such investors. The Information Bulletin
will also discuss any relief, if granted, by the Commission or the
staff from any rules under the Act. In addition, the Information
Bulletin will reference that the Trust is subject to various fees and
expenses described in the Registration Statement. The Information
Bulletin will also disclose that the NAV for the Shares will be
calculated shortly after 4 p.m. ET each trading day.
---------------------------------------------------------------------------

    \10\ The Commission issued an exemptive order pursuant to, among
other things, Section 24(d) of the 1940 Act that permits dealers to
sell Shares in the secondary market unaccompanied by a statutory
prospectus when prospectus delivery is not required by the
Securities Act of 1933. See ProShares Trust, et al., Investment
Company Act Release Nos. 27323 (May 18, 2006) (notice) and 27394
(June 13, 2006) (order), as subsequently amended by ProShares Trust,
et al., Investment Company Act Release Nos. 27609 (December 22,
2006) (notice) and 27666 (January 18, 2007) (order). Under the
orders, certain investors will receive a product description
(``Product Description'') describing the Trust, the Funds, and the
Shares. This Product Description will contain information about the
Shares that is tailored to meet the needs of investors purchasing
the Shares in the secondary market.
---------------------------------------------------------------------------

2. Statutory Basis
    The CHX believes the proposal is consistent with the requirements
of the Act and the rules and regulations thereunder that are applicable
to a national securities exchange, and, in particular, with the
requirements of Section 6(b).\11\ The proposed rule change is
consistent with Section 6(b)(5) of the Act because it would promote
just and equitable principles of trade; remove impediments to, and
perfect the mechanism of, a free and open market and a national market
system; and, in general, protect investors and the public interest by
allowing CHX participants to trade these products.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78(f)(b).
---------------------------------------------------------------------------

    In addition, the Exchange believes that the proposal is consistent
with Rule 12f-5 under the Act \12\ because it deems the Shares to be
equity securities, thus rendering the Shares subject to the Exchange's
existing rules governing the trading of equity securities.
---------------------------------------------------------------------------

    \12\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule changes will
impose any burden on competition.

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

    No written comments were either solicited or received.

III. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-CHX-2008-07 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CHX-2008-07. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of CHX. 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-CHX-2008-07 and should be
submitted on or before June 27, 2008.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of the Act and the rules and
regulations thereunder applicable to a national securities
exchange.\13\ In particular, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act,\14\ which
requires that an exchange have rules designed, among other things, to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and in general to protect investors and the public
interest. The Commission believes that this proposal should benefit
investors by increasing competition among markets that trade the
Shares.
---------------------------------------------------------------------------

    \13\ In approving this rule change, the Commission notes that it
has considered the proposal's impact on efficiency, competition, and
capital formation. See 15 U.S.C. 78c(f).
    \14\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    In addition, the Commission finds that the proposal is consistent
with Section 12(f) of the Act,\15\ which permits an exchange to trade,
pursuant to UTP, a security that is listed and registered on another
exchange.\16\ The Commission notes that it previously approved the
listing and trading of the Shares on Amex.\17\ The Commission also
finds that the proposal is consistent with Rule 12f-5 under the
Act,\18\ which provides that an exchange shall not extend UTP to a
security unless the exchange has in effect a rule or rules providing
for transactions in the class or type of security to which the exchange
extends UTP. The Exchange has represented that it meets this
requirement because it deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities.
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78l(f).
    \16\ Section 12(a) of the Act, 15 U.S.C. 78l(a), generally
prohibits a broker-dealer from trading a security on a national
securities exchange unless the security is registered on that
exchange pursuant to Section 12 of the Act. Section 12(f) of the Act
excludes from this restriction trading in any security to which an
exchange ``extends UTP.'' When an exchange extends UTP to a
security, it allows its members to trade the security as if it were
listed and registered on the exchange even though it is not so
listed and registered.
    \17\ See supra notes 4 and 5.
    \18\ 17 CFR 240.12f-5.
---------------------------------------------------------------------------

    The Commission further believes that the proposal is consistent
with Section 11A(a)(1)(C)(iii) of the Act,\19\ which sets forth
Congress' finding that it is in the public interest and appropriate for
the protection of investors and the maintenance of fair and orderly
markets to assure the availability to brokers, dealers, and investors
of information with respect to quotations for and transactions in
securities. Quotations for and last-sale information regarding the
Shares are disseminated through the facilities of the CTA and the
Consolidated Quotation System. Furthermore, the IIV, updated to reflect
changes in currency exchange rates, will be calculated by Amex and
publicly disseminated on a 15-second delayed basis from 8:30 a.m. to
3:14 p.m. CT. As mentioned above, Amex's Web site provides various
information about the value of the Shares, such as the prior business
day's closing NAV, the reported closing price, and the daily trading
volume.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    The Commission also believes that the Exchange's trading halt
procedures are reasonably designed to prevent trading in the Shares
when transparency is impaired. CHX has represented that if the listing
market halts trading when the IIV is not being calculated or
disseminated, the Exchange would halt trading in the Shares until
trading resumes on the listing market.
    The Commission notes that, if the Shares should be delisted by the
listing exchange, the Exchange would no longer have authority to trade
the Shares pursuant to this order.
    In support of this proposal, the Exchange has made the following
representations:
    1. The Exchange's surveillance procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules.
    2. Prior to the commencement of trading, the Exchange would inform
its Participants in an Information Bulletin of the special
characteristics and risks associated with trading the Shares.
    3. Prior to the commencement of trading, the Exchange would inform
its Participants in an Information Bulletin of the requirement that
Participants deliver a prospectus or Product Description to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction.
    This approval order is based on the Exchange's representations.
    The Commission finds good cause for approving this proposal before
the thirtieth day after the publication of notice thereof in the
Federal Register. As noted previously, the Commission previously found
that the listing and trading of the Shares on other exchanges is
consistent with the Act.\20\ The Commission presently is not aware of
any regulatory issue that should cause it to revisit those findings or
would preclude the trading of the Shares on the Exchange pursuant to
UTP. Therefore, accelerating approval of this proposal should benefit
investors by creating, without undue delay, additional competition in
the market for the Shares.
---------------------------------------------------------------------------

    \20\ See supra notes 4 and 5.
---------------------------------------------------------------------------

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\21\ that the proposed rule change (SR-CHX-2008-07) be, and it
hereby is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
Florence E. Harmon,
Acting Secretary.
---------------------------------------------------------------------------

    \22\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-12629 Filed 6-5-08; 8:45 am]

BILLING CODE 8010-01-P