[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Pages 10556-10562]
[FR Doc No: 2015-03961]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74338; File No. SR-NYSEArca-2014-143]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change Relating to the Listing and Trading of
Shares of the SPDR[supreg] DoubleLine Total Return Tactical ETF Under
NYSE Arca Equities Rule 8.600

February 20, 2015.

I. Introduction

    On December 30, 2014, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'' or ``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to list and trade shares
(``Shares'') of the SPDR[supreg] DoubleLine Total Return Tactical ETF
(``Fund'') under NYSE Arca Equities Rule 8.600. The proposed rule
change was published for comment in the Federal Register on January 6,
2015.\3\ The Commission received no comments on the proposal. This
order grants approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 73958 (Dec. 30,
2014), 80 FR 572 (``Notice'').
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II. Description of the Proposal

A. In General

    NYSE Arca proposes to list and trade Shares of the Fund under NYSE
Arca Equities Rule 8.600, which governs the listing and trading of
Managed Fund Shares on the Exchange. The Shares will be offered by SSgA
Active ETF Trust (``Trust''), which is organized as a Massachusetts
business trust and is registered with the Commission as an open-end
management investment company.\4\ SSgA Funds Management, Inc. will
serve as the investment adviser to the Fund (``Adviser''), and
DoubleLine Capital L.P. will be the Fund's sub-adviser (``Sub-
Adviser'').\5\ State Street Global Markets, LLC will serve as the
principal underwriter and distributor of the Fund's Shares. State
Street Bank and Trust Company will serve as the administrator,
custodian, and transfer agent for the Fund.
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    \4\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). The Exchange represents that, on May 30, 2014,
the Trust filed an amendment to its registration statement on Form
N-1A under the Securities Act of 1933 (``Securities Act'') and under
the 1940 Act relating to the Fund (File Nos. 333-173276 and 811-
22542) (``Registration Statement''). In addition, the Exchange
represents that the Trust has obtained from the Commission certain
exemptive relief under the 1940 Act. See Investment Company Act
Release No. 29524 (Dec. 13, 2010) (File No. 812-13487).
    \5\ The Exchange represents that the Adviser and Sub-Adviser are
not registered as broker-dealers. The Exchange further represents
that, while the Sub-Adviser is not affiliated with a broker-dealer,
the Adviser is affiliated with a broker-dealer and that the Adviser
has implemented a ``fire wall'' with respect to its broker-dealer
affiliate regarding access to information concerning the composition
of or changes to the Fund's portfolio. In addition, in the event (a)
the Adviser or Sub-Adviser becomes registered as a broker-dealer or
newly affiliated with a broker-dealer, or (b) any new adviser or
sub-adviser is a registered broker-dealer or becomes affiliated with
a broker-dealer, the Adviser or Sub-Adviser or any new adviser or
sub-adviser, as the case may be, will implement a fire wall with
respect to its relevant personnel or broker-dealer affiliate, as
applicable, regarding access to information concerning the
composition of or changes to the portfolio and will be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding the portfolio.
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B. The Exchange's Description of the Fund

    The Exchange has made the following representations and statements
in describing the Fund and its investment strategy, including the
Fund's portfolio holdings and investment restrictions.\6\
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    \6\ The Commission notes that additional information regarding
the Fund, the Trust, and the Shares, including investment
strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, calculation of net asset
value (``NAV''), distributions, and taxes, among other things, can
be found in the Notice and the Registration Statement, as
applicable. See Notice and Registration Statement, supra notes 3 and
4, respectively.
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1. Principal Investments of the Fund
    The investment objective of the Fund will be to maximize total
return. Under normal circumstances,\7\ the Fund will invest all of its
assets in the SSgA DoubleLine Total Return Tactical Portfolio
(``Portfolio''), a separate series of the SSgA Master Trust with an
identical investment objective as the Fund. As a result, the Fund will
invest indirectly in all of the securities and assets owned by the
Portfolio.\8\
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    \7\ With respect to the Fund, the term ``under normal
circumstances'' includes, but is not limited to, the absence of
extreme volatility or trading halts in the fixed income markets or
the financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption, or any similar intervening circumstance.
    \8\ According to the Exchange, the Fund is intended to be
managed in a ``master-feeder'' structure, under which the Fund
invests substantially all of its assets in a corresponding Portfolio
(i.e., a ``master fund''), which is a separate mutual fund
registered under the 1940 Act that has an identical investment
objective. As a result, the Fund (i.e., a ``feeder fund'') has an
indirect interest in all of the securities and assets owned by the
Portfolio. Because of this indirect interest, the Fund's investment
returns should be the same as those of the Portfolio, adjusted for
the expenses of the Fund. In extraordinary instances, the Fund
reserves the right to make direct investments in securities and
other assets. The Adviser and Sub-Adviser will manage the
investments of the Portfolio. Under the master-feeder arrangement,
and pursuant to the Investment Advisory Agreement between the
Adviser and the Trust, investment advisory fees charged at the
Portfolio level are deducted from the advisory fees charged at the
Fund level. This arrangement avoids a ``layering'' of fees, i.e.,
the Fund's total annual operating expenses would be no higher as a
result of investing in a master-feeder arrangement than they would
be if the Fund pursued its investment objective directly. In
addition, the Fund may discontinue investing through the master-
feeder arrangement and pursue its investment objective directly if
the Fund's Board of Trustees (``Board'') determines that doing so
would be in the best interests of shareholders.
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    Under normal circumstances, the Portfolio will invest at least 80%
of its net assets in a diversified portfolio of fixed income securities
of any credit quality. Fixed income securities in which the Portfolio
principally will invest include the following: Securities issued or
guaranteed by the U.S. government or its agencies, instrumentalities or
sponsored corporations; inflation protected public obligations of the
U.S. Treasury (commonly known as ``TIPS''); agency and non-agency
residential mortgage-backed securities (``RMBS''); agency and non-
agency commercial mortgage-backed securities (``CMBS''); agency and
non-agency asset-backed securities (``ABS''); \9\ domestic corporate
bonds; fixed income securities issued by foreign corporations and
foreign governments including emerging markets; bank loans (primarily
senior loans, including loan participations or assignments whose loan
syndication exceeds $300 million); municipal bonds; and other
securities (such as perpetual bonds) bearing fixed interest rates of
any maturity.
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    \9\ According to the Exchange, the term asset-backed securities
is used by the Fund to describe securities backed by installment
contracts, credit-card receivables, or other assets, but does not
include either residential or commercial mortgage-backed securities.
Both asset-backed and commercial mortgage-backed securities
represent interests in ``pools'' of assets in which payments of both
interest and principal on the securities are made on a regular
basis. Asset-backed securities also include institutionally traded
senior floating rate debt obligations issued by asset-backed pools
and other issues, and interests therein.

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    According to the Exchange, the Portfolio intends to invest at least
20% of its net assets in mortgage-backed securities of any maturity or
type guaranteed by, or secured by collateral that is guaranteed by, the
U.S. government, its agencies, instrumentalities or sponsored
corporations, or in privately issued mortgage-backed securities rated
at the time of investment Aa3 or higher by Moody's Investor Service,
Inc. (``Moody's'') or AA- or higher by Standard & Poor's Rating Service
(``S&P'') or the equivalent by any other nationally recognized
statistical rating organization (``NRSRO'') or in unrated securities
that are determined by the Adviser to be of comparable quality.\10\
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    \10\ The Exchange represents that investments in non-agency
RMBS, CMBS, and ABS (including CLOs, as defined herein) in the
aggregate will not exceed 20% of the net assets of the Portfolio.
See infra note 18 and accompanying text (describing CLOs).
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    The Portfolio may invest in corporate bonds,\11\ which may be
investment grade or below investment grade. The Portfolio may also
invest in sovereign debt,\12\ which may be either investment grade or
below investment grade. The Portfolio may invest up to 25% of its net
assets in corporate high yield securities (commonly known as ``junk
bonds''). Under normal circumstances, the combined total of corporate,
sovereign, non-agency, and all other debt rated below investment grade
will not exceed 40% of the Fund's net assets. The Exchange represents
that the Sub-Adviser will strive to allocate below investment grade
securities broadly by industry and issuer in an attempt to reduce the
impact of negative events on an industry or issuer. Below investment
grade securities are instruments that are rated BB+ or lower by S&P or
Fitch Inc. or Ba1 or lower by Moody's or, if unrated by a NRSRO, of
comparable quality in the opinion of the Sub-Adviser.
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    \11\ The investment return of corporate bonds reflects interest
on the bond and changes in the market value of the bond. The market
value of a corporate bond may be affected by the credit rating of
the corporation, the corporation's performance, and perceptions of
the corporation in the market place. The Exchange represents that
the Adviser expects that, under normal circumstances, the Fund will
generally seek to invest in corporate bond issuances that have at
least $100,000,000 par amount outstanding in developed countries and
at least $200,000,000 par amount outstanding in emerging market
countries.
    \12\ Sovereign debt obligations are issued or guaranteed by
foreign governments or their agencies. Sovereign debt may be in the
form of conventional securities or other types of debt instruments,
such as loans or loan participations.
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    The Portfolio may invest up to 15% of its net assets in securities
denominated in foreign currencies, and may invest beyond this limit in
U.S. dollar-denominated securities of foreign issuers. The Portfolio
may invest up to 25% of its net assets in securities and instruments
that are economically tied to emerging market countries.
    The Portfolio may invest in U.S. government obligations.\13\ The
Portfolio may also invest in TIPS of the U.S. Treasury, as well as TIPS
of major governments and emerging market countries, excluding the
United States.\14\
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    \13\ U.S. government obligations are a type of bond. U.S.
government obligations include securities issued or guaranteed as to
principal and interest by the U.S. government, its agencies or
instrumentalities.
    \14\ TIPS are a type of security that are issued by a government
and that are designed to provide inflation protection to investors.
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    The Portfolio may invest a substantial portion of its assets in
U.S. agency mortgage pass-through securities.\15\ The Portfolio will
seek to obtain exposure to U.S. agency mortgage pass-through securities
primarily through the use of ``to-be-announced'' or ``TBA
transactions.'' \16\
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    \15\ The term ``U.S. agency mortgage pass-through security''
refers to a category of pass-through securities backed by pools of
mortgages and issued by one of several U.S. government-sponsored
enterprises: Ginnie Mae, Fannie Mae, or Freddie Mac.
    \16\ ``TBA'' refers to a commonly used mechanism for the forward
settlement of U.S. agency mortgage pass-through securities, and not
to a separate type of mortgage-backed security. Most transactions in
mortgage pass-through securities occur through the use of TBA
transactions. TBA transactions generally are conducted in accordance
with widely-accepted guidelines which establish commonly observed
terms and conditions for execution, settlement and delivery. In a
TBA transaction, the buyer and seller decide on general trade
parameters, such as agency, settlement date, par amount, and price.
The actual pools delivered generally are determined two days prior
to settlement date.
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    The Portfolio may invest in bank loans,\17\ which include floating
rate loans. Bank loan interests may be acquired from U.S. or foreign
commercial banks, insurance companies, finance companies, or other
financial institutions that have made loans or are members of a lending
syndicate or from other holders of loan interests. The Portfolio may
also invest in both secured and unsecured loans.
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    \17\ Bank loans typically pay interest at rates which are re-
determined periodically on the basis of a floating base lending rate
(such as the London Inter-Bank Offered Rate) plus a premium. Bank
loans are typically of below investment grade quality. Bank loans
generally (but not always) hold the most senior position in the
capital structure of a borrower and are often secured with
collateral.
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    The Portfolio may invest in collateralized loan obligations
(``CLOs'').\18\ When investing in CLOs, the Portfolio will not invest
in equity tranches, which are the lowest tranche. However, the
Portfolio may invest in lower debt tranches of CLOs, which typically
experience a lower recovery, greater risk of loss, or greater deferral
or non-payment of interest than more senior debt tranches of the CLO.
In addition, the Portfolio intends to invest in CLOs consisting
primarily of individual bank loans of borrowers and not repackaged CLO
obligations from other high risk pools. The underlying bank loans
purchased by CLOs are generally performing at the time of purchase but
may become non-performing, distressed, or defaulted. CLOs with
underlying assets of non-performing, distressed, or defaulted loans are
not contemplated to comprise a significant portion of the Portfolio's
investments in CLOs.
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    \18\ A CLO is a financing company (generally called a Special
Purpose Vehicle or ``SPV''), created to reapportion the risk and
return characteristics of a pool of assets. While the assets
underlying CLOs are typically bank loans, the assets may also
include: (i) Unsecured loans; (ii) other debt securities that are
rated below investment grade; (iii) debt tranches of other CLOs; and
(iv) equity securities that are incidental to investments in bank
loans.
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    The Sub-Adviser will actively manage the Portfolio's asset class
exposure using a top-down approach based on analysis of sector
fundamentals. The Sub-Adviser will rotate Portfolio assets among
sectors in various markets to attempt to maximize return. Individual
securities within asset classes will be selected using a bottom up
approach. Under normal circumstances, the Sub-Adviser will use a
controlled risk approach in managing the Portfolio's investments. The
techniques of this approach attempt to control the principal risk
components of the fixed income markets and include consideration of
security selection within a given sector; relative performance of the
various market sectors; the shape of the yield curve; and fluctuations
in the overall level of interest rates.
    The Sub-Adviser also will monitor the duration of the securities
held by the Portfolio to seek to mitigate exposure to interest rate
risk.\19\ Under normal circumstances, the Sub-Adviser will seek to
maintain an investment portfolio with a weighted average effective
duration of no less than 1 year and no more than 8 years. The duration
of the portfolio may vary materially from its target, from time to
time.
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    \19\ Duration is a measure used to determine the sensitivity of
a security's price to changes in interest rates. The longer a
security's duration, the more sensitive it will be to changes in
interest rates.
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2. Non-Principal Investments
    The Exchange represents that while the Adviser and Sub-Adviser,
under normal circumstances, will invest at

least 80% of the Portfolio's net assets in fixed income securities, the
Adviser and Sub-Adviser may invest up to 20% of the Portfolio's net
assets in other securities and financial instruments, as described
below.
    The Fund may (either directly or through its investments in its
corresponding Portfolio) invest in money market instruments,\20\ cash,
and cash equivalents, on an ongoing basis to provide liquidity or for
other reasons. Any of these instruments may be purchased on a current
or a forward-settled basis.
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    \20\ Money market instruments are generally short-term
investments that may include but are not limited to: (i) Shares of
money market funds (including those advised by the Adviser); (ii)
obligations issued or guaranteed by the U.S. government, its
agencies, or instrumentalities (including government-sponsored
enterprises); (iii) negotiable certificates of deposit, bankers'
acceptances, fixed time deposits, and other obligations of U.S. and
foreign banks (including foreign branches) and similar institutions;
(iv) commercial paper rated at the date of purchase ``Prime-1'' by
Moody's or ``A-1'' by S&P, or, if unrated, of comparable quality as
determined by the Adviser; (v) non-convertible corporate debt
securities (e.g., bonds and debentures) that have remaining
maturities at the date of purchase of not more than 397 days and
that satisfy the rating requirements set forth in Rule 2a-7 under
the 1940 Act; and (vi) short-term U.S. dollar-denominated
obligations of foreign banks (including U.S. branches) that, in the
opinion of the Adviser, are of comparable quality to obligations of
U.S. banks which may be purchased by the Portfolio.
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    The Portfolio may invest in preferred securities traded on an
exchange or over-the-counter (``OTC'').\21\ The Portfolio may purchase
exchange-traded common stocks and exchange-traded preferred securities
of foreign corporations. The Fund's investments in common stock of
foreign corporations may also be in the form of American Depositary
Receipts (``ADRs''), Global Depositary Receipts (``GDRs''), and
European Depositary Receipts (``EDRs'') (collectively ``Depositary
Receipts'').\22\ The Portfolio may invest in exchange-traded or OTC
convertible securities.\23\
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    \21\ Preferred securities pay fixed or adjustable rate dividends
to investors and have ``preference'' over common stock in the
payment of dividends and the liquidation of a company's assets.
    \22\ Depositary Receipts are receipts, typically issued by a
bank or trust company, which evidence ownership of underlying
securities issued by a foreign corporation. For ADRs, the depository
is typically a U.S. financial institution, and the underlying
securities are issued by a foreign issuer. For other Depositary
Receipts, the depository may be a foreign or a U.S. entity, and the
underlying securities may have a foreign or a U.S. issuer.
Depositary Receipts will not necessarily be denominated in the same
currency as their underlying securities. Generally, ADRs, in
registered form, are designed for use in the U.S. securities market,
and EDRs, in bearer form, are designated for use in European
securities markets. GDRs are tradable both in the United States and
in Europe and are designed for use throughout the world. The Fund
may invest in sponsored or unsponsored ADRs; however, not more than
10% of the net assets of the Fund will be invested in unsponsored
ADRs. With the exception of unsponsored ADRs, all equity securities
(i.e., common stocks, Depositary Receipts, certain preferred
securities, ETPs, and certain other exchange-traded investment
company securities) in which the Portfolio or Fund may invest will
trade on markets that are members of the Intermarket Surveillance
Group (``ISG'') or that have entered into a comprehensive
surveillance agreement with the Exchange.
    \23\ Convertible securities are bonds, debentures, notes,
preferred stocks, or other securities that may be converted or
exchanged (by the holder or by the issuer) into shares of the
underlying common stock (or cash or securities of equivalent value)
at a stated exchange ratio.
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    The Portfolio may invest in exchange-traded products (``ETPs''),
which include exchange-traded funds (``ETFs'') registered under the
1940 Act; exchange-traded commodity trusts; and exchange-traded notes
(``ETNs'').\24\
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    \24\ For purposes of this filing, ETPs include Investment
Company Units (as described in NYSE Arca Equities Rule 5.2(j)(3));
Index-Linked Securities (as described in NYSE Arca Equities Rule
5.2(j)(6)); Portfolio Depositary Receipts (as described in NYSE Arca
Equities Rule 8.100); Trust Issued Receipts (as described in NYSE
Arca Equities Rule 8.200); Commodity-Based Trust Shares (as
described in NYSE Arca Equities Rule 8.201); Currency Trust Shares
(as described in NYSE Arca Equities Rule 8.202); Commodity Index
Trust Shares (as described in NYSE Arca Equities Rule 8.203); and
Managed Fund Shares (as described in NYSE Arca Equities Rule 8.600).
The Portfolio may invest in certain ETPs that pay fees to the
Adviser and its affiliates for management, marketing, or other
services. The ETPs all will be listed and traded in the U.S. on
national securities exchanges. While the Fund may invest in inverse
ETPs, the Fund will not invest in leveraged or inverse leveraged
ETPs.
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    The Portfolio may invest up to 20% of its net assets in one or more
ETPs that are qualified publicly traded partnerships (``QPTPs'') and
whose principal activities are the buying and selling of commodities or
options, futures, or forwards with respect to commodities.\25\
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    \25\ Income from QPTPs is generally qualifying income. A QPTP is
an entity that is treated as a partnership for federal income tax
purposes, subject to certain requirements. If such an ETP fails to
qualify as a QPTP, the income generated from the Portfolio's
investment in the QPTP may not be qualifying income. Examples of
such entities are the PowerShares DB Energy Fund, PowerShares DB Oil
Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund,
PowerShares DB Silver Fund, PowerShares DB Base Metals Fund, and
PowerShares DB Agriculture Fund, which are listed and traded on the
Exchange pursuant to NYSE Arca Equities Rule 8.200.
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    The Portfolio may invest up to 20% of its assets in derivatives,
including exchange-traded futures on Treasuries or Eurodollars; U.S.
exchange-traded or OTC put and call options contracts and OTC or
exchange-traded swap agreements (including interest rate swaps, total
return swaps, excess return swaps, and credit default swaps).\26\ The
Portfolio will segregate cash and appropriate liquid assets if required
to do so by Commission or Commodity Futures Trading Commission
(``CFTC'') regulation or interpretation. The Portfolio will segregate
assets necessary to meet any accrued payment obligations when it is the
buyer of CDS.\27\ In cases where the Portfolio is a seller of CDS, the
Portfolio will be required to segregate the full notional amount of the
CDS. According to the Exchange, segregating the full notional amount of
the CDS will not limit the Portfolio's exposure to loss.
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    \26\ Swap agreements are contracts between parties in which one
party agrees to make periodic payments to the other party based on
the change in market value or level of a specified rate, index, or
asset. In return, the other party agrees to make payments to the
first party based on the return of a different specified rate,
index, or asset. In the case of a credit default swap (``CDS''), the
contract gives one party (the buyer) the right to recoup the
economic value of a decline in the value of debt securities of the
reference issuer if the credit event (a downgrade or default)
occurs. CDS may require initial premium (discount) payments, as well
as periodic payments (receipts) related to the interest leg of the
swap or to the default of a reference obligation.
    \27\ The Exchange represents that the Portfolio will enter into
CDS agreements only with counterparties that meet certain standards
of creditworthiness.
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    The Portfolio may invest in the securities of other investment
companies, including affiliated funds, money market funds, and closed-
end funds, subject to applicable limitations under Section 12(d)(1) of
the 1940 Act.
    The Portfolio may invest in variable and floating rate
securities.\28\ The Portfolio may also purchase floating rate
securities.\29\
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    \28\ Variable rate securities are instruments issued or
guaranteed by entities such as (1) the U.S. government, or an agency
or instrumentality thereof, (2) corporations, (3) financial
institutions, (4) insurance companies, or (5) trusts that have a
rate of interest subject to adjustment at regular intervals but less
frequently than annually. A variable rate security provides for the
automatic establishment of a new interest rate on set dates.
Variable rate obligations, whose interest is readjusted no less
frequently than annually, will be deemed to have a maturity equal to
the period remaining until the next readjustment of the interest
rate.
    \29\ A floating rate security provides for the automatic
adjustment of its interest rate whenever a specified interest rate
changes. Interest rates on these securities are ordinarily tied to,
and are a percentage of, a widely recognized interest rate, such as
the yield on 90-day U.S. Treasury bills or the prime rate of a
specified bank. These rates may change as often as twice daily.
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    The Portfolio may conduct foreign currency transactions on a spot
(i.e., cash) or forward basis (i.e., by entering into forward contracts
to purchase or sell foreign currencies).
    The Portfolio may invest in foreign corporate and sovereign bonds
originating from issuers in emerging market countries.\30\
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    \30\ An ``emerging market country'' is a country that, at the
time the Fund invests in the related fixed income instruments, is
classified as an emerging or developing economy by any supranational
organization, such as the International Bank of Reconstruction and
Development or any affiliate thereof or the United Nations, or
related entities, or is considered an emerging market country for
purposes of constructing a major emerging market securities index.

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    The Portfolio may invest in municipal securities,\31\ including
general obligation bonds \32\ and limited obligation bonds \33\ (or
revenue bonds), including industrial development bonds issued pursuant
to former federal tax law and municipal leases, certificates of
participation in such lease obligations, and installment purchase
contract obligations.
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    \31\ Municipal securities are securities issued by states,
municipalities, and other political subdivisions, agencies,
authorities, and instrumentalities of states and multi-state
agencies or authorities.
    \32\ General obligation bonds are obligations involving the
credit of an issuer possessing taxing power, and are payable from
such issuer's general revenues and not from any particular source.
    \33\ Limited obligation bonds are payable only from the revenues
derived from a particular facility or class of facilities or, in
some cases, from the proceeds of a special excise or other specific
revenue source.
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    The Portfolio may invest in repurchase agreements with commercial
banks, brokers, or dealers to generate income from its excess cash
balances and to invest securities lending cash collateral.\34\ The
Portfolio may also enter into reverse repurchase agreements.\35\ The
Portfolio's exposure to reverse repurchase agreements will be covered
by securities having a value equal to or greater than such commitments.
Under the 1940 Act, reverse repurchase agreements are considered
borrowings. Although there is no limit on the percentage of Fund assets
that can be used in connection with reverse repurchase agreements, the
Portfolio does not expect to engage, under normal circumstances, in
reverse repurchase agreements with respect to more than 33\1/3\% of its
net assets.
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    \34\ A repurchase agreement is an agreement under which a fund
acquires a financial instrument (e.g., a security issued by the U.S.
government or an agency thereof, a banker's acceptance or a
certificate of deposit) from a seller, subject to resale to the
seller at an agreed upon price and date (normally, the next business
day).
    \35\ Reverse repurchase agreements involve the sale of
securities with an agreement to repurchase the securities at an
agreed-upon price, date, and interest payment, and have the
characteristics of borrowing.
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    The Portfolio may invest in ``Restricted Securities.'' \36\
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    \36\ Restricted Securities are securities that are not
registered under the Securities Act, but which can be offered and
sold to ``qualified institutional buyers'' under Rule 144A under the
Securities Act. See infra note 37 and accompanying text.
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    According to the Exchange, in certain situations or market
conditions, the Fund may (either directly or through the corresponding
Portfolio) temporarily depart from its normal investment policies and
strategies, provided that the alternative is consistent with the Fund's
investment objective and is in the best interest of the Fund. For
example, the Fund may hold a higher than normal proportion of its
assets in cash in times of extreme market stress.
3. Investment Restrictions
    The Exchange represents that the Fund may hold up to an aggregate
amount of 15% of its net assets in illiquid assets (calculated at the
time of investment), including Rule 144A Restricted Securities deemed
illiquid by the Adviser, consistent with Commission guidance, and
repurchase agreements having maturities longer than seven days.\37\ The
Exchange represents that the Fund will monitor its portfolio liquidity
on an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained, and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of the Fund's net assets are held in
illiquid assets. Illiquid assets include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.
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    \37\ According to the Exchange, the Board has delegated the
responsibility for determining the liquidity of Rule 144A Restricted
Securities that the Portfolio may invest in to the Adviser. In
reaching liquidity decisions, the Adviser may consider the following
factors: The frequency of trades and quotes for the security; the
number of dealers wishing to purchase or sell the security and the
number of other potential purchasers; dealer undertakings to make a
market in the security; and the nature of the security and the
nature of the marketplace in which it trades (e.g., the time needed
to dispose of the security, the method of soliciting offers and the
mechanics of transfer).
---------------------------------------------------------------------------

    According to the Exchange, the Portfolio and Fund will each be
classified as a non-diversified investment company under the 1940 Act.
A ``non-diversified'' classification means that the Portfolio or Fund
is not limited by the 1940 Act with regard to the percentage of its
assets that may be invested in the securities of a single issuer. This
means that the Portfolio or Fund may invest a greater portion of its
assets in the securities of a single issuer than a diversified fund.
The Portfolio and Fund intend to maintain the required level of
diversification and otherwise conduct their operations so as to qualify
as a ``regulated investment company'' for purposes of the Internal
Revenue Code of 1986. The Portfolio and Fund do not intend to
concentrate their investments in any particular industry. The Portfolio
and Fund look to the Global Industry Classification Standard Level 3
(Industries) in making industry determinations.
    The Exchange represents that the Fund's investments will be
consistent with its investment objective and will not be used to
enhance leverage.

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\38\ In particular, the Commission finds that the
proposed rule change is consistent with Section 6(b)(5) of the Exchange
Act,\39\ which requires, among other things, that the Exchange's rules
be designed to promote just and equitable principles of trade, to
remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest.
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    \38\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \39\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Exchange Act,\40\ which sets forth the finding of Congress that it is
in the public interest and appropriate for the protection of investors
and the maintenance of fair and orderly markets to assure the
availability to brokers, dealers, and investors of information with
respect to quotations for and transactions in securities. Quotation and
last-sale information for the Shares will be available via the
Consolidated Tape Association (``CTA'') high-speed line. In addition,
the Indicative Optimized Portfolio Value (``IOPV''),\41\ which is the
Portfolio Indicative Value, as defined in NYSE Arca Equities Rule
8.600(c)(3), will be widely disseminated at least every 15 seconds
during the Exchange's Core Trading Session by one or more major market
data vendors.\42\ On each business day, before commencement of

trading in Shares in the Core Trading Session on the Exchange, the Fund
will disclose on its Web site the Disclosed Portfolio, as defined in
NYSE Arca Equities Rule 8.600(c)(2), that will form the basis for the
Fund's calculation of NAV at the end of the business day.\43\ In
addition, a basket composition file, which includes the security names
and quantities required to be delivered in exchange for the Fund's
Shares, together with estimates and actual cash components, will be
publicly disseminated daily prior to the opening of the New York Stock
Exchange (``NYSE'') via the National Securities Clearing Corporation.
The NAV will be determined as of the close of the regular trading
session on the NYSE (ordinarily 4:00 p.m. Eastern time) on each day
that the NYSE is open.\44\ Information regarding market price and
trading volume of the Shares will be continually available on a real-
time basis throughout the day on brokers' computer screens and other
electronic services. Information regarding the previous day's closing
price and trading volume information for the Shares will be published
daily in the financial section of newspapers.
---------------------------------------------------------------------------

    \40\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \41\ Premiums and discounts between the IOPV and the market
price may occur. This should not be viewed as a ``real-time'' update
of the NAV per Share of the Fund, which will be calculated only once
a day.
    \42\ The Exchange represents that several major market data
vendors display and/or make widely available Portfolio Indicative
Values taken from CTA or other data feeds.
    \43\ On a daily basis, the Fund will disclose on the Fund's Web
site the following information regarding each portfolio holding, as
applicable to the type of holding: Ticker symbol, CUSIP number or
other identifier, if any; a description of the holding (including
the type of holding, such as the type of swap); the identity of the
security, commodity, index, or other asset or instrument underlying
the holding, if any; for options, the option strike price; quantity
held (as measured by, for example, par value, notional value, or
number of shares, contracts, or units); maturity date, if any;
coupon rate, if any; effective date, if any; market value of the
holding; and the percentage weighting of the holding in the Fund's
portfolio. The Web site information will be publicly available at no
charge.
    \44\ The NAV per Share for the Fund will be computed by dividing
the value of the net assets of the Portfolio (i.e., the value of its
total assets less total liabilities) by the total number of Shares
outstanding. According to the Exchange, common stocks and other
exchange-traded equity securities (including shares of preferred
securities, convertible securities, ETPs, and QPTPs) generally will
be valued at the last reported sale price or the official closing
price on that exchange where the stock is primarily traded on the
day that the valuation is made. Foreign equities and exchange-listed
Depositary Receipts will be valued at the last sale or official
closing price on the relevant exchange on the valuation date. If,
however, neither the last sales price nor the official closing price
is available, each of these securities will be valued at either the
last reported sale price or official closing price as of the close
of regular trading of the principal market on which the security is
listed. According to the Exchange, the Trust will generally value
listed futures and options at the settlement price determined by the
applicable exchange. Non-exchange-traded derivatives, including OTC-
traded options, swaps and forwards, will normally be valued on the
basis of quotations or equivalent indication of value supplied by a
third- party pricing service or major market makers or dealers. The
Fund's OTC-traded derivative instruments will generally be valued at
bid prices. Certain OTC-traded derivative instruments, such as
interest rate swaps and credit default swaps, will be valued at the
mean price. Unsponsored ADRs will be valued at the last reported
sale price from the OTC Bulletin Board or OTC Link LLC on the
valuation date. OTC-traded preferred securities and OTC-traded
convertible securities will be valued based on price quotations
obtained from a broker-dealer who makes markets in such securities
or other equivalent indications of value provided by a third-party
pricing service. Fixed income securities, including U.S. government
obligations; TIPS; U.S.-registered, dollar-denominated bonds of
foreign corporations, governments, agencies and supra-national
entities; sovereign debt; corporate bonds; ABS, RMBS, and CMBS
(either agency or non-agency); CLOs; TBA transactions; municipal
securities; inverse floaters and bank loans; and short-term
instruments will generally be valued at bid prices received from
independent pricing services as of the announced closing time for
trading in fixed-income instruments in the respective market or
exchange. In determining the value of a fixed income investment,
pricing services determine valuations for normal institutional-size
trading units of such securities using valuation models or matrix
pricing, which incorporates yield and/or price with respect to bonds
that are considered comparable in characteristics such as rating,
interest rate, and maturity date and quotations from securities
dealers to determine current value. Securities of investment
companies (other than ETFs registered under the 1940 Act), including
affiliated funds, money market funds and closed-end funds, will be
valued at NAV. Rule 144A Restricted Securities, repurchase
agreements, and reverse repurchase agreements will generally be
valued at bid prices received from independent pricing services as
of the announced closing time for trading in such instruments. Spot
currency transactions will generally be valued at mid prices
received from an independent pricing service converted into U.S.
dollars at current market rates on the date of valuation. Foreign
currency forwards normally will be valued on the basis of quotes
obtained from broker-dealers or third party pricing services. In the
event that current market valuations are not readily available or
such valuations do not reflect current market value, the SSgA Master
Trust's procedures require the Pricing and Investment Committee to
determine a security's fair value if a market price is not readily
available, in accordance with the 1940 Act.
---------------------------------------------------------------------------

    The Exchange represents that the intra-day, closing and settlement
prices of common stocks and other exchange-traded equity securities
(including shares of Depositary Receipts, preferred securities,
convertible securities, ETPs, and QPTPs) will be readily available from
the national securities exchanges trading such securities as well as
automated quotation systems, published or other public sources, or on-
line information services such as Bloomberg or Reuters. Intra-day and
closing price information for exchange-traded options and futures will
be available from the applicable exchange and from major market data
vendors. In addition, price information for U.S. exchange-traded
options is available from the Options Price Reporting Authority.
Quotation information from brokers and dealers or pricing services will
be available for fixed income securities, including U.S. government
obligations; TIPS; U.S. registered, dollar-denominated bonds of foreign
corporations, governments, agencies and supra-national entities;
sovereign debt; corporate bonds; asset-backed and commercial mortgage-
backed securities; residential mortgage backed securities (either
agency or non-agency); CLOs; TBA transactions; municipal securities;
inverse floaters and bank loans; and short-term instruments. Price
information regarding OTC-traded derivative instruments, including,
options, swaps, and spot and forward currency transactions, as well as
equity securities traded in the OTC market, including Rule 144A
Restricted Securities, OTC-traded preferred securities and OTC-traded
convertible securities, is available from major market data vendors.
Pricing information regarding each asset class in which the Fund or
Portfolio will invest, including investment company securities, Rule
144A Restricted Securities, repurchase agreements, and reverse
repurchase agreements will generally be available through nationally
recognized data service providers through subscription arrangements.
The Fund's Web site will include a form of the prospectus for the Fund
and additional data relating to NAV and other applicable quantitative
information.
    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Exchange will obtain a representation from the issuer of
the Shares that the NAV per Share will be calculated daily and that the
NAV and the Disclosed Portfolio will be made available to all market
participants at the same time. Trading in Shares of the Fund will be
halted if the circuit breaker parameters in NYSE Arca Equities Rule
7.12 have been reached or because of market conditions or other reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable. In addition, trading in the Shares will be subject to NYSE
Arca Equities Rule 8.600(d)(2)(D), which sets forth circumstances under
which Shares of the Fund may be halted.
    The Exchange represents that it has a general policy prohibiting
the distribution of material, non-public information by its employees.
The Exchange represents that the Adviser and Sub-Adviser are not
registered as broker-dealers and that the Sub-Adviser is not affiliated
with a broker-dealer. The Exchange represents, however, that the
Adviser is affiliated with a broker-

dealer and that the Adviser has implemented a ``fire wall'' with
respect to its broker-dealer affiliate regarding access to information
concerning the composition of or changes to the Fund's portfolio.\45\
Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders in an Information Bulletin (``Bulletin'')
of the special characteristics and risks associated with trading the
Shares. The Exchange further represents that trading in the Shares will
be subject to the existing trading surveillances, administered by the
Financial Industry Regulatory Authority (``FINRA'') on behalf of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws.\46\
---------------------------------------------------------------------------

    \45\ See supra note 5. The Exchange states that an investment
adviser to an open-end fund is required to be registered under the
Investment Advisers Act of 1940 (``Advisers Act''). As a result, the
Adviser and Sub-Adviser and their related personnel are subject to
the provisions of Rule 204A-1 under the Advisers Act relating to
codes of ethics. This Rule requires investment advisers to adopt a
code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
    \46\ The Exchange states that FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The Exchange represents that it deems the Shares to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has also made the following
representations:
    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) Trading in the Shares will be subject to the existing trading
surveillances, administered by FINRA on behalf of the Exchange, which
are designed to detect violations of Exchange rules and applicable
federal securities laws, and these procedures are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and federal securities
laws applicable to trading on the Exchange.
    (4) FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares, exchange-traded options, common
stocks, and other exchange-traded equity securities (including shares
of preferred securities, convertible securities, ETPs, certain
exchange-traded Depositary Receipts, and QPTPs), and futures, with
other markets and other entities that are members of the ISG, and
FINRA, on behalf of the Exchange, may obtain trading information
regarding trading in the Shares and such exchange-traded instruments
underlying the Shares from such markets and other entities. In
addition, the Exchange may obtain information regarding trading in the
Shares and such exchange-traded instruments underlying the Shares from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing
agreement.\47\ The Exchange states that FINRA, on behalf of the
Exchange, is able to access, as needed, trade information for certain
fixed income securities held by the Fund reported to FINRA's Trade
Reporting and Compliance Engine and that FINRA also can access data
obtained from the Municipal Securities Rulemaking Board relating to
municipal bond trading activity for surveillance purposes in connection
with trading in the Shares.
---------------------------------------------------------------------------

    \47\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    (5) Prior to the commencement of trading, the Exchange will inform
its Equity Trading Permit Holders in a Bulletin of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin will discuss the following: (i) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (ii)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its Equity Trading Permit Holders to learn the essential facts
relating to every customer prior to trading the Shares; (iii) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (iv) how information regarding the
Portfolio Indicative Value and the Disclosed Portfolio is disseminated;
(v) the requirement that Equity Trading Permit Holders deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (vi) trading
information.
    (6) For initial and continued listing, the Fund will be in
compliance with Rule 10A-3 under the Act,\48\ as provided by NYSE Arca
Equities Rule 5.3.
---------------------------------------------------------------------------

    \48\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (7) The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A Restricted Securities deemed illiquid by the
Adviser, consistent with Commission guidance, and repurchase agreements
having maturities longer than seven days.\49\
---------------------------------------------------------------------------

    \49\ See supra note 37.
---------------------------------------------------------------------------

    (8) The Fund will generally seek to invest in corporate bond
issuances that have at least $100,000,000 par amount outstanding in
developed countries and at least $200,000,000 par amount outstanding in
emerging market countries. The Fund will invest in bank loans that are
primarily senior loans, including loan participations or assignments
whose loan syndication exceeds $300 million.
    (9) The Portfolio: (a) May invest up to 20% of its assets in
derivatives, including exchange-traded futures on Treasuries or
Eurodollars; U.S. exchange-traded or OTC put and call options contracts
and OTC or exchange-traded swap agreements (including interest rate
swaps, total return swaps, excess return swaps, and credit default
swaps); (b) will enter into CDS agreements only with counterparties
that meet certain standards of creditworthiness; (c) may invest up to
20% of its net assets in the aggregate in non-agency RMBS, CMBS, and
ABS (including CLOs); (d) may invest up to 25% of its net assets in
corporate high yield securities; (e) may invest up to 15% of its net
assets in securities denominated in foreign currencies, and may invest
beyond this limit in U.S. dollar-denominated securities of foreign
issuers; (f) may invest up to 25% of its net assets in securities and
instruments that are economically tied to emerging market countries;
and (g) may invest up to 20% of its net assets in one or more ETPs that
are QPTPs and whose principal activities are the buying and selling of
commodities or options,

futures, or forwards with respect to commodities.
    (10) Under normal circumstances, the combined total of corporate,
sovereign, non-agency and all other debt rated below investment grade
will not exceed 40% of the Fund's net assets. The Sub-Adviser will
strive to allocate below investment grade securities broadly by
industry and issuer in an attempt to reduce the impact of negative
events on an industry or issuer.
    (11) Although there is no limit on the percentage of Fund assets
that can be used in connection with reverse repurchase agreements, the
Portfolio does not expect to engage, under normal circumstances, in
reverse repurchase agreements with respect to more than 33\1/3\% of its
net assets.
    (12) Not more than 10% of the net assets of the Fund will be
invested in unsponsored ADRs. With the exception of unsponsored ADRs,
all equity securities (i.e., common stocks, Depositary Receipts,
certain preferred securities, ETPs, and certain other exchange-traded
investment company securities) in which the Portfolio or Fund may
invest will trade on markets that are members of ISG or that have
entered into a comprehensive surveillance agreement with the Exchange.
    (13) A minimum of 100,000 Shares for the Fund will be outstanding
at the commencement of trading on the Exchange.
    This approval order is based on all of the Exchange's
representations, including those set forth above and in the Notice, and
the Exchange's description of the Fund. The Commission notes that the
Fund and the Shares must comply with the requirements of NYSE Arca
Equities Rule 8.600 to be initially and continuously listed and traded
on the Exchange.
    For the foregoing reasons, the Commission finds that the proposed
rule change is consistent with Section 6(b)(5) of the Act \50\ and the
rules and regulations thereunder applicable to a national securities
exchange.
---------------------------------------------------------------------------

    \50\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\51\ that the proposed rule change (SR-NYSEArca-2014-143)
be, and it hereby is, approved.
---------------------------------------------------------------------------

    \51\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\52\
---------------------------------------------------------------------------

    \52\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-03961 Filed 2-25-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: April 29, 2009 (Volume 74, Number 81)]
[Notices]
[Page 19553]
[DOCID:fr29ap09-65]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combiend Notice of Filings

April 23, 2009.
    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:
    Docket Numbers: RP09-288-001.
    Applicants: Southern Natural Gas Company.
    Description: Southern Natural Gas Company submits First Revised
Sixty-Ninth Revised Sheet 14 et al to its FERC Gas Tariff, Seventh
Revised Volume 1.
    Filed Date: 04/20/2009.
    Accession Number: 20090421-0323
    Comment Date: 5 p.m. Eastern Time on Monday, May 4, 2009.

    Docket Numbers: RP09-371-001.
    Applicants: Crossroads Pipeline Company.
    Description: Crossroads Pipeline Company submits additional
information re the 3/31/09 Commission issued Order approval of Revised
Transportation Retainage Percentage.
    Filed Date: 04/20/2009.
    Accession Number: 20090421-0322
    Comment Date: 5 p.m. Eastern Time on Monday, May 4, 2009.

    Docket Numbers: RP09-530-000.
    Applicants: Northwest Pipeline GP.
    Description: Northwest Pipeline GP submits First Revised Sheet No.
203 et al to FERC Gas Tariff, Fourth Revised Volume No. 1.
    Filed Date: 04/21/2009.
    Accession Number: 20090422-0123.
    Comment Date: 5 p.m. Eastern Time on Monday, May 4, 2009.
    Any person desiring to intervene or to protest in any of the above
proceedings 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) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. 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. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St. NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also 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 dockets(s). For assistance
with any FERC Online service, please e-mail<EMAIL_ADDRESS>
or call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

Nathaniel Davis, Sr.,
Deputy Secretary.
 [FR Doc. E9-9738 Filed 4-28-09; 8:45 am]


[Federal Register Volume 76, Number 40 (Tuesday, March 1, 2011)]
[Notices]
[Pages 11301-11303]
[FR Doc No: 2011-4479]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63947; File No. SR-BYX-2011-002]

Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Order
Granting Accelerated Approval of a Proposed Rule Change To Amend BYX
Rules in Connection With the Implementation of Amendments to Regulation
SHO

February 23, 2011.

I. Introduction

    On January 14, 2011, BATS Y-Exchange, Inc. (the ``Exchange'' or
``BYX'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend BYX Rules 11.9, 11.13 and 11.19 to make
certain changes consistent with the upcoming implementation of
amendments to Regulation SHO.\3\ The proposed rule change was published
for comment in the Federal Register on January 31, 2011.\4\ The
Commission received no comments on the proposed rule change. This order
approves the proposed rule change on an accelerated basis.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 17 CFR 242.200(g); 17 CFR 242.201.
    \4\ See Securities Exchange Act Release No. 63767 (January 25,
2011), 76 FR 5420 (January 31, 2011).
---------------------------------------------------------------------------

II. Description of the Proposal

    On February 26, 2010, the Commission adopted amendments to
Regulation SHO under the Act in the

form of Rule 201,\5\ pursuant to which, among other things, short sale
orders in covered securities \6\ generally cannot be executed or
displayed by a trading center \7\ such as BYX at a price that is at or
below the current national best bid (``NBB'') when a short sale circuit
breaker is in effect for the covered security (the ``short sale price
test restriction'').\8\ In anticipation of the upcoming February 28,
2011 compliance date for Rule 201, the Exchange proposes to amend
certain BYX rules to describe the manner in which the System \9\ will
handle short sell orders when a short sale price test restriction is
triggered under Rule 201 of Regulation SHO. These changes include
establishing a definition for ``short sale price sliding,'' which is a
new form of price sliding the Exchange proposes to offer when the
amendments to Regulation SHO become operative, modifying certain BYX
rules regarding order execution and routing when a short sale price
test restriction is in effect, and modifying BYX rules related to order
marking requirements. Additionally, the Exchange proposes to modify the
definition of the current ``displayed price sliding process'' offered
by BYX.
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 61595 (February 26,
2010), 75 FR 11232 (March 10, 2010). In connection with the adoption
of Rule 201, Rule 200(g) of Regulation SHO was also amended to
include a ``short exempt'' marking requirement. The amendments to
Rule 201 and Rule 200(g) have a compliance date of February 28,
2011. See Securities Exchange Act Release No. 63247 (Nov. 4, 2010),
75 FR 68702 (Nov. 9, 2010). See also Division of Trading & Markets,
Responses to Frequently Asked Questions Concerning Rule 201 of
Regulation SHO.
    \6\ Rule 201(a)(1) defines the term ``covered security'' to mean
any ``NMS stock'' as defined under Rule 600(b)(47) of Regulation
NMS. Rule 600(b)(47) of Regulation NMS defines an ``NMS stock'' as
``any NMS security other than an option.'' Rule 600(b)(46) of
Regulation NMS defines an ``NMS security'' as ``any security or
class of securities for which transaction reports are collected,
processed, and made available pursuant to an effective transaction
reporting plan, or an effective national market system plan for
reporting transactions in listed options.'' 17 CFR 242.201(a)(1); 17
CFR 242.600(b)(46); and 17 CFR 242.600(b)(47).
    \7\ Rule 201(a)(9) states that the term ``trading center'' shall
have the same meaning as in Rule 600(b)(78) of Regulation NMS. Rule
600(b)(78) defines a ``trading center'' as ``a national securities
exchange or national securities association that operates an SRO
trading facility, an alternative trading system, an exchange market
maker, an OTC market maker, or any other broker or dealer that
executes orders internally by trading as principal or crossing
orders as agent.'' 17 CFR 242.600(b)(78).
    \8\ 17 CFR 242.201(b)(1). See also Division of Trading &
Markets, Responses to Frequently Asked Questions Concerning Rule 201
of Regulation SHO, Q&A Nos. 2.1 and 2.2 (concerning the duration of
a short sale price test restriction).
    \9\ The ``System'' is defined in BYX Rule 1.5(aa) as ``the
electronic communications and trading facility designated by the
Board through which securities orders of Users are consolidated for
ranking, execution and, when applicable, routing away.''
---------------------------------------------------------------------------

    In order to comply with the short sale price test restriction of
Regulation SHO, as amended, the Exchange proposes to offer short sale
price sliding, which will be defined in BYX Rule 11.9(g). As a default,
the Exchange will subject a User's \10\ orders to short sale price
sliding unless they affirmatively choose to opt-out of the process. As
proposed, when a User opts out of the price sliding process, any short
sale order that could not be executed or displayed due to a short sale
price test restriction would be rejected or cancelled by the Exchange
upon entry or while resting on the order book, respectively. When a
User's order is subject to the price sliding process, as proposed,
orders subject to short sale price sliding that, at the time of entry,
could not be executed or displayed due to a short sale price test
restriction will be repriced by the System at one minimum price
variation above the current NBB to comply with Rule 201(b)(1)(i).\11\
An order subject to short sale price sliding will not be readjusted
downward even if it could be displayed at a lower price without
violation of Rule 201 of Regulation SHO. In the event the NBB changes
such that the price of a non-displayed order subject to short sale
price sliding would lock or cross the NBB, the order will receive a new
timestamp, and will be repriced by the System at one minimum price
variation above the current NBB, again in compliance with Rule
201(b)(1)(i).\12\
---------------------------------------------------------------------------

    \10\ A ``User'' is defined in BYX Rule 1.5(cc) as any member or
sponsored participant of the Exchange who is authorized to obtain
access to the System.
    \11\ Any execution or display will also need to be in compliance
with applicable rules regarding minimum pricing increments. 17 CFR
242.612.
    \12\ See Division of Trading & Markets, Responses to Frequently
Asked Questions Concerning Rule 201 of Regulation SHO, Q&A No. 4.1
(concerning un-displayed orders).
---------------------------------------------------------------------------

    As proposed, neither orders marked ``short exempt'' nor orders
displayed by the System at a price above the then current NBB at the
time of initial display when a short sale price test restriction is in
effect for a covered security will be subject to short sale price
sliding. Certain displayed short sale orders will not be repriced by
the System after entry because under Rule 201(b)(1)(iii)(A) a trading
center's policies and procedures must be reasonably designed to permit
the execution of short sale orders of covered securities that were
displayed at a price above the current NBB at the time of initial
display. ``Short exempt'' orders will not be repriced by the System,
but instead, the Exchange will execute, display and/or route such
orders without regard to the NBB or any short sale price test
restriction in effect under Regulation SHO, as described below.
    The Exchange currently offers a process called ``displayed price
sliding process,'' as defined in current Rule 11.9(c)(4), which re-
prices and/or displays orders at permissible prices when such orders
would lock or cross Protected Quotations \13\ in a manner inconsistent
with Rule 610(d) of Regulation NMS.\14\ The Exchange proposes to rename
the ``displayed price sliding process'' as ``NMS price sliding,'' to be
included in new paragraph (g) of Rule 11.9, and to define the ``price
sliding process'' as inclusive of both NMS price sliding and short sale
price sliding.\15\ Also, consistent with the changes described above,
the Exchange proposes to replace the term ``displayed price sliding
process'' throughout its trading rules with the term ``price sliding
process.'' As is true for displayed price sliding today and short sale
price sliding as proposed, if a User chooses to opt-out of the price
sliding process, the order will not be subject to NMS price sliding,
and thus, the Exchange will cancel back their orders when display or
execution of such orders contradict the provisions of Regulation NMS.
---------------------------------------------------------------------------

    \13\ As defined in BYX Rule 1.5(t), the term ``Protected
Quotation'' means a quotation that is a Protected Bid or Protected
Offer. In turn, a ``Protected Bid'' or ``Protected Offer'' shall
mean a bid or offer in a stock that is (i) displayed by an automated
trading center; (ii) disseminated pursuant to an effective national
market system plan; and (iii) an automated quotation that is the
best bid or best offer of a national securities exchange or
association.
    \14\ 17 CFR 242.610(d).
    \15\ The Exchange acknowledges that potential differences can
exist between Protected Bids, as defined above (see supra note 13),
and the NBB, upon which the requirements of Regulation SHO, as
amended, are based.
---------------------------------------------------------------------------

    The Exchange also proposes a substantive change to NMS price
sliding (today known as the displayed price sliding process). Under
current System behavior, the Exchange cancels all non-displayed orders
when the national best bid or offer (``NBBO'') changes such that the
non-displayed order would cross a Protected Quotation, regardless of
whether the order is subject to the displayed price sliding process.
Under the proposed amendment, instead of cancelling such orders, unless
a User has opted out of the price sliding process, the Exchange
proposes to allow a resting non-displayed order to receive a new
timestamp and be repriced at the locking price in the event that the
NBBO changes such that the order would cross a Protected Quotation.
    The Exchange also proposes to amend its Rule 11.13 to make clear
that it will execute, display and route an order

consistent with Rule 201 of Regulation SHO, and that if it cannot do
so, orders will be cancelled back to the applicable Exchange User. In
addition, the Exchange proposes to make clear that it will not route
orders away from the Exchange that are marked ``short'' if a short sale
price test restriction is in effect. Instead, such orders, if
immediate-or-cancel (``IOC'') or market orders, will be cancelled, and
if limit orders, will be posted to the BATS Book,\16\ subject to the
price sliding process.
---------------------------------------------------------------------------

    \16\ As defined in BYX Rule 1.5(e).
---------------------------------------------------------------------------

    Finally, current Rule 11.19 requires Exchange Users to identify
short sale orders as ``short'' when entered into the Exchange's System.
The Exchange proposes to add the term ``short exempt'' to Rule 11.19
because pursuant to amended Rule 200(g) of Regulation SHO, a broker-
dealer can mark a short sale order as either ``short'' or ``short
exempt.'' \17\ The Exchange also proposes to make clear in Rule 11.19
that if an order it received is marked ``short exempt,'' the Exchange
will execute, display and/or route the order without regard to the NBB
or any short sale price test restriction in effect under Regulation
SHO.\18\ The Exchange also proposes to make clear, as it does in Rule
11.9(d)(1) with respect to intermarket sweep orders, that it relies on
a Member's \19\ marking of an order, in this case the ``short exempt''
marking, when handling such order. Accordingly, proposed Rule 11.19
states that it is the entering Member's responsibility, not the
Exchange's responsibility, to comply with the requirements of
Regulation SHO relating to marking of orders as ``short exempt.'' \20\
---------------------------------------------------------------------------

    \17\ 17 CFR 242.200(g). Rule 200(g)(2) provides that a sale
order shall be marked ``short exempt'' only if the provisions of
paragraphs (c) or (d) of Rule 201 of Regulation SHO are met. See
also Division of Trading and Markets: Responses to Frequently Asked
Questions Concerning Rule 201 of Regulation SHO, Q&A Nos. 5.4 and
5.5.
    \18\ 17 CFR 242.201(b)(1)(iii)(B).
    \19\ A ``Member'' is defined in BYX Rule 1.5(n) as any
registered broker or dealer that has been admitted to membership in
the Exchange.
    \20\ 17 CFR 242.200(g)(2). See also 17 CFR 242.201(c); 17 CFR
242.201(d).
---------------------------------------------------------------------------

III. Commission Findings

    The Commission finds that the proposed rule change to amend BYX
Rules 11.9, 11.13 and 11.19 to make certain changes consistent with the
upcoming implementation of amendments to Regulation SHO is consistent
with the Act and the rules and regulations thereunder applicable to
national securities exchanges and national securities associations.\21\
In particular, the Commission finds that the proposal is consistent
with the requirements of Section 6(b) of the Act \22\ and with Section
6(b)(5) of the Act,\23\ which, among other things, requires that rules
of national securities exchanges be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, and, in general, to protect investors and the
public interest.
---------------------------------------------------------------------------

    \21\ In approving the proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission believes that the proposed rule change will provide
clarity on the short sale order handling procedures employed by the
Exchange and certain obligations of its Members when sending short sale
orders to the Exchange consistent with Regulation SHO, as amended. The
Commission also believes that the proposed short sale price sliding
functionality and amendments to the existing displayed price sliding
process should assist Users in executing or displaying their orders
consistent with Regulation SHO and Regulation NMS.
    The Commission also finds good cause, pursuant to Section 19(b)(2)
of the Act,\24\ for approving the proposed rule change on an
accelerated basis. The proposed rule change makes changes consistent
with the amendments to Regulation SHO. The Commission believes that
accelerating approval of the proposed rule change is appropriate as it
will allow the proposed amendments to be implemented by the compliance
date for the amendments to Regulation SHO. In addition, the Commission
believes that the proposed rule change should further the goals of
investor protection and fair and orderly markets.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\25\ that the proposed rule change (File No. SR-BYX-2011-002) be
and hereby is approved on an accelerated basis.
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-4479 Filed 2-28-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 171 (Friday, September 2, 2011)]
[Notices]
[Page 54756]
[FR Doc No: 2011-22522]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

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

    Docket Numbers: ER11-3350-001.
    Applicants: Public Service Company of Colorado.
    Description: Public Service Company of Colorado submits tariff
filing per 35: 2011-8-3--Gunbarrel Refund Rep 297-PSCo to be effective
N/A.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5079.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Docket Numbers: ER11-4212-000.
    Applicants: Florida Power & Light Company.
    Description: Florida Power & Light Company submits tariff filing
per 35.13(a)(2)(iii: FPL and City of Wauchula, FL Rate Schedule to be
effective 10/1/2011.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5078.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Docket Numbers: ER11-4213-000.
    Applicants: PacifiCorp.
    Description: PacifiCorp submits tariff filing per 35.13(a)(2)(iii:
BPA AC Intertie Agreement 4th Revised to be effective 10/3/2011.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5088.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Docket Numbers: ER11-4214-000.
    Applicants: PacifiCorp.
    Description: PacifiCorp submits tariff filing per 35.13(a)(2)(iii:
Sierra Pacific Interconnection Agreement to be effective 9/22/2010.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5099.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Docket Numbers: ER11-4215-000.
    Applicants: Nevada Power Company.
    Description: Nevada Power Company Cancellation of FERC Electric
Rate Schedule No. 56.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5131.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Docket Numbers: ER11-4216-000.
    Applicants: Nevada Power Company.
    Description: Nevada Power Company Cancellation of FERC electric
Rate Schedule No. 71.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5132.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Docket Numbers: ER11-4217-000.
    Applicants: Tampa Electric Company.
    Description: Request of Tampa Electric Company for Extension of
Waiver.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5133.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 17, 2011.

    Docket Numbers: ER11-4218-000.
    Applicants: Nevada Power Company.
    Description: Nevada Power Company Cancellation of FERC Electric
Rate Schedule No. 72.
    Filed Date: 08/03/2011.
    Accession Number: 20110803-5134.
    Comment Date: 5 p.m. Eastern Time on Wednesday, August 24, 2011.

    Take notice that the Commission received the following qualifying
facility filings:

    Docket Numbers: QF06-31-003.
    Applicants: Air Products, LLC.
    Description: Air Products LLC's Notice of Application for
Commission Certification of Qualifying Facility Status for a
Cogeneration Facility.
    Filed Date: 08/02/2011.
    Accession Number: 20110802-5134.
    Comment Date: 5 p.m. Eastern Time on Tuesday, August 23, 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: August 4, 2011.
Kimberly D. Bose,
Secretary.
[FR Doc. 2011-22522 Filed 9-1-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 86, Number 89 (Tuesday, May 11, 2021)]
[Notices]
[Page 25935]
[FR Doc No: 2021-09952]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Opportunity for Public Comment on Release and Sale of
Land Acquired With Airport Improvement Program (AIP) Assistance at
Evergreen Municipal Airport, Evergreen, Alabama

AGENCY: Federal Aviation Administration, DOT.

ACTION: Request for public comments.

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

SUMMARY: Notice is being given that the FAA is considering a request
from the City of Evergreen, Alabama to sell 1.76 acres of
airport property, previously purchased through an AIP grant for the
runway protection zone, to be used by the state highway department as
right-of-way for the widening of US Highway 84.

DATES: Comments must be received on or before June 10, 2021.

ADDRESSES: Comments on this notice may be mailed or delivered in
triplicate to the FAA to the following address: Jackson Airports
District Office Attn: Graham Coffelt, Program Manager, 100 West Cross
Street, Suite B Jackson, MS 39208-2307.
    In addition, one copy of any comments submitted to the FAA must be
mailed or delivered to City of Evergreen, Alabama, Attn: Honorable
Stanley B. Stallworth, Mayor, City of Evergreen, 355 East Front Street,
Evergreen AL 36401.

FOR FURTHER INFORMATION CONTACT: Graham Coffelt, Program Manager,
Jackson Airports District Office, 100 West Cross Street, Suite B,
Jackson, MS 39208-2307,<PHONE_NUMBER>. The land release request may be
reviewed in person at this same location.

SUPPLEMENTARY INFORMATION: The FAA is reviewing a request by the City
of Evergreen Alabama to release approximately 1.76 acres, more or less
of airport property at Evergreen Municipal Airport (GZH) under the
provisions of Title 49, U.S.C. Section 47107(h)(2). The sale of the
subject property will result in the land at GZH being released from the
conditions of the Airport Improvement Program Grant Agreement Grant
Assurances. The FAA determined that the request to release property at
GZH submitted by the Sponsor meets the procedural requirements of the
Federal Aviation Administration and the release of the property does
not and will not impact future aviation needs at the airport. The FAA
may approve the request, in whole or in part, no sooner than thirty
days after the publication of this notice. The 1.76 acres of property
is located within the runway protection zone and the FAA has concurred
that the sponsor has done a sufficient level of analysis per guidance
on land use in the runway protection zone. A deed restriction or
easement for obstruction clearing will remain on the 1.76 acres. In
accordance with 49 U.S.C. 47107(c)(2)(B)(i) and (iii), the airport will
receive fair market value for the property, which will be subsequently
reinvested in another eligible airport improvement project at GZH.

Rans D. Black,
Manager, Jackson Airports District Office, Southern Region.
[FR Doc. 2021-09952 Filed 5-10-21; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 81, Number 99 (Monday, May 23, 2016)]
[Proposed Rules]
[Pages 32258-32259]
[FR Doc No: 2016-12026]

=======================================================================
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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

21 CFR Parts 882 and 895

[Docket No. FDA-2016-N-1111]

Banned Devices; Proposal To Ban Electrical Stimulation Devices
Used To Treat Self-Injurious or Aggressive Behavior; Extension of
Comment Period

AGENCY: Food and Drug Administration, HHS.

ACTION: Proposed rule; extension of comment period.

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

SUMMARY: The Food and Drug Administration (FDA) is extending the
comment period for the proposed rule that appeared in the Federal
Register of April 25, 2016. In the proposed rule, FDA requested
comments for a ban on electrical stimulation devices (ESDs) used for
self-injurious or aggressive behavior (SIB or AB). The Agency is taking
this action in response to requests for an extension to allow
interested persons additional time to submit comments.

DATES: FDA is extending the comment period on the proposed rule
published April 25, 2016 (81 FR 24386). Submit either electronic or
written comments by July 25, 2016.

ADDRESSES: You may submit comments as follows:

Electronic Submissions

    Submit electronic comments in the following way:

     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to http://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on http://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand delivery/Courier (for written/paper
submissions): Division of Dockets Management (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Division of
Dockets Management, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2016-N-1111 for ``Proposal to Ban Electrical Stimulation Devices
Used to Treat Self-Injurious or Aggressive Behavior.'' Received
comments will be placed in the docket and, except for those submitted
as ``Confidential Submissions,'' publicly viewable at http://www.regulations.gov or at the Division of Dockets Management between 9
a.m. and 4 p.m., Monday through Friday.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on http://www.regulations.gov.
Submit both copies to the Division of Dockets Management. If you do not
wish your name and contact information to be made publicly available,
you can provide this information on the cover sheet and not in the body
of your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: http://www.fda.gov/regulatoryinformation/dockets/default.htm.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to http://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Division of Dockets Management, 5630 Fishers
Lane, Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Rebecca Nipper, Center for Devices and
Radiological Health, Food and Drug Administration, 10903 New Hampshire
Ave., Bldg. 66, Rm. 1540, Silver Spring, MD 20993-0002,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: In the Federal Register of April 25, 2016,
FDA published a proposed rule with a 30-day comment period to request
comments on a proposal to ban ESDs used for SIB or AB. Comments on the
proposed ban will inform FDA's rulemaking.
    The Agency has received requests for a 60-day extension of the
comment period for the proposed rule. Each request conveyed concern
that the current 30-day comment period does not allow sufficient time
to develop a meaningful or thoughtful response to the proposed rule.
    FDA has considered the requests and is extending the comment period
for the proposed rule for 60 days, until July 25, 2016. The Agency
believes that a 60-day extension allows adequate time for interested
persons to submit comments without significantly delaying rulemaking on
this important issue.

    Dated: May 17, 2016.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2016-12026 Filed 5-20-16; 8:45 am]
BILLING CODE 4164-01-P