[Federal Register Volume 76, Number 182 (Tuesday, September 20, 2011)]
[Notices]
[Page 58258]
[FR Doc No: 2011-24054]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 2

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER11-4303-001.
    Applicants: New York Independent System Operator, Inc.
    Description: New York Independent System Operator, Inc. submits
tariff filing per 35.17(b): NYISO Errata to 8/12/11 Voltage Support
Service Filing to be effective 10/11/2011.
    Filed Date: 09/13/2011.
    Accession Number: 20110913-5041.
    Comment Date: 5 p.m. Eastern Time on Friday, September 23, 2011.

    Docket Numbers: ER11-4508-000.
    Applicants: Centre Lane Trading Ltd.
    Description: Centre Lane Trading Ltd. submits tariff filing per
35.1: Baseline Tariff to be effective 9/8/2011.
    Filed Date: 09/13/2011.
    Accession Number: 20110913-5040.
    Comment Date: 5 p.m. Eastern Time on Tuesday, October 04, 2011.

    Docket Numbers: ER11-4509-000.
    Applicants: One Nation Energy Solutions, LLC.
    Description: One Nation Energy Solutions, LLC submits tariff filing
per 35.1: Market Based Rate Re-File to be effective 9/13/2011.
    Filed Date: 09/13/2011.
    Accession Number: 20110913-5074.
    Comment Date: 5 p.m. Eastern Time on Tuesday, October 04, 2011.

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

    Dated: September 13, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-24054 Filed 9-19-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 102 (Tuesday, May 30, 2017)]
[Notices]
[Pages 24751-24752]
[FR Doc No: 2017-10975]

=======================================================================
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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80747; File No. SR-GEMX-2017-10]

Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Regarding the
Opening Process

May 23, 2017.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 10, 2017, Nasdaq GEMX, LLC (``GEMX'' 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 prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend the Opening Process for foreign
currency options and also amend a reference to All-or-None Orders.
    The text of the proposed rule change is available on the Exchange's
Web site at www.ise.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 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 purpose of this rule change is to amend GEMX Rule 701, entitled
``Opening,'' to: (i) Conform certain rule text to that of Nasdaq ISE,
LLC; (ii) amend the Opening Process for foreign currency options; and
(iii) remove a specific rule text reference in Rule 701 related to All-
or-None Orders.

Conform Rule Text

    ISE recently filed to adopt a new Opening Process.\3\ In adopting
this rule, certain non-substantive modifications were made to the rule
text to further clarify the manner in which the Opening Process occurs.
At this time, the Exchange proposes to amend GEMX Rule 701 to conform
the text of the rule to ISE Rule 701. Specifically, the Exchange
proposes to amend Rule 701(j)(5) to amend the last sentence to make
clear that any unexecuted contracts from the imbalance process which
are not traded or routed will be cancelled back to the entering
participant if they remain unexecuted and priced through the Opening
Price, otherwise orders will remain in the Order Book. The additional
language adds more detail about the interaction with the Order Book to
the rule.
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    \3\ See Securities Exchange Act Release No. 80225 (March 13,
2017), 82 FR 14243 (March 17, 2017) (SR-ISE-2017-02).
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Foreign Currency Options

    GEMX Rule 701 provides that Market Maker Valid Width Quotes and
Opening Sweeps received starting at 9:25 a.m. Eastern Time, or 7:25
a.m. Eastern Time for U.S. dollar-settled foreign currency options,
will be included in the Opening Process. Orders entered at any time
before an option series opens are included in the Opening Process. The
current Opening Process rule states that the submission of Valid Width
Quotes and Opening Sweeps for U.S. dollar-settled foreign currency
options may begin at 7:25 a.m. Eastern Time to tie the option Opening
Process to quoting in the underlying security \4\; it presumes that
option quotes submitted before any indicative quotes have been
disseminated for the underlying security may not be reliable or
intentional. The Exchange proposes to amend GEMX Rule 701 so that the
Opening Process for foreign currency options would initiate on or after
9:30 a.m. Eastern Time and the Market Maker Valid Width Quotes and
Opening Sweeps would be considered for the Opening Process starting at
9:25 a.m. Eastern Time for foreign currency options.
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    \4\ The underlying security can also be an index.
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All-or-None Orders

    The Exchange also proposes to amend Rule 701 to remove a specific
reference to the manner in which All-or-None Orders are treated in the
Opening Process. The Exchange filed a proposed rule change to amend
All-or-None Orders.\5\ The Exchange amended Rule 715(c) to provide that
an All-or-None Order may only be entered into the System with a time-
in-force designation of Immediate-or-Cancel \6\ Order in connection
with the Exchange's technology migration to INET. Previously, All-or-
None Orders could trade as a limit or market order to be executed in
its entirety or not at all. With the amendment, an All-or-None Order
does not persist in the Order Book. The carve out specified in Rule
701(j)(6)(i) is unnecessary since an All-or-None Order will execute
immediately or cancel. The Exchange believes removing this reference
will eliminate confusion.
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    \5\ See Securities Exchange Act Release No. 80102 (February 24,
2017, 82 FR 12381 (March 2, 2017) (SR-ISEGemini-2017-08) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Related
to All-or-None Orders).
    \6\ An Immediate-or-Cancel Order is a limit order that is to be
executed in whole or in part upon receipt. Any portion not so
executed is to be treated as cancelled.
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\8\ in particular, in that 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
for the reasons stated below.
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    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(5).
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Conform Rule Text

    The Exchange believes that conforming the GEMX rule to the ISE rule
will avoid confusion for market participants. The Opening Process is
the same on these two markets. By conforming the rule text of these two
rules will make clear that there is no difference in the operation of
these two Opening Processes.

Foreign Currency Options

    The Exchange believes that the proposed rule change is consistent
with the Act in that it will remove impediments to and perfect the
mechanism of a free and open market and a national market system, to
initiate the Opening Process for foreign currency options at 9:30 a.m.
Eastern Time and accept for the Opening Process the Market Maker Valid
Width Quotes and Opening Sweeps starting at 9:25 a.m. Eastern Time for
foreign currency options, similar to the manner in which other options
trade today. Today, on NASDAQ PHLX, LLC (``Phlx''), foreign currency
options trade similar to other options.\9\ The Exchange believes that
conforming the Opening Process for foreign currency options to that of
other options will conform the trading rules so all products would
initiate the Opening Process at the same time. The Exchange believes
trading all options on the same Opening Process schedule promotes just
and equitable principles of trade because all options will continue to
be available to participants for trading on GEMX.
---------------------------------------------------------------------------

    \9\ See Phlx Rules 1014 and 1017. On Phlx, the Specialist
assigned in a particular U.S. dollar-settled FCO must enter a Valid
Width Quote not later than 30 seconds after the announced market
opening. Also, on Phlx, the Opening Process for an option series
will be conducted within two minutes of market opening in the case
of U.S. dollar-settled FCO or such shorter time as determined by the
Exchange and disseminated to membership on the Exchange's Web site.
---------------------------------------------------------------------------

All-or-None Orders

    The Exchange believes that it is consistent with the Act to remove
an unnecessary and confusing reference to Rule 701 in connection with
All-or-None Orders, since these orders immediately trade or cancel. The
Exchange originally distinguished the manner in which All-or-None
Orders would trade in the Opening Process because this order type
traded differently at that time as compared to other order types. That
distinction has become unnecessary because All-or-None Orders trade the
same as other Immediate or Cancel Orders. By updating the rule to
remove an unnecessary distinction will protect investors and the public
interest by clarifying the rule.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange believes that
adding additional detail to Rule 701 will provide market participants
with more information concerning the Opening Process. The proposal does
not change the intense competition that exists among the options
markets for options business including with respect to transacting
foreign currency options. In addition, all market participants
submitting All-or-None Orders in the Opening Process will receive
similar treatment with respect to those orders.

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

    Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file 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.
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-GEMX-2017-10 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-GEMX-2017-10. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-GEMX-2017-10 and should be
submitted on or before June 20, 2017.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10975 Filed 5-26-17; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 9, 2008 (Volume 73, Number 69)]
[Notices]
[Page 19214]
[DOCID:fr09ap08-46]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. OR08-9-000]

TransCanada Keystone Pipeline, LP; Notice of Petition For
Declaratory Order

April 2, 2008.
    Take notice that, on March 28, 2008, TransCanada Keystone Pipeline,
L.P. (Keystone), pursuant to Rule 207(a)(2) of the Commission's Rules
of Practice and Procedure, 18 CFR 385.207(a)(2) (2007), tendered for
filing to the Commission a petition to issue a declaratory order
approving the rate structure agreed to by Keystone and shippers which
have made long-term commitments and the methodology by which Keystone
plans to design its uncommitted rate. Keystone also requests approval
to offer and provide firm transportation, or unapportioned access, for
committed shippers. Keystone respectfully requests that the Commission
act on this petition in an expedited fashion.
    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 date as indicated
below. Anyone filing an intervention or protest must serve a copy of
that document on the Applicant. Anyone filing an intervention or
protest on or before the intervention or protest date need not 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 e-mail
notification when a document is added to a subscribed docket(s). for
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on April 17, 2008.

Kimberly D. Bose,
Secretary.
 [FR Doc. E8-7418 Filed 4-8-08; 8:45 am]

BILLING CODE 6717-01-P


COMPANY FEDERAL REGISTER DOCUMENT SUBMISSION TEMPLATE

(1/1/2006)

EPA Registration Division contact: Laura Nollen,<PHONE_NUMBER>

Interregional Research Project Number 4 (IR-4)

PP# 8E7427

by establishing a tolerances for combined residues of the fungicide cyazofamid,

4-chloro-2-cyano-N,N-dimethyl-5-(4-methylphenyl)-1H-imidazole-1-sulfonam ide  (CA) and its metabolite CCIM, 4-chloro-5-(4-methylphenyl)-1H-imidazole-2-carbonitrile (CA) in or on the raw agricultural commodities: Fruiting Vegetables Group 8 and Okra at 0.8 parts per million (ppm); Grapes - East of the Rocky Mountains at 1.5 ppm.  It is also proposed to delete the existing tolerance of 0.2 ppm for tomato since the proposed fruiting vegetables crop group tolerance will replace the current tomato tolerance of 0.2 ppm.  The grape tolerance will change from the current import tolerance to a regional tolerance.   EPA has determined that the petition contains data or information regarding the elements set forth in section 408(d)(2) of the FFDCA; however, EPA has not fully evaluated the sufficiency of the submitted data at this time or whether the data supports granting of the petition.  Additional data may be needed before EPA rules on the petition.

. Residues of cyazofamid and CCIM were extracted from 20 grams of pepper with acetonitrile.  After filtration, the extract was evaporated to near dryness and reconstituted with 2% sodium sulfate.  The analytes were removed by partitioning with methylene chloride.   After reconstitution in 50:50 acetonitrile:water, quantitation was achieved by LC/MS/MS.

The method for grapes and tomatoes was discussed in a previous Federal Register notice on May 7, 2003.

The grape and tomato residue data were discussed in a previous Federal Register notice on May 7, 2003.

Residue data from greenhouse transplant trials on tomatoes were conducted at four sites.  The plants were transplanted at approximately 1, 7, 14, 21, and 28 days after treatment of approximately 0.78 lb ai/100 gal.  The application rate was 10X the  proposed rate of 0.078 ai/100 gal.  No quantifiable residues of cyazofamid or CCIM were observed in tomato samples.

.  In a two-generation reproductive toxicity study, the only effects observed were body weight effects which were observed at 20,000 ppm in dams during gestation and lactation and in weanling pups.  No reproductive effects were observed.  The NOEL for reproductive effects was 20,000 ppm (1,338 mg/kg bw/day).  The NOEL for parental toxicity was 2,000 ppm (134 mg/kg bw/day).

In a rat developmental study, cyazofamid was dosed by gavage  from Days 0 to 19 of gestation.  There were no treatment-related effects observed in the study.  The NOEL for maternal effects was 1,000 mg/kg bw/day.  Due to the increased incidence of bent ribs, a reversible developmental anomaly,  in fetuses treated at the highest dose, the developmental NOEL was set conservatively at 100 mg/kg bw/day.

In a rabbit developmental study, pregnant rabbits were dosed with cyazofamid by gavage on Days 4 to 28 of gestation.  There were no treatment-related effects observed in the study.  The NOEL for maternal and developmental effects was 1000 mg/kg bw/day.

. A combined chronic and oncogenicity study was conducted in rats.  Cyazofamid was administered continuously for a period of 104 weeks to male and female Fischer rats.  Cyazofamid was not carcinogenic in this study.  The NOEL for chronic effects was 5000 ppm (171 mg/kg bw/day).

In a long-term feeding study, mice were dosed with cyazofamid in the diet for 78 weeks.  There was no evidence of carcinogenicity.  The NOEL was 700 ppm (94.8  mg/kg bw/day for males) based on increased incidence of skin lesions in the high dose animals.

. A chronic reference dose (RfD) of 0.95 mg/kg bw/day is proposed for humans, based on the NOAEL from the mouse carcinogenicity study (94.5 mg/kg bw/day) and dividing by an uncertainty factor of 100.  The chronic population adjusted dose (cPAD) is also 0.95 mg/kg bw/day because the FQPA safety factor is 1 for cyazofamid.

.  Tier 1 chronic and acute dietary exposure analyses were conducted for  cyazofamid  in/on carrots, cucurbit vegetables (Crop group 9), fruiting vegetables (Crop group 8), grapes, okra, and potatoes to determine the exposure contribution of these commodities to the diet and to ascertain the chronic and acute risk potential.  The estimates were based on current tolerance level residues for carrot, cucurbit vegetables, potatoes, and proposed tolerances for fruiting vegetables, okra and grapes, as well as grape, potato and tomato processing studies, market share assumptions of 100% crop treated, and consumption data from the USDA(s CSFII (1994 through 1996 and 1998) continuing survey of food intake.  Although carrot culls are an animal feed item, it was assumed that no secondary tolerances in meat or milk would be necessary due to the low residues in carrots and the lack of significant bioaccumulation in mammals.

Even using all of the worst case exposure scenarios listed above, the Tier 1 chronic dietary (food + drinking water) exposure estimates resulted in an estimated exposure for the general U.S. population of 0.0004339 mg/kg bw/day.  This exposure corresponds to less than 1% of the cPAD of 0.95 mg/kg bw/day.  The highest exposure estimate was calculated for the all infants (< 1 year) subgroup.  This exposure was determined to be 0.010897 mg/kg bw/day (1.1% of the cPAD).

The Tier 1 acute dietary assessment is based on an endpoint from a prenatal developmental study.  As such, the only subpopulation of interest for acute dietary exposure in females aged 13-49 uears old.  Acute dietary exposures for the above listed crops were calculated using DEEM-FCID.  The per capita acute dietary exposure estimate for females aged 13-49 is 0.009951 mg/kg bw/day at the 95th percentile, which accounts for 1% of the aPAD.

. Since cyazofamid is intended for application outdoors to turf, ornamentals, field grown carrots, cucurbit vegetables, fruiting vegetables, grapes, okra and potatoes crops, the potential exists for parent and or metabolites to reach ground or surface water that may be used for drinking water.  EPA assumed drinking water concentrations of 133 ppb and 136 ppb for the chronic and acute assessments, respectively based on modeling of potential surface water residues of CTCA (the terminal degradate of cyazofamid) for the turf/ornamental use.  Because the application rates for the proposed uses are lower than the rate for turf/ornamentals, the turf use represents the worst-case for potential drinking water residues.  Therefore, these estimates of drinking water were directly entered into the dietary exposure model.

. Dietary and occupational exposure will be the major routes of exposure to the U.S. population. Ample margins of safety have been demonstrated for both situations. For the general U.S. population, the chronic dietary exposure to cyazofamid is 0.0004339 mg/kg bw/day, which utilizes less than 1% of the RfD for the overall U.S. population, assuming 100% of the crops are treated. The acute dietary exposure to females aged 13-49 years, the subpopulation of interest, is 0.009951 mg/kg bw/day (95th percentile).

. Chronic dietary exposure of the most highly exposed subgroup in the population, all infants (< 1 yr old), is 0.010897 mg/kg bw/day or 1.1% of the RfD.  The per capita acute dietary exposure estimate for females aged 13-49 years is 0.009951 mg/kg bw/day at the 95th percentile, which accounts for 1% of the aPAD.

  The following Canadian tolerances have been established: Carrots, 0.09 ppm; Potatoes,  0.02 ppm; Tomatoes (Import), 0.2 ppm; and Wine grapes (Import), 1.2 ppm.

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[Federal Register Volume 76, Number 242 (Friday, December 16, 2011)]
[Notices]
[Pages 78286-78287]
[FR Doc No: 2011-32231]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[USCG-2011-0902]

Collection of Information Under Review by Office of Management
and Budget

AGENCY: Coast Guard, DHS.

ACTION: Thirty-day notice requesting comments.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995, the
U.S. Coast Guard is forwarding an Information Collection Request (ICR),
abstracted below, to the Office of Management and Budget (OMB), Office
of Information and Regulatory Affairs (OIRA), requesting approval of a
revision to the following collection of information: 1625-0004, United
States Coast Guard Academy Application and Supplemental Forms. Before
submitting this ICR to OMB, the Coast Guard is inviting comments as
described below.

DATES: Comments must reach the Coast Guard on or before January 17,
2012.

ADDRESSES: To avoid duplicate submissions to the docket [USCG-2011-
0902], please use only one of the following means:
    (1) Online: http://www.regulations.gov.
    (2) Mail: Docket Management Facility (DMF) (M-30), U.S. Department
of Transportation (DOT), West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE., Washington, DC 20590-0001.
    (3) Hand deliver: Same as mail address above, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The telephone
number is<PHONE_NUMBER>.
    (4) Fax:<PHONE_NUMBER>.
    The DMF maintains the public docket for this Notice. Comments and
material received from the public, as well as documents mentioned in
this Notice as being available in the docket, will become part of the
docket and will be available for inspection or copying at room W12-140
on the West Building Ground Floor, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. You may also find the docket on the Internet
at http://www.regulations.gov.
    A copy of the ICR is available through the docket on the Internet
at http://www.regulations.gov. Additionally, a copy is available from:
Commandant (CG-611), Attn Paperwork Reduction Act Manager, U.S. Coast
Guard, 2100 2nd St. SW., STOP 7101, Washington, DC 20593-7101.

FOR FURTHER INFORMATION CONTACT: Contact Ms. Kenlinishia Tyler, Office
of Information Management, telephone<PHONE_NUMBER>, or fax (202) 475-
3929, for questions on these documents. Contact Ms. Renee V. Wright,
Program Manager, Docket Operations,<PHONE_NUMBER>, for questions on
the docket.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    This Notice relies on the authority of the Paperwork Reduction Act
of 1995; 44 U.S.C. Chapter 35, as amended. An ICR is an application to
OIRA seeking the approval, extension, or renewal of a Coast Guard
collection of information (Collection). The ICR contains

information describing the Collection's purpose, the Collection's
likely burden on the affected public, an explanation of the necessity
of the Collection, and other important information describing the
Collections. There is one ICR for each Collection.
    The Coast Guard invites comments on whether this ICR should be
granted based on the collection being necessary for the proper
performance of Departmental functions. In particular, the Coast Guard
would appreciate comments addressing: (1) The practical utility of the
collections; (2) the accuracy of the estimated burden of the
collections; (3) ways to enhance the quality, utility, and clarity of
information subject to the collection; and (4) ways to minimize the
burden of the collections on respondents, including the use of
automated collection techniques or other forms of information
technology. These comments will help OIRA determine whether to approve
the ICR referred to in this Notice.
    We encourage you to respond to this request by submitting comments
and related materials. Comments to Coast Guard or OIRA must contain the
OMB Control Number of the ICR. They must also contain the docket number
of this request, [USCG 2011-0902], and must be received by January 17,
2012. We will post all comments received, without change, to http://www.regulations.gov. They will include any personal information you
provide. We have an agreement with DOT to use their DMF. Please see the
``Privacy Act'' paragraph below.
    Submitting comments: If you submit a comment, please include the
docket number [USCG-2011-0902], indicate the specific section of the
document to which each comment applies, providing a reason for each
comment. You may submit your comments and material online (via http://www.regulations.gov), by fax, mail, or hand delivery, but please use
only one of these means. If you submit a comment online via
www.regulations.gov, it will be considered received by the Coast Guard
when you successfully transmit the comment. If you fax, hand deliver,
or mail your comment, it will be considered as having been received by
the Coast Guard when it is received at the DMF. We recommend you
include your name, mailing address, an email address, or other contact
information in the body of your document so that we can contact you if
we have questions regarding your submission.
    You may submit your comments and material by electronic means,
mail, fax, or delivery to the DMF at the address under ADDRESSES; but
please submit them by only one means. To submit your comment online, go
to http://www.regulations.gov, and type ``USCG-2011-0902'' in the
``Keyword'' box. If you submit them by mail or delivery, submit them in
an unbound format, no larger than 8\1/2\ by 11 inches, suitable for
copying and electronic filing. If you submit them by mail and would
like to know that they reached the Facility, please enclose a stamped,
self-addressed postcard or envelope. We will consider all comments and
material received during the comment period and will address them
accordingly.

Viewing Comments and Documents

    To view comments, as well as documents mentioned in this Notice as
being available in the docket, go to http://www.regulations.gov, click
on the ``read comments'' box, which will then become highlighted in
blue. In the ``Keyword'' box insert ``USCG-2011-0902'' and click
``Search.'' Click the ``Open Docket Folder'' in the ``Actions'' column.
You may also visit the DMF in room W12-140 on the West Building Ground
Floor, 1200 New Jersey Avenue SE., Washington, DC, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays.
    OIRA posts its decisions on ICRs online at http://www.reginfo.gov/public/do/PRAMain after the comment period for each ICR. An OMB Notice
of Action on each ICR will become available via a hyperlink in the OMB
Control Number: [1625-0004].

Privacy Act

    Anyone can search the electronic form of all comments received in
dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review the Privacy Act statement
regarding our public dockets in the January 17, 2008 issue of the
Federal Register (73 FR 3316).

Previous Request for Comments

    This request provides a 30-day comment period required by OIRA. The
Coast Guard published the 60-day notice (76 FR 62426, October 7, 2011)
required by 44 U.S.C. 3506(c)(2). That Notice elicited no comments.

Information Collection Request

    Title: United States Coast Guard Academy Application and
Supplemental Forms.
    OMB Control Number: 1625-0004.
    Type of Request: Revision of a currently approved collection.
    Respondents: Approximately 4,500 applicants apply annually to the
U.S. Coast Guard Academy.
    Abstract: This collection contains the application and all
supplemental forms required to be considered as an applicant to the
U.S. Coast Guard Academy.
    Forms: CGA-14, CGA-14A, CGA-14B, CGA-14C, CGA-14D.
    Burden Estimate: The estimated burden has decreased from 8,100
annual hours to 6,750 annual hours.

    Authority:  The Paperwork Reduction Act of 1995; 44 U.S.C.
Chapter 35, as amended.

    Dated: December 12, 2011.
C.A. Mathieu,
Captain, U.S. Coast Guard, Acting Assistant Commandant for Command,
Control, Communications, Computers and Information Technology.
[FR Doc. 2011-32231 Filed 12-15-11; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: August 21, 2009 (Volume 74, Number 161)]
[Notices]
[Page 42339-42345]
[DOCID:fr21au09-107]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28847; File No. 812-13614]

Old Mutual Global Shares Trust, et al.; Notice of Application

August 13, 2009.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (the ``Act'') for an exemption from
sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act and rule 22c-1
under the Act, under section 12(d)(1)(J) of the Act for an exemption
from sections 12(d)(1)(A) and (B) of 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: Summary of Application: Applicants request an order that would
permit (a) certain open-end management investment companies and their
series 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) certain series to pay
redemption proceeds, under certain circumstances, more than seven days
after the tender of Shares for redemption; (d) certain affiliated
persons of the series to deposit securities into, and receive
securities from, the series in connection with the purchase and
redemption of Creation Units; and (e) certain registered management
investment companies and unit investment trusts outside of the same
group of investment companies as the series to acquire Shares.
    Applicants: Old Mutual Global Shares Trust (``Trust''), Old Mutual
Global Index Trackers (Pty) Ltd. (``Adviser''), and Foreside Fund
Services, LLC (``Distributor'').

DATES: Filing Dates: The application was filed on December 16, 2008,
and amendments were filed on May 7, 2009, and August 12, 2009.
    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 8, 2009 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, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants: Old Mutual Global Shares
Trust and Old Mutual Global Index Trackers (Pty) Ltd., c/o Betserai
Tendai Musikavanhu, 144 Katherine Street, Grayson Ridge Office Park,
Block A First Floor, Sandton 2196, South Africa, and Foreside Fund
Services, LLC, Two Portland Square, First Floor, Portland, ME 04101.

FOR FURTHER INFORMATION CONTACT: Courtney S. Thornton, Senior Counsel
at<PHONE_NUMBER>, or Mary Kay Frech, Branch Chief, at<PHONE_NUMBER>
(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 via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/
search.htm, or by calling<PHONE_NUMBER>.

Applicants' Representations

    1. The Trust is organized as a Delaware statutory trust and is
registered under the Act as an open-end management investment company
with multiple series, each of which will offer separate investment
portfolios comprised primarily of equity securities. The Trust
initially will offer five series (``Initial Funds''). Applicants may
establish additional series in the future (``Future Funds,'' together
with the Initial Funds, the ``Funds'').\1\
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    \1\ All existing entities that intend to rely on the requested
order have been named as applicants. Any other existing or future
entity that subsequently relies on the order will comply with the
terms and conditions of the application. Any Future Fund will be
advised by the Adviser or an entity controlled by or under common
control with the Adviser.
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    2. The Adviser is a South African private limited company that is
registered as an investment adviser under the Investment Advisers Act
of 1940 (the ``Advisers Act'') and will serve as the investment adviser
to the Initial Funds. In the future, the Adviser may enter into sub-
advisory agreements with other investment advisers to act as sub-
advisers to particular Funds (``Sub-Advisers''). Each Sub-Adviser will
be registered under the Advisers Act. The Distributor is a broker-
dealer registered under the Securities Exchange Act of 1934 (the
``Exchange Act'') and will act as the principal underwriter and
distributor for the Creation Units of Shares.
    3. Each Fund will hold certain equity securities (``Portfolio
Securities'') and financial instruments selected to correspond, before
fees and expenses, generally to the performance of a specified equity
securities index (``Underlying Index,'' collectively ``Underlying
Indices''). Certain of the Underlying Indices may be composed of equity
securities of domestic issuers and non-domestic issuers meeting the
requirements for trading in U.S. markets (``Domestic Indices''). Other
Underlying Indices may be composed of foreign equity securities
(``Foreign Indices''). The Initial Funds will track Foreign Indices;
Future Funds may track Domestic or Foreign Indices. Funds that track
Domestic Indices are referred to as ``Domestic Funds'' and Funds that
track Foreign Indices are referred to as ``Foreign Funds.'' No entity
that creates, compiles, sponsors or maintains an Underlying Index
(``Index Provider'') 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 the Trust or a Fund, the Adviser, any Sub-Adviser to or
promoter of a Fund, or the Distributor. The Index Provider to the
Initial Funds is FTSE Group.
    4. The investment objective of each Fund will be to provide
investment results that correspond, before fees and expenses, generally
to the performance of its Underlying Index. Intra-day values of the
Underlying Index will be disseminated every 15 seconds throughout the
trading day. A Fund will utilize either a replication or representative
sampling strategy, which will be disclosed with regard to each Fund in
its prospectus.\2\ A Fund using

a replication strategy will invest in the Component Securities in its
Underlying Index in approximately the same proportions as in the
Underlying Index. A Fund using representative sampling will hold some,
but not necessarily all of the Component Securities of its Underlying
Index.\3\ Applicants anticipate that a Fund that utilizes a
representative sampling strategy will not track the performance of its
Underlying Index with the same degree of accuracy as an investment
vehicle that invests in every Component Security of the Underlying
Index with the same weighting as the Underlying Index. Applicants
expect that each Fund will have a tracking error relative to the
performance of its Underlying Index of less than 5 percent.
---------------------------------------------------------------------------

    \2\ Applicants represent that each Fund will invest at least 80%
of its total assets in the component securities that comprise its
Underlying Index (``Component Securities'') or, in the case of
Foreign Funds, Component Securities and depositary receipts
representing such securities. ``Depositary Receipts'' will typically
be American Depositary Receipts, as well as Global Depositary
Receipts and Euro Depositary Receipts. Each Fund also may invest up
to 20% of its assets in certain futures, options and swap contracts,
cash and cash equivalents, as well as in stocks not included in its
Underlying Index, but which the Adviser or Sub-Adviser believes will
help the Fund track its Underlying Index.
    \3\ Under the representative sampling strategy, stocks are
selected for inclusion in a Fund to have aggregate investment
characteristics, fundamental characteristics, and liquidity measures
similar to those of the Fund's Underlying Index taken in its
entirety.
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    5. Creation Units are expected to range between 25,000 to 100,000
Shares as will be clearly stated in the relevant Fund's prospectus
(``Prospectus'').\4\ Applicants expect that the initial price of a
Creation Unit will fall in the range of $1,000,000 to $10,000,000. All
orders to purchase Creation Units must be placed with the Distributor,
by or through a party that has entered into an agreement with the
Distributor (``Authorized Participant''). The Distributor will be
responsible for transmitting the orders to the Funds. An Authorized
Participant must be either: (a) A broker-dealer or other participant in
the continuous net settlement system of the National Securities
Clearing Corporation, a clearing agency registered with the Commission,
or (b) a participant in the Depository Trust Company (``DTC'', and such
participant, ``DTC Participant''). Shares of the Fund generally will be
sold in Creation Units in exchange for an in-kind deposit by the
purchaser of a portfolio of securities designated by the Adviser or
Sub-Adviser to correspond generally to the performance of the relevant
Underlying Index (the ``Deposit Securities''), together with the
deposit of a specified cash payment (``Balancing Amount''). The
Balancing Amount is an amount equal to the difference between (a) the
net asset value (``NAV'') (per Creation Unit) of a Fund and (b) the
total aggregate market value (per Creation Unit) of the Deposit
Securities.\5\ Each Fund may permit, under certain circumstances, a
purchaser of Creation Units to substitute cash in lieu of depositing
some or all of the Deposit Securities.\6\
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    \4\ All representations and conditions contained in the
application that require a Fund to disclose particular information
in the Fund's Prospectus and/or annual report shall be effective
with respect to the Fund until the time that the Fund complies with
the disclosure requirements adopted by the Commission in Investment
Company Act Release No. 28584 (Jan. 13, 2009).
    \5\ Each Fund will sell and redeem Creation Units only on a
``Business Day'' which is defined as any day that the New York Stock
Exchange, the Listing Exchange (defined below), and the custodian of
a Fund are open for business, and includes any day that a Fund is
required to be open under section 22(e) of the Act. Each Business
Day, prior to the opening of trading on the Listing Exchange
(defined below), the list of names and amount of each security
constituting the current Deposit Securities and the Balancing Amount
will be made available. Any national securities exchange (as defined
in section 2(a)(26) of the Act) (``Exchange'') on which Shares are
listed (``Listing Exchange'') will disseminate, every 15 seconds
during its regular trading hours, through the facilities of the
Consolidated Tape Association, an amount per individual Share
representing the sum of the estimated Balancing Amount and the
current value of the Deposit Securities.
    \6\ Applicants state that in some circumstances or in certain
countries, it may not be practicable or convenient, or permissible
under the laws of certain countries or the regulations of certain
foreign stock exchanges, for a Foreign Fund to operate exclusively
on an ``in-kind'' basis. Applicants also note that when a
substantial rebalancing of a Fund's portfolio is required, the
Adviser or Sub-Adviser might prefer to receive cash rather than
stocks so that the Fund may avoid transaction costs involved in
liquidating part of its portfolio to achieve the rebalancing.
---------------------------------------------------------------------------

    6. An investor purchasing or redeeming a Creation Unit from a Fund
will be charged a fee (``Transaction Fee'') to prevent the dilution of
the interests of the remaining shareholders resulting from costs in
connection with the purchase or redemption of Creation Units.\7\ The
maximum Transaction Fees relevant to each Fund and the method of
calculating such Transaction Fees will be fully disclosed in the
Prospectus of such Fund or statement of additional information
(``SAI''). The Distributor will be responsible for delivering the
Fund's Prospectus to those persons purchasing Shares in Creation Units
and for maintaining records of both the orders placed with it and the
confirmations of acceptance furnished by it. In addition, the
Distributor will maintain a record of the instructions given to the
applicable Fund to implement the delivery of its Shares.
---------------------------------------------------------------------------

    \7\ Where a Fund permits a purchaser to substitute cash in lieu
of depositing a portion of the requisite Deposit Securities, the
purchaser may be assessed a higher Transaction Fee to cover the cost
of purchasing such Deposit Securities, including operational
processing and brokerage costs, and part or all of the spread
between the expected bid and the offer side of the market relating
to such Deposit Securities.
---------------------------------------------------------------------------

    7. Purchasers of Shares in Creation Units may hold such Shares or
may sell such Shares into the secondary market. Shares will be listed
and traded on an Exchange. It is expected that one or more member firms
of the Listing Exchange will be designated to act as a specialist
(``Specialist'') or a market maker (``Market Maker'') and maintain a
market for Shares trading on the Listing Exchange. Prices of Shares
trading on an Exchange will be based on the current bid/ask market.
Shares sold in the secondary market will be subject to customary
brokerage commissions and charges.
    8. Applicants expect that purchasers of Creation Units will include
institutional investors and arbitrageurs (which could include
institutional investors). A Specialist or Market Maker, in providing a
fair and orderly secondary market for the Shares, also may purchase
Creation Units for use in its market-making activities. Applicants
expect that secondary market purchasers of Shares will include both
institutional investors and retail investors.\8\ Applicants expect that
the price at which Shares trade will be disciplined by arbitrage
opportunities created by the option to continually purchase or redeem
Creation Units at their NAV, which should ensure that Shares will not
trade at a material discount or premium in relation to their NAV.
---------------------------------------------------------------------------

    \8\ Shares will be registered in book-entry form only. DTC or
its nominee will be the registered owner of all outstanding Shares.
DTC or DTC Participants will maintain records reflecting beneficial
owners of Shares.
---------------------------------------------------------------------------

    9. Shares will not be individually redeemable, and owners of Shares
may acquire those Shares from the Fund, or tender such Shares for
redemption to the Fund, in Creation Units only. To redeem, an investor
will have to accumulate enough Shares to constitute a Creation Unit.
Redemption orders must be placed by or through an Authorized
Participant. An investor redeeming a Creation Unit generally will
receive (a) Portfolio Securities designated to be delivered for
Creation Unit redemptions (``Fund Securities'') on the date that the
request for redemption is submitted \9\ and (b) a ``Cash Redemption
Payment,'' consisting of an amount calculated in

the same manner as the Balancing Amount, although the actual amount of
the Cash Redemption Payment may differ if the Fund Securities are not
identical to the Deposit Securities on that day. An investor may
receive the cash equivalent of a Fund Security in certain
circumstances, such as if the investor is constrained from effecting
transactions in the security by regulation or policy.
---------------------------------------------------------------------------

    \9\ As a general matter, the Deposit Securities and Fund
Securities will correspond pro rata to the Portfolio Securities held
by each Fund, but Fund Securities received on redemption may not
always be identical to Deposit Securities deposited in connection
with the purchase of Creation Units for the same day. The Funds will
comply with the Federal securities laws in accepting Deposit
Securities and satisfying redemptions with Fund Securities,
including that the Deposit Securities and Fund Securities are sold
in transactions that would be exempt from registration under the
Securities Act of 1933.
---------------------------------------------------------------------------

    10. No Fund will be marketed or otherwise held out as a traditional
open-end investment company or a mutual fund. Instead, each Fund will
be marketed as an ``ETF,'' an ``investment company,'' a ``fund,'' or a
``trust.'' All marketing materials that describe the features or method
of obtaining, buying or selling Creation Units or Shares traded on an
Exchange, or refer to redeemability, will prominently disclose that
Shares are not individually redeemable and that the owners of Shares
may purchase or redeem Shares from the Fund in Creation Units only. The
same approach will be followed in the SAI, shareholder reports and
investor educational materials issued or circulated in connection with
the Shares. The Funds will provide copies of their annual and semi-
annual shareholder reports to DTC Participants for distribution to
shareholders.

Applicants' Legal Analysis

    1. Applicants request an order under section 6(c) of the Act for an
exemption from sections 2(a)(32), 5(a)(1), 22(d), and 22(e) of the Act
and rule 22c-1 under the Act, under section 12(d)(1)(J) of the Act for
an exemption from sections 12(d)(1)(A) and (B) of the Act, and under
sections 6(c) and 17(b) of the Act for an exemption from sections
17(a)(1) and 17(a)(2) of the Act.
    2. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provision of the Act, if and to
the extent that such exemption is necessary or appropriate in the
public interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from section 17(a) of the Act if evidence establishes that
the terms of the transaction, including the consideration to be paid or
received, are reasonable and fair and do not involve overreaching on
the part of any person concerned, and the proposed transaction is
consistent with the policies of the registered investment company and
the general provisions of the Act. Section 12(d)(1)(J) of the Act
provides that the Commission may exempt any person, security, or
transaction, or any class or classes of persons, securities or
transactions, from any provisions of section 12(d)(1) if the exemption
is consistent with the public interest and the protection of investors.

Sections 5(a)(1) and 2(a)(32) of the Act

    3. Section 5(a)(1) of the Act defines an ``open-end company'' as a
management investment company that is offering for sale or has
outstanding any redeemable security of which it is the issuer. Section
2(a)(32) of the Act defines a redeemable security as any security,
other than short-term paper, under the terms of which the owner, upon
its presentation to the issuer, is entitled to receive approximately
his proportionate share of the issuer's current net assets, or the cash
equivalent. Because Shares will not be individually redeemable,
applicants request an order that would permit the Funds to register as
open-end management investment companies and issue Shares that are
redeemable in Creation Units only. Applicants state that investors may
purchase Shares in Creation Units and redeem Creation Units from each
Fund. Applicants state that because Creation Units may always be
purchased and redeemed at NAV, the market price of the Shares should
not vary substantially from their NAV.

Section 22(d) of the Act and Rule 22c-1 Under the Act

    4. Section 22(d) of the Act, among other things, prohibits a dealer
from selling a redeemable security, which is currently being offered to
the public by or through a principal underwriter, except at a current
public offering price described in the prospectus. Rule 22c-1 under the
Act generally requires that a dealer selling, redeeming or repurchasing
a redeemable security do so only at a price based on its NAV.
Applicants state that secondary market trading in Shares will take
place at negotiated prices, not at a current offering price described
in a Fund's Prospectus, and not at a price based on NAV. Thus,
purchases and sales of Shares in the secondary market will not comply
with section 22(d) of the Act and rule 22c-1 under the Act. Applicants
request an exemption under section 6(c) from these provisions.
    5. Applicants assert that the concerns sought to be addressed by
section 22(d) of the Act and rule 22c-1 under the Act with respect to
pricing are equally satisfied by the proposed method of pricing Shares.
Applicants maintain that while there is little legislative history
regarding section 22(d), its provisions, as well as those of rule 22c-
1, appear to have been designed to (a) prevent dilution caused by
certain riskless-trading schemes by principal underwriters and contract
dealers, (b) prevent unjust discrimination or preferential treatment
among buyers, and (c) ensure an orderly distribution of investment
company shares by eliminating price competition from dealers offering
shares at less than the published sales price and repurchasing shares
at more than the published redemption price.
    6. Applicants believe that none of these purposes will be thwarted
by permitting Shares to trade in the secondary market at negotiated
prices. Applicants state that (a) secondary market trading in Shares
does not involve a Fund as a party and will not result in dilution of
an investment in Shares, and (b) to the extent different prices exist
during a given trading day, or from day to day, such variances occur as
a result of third-party market forces, such as supply and demand.
Therefore, applicants assert that secondary market transactions in
Shares will not lead to discrimination or preferential treatment among
purchasers. Finally, applicants contend that the proposed distribution
system will be orderly because competitive forces will ensure that the
difference between the market price of Shares and their NAV remains
narrow.

Section 22(e)

    7. Section 22(e) of the Act 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. Applicants
state that settlement of redemptions for the Foreign Funds is
contingent not only on the settlement cycle of the United States
market, but also on current delivery cycles in local markets for
underlying foreign securities held by the Foreign Funds. Applicants
state that delivery cycles for transferring Fund Securities to
redeeming investors, coupled with local market holiday schedules, will
require a delivery process longer than seven calendar days for the
Foreign Funds. Applicants request relief under section 6(c) of the Act
from section 22(e) to allow the Foreign Funds to pay redemption
proceeds up to fourteen calendar days after the tender of any Creation
Unit for redemption. Except as disclosed in the relevant Foreign Fund's
Prospectus and/or SAI, applicants expect that each Foreign Fund will be
able to deliver redemption proceeds within seven

days.\10\ With respect to future Foreign Funds, applicants seek the
same relief from section 22(e) only to the extent that circumstances
similar to those described in the application exist.
---------------------------------------------------------------------------

    \10\ 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.
---------------------------------------------------------------------------

    8. 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 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 Foreign Fund. Applicants are not seeking
relief from section 22(e) with respect to Foreign Funds that do not
effect creations and redemptions of Creation Units in-kind.

Section 12(d)(1)

    9. Section 12(d)(1)(A) of the Act, in relevant part, prohibits a
registered investment company from acquiring securities of an
investment company if such securities represent more than 3% of the
total outstanding voting stock of the acquired company, more than 5% of
the total assets of the acquiring company, or, together with the
securities of any other investment companies, more than 10% of the
total assets of the acquiring company. Section 12(d)(1)(B) of the Act
prohibits a registered open-end investment company, its principal
underwriter and any other broker-dealer from selling the investment
company's shares to another investment company if the sale will cause
the acquiring company to own more than 3% of the acquired company's
voting stock, or if the sale will cause more than 10% of the acquired
company's voting stock to be owned by investment companies generally.
    10. Applicants request an exemption to permit management investment
companies (``Purchasing Management Companies'') and unit investment
trusts (``Purchasing Trusts'') registered under the Act that are not
sponsored or advised by the Adviser or any entity controlling,
controlled by, or under common control with the Adviser and are not
part of the same ``group of investment companies,'' as defined in
section 12(d)(1)(G)(ii) of the Act, as the Funds (collectively,
``Purchasing Funds'') to acquire shares of a Fund beyond the limits of
section 12(d)(1)(A). Purchasing Funds do not include the Funds. In
addition, applicants seek relief to permit a Fund or broker-dealer
(``Broker'') that is registered under the Exchange Act to sell Shares
to a Purchasing Fund in excess of the limits of section 12(d)(1)(B).
    11. Each Purchasing Management Company will be advised by an
investment adviser within the meaning of section 2(a)(20)(A) of the Act
(the ``Purchasing Fund Adviser'') and may be sub-advised by one or more
investment advisers within the meaning of section 2(a)(20)(B) of the
Act (each a ``Purchasing Fund Sub-Adviser''). Any investment adviser to
a Purchasing Management Company will be registered under the Advisers
Act. Each Purchasing Trust will be sponsored by a sponsor
(``Sponsor'').
    12. Applicants submit that the proposed conditions to the requested
relief adequately address the concerns underlying the limits in section
12(d)(1)(A) and (B), which include concerns about undue influence by a
fund of funds over underlying funds, excessive layering of fees and
overly complex fund structures. Applicants believe that the requested
exemption is consistent with the public interest and the protection of
investors.
    13. Applicants believe that neither the Purchasing Funds nor a
Purchasing Fund Affiliate would be able to exert undue influence over
the Funds.\11\ To limit the control that a Purchasing Fund may have
over a Fund, applicants propose a condition prohibiting a Purchasing
Fund Adviser or a Sponsor, any person controlling, controlled by, or
under common control with a Purchasing Fund Adviser or Sponsor, and any
investment company and any issuer that would be an investment company
but for sections 3(c)(1) or 3(c)(7) of the Act that is advised or
sponsored by a Purchasing Fund Adviser or Sponsor, or any person
controlling, controlled by, or under common control with a Purchasing
Fund Adviser or Sponsor (``Purchasing Fund Advisory Group'') from
controlling (individually or in the aggregate) a Fund within the
meaning of section 2(a)(9) of the Act. The same prohibition would apply
to any Purchasing Fund Sub-Adviser, any person controlling, controlled
by or under common control with the Purchasing Fund Sub-Adviser, and
any investment company or issuer that would be an investment company
but for sections 3(c)(1) or 3(c)(7) of the Act (or portion of such
investment company or issuer) advised or sponsored by the Purchasing
Fund Sub-Adviser or any person controlling, controlled by or under
common control with the Purchasing Fund Sub-Adviser (``Purchasing Fund
Sub-Advisory Group'').
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    \11\ A ``Purchasing Fund Affiliate'' is a Purchasing Fund
Adviser, Purchasing Fund Sub-Adviser, Sponsor, promoter, and
principal underwriter of a Purchasing Fund, and any person
controlling, controlled by, or under common control with any of
those entities. A ``Fund Affiliate'' is an investment adviser,
promoter, or principal underwriter of a Fund and any person
controlling, controlled by or under common control with any of these
entities.
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    14. Applicants propose other conditions to limit the potential for
undue influence over the Funds, including that no Purchasing Fund or
Purchasing Fund Affiliate (except to the extent it is acting in its
capacity as an investment adviser to a Fund) will cause a Fund to
purchase a security in any offering of securities during the existence
of any underwriting or selling syndicate of which a principal
underwriter is an Underwriting Affiliate (``Affiliated Underwriting'').
An ``Underwriting Affiliate'' is a principal underwriter in any
underwriting or selling syndicate that is an officer, director, member
of an advisory board, Purchasing Fund Adviser, Purchasing Fund Sub-
Adviser, employee or Sponsor of a Purchasing Fund, or a person of which
any such officer, director, member of an advisory board, Purchasing
Fund Adviser, Purchasing Fund Sub-Adviser, employee, or Sponsor is an
affiliated person (except that any person whose relationship to the
Fund is covered by section 10(f) of the Act is not an Underwriting
Affiliate).
    15. Applicants assert that the proposed conditions address any
concerns regarding excessive layering of fees. The board of directors
or trustees of any Purchasing Management Company, including a majority
of the directors or trustees who are not ``interested persons'' within
the meaning of section 2(a)(19) of the Act (``disinterested directors
or trustees''), will find that the advisory fees charged to the
Purchasing Management Company are based on services provided that will
be in addition to, rather than duplicative of, services provided under
the advisory contract(s) of any Fund in which the Purchasing Management
Company may invest. In addition, except as provided in condition 12, a
Purchasing Fund Adviser or a trustee (``Trustee'') or Sponsor of a
Purchasing Trust will, as

applicable, waive fees otherwise payable to it by the Purchasing Fund
in an amount at least equal to any compensation (including fees
received pursuant to any plan adopted by a Fund under rule 12b-1 under
the Act) received by the Purchasing Fund Adviser or Trustee or Sponsor
or an affiliated person of the Purchasing Fund Adviser, Trustee or
Sponsor, from the Funds in connection with the investment by the
Purchasing Fund in the Fund. Applicants state that any sales loads or
service fees charged with respect to shares of a Purchasing Fund will
not exceed the limits applicable to a fund of funds set forth in NASD
Conduct Rule 2830.\12\
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    \12\ Any references to NASD Conduct Rule 2830 include any
successor or replacement FINRA rule to NASD Conduct Rule 2830.
---------------------------------------------------------------------------

    16. Applicants submit that the proposed arrangement will not create
an overly complex fund structure. Applicants note that no Fund may
acquire securities of any investment company or company relying on
sections 3(c)(1) or 3(c)(7) of the Act in excess of the limits
contained in section 12(d)(1)(A) of the Act. To ensure that Purchasing
Funds comply with the terms and conditions of the requested relief from
section 12(d)(1), any Purchasing Fund that intends to invest in a Fund
in reliance on the requested order will enter into an agreement with
the Fund (``Purchasing Fund Agreement'') requiring the Purchasing Fund
to adhere to the terms and conditions of the requested order. The
Purchasing Fund Agreement also will include an acknowledgement from the
Purchasing Fund that it may rely on the requested order only to invest
in the Funds and not in any other investment company.
    17. Applicants also note that a Fund may choose to reject a direct
purchase of Shares in Creation Units by a Purchasing Fund. To the
extent that a Purchasing Fund purchases Shares in the secondary market,
a Fund would still retain its ability to reject any initial investment
by a Purchasing Fund in excess of the limits of section 12(d)(1)(A) by
declining to enter into a Purchasing Fund Agreement with the Purchasing
Fund.

Sections 17(a)(1) and (2) of the Act

    18. Sections 17(a)(1) and (2) of the Act generally prohibit an
affiliated person of a registered investment company, or an affiliated
person of such a person (``Second-Tier Affiliate''), from selling any
security to or purchasing any security from the company. Section
2(a)(3) of the Act defines ``affiliated person'' to include (a) any
person directly or indirectly owning, controlling or holding with power
to vote 5% or more of the outstanding voting securities of the other
person, (b) any person 5% or more of whose outstanding voting
securities are directly or indirectly owned, controlled or held with
the power to vote by the other person, and (c) any person directly or
indirectly controlling, controlled by or under common control with the
other person. Section 2(a)(9) of the Act provides that a control
relationship will be presumed where one person owns more than 25% of
another person's voting securities.
    19. Applicants request an exemption from section 17(a) of the Act
pursuant to sections 17(b) and 6(c) of the Act to permit persons to
effectuate in-kind purchases and redemptions with a Fund when they are
affiliated persons of the Fund or Second-Tier Affiliates solely by
virtue of one or more of the following: (a) Holding 5% or more, or in
excess of 25%, of the outstanding Shares of one or more Funds; (b)
having an affiliation with a person with an ownership interest
described in (a); or (c) holding 5% or more, or more than 25%, of the
shares of one or more other registered investment companies (or series
thereof) advised by the Adviser or an entity controlling, controlled
by, or under common control with the Adviser.
    20. Applicants assert that no useful purpose would be served by
prohibiting these types of affiliated persons from purchasing or
redeeming Creation Units through ``in-kind'' transactions. The deposit
procedures for both in-kind purchases and in-kind redemptions of
Creation Units will be the same for all purchases and redemptions.
Deposit Securities and Fund Securities will be valued in the same
manner as Portfolio Securities. Therefore, applicants state that in-
kind purchases and redemptions will afford no opportunity for the
specified affiliated persons, or Second-Tier Affiliates, of a Fund to
effect a transaction detrimental to other holders of Shares. Applicants
also believe that in-kind purchases and redemptions will not result in
self-dealing or overreaching of the Funds.
    21. Applicants also seek relief from section 17(a) to permit a Fund
that is an affiliated person of a Purchasing Fund to sell its Shares to
and redeem its Shares from a Purchasing Fund, and to engage in the
accompanying in-kind transactions with the Purchasing Fund. Applicants
state that the terms of the transactions are fair and reasonable and do
not involve overreaching. Applicants note that any consideration paid
by a Purchasing Fund for the purchase or redemption of Shares directly
from a Fund will be based on the NAV of the Fund.\13\ Applicants
believe that any proposed transactions directly between the Funds and
Purchasing Funds will be consistent with the policies of each
Purchasing Fund. The purchase of Creation Units by a Purchasing Fund
directly from a Fund will be accomplished in accordance with the
investment restrictions of any such Purchasing Fund and will be
consistent with the investment policies set forth in the Purchasing
Fund's registration statement. The Purchasing Fund Agreement will
require any Purchasing Fund that purchases Creation Units directly from
a Fund to represent that the purchase of Creation Units from a Fund by
a Purchasing Fund will be accomplished in compliance with the
investment restrictions of the Purchasing Fund and will be consistent
with the investment policies set forth in the Purchasing Fund's
registration statement.
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    \13\ Applicants acknowledge that receipt of compensation by (a)
an affiliated person of a Purchasing Fund, or an affiliated person
of such person, for the purchase by the Purchasing Fund of Shares of
a Fund or (b) an affiliated person of a Fund, or an affiliated
person of such person, for the sale by the Fund of its Shares to a
Purchasing Fund may be prohibited by section 17(e)(1) of the Act.
The Purchasing Fund Agreement also will include this acknowledgment.
---------------------------------------------------------------------------

Applicants' Conditions

    Applicants agree that any order granting the requested relief will
be subject to the following conditions: \14\
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    \14\ See note 4, supra.
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ETF Relief

    1. As long as the Funds operate in reliance on the requested order,
the Shares of each Fund will be listed on an Exchange.
    2. Neither the Trust nor any Fund will be advertised or marketed as
an open-end investment company or a mutual fund. Each Fund's Prospectus
will prominently disclose that Shares are not individually redeemable
shares and will disclose that the owners of Shares may acquire those
Shares from the Fund and tender those Shares for redemption to the Fund
in Creation Units only. Any advertising material that describes the
purchase or sale of Creation Units or refers to redeemability will
prominently disclose that Shares are not individually redeemable, and
that owners of Shares may acquire those Shares from the Fund and tender
those Shares for redemption to the Fund in Creation Units only.
    3. The Web site maintained for each Fund, which will be publicly
accessible at no charge, will contain the following information, on a
per Share basis, for

each Fund: (a) The prior Business Day's NAV and the mid-point of the
bid-ask spread at the time of the calculation of NAV (``Bid/Ask
Price''), and a calculation of the premium or discount of the Bid/Ask
Price at the time of calculation of the NAV against such NAV; and (b)
data in chart format displaying the frequency distribution of discounts
and premiums of the daily Bid/Ask Price against the NAV, within
appropriate ranges, for each of the four previous calendar quarters.
    4. The Prospectus and annual report for each Fund also will
include: (a) The information listed in condition 3(b), (i) in the case
of the Fund's Prospectus, for the most recently completed year (and the
most recently completed quarter or quarters, as applicable) and (ii) in
the case of the annual report, for the immediately preceding five
years, as applicable; and (b) the following data, calculated on a per
Share basis for one, five and ten year periods (or life of the Fund):
(i) The cumulative total return and the average annual total return
based on NAV and Bid/Ask Price, and (ii) the cumulative total return of
the relevant Underlying Index.
    5. Each Fund's Prospectus will clearly disclose that, for purposes
of the Act, Shares are issued by the Fund, which is a registered
investment company, and that the acquisition of Shares by investment
companies is subject to the restrictions of section 12(d)(1) of the
Act, except as permitted by an exemptive order that permits registered
investment companies to invest in a Fund beyond the limits in section
12(d)(1), subject to certain terms and conditions, including that the
registered investment company enter into a Purchasing Fund Agreement
with the Fund regarding the terms of the investment.
    6. The requested relief to permit ETF operations will expire on the
effective date of any Commission rule under the Act that provides
relief permitting the operation of index-based exchange-traded funds.

Section 12(d)(1) Relief

    7. The members of a Purchasing Fund's Advisory Group will not
control (individually or in the aggregate) a Fund within the meaning of
section 2(a)(9) of the Act. The members of a Purchasing Fund's Sub-
Advisory Group will not control (individually or in the aggregate) a
Fund within the meaning of section 2(a)(9) of the Act. If as a result
of a decrease in the outstanding Shares of a Fund, a Purchasing Fund's
Advisory Group or a Purchasing Fund's Sub-Advisory Group, each in the
aggregate, becomes a holder of more than 25% of the outstanding Shares
of a Fund, it will vote its Shares in the same proportion as the vote
of all other holders of the Shares. This condition will not apply to
the Purchasing Fund's Sub-Advisory Group with respect to a Fund for
which the Purchasing Fund's Sub-Adviser or a person controlling,
controlled by, or under common control with the Purchasing Fund Sub-
Adviser acts as the investment adviser within the meaning of section
2(a)(20)(A) of the Act.
    8. No Purchasing Fund or Purchasing Fund Affiliate will cause any
existing or potential investment by the Purchasing Fund in a Fund to
influence the terms of any services or transactions between the
Purchasing Fund or Purchasing Fund Affiliate and the Fund or a Fund
Affiliate.
    9. The board of directors or trustees of a Purchasing Management
Company, including a majority of the disinterested directors or
trustees, will adopt procedures reasonably designed to ensure that the
Purchasing Fund Adviser and Purchasing Fund Sub-Adviser are conducting
the investment program of the Purchasing Management Company without
taking into account any consideration received by the Purchasing
Management Company or a Purchasing Fund Affiliate from a Fund or a Fund
Affiliate in connection with any services or transactions.
    10. No Purchasing Fund or Purchasing Fund Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund)
will cause a Fund to purchase a security in any Affiliated
Underwriting.
    11. Before investing in the Shares of a Fund in excess of the
limits in section 12(d)(1)(A), each Purchasing Fund and the Fund will
execute a Purchasing Fund Agreement stating, without limitation, that
their boards of directors or trustees and their investment advisers or
Sponsors or Trustees, as applicable, understand the terms and
conditions of the order, and agree to fulfill their responsibilities
under the order. At the time of its investment in Shares of a Fund in
excess of the limit in section 12(d)(1)(A)(i), a Purchasing Fund will
notify such Fund of the investment. At such time, the Purchasing Fund
will also transmit to the Fund a list of names of each Purchasing Fund
Affiliate and Underwriting Affiliate. The Purchasing Fund will notify
the Fund of any changes to the list of names as soon as reasonably
practicable after a change occurs. The relevant Fund and the Purchasing
Fund will maintain and preserve a copy of the order, the Purchasing
Fund Agreement, and the list with any updated information for the
duration of the investment and for a period of not less than six years
thereafter, the first two years in an easily accessible place.
    12. The Purchasing Fund Adviser, Trustee or Sponsor, as applicable,
will waive fees otherwise payable to it by the Purchasing Fund in an
amount at least equal to any compensation (including fees received
under any plan adopted by a Fund under rule 12b-1 under the Act)
received from a Fund by the Purchasing Fund Adviser, Trustee or
Sponsor, or an affiliated person of the Purchasing Fund Adviser,
Trustee or Sponsor, other than any advisory fees paid to the Purchasing
Fund Adviser, Trustee or Sponsor, or its affiliated person by a Fund,
in connection with the investment by the Purchasing Fund in the Fund.
Any Purchasing Fund Sub-Adviser will waive fees otherwise payable to
the Purchasing Fund Sub-Adviser, directly or indirectly, by the
Purchasing Management Company in an amount at least equal to any
compensation received from a Fund by the Purchasing Fund Sub-Adviser,
or an affiliated person of the Purchasing Fund Sub-Adviser, other than
any advisory fees paid to the Purchasing Fund Sub-Adviser or its
affiliated person by the Fund, in connection with any investment by the
Purchasing Management Company in a Fund made at the direction of the
Purchasing Fund Sub-Adviser. In the event that the Purchasing Fund Sub-
Adviser waives fees, the benefit of the waiver will be passed through
to the Purchasing Management Company.
    13. Any sales charges and/or service fees charged with respect to
shares of a Purchasing Fund will not exceed the limits applicable to a
fund of funds as set forth in NASD Conduct Rule 2830.
    14. Once an investment by a Purchasing Fund in the Shares of a Fund
exceeds the limit in section 12(d)(1)(A)(i) of the Act, the board of
directors or trustees of a Fund (``Board''), including a majority of
the directors or trustees that are not ``interested persons'' within
the meaning of section 2(a)(19) of the Act (``disinterested Board
members''), will determine that any consideration paid by the Fund to a
Purchasing Fund or Purchasing Fund Affiliate in connection with any
services or transactions: (a) Is fair and reasonable in relation to the
nature and quality of the services and benefits received by the Fund;
(b) is within the range of consideration that the Fund would be
required to pay to another unaffiliated entity in connection with the
same services or transactions; and (c) does not involve overreaching on
the part of any person concerned.

This condition does not apply with respect to any services or
transactions between a Fund and its investment adviser(s), or any
person controlling, controlled by, or under common control with such
investment adviser(s).
    15. The Board, including a majority of the disinterested Board
members, will adopt procedures reasonably designed to monitor any
purchases of securities by a Fund in an Affiliated Underwriting once an
investment by the Purchasing Fund in the securities of the Fund exceeds
the limit of section 12(d)(1)(A)(i) of the Act, including any purchases
made directly from an Underwriting Affiliate. The Board will review
these purchases periodically, but no less frequently than annually, to
determine whether the purchases were influenced by the investment by
the Purchasing Fund in a Fund. The Board will consider, among other
things: (a) Whether the purchases were consistent with the investment
objectives and policies of the Fund; (b) how the performance of
securities purchased in an Affiliated Underwriting compares to the
performance of comparable securities purchased during a comparable
period of time in underwritings other than Affiliated Underwritings or
to a benchmark such as a comparable market index; and (c) whether the
amount of securities purchased by a Fund in Affiliated Underwritings
and the amount purchased directly from an Underwriting Affiliate have
changed significantly from prior years. The Board will take any
appropriate actions based on its review, including, if appropriate, the
institution of procedures designed to assure that purchases of
securities in Affiliated Underwritings are in the best interest of
shareholders of the Fund.
    16. Each Fund will maintain and preserve permanently in an easily
accessible place a written copy of the procedures described in the
preceding condition, and any modifications to such procedures, and will
maintain and preserve for a period not less than six years from the end
of the fiscal year in which any purchase in an Affiliated Underwriting
occurred, the first two years in an easily accessible place, a written
record of each purchase of securities in Affiliated Underwritings, once
an investment by a Purchasing Fund in the Shares of the Fund exceeds
the limit of section 12(d)(1)(A)(i) of the Act, setting forth from whom
the securities were acquired, the identity of the underwriting
syndicate's members, the terms of the purchase, and the information or
materials upon which the Board's determinations were made.
    17. Before approving any advisory contract under section 15 of the
Act, the board of directors or trustees of each Purchasing Management
Company, including a majority of the disinterested directors or
trustees, will find that the advisory fees charged under such contract
are based on services provided that will be in addition to, rather than
duplicative of, the services provided under the advisory contract(s) of
any Fund in which the Purchasing Management Company may invest. These
findings and their basis will be recorded fully in the minute books of
the appropriate Purchasing Management Company.
    18. No Fund will acquire securities of any investment company or
companies relying on sections 3(c)(1) or 3(c)(7) of the Act in excess
of the limits contained in section 12(d)(1)(A) of the Act.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-20065 Filed 8-20-09; 8:45 am]

BILLING CODE 8010-01-P