[Federal Register Volume 84, Number 212 (Friday, November 1, 2019)]
[Notices]
[Pages 58763-58769]
[FR Doc No: 2019-23859]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87409; File No. SR-NYSEArca-2019-73]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Permitting the
Continued Listing and Trading of the WisdomTree Emerging Markets
Multifactor Fund and the WisdomTree International Multifactor Fund

October 28, 2019.
    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 October 15, 2019, 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. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to permit the continued listing and trading
of the WisdomTree Emerging Markets Multifactor Fund and the WisdomTree
International Multifactor Fund, under NYSE Arca Rule 8.600-E (``Managed
Fund Shares''). The proposed rule change is available on the Exchange's
website at www.nyse.com, at the principal office of the Exchange, and
at the Commission's Public Reference Room.

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

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

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

1. Purpose
    Pursuant to NYSE Arca Rule 8.600-E, the Exchange proposes to permit
the continued listing and trading of the WisdomTree Emerging Markets
Multifactor Fund (``Emerging Markets Fund'') and the WisdomTree
International Multifactor Fund (``International Fund'') (each a Fund,
and collectively, the ``Funds''), that do not otherwise meet the
standards set forth in Rule 8.600-E, Commentary .01(e), as described
below. The shares (``Shares'') of the Funds commenced trading on the
Exchange on August 10, 2018 pursuant to the generic listing criteria in
Commentary .01 to NYSE Arca Rule 8.600-E (``Managed Fund Shares'').\4\
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) organized as an open-end
investment company or similar entity that invests in a portfolio of
securities selected by its investment adviser consistent with its
investment objectives and policies. In contrast, an open-end
investment company that issues Investment Company Units, listed and
traded on the Exchange under NYSE Arca Rule 5.2-E(j)(3), seeks to
provide investment results that correspond generally to the price
and yield performance of a specific foreign or domestic stock index,
fixed income securities index or combination thereof.
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    The Shares are offered by the WisdomTree Trust (the ``Trust'').
WisdomTree Asset Management, Inc. (the ``Adviser'') acts as adviser to
the Funds. Mellon Investments Corporation acts as sub-adviser (the
``Sub-Adviser'') to the Funds. The Trust is registered with the
Commission as an investment company and has most recently updated its
registration statement on Form N-1A (``Registration Statement'') with
the Commission on behalf of the Funds that includes disclosure
described herein.\5\
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    \5\ See Registration Statement (File Nos. 333-132380 and 811-
21864) and filings dated August 1, 2019. The description of the
operation of the Trust and the Funds herein is based, in part, on
the information in the Registration Statement.
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    Commentary .06 to Rule 8.600-E provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect
and maintain a ``fire wall'' between the investment adviser and the
broker-dealer with respect to access to information concerning the
composition and/or changes to such investment company portfolio.\6\ In
addition, Commentary .06 further requires that personnel who make
decisions on the investment company's portfolio composition must be
subject to procedures designed to prevent the use and dissemination of
material nonpublic information regarding the applicable investment
company portfolio. The Adviser is not registered as a broker-dealer and
is not affiliated with a broker-dealer. The Sub-Adviser is affiliated
with multiple broker-dealers and has implemented and will maintain a
``fire wall'' with respect to such broker-dealers and their personnel
regarding access to information concerning the composition and/or
changes to a Fund's portfolio. In addition, Sub-Adviser personnel who
make decisions regarding a Fund's portfolio are subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding such Fund's portfolio. 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, it will implement and maintain a fire wall with respect to its
relevant personnel or its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
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    \6\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser, 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.
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    The Exchange submits this proposal in order to allow the Funds to
hold OTC currency swaps and OTC currency forwards in a manner that may
not comply with Commentary .01(e) to Rule 8.600-E.\7\ Specifically, the
aggregate gross notional value of each Fund's investments in OTC
derivatives may exceed 20% of Fund assets, calculated as the aggregate
gross notional value of such OTC derivatives.\8\ The Exchange proposes
that up to 50% of each Fund's assets (calculated as the aggregate gross
notional value of the OTC derivatives) may be invested in OTC
derivatives, that is, currency swaps and currency forwards, that are
used to reduce (that is, ``hedge'') currency risk arising from each
Fund's investments. Each Fund's investments in OTC derivatives, other

than OTC derivatives used to hedge each Fund's portfolio against
currency risk, will be limited to 20% of the assets in each Fund's
portfolio, calculated as the aggregate gross notional value of such OTC
derivatives. The only OTC derivatives that each Fund may invest in are
currency swaps and currency forwards.
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    \7\ In particular, the Funds may not meet the requirement under
Commentary .01(e) to Rule 8.600-E, which provides that a portfolio
may hold OTC derivatives, including forwards, options and swaps on
commodities, currencies and financial instruments (e.g., stocks,
fixed income, interest rates, and volatility) or a basket or index
of any of the foregoing; however, on both an initial and continuing
basis, no more than 20% of the assets in the portfolio may be
invested in OTC derivatives. For purposes of calculating this
limitation, a portfolio's investment in OTC derivatives will be
calculated as the aggregate gross notional value of the OTC
derivatives.
    \8\ The Adviser and Sub-Adviser monitor counterparty credit risk
exposure (including for OTC derivatives) and evaluate counterparty
credit quality on a continuous basis.
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    Otherwise, the Funds comply with, and will continue to comply with,
all other listing requirements on an initial and continued listing
basis under Commentary .01(e) to Rule 8.600-E for Managed Fund Shares
(``Generic Listing Standards'').
WisdomTree Emerging Markets Multifactor Fund
    According to the Registration Statement, the Emerging Markets Fund
seeks capital appreciation. The Emerging Markets Fund is actively
managed using a model-based approach and seeks to achieve its
investment objective by investing primarily in equity securities of
emerging markets that exhibit certain characteristics that the Adviser
believes to be indicative of positive future returns based on a model
developed by the Adviser. The Adviser seeks to identify equity
securities of emerging markets countries that have the highest
potential for returns based on proprietary measures of fundamental
factors, such as value and quality, and technical factors, such as
momentum and correlation. The Adviser employs a quantitative model to
identify which securities the Emerging Markets Fund might purchase and
sell and opportune times for purchases and sales. At a minimum, the
Emerging Markets Fund's portfolio will be rebalanced quarterly
according to the Adviser's quantitative model, although a more active
approach may be taken depending on such factors as market conditions
and investment opportunities, and the number of holdings in the
Emerging Markets Fund may vary. The Sub-Adviser, with oversight by the
Adviser, is responsible for the day-to-day management of the Emerging
Markets Fund's portfolio in implementing the foregoing models-based
approach.
    The Adviser's strategy, as implemented by the Sub-Adviser, seeks to
manage the Emerging Markets Fund's currency risk by dynamically hedging
currency fluctuations in the relative value of the applicable foreign
currencies against the U.S. dollar (the ``Emerging Markets Currency
Hedge''), ranging from a 0% to 100% hedge. The hedge ratios are
adjusted as frequently as weekly utilizing signals such as interest
rate differentials, momentum, and value.
    Under normal market conditions,\9\ the Emerging Markets Fund will
hold only the following instruments: Non-U.S. Component Stocks,\10\
U.S. Component Stocks \11\ (in addition to U.S. exchange-listed
exchange-traded funds (``ETFs'')),\12\ American Depository Receipts
(``ADRs''), cash and cash equivalents,\13\ OTC currency forwards and
OTC currency swaps. As noted above, all of the Emerging Markets Fund's
holdings meet, and will continue to meet, the Generic Listing Standards
with the exception of its holdings in OTC currency forwards and OTC
currency swaps, which, following the effectiveness of this proposal,
may exceed the requirement under Rule 8.600-E, Commentary .01(e), that
prohibits the aggregate gross notional value of OTC derivatives from
exceeding 20% of the weight of the portfolio (including gross notional
exposures).
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    \9\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
    \10\ See Commentary .01(a)(2) to Rule 8.600-E.
    \11\ See Commentary .01(a)(1) to Rule 8.600-E.
    \12\ For purposes of this filing, the term ``ETFs'' includes
Investment Company Units (as described in NYSE Arca Rule 5.2-
E(j)(3)); Portfolio Depositary Receipts (as described in NYSE Arca
Rule 8.100-E); and Managed Fund Shares (as described in NYSE Arca
Rule 8.600-E). All ETFs will be listed and traded in the U.S. on a
national securities exchange. The Fund will not invest in inverse or
leveraged (e.g., 2X, -2X, 3X or -3X) ETFs.
    \13\ For purposes of this filing, cash equivalents are the
short-term instruments enumerated in Commentary .01(c) to Rule
8.600-E.
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WisdomTree International Multifactor Fund
    According to the Registration Statement, the International Fund
seeks capital appreciation. The International Fund is actively managed
using a model-based approach and seeks to achieve its investment
objective by investing primarily in equity securities of developed
markets, excluding the United States and Canada, that exhibit certain
characteristics that the Adviser believes to be indicative of positive
future returns based on a model developed by the Adviser. The Adviser
seeks to identify equity securities of developed countries, excluding
the United States and Canada, that have the highest potential for
returns based on proprietary measures of fundamental factors, such as
value and quality, and technical factors, such as momentum and
correlation. The Adviser employs a quantitative model to identify which
securities the International Fund might purchase and sell and opportune
times for purchases and sales. At a minimum, the International Fund's
portfolio will be rebalanced quarterly according to the Adviser's
quantitative model, although a more active approach may be taken
depending on such factors as market conditions and investment
opportunities, and the number of holdings in the International Fund may
vary. The Sub-Adviser, with oversight by the Adviser, is responsible
for the day-to-day management of the International Fund's portfolio in
implementing the foregoing models-based approach.
    The Adviser's strategy, as implemented by the Sub-Adviser, seeks to
manage the International Fund's currency risk by dynamically hedging
currency fluctuations in the relative value of the applicable foreign
currencies against the U.S. dollar (the ``International Multifactor
Currency Hedge'' and collectively, with the Emerging Markets Currency
Hedge, the ``Currency Hedge''), ranging from a 0% to 100% hedge. The
hedge ratios are adjusted as frequently as weekly utilizing signals
such as interest rate differentials, momentum, and value.
    Under normal market conditions, the International Fund will hold
only the following instruments: Non-U.S. Component Stocks, U.S.
Component Stocks (in addition to U.S. exchange-listed ETFs), ADRs, cash
and cash equivalents, and OTC currency forwards and OTC currency swaps.
As noted above, the International Fund's holdings meet the Generic
Listing Standards with the exception of its holdings in OTC currency
forwards and OTC currency swaps, which may not meet the requirement
under Rule 8.600-E, Commentary .01(e) that prevents the aggregate gross
notional value of OTC derivatives from exceeding 20% of the weight of
the portfolio (including gross notional exposures).\14\
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    \14\ Because the Fund is not in compliance with Rule 8.600-E,
Commentary .01(e), the Exchange has commenced delisting proceedings
pursuant to Rule 5.5-E(m), including issuing a deficiency
notification.
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    The Trust is required to comply with Rule 10A-3 under the Act \15\
for the initial and continued listing of the Shares of each Fund. In
addition, the Exchange represents that the Shares of each Fund will
meet and be subject to all other requirements of the Generic Listing
Standards and continued listing requirements for Managed Fund Shares
under Exchange Rule 8.600-E. All statements and representations made in
this filing regarding the description of the portfolio or reference
assets, limitations on portfolio holdings or reference assets,
dissemination and availability of reference assets and portfolio
indicative values, and the

applicability of Exchange listing rules specified in this filing shall
constitute continued listing requirements for the Funds. The Trust, on
behalf of the Funds, has represented to the Exchange that it will
advise the Exchange of any failure by a Fund or the Shares to comply
with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Act, the Exchange will
surveil for compliance with the continued listing requirements. If a
Fund is not or the Shares are not in compliance with the applicable
listing requirements, the Exchange will commence delisting procedures
under Exchange Rule 5.5-E(m).
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    \15\ 17 CFR 240.10A-3.
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Application of Generic Listing Requirements
    The Exchange is submitting this proposed rule change because the
portfolios for the Funds will not meet all of the Generic Listing
Standards of Commentary .01 to NYSE Arca Rule 8.600-E applicable to the
listing of Managed Fund Shares. Each Fund's portfolio will meet all
such requirements except for those set forth in Commentary .01(e) (with
respect to OTC Derivatives), as described below.\16\
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    \16\ See note 7, supra.
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    As described above, the Funds meet all of the Generic Listing
Standards except with respect to their holdings in OTC currency
forwards and OTC currency swaps, which would be used to achieve their
respective Currency Hedge. The Exchange believes that this proposal
does not raise any novel or substantive issues for the Commission to
review because there are numerous filings that were either effective
upon filing or that the Commission has approved for the listing and
trading of series of Managed Fund Shares that employ similar hedging
strategies.\17\
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    \17\ See Securities Exchange Act Release Nos. 85474 (March 29,
2019), 84 FR 13371 (April 4, 2019) (SR-CboeBZX-2019-019) (notice of
filing and immediate effectiveness of a proposed rule change to make
certain changes to the listing rule governing the listing and
trading of the shares of the WisdomTree Japan Multifactor Fund and
the WisdomTree Europe Multifactor Fund to allow each fund to hedge
its foreign currency exposure with up to 50% gross notional exposure
to OTC currency swaps); 84143 (September 14, 2018), 83 FR 47659
(September 20, 2018) (SR-CboeBZX-2018-019) (order approving the
listing and trading of eighteen series of Managed Fund Shares that
allowed each series to hedge its foreign equity position with up to
50% gross notional exposure to OTC currency swaps); 84818 (December
13, 2018), 83 FR 65189 (December 19, 2018) (SR-NYSEArca-2018-75)
(order approving the listing and trading of a series of Managed Fund
Shares that may hold up to 50% of the aggregate gross notional value
of the fund's portfolio in OTC derivatives for the purpose of
reducing currency, interest rate, credit, or duration risk, in
addition to allowing the fund to hold an additional 20% of non-
hedging OTC derivatives); 82591 (January 26, 2018), 83 FR 4707
(February 1, 2018) (SR-BatsBZX-2017-54) (the ``Inflation Hedged
Fund'') (order approving the listing and trading of a series of
Managed Fund Shares that could gain up to 50% gross notional
exposure to OTC derivatives in order to hedge against inflation in
the fund's portfolio); and 83363 (June 1, 2018), 83 FR 26531 (June
7, 2018) (SR-CboeBZX-2018-036) (notice of filing and immediate
effectiveness of a proposal to allow the Inflation Hedged Fund to
move increase its potential exposure to OTC derivative instruments
from 50% to 60% of the fund's gross notional value). See also SR-
NYSEArca-2017-09 (Notice of Filing of Amendment No. 2 and Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 2, Regarding Investments of the Janus Short
Duration Income ETF Listed Under NYSE Arca Equities Rule 8.600); SR-
NYSEArca-2018-75 (Order Approving a Proposed Rule Change, as
Modified by Amendment No. 1 Thereto, Regarding the Listing and
Trading of Shares of the PGIM Ultra Short Bond ETF); SR-NYSEArca-
2018-98 (Notice of Filing of Amendment No. 4 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 4, To List and Trade Shares of the iShares Commodity
Multi-Strategy ETF Under NYSE Arca Rule 8.600-E); and SR-NYSEArca-
2018-83 (Notice of Filing of Amendment No. 4 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 4, Regarding Changes to Investments of the iShares
Bloomberg Roll Select Commodity Strategy ETF).
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    Further, the Exchange believes that, while the portfolios of the
Funds may not meet Commentary .01(e) to Rule 8-600-E, the policy issues
that the rule is intended to address are otherwise mitigated by the
structure and purpose of the Currency Hedge within the Funds.\18\
Specifically, the Exchange believes that the policy issues that
Commentary .01(e) to Rule 8-600-E is intended to address are mitigated
by the way that the Funds would use OTC currency forwards and OTC
currency swaps. The rule is intended to mitigate concerns around the
manipulability of a particular underlying reference asset or
derivatives contract and to minimize counterparty risk. While the
Currency Hedge positions taken by the Funds may not meet the Generic
Listing Standards related to OTC derivatives holdings, the policy
concerns about limiting exposure to potentially manipulable underlying
reference assets that the Generic Listing Standards are intended to
address are otherwise mitigated by the liquidity in the underlying spot
currency market that prevents manipulation of the reference prices used
by the Currency Hedge. The Funds will attempt to limit counterparty
risk in OTC currency forwards and OTC currency swaps by: (i) Entering
into such contracts only with counterparties that Adviser and/or Sub-
Adviser believes are creditworthy; (ii) limiting a Fund's exposure to
each counterparty; and (iii) monitoring the creditworthiness of each
counterparty and the Fund's exposure to each counterparty on an ongoing
basis.
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    \18\ Each Fund expects to invest in excess of 80% of its net
assets in Non-U.S. Component Stocks in a manner that will comply
with the Generic Listing Standards.
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Availability of Information
    As noted above, the Funds will each comply with the requirements
for Managed Fund Shares related to Disclosed Portfolio, Net Asset Value
(``NAV''), and the Portfolio Indicative Value. Additionally, the intra-
day, closing and settlement prices of Non-U.S. Component Stocks, U.S.
Component Stocks, ADRs, and ETFs will be readily available from the
securities exchanges on which such securities are traded, as well as
published or other public sources, or online information services such
as Bloomberg or Reuters. Intraday price quotations on OTC currency
forwards and OTC currency swaps are available from major broker-dealer
firms and from third-parties, which may provide prices free with a time
delay or in real-time for a paid fee. Price information for cash
equivalents will be available from major market data vendors. Each
Fund's Disclosed Portfolio will be available on the issuer's website
(www.WisdomTree.com) free of charge. Each Fund's website will include
the prospectus for the applicable Fund and additional information
related to NAV and other applicable quantitative information.
Information regarding market price and trading volume of the Shares
will be continuously available throughout the day on brokers' computer
screens and other electronic services. Information regarding the
previous day's closing price and trading volume for the Shares will be
published daily in the financial section of newspapers. Trading in the
Shares may be halted for market conditions or for reasons that, in the
view of the Exchange, make trading inadvisable. The Exchange deems the
Shares to be equity securities, thus rendering trading in the Shares
subject to the Exchange's existing rules governing the trading of
equity securities. The Exchange has appropriate rules to facilitate
trading in the shares during all trading sessions.
Surveillance
    The Exchange represents that trading in the Shares are subject to
the existing trading surveillances, administered by FINRA on behalf of
the Exchange, or by regulatory staff of the Exchange, which are
designed to detect violations of Exchange rules and applicable federal
securities laws. The Exchange represents that 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.\19\
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    \19\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
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    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares, U.S. Component
Stocks, ETFs, ADRs and certain of the Non-U.S. Component Stocks that
are held by each Fund with other markets and other entities that are
members of the ISG, and the Exchange or FINRA, on behalf of the
Exchange, or both, may obtain trading information regarding trading in
such securities and financial instruments from such markets and other
entities.\20\ In addition, the Exchange may obtain information
regarding trading in such securities and financial instruments from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
In addition, 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 TRACE.
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    \20\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
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    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
the description of the portfolio or reference assets, limitations on
portfolio holdings or reference assets, dissemination and availability
of reference assets and portfolio indicative values, and the
applicability of Exchange listing rules specified in this filing shall
constitute continued listing requirements for the Funds.
    The issuer must notify the Exchange of any failure by a Fund 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
Fund is not in compliance with the applicable listing requirements, the
Exchange will commence delisting procedures under NYSE Arca Rule 5.5-
E(m).
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section
6(b) of the Act \21\ in general and Section 6(b)(5) of the Act \22\ in
particular in that it 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 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.
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    \21\ 15 U.S.C. 78f.
    \22\ 15 U.S.C. 78f(b)(5).
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    Specifically, the Exchange believes that the proposal is consistent
with Rule 6(b)(5) of the Act in that is designed to prevent fraudulent
and manipulative acts and practices because the policy concerns about
limiting exposure to potentially manipulable underlying reference
assets that the Generic Listing Standards are intended to address,
specifically Commentary .01(e) to Rule 8.600-E, related to OTC
derivatives holdings, are otherwise mitigated by the liquidity in the
underlying spot currency market that prevents manipulation of the
reference prices used by the Currency Hedge. Specifically, the Exchange
believes that the policy issues that Commentary .01(e) to Rule 8.600-E
is intended to address are mitigated by the way that the Funds would
use OTC currency forwards and OTC currency swaps. The rule is intended
to mitigate concerns around the manipulability of a particular
underlying reference asset or derivatives contract and to minimize
counterparty risk. As noted above, while the Currency Hedge positions
that might be taken by the Funds may not meet the Generic Listing
Standards related to OTC derivatives holdings, the policy concerns
about limiting exposure to potentially manipulable underlying reference
assets that the Generic Listing Standards are intended to address are
otherwise mitigated by the liquidity in the underlying spot currency
market that prevents manipulation of the reference prices used by the
Currency Hedge. The Funds will attempt to limit counterparty risk in
OTC currency forwards and OTC currency swaps by: (i) Entering into such
contracts only with counterparties the Adviser and/or Sub-Adviser
believes are creditworthy; (ii) limiting a Fund's exposure to each
counterparty; and (iii) monitoring the creditworthiness of each
counterparty and the Fund's exposure to each counterparty on an ongoing
basis.
    The Exchange also notes that there are numerous filings that were
either effective upon filing or that the Commission has approved for
the listing and trading of series of Managed Fund Shares that employ
similar hedging strategies.\23\
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    \23\ See note 17, supra.
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    The Exchange believes that it is appropriate and in the public
interest to allow the Funds, for hedging purposes only, to exceed the
20% limit in Commentary .01(e) to Rule 8.600-E of portfolio assets that
may be invested in OTC derivatives to a maximum of 50% of Fund assets
(calculated as the aggregate gross notional value of the OTC
derivatives). Under Commentary .01(e), a series of Managed Fund Shares
listed under the Generic Listing Standards may invest up to 20% of its
assets (calculated as the aggregate gross notional value) in OTC
derivatives. Because the Funds, in furtherance of their investment
objective, may invest a substantial percentage of their investments in
OTC currency forwards and OTC currency swaps, the 20% limit in
Commentary .01(e) to Rule 8.600 could result in the Funds being unable
to fully pursue their investment objective while attempting to
sufficiently mitigate investment risks. The inability of the Funds to
adequately hedge their holdings would effectively limit the Funds'
ability to invest in certain instruments, or could expose the Funds to
additional investment risk.
    The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Funds on the Exchange during all
trading sessions and to deter and detect violations of Exchange rules
and the applicable federal securities laws.
    Trading of the Funds through the Exchange will be subject to the
Exchange's surveillance procedures for derivative products, including
Managed Fund Shares. All statements and representations made in this
filing regarding the description of the portfolio or reference assets,
limitations on portfolio holdings or reference assets, dissemination
and availability of reference assets and portfolio indicative values,
and the applicability of Exchange listing rules specified in this
filing shall constitute continued listing requirements for the Funds.
The Trust,

on behalf of the Funds, has represented to the Exchange that it will
advise the Exchange of any failure by a Fund or the Shares to comply
with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Act, the Exchange will
surveil for compliance with the continued listing requirements. If a
Fund or the Shares are not in compliance with the applicable listing
requirements, the Exchange will commence delisting procedures under
Exchange Rule 5.5-E(m).
    As described above, all ADRs and ETFs will be listed on a U.S.
national securities exchange, all of which are members of ISG or are
exchanges with which the Exchange has in place a comprehensive
surveillance sharing agreement. The Exchange may obtain information
regarding trading in the Funds, U.S. Component Stocks, ETFs, ADRs, and
certain Non-U.S. Component Stocks held by each Fund via the ISG, from
other exchanges that are members or affiliates of the ISG, or with
which the Exchange has entered into a comprehensive surveillance
sharing agreement. Additionally, the Exchange or FINRA, on behalf of
the Exchange, are able to access, as needed, trade information for
certain fixed income instruments reported to TRACE.
    For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the continued listing and trading
of Managed Fund Shares that will enhance competition among market
participants, to the benefit of investors and the marketplace.

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

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

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \24\ and Rule 19b-4(f)(6) thereunder.\25\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \26\ and Rule 19b-
4(f)(6)(iii) thereunder.\27\
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \25\ 17 CFR 240.19b-4(f)(6).
    \26\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \27\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \28\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \29\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing. The
Commission notes that there are numerous filings that were either
effective upon filing or that the Commission approved for the listing
and trading of series of Managed Fund Shares that employ similar
hedging strategies \30\ and does not believe this proposal raises new
or novel issues. The Commission also notes that, except for the changes
in this proposed rule change, the Funds comply with, and will continue
to comply with, all other listing requirements on an initial and
continued listing basis under Commentary .01(e) to Rule 8.600-E. The
Commission therefore believes that waiver of the 30-day operative delay
is consistent with the protection of investors and the public interest
and hereby waives the operative delay and designates the proposed rule
change operative upon filing.\31\
---------------------------------------------------------------------------

    \28\ Id.
    \29\ 17 CFR 240.19b-4(f)(6)(iii).
    \30\ See note 17, supra.
    \31\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2019-73 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-2019-73. 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-2019-73 and should be submitted
on or before November 22, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
---------------------------------------------------------------------------

    \32\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-23859 Filed 10-31-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 85, Number 25 (Thursday, February 6, 2020)]
[Notices]
[Pages 6940-6941]
[FR Doc No: 2020-02293]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

    Docket Number: PR20-26-000.
    Applicants: Columbia Gas of Maryland, Inc.
    Description: Tariff filing per 284.123(b),(e)/: CMD SOC Rates

effective 12-18-2019 to be effective 12/18/2019. Filing Type: 980.
    Filed Date: 1/28/2020.
    Accession Number: 20200128-5022.
    Comments/Protests Due: 5 p.m. ET 2/18/2020.

    Docket Numbers: CP20-46-000.
    Applicants: Southern Natural Gas.
    Description: Application for the Authorization of Abandonment for
Rate Schedules X-48, X-49, X59 and X63 Southern Natural Gas Company,
L.L.C under CP20-46.
    Filed Date: 1/29/2020.
    Accession Number: 20200129-5099.
    Comments Due: 5 p.m. ET 2/19/20.

    Docket Numbers: RP20-453-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: Compliance filing 012820 System MAP URL Update,
Compliance Filing to be effective 1/29/2020.
    Filed Date: 1/28/20.
    Accession Number: 20200128-5020.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-454-000.
    Applicants: Southern Star Central Gas Pipeline, Inc.
    Description: Sec.  4(d) Rate Filing: Vol. 2--Negotiated Rate
Agreement--Scout Energy Group III to be effective 2/1/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5014.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-455-000.
    Applicants: Transcontinental Gas Pipe Line Company.
    Description: Sec.  4(d) Rate Filing: Priority of Service--
Clarification and Clean-Up to be effective 2/29/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5057.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-456-000.
    Applicants: El Paso Natural Gas Company, L.L.C.
    Description: Sec.  4(d) Rate Filing: Negotiated Rate Agreement
Update (Conoco Feb 20) to be effective 2/1/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5063.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-457-000.
    Applicants: Algonquin Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: Negotiated Rates--Boston Gas
510798 releases eff 2-1-2020 to be effective 2/1/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5068.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-458-000.
    Applicants: Algonquin Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: Negotiated Rates--Boston Gas
510807 releases eff 2-1-2020 to be effective 2/1/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5073.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-459-000.
    Applicants: Algonquin Gas Transmission, LLC.
    Description: Sec.  4(d) Rate Filing: Negotiated Rates--Boston Gas
511109 releases eff 2-1-2020 to be effective 2/1/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5106.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-460-000.
    Applicants: Cameron Interstate Pipeline, LLC.
    Description: Sec.  4(d) Rate Filing: Rate Schedule PAL, Tariff
Updates, and Housekeeping Revisions to be effective 3/1/2020.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5119.
    Comments Due: 5 p.m. ET 2/10/20.

    Docket Numbers: RP20-461-000.
    Applicants: Kinder Morgan Illinois Pipeline LLC.
    Description: Compliance filing Penalty Revenue Annual Report for
2019 to be effective N/A.
    Filed Date: 1/29/20.
    Accession Number: 20200129-5136.
    Comments Due: 5 p.m. ET 2/10/20.

    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 5:00
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: January 30, 2020.
Kimberly D. Bose,
Secretary.
[FR Doc. 2020-02293 Filed 2-5-20; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 81, Number 231 (Thursday, December 1, 2016)]
[Notices]
[Pages 86710-86711]
[FR Doc No: 2016-28880]

=======================================================================
-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

[Regional Docket Nos. V-2013-12 and V-2013-15, FRL-9955-87-Region 5]

Clean Air Act Operating Permit Program; Action on Petition for
Objection to State Operating Permit for Appleton Coated LLC

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of final Order on petition to object to Clean Air Act
Title V operating permit.

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

SUMMARY: This document announces that the Environmental Protection
Agency (EPA) Administrator has denied two petitions asking EPA to
object to a Title V operating permit issued by the Wisconsin Department
of Natural Resources (WDNR) to Appleton Coated LLC (Appleton Coated).
The first petition was submitted by the Sierra Club, the Clean Water
Action Council, and the Midwest Environmental Defense Center (Sierra
Club Petition). The second petition was submitted by Appleton Coated
and the Wisconsin Paper Council (Appleton Coated/WPC Petition).
Sections 307(b) and 505(b)(32) of the Clean Air Act (Act) provide that
a petitioner may ask for judicial review of those portions of the
petition that EPA denies in the United States Court of Appeals for the
appropriate circuit. Any petition for review shall be filed within 60
days from the date this notice appears in the Federal Register,
pursuant to section 307 of the Act.

ADDRESSES: You may review copies of the final Order, the petition, and
other supporting information at the EPA Region 5 Office, 77 West
Jackson Boulevard, Chicago, Illinois 60604. If you wish to examine
these documents, you should make an appointment at least 24 hours
before the day you would like to visit. Additionally, the final Order
for the Appleton petition is available electronically at: https://www.epa.gov/title-v-operating-permits/title-v-petition-database.

FOR FURTHER INFORMATION CONTACT: Genevieve Damico, Chief, Air Permits
Section, Air Programs Branch, Air and Radiation Division, EPA, Region
5, 77 West Jackson Boulevard AR-18J, Chicago, Illinois 60604, telephone
(312) 353-4761.

SUPPLEMENTARY INFORMATION: The Act affords EPA a 45-day period to
review and object, as appropriate, to Title V operating permits
proposed by state permitting authorities. Section 505(b)(2) of the Act
authorizes any person to petition the EPA Administrator within 60 days
after the expiration of the EPA review period to object to a Title V
operating permit if EPA has not done so. A petition must be based only
on objections to the permit that were raised with reasonable
specificity during the public comment period provided by the state,
unless the petitioner demonstrates that it was impracticable to raise
issues during the comment period, or the grounds for the issues arose
after this period.

    On October 28, 2013, EPA received the Sierra Club Petition which
alleged that WDNR applied an erroneous interpretation of the ``routine
maintenance, repair, and replacement'' exemption for a superheater
boiler tube replacement project from 2005, and that the project
resulted in a significant net emissions increase triggering New Source
Review (NSR). On November 19, 2013, EPA received the Appleton Coated/
WPC Petition which alleged that the permit is deficient because it
lacks a permit shield from NSR requirements for the 2005 superheater
boiler tube replacement project.
    On October 14, 2016, the Administrator issued an Order denying both
petitions. The Order explains the reasons behind EPA's conclusion.

    Dated: November 18, 2016.
Robert A. Kaplan,
Acting Regional Administrator, Region 5.
[FR Doc. 2016-28880 Filed 11-30-16; 8:45 am]
 BILLING CODE 6560-50-P


NACEPT Superfund Subcommittee Meeting 1 Draft Agenda September 3 5, 2003 Draft Agenda NACEPT Superfund Subcommittee September 3 5, 2003 Wyndham City Center Hotel 1143 New Hampshire Avenue 202 775 0800 or 1 800 526 7495 Wednesday, September 3, 2003 1: 00   1: 30 Registration and Public Sign In 1: 30   1: 45 Welcome and Introductions Ray Loehr, Chairman of Superfund Subcommittee, will provide an overview of the following: 1) Statement of Charge, 2) Summary of last meeting, 3) Summary of activity since the last meeting, 4) Statement of Purpose for this meeting with goals and objectives. Members will be asked to introduce themselves.

1: 45   2: 15 Welcome from EPA Representative An EPA Representative will welcome the Subcommittee and address 1) changes in staffing in Senior Management and how that impacts the Subcommittee 2) clarify the Agency's commitment to the Subcommittee 3) explain relevant initiatives underway internally.

2: 15   2: 30 Agenda Review John Ehrmann, Meridian Institute Facilitator will review and explain the meeting objectives and flow of the agenda.

2: 30   3: 30 Introduction to the Revised Draft Report Text John Ehrmann will review the changes to the August, 2003 Draft Report, review the revised organization, and highlight key sections. He will discuss with the subcommittee members the focus of the review at this point in time and how the agenda will be used to discuss and revise the August 2003 Draft Report.

3: 30  5: 15 Group Discussion of Draft Report The group will address the key issues raised in the August 2003 Draft Report and focus discussion on deliberating over and developing consensus on the recommendations.

5: 15   5: 45 Public Comment Period 5: 45   6: 00 Wrap Up Dr. Loehr and Dr. Ehrmann will recap the day and review the agenda for the following day. NACEPT Superfund Subcommittee Meeting 2 Draft Agenda September 3 5, 2003 7: 00 Optional Group Dinner Arrangements will be made for any Subcommittee members who would like to go to dinner.

Thursday, September 4, 2003 8: 00   8: 30 Registration and Public Sign In 8: 30   8: 45 Miscellaneous Business   Reports from other related groups or meetings   John Ehrmann  Review & make adjustments to agenda 8: 45   12: 00 Group Discussion of August 2003 Draft Report Continued Continuation of group deliberation on key issues raised in the August 2003 Draft Report.

12: 00   1: 15 Lunch 1: 15   2: 45 Group Discussion of August 2003 Draft Report Continued Continuation of group deliberation on key issues raised in the August 2003 Draft Report.

2: 45  3: 00 Break 3: 00   5: 00 Group Discussion of August 2003 Draft Report Continued Continuation of group deliberation on key issues raised in the August 2003 Draft Report.

5: 00   5: 30 Public Comment Period 5: 45   6: 00* Wrap Up and Agenda Planning for the Following Day Dr. Loehr and Dr. Ehrmann will recap the day and review the agenda for the following day.

7: 00 pm Dinner Arrangements will be made for any Subcommittee members who would like to go to dinner.

* In the event that additional deliberation or work group meetings are needed, these time frames may be be adjusted as necessary by the chair. NACEPT Superfund Subcommittee Meeting 3 Draft Agenda September 3 5, 2003 Friday, September 5, 2003 ( OPEN TO THE PUBLIC)

NOTE: The Chairman of the Subcommittee reserves the right to adjourn the public meeting on Thursday September 4th if the group has completed its discussion of the report. Should that happen, the Friday session will be used for working group meetings and will be closed to the public.

8: 00   8: 30 Registration and Public Sign In 8: 30   8: 40 John Ehrmann Review & make adjustments to agenda 8: 40   10: 00 Group Discussion of August 2003 Draft Report Continued Continuation of group deliberation on key issues raised in the August 2003 Draft Report.

10: 00   10: 30 Public Comment Period 10: 30   10: 45 Break 10: 45   11: 15 Discuss NACEPT Council Review of the available version of the Draft Report The Subcommittee will discuss preparation for the NACEPT Council review of the draft report.

11: 15   12: 00 Discussion of the Editing and Revision Process for the next version of the Draft Report Planning session with the Subcommittee Members regarding the focus, goals and schedule for their work forward. The next steps for the revision process for the Report will be discussed in detail. A proposed set of steps and timeframes will be prepared in advance.

12: 00   12: 30 Wrap Up Dr. Loehr and Dr. Ehrmann will wrap up the proceedings and will outline next steps, upcoming meeting dates, etc.

12: 30 pm Subcommittee Meeting Adjourns


DRAFT  Policy

Science Advisory Council for Exposure

Policy #:  	007

Regarding:	Use of Values from the PHED Surrogate Exposure Guide and from
Analyses of 		Individual PHED Data Sets

Date:		January 28, 1999

Index terms:	PHED; Surrogate Table; surrogate data, pesticide
occupational handler exposure

ISSUE:	There is a need to assure consistency in the assessment of
occupational exposure 		to pesticide handlers in the absence of exposure
monitoring data.  This includes 		the need to know how to utilize the
surrogate data in the Pesticide Handlers 		Exposure Database (PHED).

BACKGROUND:

When no handler exposure data are submitted in support of a particular
pesticide action, 	an exposure assessment for each use scenario is
developed using exposure values 		calculated by the Pesticide Handlers
Exposure Database (V 1.1).   PHED data are used 	to complete an
assessment only for those scenarios where the surrogate data are deemed
appropriate for the assessment.  PHED was designed by a task force
consisting of 		representatives from the U.S. EPA, Health Canada, the
California Department of 		Pesticide Regulation, and member companies of
the American Crop Protection 		Association.  PHED is a generic database
containing voluntarily submitted empirical 	exposure data for workers
involved in the handling or application of pesticides in the 	field
(i.e., currently contains data for over 2000 monitored exposure events).
The basic 	assumption underlying the system is that exposure to
pesticide handlers can be 		calculated generically, based on the
available empirical data for chemicals, as exposure 	is primarily a
function of the formulation type and the handling activities (e.g.,
packaging type, mixing/loading/application method, and clothing
scenario), rather than 	chemical-specific properties.

PHED also contains the algorithms necessary for the user to calculate
surrogate 		scenario-based unit exposures (i.e., ug exposure per lb
active ingredient handled), 	beginning with one of the four main data
files contained in the system (i.e., 		mixer/loader, applicator,
flagger, and mixer/loader/applicator).  Users can select data 	from each
major PHED file and construct unit exposure for scenarios that are
representative of use patterns associated with specific chemicals.
However, to add 	consistency to the risk assessment process, the EPA in
conjunction with the PHED task 	force, has evaluated all data within the
system and developed a table that contains a 	series of standard unit
exposure values for the most common occupational exposure 	scenarios
(PHED Surrogate Exposure Guide of May, 1997).

PHED calculates the “best fit” exposure values by assessing the
distributions of 		exposures for each body part (e.g., chest or forearm)
and then calculates a composite 	unit exposure value representing the
entire body. PHED categorizes these distributions 	as normal, lognormal,
or “other.” Generally, most data contained in PHED are 		lognormally
distributed or fall into the PHED “other” distribution category.  If
the 	distribution is lognormal, the geometric mean for the distribution
is used in the 		calculation of the “best fit” exposure value.  If
the data are an “other” distribution, the 	median value of the
dataset is used in the calculation of the “best fit” exposure value.

Use of the Surrogate Exposure Guide offers certain advantages over using
subsets 	of the PHED: 1) the Guide contains more replicates for each
scenario than individual 	subsets of PHED can provide; 2) use of the
Guide results in consistency among exposure 	assessments for similar
pesticide exposure scenarios; and 3) use of the Guide is relatively
easy and, therefore, saves resources by reducing the time spent on
analyzing individual 	data sets.

Use of the PHED subsetting capability offers one major advantage over
using the 		summary Guide: subsetting allows the creation of tailored
data sets that more closely 	match the specific exposure scenario of
concern (forcing the Guide to cover an 		inappropriate scenario can
provide unit exposure estimates that are not meaningful 	and result in
misleading risk estimates.

It should be noted that whether using the summary table or performing a
tailored 		individual PHED analysis, there are relatively few data
points to allow a high confidence 	that the exposure of the entire
population of handlers is represented.  However, when the 	data in PHED
are all that are available, they serve as an invaluable aid in
estimating 	exposure potential.  Below are some guidelines for when to
use the PHED summary table 	and when to conduct a individualized
assessment using the data and PHED algorithm.

POLICY:

Use unit exposure values from the Pesticide Handlers Data Base (PHED)
Surrogate Exposure Guide (V 1.1 or most recent version) as a source of
	information solely, or in combination with other information to support
a 		particular pesticide action when no, more-applicable,
scenario-specific handler 		exposure data are submitted.   When handler
exposure data are submitted to 		support the action, these data should
be combined with the data in the 			Surrogate Exposure Guide. (See
“Pesticide Handlers Data Base Evaluation 		Guidance, PHED V 1.1,”
March 15, 1995)

Use the PHED algorithm on individualized data subsets to support a
particular 		pesticide registration action or special review, when no,
more-applicable, 		scenario-specific handler exposure data are
submitted, and for any pesticide 		action when the exposure scenario of
concern is not adequately covered in the 		Surrogate Exposure Guide
(e.g., with atypical applications such as ultra low 		volume (ULV)
aerial application).  The PHED algorithm is based on Guideline 		Series
875 Part A.  For more detail on the algorithm, see the PHED Reference
Manual, V 1.1, February 1995.

  		The individualized PHED run should be accompanied by an explanation
of the 		special circumstances for which it is required.

All unit exposures derived from use of the PHED algorithm on
individualized 		data subsets (whether by HED assessors or submitted by
registrants) should be 		reviewed by an HED staff member experienced
with the data and capabilities of 		PHED (e.g., someone who can perform
an independent analysis of the same 		scenario and check for accuracy
and reasonableness of the data subsets).  		Contact the Exposure SAC
Chairperson for referral to such individuals.

When PHED data are used in a assessment, include the following language
in 		the exposure/risk characterization sections of your document:

“Chemical-specific data for assessing human exposures during pesticide
		handling activities were not submitted to the Agency in support of the
		(re)registration of {pesticide name}.  It is the policy of the HED to
use data 		from the Pesticide Handlers Exposure Database (PHED) Version
1.1 to assess 		handler exposures for regulatory actions when
chemical-specific monitoring 		data are not available.1

-or-

Chemical-specific data for assessing human exposures during pesticide
handling activities were submitted to the Agencyin support of the
(re)registration of {pesticide name}.  It is the policy of HED to
combine 		submitted chemical-specific data with that from the Pesticide
Handlers 		Exposure Database (PHED) Version 1.1 to assess handler
exposures for 		regulatory actions. 1

-then-

PHED was designed by a task force of representatives from the U.S. EPA,
	Health Canada, the California Department of Pesticide regulation, and
member companies of the American Crop Protection Association.  PHED is a
		software system consisting of two  parts -- a database of measured
exposure 		values for workers involved in the handling of pesticides
under actual field 		conditions and a set of computer algorithms used to
subset and statistically 		summarize the selected data.  Currently, the
database contains values for 		over 1,700 monitored individuals (i.e.,
replicates)

Users select criteria to subset the PHED database to reflect the
exposure 		scenario being evaluated.   The subsetting algorithms in PHED
are based on 		the central assumption that the magnitude of handler
exposures to pesticides 		are primarily a function of activity (e.g.,
mixing/loading, applying), 			formulation type (e.g., wettable powders,
granulars), application method 		(e.g., aerial, groundboom), and
clothing scenarios (e.g., gloves, double layer 		clothing).

Once the data for a given exposure scenario have been selected, the data
are 		normalized (i.e., divided by) by the amount of pesticide handled
resulting in 		standard unit exposures (milligrams of exposure per pound
of active 			ingredient handled).  Following normalization, the data are
statistically 		summarized.  The distribution of exposure values for
each body part (e.g., 		chest upper arm) is categorized as normal,
lognormal, or  “other” (i.e., 		neither normal nor lognormal).  A
central tendency value is then selected 		from the distribution of the
exposure values for each body part.  These 		values are the arithmetic
mean for normal distributions, the geometric mean 		for lognormal
distributions, and the median for all “other” distributions.  		Once
selected, the central tendency values for each body part are composited
	into a “best fit” exposure value representing the entire body.

The unit exposure values calculated by PHED generally range from the
geometric mean to the median of the selected data set.  To add
consistency 		and quality control to the values produced from this
system, the PHED Task 		Force has evaluated all data within the system
and has developed a set of 		grading criteria to characterize the
quality of the original study data.  The 		assessment of data quality is
based on the number of observations and the 		available quality control
data. These evaluation criteria and the caveats 		specific to each
exposure scenario are summarized in Table {#}.  While data 		from PHED
provide the best available information on handler exposures, it 		should
be noted that some aspects of the included studies (e.g., duration,
acres treated, pounds of active ingredient handled) may not accurately
represent labeled uses in all cases.  HED has developed a series of
tables of 		standard unit exposure values for many occupational
scenarios that can be 		utilized to ensure consistency in exposure
assessments.2

1.	HED Science Advisory Council for Exposure, Policy.007, “Use of
Values from the PHED Surrogate Table and Chemical-Specific 			Data.”
Health Effects Division, Office of Pesticide Programs, January 			1999.

2.	PHED Surrogate Exposure Guide.  Health Effects Division, Office of
Pesticide Program, August 1998.”


[Federal Register Volume 77, Number 97 (Friday, May 18, 2012)]
[Notices]
[Pages 29624-29625]
[FR Doc No: 2012-12066]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP12-351-000]

Cheniere Creole Trail Pipeline, L.P.; Notice of Application

    Take notice that on April 30, 2012, Cheniere Creole Trail Pipeline,
L.P. (Cheniere), 700 Milam, Suite 800, Houston, TX 77002, filed an
application in Docket No. CP12-351-000 pursuant to Section 7(c) of the
Natural Gas Act (NGA) and Part 157 of the Commission's Regulations, for
a certificate of public convenience and necessity to construct and
operate its Creole Trail Expansion Project (Project). Cheniere's
Project would consist of construction of a new 53,125 hp Gillis
Compressor Station, modifications to three existing meter and
regulation stations to allow bi-directional flow and increased
capacity, and 200 feet of 42-inch-diameter pipeline connecting the
Gillis Compressor Station to the existing Creole Trail Pipeline, all in
Beauregard Parish, Louisiana.
    Cheniere states that the Project would allow for a total of
1,530,000 dth per day of firm reverse flow capacity on the Creole Trail
Pipeline to allow the delivery of feed gas to the Sabine Pass
Liquefaction Project authorized in CP11-72-000. Cheniere proposes to
construct the Project in two phases that would coincide with
anticipated firm transportation service requirements of Phase 1 of the
Sabine Pass Liquefaction Project. The estimated cost of the Project is
approximately $104,305,155.00. A more detailed description of the
project is available in the application which is on file with the
Commission and open for public inspection.
    This filing is available for review at the Commission in the Public
Reference Room or may be viewed on the Commission's Web site at http://www.ferc.gov using the ``e-Library'' link. Enter the docket number
excluding the last three digits in the docket number field to access
the document. For assistance, contact FERC at
<EMAIL_ADDRESS>or call toll-free,<PHONE_NUMBER>, or for
TTY,<PHONE_NUMBER>. Any questions regarding this application should be
directed to Kieth Teague, Cheniere Creole Trail Pipeline, L.P., 700
Milam, Suite 800, Houston, TX 77002,<PHONE_NUMBER> (phone),
<EMAIL_ADDRESS>or Lisa M. Tonery, Fulbright & Jaworski,
L.L.P., 666 Fifth Avenue, New York, NY, 10103,<PHONE_NUMBER> (phone),
<EMAIL_ADDRESS>    Pursuant to section 157.9 of the Commission's rules, 18 CFR 157.9,
within 90 days of this Notice the Commission staff will either complete
its environmental assessment (EA) and place it into the Commission's
public record (eLibrary) for this proceeding; or issue a Notice of
Schedule for Environmental Review. If a Notice of Schedule for
Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final EA for this proposal. The filing of the EA in the
Commission's public record for this proceeding or the issuance of a
Notice of Schedule for Environmental Review will serve to notify
federal and state agencies of the timing for the completion of all
necessary reviews, and the subsequent need to complete all federal
authorizations within 90 days of the date of issuance of the Commission
staff's EA.
    There are two ways to become involved in the Commission's review of
this project. First, any person wishing to obtain legal status by
becoming a party to the proceedings for this project should, on or
before the comment date stated below file with the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426, a
motion to intervene in accordance with the requirements of the
Commission's Rules of Practice and Procedure (18 CFR 385.214 or
385.211) and the Regulations under the NGA (18 CFR 157.10). A person
obtaining party status will be placed on the service list maintained by
the Secretary of the Commission and will receive copies of all
documents filed by the applicant and by all other parties. A party must
submit 14 copies of filings made in the proceeding with the Commission
and must mail a copy to the applicant and to every other party. Only
parties to the proceeding can ask for court review of Commission orders
in the proceeding.
    However, a person does not have to intervene in order to have
comments considered. The second way to participate is by filing with
the Secretary of the Commission, as soon as possible, an original and
two copies of comments in support of or in opposition to this project.
The Commission will consider these comments in determining the
appropriate action to be taken, but the filing of a comment alone will
not serve to make the filer a party to the proceeding. The Commission's
rules require that persons filing comments in opposition to the project
provide copies of their protests only to the party or parties directly
involved in the protest.
    Persons who wish to comment only on the environmental review of
this project should submit an original and two copies of their comments
to the Secretary of the Commission. Environmental commenters will be
placed on the Commission's environmental mailing list, will receive
copies of the environmental documents, and will be notified of meetings
associated with the Commission's environmental review process.
Environmental commenters will not be required to serve copies of filed
documents on all other parties. However, the non-party commenters will
not receive copies of all documents filed by other parties or issued by
the Commission (except for the mailing of environmental documents
issued by the Commission) and will not have the right

to seek court review of the Commission's final order.
    Protests and interventions may be filed electronically via the
Internet in lieu of paper; see, 18 CFR 385.2001(a)(1)(iii) and the
instructions on the Commission's web site under the ``e-Filing'' link.
The Commission strongly encourages electronic filings.
    Comment Date: June 1, 2012.

    Dated: May 11, 2012.
Kimberly D. Bose,
Secretary.
[FR Doc. 2012-12066 Filed 5-17-12; 8:45 am]
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[Federal Register: July 1, 2009 (Volume 74, Number 125)]
[Proposed Rules]
[Page 31386-31387]
[DOCID:fr01jy09-19]

=======================================================================
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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 271

[EPA-R02-RCRA-2009-0346; FRL-8916-6]

New York: Final Authorization of State Hazardous Waste Management
Program Revisions

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule.

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SUMMARY: New York State has applied to EPA for final authorization of
changes to its hazardous waste program under the Solid Waste Disposal
Act, as amended, commonly referred to as the Resource Conservation and
Recovery Act (RCRA). EPA proposes to grant final authorization to New
York for these changes, with limited exceptions, which are described in
the ``Rules and Regulations'' section of this Federal Register notice.
In that section, EPA is authorizing the changes by an immediate final
rule. EPA did not make a proposal prior to the immediate final rule
because we believe this action is not controversial and do not expect
comments that oppose it. We have explained the reasons for this
authorization in the preamble to the immediate final rule. Unless we
receive written comments which oppose this authorization during the
comment period, the immediate final rule will become effective on the
date it establishes, and we will not take further action on this
proposal. If we receive comments that oppose this action, we will
either withdraw the immediate final rule, or the portion of the
immediate final rule that is the subject of the comments. Only the
remaining portion of the rule will take effect. We will then respond to
those public comments opposing this authorization in a second final
authorization notice. This second final notice may or may not include
changes based on comments received during the public notice comment
period. You may not have another opportunity for comment. If you want
to comment on this action, you must do so at this time.

DATES: Send your written comments by July 31, 2009.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R02-
RCRA-2009-0346 by one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the on-line instructions for submitting comments.
     E-mail<EMAIL_ADDRESS>     Fax:<PHONE_NUMBER>.
     Mail: Send written comments to Michael Infurna, Division
of Environmental Planning and Protection, EPA, Region 2, 290 Broadway,
22nd Floor, New York, NY 10007.
     Hand Delivery or Courier: Deliver your comments to Michael
Infurna, Division of Environmental Planning and

Protection, EPA, Region 2, 290 Broadway, 22nd Floor, New York, NY
10007. Such deliveries are only accepted during the Regional Office's
normal hours of operation. The public is advised to call in advance to
verify the business hours. Special arrangements should be made for
deliveries of boxed information.
    Instructions: Direct your comments to Docket ID No. EPA-R02-RCRA-
2009-0346. EPA's policy is that all comments received will be included
in the public docket without change and may be made available on line
at http://www.regulations.gov, including any personal information
provided, unless the comment includes information claimed to be
Confidential Business Information (CBI) or other information whose
disclosure is restricted by statute. Do not submit information that you
consider to be CBI or otherwise protected through http://
www.regulations.gov, or e-mail. The Federal http://www.regulations.gov
Web site is an ``anonymous access'' system, which means EPA will not
know your identity or contact information unless you provide it in the
body of your comment. If you send an e-mail comment directly to EPA
without going through http://www.regulations.gov, your e-mail address
will be automatically captured and included as part of the comment that
is placed in the public docket and made available on the Internet. If
you submit an electronic comment, EPA recommends that you include your
name and other contact information in the body of your comment and with
any disk or CD-ROM you submit. If EPA cannot read your comment due to
technical difficulties, and cannot contact you for clarification, EPA
may not be able to consider your comment. Electronic files should avoid
the use of special characters or any form of encryption, and be free of
any defects or viruses. (For additional information about EPA's public
docket, visit the EPA Docket Center homepage at http://www.epa.gov/
epahome/dockets.htm).
    Docket: All documents in the docket are listed in the http://
www.regulations.gov index. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, will be publicly available only in hard copy.
Publicly available docket materials are available either electronically
in http://www.regulations.gov or in hard copy. You can view and copy
New York's application during business hours at the following
addresses: EPA Region 2 Library, 290 Broadway, 16th Floor, New York, NY
10007, Phone number:<PHONE_NUMBER>; or New York State Department of
Environmental Conservation, Division of Solid and Hazardous Materials,
625 Broadway, Albany, NY 12233-7250, Phone number:<PHONE_NUMBER>. The
public is advised to call in advance to verify the business hours of
the above locations.

FOR FURTHER INFORMATION CONTACT: Michael Infurna, Division of
Environmental Planning and Protection, EPA Region 2, 290 Broadway, 22nd
Floor, New York, NY 10007; telephone number<PHONE_NUMBER>; fax number:
(212) 637-4377; e-mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: For additional information, please see the
immediate final rule published in the ``Rules and Regulations'' section
of this Federal Register.

    Dated: May 19, 2009.
George Pavlou,
Acting Regional Administrator, Region 2.
[FR Doc. E9-15546 Filed 6-30-09; 8:45 am]

BILLING CODE 6560-50-P