[Federal Register Volume 84, Number 224 (Wednesday, November 20, 2019)]
[Notices]
[Pages 64164-64166]
[FR Doc No: 2019-25106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87543; File No. SR-CboeBYX-2019-021]

Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Fee Schedule Applicable to the BYX Equities Trading Platform as it
Relates to Pricing for Orders Routed to Cboe EDGA Exchange, Inc. Using
the ALLB, TRIM, or SLIM Routing Strategy

November 14, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on November 13, 2019, Cboe BYX Exchange, Inc. (the ``Exchange'' or
``BYX'') 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 Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Cboe BYX Exchange, Inc. (``BYX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (the ``Commission'') a
proposed rule change to amend the fee schedule applicable to the BYX
equities trading platform (``BYX Equities'') as it relates to pricing
for orders routed to Cboe EDGA Exchange, Inc. (``EDGA'') using the
ALLB, TRIM, or SLIM routing strategy. The text of the proposed rule
change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/byx/), at the Exchange's Office of the Secretary, and at
the Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend the BYX Equities fee schedule to
change the pricing applicable to orders routed to EDGA using the ALLB,
TRIM, or SLIM routing strategy, as a result of a recent pricing change
by EDGA effective on November 1, 2019.\3\ The Exchange proposes to
implement the proposed change to its fee schedule on November 1, 2019.
Currently, the Exchange provides a rebate of $0.0024 per share for
orders routed to EDGA using the ALLB, TRIM, or SLIM routing strategy
(yielding fee codes AA and BJ), which was a pass-through of the
standard rebate EDGA had previously provided to orders that removed
liquidity from EDGA. Effective November 1, 2019, EDGA reduced its
standard rebate per share for orders that remove liquidity in
securities priced at or above $1.00 from $0.0024 to $0.0018. As such,
the Exchange proposes to similarly reduce the per share rebate for
orders routed to EDGA (yielding fee codes AA and BJ) from $0.0024 to
$0.0018 in order to reflect the reduction in the rebate available for
orders removing liquidity on EDGA.
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    \3\ See SR-CboeEDGA-2019-019 (filed November 13, 2019).
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2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with
the requirements of Section 6(b) of the Act.\4\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\5\ which requires that Exchange Rules provide for
the equitable allocation of reasonable dues, fees, and other charges
among its Members and other persons using its facilities and does not
unfairly discriminate between customers, issuers, brokers or dealers.
The Exchange operates in a highly-competitive market in which market
participants can readily direct order flow to competing venues if they
deem fee levels at a particular venue to be excessive or incentives to
be insufficient.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(4).
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    In particular, the Exchange believes that the proposed change is
reasonable because it reflects a pass-through of a recent pricing
change by EDGA for liquidity removing orders, as described above. The
Exchange believes that the proposed change is reasonable because it
will maintain proportionality with the standard corresponding rebate
offered by EDGA while also maintaining Member interest in routing
orders through the Exchange by passing on better pricing to Members
that choose to enter such orders on the Exchange, thereby encouraging
additional order flow to be entered on the BYX Book. The Exchange
believes that additional order flow through the BYX Book will result in
greater liquidity to the benefit of all market participants on the
Exchange by providing more trading opportunities.
    The Exchange also believes that the proposed change constitutes an
equitable allocation of reasonable fees that is not unfairly
discriminatory because the proposed rebate is designed to continue to
reflect the rebate offered (and recently updated) by EDGA to orders
that remove liquidity and would apply equally to all Members that
choose to use the Exchange to route liquidity removing orders to EDGA.
Furthermore, the Exchange notes that routing through the Exchange is
voluntary, and, because the Exchange operates in a highly competitive
environment as discussed below, Members that do not favor the proposed
pricing can readily direct order flow directly to EDGA or through
competing venues or providers of routing services.

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

    The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. The
Exchange believes the proposed routing fee change will not impose an
undue burden on competition because the proposed rebate is merely
intended to maintain consistency between the Exchange's rebates for
orders routed to EDGA with the rebates currently offered by EDGA for
liquidity removing orders.
    The Exchange does not believe the proposed rebate will impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. As stated, the Exchange will
uniformly assess the proposed routing fee on all Members who choose to
route orders through the Exchange to EDGA. As noted above, the proposed
rebate intends pass through the same rebates for liquidity removing
orders from EDGA on to Members, thereby, adding order flow to the BYX
Book which will result in more trading opportunities to the benefit of
all market participants on the Exchange.
    The Exchange does not believe the proposed rule change will impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As noted above,
the Exchange operates in a highly competitive market and routing
through the Exchange is voluntary. Therefore, Members may opt to
disfavor the Exchange's pricing if they believe that alternatives,
including 12 other equities exchanges and 32 alternative trading
systems, offer them better value or if they disfavor the proposed
change. Additionally, the Exchange represents a small percentage of the
overall market. Based on publicly available information, no single
equities exchange has more than 17% of the market share.\6\ Therefore,
no exchange

possesses significant pricing power in the execution of equity order
flow. Moreover, the Commission has repeatedly expressed its preference
for competition over regulatory intervention in determining prices,
products, and services in the securities markets. Specifically, in
Regulation National Market System (``NMS''), the Commission highlighted
the importance of market forces in determining prices and SRO revenues
and, also, recognized that current regulation of the market system
``has been remarkably successful in promoting market competition in its
broader forms that are most important to investors and listed
companies.'' \7\ The fact that this market is competitive has also long
been recognized by the courts. In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit stated as follows: ``[n]o one
disputes that competition for order flow is `fierce.' . . . As the SEC
explained, `[i]n the U.S. national market system, buyers and sellers of
securities, and the broker-dealers that act as their order-routing
agents, have a wide range of choices of where to route orders for
execution'; [and] `no exchange can afford to take its market share
percentages for granted' because `no exchange possesses a monopoly,
regulatory or otherwise, in the execution of order flow from broker
dealers'. . . .''. \8\ Regardless, the Exchange notes that the proposed
change to the EDGA-related routing fee is merely meant to pass through
the rebate associated with executing orders on that market, and is
therefore not designed to have any significant impact on competition.
Accordingly, the Exchange does not believe its proposed fee change
imposes any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
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    \6\ See Cboe Global Markets U.S. Equities Market Volume Summary
(October 28, 2019), available at http://markets.cboe.com/us/equities/market_share/.
    \7\ See Securities Exchange Act Release No. 51808 (June 9, 2005)
70 FR 37496 (June 29, 2005).
    \8\ NetCoalition v. Securities and Exchange Commission, 615 F.3d
525 (D.C. Cir. 2010).).
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others

    No written comments were either solicited or received.

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

    The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge
imposed by the Exchange.
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).
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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) \11\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \11\ 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 No. SR-CboeBYX-2019-021 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 No. SR-CboeBYX-2019-021. 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 No. SR-CboeBYX-2019-021, and should be submitted
on or before December 11, 2019.
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    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-25106 Filed 11-19-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: July 26, 2006 (Volume 71, Number 143)]
[Notices]
[Page 42383-42384]
[DOCID:fr26jy06-64]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2006-0578; FRL-8077-2]

Pesticide Products; Registration Applications

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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SUMMARY: This notice announces receipt of applications to register
pesticide products containing new active ingredients not included in
any previously registered products pursuant to the provisions of
section 3(c)(4) of the Federal Insecticide, Fungicide, and Rodenticide
Act (FIFRA), as amended.

DATES: Comments must be received on or before August 25, 2006.

ADDRESSES: Submit your comments, identified by docket identification
(ID) number EPA-HQ-OPP-2006-0578, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.

Follow the on-line instructions for submitting comments.
     Mail: Office of Pesticide Programs (OPP) Regulatory Public
Docket (7502P), Environmental Protection Agency, 1200 Pennsylvania
Ave., NW., Washington, DC 20460-0001.
     Delivery: OPP Regulatory Public Docket (7502P),
Environmental Protection Agency, Rm. S-4400, One Potomac Yard (South
Building), 2777 S. Crystal Drive, Arlington, VA. Deliveries are only
accepted during the Docket's normal hours of operation (8:30 a.m. to 4
p.m., Monday through Friday, excluding legal holidays). Special
arrangements should be made for deliveries of boxed information. The
Docket telephone number is<PHONE_NUMBER>.
    Instructions: Direct your comments to docket ID number EPA-HQ-OPP-
2006-0578. EPA's policy is that all comments received will be included
in the docket without change and may be made available on-line at
http://www.regulations.gov, including any personal information

provided, unless

the comment includes information claimed to be Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute. Do not submit information that you consider to be CBI or
otherwise protected through regulations.gov or e-mail. The Federal
regulations.gov website is an ``anonymous access'' system, which means
EPA will not know your identity or contact information unless you
provide it in the body of your comment. If you send an e-mail comment
directly to EPA without going through regulations.gov, your e-mail
address will be automatically captured and included as part of the
comment that is placed in the docket and made available on the
Internet. If you submit an electronic comment, EPA recommends that you
include your name and other contact information in the body of your
comment and with any disk or CD-ROM you submit. If EPA cannot read your
comment due to technical difficulties and cannot contact you for
clarification, EPA may not be able to consider your comment. Electronic
files should avoid the use of special characters, any form of
encryption, and be free of any defects or viruses.
    Docket: All documents in the docket are listed in the docket index.
Although listed in the index, some information is not publicly
available, e.g., CBI or other information whose disclosure is
restricted by statute. Certain other material, such as copyrighted
material, is not placed on the Internet and will be publicly available
only in hard copy form. Publicly available docket materials are
available either in the electronic docket at http://www.regulations.gov
, or, if only available in hard copy, at the OPP

Regulatory Public Docket in Rm. S-4400, One Potomac Yard (South
Building), 2777 S. Crystal Drive, Arlington, VA. The hours of operation
of this Docket Facility are from 8:30 a.m. to 4 p.m., Monday through
Friday, excluding legal holidays. The Docket telephone number is (703)
305-5805.

FOR FURTHER INFORMATION CONTACT: Andrew Bryceland, Biopesticides and
Pollution Prevention Division (7511P), Office of Pesticide Programs,
Environmental Protection Agency, 1200 Pennsylvania Ave., NW.,
Washington, DC 20460-0001; telephone number:<PHONE_NUMBER>; e-mail
<EMAIL_ADDRESS>

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    You may be potentially affected by this action if you are an
agricultural producer, food manufacturer, or pesticide manufacturer.
Potentially affected entities may include, but are not limited to:
     Crop production (NAICS code 111).
     Animal production (NAICS code 112).
     Food manufacturing (NAICS code 311).
     Pesticide manufacturing (NAICS code 32532).
    This listing is not intended to be exhaustive, but rather provides
a guide for readers regarding entities likely to be affected by this
action. Other types of entities not listed in this unit could also be
affected. The North American Industrial Classification System (NAICS)
codes have been provided to assist you and others in determining
whether this action might apply to certain entities. If you have any
questions regarding the applicability of this action to a particular
entity, consult the person listed under FOR FURTHER INFORMATION
CONTACT.

B. What Should I Consider as I Prepare My Comments for EPA?

     1. Submitting CBI. Do not submit this information to EPA through
regulations.gov or e-mail. Clearly mark the part or all of the
information that you claim to be CBI. For CBI information in a disk or
CD ROM that you mail to EPA, mark the outside of the disk or CD ROM as
CBI and then identify electronically within the disk or CD ROM the
specific information that is claimed as CBI. In addition to one
complete version of the comment that includes information claimed as
CBI, a copy of the comment that does not contain the information
claimed as CBI must be submitted for inclusion in the public docket.
Information so marked will not be disclosed except in accordance with
procedures set forth in 40 CFR part 2.
    2. Tips for preparing your comments. When submitting comments,
remember to:
    i. Identify the document by docket ID number and other identifying
information (subject heading, Federal Register date and page number).
     ii. Follow directions. The Agency may ask you to respond to
specific questions or organize comments by referencing a Code of
Federal Regulations (CFR) part or section number.
    iii. Explain why you agree or disagree; suggest alternatives and
substitute language for your requested changes.
    iv. Describe any assumptions and provide any technical information
and/or data that you used.
    v. If you estimate potential costs or burdens, explain how you
arrived at your estimate in sufficient detail to allow for it to be
reproduced.
    vi. Provide specific examples to illustrate your concerns and
suggest alternatives.
    vii. Explain your views as clearly as possible, avoiding the use of
profanity or personal threats.
    viii. Make sure to submit your comments by the comment period
deadline identified.

II. Registration Applications

    EPA received applications as follows to register pesticide products
containing active ingredients not included in any previously registered
products pursuant to the provision of section 3(c)(4) of FIFRA. Notice
of receipt of these applications does not imply a decision by the
Agency on the applications.

Products Containing Active Ingredients not Included in any Previously
Registered Products

Application Form

    File Symbol: 53575-GR. Applicant: Pacific Biocontrol Corporation,
14615 NE 13th Court, Suite A, Vancouver, WA, 98685. Product name:
Isomate-CM/LR TT. Type of product: biochemical (straight chain
lepidopteran pheromone) for mating disruption codling moth (Cydia
pomonella) and leafroller moths [obliquebanded leafroller
(Choristoneura rosaceana), pandemis leafroller (Pandemis pyrusana),
fruittree leafroller (Archips argyrospilus), threelined leafroller
(Pandemis limitata), European leafroller (Archips rosamus)] Active
ingredients: Z-9-Tetradecen-1-yl Acetate; Z-11-Tetradecen-1-ol; and Z-
11-Tetradecenal at 4.34%, 1.05%, and 1.00%, respectively. Proposal
classification/Use: Biochemical (straight chain lepidopteran pheromone)
for mating disruption/End use product for direct application to
orchards. (A. Bryceland).

List of Subjects

    Environmental protection, Pesticides and pest.

    Dated: July 7, 2006.
Phillip O. Hutton,
Acting Director, Biopesticides and Pollution Prevention Division,
Office of Pesticide Programs.
[FR Doc. E6-11823 Filed 7-25-06; 8:45 am]

BILLING CODE 6560-50-S


1 TELECON Call To: George Papadopoulos U. S. EPA Region 1 617 918 1579 Call From: Jill Lucy, ERG, Inc. Project: Office of Water's Engineering and Analysis Division  304M Support: Detailed Investigation of Petroleum Bulk Stations and Terminals ( Charge # 0<IP_ADDRESS>) Date: October 20, 2003 Subject: Information on Regional Permitting of Petroleum Bulk Stations and Terminals Background The purpose of the call was to gather the following information for petroleum bulk stations and terminals:

° Wastewater sources and discharge volumes; ° Common wastewater problems state has encountered; ° Current state permitting practices; ° Site wastewater treatment, pollution prevention, and recovery practices; ° Discharge status; ° Obtain available permits, fact sheets, and data; and ° Identify PBSTs for site visits.

Call Summary I spoke with George Papadopoulos who drafted the template PBST permit for Massachusetts. He has visited six or seven petroleum bulk stations and terminals ( PBSTs) in the state. Currently approximately six renewal permits are being drafted. The last permits ( issued in 1996/ 1997) focused on best management practices ( BMPs). Jonathon Britt ( 617 918 1563) is currently working on the draft PBST permits.

Treatment and Monitoring PBSTs primarily treat wastewater with oil/ water separators. The treatment is performed as a batch ( corresponding with storm events).

Sites typically monitor for benzene, ethylbenzene, toluene, and xylenes ( BETX) and polycyclic aromatic hydrocarbons ( PAHs). Massachusetts requires monitoring of approximately half a dozen PAHs; however these pollutants are primarily not detected in the discharged wastewater 2 Telecon  PBST, EPA Region 1 from PBSTs.

If the PBST stores/ handles gasoline, the site also analyzes for MTBE.

Mr. Papadopoulos did not know of any examples of monitoring for ammonia.

Any available monitoring data that the region has is in the EPA Permit Compliance System ( PCS) database.

Types of Wastewater Discharge The main wastewater discharge at Massachusetts PBSTs is stormwater. The stormwater undergoes oil/ water separation prior to discharge. Some sites also have groundwater remediation discharges. Sites are prohibited from discharging tank bottom waters to their outfalls. The sites have the tank bottom water hauled off site ( not to POTWs).

For hydrostatic testing, sites usually do not use clean water. Instead, they use petroleum products that are then returned back to the proper tanks when testing is complete.

Sites collect all the stormwater possible following storm events. Most PBST facilities directly discharge their stormwater following treatment. PBSTs are currently required to develop a storm water pollution prevention plan ( SWPPP). The state requirements are included in an attachment to the permit.

Types of Petroleum Products at PBSTs/ Fact Sheets Mr. Papadopoulos noted that the permit fact sheets for sites discuss the type of petroleum products stored. He stated he could send a few from 1996/ 1997. The fact sheets also discuss the basis of the permit limits.

Wastewater Problems at PBSTs The most common problem at PBSTs are spills. The Irving Oil Facility in Revere, MA had a spill in July or August 2003. The spill occurred at the loading/ unloading area. Mr. Papadopoulos was not sure the cause; however, BMPs are implemented at PBSTs to avoid spills. If there is a spill, sites make sure to collect and treat any contaminated wastewater prior to discharge.

Mr. Papadopoulos noted that the Chelsea Creek area is problematic due to a large number of PBSTs in the area.

Other Region 1 States Another contact who has worked on PBST permits for South Portland, Maine is Doug Corb ( ext. 1565).


[Federal Register: September 5, 2007 (Volume 72, Number 171)]
[Notices]
[Page 50992-50994]
[DOCID:fr05se07-80]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 27958; 812-13387]

Rydex ETF Trust, et al.; Notice of Application

August 28, 2007.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application to amend a prior order under section
6(c) of the Investment Company Act of 1940 (``Act'') for an exemption
from sections 2(a)(32), 5(a)(1), 22(d), 22(e), and 24(d) of the Act and
rule 22c-1 under the Act, and under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1) and (a)(2) of the Act.

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    Summary of Application: Applicants request an order to amend a
prior order that permits (a) An open-end management investment company
comprised of multiple series based on domestic equity securities
indexes (each a ``Fund'') to issue shares (``Shares'') that can be
redeemed only in large aggregations (``Creation Units''); (b) secondary
market transactions in Shares to occur at negotiated prices; (c)
dealers to sell Shares to purchasers in the secondary market
unaccompanied by a prospectus when prospectus delivery is not required
by the Securities Act of 1933; and (d) certain affiliated persons of
the Funds to deposit securities into, and receive securities from, the
Fund in connection with the purchase and redemption of Creation Units
(``Prior Order'').\1\ Applicants seek to amend the Prior Order in order
to offer two new series (the ``New Funds'') and future series (``Future
Funds'') including Future Funds based on international equity
securities indexes (collectively, this subset of Future Funds, together
with the New Funds, the ``International Funds'').\2\ In addition the
order would delete a condition related to future relief in the Prior
Order.
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    \1\ Rydex ETF Trust, et al., Investment Company Act Release Nos.
25948 (Feb. 27, 2003) (notice) and 25970 (Mar. 25, 2003) (order).
    \2\ The existing Funds, the New Funds and the Future Funds are
referred to collectively as the ``Funds.''
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    Applicants: Rydex ETF Trust (``Trust''), PADCO Advisors II, Inc.
(``Adviser''), and Rydex Distributors, Inc. (``Distributor'').

    Filing Dates: The application was filed on May 23, 2007, and
amended on August 6, 2007.
    Hearing or Notification of Hearing: An order granting the
application will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on September 24, 2007, and should be accompanied by proof of
service on applicants, in the form of an affidavit, or for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090; Applicants, 9601 Blackwell
Road, Suite 500, Rockville, MD 20850.

FOR FURTHER INFORMATION CONTACT: Bruce R. MacNeil, Senior Counsel, at
(202) 551-6817, or Michael W. Mundt, Assistant Director, at (202) 551-
6821 (Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
Public Reference Desk, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-0102 (telephone<PHONE_NUMBER>).

Applicants' Representations

    1. The Trust, a Delaware statutory trust, is an open-end management
investment company registered under the Act and is comprised of
multiple Funds. The Adviser, which is registered as an investment
adviser under the Investment Advisers Act of 1940 (``Advisers Act''),
serves as investment adviser to each Fund. The Adviser may in the
future retain one or more sub-advisers (``Sub-Advisers'') to manage
particular Funds' portfolios. Any Sub-Adviser will be registered under
the Advisers Act. The Distributor, a broker-dealer registered under the
Securities Exchange Act of 1934 (``Exchange Act''), serves as the
principal underwriter and distributor for the Funds.
    2. The Trust currently offers Funds based on underlying equity
income securities indexes (each an ``Underlying Index'') comprised of
domestic equity securities in reliance on the Prior Order. Applicants
seek to amend the Prior Order to permit the Trust to offer the New
Funds, which are based on Underlying Indexes comprised of foreign
equity securities.\3\ The New Funds would operate in a manner identical
to the existing Funds, except as described in the application (and
summarized in this notice). No entity that creates, compiles, sponsors,
or maintains an Underlying Index is or will be an affiliated person, as
defined in section 2(a)(3) of the Act, or an affiliated person of an
affiliated person, of a Trust, the Adviser, any Sub-Adviser, the
promoter or Distributor of a Fund.
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    \3\ The New Funds will seek to track the S&P International Equal
Weight Index and the Russell Emerging Markets Index.
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    3. Under the Prior Order, each Fund is subject to the
representation that it will invest at least 90% of its assets in the
component securities of its Underlying Index (``Component
Securities''). Applicants request relief to amend the prior order to
permit a Fund to invest at least 80% or 90% of its assets, as disclosed
in the relevant prospectus, in the Component Securities of the
Underlying Index.\4\ In addition, applicants request relief to permit
each International Fund, for purposes of satisfying this requirement,
to count certain depositary receipts (``Depositary Receipts'') that
represent Component Securities as well as Component Securities.
Applicants represent that each International Fund would thus invest at
least 80% of its assets in the Component Securities of its Underlying
Index and Depositary Receipts representing such Component
Securities.\5\ Applicants state that an International Fund generally
would only hold Depositary Receipts if the Adviser believed that
holding the Depositary Receipts, rather than holding the Component
Securities, would benefit the International Fund.
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    \4\ Applicants state that at all times a Fund will hold, in the
aggregate, at least 80% of its total assets in Component Securities
and investments that have economic characteristics that are
substantially identical to the economic characteristics of the
Component Securities of its Underlying Index.
    \5\ Applicants state that the Depositary Receipts will be listed
on a national securities exchange, as defined in section 2(a)(26) of
the Act (``Exchange'') or a foreign exchange. The Adviser, Sub-
Adviser and their affiliated persons will not serve as the
depositary bank for any Depositary Receipts held by an International
Fund.
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    4. Applicants state that all discussions contained in the
application for the Prior Order are equally applicable to the New
Funds, except as specifically noted by applicants (as summarized in
this notice). Applicants assert that the New Funds will operate in a
manner identical to the existing Funds and will comply with all of the
terms, provisions and conditions of the Prior Order, as amended by the
present application. Applicants believe that the requested relief
continues to meet the necessary exemptive standards.

Applicants' Legal Analysis

Section 22(e) of the Act

    1. In connection with applicants' request for relief to permit the
operations of the New Funds, applicants seek to amend the Prior Order
to add relief from section 22(e) of the Act. Section 22(e) generally
prohibits a registered investment company from suspending the right of
redemption or postponing the date of payment of redemption proceeds for
more than seven days after the tender of a security for redemption. The
principal reason for the requested exemption is that settlement of
redemptions for the International Funds is contingent not only on the
settlement cycle of the United States market, but also on currently
practicable delivery cycles in local markets for underlying foreign
securities held by the International Funds. Applicants state that local
market delivery cycles for transferring certain foreign securities to
investors redeeming Creation Units, together with local market holiday
schedules, will, under certain circumstances, require a delivery
process in excess of seven calendar days for the International Funds.
Applicants request relief under section 6(c) of the Act from section
22(e) in such circumstances to allow the International Funds to pay
redemption proceeds up to 14 calendar days after the tender of any
Creation Units for redemption. At all other times and except as
disclosed in the relevant prospectus, product description, or statement
of additional information (``SAI''), applicants expect that each
International Fund will be able to deliver redemption proceeds within
seven days.\6\ With respect to Future Funds that are International
Funds, applicants seek the same relief from section 22(e) only to the
extent that circumstances similar to those described in the application
exist.
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    \6\ Rule 15c6-1 under the Exchange Act requires that most
securities transactions be settled within three business days of the
trade. Applicants acknowledge that no relief obtained from the
requirements of section 22(e) will affect any obligations applicants
may have under rule 15c6-1.
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    2. Applicants state that section 22(e) was designed to prevent
unreasonable, undisclosed and unforeseen delays in the payment of
redemption proceeds. Applicants assert that the requested relief will
not lead to the problems that

section 22(e) was designed to prevent. Applicants state that the SAI
for each International Fund will disclose those local holidays (over
the period of at least one year following the date of the SAI), if any,
that are expected to prevent the delivery of redemption proceeds in
seven calendar days, and the maximum number of days needed to deliver
the proceeds for the relevant International Fund.

Future Relief

    3. Applicants also seek to amend the Prior Order to modify the
terms under which the Trust may offer Future Funds. The Prior Order is
currently subject to a condition that does not permit relief for Future
Funds unless applicants request and receive with respect to such Future
Fund, either exemptive relief from the Commission or a no-action letter
from the Division of Investment Management of the Commission, or the
Future Fund could be listed on an Exchange without the need for a
filing pursuant to rule 19b-4 under the Exchange Act.
    4. The order would amend the Prior Order to delete this condition.
Any Future Fund will: (a) Be advised by the Adviser, or an entity
controlled by or under common control with the Adviser; (b) track an
Underlying Index that is created, compiled, sponsored or maintained by
an entity that is not an affiliated person, as defined in section
2(a)(3) of the Act, or an affiliated person of an affiliated person, of
the Adviser, the Distributor, the Trust or any Sub-Adviser or promoter
of a Fund; and (c) comply with the respective terms and conditions of
the Prior Order, as amended by the present application.
    5. Applicants believe that the modification of the future relief
available under the Prior Order would be consistent with sections 6(c)
and 17(b) of the Act and that granting the requested relief will
facilitate the timely creation of Future Funds by removing the need to
seek additional exemptive relief. Applicants submit that the terms and
conditions of the Prior Order have been appropriate for the existing
Funds and would remain appropriate for Future Funds. Applicants also
submit that tying exemptive relief under the Act to the ability of a
Future Fund to be listed on an Exchange without the need for a rule
19b-4 filing under the Exchange Act is not necessary to meet the
standards under sections 6(c) and 17(b) of the Act.

Applicants' Condition

    Applicants agree that any order granting the requested relief will
be subject to the same conditions as those imposed by the Prior Order,
except for condition 1 to the Prior Order, which will be deleted.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Nancy M. Morris,
Secretary.
 [FR Doc. E7-17499 Filed 9-4-07; 8:45 am]

BILLING CODE 8010-01-P