[Federal Register Volume 87, Number 19 (Friday, January 28, 2022)]
[Notices]
[Pages 4693-4695]
[FR Doc No: 2022-01708]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94044; File No. SR-PHLX-2022-02]

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend References
to FINRA Continuing Education Fees

January 24, 2022.
    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 January 12, 2022, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I, II, and III, below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend Phlx's Pricing Schedule at Options
7, Section 9, Other Member Fees, to reflect adjustments to FINRA
Continuing Education Fees.
    The Exchange also proposes technical amendments to Phlx Options 7,
Section 1, General Provisions.
    While the changes proposed herein are effective upon filing, the
Exchange has designated the new Maintaining Qualifications Program
(``MQP'') Fee, elimination of the $100 Continuing Education Session
Fee, and technical amendments to become operative on January 31, 2022.
Additionally, the Exchange designates an $18 Continuing Education
Regulatory Element Session Fee to become operative on January 1,
2023.\3\
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    \3\ See Securities Exchange Act Release No. 93928 (January 7,
2022) (SR-FINRA-2021-034).
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    The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/phlx/rules, at the
principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    This proposal amends Phlx's Pricing Schedule at Options 7, Section
9C, FINRA Fees, to reflect adjustments to FINRA Continuing Education
Fees.\4\ The FINRA fees are collected and retained by FINRA via Web CRD
for the registration of employees of Phlx members and member
organizations that are not FINRA members (``Non-FINRA members''). The
Exchange is merely listing these fees on its Pricing Schedule. The
Exchange does not collect or retain these fees.
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    \4\ FINRA operates Web CRD, the central licensing and
registration system for the U.S. securities industry. FINRA uses Web
CRD to maintain the qualification, employment and disciplinary
histories of registered associated persons of broker-dealers.
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    Today, Phlx Options 7, Section 9C, provides a list of FINRA Web CRD
Fees, Fingerprint Processing Fees, and Continuing Education Fees. The
Exchange proposes to amend the Continuing Education Fees within Options
7, Section 9C on behalf of the Exchange. The fees listed within Options
7, Section 9C reflect fees set by FINRA.
    Specifically, the Exchange proposes to decrease the $55 Continuing
Education Web-based Fee to $18. This amendment is made in accordance
with a recent FINRA rule change to adjust to its fees.\5\ FINRA
currently charges a fee of $55 to each individual who completes the
Regulatory Element of the Continuing Education Requirements pursuant to
Exchange General 4, Section 1240. In conjunction with the amendments to
transition to an annual Regulatory Element requirement, FINRA amended
the Continuing Education Regulatory Element Session Fee from $55 to
$18.\6\ FINRA indicated in the Continuing Education Fee Filing that it
would begin assessing the $18 Continuing Education Regulatory Element
Session Fee as of January 1, 2023 to coincide with the effective date
of the transition to an annual Regulatory Element requirement.\7\
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    \5\ See note 3 above. On September 21, 2021, the SEC approved
amendments to FINRA Rules 1210 (Registration Requirements) and 1240
(Continuing Education Requirements) to, among other things, require
registered persons to complete the Regulatory Element of CE annually
by December 31 of each year, rather than every three years, and to
complete Regulatory Element content for each representative or
principal registration category that they hold. See Securities
Exchange Act Release No. 93097 (September 21, 2021), 86 FR 53358
(September 27, 2021) (Order Approving File No. SR-FINRA-2021-015).
The Regulatory Element is administered by FINRA and focuses on
regulatory requirements and industry standards. The proposed rule
change also included amendments to the Firm Element training, which
is provided by each firm annually to its registered persons and
focuses on securities products, services and strategies the firm
offers, firm policies and industry trends.
    \6\ FINRA notes that the proposed $18 annual fee is comparable
to the current $55 fee over a three-year period. Moreover, the
proposed fee for the annual Regulatory Element would be the same for
all registered persons, regardless of the amount of annual content
that they would be required to complete (that is, an individual who
holds multiple registrations would be subject to the same proposed
$18 annual fee as an individual who holds a single registration).
See note 3 above.
    \7\ The Exchange would file to remove the rule text concerning
the $55 fee once the $18 fee becomes operative.

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    The Exchange proposes to eliminate the $100.00 continuing education
fee for each individual who is required to complete the S101 or S201.
This fee applied to continuing education programs administered at test
centers. In 2015, FINRA filed to end test center delivery of the
Regulatory Element.\8\ Effective October 1, 2015, Web-based delivery
has been available for the Regulatory Element. The revised fee of $18
is a Web-based delivery. The Exchange proposes to remove the outdated
continuing education fee of $100 from its Pricing Schedule related to
test center delivery
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    \8\ See Securities Exchange Act Release No. 75581 (July 31,
2015), 80 FR 47018 (August 6, 2015) (SR-FINRA-2015-015) (Order
Approving a Proposed Rule Change to Provide a Web-based Delivery
Method for Completing the Regulatory Element of the Continuing
Education Requirements). FINRA phased out the test center delivery
as of July 1, 2016. See FINRA Information Notice dated May 16, 2016
(https://www.finra.org/rules-guidance/notices/information-notice-051616).
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    The Exchange also proposes to adopt a new Maintaining
Qualifications Program (``MQP'') Fee of $100 fee for each individual
electing to participate in the continuing education program, following
the termination of a registration category, under FINRA Rule 1240(c)
for each year that such individual is participating in the program.
Individuals who elect to participate in the MQP within two years from
the termination of a registration would also be assessed any accrued
annual fee. The proposed annual fee would be assessed at the time an
eligible individual elects to participate in the continuing education
program under FINRA Rule 1240(c) and thereafter annually each year that
the individual continues in the program. This fee is paid directly to
FINRA. FINRA indicated in the Continuing Education Fee Filing that it
would begin assessing the $100 MQP fee as of January 31, 2022.
    With respect to the rule text, the Exchange proposes to relocate
the Continuing Education fees to the end of Options 7, Section 9C. The
current $55 Continuing Education Fee is being reworded to reflect the
elimination of the $100 fee and renamed the ``Continuing Education
Regulatory Element Session Fee.'' The $55 will remain in effect until
January 1, 2023 so it is being retained in the Pricing Scheduled with a
note that ``This fee will be amended on January 1, 2023 as noted
below.'' Finally, the title ``Continuing Education Fees'' is proposed
to be amended to ``Continuing Education Fee:''.
    The FINRA Fees are user-based and there is no distinction in the
cost incurred by FINRA if the user is a FINRA member or a Non-FINRA
member. Accordingly, the proposed fees mirror those currently assessed
by FINRA.
Technical Amendments
Options 7, Section 9C
    The Exchange proposes to relocate the title ``General Registration
Fees'' directly above those fees.
    The Exchange also proposes to make a technical amendment within the
FINRA Web CRD Fees to the following sentence, ``$110-For the additional
processing of each initial or amended Form U4, Form U5 or Form BD that
includes the initial reporting, amendment or certification of one of
more disclosure events or proceedings.'' The Exchange proposes to
change the word ``of'' to ``or.''
Options 7, Section 1
    The Exchange proposes to alphabetize the terms currently within
Options 7, Section 1(c). The Exchange proposes to remove ``A'' before
the term ``floor transaction'' and instead add ``The term,'' to conform
that term to the others, the Exchange is not otherwise amending any of
the current rule text.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\9\ in general, and furthers the objectives of Sections
6(b)(4) and 6(b)(5) of the Act,\10\ 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, and is
not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes it is reasonable to decrease the $55
Continuing Education Regulatory Element Session Fee for all
Registrations to $18 in accordance with an adjustment to FINRA's
fees.\11\ The Exchange's rule text will reflect the current rates for
continuing education that will be assessed by FINRA as of January 1,
2023. The proposed fee is identical to a fee adopted by FINRA related
to its continuing education. The costs are borne by FINRA when a Non-
FINRA member engages in continuing education.
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    \11\ See note 3 above.
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    The Exchange believes eliminating the outdated $100 fee for
continuing education is reasonable as test center delivery of the
Regulatory Element was phased out in 2016 and the continuing education
programs are no longer offered at testing centers.\12\
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    \12\ See note 8 above.
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    The Exchange believes that it is reasonable to adopt a new MQP Fee
of $100 for each individual electing to participate in the continuing
education program under FINRA Rule 1240(c) for each year that such
individual is participating in the program. Individuals who elect to
participate in the program within two years from the termination of a
registration would also be assessed any accrued annual fee. The
proposed fee is identical to a fee adopted by FINRA related to its
continuing education. The costs are borne by FINRA when a Non-FINRA
member engages in continuing education.
    Further, the proposal is also equitable and not unfairly
discriminatory because the Exchange will not be collecting or retaining
these fees, therefore, the Exchange will not be in a position to apply
them in an inequitable or unfairly discriminatory manner.
Technical Amendment
    The Exchange's proposal to make technical amendments within Options
7, Section 1 and Section 9C is reasonable, equitable and not unfairly
discriminatory as the proposed changes are non-substantive amendment.
The amendments will bring greater clarity to the rule text.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange does not believe
that this proposal creates an unnecessary or inappropriate inter-market
burden on competition as FINRA's fees apply to all market participants.
Specifically, the Exchange does not believe that this proposal creates
an unnecessary or inappropriate intra-market burden on competition as
the decreased Continuing Education Regulatory Element Session Fee for
all Registrations of $18 will be assessed by FINRA to all Members who
are required to complete the Regulatory Element of the Continuing
Education Requirements pursuant to Exchange General 4, Section 1240.
Likewise, with respect to the $100 MQP Fee, the Exchange does not
believe that this proposal creates an unnecessary or inappropriate
intra-market burden on competition because the fee will be assessed by
FINRA to all

individuals electing to participate in the continuing education program
under FINRA Rule 1240(c) for each year that such individual is
participating in the program. Finally, eliminating the outdated $100
fee for continuing education does not create an unnecessary or
inappropriate intra-market burden on competition as test center
delivery of the Regulatory Element was phased out and the continuing
education programs are no longer offered at testing centers.\13\
Further, the proposal does not impose an undue burden on competition
because the Exchange will not be collecting or retaining these fees,
therefore, the Exchange will not be in a position to apply them in an
inequitable or unfairly discriminatory manner.
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    \13\ See note 8 above.
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Technical Amendment
    The Exchange's proposal to make technical amendments within Options
7, Section 1 and Section 9C does not impose an undue burden on
competition as the proposed changes are non-substantive amendment. The
amendments will bring greater clarity to the rule text.

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

    No written comments were either solicited or received.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\14\
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    \14\ 15 U.S.C. 78s(b)(3)(A)(ii).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-PHLX-2022-02 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-PHLX-2022-02. 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-PHLX-2022-02 and should be submitted on
or before February 18, 2022.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-01708 Filed 1-27-22; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 84 (Thursday, May 1, 2014)]
[Notices]
[Pages 24740-24741]
[FR Doc No: 2014-09979]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4169-DR; Docket ID FEMA-2014-0003]

Oregon; Major Disaster and Related Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: This is a notice of the Presidential declaration of a major
disaster for the State of Oregon (FEMA-4169-DR), dated April 4, 2014,
and related determinations.

DATES: Effective Date: April 4, 2014.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW.,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice is hereby given that, in a letter
dated April 4, 2014, the President issued a major disaster declaration
under the authority of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act, 42 U.S.C. 5121 et seq. (the ``Stafford
Act''), as follows:

    I have determined that the damage in certain areas of the State
of Oregon resulting from a severe winter storm during the period of
February 6-10, 2014, is of sufficient severity and magnitude to
warrant a major disaster declaration under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq.
(the ``Stafford Act''). Therefore, I declare that such a major
disaster exists in the State of Oregon.
    In order to provide Federal assistance, you are hereby
authorized to allocate from funds available for these purposes such
amounts as you find necessary for Federal disaster assistance and
administrative expenses.
    You are authorized to provide Public Assistance in the
designated areas and Hazard Mitigation throughout the State.
Consistent with the requirement that Federal assistance be
supplemental, any Federal funds provided under the Stafford Act for
Hazard Mitigation will be limited to 75 percent of the total
eligible costs. Federal funds provided under the Stafford Act for
Public Assistance also will be limited to 75 percent of the total
eligible costs, with the exception of projects that meet the
eligibility criteria for a higher Federal cost-sharing percentage
under the Public Assistance Alternative Procedures Pilot Program for
Debris Removal implemented pursuant to Section 428 of the Stafford
Act.
    Further, you are authorized to make changes to this declaration
for the approved assistance to the extent allowable under the
Stafford Act.

    The Federal Emergency Management Agency (FEMA) hereby gives notice
that pursuant to the authority vested in the Administrator, under
Executive Order 12148, as amended, Thomas J. Dargan, of FEMA is
appointed to act as the Federal Coordinating Officer for this major
disaster.
    The following areas of the State of Oregon have been designated as
adversely affected by this major disaster:

    Benton, Lane, Lincoln, and Linn Counties for Public Assistance.
    All counties within the State of Oregon are eligible to apply
for assistance under the Hazard Mitigation Grant Program.

    The following Catalog of Federal Domestic Assistance Numbers
(CFDA) are to be used for reporting and drawing funds: 97.030,
Community Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis
Counseling; 97.033, Disaster Legal Services; 97.034, Disaster
Unemployment Assistance (DUA); 97.046, Fire Management Assistance
Grant; 97.048, Disaster Housing Assistance to Individuals and
Households In Presidentially Declared Disaster Areas; 97.049,
Presidentially Declared Disaster Assistance--Disaster Housing
Operations for Individuals and Households; 97.050, Presidentially
Declared Disaster Assistance to Individuals and Households--Other
Needs; 97.036, Disaster Grants--Public Assistance (Presidentially
Declared Disasters); 97.039, Hazard Mitigation Grant.

W. Craig Fugate,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2014-09979 Filed 4-30-14; 8:45 am]
BILLING CODE 9111-23-P


the Shares in all trading sessions and to deter and detect violations
of Exchange rules and applicable federal securities laws.
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    \121\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
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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. FINRA, on
behalf of the Exchange, will communicate as needed regarding trading in
the Shares with other markets that are members of the Intermarket
Surveillance Group (``ISG'') or with which the Exchange has in place a
comprehensive surveillance sharing agreement.\122\
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    \122\ For a list of the current members of ISG, see http://www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
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    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders (``ETP Holders'') in an Information
Bulletin (``Bulletin'') of the special characteristics and risks
associated with trading the Shares. Specifically, the Bulletin will
discuss the following: (1) The procedures for purchases and redemptions
of Shares in aggregations equal to or greater than the relevant Fund's
Minimum Subscription Size (and that Shares are not individually
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares

during the Opening and Late Trading Sessions when an updated Portfolio
Indicative Value will not be calculated or publicly disseminated; (4)
how information regarding the Portfolio Indicative Value is
disseminated; (5) the requirement that ETP Holders deliver a prospectus
to investors purchasing newly issued Shares prior to or concurrently
with the confirmation of a transaction; and (6) trading information.
    In addition, the Bulletin will reference that the Funds are subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m. E.T. each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) of the Act \123\ that an exchange
have rules that are 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.
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    \123\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Investment Adviser has
implemented a ``fire wall'' with respect to its affiliated broker-
dealers regarding access to information concerning the composition and/
or changes in the Funds' portfolios. All short-term debt and money
market securities acquired by the Funds will be rated investment grade
by at least one NRSRO or, if unrated, deemed by the Investment Adviser
to be of equivalent quality.\124\ The Fund will invest only in
corporate bonds that the Investment Adviser deems to be sufficiently
liquid at time of investment. Generally a non-U.S. corporate bond must
have $200 million (or an equivalent value if denominated in a currency
other than United States dollars) or more par amount outstanding and
significant par value traded to be considered as an eligible
investment, and a U.S. corporate bond must have $100 million (or an
equivalent value if denominated in a currency other than United States
dollars) or more par amount outstanding and significant par value
traded to be considered as an eligible investment. The Exchange may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. The aggregate value of all of each
Fund's illiquid securities and Rule 144A Securities shall not exceed
15% of the Fund's total assets. The Funds will not invest in any non-
U.S registered equity securities. Each Fund's investments will be
consistent with the Fund's investment objective and will not be used to
enhance leverage. The Funds will not invest in options contracts,
futures contracts or swap agreements.\125\
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    \124\ See note 12, supra.
    \125\ See note 111, supra.
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    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Funds and the Shares,
thereby promoting market transparency. Moreover, the IOPV will be
widely disseminated by one or more major market data vendors at least
every 15 seconds during the Exchange's Core Trading Session. On each
business day, before commencement of trading in Shares in the Core
Trading Session on the Exchange, the Funds will disclose on their Web
site the Disclosed Portfolio that will form the basis for the Funds'
calculation of NAV at the end of the business day. Information
regarding market price and trading volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services, and quotation
and last sale information will be available via the CTA high-speed
line. Price information for the debt securities, fixed income
instruments, and other investments held by the Funds will be available
through major market data vendors and/or the securities exchange on
which they are listed and traded. Foreign currency exchange rates are
generally readily available from on-line information services such as
Bloomberg or Reuters. The Web site for the Funds will include a form of
the prospectus for the Funds and additional data relating to NAV and
other applicable quantitative information. Moreover, prior to the
commencement of trading, the Exchange will inform its ETP Holders in an
Information Bulletin of the special characteristics and risks
associated with trading the Shares. Trading in Shares of a Fund will be
halted if the circuit breaker parameters in NYSE Arca Equities Rule
7.12 have been reached or because of market conditions or for reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable, and trading in the Shares will be subject to NYSE Arca
Equities Rule 8.600(d)(2)(D), which sets forth circumstances under
which Shares of a Fund may be halted. In addition, as noted above,
investors will have ready access to information regarding the Funds'
holdings, the IOPV, the Disclosed Portfolio, and quotation and last
sale information for the Shares.
    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 in that it will facilitate the listing and trading of
additional types of actively-managed exchange-traded products that will
enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Funds' holdings,
the IOPV, the Disclosed Portfolio, and quotation and last sale
information for the Shares.

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 Exchange Act. The Exchange notes
that the proposed rule change will facilitate the listing and trading
of additional types of actively-managed exchange-traded products 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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date 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 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-2013-18 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-NYSEArca-2013-18. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549, on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of the filing will also 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 No. SR-NYSEArca-2013-18 and should be
submitted on or before March 27, 2013.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\126\
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    \126\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-05124 Filed 3-5-13; 8:45 am]
BILLING CODE 8011-01-P