[Federal Register: March 22, 2006 (Volume 71, Number 55)]
[Proposed Rules]
[Page 14438]
[DOCID:fr22mr06-31]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 52 and 81

[EPA-R10-OAR-2006-0050; FRL-8041-7]

Approval and Promulgation of Air Quality Implementation Plans; La
Grande PM10 Maintenance Plan and Redesignation Request

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: EPA is proposing to approve a PM10 State
Implementation Plan (SIP) maintenance plan revision for the La Grande,
Oregon nonattainment area and to redesignate the area from
nonattattainment to attainment for PM10. PM10 air
pollution is suspended particulate matter with a nominal diameter less
than or equal to a nominal ten micrometers. EPA is proposing to approve
the SIP revision and redesignation request because the State adequately
demonstrates that the control measures being implemented in the La
Grande area result in maintenance of the PM10 National
Ambient Air Quality Standards and all other requirements of the Clean
Air Act for redesignation to attainment are met.

DATES: Comments must be received on or before April 21, 2006.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R10-
OAR-2006-0050, by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.

Follow the on-line instructions for submitting comments.
     Mail: Donna Deneen, Office of Air, Waste and Toxics, AWT-
107 EPA, Region 10, 1200 Sixth Ave., Seattle, Washington 98101.
     Hand Delivery: EPA, Region 10 Mail Room, 9th Floor, 1200
Sixth Ave., Seattle, Washington 98101. Attention: Donna Deneen, Office
of Air, Waste and Toxics, OAWT-107. Such deliveries are only accepted
during normal hours of operation, and special arrangements should be
made for deliveries of boxed information.
    Please see the direct final rule which is located in the Rules
section of this Federal Register for detailed instructions on how to
submit comments.

FOR FURTHER INFORMATION CONTACT: Donna Deneen at telephone number:
(206) 553-6706, e-mail address<EMAIL_ADDRESS>fax number: (206)
553-0110, or the above EPA, Region 10 address.

SUPPLEMENTARY INFORMATION: For further information, please see the
direct final action, of the same title, which is located in the Rules
section of this Federal Register. EPA is approving the State's SIP
revision as a direct final rule without prior proposal because EPA
views this as a noncontroversial SIP revision and anticipates no
adverse comments. A detailed rationale for the approval is set forth in
the preamble to the direct final rule. If EPA receives no adverse
comments, EPA will not take further action on this proposed rule.
    If EPA receives adverse comments, EPA will withdraw the direct
final rule and it will not take effect. EPA will address all public
comments in a subsequent final rule based on this proposed rule. EPA
will not institute a second comment period on this action. Any parties
interested in commenting on this action should do so at this time.
Please note that if we receive adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment.

    Dated: February 24, 2006.
Julie M. Hagensen,
Acting Regional Administrator, Region 10.
[FR Doc. 06-2699 Filed 3-21-06; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 75, Number 237 (Friday, December 10, 2010)]
[Notices]
[Pages 77022-77024]
[FR Doc No: 2010-31099]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63441; File No. SR-NASDAQ-2010-152]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to Fees for Direct Access to Exchange Data

December 6, 2010.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on November 24, 2010, The NASDAQ Stock Market LLC (``NASDAQ'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    NASDAQ proposes an amendment to the fee schedule to assess ``direct
access'' fees on certain customers receiving NASDAQ data within
NASDAQ's co-location facility. The rule filing also deletes outdated
dated verbiage in the fee schedule to eliminate confusion regarding
application of the fees. NASDAQ will implement the proposed change on
December 1, 2010. The text

of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at NASDAQ's principal office, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    NASDAQ is amending its fee schedule to correct an anomaly that
effectively exempts certain customers residing within NASDAQ's co-
location facility from paying a monthly fee for direct access to NASDAQ
data, while customers that receive data from an extranet and reside
outside the co-location facility are assessed the fee. The inequity is
a result of the definition of ``direct access'' in the fee schedule,
which does not by its terms clearly apply to data feeds provided to
customers through distributors located within the co-located facility.
This rule filing will expand the definition of ``direct access'' and
thereby operate to assess the same fee on all firms that have access to
NASDAQ's raw data feeds, whether co-located or not. It will also delete
terms that are obsolete or generally limiting, given the evolution of
technologies and systems through which data may be accessed.
    NASDAQ, like other data providers, assesses fees for its real time
market data. In general, a customer that receives a data feed directly
from the Exchange is assessed a ``direct access'' fee. If the customer
then distributes the data, it is a ``distributor'' as defined under the
fee schedule and pays an ``internal'' or ``external'' distributor fee,
depending upon whether it distributes the data internally or
externally. A ``distributor'' is broadly defined to include any entity
that distributes NASDAQ's data, whether it receives the data feed
directly from NASDAQ or indirectly through another entity. Distributor
fees apply to distributors located within the Exchange's co-location
facility as well as those outside of it.
    The definition of what constitutes ``direct access,'' however, is
limited to specific types of communications connections, and does not
currently include the systems by which data is delivered through
distributors located within the co-location facility to their customers
also located within the co-location facility. As a result, the
distributor's customers in the co-location facility are not charged a
direct access fee, even though they receive NASDAQ's data in its raw
data format and have the same low latency data access as non-co-located
extranet customers that pay the Direct Access fee.
    To correct this disparity, this rule filing will include within the
definition of ``direct access'' the receipt of NASDAQ data within the
co-location facility. It will also delete terms that, while describing
various means by which data is currently accessed, do not clearly or
adequately describe all viable technological means of accessing data.
For example, reference to ``the MCI Financial Extranet'' is deleted
because MCI has become ``Verizon,'' and Verizon no longer has special
status among extranets as it did when the current rule was written. The
terms ``Nasdaq-operated Web site, system or application'' are also
deleted, as they are limiting terms that do not clearly encompass
potential technological means of accessing NASDAQ data. Their
elimination does not impact the fees of any customer currently assessed
a Direct Access fee, but should preclude the need for future rule
changes to the definition of direct access, as the means by which those
same customers access data evolve over time.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\3\ in general, and with
Sections 6(b)(5) of the Act,\4\ in particular. The proposal is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. The filing permits
transparent, uniform fees for direct access to Exchange data for all
customers, whether co-located or not.
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    \3\ 15 U.S.C. 78f.
    \4\ 15 U.S.C. 78f(b)(5).
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    In addition, the Exchange believes that the proposed rule change is
consistent with the provisions of Section 6 of the Act,\5\ in general,
and with Section 6(b)(4) of the Act,\6\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility or system which The Exchange operates or controls. In
particular, the Exchange notes that the amendment corrects an anomaly
that effectively exempts certain co-located customers receiving the
data from paying a direct access fee.
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    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(4).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    NASDAQ does not believe that the proposed rule change will result
in any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

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

    Written comments were neither solicited nor received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\7\ At any time within 60 days of the filing
of the proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
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    \7\ 15 U.S.C. 78s(b)(3)(a)(ii).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form http://www.sec.gov/rules/sro.shtml; or
     Send an e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2010-152 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2010-152. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of such filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NASDAQ-2010-152 and should be submitted on or before January 3, 2011.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-31099 Filed 12-9-10; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 189 (Monday, October 4, 2021)]
[Notices]
[Pages 54692-54693]
[FR Doc No: 2021-21557]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-R09-OAR-2021-0135; FRL-8835-01-R9]

Adequacy Status of Motor Vehicle Emissions Budgets in Submitted
8-Hour Ozone Attainment Plan for San Diego; California

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of adequacy.

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SUMMARY: The Environmental Protection Agency (EPA or ``Agency'') is
notifying the public that the Agency has found motor vehicle emissions
budgets (``budgets'') adequate in a California state implementation
plan (SIP) submittal for San Diego County. Specifically, our finding
relates to budgets in the area's ``2020 Plan for Attaining the National
Ambient Air Quality Standards for Ozone in San Diego County (October
2020)'' (``2020 San Diego Ozone Plan'' or ``plan''). We find that these
budgets are adequate for transportation conformity purposes for the
2008 and 2015 ozone national ambient air quality standards (NAAQS).
Upon the effective date of this notice of adequacy, prior budgets for
the 2008 ozone NAAQS previously found adequate by the EPA will no
longer be applicable for transportation conformity purposes, and the
San Diego Association of Governments (SANDAG) and the U.S. Department
of Transportation must use these adequate budgets in future
transportation conformity determinations.

DATES: This finding is effective October 19, 2021.

FOR FURTHER INFORMATION CONTACT: John Kelly, EPA, Region IX, Air
Division AIR-2, 75 Hawthorne Street, San Francisco, CA 94105-3901;
(415) 947-4151 or<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document, whenever ``we,''
``us,'' or ``our'' is used, we mean the EPA.
    Today's notice is simply an announcement of a finding that we have
already made. The California Air Resources Board (CARB) submitted the
plan to the EPA on January 12, 2021, as a revision to the California
SIP. The plan contains budgets for both the 2008 and the 2015 ozone
NAAQS. These budgets are used for the 2008 ozone NAAQS reasonable
further progress (RFP) milestone years 2020 and 2023 and for the
attainment year 2026. For the 2015 ozone NAAQS, these budgets are used
for RFP milestone years 2023, 2026, and 2029, and for the attainment
year 2032.
    The EPA sent a letter to CARB dated September 21, 2021 stating that
the motor vehicle emissions budgets in the submitted 2020 San Diego
Ozone Plan are adequate for transportation conformity purposes.\1\ The
finding is available at the EPA's conformity website.\2\ We announced
availability of the plan and related budgets on the EPA's
transportation conformity website on June 4, 2021, requesting comments
by July 6, 2021. We received no comments in response to the adequacy
review posting. The adequate budgets are provided in the following
tables:
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    \1\ See letter dated September 21, 2021 from Elizabeth J. Adams,
Director, Air and Radiation Division, EPA Region IX, to Richard
Corey, Executive Officer, CARB.
    \2\ https://www.epa.gov/state-and-local-transportation/state-implementation-plans-sip-submissions-epa-has-found-adequate-or.

  San Diego County Motor Vehicle Emissions Budgets for 2008 Ozone NAAQS
------------------------------------------------------------------------
                                             Volatile
                                              organic        Nitrogen
                                             compounds     oxides (tons
               Budget year                   (tons per      per average
                                          average summer    summer day)
                                               day)
------------------------------------------------------------------------
2020....................................            16.3            28.1
2023....................................            13.6            19.3
2026....................................            12.1            17.3
------------------------------------------------------------------------

  San Diego County Motor Vehicle Emissions Budgets for 2015 Ozone NAAQS
------------------------------------------------------------------------
                                             Volatile
                                              organic        Nitrogen
                                             compounds     oxides (tons
               Budget year                   (tons per      per average
                                          average summer    summer day)
                                               day)
------------------------------------------------------------------------
2023....................................            13.6            19.3
2026....................................            12.1            17.3
2029....................................            11.0            15.9
2032....................................            10.0            15.1
------------------------------------------------------------------------

    Transportation conformity is required by Clean Air Act section
176(c). The EPA's conformity rule requires that transportation plans,
transportation improvement programs, and transportation projects
conform to a state's air quality SIP and establishes the criteria and
procedures for determining whether or not they conform. Conformity to a
SIP means that transportation activities will not produce new air
quality violations, worsen existing violations, or delay timely
attainment of the NAAQS.
    The criteria we use to determine whether a SIP's motor vehicle
emissions budgets are adequate for conformity purposes are outlined in
40 CFR 93.118(e)(4), promulgated on August 15, 1997.\3\ We have further
described our process for determining the adequacy of submitted SIP
budgets in our final rule dated July 1, 2004, and we used the
information in these resources in making our adequacy determination.\4\
Please note that an adequacy review is separate from the EPA's
completeness review and should not be used to prejudge the EPA's
ultimate action on the SIP submittal. Even if we find a budget
adequate, the SIP submittal could later be disapproved.
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    \3\ See 62 FR 43780, 43781-43783 (August 15, 1997).
    \4\ See 69 FR 40004, 40038-40047 (July 1, 2004).
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    Pursuant to 40 CFR 93.104(e), within two years of the effective
date of this notice, SANDAG and the U.S. Department of Transportation
will need to demonstrate conformity to the new budgets if the
demonstration has not already been made.\5\ For demonstrating
conformity to the budgets in this plan, the on-road motor vehicle
emissions from implementation of the transportation plan or program
should be projected consistently with the budgets in this plan, i.e.,
by taking the county's emissions results derived from CARB's EMFAC
model (short for EMission FACtor) and then rounding

the emissions up to the nearest tenth of a ton per day.
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    \5\ See 73 FR 4420 (January 24, 2008).
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    Authority: 42 U.S.C. 7401 et seq.

    Dated: September 28, 2021.
Deborah Jordan,
Acting Regional Administrator, Region IX.
[FR Doc. 2021-21557 Filed 10-1-21; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 85, Number 198 (Tuesday, October 13, 2020)]
[Notices]
[Pages 64598-64603]
[FR Doc No: 2020-22630]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90104; File No. SR-NYSEArca-2020-84]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change, as Modified by Amendment No. 1, Amending NYSE
Arca Rule 8.900-E To Adopt Generic Listing Standards for Managed
Portfolio Shares

October 7, 2020.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on September 22, 2020, NYSE Arca, Inc. (``NYSE Arca'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the self-regulatory
organization. On October 2, 2020, the Exchange filed Amendment No. 1 to
the proposed rule change. The Commission is publishing this notice to
solicit comments on the proposed rule change, as modified by Amendment
No. 1, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.

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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Rule 8.900-E to adopt
generic listing standards for Managed Portfolio Shares. This Amendment
No. 1 to SR-NYSEArca-2020-84 replaces SR-NYSEArca-2020-84 as originally
filed and supersedes such filing in its entirety. The proposed change
is available on the Exchange's website at www.nyse.com, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend NYSE Arca Rule 8.900-E to adopt
generic listing standards for Managed Portfolio Shares. Under the
Exchange's current rules, a proposed rule change must be filed with the
Securities and Exchange Commission (``SEC'' or ``Commission'') for the
listing and trading of each new series of Managed Portfolio Shares. The
Exchange believes that it is appropriate to codify certain rules within
Rule 8.900-E that would generally reduce the need for such proposed
rule changes, which would create greater efficiency and promote uniform
standards in the listing process.
Background
    Rule 8.900-E sets forth certain rules related to the listing and
trading of Managed Portfolio Shares.\4\
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    \4\ See Securities Exchange Act Release No. 88648 (April 15,
2020), 85 FR 22200 (April 21, 2020) (SR-NYSEArca-2020-32) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Adopt
a New NYSE Arca Rule 8.900-E).
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    The Commission has previously approved listing and trading of
series of Managed Portfolio Shares on the Exchange under NYSE Arca Rule
8.900-E and on other national securities exchanges under substantially
equivalent listing rules.\5\ Currently, three series of Managed
Portfolio Shares are listed and traded on the Cboe BZX Exchange,
Inc.\6\
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    \5\ See Securities Exchange Act Release Nos. 89633 (August 25,
2020), 85 FR 53868 (August 31, 2020) (SR-NYSEArca-2020-48) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1, to
List and Trade Shares of Gabelli ETFs under Rule 8.900-E) (the
``Gabelli Approval Order''); 88247 (February 20, 2020), 85 FR 11137
(February 26, 2020) (SR-CboeBZX-2019-102) (Notice of Filing of
Amendment No. 3 and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 3 thereto, to
List and Trade Shares of the ClearBridge Focus Value ETF under BZX
Rule 14.11(k)) (``ClearBridge Approval Order''); 88175 (February 12,
2020), 85 FR 9494 (February 19, 2020) (SR-CboeBZX-2019-057) (Notice
of Filing of Amendment No. 2 and Order Granting Accelerated Approval
of a Proposed Rule Change, as Modified by Amendment No. 2 thereto,
to List and Trade Shares of the American Century Focused Dynamic
Growth ETF and American Century Focused Large Cap Value ETF under
BZX Rule 14.11(k)) (``American Century Approval Order'', together
with the Gabelli Approval Order, ClearBridge Approval Order and
American Century Approval Order, the ``Approval Orders'').
    \6\ See ClearBridge Approval Order and American Century Approval
Order, referenced in note 5, supra.
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    Rule 8.900-E(b)(1) provides that the Exchange will file separate
proposals under Section 19(b) of the Act before the listing and trading
of a series of Managed Portfolio Shares. The rule further provides that
all statements or representations contained in such rule filing
regarding (a) the description of the portfolio or reference asset, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability of Exchange listing rules specified in such rule filing
will constitute continued listing requirements. An issuer of such
securities must notify the Exchange of any failure to comply with such
continued listing requirements.
Key Features of Managed Portfolio Shares
    While each series of Managed Portfolio Shares will be actively
managed and, to that extent, will be similar, for example, to Managed
Fund Shares (as defined in Rule 8.600-E),\7\ Managed Portfolio Shares
differ from Managed Fund Shares in the following important respects.\8\
First, in contrast to Managed Fund Shares, which require a ``Disclosed
Portfolio'' to be disseminated at least once daily,\9\ the portfolio
for a series of Managed Portfolio Shares will be disclosed quarterly in
accordance with normal disclosure requirements otherwise applicable to
open-end investment companies registered under the Investment Company
Act of 1940 (``1940 Act'').\10\ The composition of the portfolio of a
series of Managed Portfolio Shares would not be available at
commencement of Exchange listing and/or trading. Second, in connection
with the creation and redemption of shares in ``Creation Unit'' or
``Redemption Unit'' size, the delivery of any portfolio securities in
kind will be effected through a ``Confidential Account'' for the
benefit of the creating or redeeming Authorized Participant

(``AP'') without disclosing the identity of such securities to the
AP.\11\
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    \7\ The Commission approved a proposed rule change to adopt
rules permitting the listing and trading of Managed Fund Shares. See
Securities Exchange Act Release No. 57619 (April 4, 2008), 73 FR
19544 (April 10, 2008) (SR-NYSEArca-2008-25) (Order Granting
Accelerated Approval of Rules Permitting the Listing and Trading of
Managed Fund Shares, Trading Hours and Halts, Listing Fees
Applicable To Managed Fund Shares). The Commission has also
previously approved listing and trading on the Exchange of a number
of issues of Managed Fund Shares under Rule 8.600-E. See, e.g.,
Securities Exchange Act Release Nos. 57801 (May 8, 2008), 73 FR
27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order approving Exchange
listing and trading of twelve actively-managed funds of the
WisdomTree Trust; 63802 (January 31, 2011), 76 FR 6503 (February 4,
2011) (SR-NYSEArca-2010-118) (order approving Exchange listing and
trading of the SiM Dynamic Allocation Diversified Income ETF and SiM
Dynamic Allocation Growth Income ETF).
    \8\ Rule 8.900-E(c)(1) defines the term ``Managed Portfolio
Share'' as a security that (a) represents an interest in an
investment company registered under the Investment Company Act of
1940 (``Investment Company'') organized as an open-end management
investment company, that invests in a portfolio of securities
selected by the Investment Company's investment adviser consistent
with the Investment Company's investment objectives and policies;
(b) is issued in a Creation Unit, or multiples thereof, in return
for a designated portfolio of instruments (and/or an amount of cash)
with a value equal to the next determined net asset value and
delivered to the Authorized Participant (as defined in the
Investment Company's Form N-1A filed with the Commission) through a
Confidential Account; (c) when aggregated into a Redemption Unit, or
multiples thereof, may be redeemed for a designated portfolio of
instruments (and/or an amount of cash) with a value equal to the
next determined net asset value delivered to the Confidential
Account for the benefit of the Authorized Participant; and (d) the
portfolio holdings for which are disclosed within at least 60 days
following the end of every fiscal quarter.
    \9\ NYSE Arca Rule 8.600-E(c)(2) defines the term ``Disclosed
Portfolio'' as the identities and quantities of the securities and
other assets held by the Investment Company that will form the basis
for the Investment Company's calculation of net asset value at the
end of the business day. NYSE Arca Rule 8.600-E(d)(2)(B)(i) requires
that the Disclosed Portfolio be disseminated at least once daily and
be made available to all market participants at the same time.
    \10\ Form N-PORT requires reporting of a fund's complete
portfolio holdings on a position-by-position basis on a quarterly
basis within 60 days after fiscal quarter end. Investors can obtain
a fund's Statement of Additional Information, its Shareholder
Reports, its Form N-CSR, filed twice a year, and its Form N-CEN,
filed annually. A fund's SAI and Shareholder Reports are available
free upon request from the Investment Company, and those documents
and the Form N-PORT, Form N-CSR, and Form N-CEN may be viewed on-
screen or downloaded from the Commission's website at www.sec.gov.
    \11\ NYSE Arca Rule 8.900-E(c)(4) defines the term
``Confidential Account'' as ``an account owned by an Authorized
Participant and held with an AP Representative on behalf of the
Authorized Participant. The account will be established and governed
by contractual agreement between the AP Representative and the
Authorized Participant solely for the purposes of creation and
redemption, while keeping confidential the Creation Basket
constituents of each series of Managed Portfolio Shares, including
from the Authorized Participant. The books and records of the
Confidential Account will be maintained by the AP Representative on
behalf of the Authorized Participant.'' NYSE Arca Rule 8.900-E(c)(3)
defines the term ``AP Representative'' as ``an unaffiliated broker-
dealer, with which an Authorized Participant has signed an agreement
to establish a Confidential Account for the benefit of such
Authorized Participant, that will deliver or receive, on behalf of
the Authorized Participant, all consideration to or from the
Investment Company in a creation or redemption. An AP Representative
will not be permitted to disclose the Creation Basket to any person,
including the Authorized Participants.''
---------------------------------------------------------------------------

    For each series of Managed Portfolio Shares, an estimated value--
the Verified Intraday Indicative Value or ``VIIV''-- that reflects an
estimated intraday value of a fund's portfolio will be
disseminated.\12\ Specifically, the VIIV will be based upon all of a
series' holdings as of the close of the prior business day and, for
corporate actions, based on the applicable holdings as of the opening
of business on the current business day. The VIIV will be widely
disseminated by the ``Reporting Authority'' and/or one or more major
market data vendors in one second intervals during the Exchange's Core
Trading Session and will be disseminated to all market participants at
the same time. The dissemination of the VIIV will allow investors to
determine the estimated intra-day value of the underlying portfolio of
a series of Managed Portfolio Shares and will provide a close estimate
of that value throughout the trading day.
---------------------------------------------------------------------------

    \12\ Rule 8.900-E(c)(2) defines the term ``Verified Intraday
Indicative Value (``VIIV'') as the indicative value of a Managed
Portfolio Share based on all of the holdings of a series of Managed
Portfolio Shares as of the close of business on the prior business
day and, for corporate actions, based on the applicable holdings as
of the opening of business on the current business day, priced and
disseminated in one second intervals during the Core Trading Session
by the Reporting Authority.
---------------------------------------------------------------------------

    In addition, Rule 8.900-E currently provides criteria that Managed
Portfolio Shares must satisfy for initial and continued listing on the
Exchange, including, for example, that a minimum number of Managed
Portfolio Shares are required to be outstanding at the time of
commencement of trading on the Exchange. However, the current process
for listing and trading new series of Managed Portfolio Shares on the
Exchange requires that the Exchange submit a proposed rule change with
the Commission. In this regard, as noted above, Rule 8.900-E(b)(1)
specifies that the Exchange will file separate proposals under Section
19(b) of the Act before listing and trading of shares of a series of
Managed Portfolio Shares.
Proposed Changes To Rule 8.900-E
    The Exchange proposes to amend Rule 8.900-E(b) to specify that the
Exchange may approve Managed Portfolio Shares for listing and/or
trading (including pursuant to unlisted trading privileges) pursuant to
SEC Rule 19b-4(e) under the Act, which pertains to derivative
securities products (``SEC Rule 19b-4(e)'').\13\ SEC Rule 19b-4(e)(1)
provides that the listing and trading of a new derivative securities
product by a self-regulatory organization (``SRO'') is not deemed a
proposed rule change, pursuant to paragraph (c)(1) of Rule 19b-4,\14\
if the Commission has approved, pursuant to section 19(b) of the Act,
the SRO's trading rules, procedures and listing standards for the
product class that would include the new derivative securities product
and the SRO has a surveillance program for the product class. This is
the current method pursuant to which ``passive'' ETFs are listed under
NYSE Arca Rule 5.2-E(j)(3), actively-managed ETFs are listed under NYSE
Arca Rule 8.600-E, and Exchange-Traded Fund Shares are listed under
NYSE Arca Rule 5.2-E(j)(8).
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(e). As provided under SEC Rule 19b-4(e),
the term ``new derivative securities product'' means any type of
option, warrant, hybrid securities product or any other security,
other than a single equity option or a security futures product,
whose value is based, in whole or in part, upon the performance of,
or interest in, an underlying instrument.
    \14\ 17 CFR 240.19b-4(c)(1). As provided under SEC Rule 19b-
4(c)(1), a stated policy, practice, or interpretation of the SRO
shall be deemed to be a proposed rule change unless it is reasonably
and fairly implied by an existing rule of the SRO.
---------------------------------------------------------------------------

    The Exchange would also specify in Rule 8.900-E(b) that components
of a series of Managed Portfolio Shares listed pursuant to Rule 19b-
4(e) shall satisfy the criteria set forth in Rule 8.900-E and proposed
Commentary .01 thereto upon initial listing and on a continual basis.
The Exchange will file separate proposals under Section 19(b) of the
Act before the listing and trading of a series of Managed Portfolio
Shares with components that do not satisfy the criteria set forth in
proposed Commentary .01 or components other than those specified in
Commentary .01(a). For example, if the components of a series of
Managed Portfolio Shares included a security or asset that is not
specified in proposed Commentary .01(a), the Exchange would file a
separate proposed rule change.
    Proposed Commentary .01(a) provides that the portfolio holdings for
a series of Managed Portfolio Shares listed pursuant to Rule 19b-4(e)
shall include only the following:
    (1) U.S. exchange-traded securities that are common stocks;
preferred stocks; American Depositary Receipts; and real estate
investment trusts;
    (2) U.S. exchange-traded funds that are listed under the following
rules: Investment Company Units (Rule 5.2-E(j)(3)); Exchange-Traded
Fund Shares (Rule 5.2-E(j)(8)); Portfolio Depositary Receipts (Rule
8.100-E); Managed Fund Shares (Rule 8.600-E); Active Proxy Portfolio
Shares (Rule 8.601-E); and Managed Portfolio Shares (Rule 8.900-E);
    (3) Equity Gold Shares (Rule 5.2-E(j)(5))
    (4) Index-Linked Securities (Rule 5.2-E(j)(6));
    (5) Commodity-Based Trust Shares (Rule 8.201-E);
    (6) Currency Trust Shares (Rule 8.202-E);
    (7) the following securities, which are required to be organized as
commodity pools: Commodity Index Trust Shares (Rule 8.203-E); Commodity
Futures Trust Shares (Rule 8.204-E); Trust Units (Rule 8.500-E); and
Managed Trust Securities (Rule 8.700-E);
    (8) the following securities if organized as commodity pools: Trust
Issued Receipts (Rule 8.200-E) and Partnership Units (Rule 8.300-E);
    (9) U.S. exchange-traded futures that trade contemporaneously with
shares of a series of Managed Portfolio Shares in the Exchange's Core
Trading Session; and
    (10) Cash and cash equivalents. Cash equivalents are the following:
Short-term U.S. Treasury securities, government money market funds, and
repurchase agreements.
    Proposed Commentary .01(b) provides that a series of Managed
Portfolio Shares listed pursuant to Rule 19b-4(e) will not hold short
positions in securities and other financial instruments referenced in
proposed Commentary .01(a)(1)-(10).
    Proposed Commentary .01(c) provides that the securities referenced
above in proposed Commentary .01(a)(2)-(8) shall include securities
listed on another national securities exchange pursuant to
substantially equivalent listing rules.
    The securities and financial instruments enumerated in proposed
Commentary .01(a) to Rule 8.900-E are consistent with, and limited to,
the ``permissible investments'' for series of Managed Portfolio Shares
previously

approved by the Commission for Exchange listing and trading, as
described in the Approval Orders.\15\ Each such series has filed an
application for an order under Section 6(c) of the 1940 Act for
exemptions from various provisions of the 1940 Act and rules
thereunder, and the Commission has issued orders under the 1940 Act
granting the exemptions requested in such applications.\16\ Such
applications made substantially identical representations specifying
the instruments that a series of Managed Portfolio Shares is permitted
to hold, and a series of Managed Portfolio Shares listed generically
pursuant to Commentary .01 would be limited to such holdings on an
initial and continued listing basis.\17\
---------------------------------------------------------------------------

    \15\ See note 5, supra.
    \16\ See, e.g., Application for exemptive relief (File No. 812-
14405) and order granting exemptive relief applicable to the
Precidian ETFs Trust under the 1940 Act (Investment Company Act
Release No. 33477) (May 20, 2019).
    \17\ For example, the ClearBridge Approval Order (see note 5,
supra) relating to listing of shares of the ClearBridge Focus Value
ETF states: ``Pursuant to the Exemptive Order, the permissible
investments include only the following instruments that trade on a
U.S. exchange contemporaneously with the Shares: ETFs and exchange-
traded notes, common stocks, preferred stocks, American depositary
receipts, real estate investment trusts, commodity pools, metals
trusts, currency trusts, and futures for which the reference asset
the Fund may invest in directly or, in the case of an index future,
based on an index of a type of asset that the Fund could invest in
directly; as well as cash and cash equivalents (short-term U.S.
Treasury securities, government money market funds and repurchase
agreements).''
---------------------------------------------------------------------------

    The regulatory staff of the Exchange, or the Financial Industry
Regulatory Authority, Inc. (``FINRA''), on behalf of the Exchange, will
communicate as needed regarding trading in Managed Portfolio Shares,
other exchange-traded equity securities and futures contracts with
other markets that are members of the Intermarket Surveillance Group
(``ISG''), including U.S. exchanges on which the components are traded.
In addition, the Exchange may obtain information regarding trading in
Managed Portfolio Shares from other markets that are members of the
ISG, including all U.S. securities exchanges and futures exchanges on
which the equity securities and futures contracts are traded. Pursuant
to Rule 8.900-E(b)(3), an Investment Company's investment adviser will
upon request by the Exchange or FINRA, on behalf of the Exchange, make
available to the Exchange or FINRA the daily portfolio holdings of each
series of Managed Portfolio Shares.
    With respect to the proposed amendment to Commentary .01(a)(10)
relating to cash and cash equivalents, the enumerated cash
equivalents--short-term U.S. Treasury securities, government money
market funds, and repurchase agreements--also are included as cash
equivalents for purposes of the generic listing criteria applicable to
Managed Fund Shares in Commentary .01(c) to Rule 8.600-E. Such
instruments are short-term, highly liquid, and of high credit quality,
making them less susceptible than other asset classes both to price
manipulation and volatility.\18\
---------------------------------------------------------------------------

    \18\ See Securities Exchange Act Release No. 78397 (July 22,
2016), 81 FR 49320 (July 27, 2016) (SR-NYSEArca-2015-110) (amending
NYSE Arca Equities Rule 8.600 to adopt generic listing standards for
Managed Fund Shares).
---------------------------------------------------------------------------

    The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Managed
Portfolio Shares. In addition, the Exchange believes that the proposed
portfolio standards for listing and trading Managed Portfolio Shares
are reasonably designed to promote a fair and orderly market for such
Managed Portfolio Shares. These proposed standards would also work in
conjunction with the existing initial and continued listing criteria
related to surveillance procedures and trading guidelines.
    In support of this proposal, the Exchange represents that:
    (1) Managed Portfolio Shares listed generically pursuant to
Commentary .01 will conform to the initial and continued listing
criteria under Rule 8.900-E as it is proposed to be amended and
proposed Commentary .01 thereto;
    (2) the Exchange's surveillance procedures are adequate to continue
to properly monitor the trading of Managed Portfolio Shares in all
trading sessions and to deter and detect violations of Exchange rules.
Specifically, the Exchange intends to utilize its existing surveillance
procedures applicable to derivative products, which will include
Managed Portfolio Shares, to monitor trading in the Managed Portfolio
Shares;
    (3) the issuer of a series of Managed Portfolio Shares will be
required to comply with Rule 10A-3 under the Act for the initial and
continued listing of Managed Portfolio Shares, as provided under NYSE
Arca Rule 5.3-E.
    Prior to listing, pursuant to Rule 8.900-E(b) an issuer would be
required to represent to the Exchange that it will notify the Exchange
of any failure by a series of Managed Portfolio Shares to comply with
the continued listing requirements, and, pursuant to its obligations
under Section 19(g)(1) of the Act, the Exchange will monitor for
compliance with the continued listing requirements. If a series of
Managed Portfolio Shares is not in compliance with the applicable
listing requirements, the Exchange will commence delisting procedures
under NYSE Arca Rule 5.5-E(m).
    All Managed Portfolio Shares listed and/or traded pursuant to Rule
8.900-E (including pursuant to unlisted trading privileges) are subject
to all Exchange rules and procedures that currently govern the trading
of equity securities on the Exchange.
    The Exchange notes that the proposed change is not otherwise
intended to address any other issues and that the Exchange is not aware
of any problems that Equity Trading Permit Holders or issuers would
have in complying with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\19\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\20\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest because it would facilitate the listing and trading of
additional Managed Portfolio Shares, which would enhance competition
among market participants, to the benefit of investors and the
marketplace. The Exchange believes that, in view of the Commission's
approval of Exchange rules for Managed Portfolio Shares and
commencement of Exchange trading of shares of series of Managed
Portfolio Shares,\21\ it is appropriate to codify certain rules within
Rule 8.900-E that would generally reduce the need for separate proposed
rule changes. The Exchange believes that this would facilitate the
listing and trading of additional types of Managed Portfolio Shares
that have investment portfolios that are similar to investment
portfolios for other exchange-traded funds that have been approved for
listing and trading, thereby creating greater efficiencies in the
listing process for the Exchange and the Commission.
---------------------------------------------------------------------------

    \21\ See notes 4-6, supra.
---------------------------------------------------------------------------

    The securities and financial instruments enumerated in proposed

Commentary .01 (a)(1)-(10) to Rule 8.900-E are consistent with, and
limited to, the ``permissible investments'' for series of Managed
Portfolio Shares previously approved by the Commission for Exchange
listing and trading, as described in the Approval Orders.\22\ The
Exchange notes that all exchange-traded equity securities held by a
series of Managed Portfolio Shares would be listed and traded on a
national securities exchange in the United States. Futures contracts
held by a series of Managed Portfolio Shares would be traded on a U.S.
futures exchange.
---------------------------------------------------------------------------

    \22\ See notes 5 and 17, supra.
---------------------------------------------------------------------------

    With respect to the proposed amendment to Commentary .01(a)(10)
relating to cash and cash equivalents, the enumerated cash
equivalents--short-term U.S. Treasury securities, government money
market funds, and repurchase agreements--also are included as cash
equivalents for purposes of the generic listing criteria applicable to
Managed Fund Shares in Commentary .01(c) to Rule 8.600-E. Such
instruments are short-term, highly liquid, and of high credit quality,
making them less susceptible than other asset classes both to price
manipulation and volatility.\23\
---------------------------------------------------------------------------

    \23\ See note 18, supra.
---------------------------------------------------------------------------

    Quotation and last sale information for Managed Portfolio Shares
and exchange-traded equities will be available via the Consolidated
Tape Association high-speed line or from the exchange on which such
securities trade. Price information for futures contracts is available
from the exchange on which such futures trade and from major market
data vendors. Intraday pricing information for cash equivalents will be
available through subscription services and/or pricing services.
    The proposed rule change is also designed to protect investors and
the public interest because Managed Portfolio Shares listed and traded
pursuant to Rule 8.601-E, including pursuant to the proposed portfolio
standards, would continue to be subject to the full panoply of Exchange
rules and procedures that currently govern the trading of equity
securities on the Exchange.
    The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Managed
Portfolio Shares. In addition, the Exchange believes that the proposed
portfolio standards for listing and trading Managed Portfolio Shares
are reasonably designed to promote a fair and orderly market for such
Managed Portfolio Shares. These proposed standards would also work in
conjunction with the existing initial and continued listing criteria
related to surveillance procedures and trading halts.
    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices because the
Managed Portfolio Shares will be listed and traded on the Exchange
pursuant to the initial and continued listing criteria in Rule 8.900-E.
The Exchange has in place surveillance procedures that are adequate to
properly monitor trading in Managed Portfolio Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. FINRA, on behalf of the Exchange,
or the regulatory staff of the Exchange, will communicate as needed
regarding trading in Managed Portfolio Shares, other exchange-traded
equity securities, and futures contracts with other markets that are
members of the ISG. In addition, the Exchange may obtain information
regarding trading in Managed Portfolio Shares from other markets that
are members of the ISG, including all U.S. securities exchanges and
futures exchanges on which the equity securities and futures contracts
are traded.
    The Exchange also believes that the proposed rule change would
fulfill the intended objective of Rule 19b-4(e) under the Act by
allowing Managed Portfolio Shares that satisfy the proposed listing
standards to be listed and traded without separate Commission approval.
However, as proposed, the Exchange would continue to file separate
proposed rule changes before the listing and trading of Managed
Portfolio Shares that do not satisfy the additional criteria described
above.
    Prior to listing pursuant to proposed amended Rule 8.900-E and
Commentary .01 thereto, an issuer would be required to represent to the
Exchange that it will advise the Exchange of any failure by a series of
Managed Portfolio Shares to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will monitor for compliance with the continued
listing requirements. If a series of Managed Portfolio Shares is not in
compliance with the applicable listing requirements, the Exchange will
commence delisting procedures under NYSE Arca Rule 5.5-E(m).
    For these reasons, the Exchange believes that the proposal is
consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\24\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act. Instead, the Exchange believes that the
proposed rule change would facilitate the listing and trading of
additional types of Managed Portfolio Shares and result in a
significantly more efficient process surrounding the listing and
trading of Managed Portfolio Shares, which will enhance competition
among market participants, to the benefit of investors and the
marketplace. The Exchange believes that this would reduce the time
frame for bringing Managed Portfolio Shares to market, thereby reducing
the burdens on issuers and other market participants and promoting
competition. In turn, the Exchange believes that the proposed change
would make the process for listing Managed Portfolio Shares more
competitive by applying uniform listing standards with respect to
Managed Portfolio Shares.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Amendment No. 1, is consistent with the Act.
Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2020-84 on the subject line.

Paper Comments

     Send paper comments in triplicate to: Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090.

All submissions should refer to File Number SR-NYSEArca-2020-84. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2020-84 and should be submitted
on or before November 3, 2020.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
---------------------------------------------------------------------------

    \25\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-22630 Filed 10-9-20; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: May 22, 2007 (Volume 72, Number 98)]
[Notices]
[Page 28752-28753]
[DOCID:fr22my07-123]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55770; File No. SR-NSCC-2007-05]

Self-Regulatory Organizations; National Securities Clearing
Corporation; Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to Its Ability To Receive Transaction Data From
Trade Reporting Facilities That Are Facilities of a Self-Regulatory
Organization

May 15, 2007.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''), \1\ notice is hereby given that on March 26, 2007, the
National Securities Clearing Corporation (``NSCC'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change described in Items I, II, and III below, which items have been
prepared primarily by NSCC. NSCC filed the proposed rule change
pursuant to Section 19(b)(3)(A)(i) of the Act \2\ and Rule 19b-4(f)(1)
thereunder \3\ so that the proposal was effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested parties.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78s(b)(3)(A)(i).
    \3\ 17 CFR 240.19b-4(f)(1).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The purpose of the proposed rule change is to clarify NSCC's Rule
7, ``Comparison and Trade Recording Operation,'' in order to make clear
that NSCC may accept transaction data on behalf of NSCC members from
trade reporting facilities that are affiliated with and operated as a
facility of a self-regulatory organization (``Trade Reporting
Facilities'' or ``TRFs'').

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

    In its filing with the Commission, NSCC included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. NSCC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\4\
---------------------------------------------------------------------------

    \4\ The Commission has modified the text of the summaries
prepared by NSCC.
---------------------------------------------------------------------------

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

    The purpose of this filing is to clarify NSCC's Rule 7,
``Comparison and Trade Recording Operation,'' in order to make clear
that NSCC may accept transaction data on behalf of NSCC Members from
Trade Reporting Facilities.
Background
    NSCC's Rule 7 permits NSCC in its discretion to accept transaction
data from self-regulatory organizations (``SROs''), as defined in the
Securities Exchange Act of 1934 (and, similarly, from derivatives
clearing organizations registered or deemed registered with the
Commodities Futures Trading Commission). Such data may be provided
directly by an SRO or through subsidiary or affiliated organizations.
    In conjunction with the recent separation of the National
Association of Securities Dealers, Inc. (``NASD'') and The Nasdaq Stock
Market, Inc. (``Nasdaq''), the Commission approved the establishment by
NASD and Nasdaq of the NASD/Nasdaq Trade Reporting Facility, which
provides NASD members with an alternative means for reporting
transactions in exchange-listed securities effected otherwise than on
an exchange. Since then, NASD has established several additional new
TRFs in conjunction with other registered securities exchanges, each of
which provides NASD members with alternate means for reporting
transactions in exchange-listed securities effected otherwise than on
an exchange. All of these TRFs will operate as joint ventures with the
relevant exchanges, but NASD, the ``SRO Member'' of each such venture,
will have sole regulatory responsibility for each TRF. As such, the
TRFs are facilities ``of NASD and subject to NASD's registration as a
national securities association.''\5\
---------------------------------------------------------------------------

    \5\ See e.g., Securities Exchange Act Release Nos. 54084 (June
30, 2006), 71 FR 38935 (July 10, 2006) [SR-NASD-2005-087]
(establishment of the NASD/Nasdaq TRF); 54715 (November 6, 2006), 71
FR 66354 (November 14, 2006) [SR-NASD-2006-108] (establishment of
the NASD/NSX TRF); and 54931 (December 13, 2006), 71 FR 76409
(December 20, 2006) [SR-NASD-2006-115] (establishment of the NASD/
BSE TRF).
---------------------------------------------------------------------------

    At the current time, NASD filed proposed rule changes with the
Commission relating to the establishment of the following TRFs: The
NASD/Nasdaq TRF; the NASD/National Securities Exchange (NSX) TRF; the
NASD/Boston Stock Exchange (BSE) TRF; and the NASD/New York Stock
Exchange (NYSE) TRF. Currently, all the TRFs are operational. The rules
governing the operations of these facilities are contained in NASD Rule
4000 and 6100 Series for the NASD/Nasdaq TRF, NASD Rule 4000C and 6000C
Series for the NASD/NSX TRF, NASD Rule 4000D and 6000D Series for the
NASD/BSE TRF, and NASD Rule 4000E and 6000E Series for the NASD/NYSE
TRF. With the exception of the NASD/NYSE TRF, the applicable rules
permit the TRFs, at the option of their NASD member participant, to
submit the data relating to reported trades to NSCC for clearance and
settlement.
    In order to accommodate the NASD and to promote the efficient
processing of securities transactions, NSCC proposes to clarify its
Rule 7, Section 5 \6\ to make clear that it may accept transaction data
from such TRFs as facilities of the NASD, the applicable SRO. For this
purpose, the proposed clarification provides that the TRF be affiliated
with and operated as a facility of the SRO and that the rules and
operation of the TRF be the subject of a rule change of the SRO that
has been duly filed with the Commission and is effective.\7\ By
allowing NSCC to receive transaction data for clearing purposes from
these facilities with respect to NSCC's members, broker-dealers will be
able to report transactions for both reporting/regulatory and clearing
purposes in a single report to the TRFs.
---------------------------------------------------------------------------

    \6\ Rule 7, Section 5 is proposed to be renumbered as part of
other changes pending pursuant to File No. SR-NSCC-2006-04.
    \7\ NASD filed a proposed rule change relating to the
establishment of the NASD/NYSE TRF for immediate effectiveness,
asserting that such proposed rule change was ``non-controversial''
because it was substantially similar to the rules relating to the
other TRFs, which were subject to notice and comment and approved by
the Commission. Securities Exchange Act Release No. 55325 (February
21, 2007), 72 FR 8820 (February 27, 2007) [SR-NASD-2007-011].

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    The proposed rule change is consistent with the requirements of
Section 17A of the Act \8\ and the rules and regulations thereunder
applicable to NSCC because the proposed change is a clarification that
does not adversely affect the safeguarding of securities and funds in
the custody or control of the clearing agency or for which it is
responsible and does not adversely affect the respective rights or
obligations of the clearing agency or its members.
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    \8\ 15 U.S.C. 78q-1.
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    NSCC does not believe that the proposed rule change will have any
impact or impose any burden on competition.

(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants, or Others

    Written comments relating to the proposed rule change have not yet
been solicited or received. NSCC will notify the Commission of any
written comments received by NSCC.

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

    The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(i) of the Act \9\ and Rule 19b-4(f)(1) \10\
thereunder because it constitutes a stated policy, practice, or
interpretation with respect to the meaning, administration, or
enforcement of an existing rule of NSCC. At any time within 60 days of
the filing of the proposed rule change, the Commission may summarily
abrogate such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
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    \9\ 15 U.S.C. 78s(b)(3)(A)(i).
    \10\ 17 CFR 240.19b-4(f)(1).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml.
) or     Send an e-mail to<EMAIL_ADDRESS>Please include

File Number SR-NSCC-2007-05 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NSCC-2007-05. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for inspection and
copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549. The text of the proposed rule change is
available at NSCC, the Commission's Public Reference Room, and http://www.nscc.com/legal/2007/2007-05.pdf.
 All comments received will be

posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NSCC-2007-05 and should be submitted on
or before June 11, 2007.

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-9762 Filed 5-21-07; 8:45 am]

BILLING CODE 8010-01-P