[Federal Register Volume 88, Number 60 (Wednesday, March 29, 2023)]
[Notices]
[Pages 18533-18534]
[FR Doc No: 2023-06511]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2879-013]

Green Mountain Power Corporation; Notice of Application Accepted
for Filing and Soliciting Comments, Motions To Intervene, and Protests

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection:
    a. Application Type: Non-capacity Amendment of License.
    b. Project No: 2879-013.
    c. Date Filed: February 7, 2023, and supplemented March 8, 2023.
    d. Applicant: Green Mountain Power Corporation (licensee).
    e. Name of Project: Bolton Falls Hydroelectric Project.
    f. Location: The project is located on the Winooski River near the
town of Duxbury in Washington County, Vermont, and does not occupy
federal land.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791a-825r.
    h. Applicant Contact: Jason L. Lisai, Green Mountain Power
Corporation, 163 Acorn Lane, Colchester, VT 05446-6611,<PHONE_NUMBER>,
[email protected].
    i. FERC Contact: Jeremy Jessup,<PHONE_NUMBER>,
[email protected].
    j. Deadline for filing comments, motions to intervene, and
protests: April 24, 2023.
    The Commission strongly encourages electronic filing. Please file
comments, motions to intervene, and protests using the Commission's
eFiling system at http://www.ferc.gov/docs-filing/efiling.asp.
Commenters can submit brief comments up to 6,000 characters, without
prior registration, using the eComment system at http://www.ferc.gov/docs-filing/ecomment.asp. You must include your name and contact
information at the end of your comments. For assistance, please contact
FERC Online Support at [email protected],<PHONE_NUMBER> (toll
free), or<PHONE_NUMBER> (TTY). In lieu of electronic filing, you may
submit a paper copy. Submissions sent via the U.S. Postal Service must
be addressed to: Kimberly D. Bose, Secretary, Federal Energy Regulatory
Commission, 888 First Street NE, Room 1A, Washington, DC 20426.
Submissions sent via any other carrier must be addressed to: Kimberly
D. Bose, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins
Avenue, Rockville, Maryland 20852. The first page of any filing should
include the docket number P-2879-013. Comments emailed to Commission
staff are not considered part of the Commission record.
    The Commission's Rules of Practice and Procedure require all
intervenors filing documents with the Commission to serve a copy of
that document on each person whose name appears on the official service
list for the project. Further, if an intervenor files comments or
documents with the Commission relating to the merits of an issue that
may affect the responsibilities of a particular resource agency, they
must also serve a copy of the document on that resource agency.
    k. Description of Request: The licensee proposes to replace the two
existing turbine-generator units with two new turbine-generator units,
and add an additional steel roof hatch to the powerhouse. The new
turbine-generator units would be placed in the same location as the
existing turbine-generator units. The installation of the new units
would result in the authorized installed capacity of the project
decreasing from 7,500 kilowatts (kW) to 6,962 kW and the maximum
hydraulic capacity decreasing from 2,400 cubic feet per second (cfs) to
2,210 cfs. The licensee does not propose any other structural
modifications to the powerhouse or any other project structures. In
addition, the licensee states there will be no change in the project's
operating mode and all construction activities associated with the
proposed amendment would occur within the existing powerhouse and be
isolated from the river.
    l. Locations of the Application: This filing may be viewed on the

Commission's website at http://www.ferc.gov using the ``eLibrary''
link. Enter the docket number excluding the last three digits in the
docket number field to access the document. You may also register
online at http://www.ferc.gov/docs-filing/esubscription.asp to be
notified via email of new filings and issuances related to this or
other pending projects. For assistance, call 1-866-208-3676 or email
[email protected], for TTY, call<PHONE_NUMBER>. Agencies may
obtain copies of the application directly from the applicant.
    m. Individuals desiring to be included on the Commission's mailing
list should so indicate by writing to the Secretary of the Commission.
    n. Comments, Protests, or Motions to Intervene: Anyone may submit
comments, a protest, or a motion to intervene in accordance with the
requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211,
.214, respectively. In determining the appropriate action to take, the
Commission will consider all protests or other comments filed, but only
those who file a motion to intervene in accordance with the
Commission's Rules may become a party to the proceeding. Any comments,
protests, or motions to intervene must be received on or before the
specified comment date for the particular application.
    o. Filing and Service of Documents: Any filing must (1) bear in all
capital letters the title ``COMMENTS'', ``PROTEST'', or ``MOTION TO
INTERVENE'' as applicable; (2) set forth in the heading the name of the
applicant and the project number of the application to which the filing
responds; (3) furnish the name, address, and telephone number of the
person commenting, protesting or intervening; and (4) otherwise comply
with the requirements of 18 CFR 385.2001 through 385.2005. All
comments, motions to intervene, or protests must set forth their
evidentiary basis. Any filing made by an intervenor must be accompanied
by proof of service on all persons listed in the service list prepared
by the Commission in this proceeding, in accordance with 18 CFR
385.2010.

    Dated: March 23, 2023.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2023-06511 Filed 3-28-23; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 87, Number 31 (Tuesday, February 15, 2022)]
[Notices]
[Pages 8623-8624]
[FR Doc No: 2022-03152]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34500; 812-15231]

Advisors Series Trust and Semper Capital Management, L.P.

February 9, 2022.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act, as well as from certain disclosure requirements in rule 20a-1
under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the
Securities Exchange Act of 1934, and sections 6-07(2)(a), (b), and (c)
of Regulation S-X (``Disclosure Requirements'').

SUMMARY OF APPLICATION:  The requested exemption would permit
Applicants (as defined below) to enter into and materially amend
subadvisory agreements with subadvisers without shareholder approval
and would grant relief from the Disclosure Requirements as they relate
to fees paid to the subadvisers.

APPLICANTS:  Advisors Series Trust (``Trust''), a Delaware statutory
trust registered under the Act as an open-end management investment
company with multiple series, including Semper Brentview Dividend
Growth Equity Fund (the ``Fund''), and Semper Capital Management, L.P.,
a Delaware limited partnership registered as an investment adviser
under the Investment Advisers Act of 1940 that serves an investment
adviser to the Fund (collectively with the Trust, the ``Applicants'').

FILING DATES:  The application was filed on May 19, 2021 and amended on
August 13, 2021 and November 12, 2021.

HEARING OR NOTIFICATION OF HEARING:  An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing on any application by emailing
the Commission's Secretary at [email protected] and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on March 7,
2022, and should be accompanied by proof of service on the Applicants,
in the form

of an affidavit, or, for lawyers, a certificate of service. Pursuant to
rule 0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by emailing the Commission's Secretary.

ADDRESSES:  The Commission: [email protected]. Applicants:
Domenick Pugliese, [email protected].

FOR FURTHER INFORMATION CONTACT:  Steven B. Levine, Senior Counsel, or
Kaitlin C. Bottock, Branch Chief, at<PHONE_NUMBER> (Division of
Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:  For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' second amended
and restated application, dated November 12, 2021, which may be
obtained via the Commission's website by searching for the file number,
using the Company name box, at http://www.sec.gov/search/search.htm, or
by calling<PHONE_NUMBER>.

    For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-03152 Filed 2-14-22; 8:45 am]
BILLING CODE 8011-01-P


Codes for Reporting Numbers of Sites  Codes Range  S1........................................ less than 10 sites S2........................................ at least 10 but less than 25 sites S3........................................ at least 25 but less than 100 sites S4........................................ at least 100 but less than 250 sites S5........................................ at least 250 but less than 1,000 sites S6........................................ at least 1,000 but less than 10,000 sites S7........................................ 10,000 or more sites  ( F) For each combination of industrial processing or use operation, NAICS code and industrial function category, the submitter must estimate the number of workers reasonably likely to be exposed to each reportable chemical substance. For each combination associated with each substance, the submitter must select from among the worker ranges listed in paragraph ( c)( 3)( vi) of this section and report the corresponding code ( i. e., W1 though W8).

( ii) Commercial and consumer use information.

( A) Using the codes listed in this paragraph, submitters must designate the commercial and consumer product category or categories that best describe the commercial and consumer products in which each reportable chemical substance is used ( whether the recipient site( s) are controlled by the submitter site or not). If more than 10 codes apply to a chemical substance, submitters need only report the 10 codes for the chemical substance that cumulatively represent the largest percentage of the submitter's production volume for that chemical, measured by weight:

Codes for Reporting Commercial and Consumer Product Categories  Codes Category  C01....................................... Artists' supplies C02....................................... Adhesives and sealants C03....................................... Automotive care products C04....................................... Electrical and electronic products C05....................................... Glass and ceramic products C06....................................... Fabrics, textiles and apparel C07....................................... Lawn and garden products ( non pesticidal) C08....................................... Leather products C09....................................... Lubricants, greases and fuel additives C10....................................... Metal products C11....................................... Paper products C12....................................... Paints and coatings C13....................................... Photographic chemicals C14....................................... Polishes and sanitation goods C15....................................... Rubber and plastic products C16....................................... Soaps and detergents C17....................................... Transportation products C18....................................... Wood and wood furniture C19....................................... Other  ( B) Submitters must determine, within each commercial and consumer product category reported under paragraph ( c)( 4)( ii)( A) of this section, whether any amount of each reportable chemical substance manufactured ( including imported) by the submitter is present in ( for example, a plasticizer chemical used to make pacifiers) or on ( for example, as a component in the paint on a toy) any consumer products intended for use by children up to the age of 14, regardless of the concentration of the substance remaining in or on the product. Submitters must select from the following options: the chemical substance is used in or on any consumer products intended for use by children, the chemical substance is not used in or on any consumer products intended for use by children, or information as to whether the chemical substance is used in or on any consumer products intended for use by children is not readily obtainable.

( C) The estimated percentage, rounded off to the closest 10%, of the submitter's site's total production volume of the reportable chemical substance associated with each commercial and consumer product category. Where a particular commercial and consumer product category accounts for 5% or less of the total production volume of a reportable chemical substance, the percentage must not be rounded off to zero % if the production volume attributable to that commercial and consumer product category is 300,000 lbs. ( 136,077 kg) or more during the reporting year. Instead, in such a case, submitters must report the percentage, rounded off to the closest 1%, of the submitter's site's total production volume of the reportable chemical substance associated with the particular commercial and consumer product category.

( D) Where the reportable chemical substance is used in commercial or consumer products, the estimated typical maximum concentration, measured by weight, of the chemical substance in each commercial and consumer product category reported under paragraph ( c)( 4)( ii)( A) of this section. For each substance in each commercial and consumer product category reported under paragraph ( c)( 4)( ii)( A) of this section, submitters must select from among the ranges of concentrations listed in the table in paragraph ( c)( 3)( vii) of this section and report the corresponding code ( i. e., M1 through M5).

[ 68 FR 890, Jan. 7, 2003, as amended at 69 FR 40791, July 7, 2004]

§ 710.53 When to report.

All information reported to EPA in response to the requirements of this subpart must be submitted during an applicable submission period. The first submission period is from August 25, 2006, to December 23, 2006. Subsequent recurring submission periods are from August 25 to December 23 at 4   year intervals after the first submission period. Any person described in § 710.48( a) must report during each submission period for each chemical substance described in § 710.45 that the person manufactured ( including imported) during the preceding calendar year ( i. e., the " reporting year").

§ 710.55 Duplicative reporting.

( a) With regard to section 8( a) rules. Any person subject to the requirements of this part who previously has complied with reporting requirements of a rule under section 8( a) of the Act by submitting the information described in § 710.52 for a chemical substance described in § 710.45 to EPA, and has done so within 1 year of the start of a submission period described in § 710.53, is not required to report again on the manufacture of that substance at that site during that submission period.

( b) With regard to importers. This part requires that only one report be submitted on each import transaction involving a chemical substance described in § 710.45. When two or more persons are involved in a particular import transaction and each person meets the Agency's definition of " importer" as set forth in § § 710.3 and 704.3 of this chapter, they may determine among themselves who should submit the required report; if no report is submitted as required under this part, EPA will hold each such person liable for failure to report.

§ 710.57 Recordkeeping requirements.

Each person who is subject to the reporting requirements of this subpart must maintain records that document any information reported to EPA. Records relevant to reporting during a submission period must be retained for a period of 5 years beginning with the effective date of that submission period.

§ 710.58 Confidentiality.

( a) Any person submitting information under this subpart may assert a business confidentiality claim for the information at the time it is submitted. These claims will apply only to the information submitted with the claim. New confidentiality claims, if necessary, must be asserted with regard to information submitted during the next submission period. Guidance for asserting confidentiality claims is provided in the instruction booklet identified in § 710.59. Information claimed as confidential in accordance with this section will be treated and disclosed in accordance with the procedures in part 2 of this chapter.

( b) Chemical identity. A person may assert a claim of confidentiality for the chemical identity of a specific chemical substance only if the identity of that substance is treated as confidential in the Master Inventory File as of the time the report is submitted for that substance under this subpart. The following steps must be taken to assert a claim of confidentiality for the identity of a reportable chemical substance:

( 1) The submitter must submit with the report detailed written answers to the following questions signed and dated by an authorized official.

( i) What harmful effects to your competitive position, if any, do you think would result from the identity of the chemical substance being disclosed in connection with reporting under this subpart? How could a competitor use such information? Would the effects of disclosure be substantial? What is the causal relationship between the disclosure and the harmful effects?

( ii) How long should confidential treatment be given? Until a specific date, the occurrence of a specific event, or permanently? Why?

( iii) Has the chemical substance been patented? If so, have you granted licenses to others with respect to the patent as it applies to the chemical substance? If the chemical substance has been patented and therefore disclosed through the patent, why should it be treated as confidential?

( iv) Has the identity of the chemical substance been kept confidential to the extent that your competitors do not know it is being manufactured or imported for a commercial purpose by anyone?

( v) Is the fact that the chemical substance is being manufactured ( including imported) for a commercial purpose available to the public, for example in technical journals, libraries, or State, local, or Federal agency public files?

( vi) What measures have been taken to prevent undesired disclosure of the fact that the chemical substance is being manufactured ( including imported) for a commercial purpose?

( vii) To what extent has the fact that this chemical substance is manufactured ( including imported) for commercial purposes been revealed to others? What precautions have been taken regarding these disclosures? Have there been public disclosures or disclosures to competitors?

( viii) Does this particular chemical substance leave the site of manufacture ( including import) in any form, e. g., as product, effluent, emission? If so, what measures have been taken to guard against the discovery of its identity?

( ix) If the chemical substance leaves the site in a product that is available to the public or your competitors, can the substance be identified by analysis of the product?

( x) For what purpose do you manufacture ( including import) the substance?

( xi) Has EPA, another Federal agency, or any Federal court made any pertinent confidentiality determinations regarding this chemical substance? If so, please attach copies of such determinations.

( 2) If any of the information contained in the answers to the questions listed in paragraph ( b)( 1) of this section is asserted to contain confidential business information, the submitter must clearly identify the information that is claimed confidential by marking the specific information on each page with a label such as " confidential business information," " proprietary," or " trade secret."

( c) Site identity. A submitter may assert a claim of confidentiality for a site only if the linkage of the site with a reportable chemical is confidential and not publicly available. The following steps must be taken to assert a claim of confidentiality for a site identity:

( 1) The submitter must submit with the report detailed written answers to the following questions signed and dated by an authorized official:

( i) Has site information been linked with a chemical identity in any other Federal, state or local reporting scheme? For example, is the chemical identity linked to a facility in a filing under the Emergency Planning and Community Right to Know Act ( EPCRA) section 311, namely through a Material Safety Data Sheet ( MSDS)? If so, identify all such schemes. Was the linkage claimed as confidential in any of these instances?

( ii) What harmful effect, if any, to your competitive position do you think would result from the identity of the site and the chemical substance being disclosed in connection with reporting under this subpart? How could a competitor use such information? Would the effects of disclosure be substantial? What is the causal relationship between the disclosure and the harmful effects?

( 2) If any of the information contained in the answers to the questions listed in paragraph ( c)( 1) of this section is asserted to contain confidential business information, the submitter must clearly identify the information that is claimed confidential by marking the specific information on each page with a label such as " confidential business information," " proprietary," or " trade secret."

( d) If no claim of confidentiality is indicated on the reporting form submitted to EPA under this subpart, or if confidentiality claim substantiation required under paragraphs ( b) and ( c) of this section is not submitted with the reporting form, EPA may make the information available to the public without further notice to the submitter.

[ 68 FR 890, Jan. 7, 2003, as amended at 69 FR 40791, July 7, 2004]

§ 710.59 Availability of reporting form and instructions.

( a) Use the proper EPA form. You must use the EPA form identified as " Form U" to submit written information in response to the requirements of this subpart. Copies of Form U are available from EPA at the address set forth in paragraph ( c) of this section and from the EPA Internet Home Page at http:// www. epa. gov/ oppt/ iur.

( b) Follow the reporting instructions. Guidance for completing the reporting form and preparing an electronic ( magnetic media) report will be made available prior to each submission period.

( c) Obtain the reporting documents. EPA will send a letter with instructions describing how to obtain the reporting documents, including the reporting form and reporting instructions, to those submitters that reported in the IUR submission period that occurred immediately prior to the current submission period. EPA now makes the reporting documents available through the Internet, at http:// www. epa. gov/ oppt/ iur. Failure to receive such a letter does not obviate or otherwise affect the requirement to submit a timely report. If you did not receive such a letter, but are required to report, you may obtain a copy of the form and other reporting documents from EPA by submitting a request for this information as follows:

( 1) By telephone. Call the EPA TSCA Hotline at 202   554   1404.

( 2) By e mail. Send an e mail request for this information to the EPA TSCA Hotline at TSCA Hotline@ epa. gov. ( 3) By mail. Send a written request for this information to the following address: TSCA Hotline, Mailcode 7408M, ATTN: Inventory Update Rule, Office of Pollution Prevention and Toxics, Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460.

( 4) By Internet. To download a copy of the form and/ or instructions go to: http:// www. epa. gov/ oppt/ iur.

( d) Submit the completed reports. You must submit your completed reporting form( s) and/ or magnetic media to EPA at the following address: OPPT Document Control Officer ( DCO), Mailcode 7407M, ATTN: Inventory Update Rule, Office of Pollution Prevention and Toxics, Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460.

[ 68 FR 890, Jan. 7, 2003, as amended at 69 FR 40791, July 7, 2004]

[ This data current as of the Federal Register dated January 28, 2005] ATTACHMENT 3 Inventory Update Rule Amendments Data Use Plan ATTACHMENT 4 Draft 2006 Form U ( EPA Form 7740 8) FOR EPA USE ONLY Report Number Mark " X" here if this is a revision to the previous report Previous Report Number PAGE 1 of __ ( IMPORTANT: Type only, read instructions before completing form)

U. S. Environmental Protection Agency Washington, DC 20460 Partial Updating of TSCA Inventory Data Base Production and Site Report ( Section 8( a) Toxic Substances Control Act, 15 U. S. C. 2607)

PART I. SITE IDENTIFICATION INFORMATION SECTION A. CERTIFICATION Certification Statement: I hereby certify to the best of my knowledge and belief that Parts I and II have been completed in compliance with the requirements of 40 CFR 710.52( c)( 1), ( 2), and ( 3); Part III of this form has been completed in compliance with the requirements of 40 CFR 710.52( c)( 4); and the confidentiality statements at the end of this form are true and correct as to that information for which a confidentiality claim has been asserted.

1. A. 1 Signature 1. A. 2 Date signed 1. A. 3 Name 1. A. 4 Official Title SECTION B. PARENT COMPANY AND TECHNICAL CONTACT INFORMATION 1. B. 1 Parent Company Name 1. B. 2 Parent Company Dun & Bradstreet Number 1. B. 3 Technical Contact Name 1. B. 4 Technical Contact Telephone ( w/ Area Code) 1. B. 5 Technical Contact Email Address Technical Contact Mailing Address 1. B. 6 Technical Contact Address ( Line1)

1. B. 7 Technical Contact Address ( Line 2)

1. B. 8 City 1. B. 9 State 1. B. 10 Zip Code SECTION C. PLANT SITE IDENTIFICATION 1. C. 1 Plant Site Name 1. C. 2 Plant Site Dun & Bradstreet Number EPA Facility Identification Number ( for Agency Use Only) LEAVE BLANK 1. C. 3 Street Address ( Line 1)

1. C. 4 Street Address ( Line 2)

1. C. 5 City 1. C. 6 County/ Parish 1. C. 7 State 1. C. 8 Zip Code EPA Form Number 7740 8 ( Rev 8/ 22/ 03)  Previous editions are obsolete Form Approved OMB Control Number : 2070 0162 FORM U 2006 Form U  Case Study A Page ___ of ___

PART II. MANUFACTURING INFORMATION SECTION A. CHEMICAL IDENTIFICATION CBI*

2. A. 1 Chemical Identifying Number 2. A. 2 ID 2. A. 3 Chemical Name SECTION B. MANUFACTURING INFORMATION 2. B. 1 Parent Company and Technical Contact Information CBI 2. B. 2 Plant Site Information* CBI a. Physical Form b. Percent of Production Volume in Each Physical Form Check All That Apply CBI Percent CBI 2. B. 3 Site Limited ( Y/ N) CBI 2. B. 9 Dry Powder 2. B. 4 Activity ( Check all that apply)

Manufacture G Import CBI 2. B. 10 Pellets or Large Crystals 2. B. 5 Production Volume ( LB) CBI 2. B. 11 Water or Solvent Wet Solid 2. B. 6 Production Volume Range LEAVE BLANK CBI 2. B. 12 Other Solid 2. B. 7 Number of Workers ( code) CBI 2. B. 13 Gas or Vapor 2. B. 8 Maximum Concentration ( code) CBI 2. B. 14 Liquid PART III. PROCESSING AND USE INFORMATION Complete Part III, Sections A and B only if the production volume noted in Block 2. B. 5 is greater than or equal to 300,000 lb/ year.

SECTION A. INDUSTRIAL PROCESSING AND USE DATA N/ A a. Type of Process or Use b. ( 5 digit) NAICS c. Industrial Function Category d. Percent Production Volume e. Number of Sites f. Number of Workers Cod e CBI Code CBI Code CBI Percent CBI Code CBI Code CBI 3. A. 1 3. A. 2 3. A. 3 3. A. 4 3. A. 5 3. A. 6 3. A. 7 3. A. 8 3. A. 9 3. A. 10 SECTION B. COMMERCIAL & CONSUMER END USE EXPOSURE RELATED DATA N/ A X a. Commercial and Consumer Product Category b. Use in Children's Product c. Percent Production Volume associated with each category d. Maximum Concentration associated with each category Code CBI Y/ N/ NRO CBI Percent CBI Code CBI 3. B. 1 3. B. 2 3. B. 3 3. B. 4 3. B. 5 3. B. 6 3. B. 7 3. B. 8 3. B. 9 3. B. 10 * Substantiation required for CBI claims on chemical identity and plant site information. FOR EPA USE ONLY ATTACHMENT 5 Draft Instructions for Reporting for the 2006 Partial Updating of the TSCA Chemical Inventory Database ATTACHMENT 6 Determination of Wage Rates Wage rates were developed from information published by the Bureau of Labor Statistics ( BLS) and the chemical industry. As presented in Table 3 1, the managerial and technical level salaries used for the analysis are composites of the BLS average salaries for several occupation categories and levels. Weighting factors were applied to the average salaries for each of the occupation categories within the managerial and technical labor categories to develop the composite salary. The weighting factors are based on information provided by the chemical industry and chemical industry trade associations for the typical fraction of total reporting effort that is accounted for by each specific BLS occupation category ( EPA, 1997a).

The 1993 composite annual salary estimates were adjusted to first quarter 2000 dollars using the Employment Cost Index ( ECI) for white collar occupations in private industries. The three labor rates were each adjusted using separate categories. The clerical rate was adjusted using the Administrative Support, including Clerical Occupations data, the technical rate was adjusted using the Professional Specialty and Technical Occupations data, and the managerial rate was adjusted using the Executive, Administrative and Managerial Occupations data. The 2000 adjusted, composite salaries for the managerial, technical, and clerical labor categories were then multiplied by benefits and overhead factors to estimate 2000 loaded, annual salaries. Detailed benefits data for white collar occupations in private, goods producing industries were used to account for the additional cost of benefits for managerial, technical, and clerical labor. The overhead factor of 17 percent is based on information provided by the chemical industry and chemical industry trade associations. The loaded annual salary was then divided by 2,080 hours ( i. e., the average annual number of hours worked per year by a full time employee) to derive the loaded, hourly wage rates used in this analysis for each labor category. Table 3 1. Loaded Hourly Wage Rates by Labor Category Occupation ( levels) Average Salary ($ 1993) Weighting Factor Comp. Salarya ($ 1993) ECI Ratio 3/ 00: 6/ 93b Adjusted Salary ($ 2000) 2000 Benefits (% Salary) 2000 Overhead (% Salary) Loaded Annual Salary ($ 2000) Loaded Hourly Rate ($ 2000)

Managerial Engineer ( 6 8) $ 93,981 10/ 17 $ 55,283 Attorney ( 4 6) $ 111,263 5/ 17 $ 32,724 Account ( 5 6) $ 73,528 2/ 17 $ 8,650 Composite 17/ 17 $ 96,658 1.33 $ 128,555 $ 37.6 17.0 $ 198,746 $ 95.55 Technical Engineer ( 3 8) $ 74,802 5/ 6 $ 62,335 Account ( 3 6) $ 59,436 1/ 6 $ 9,906 Composite   6/ 6 $ 72,241 1.23 $ 88,856 $ 37.4 17.0 $ 137,194 $ 65.96 Clerical Secretary ( 1 5) $ 28,850 1/ 1 $ 28,850 Composite   1/ 1 $ 28,850 1.26 $ 36,351 $ 39.6 17.0 $ 56,926 $ 27.37 a 1993 composite salaries were determined by multiplying average salaries by the weighting factor and summing across occupations. b The ECI ratio measures the change in wages and salaries between June 1993 and March 2000.

Sources: U. S. Environmental Protection Agency. April 1997a. Economic Analysis of the Final Rule to Add Certain Industry Groups to EPCRA Section 313. Office of Pollution Prevention and Toxics, Regulatory Impacts Branch.

Bureau of Labor Statistics ( BLS). 2000. Employment Cost Index. < www. bls. gov>. As obtained April 28, 2000.


[Federal Register Volume 80, Number 119 (Monday, June 22, 2015)]
[Notices]
[Pages 35682-35688]
[FR Doc No: 2015-15171]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75178; File No. SR-NASDAQ-2015-059]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change, as Modified by Amendment No.
1, Relating to the Listing and Trading of the Shares of the Reaves
Utilities ETF of ETFis Series Trust I

June 16, 2015.
    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 June 2, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in in Items I,
II, and III below, which Items have been prepared by Nasdaq. On June
12, 2015, Nasdaq submitted Amendment No. 1 to the proposed rule
change.\3\ The Commission is publishing this notice to solicit comments
on the proposed rule change, as modified by Amendment No. 1, from
interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, Nasdaq clarified that the equity
securities referred to in the Principal Investments section, infra,
refers to exchange-listed equity securities and that the repurchase
agreements in the Other Investments section, infra, will be high
quality short duration repurchase agreements.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Nasdaq proposes to list and trade the shares of the Reaves
Utilities ETF (the ``Fund''), a series of ETFis Series Trust I (the
``Trust''), under Nasdaq Rule 5735 (``Managed Fund Shares'').\4\ The
shares of the Fund are collectively referred to herein as the
``Shares.''
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    \4\ The Commission approved Nasdaq Rule 5735 in Securities
Exchange Act Release No. 57962 (June 13, 2008) 73 FR 35175 (June 20,
2008) (SR- NASDAQ-2008-039). There are already multiple actively-
managed funds listed on the Exchange; see e.g., Securities Exchange
Act Release No. 72411 (June 17, 2014), 79 FR 35598 (June 23, 2014)
(SR-NASDAQ-2014-40) (order approving listing and trading of Calamos
Focus Growth ETF). The Exchange believes the proposed rule change
raises no significant issues not previously addressed in those prior
Commission orders.
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    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the Shares of the Fund
under Nasdaq Rule 5735, which governs the listing and trading of
Managed Fund Shares \5\ on the Exchange. The Fund will be an actively
managed exchange-traded fund (``ETF''). The Shares will be offered by
the Trust, which was established as a Delaware statutory trust on
September 20, 2012.\6\ The Trust is registered with the Commission as
an investment company and has filed a registration statement on Form N-
1A (``Registration Statement'') with the Commission.\7\ The Fund is a
series of the Trust.
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    \5\ 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)(the ``1940 Act'') 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 Index Fund Shares, listed
and traded on the Exchange under Nasdaq Rule 5705, 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.
    \6\ The Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act (the ``Exemptive
Order''). See Investment Company Act Release No. 30607 (July 23,
2013). In compliance with Nasdaq Rule 5735(b)(5), which applies to
Managed Fund Shares based on an international or global portfolio,
the Trust's application for exemptive relief under the 1940 Act
states that the Fund will comply with the federal securities laws in
accepting securities for deposits and satisfying redemptions with
redemption securities, including that the securities accepted for
deposits and the securities used to satisfy redemption requests are
sold in transactions that would be exempt from registration under
the Securities Act of 1933 (15 U.S.C. 77a).
    \7\ See Registration Statement on Form N-1A for the Trust filed
on January 30, 2015 (File Nos. 333-187668 and 811-22819). The
descriptions of the Fund and the Shares contained herein are based,
in part, on information in the Registration Statement.
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    Etfis Capital LLC will be the investment adviser (``Adviser'') to
the Fund. W.H. Reaves & Co., Inc. (dba Reaves Asset Management) will be
the investment sub-adviser (``Sub-Adviser'') to the Fund. ETF
Distributors LLC (the ``Distributor'') will be the principal
underwriter and distributor of the Fund's Shares. The Bank of New York
Mellon (``BNY Mellon'') will act as the administrator, accounting
agent, custodian, and transfer agent to the Fund.
    Paragraph (g) of Rule 5735 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 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.\8\ In addition, paragraph
(g) further requires that personnel who make decisions on the open-end
fund's portfolio composition must be subject to procedures designed to
prevent the use and dissemination of material, non-public information
regarding the open-end fund's portfolio. Rule 5735(g) is similar to
Nasdaq Rule 5705(b)(5)(A)(i); however, paragraph (g) in connection with
the establishment of a ``fire wall'' between the investment adviser and
the broker-dealer reflects the applicable open-end fund's portfolio,
not an underlying benchmark index, as is the case with index-based
funds. The Adviser is not registered as a broker-dealer; however the
Adviser is affiliated with a broker-dealer. The Sub-Adviser is
registered as a broker-dealer. The Adviser has implemented a fire wall
with respect to its broker-dealer affiliate, and the Sub-Adviser has
also implemented a firewall, regarding access to information concerning
the composition and/or changes to the portfolio. In addition, personnel
of both the Adviser and the Sub-Adviser who make decisions on the
Fund's portfolio composition will be subject to procedures designed to
prevent the use and dissemination of material non-public information
regarding the Fund's portfolio. In the event (a) the Adviser registers
as 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 a fire wall with respect to its relevant personnel and/
or such broker-dealer affiliate, if applicable, 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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    \8\ 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, the 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.
---------------------------------------------------------------------------

Reaves Utilities ETF
Principal Investments
    The Fund's investment objective will be to seek to provide total
return through a combination of capital appreciation and income. Under
normal market conditions, the Fund will invest not less than 80% of its
total assets in exchange-listed equity securities of companies in the
Utility Sector (``Utility Sector Companies'').\9\ The Fund considers a
company to be a ``Utility Sector Company'' if the company is a utility
or if at least 50% of the company's assets or customers are committed
to, or at least 50% of the company's revenues, gross income or profits
derive from, the provision of products, services or equipment for the
generation or distribution of electricity, gas or water. The Fund is an
actively managed ETF and, thus, does not seek to replicate the
performance of a specified passive index of securities. Instead, it
uses an active investment strategy that seeks to meet its investment
objective.
---------------------------------------------------------------------------

    \9\ See Amendment No. 1, supra note 3.
---------------------------------------------------------------------------

Other Investments
    In order to seek its investment objective, the Fund may also invest
in cash and cash equivalents, which may include, without limitation
money market instruments or high quality, short duration repurchase
agreements,\10\ and may also invest in U.S. exchange-traded options on
securities and securities indexes.
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    \10\ See id.
---------------------------------------------------------------------------

    The Fund may make short sales, which are transactions in which the
Fund sells a security it does not own in anticipation of a decline in
the market value of that security. To complete a short sale
transaction, the Fund will borrow the security from a broker-dealer,
which generally involves the payment of a premium and transaction
costs. The Fund then sells the borrowed security to a buyer in the
market. The Fund will then cover the short position by buying shares in
the market either (i) at its discretion or (ii) when called by the
broker-dealer lender. Until the security is replaced, the Fund is
required to pay the broker-dealer lender

any dividends or interest that accrue during the period of the loan. In
addition, the net proceeds of the short sale will be retained by the
broker to the extent necessary to meet regulatory or other
requirements, until the short position is closed out.
Investment Restrictions
    Under normal market conditions, the Fund will invest not less than
80% of its total assets in exchange-traded U.S. equity securities. With
the exception of exchange-traded options, the Fund will not use
derivative instruments, including swaps, forwards and futures
contracts, both listed and over-the-counter (``OTC'').
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities and other illiquid assets (calculated at
the time of investment). The Fund will monitor its portfolio liquidity
on an ongoing basis to determine whether, in light of current
circumstances, an adequate level of liquidity is being maintained, and
will consider taking appropriate steps in order to maintain adequate
liquidity if, through a change in values, net assets, or other
circumstances, more than 15% of the Fund's net assets are held in
illiquid securities or other illiquid assets. Illiquid securities and
other illiquid assets include securities subject to contractual or
other restrictions on resale and other instruments that lack readily
available markets as determined in accordance with Commission staff
guidance.\11\
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    \11\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), FN 34. See also Investment Company Act
Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the fund. See Investment Company Act Release No. 14983 (March 12,
1986), 51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (April
23, 1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under
the Securities Act of 1933).
---------------------------------------------------------------------------

    The Fund intends to qualify for and to elect to be treated as a
separate regulated investment company under SubChapter M of the
Internal Revenue Code.\12\
---------------------------------------------------------------------------

    \12\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    The Fund's investments will be consistent with its investment
objective. The Fund does not presently intend to engage in any form of
borrowing for investment purposes, except in the case of short sales,
and will not be operated as a ``leveraged ETF'', i.e., it will not be
operated in a manner designed to seek a multiple of the performance of
an underlying reference index.
Net Asset Value
    The Fund's net asset value (``NAV'') will be determined as of the
close of trading (normally 4:00 p.m., Eastern time (``E.T.'')) on each
day the New York Stock Exchange (``NYSE'') is open for business. NAV
will be calculated for the Fund by taking the market price of the
Fund's total assets, including interest or dividends accrued but not
yet collected, less all liabilities, and dividing such amount by the
total number of Shares outstanding. The result, rounded to the nearest
cent, will be the NAV per Share. All valuations will be subject to
review by the Fund's board of Trustees (the ``Board'') or its delegate.
    The Fund's investments will be valued at market value (i.e., the
price at which a security is trading and could presumably be purchased
or sold) or, in the absence of market value with respect to any
investment, at fair value in accordance with valuation procedures
adopted by the Board and in accordance with the 1940 Act. Common stocks
and equity securities will be valued at the last sales price on the
primary exchange on which the securities are listed. Portfolio
securities traded on more than one securities exchange will be valued
at the last sale price or, if so disseminated by an exchange, the
official closing price, as applicable, at the close of the exchange
representing the principal exchange or market for such securities on
the business day as of which such value is being determined. Money
market funds are valued at the net asset value reported by the funds.
Listed options are valued at the mean of the last quoted bid and ask
prices at the time of valuation. If no bid quotation is readily
available at the time of valuation, the option shall be valued at the
mean of the last quoted ask price and $0.00. In determining bid and ask
prices for exchange-listed options, pricing will be based on bid and
ask prices as reported on the option's primary exchange.
    Certain securities may not be able to be priced by pre-established
pricing methods. Such securities may be valued by the Board or its
delegate at fair value. The use of fair value pricing by the Fund will
be governed by valuation procedures adopted by the Board and in
accordance with the provisions of the 1940 Act. These securities
generally include, but are not limited to, restricted securities
(securities which may not be publicly sold without registration under
the Securities Act of 1933) for which a pricing service is unable to
provide a market price; securities whose trading has been formally
suspended; a security whose market price is not available from a pre-
established pricing source; a security with respect to which an event
has occurred that is likely to materially affect the value of the
security after the market has closed but before the calculation of the
Fund's net asset value or make it difficult or impossible to obtain a
reliable market quotation; and a security whose price, as provided by
the pricing service, does not reflect the security's ``fair value.'' As
a general principle, the current ``fair value'' of a security would
appear to be the amount which the owner might reasonably expect to
receive for the security upon its current sale. The use of fair value
prices by the Fund generally results in the prices used by the Fund
that may differ from current market quotations or official closing
prices on the applicable exchange. A variety of factors may be
considered in determining the fair value of such securities.
Creation and Redemption of Shares
    The Trust will issue and sell Shares of the Fund only in Creation
Unit aggregations typically in exchange for an in-kind portfolio of
instruments, although cash in lieu of such instruments would be
permissible, and only in aggregations of 50,000 Shares, on a continuous
basis through the Distributor, without a sales load, at the NAV next
determined after receipt, on any business day, of an order in proper
form.
    The consideration for purchase of Creation Unit aggregations of the
Fund will consist of (i) a designated portfolio of securities
determined by the Adviser that generally will conform to the holdings
of the Fund consistent with its investment objective (the ``Deposit
Securities'') per each Creation Unit aggregation and generally an
amount of cash (the ``Cash Component'') computed as described below, or
(ii) cash in lieu of all or a portion of the Deposit Securities, as
defined below. Together, the Deposit Securities and the Cash Component
(including the cash in lieu amount) will constitute the ``Fund
Deposit,'' which will represent the minimum initial and subsequent
investment amount for a Creation Unit aggregation of the Fund.
    The consideration for redemption of Creation Unit aggregations of
the Fund will consist of (i) a designated portfolio of securities
determined by the Adviser that generally will conform to the holdings
of the Fund consistent with its

investment objective per each Creation Unit aggregation (``Fund
Securities'') and generally a Cash Component, as described below, or
(ii) cash in lieu of all or a portion of the Fund Securities as defined
below. Typically, redemption orders will be made ``in kind,'' as
described in (i) above.
    The Cash Component is sometimes also referred to as the Balancing
Amount. The Cash Component will serve the function of compensating for
any differences between the NAV per Creation Unit aggregation and the
Deposit Amount (as defined below). For example, for a creation the Cash
Component will be an amount equal to the difference between the NAV of
Fund Shares (per Creation Unit aggregation) and the ``Deposit
Amount''--an amount equal to the market value of the Deposit Securities
and/or cash in lieu of all or a portion of the Deposit Securities. If
the Cash Component is a positive number (i.e., the NAV per Creation
Unit aggregation exceeds the Deposit Amount), the Authorized
Participant (defined below) will deliver the Cash Component. If the
Cash Component is a negative number (i.e., the NAV per Creation Unit
aggregation is less than the Deposit Amount), the Authorized
Participant will receive the Cash Component.
    BNY Mellon, through the National Securities Clearing Corporation
(``NSCC''), will make available on each business day, prior to the
opening of business of the Exchange (currently 9:30 a.m., E.T.), the
list of the names and the quantity of each Deposit Security to be
included in the current Fund Deposit (based on information at the end
of the previous business day). Such Fund Deposit will be applicable,
subject to any adjustments as described below, in order to effect
creations of Creation Unit aggregations of the Fund until such time as
the next-announced composition of the Deposit Securities is made
available. BNY Mellon, through the NSCC, will also make available on
each business day, prior to the opening of business of the Exchange
(currently 9:30 a.m., E.T.), the list of the names and the quantity of
each security to be included (based on information at the end of the
previous business day), subject to any adjustments as described below,
in order to affect redemptions of Creation Unit aggregations of the
Fund until such time as the next-announced composition of the Fund
Securities is made available.
    The Trust will reserve the right to permit or require the
substitution of an amount of cash, i.e., a ``cash in lieu'' amount, to
be added to the Cash Component to replace any Deposit Security that may
not be available in sufficient quantity for delivery or which might not
be eligible for trading by an Authorized Participant or the investor
for which it is acting or other relevant reason. To the extent the
Trust effects the redemption of Shares in cash, such transactions will
be effected in the same manner for all Authorized Participants.
    In addition to the list of names and numbers of securities
constituting the current Deposit Securities of a Fund Deposit, BNY
Mellon, through the NSCC, will also make available on each business
day, the estimated Cash Component, effective through and including the
previous business day, per Creation Unit aggregation of the Fund.
    To be eligible to place orders with respect to creations and
redemptions of Creation Units, an entity must be (i) a ``Participating
Party,'' i.e., a broker-dealer or other participant in the clearing
process through the continuous net settlement system of the NSCC or
(ii) a Depository Trust Company (``DTC'') Participant (a ``DTC
Participant''). In addition, each Participating Party or DTC
Participant (each, an ``Authorized Participant'') must execute an
agreement that has been agreed to by the Distributor and BNY Mellon
with respect to purchases and redemptions of Creation Units.
    All orders to create Creation Unit aggregations must be received by
the Distributor no later than 3:00 p.m., E.T., an hour earlier than the
closing time of the regular trading session on the Exchange (ordinarily
4:00 p.m., E.T.), in each case on the date such order is placed in
order for creations of Creation Unit aggregations to be effected based
on the NAV of Shares of the Fund as next determined on such date after
receipt of the order in proper form.
    In order to redeem Creation Units of the Fund, an Authorized
Participant must submit an order to redeem for one or more Creation
Units. All such orders must be received by the Distributor in proper
form no later than 3:00 p.m., E.T., an hour earlier than the close of
regular trading on the Exchange (ordinarily 4:00 p.m., E.T.), in order
to receive that day's closing NAV per Share.
Availability of Information
    The Fund's Web site (www.reavesetfs.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Web site
will include the Share's ticker, Cusip and exchange information along
with additional quantitative information updated on a daily basis,
including, for the Fund: (1) Daily trading volume, the prior business
day's reported NAV and closing price, mid-point of the bid/ask spread
at the time of calculation of such NAV (the ``Bid/Ask Price'') \13\ and
a calculation of the premium and discount of the Bid/Ask Price against
the NAV; and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each business day, before commencement
of trading in Shares in the Regular Market Session \14\ on the
Exchange, the Fund will disclose on its Web site the identities and
quantities of the portfolio of securities and other assets (the
``Disclosed Portfolio'' as defined in Nasdaq Rule 5735(c)(2)) held by
the Fund that will form the basis for the Fund's calculation of NAV at
the end of the business day.\15\
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    \13\ The Bid/Ask Price of the Fund will be determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of the Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Fund and its service
providers.
    \14\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m. E.T.; (2) Regular Market Session from 9:30 a.m. to 4 p.m. or
4:15 p.m. E.T.; and (3) Post-Market Session from 4 p.m. or 4:15 p.m.
to 8 p.m. E.T.).
    \15\ Under accounting procedures to be followed by the Fund,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1'').
Notwithstanding the foregoing, portfolio trades that are executed
prior to the opening of the Exchange on any business day may be
booked and reflected in NAV on such business day. Accordingly, the
Fund will be able to disclose at the beginning of the business day
the portfolio that will form the basis for the NAV calculation at
the end of the business day.
---------------------------------------------------------------------------

    On a daily basis, the Fund will disclose for each portfolio
security and other asset of the Fund the following information on the
Fund's Web site (if applicable): ticker symbol, CUSIP number or other
identifier, if any; a description of the holding (including the type of
holding); the identity of the security, commodity, index, or other
asset or instrument underlying the holding, if any; for options, the
option strike price; quantity held (as measured by, for example, par
value, notional value or number of shares, contracts or units);
maturity date, if any; coupon rate, if any; effective date, if any;
market value of the holding; and the percentage weighting of the
holdings in the Fund's portfolio. The Web site information will be
publicly available at no charge.
    In addition, for the Fund, an estimated value, defined in Rule
5735(c)(3) as the ``Intraday Indicative Value,'' that reflects an
estimated intraday value of the Fund's portfolio,

will be disseminated. Moreover, the Intraday Indicative Value,
available on the NASDAQ OMX Information LLC proprietary index data
service \16\ will be based upon the current value for the components of
the Disclosed Portfolio and will be updated and widely disseminated by
one or more major market data vendors and broadly displayed at least
every 15 seconds during the Regular Market Session. The dissemination
of the Intraday Indicative Value, together with the Disclosed
Portfolio, will allow investors to determine the value of the
underlying portfolio of the Fund on a daily basis and will provide a
close estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \16\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service,
offering real-time updates, daily summary messages, and access to
widely followed indexes and Intraday Indicative Values for ETFs.
GIDS provides investment professionals with the daily information
needed to track or trade NASDAQ OMX indexes, listed ETFs, or third-
party partner indexes and ETFs.
---------------------------------------------------------------------------

    Price information regarding the equity securities, options, money
market instruments and money market funds held by the Fund will be
available through the U.S. exchanges trading such assets, in the case
of exchange-traded securities, as well as automated quotation systems,
published or other public sources, or on-line information services such
as Bloomberg or Reuters.
    Intra-day price information for all assets held by the Fund will
also be available through subscription services, such as Bloomberg,
Markit and Thomson Reuters, which can be accessed by Authorized
Participants and other investors.
    Investors will also be able to obtain the Fund's Statement of
Additional Information (``SAI''), the Fund's Shareholder Reports, and
its Form N-CSR and Form N-SAR, filed twice a year. The Fund's SAI and
Shareholder Reports will be available free upon request from the Fund,
and those documents and the Form N-CSR and Form N-SAR may be viewed on-
screen or downloaded from the Commission's Web site at www.sec.gov.
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. The
previous day's closing price and trading volume information for the
Shares will be published daily in the financial section of newspapers.
Quotation and last sale information for the Shares and any underlying
exchange-traded products other than options will be available via
Nasdaq proprietary quote and trade services, as well as in accordance
with the Unlisted Trading Privileges and the Consolidated Tape
Association plans for the Shares. Quotation and last sale information
for options is available via the Options Price Reporting Authority
(``OPRA'').
    Additional information regarding the Fund and the Shares, including
investment strategies, risks, creation and redemption procedures, fees,
Fund holdings disclosure policies, distributions and taxes will be
included in the Registration Statement.
Initial and Continued Listing
    The Shares will be subject to Rule 5735, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and/or continued
listing, the Fund must be in compliance with Rule 10A-3 \17\ under the
Act. A minimum of 100,000 Shares will be outstanding at the
commencement of trading on the Exchange. 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.
---------------------------------------------------------------------------

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

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund. Nasdaq will halt trading in the
Shares under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pauses under Nasdaq Rules 4120(a)(11) and (12).
Trading may be halted because of market conditions or for reasons that,
in the view of the Exchange, make trading in the Shares inadvisable.
These may include: (1) the extent to which trading is not occurring in
the securities and other assets constituting the Disclosed Portfolio of
the Fund; or (2) whether other unusual conditions or circumstances
detrimental to the maintenance of a fair and orderly market are
present. Trading in the Shares also will be subject to Rule
5735(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted.
Trading Rules
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in the Shares
from 4:00 a.m. until 8:00 p.m. E.T. The Exchange has appropriate rules
to facilitate transactions in the Shares during all trading sessions.
As provided in Nasdaq Rule 5735(b)(3), the minimum price variation for
quoting and entry of orders in Managed Fund Shares traded on the
Exchange is $0.01.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
also the Financial Industry Regulatory Authority (``FINRA'') on behalf
of the Exchange, which are designed to detect violations of Exchange
rules and applicable federal securities laws.\18\ 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 applicable federal securities
laws.
---------------------------------------------------------------------------

    \18\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The 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 and other exchange-traded securities
and instruments held by the Fund with other markets and other entities
that are members of the Intermarket Surveillance Group (``ISG'') \19\
and FINRA may obtain trading information regarding trading in the
Shares and other exchange-traded securities and instruments held by the
Fund from such markets and other entities. In addition, the Exchange
may obtain information regarding trading in the Shares and other
exchange-traded securities and instruments held by the Fund from
markets and other entities that are members of ISG,\20\ or with which
the Exchange has in place a comprehensive surveillance sharing
agreement. The Fund's net assets that are invested in exchange-traded
equities, including

ETPs and common stock, will be invested in instruments that trade in
markets that are members of ISG or are parties to a comprehensive
surveillance sharing agreement with the Exchange.
---------------------------------------------------------------------------

    \19\ 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.
    \20\ Id.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Circular
    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (3) how information regarding
the Intraday Indicative Value and Disclosed Portfolio is disseminated;
(4) the risks involved in trading the Shares during the Pre-Market and
Post-Market Sessions when an updated Intraday Indicative Value will not
be calculated or publicly disseminated; (5) the requirement that
members 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 Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Fund for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Act.
    Additionally, the Information Circular will reference that the Fund
is subject to various fees and expenses described in the Registration
Statement. The Information Circular will also disclose the trading
hours of the Shares of the Fund and the applicable NAV calculation time
for the Shares. The Information Circular will disclose that information
about the Shares of the Fund will be publicly available on the Fund's
Web site.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act in general and Section 6(b)(5) of the Act 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, and to remove impediments to and perfect
the mechanism of a free and open market and in general, to protect
investors and the public interest.
    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 Nasdaq Rule 5735. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances, administered by both Nasdaq and FINRA
on behalf of the Exchange, which are designed to detect violations of
Exchange rules and applicable federal securities laws. In addition,
paragraph (g) of Nasdaq Rule 5735 further requires that personnel who
make decisions on the open-end fund's portfolio composition must be
subject to procedures designed to prevent the use and dissemination of
material, non-public information regarding the open-end fund's
portfolio. The Fund's investments will be consistent with the Fund's
investment objective. FINRA may obtain information via ISG from other
exchanges that are members of ISG. In addition, the Exchange may obtain
information regarding trading in the Shares and other exchange-traded
securities and instruments held by the Fund from markets and other
entities that are members of ISG, which includes all U.S. and some
foreign securities and futures exchanges, or with which the Exchange
has in place a comprehensive surveillance sharing agreement. The Fund
may invest up to an aggregate amount of 15% of its net assets in
illiquid assets (calculated at the time of investment). 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 will be publicly available regarding the Fund and the
Shares, thereby promoting market transparency. Moreover, the Intraday
Indicative Value, available on the NASDAQ OMX Information LLC
proprietary index data service will be widely disseminated by one or
more major market data vendors at least every 15 seconds during the
Regular Market Session. On each business day, before commencement of
trading in Shares in the Regular Market Session on the Exchange, the
Fund will disclose on its Web site the Disclosed Portfolio of the Fund
that will form the basis for the Fund's 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 for the Shares will
be available via Nasdaq proprietary quote and trade services, as well
as in accordance with the Unlisted Trading Privileges and the
Consolidated Tape Association plans for the Shares and any underlying
exchange-traded products. Quotation and last sale information for U.S.
exchange-traded options will be available via the OPRA. Intra-day price
information will be available through subscription services, such as
Bloomberg, Markit and Thomson Reuters, which can be accessed by
Authorized Participants and other investors.
    The Fund's Web site will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Trading in Shares of the Fund will be halted
under the conditions specified in Nasdaq Rules 4120 and 4121 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 Nasdaq Rule 5735(d)(2)(D), which sets forth circumstances
under which Shares of the Fund may be halted. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the Intraday Indicative Value, 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
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace. As noted above, FINRA, on behalf of the
Exchange, will communicate as needed regarding trading in the Shares
and other exchange-traded securities and instruments held by the Fund
with

other markets and other entities that are members of the ISG and FINRA
may obtain trading information regarding trading in the Shares and
other exchange-traded securities and instruments held by the Fund from
such markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares and other exchange-traded
securities and instruments held by the Fund from markets and other
entities that are members of ISG, which includes all U.S. and some
foreign securities and futures exchanges, or with which the Exchange
has in place a comprehensive surveillance sharing agreement.
Furthermore, as noted above, investors will have ready access to
information regarding the Fund's holdings, the Intraday Indicative
Value, the Disclosed Portfolio, and quotation and last sale information
for the Shares.
    For the above reasons, Nasdaq believes 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 purposes of the Act. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type of actively-managed exchange-traded fund 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

    Written comments were neither solicited nor received.

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 Exchange consents, the Commission shall: (a) By order approve
or disapprove such 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-NASDAQ-2015-059 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street NE., Washington, DC 20549-9303.

All submissions should refer to File Number SR-NASDAQ-2015-059. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site http://www.sec.gov/rules/sro.shtml.
    Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of Nasdaq. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly.
    All submissions should refer to File Number SR-NASDAQ-2015-059 and
should be submitted on or before July 13, 2015.
---------------------------------------------------------------------------

    \21\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
Brent J. Fields,
Secretary.
[FR Doc. 2015-15171 Filed 6-19-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 149 (Friday, August 2, 2013)]
[Notices]
[Pages 46969-46970]
[FR Doc No: 2013-18630]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2013-N-0473]

Human Immunodeficiency Virus Patient-Focused Drug Development and
Human Immunodeficiency Virus Cure Research; Reopening of Comment Period

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice; reopening of comment period.

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

SUMMARY: The Food and Drug Administration (FDA) is reopening the
comment period for the notice of public meeting entitled ``Human
Immunodeficiency Virus (HIV) Patient-Focused Drug Development and HIV
Cure Research,'' published in the Federal Register of May 21, 2013 (78
FR 29755). In that notice, FDA requested public comment regarding
patients' perspective on current approaches to managing HIV, symptoms
experienced because of HIV or its treatment, and issues related to HIV
cure research. FDA is reopening the comment period to allow interested
persons additional time to submit comments.

DATES: Submit either electronic or written comments to the docket by
September 3, 2013.

ADDRESSES: Submit electronic comments to http://www.regulations.gov.
Submit written comments to the Division of Dockets Management (HFA-
305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061,
Rockville, MD 20852. All comments should be identified with the docket
number found in brackets in the heading of this document.

FOR FURTHER INFORMATION CONTACT: Pujita Vaidya, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave., Bldg. 51, Rm. 1170, Silver Spring, MD 20993-0002, 301-
796-0684, FAX:<PHONE_NUMBER>, email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Background

    In the Federal Register of May 21, 2013 (78 FR 29755), FDA
announced the notice of public meeting entitled ``HIV Patient-Focused
Drug Development and HIV Cure Research.'' In that notice, FDA requested
public comment on specific questions regarding patients' perspective on
current approaches to managing HIV, symptoms experienced because of HIV
or its treatment, and issues related to HIV cure research. Interested
persons were given until July 14, 2013, to comment on the questions.
The Agency is reopening the comment period until September 3, 2013 to
allow interested persons additional time to submit comments.

II. Specific Questions for Public Comment

    As part of Patient-Focused Drug Development, FDA is gathering input
from HIV patients and patient advocates on current approaches to
managing HIV, symptoms experienced because of HIV or its treatment, and
issues related to HIV cure research. FDA is interested in receiving
patient input that addresses the following questions.

Topic 1: Patients' Perspective on Current Approaches to Managing HIV
and on Symptoms Experienced Because of HIV or Its Treatment

    1. What are you currently doing to help manage your HIV and any
symptoms you experience because of your condition or other therapies?
(Examples may include prescription medicines, over-the-counter
products, and nondrug therapies such as diet modification.)
    a. What specific symptoms do your therapies or treatments address?
    b. How long have you been on treatment and how has your treatment
regimen changed over time?
    2. How well does your current treatment regimen treat any
significant symptoms of your condition?
    a. How well have these treatments worked for you as your condition
has changed over time?
    b. Are there symptoms that your current regimen does not address at
all or does not treat as well as you would like?
    3. What are the most significant downsides to your current
therapies or treatments, and how do they affect your daily life?
(Examples of downsides could include bothersome side effects, physical
change to your body because of treatment, going to the hospital for
treatment.)
    4. Of all the symptoms that you experience because of your
condition or because of your therapy or treatment, which one to three
symptoms have the most significant impact on your life? (Examples could
include diarrhea, insomnia, difficulty concentrating, etc.)
     Are there specific activities that are important to you
but that you cannot do at all or as fully as you would like because of
your condition? (Examples of activities may include sleeping through
the night, daily hygiene, driving, etc.)
    5. Assuming there is currently no complete cure for your condition,
what specific things would you look for in an ideal therapy or
treatment to manage your condition?

Topic 2: Patients' Perspectives on HIV Cure Research

    1. What do you believe are the benefits of participating in an HIV
cure research study?
    2. What would motivate you to participate or to not participate in
an HIV cure research study?
    3. What risks would you find unacceptable for participating in an
HIV cure research study and why? (Examples of risks that may be
associated with participation in an HIV cure research study include
common

side effects such as nausea and fatigue, and less common but serious
adverse events such as blood clots, infection, seizures, and cancer.)
    4. In certain HIV cure research studies, you would be asked to stop
any other HIV medications that you are currently taking. How would this
affect your decision whether to participate in an HIV cure research
study?
    5. The process of informed consent is an important way for the
researchers to communicate the purpose of an HIV research study, as
well as its expected benefits and potential risks, so that people can
make an informed decision whether to participate in the study.
    a. How should the informed consent clearly communicate to you the
purpose of an HIV cure research study, particularly when a study is
designed only to provide scientific information that could guide future
research and development of treatments?
    b. How should the informed consent clearly communicate to you the
potential benefits of an HIV cure research study? In particular, how
should the informed consent describe benefit when we do not think that
participants in the study may gain any direct health benefits?
    c. How should informed consent communicate clearly to you the
potential risks of participating in an HIV cure research study? In
particular, how should the informed consent describe a study if there
is very limited understanding about how the medications or
interventions may affect participants or what are the potential risks
of those interventions or medications?
    d. Is there any other information that you would find helpful when
deciding whether to enter an HIV cure research study?
    6. What else do you want FDA to know about HIV Cure Research from
your perspective?

III. How To Submit Comments

    Interested persons may submit either electronic comments regarding
this document to http://www.regulations.gov or written comments to the
Division of Dockets Management (see ADDRESSES). It is only necessary to
send one set of comments. Identify comments with the docket number
found in brackets in the heading of this document. Received comments
may be seen in the Division of Dockets Management between 9 a.m. and 4
p.m., Monday through Friday, and will be posted to the docket at http://www.regulations.gov.

    Dated: July 29, 2013.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2013-18630 Filed 8-1-13; 8:45 am]
BILLING CODE 4160-01-P