[Federal Register Volume 80, Number 228 (Friday, November 27, 2015)]
[Notices]
[Pages 74169-74175]
[FR Doc No: 2015-30078]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76486; File No. SR-NYSEArca-2015-110]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Amending NYSE Arca Equities Rule 8.600 To Adopt
Generic Listing Standards for Managed Fund Shares

November 20, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on November 6, 2015, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Equities Rule 8.600 to
adopt generic listing standards for Managed Fund Shares. The proposed
rule change is available on the Exchange's Web site at www.nyse.com, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend NYSE Arca Equities Rule 8.600 to
adopt generic listing standards for Managed Fund Shares. Under the
Exchange's current rules, a proposed rule change must be filed with the
Securities and Exchange Commission (``SEC'' or ``Commission'') for the
listing and trading of each new series of Managed Fund Shares. The
Exchange believes that it is appropriate to codify certain rules within
Rule 8.600 that would generally eliminate the need for such proposed
rule changes, which would create greater efficiency and promote uniform
standards in the listing process.\4\
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    \4\ The Exchange has previously filed a proposed rule change to
amend NYSE Arca Equities Rule 8.600 to adopt generic listing
standards for Managed Fund Shares. See Securities Exchange Act
Release No. 74433 (March 4, 2015), 80 FR 12690 (March 10, 2015) (SR-
NYSEArca-2015-02). On June 3, 2015, the Exchange filed Amendment No.
1 to the proposed rule change. See Securities Exchange Act Release
No. 75115 (June 5, 2015), 80 FR 33309 (June 11, 2015). On October
13, 2015, the Exchange withdrew the proposed rule change. See
Securities Exchange Act Release No. 76186 (October 19, 2015), 80 FR
64461 (October 23, 2015).
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Background
    Rule 8.600 sets forth certain rules related to the listing and
trading of Managed Fund Shares.\5\ Under Rule 8.600(c)(1), the term
``Managed Fund Share'' means a security that:
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    \5\ See Securities Exchange Act Release No. 57619 (April 4,
2008), 73 FR 19544 (April 10, 2008) (SR-NYSEArca-2008-25) (order
approving NYSE Arca Equities Rule 8.600 and listing and trading of
shares of certain issues of Managed Fund Shares) (the ``Approval
Order''). The Approval Order approved the rules permitting the
listing and trading of Managed Fund Shares, trading hours and halts,
listing fees applicable to Managed Fund Shares, and the listing and
trading of several individual series of Managed Fund Shares.
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    (a) represents an interest in a registered investment company
(``Investment Company'') organized as an open-end management investment
company or similar entity, that invests in a portfolio of securities
selected by the Investment Company's investment adviser (hereafter
``Adviser'') consistent with the Investment Company's investment
objectives and policies;
    (b) is issued in a specified aggregate minimum number in return for
a deposit of a specified portfolio of securities and/or a cash amount
with a value equal to the next determined net asset value; and

    (c) when aggregated in the same specified minimum number, may be
redeemed at a holder's request, which holder will be paid a specified
portfolio of securities and/or cash with a value equal to the next
determined net asset value.
    Effectively, Managed Fund Shares are securities issued by an
actively-managed open-end Investment Company (i.e., an actively-managed
exchange-traded fund (``ETF'')). Because Managed Fund Shares are
actively-managed, they do not seek to replicate the performance of a
specified passive index of securities. Instead, they generally use an
active investment strategy to seek to meet their investment objectives.
In contrast, an open-end Investment Company that issues Investment
Company Units (``Units''), listed and traded on the Exchange pursuant
to NYSE Arca Equities Rule 5.2(j)(3), seeks to provide investment
results that generally correspond to the price and yield performance of
a specific foreign or domestic stock index, fixed income securities
index or combination thereof.
    All Managed Fund Shares listed and/or traded pursuant to Rule 8.600
(including pursuant to unlisted trading privileges) are subject to the
full panoply of Exchange rules and procedures that currently govern the
trading of equity securities on the Exchange.\6\
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    \6\ See Approval Order, supra note 5, at 19547.
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    In addition, Rule 8.600(d) currently provides for the criteria that
Managed Fund Shares must satisfy for initial and continued listing on
the Exchange, including, for example, that a minimum number of Managed
Fund Shares are required to be outstanding at the time of commencement
of trading on the Exchange. However, the current process for listing
and trading new series of Managed Fund Shares on the Exchange requires
that the Exchange submit a proposed rule change with the Commission. In
this regard, Commentary .01 to Rule 8.600 specifies that the Exchange
will file separate proposals under Section 19(b) of the Act (hereafter,
a ``proposed rule change'') before listing and trading of shares of an
issue of Managed Fund Shares.
Proposed Changes to Rule 8.600
    The Exchange would amend Commentary .01 to Rule 8.600 to specify
that the Exchange may approve Managed Fund Shares for listing and/or
trading (including pursuant to unlisted trading privileges) pursuant to
SEC Rule 19b-4(e) under the Act, which pertains to derivative
securities products (``SEC Rule 19b-4(e)'').\7\ SEC Rule 19b-4(e)(1)
provides that the listing and trading of a new derivative securities
product by a self-regulatory organization (``SRO'') is not deemed a
proposed rule change, pursuant to paragraph (c)(1) of Rule 19b-4,\8\ if
the Commission has approved, pursuant to section 19(b) of the Act, the
SRO's trading rules, procedures and listing standards for the product
class that would include the new derivative securities product and the
SRO has a surveillance program for the product class. This is the
current method pursuant to which ``passive'' ETFs are listed under NYSE
Arca Equities Rule 5.2(j)(3).
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    \7\ 17 CFR 240.19b-4(e). As provided under SEC Rule 19b-4(e),
the term ``new derivative securities product'' means any type of
option, warrant, hybrid securities product or any other security,
other than a single equity option or a security futures product,
whose value is based, in whole or in part, upon the performance of,
or interest in, an underlying instrument.
    \8\ 17 CFR 240.19b-4(c)(1). As provided under SEC Rule 19b-
4(c)(1), a stated policy, practice, or interpretation of the SRO
shall be deemed to be a proposed rule change unless it is reasonably
and fairly implied by an existing rule of the SRO.
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    The Exchange would also specify within Commentary .01 to Rule 8.600
that components of Managed Fund Shares listed pursuant to SEC Rule 19b-
4(e) must satisfy on an initial and continued basis certain specific
criteria, which the Exchange would include within Commentary .01, as
described in greater detail below. As proposed, the Exchange would
continue to file separate proposed rule changes before the listing and
trading of Managed Fund Shares with components that do not satisfy the
additional criteria described below or components other than those
specified below. For example, if the components of a Managed Fund Share
exceeded one of the applicable thresholds, the Exchange would file a
separate proposed rule change before listing and trading such Managed
Fund Share. Similarly, if the components of a Managed Fund Share
included a security or asset that is not specified below, the Exchange
would file a separate proposed rule change.
    The Exchange would also add to the criteria of Rule 8.600(c) to
provide that the Web site for each series of Managed Fund Shares shall
disclose certain information regarding the Disclosed Portfolio, to the
extent applicable. The required information includes the following, to
the extent applicable: ticker symbol, CUSIP or other identifier, a
description of the holding, identity of the asset upon which the
derivative is based, the strike price for any options, the quantity of
each security or other asset held as measured by select metrics,
maturity date, coupon rate, effective date, market value and percentage
weight of the holding in the portfolio.\9\
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    \9\ Proposed rule changes for previously-listed series of
Managed Fund Shares have similarly included disclosure requirements
with respect to each portfolio holding, as applicable to the type of
holding. See, e.g. Securities Exchange Act Release No. 72666 (July
3, 2014), 79 FR 44224 (July 30, 2014) (SR-NYSEArca-2013-122) (the
``PIMCO Total Return Use of Derivatives Approval''), at 44227.
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    In addition, the Exchange would amend Rule 8.600(d) to specify that
all Managed Fund Shares must have a stated investment objective, which
must be adhered to under normal market conditions.\10\
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    \10\ The Exchange would also add a new defined term under Rule
8.600(c)(5) to specify that the term ``normal market conditions''
includes, but is not limited to, the absence of trading halts in the
applicable financial markets generally; operational issues causing
dissemination of inaccurate market information; or force majeure
type events such as systems failure, natural or man-made disaster,
act of God, armed conflict, act of terrorism, riot or labor
disruption or any similar intervening circumstance.
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    Finally, the Exchange would also amend the continued listing
requirement in Rule 8.600(d)(2)(A) by changing the requirement that a
Portfolio Indicative Value for Managed Fund Shares be widely
disseminated by one or more major market data vendors at least every 15
seconds during the time when the Managed Fund Shares trade on the
Exchange to a requirement that a Portfolio Indicative Value be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session (as defined in NYSE Arca
Equities Rule 7.34).
Proposed Managed Fund Share Portfolio Standards
    The Exchange is proposing standards that would pertain to Managed
Fund Shares to qualify for listing and trading pursuant to SEC Rule
19b-4(e). These standards would be grouped according to security or
asset type. The Exchange notes that the standards proposed for a
Managed Fund Share portfolio that holds domestic equity securities,
Derivative Securities Products and Index-Linked Securities are based in
large part on the existing equity security standards applicable to
Units in Commentary .01 to Rule 5.2(j)(3). The standards proposed for a
Managed Fund Share portfolio that holds fixed income securities are
based in large part on the existing fixed income security standards
applicable to Units in Commentary .02 to Rule 5.2(j)(3). Many of the
standards proposed for other types of holdings in a Managed Fund Share
portfolio are based on previous proposed rule

changes for specific series of Managed Fund Shares.\11\
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    \11\ See the PIMCO Total Return Use of Derivatives Approval. See
also, Securities Exchange Act Release Nos. 66321 (February 3, 2012),
77 FR 6850 (February 9, 2012) (SR-NYSEArca-2011-95) (the ``PIMCO
Total Return Approval''); 69244 (March 27, 2013), 78 FR 19766 (April
2, 2013) (SR-NYSEArca-2013-08) (the ``SPDR Blackstone/GSO Senior
Loan Approval''); 68870 (February 8, 2013), 78 FR 11245 (February
15, 2013) (SR-NYSEArca-2012-139) (the ``First Trust Preferred
Securities and Income Approval''); 69591 (May 16, 2013), 78 FR 30372
(May 22, 2013) (SR-NYSEArca-2013-33) (the ``International Bear
Approval''); 61697 (March 12, 2010), 75 FR 13616 (March 22, 2010)
(SR-NYSEArca-2010-04) (the ``WisdomTree Real Return Approval''); and
67054 (May 24, 2012), 77 FR 32161 (May 31, 2012) (SR-NYSEArca-2012-
25) (the ``WisdomTree Brazil Bond Approval''). Certain standards
proposed herein for Managed Fund Shares are also based on previous
proposed rule changes for specific series of Units for which
Commission approval for listing was required due to the Units not
satisfying certain standards of Commentary .01 and .02 to Rule
5.2(j)(3). See, e.g., Securities Exchange Act Release No. 69373
(April 15, 2013), 78 FR 23601 (April 19, 2013) (SR-NYSEArca-2012-
108) (the ``NYSE Arca U.S. Equity Synthetic Reverse Convertible
Index Fund Approval'').
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    Proposed Commentary .01(a) would describe the standards for a
Managed Fund Share portfolio that holds equity securities, which are
defined to be U.S. Component Stocks,\12\ Derivative Securities
Products,\13\ and Index-Linked Securities \14\ listed on a national
securities exchange as follows:
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    \12\ For the purposes of Commentary .01 and this proposal, the
term ``U.S. Component Stocks'' would have the same meaning as
defined in NYSE Arca Equities Rule 5.2(j)(3).
    \13\ For the purposes of Commentary .01 and this proposal, the
term ``Derivative Securities Products'' would have the same meaning
as defined in NYSE Arca Equities Rule 7.34(a)(4)(A).
    \14\ Index-Linked Securities are securities listed under NYSE
Arca Equities Rule 5.2(j)(6).
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    (1) Component stocks (excluding Derivative Securities Products and
Index-Linked Securities) that in the aggregate account for at least 90%
of the equity weight of the portfolio (excluding such Derivative
Securities Products and Index-Linked Securities) each must have a
minimum market value of at least $75 million; \15\
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    \15\ This proposed text is identical to the corresponding text
of Commentary .01(a)(A)(1) to Rule 5.2(j)(3), except for the
omission of the reference to ``index,'' which is not applicable, and
the addition of the reference to Index-Linked Securities.
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    (2) Component stocks (excluding Derivative Securities Products and
Index-Linked Securities) that in the aggregate account for at least 70%
of the equity weight of the portfolio (excluding such Derivative
Securities Products and Index-Linked Securities) each must have a
minimum monthly trading volume of 250,000 shares, or minimum notional
volume traded per month of $25,000,000, averaged over the last six
months; \16\
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    \16\ This proposed text is identical to the corresponding text
of Commentary .01(a)(A)(2) to Rule 5.2(j)(3), except for the
omission of the reference to ``index,'' which is not applicable, and
the addition of the reference to Index-Linked Securities.
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    (3) The most heavily weighted component stock (excluding Derivative
Securities Products and Index-Linked Securities) must not exceed 30% of
the equity weight of the portfolio, and, to the extent applicable, the
five most heavily weighted component stocks (excluding Derivative
Securities Products and Index-Linked Securities) must not exceed 65% of
the equity weight of the portfolio; \17\
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    \17\ This proposed text is identical to the corresponding text
of Commentary .01(a)(A)(3) to Rule 5.2(j)(3), except for the
omission of the reference to ``index,'' which is not applicable, and
the addition of the reference to Index-Linked Securities.
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    (4) A portfolio that includes any equity security as described in
Commentary .01(a) shall include a minimum of 13 component stocks;
provided, however, that there shall be no minimum number of component
stocks if (a) one or more series of Derivative Securities Products or
Index-Linked Securities constitute, at least in part, components
underlying a series of Managed Fund Shares, or (b) one or more series
of Derivative Securities Products or Index-Linked Securities account
for 100% of the equity weight of the portfolio of a series of Managed
Fund Shares; \18\
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    \18\ This proposed text is identical to the corresponding text
of Commentary .01(a)(A)(4) to Rule 5.2(j)(3), except for the
omission of the reference to ``index,'' which is not applicable, the
addition of the reference to Index-Linked Securities, and the
reference to the 100% limit applying to the ``equity portion'' of
the portfolio.
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    (5) Except as provided in proposed Commentary .01(a), equity
securities in the portfolio must be U.S. Component Stocks listed on a
national securities exchange and must be NMS Stocks as defined in Rule
600 of Regulation NMS; \19\
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    \19\ 17 CFR 240.600. This proposed text is identical to the
corresponding text of Commentary .01(a)(A)(5) to Rule 5.2(j)(3),
except for the addition of ``equity'' to make clear that the
standard applies to ``equity securities'', the exclusion of
unsponsored ADRs, and the omission of the reference to ``index,''
which is not applicable.
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    (6) For Derivative Securities Products and Index-Linked Securities,
no more than 25% of the equity weight of the portfolio could include
leveraged and/or inverse leveraged Derivative Securities Products or
Index-Linked Securities; and
    (7) American Depositary Receipts (``ADRs'') may be sponsored or
unsponsored. However no more than 10% of the equity weight of the
portfolio shall consist of unsponsored ADRs.
    Proposed Commentary .01(b) would describe the standards for a
Managed Fund Share portfolio that holds fixed income securities, which
are debt securities \20\ that are notes, bonds, debentures or evidence
of indebtedness that include, but are not limited to, U.S. Department
of Treasury securities (``Treasury Securities''), government-sponsored
entity securities (``GSE Securities''), municipal securities, trust
preferred securities, supranational debt and debt of a foreign country
or a subdivision thereof, investment grade and high yield corporate
debt, bank loans, mortgage and asset backed securities, and commercial
paper. The applicable portfolio holdings standards would be as follows:
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    \20\ Debt securities include a variety of fixed income
obligations, including, but not limited to, corporate debt
securities, government securities, municipal securities, convertible
securities, and mortgage-backed securities. Debt securities include
investment-grade securities, non-investment-grade securities, and
unrated securities. Debt securities also include variable and
floating rate securities. To the extent a fund holds a convertible
security, the equity security into which such security is converted
would be required to meet the criteria of proposed Commentary
.01(a).
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    (1) Components that in the aggregate account for at least 75% of
the fixed income weight of the portfolio each shall have a minimum
original principal amount outstanding of $100 million or more; \21\
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    \21\ This text of proposed Commentary .01(b)(1) to Rule 8.600 is
based on the corresponding text of Commentary .02(a)(2) to Rule
5.2(j)(3).
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    (2) No component fixed-income security (excluding Treasury
Securities and GSE Securities) could represent more than 30% of the
fixed income weight of the portfolio, and the five most heavily
weighted component fixed income securities in the portfolio must not in
the aggregate account for more than 65% of the fixed income weight of
the portfolio; \22\
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    \22\ This proposed text is identical to the corresponding text
of Commentary .02(a)(4) to Rule 5.2(j)(3), except for the omission
of the reference to ``index,'' which is not applicable.
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    (3) An underlying portfolio (excluding exempted securities) that
includes fixed income securities must include a minimum of 13 non-
affiliated issuers; provided, however, that there shall be no minimum
number of non-affiliated issuers required for fixed income securities
if at least 70% of the weight of the portfolio consists of equity
securities as described in proposed Commentary .01(a).\23\
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    \23\ This proposed text is similar to the corresponding text of
Commentary .02(a)(5) to Rule 5.2(j)(3), except for the omission of
the reference to ``index,'' which is not applicable, the exclusion
of the text ``consisting entirely of exempted securities'' and the
provision that there shall be no minimum number of non-affiliated
issuers required for fixed income securities if at least 70% of the
weight of the portfolio consists of equity securities as described
in proposed Commentary .01(a).

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    (4) Component securities that in aggregate account for at least 90%
of the fixed income weight of the portfolio must be either (a) from
issuers that are required to file reports pursuant to Sections 13 and
15(d) of the Act; (b) from issuers that have a worldwide market value
of its outstanding common equity held by non-affiliates of $700 million
or more; (c) from issuers that have outstanding securities that are
notes, bonds debentures, or evidence of indebtedness having a total
remaining principal amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act; or (e) from
issuers that are a government of a foreign country or a political
subdivision of a foreign country; and
    (5) Non-agency, non-GSE and privately-issued mortgage-related and
other asset-backed securities components of a portfolio shall not
account, in the aggregate, for more than 20% of the weight of the fixed
income portion of the portfolio.
    Proposed Commentary .01(c) would describe the standards for a
Managed Fund Share portfolio that holds cash and cash equivalents.\24\
Specifically, the portfolio may hold short-term instruments with
maturities of less than 3 months. There would be no limitation to the
percentage of the portfolio invested in such holdings. Short-term
instruments would include the following: \25\
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    \24\ Proposed rule changes for previously-listed series of
Managed Fund Shares have similarly included the ability for such
Managed Fund Share holdings to include cash and cash equivalents.
See, e.g., SPDR Blackstone/GSO Senior Loan Approval, supra note 10,
at 19768-69 and First Trust Preferred Securities and Income
Approval, supra note 11, at 76150.
    \25\ Proposed rule changes for previously-listed series of
Managed Fund Shares have similarly specified short-term instruments
with respect to their inclusion in Managed Fund Share holdings. See,
e.g., First Trust Preferred Securities and Income Approval, supra
note 11, at 76150-51.
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    (1) U.S. Government securities, including bills, notes and bonds
differing as to maturity and rates of interest, which are either issued
or guaranteed by the U.S. Treasury or by U.S. Government agencies or
instrumentalities;
    (2) certificates of deposit issued against funds deposited in a
bank or savings and loan association;
    (3) bankers' acceptances, which are short-term credit instruments
used to finance commercial transactions;
    (4) repurchase agreements and reverse repurchase agreements;
    (5) bank time deposits, which are monies kept on deposit with banks
or savings and loan associations for a stated period of time at a fixed
rate of interest;
    (6) commercial paper, which are short-term unsecured promissory
notes; and
    (7) money market funds.
    Proposed Commentary .01(d) would describe the standards for a
Managed Fund Share portfolio that holds listed derivatives, including
futures, options and swaps on commodities, currencies and financial
instruments (e.g., stocks, fixed income, interest rates, and
volatility) or a basket or index of any of the foregoing.\26\ There
would be no limitation to the percentage of the portfolio invested in
such holdings; provided, however, that, in the aggregate, at least 90%
of the weight of such holdings invested in futures and exchange-traded
options shall consist of futures and options whose principal market is
a member of the Intermarket Surveillance Group (``ISG'') or is a market
with which the Exchange has a comprehensive surveillance sharing
agreement (``CSSA'').\27\ Proposed Commentary .01(e) would describe the
standards for a Managed Fund Share portfolio that holds over the
counter (``OTC'') derivatives, including forwards, options and swaps on
commodities, currencies and financial instruments (e.g., stocks, fixed
income, interest rates, and volatility) or a basket or index of any of
the foregoing.\28\ Proposed Commentary .01(e)(1) would provide that no
more than 20% of the assets in the portfolio may be invested in OTC
derivatives.
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    \26\ Proposed rule changes for previously-listed series of
Managed Fund Shares have similarly included the ability for such
Managed Fund Share holdings to include listed derivatives. See,
e.g., WisdomTree Real Return Approval, supra note 10, at 13617 and
WisdomTree Brazil Bond Approval, supra note 11, at 32163.
    \27\ ISG is comprised of an international group of exchanges,
market centers, and market regulators that perform front-line market
surveillance in their respective jurisdictions. See https://www.isgportal.org/home.html.
    \28\ A proposed rule change for series of Units previously
listed and traded on the Exchange pursuant to Rule 5.2(j)(3)
similarly included the ability for such Units' holdings to include
OTC derivatives, specifically OTC down-and-in put options, which are
not NMS Stocks as defined in Rule 600 of Regulation NMS and
therefore do not satisfy the requirements of Commentary .01(a)(A) to
Rule 5.2(j)(3). See, e.g., NYSE Arca U.S. Equity Synthetic Reverse
Convertible Index Fund Approval, supra note 11, at 23602.
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    Proposed Commentary .01(f) would provide that, to the extent that
listed or OTC derivatives are used to gain exposure to individual
equities and/or fixed income securities, or to indexes of equities and/
or fixed income securities, such equities and/or fixed income
securities, as applicable, shall meet the criteria set forth in
Commentary .01(a) and .01(b) to Rule 8.600, respectively.
    The Exchange believes that the proposed standards would continue to
ensure transparency surrounding the listing process for Managed Fund
Shares. Additionally, the Exchange believes that the proposed portfolio
standards for listing and trading Managed Fund Shares, many of which
track existing Exchange rules relating to Units, are reasonably
designed to promote a fair and orderly market for such Managed Fund
Shares.\29\ These proposed standards would also work in conjunction
with the existing initial and continued listing criteria related to
surveillance procedures and trading guidelines.
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    \29\ See Approval Order, supra note 5 at 19548.
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    In support of this proposal, the Exchange represents that:\30\
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    \30\ The Exchange made similar representations in the Approval
Order. See id. at 19549.
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    (1) the Managed Fund Shares will continue to conform to the initial
and continued listing criteria under Rule 8.600;
    (2) the Exchange's surveillance procedures are adequate to continue
to properly monitor the trading of the Managed Fund Shares in all
trading sessions and to deter and detect violations of Exchange rules.
Specifically, the Exchange intends to utilize its existing surveillance
procedures applicable to derivative products, which will include
Managed Fund Shares, to monitor trading in the Managed Fund Shares;
    (3) prior to the commencement of trading of a particular series of
Managed Fund Shares, the Exchange will inform its Equity Trading Permit
(``ETP'') Holders in a Bulletin of the special characteristics and
risks associated with trading the Managed Fund Shares, including
procedures for purchases and redemptions of Managed Fund Shares,
suitability requirements under NYSE Arca Equities Rule 9.2(a), the
risks involved in trading the Managed Fund Shares during the Opening
and Late Trading Sessions when an updated Portfolio Indicative Value
will not be calculated or publicly disseminated, information regarding
the Portfolio Indicative Value and the Disclosed Portfolio, prospectus
delivery requirements, and other trading information. In addition, the
Bulletin will disclose that the Managed Fund Shares are subject to
various fees and expenses, as described in the applicable

registration statement, and will discuss any exemptive, no-action, and
interpretive relief granted by the Commission from any rules under the
Act. Finally, the Bulletin will disclose that the net asset value for
the Managed Fund Shares will be calculated after 4 p.m. ET each trading
day; and
    (4) the issuer of a series of Managed Fund Shares will be required
to comply with Rule 10A-3 under the Act for the initial and continued
listing of Managed Fund Shares, as provided under NYSE Arca Equities
Rule 5.3.
    The Exchange notes that the proposed change is not otherwise
intended to address any other issues and that the Exchange is not aware
of any problems that ETP Holders or issuers would have in complying
with the proposed change.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\31\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\32\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
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    \31\ 15 U.S.C. 78f(b).
    \32\ 15 U.S.C. 78f(b)(5).
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    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest because it would facilitate the listing and trading of
additional Managed Fund Shares, which would enhance competition among
market participants, to the benefit of investors and the marketplace.
Specifically, after more than six years under the current process,
whereby the Exchange is required to file a proposed rule change with
the Commission for the listing and trading of each new series of
Managed Fund Shares, the Exchange believes that it is appropriate to
codify certain rules within Rule 8.600 that would generally eliminate
the need for separate proposed rule changes. The Exchange believes that
this would facilitate the listing and trading of additional types of
Managed Fund Shares that have investment portfolios that are similar to
investment portfolios for Units, which have been approved for listing
and trading, thereby creating greater efficiencies in the listing
process for the Exchange and the Commission. In this regard, the
Exchange notes that the standards proposed for Managed Fund Share
portfolios that include domestic equity securities, Derivative
Securities Products, and Index-Linked Securities are based in large
part on the existing equity security standards applicable to Units in
Commentary .01 to Rule 5.2(j)(3) and that the standards proposed for
Managed Fund Share portfolios that include fixed income securities are
based in large part on the existing fixed income standards applicable
to Units in Commentary .02 to Rule 5.2(j)(3). Additionally, many of the
standards proposed for other types of holdings of series of Managed
Fund Shares are based on previous proposed rule changes for specific
series of Managed Fund Shares.\33\
---------------------------------------------------------------------------

    \33\ See supra, note 11.
---------------------------------------------------------------------------

    With respect to the proposed addition to the criteria of Rule
8.600(c) to provide that the Web site for each series of Managed Fund
Shares shall disclose certain information regarding the Disclosed
Portfolio, to the extent applicable, the Exchange notes that proposed
rule changes approved by the Commission for previously-listed series of
Managed Fund Shares have similarly included disclosure requirements
with respect to each portfolio holding, as applicable to the type of
holding.\34\ With respect to the proposed exclusion of Derivatives
Securities Products and Index-Linked Securities from the requirements
of proposed Commentary .01(a) of Rule 8.600, the Exchange believes it
is appropriate to exclude Index-Linked Securities as well as Derivative
Securities Products from certain component stock eligibility criteria
for Managed Fund Shares in so far as Derivative Securities Products and
Index-Linked Securities are themselves subject to specific quantitative
listing and continued listing requirements of a national securities
exchange on which such securities are listed. Derivative Securities
Products and Index-Linked Securities that are components of a fund's
portfolio would have been listed and traded on a national securities
exchange pursuant to a proposed rule change approved by the Commission
pursuant to Section 19(b)(2) of the Act \35\ or submitted by a national
securities exchange pursuant to Section 19(b)(3)(A) of the Act \36\ or
would have been listed by a national securities exchange pursuant to
the requirements of Rule 19b-4(e) under the Act.\37\ The Exchange also
notes that Derivative Securities Products and Index-Linked Securities
are derivatively priced, and, therefore, the Exchange believes that it
would not be necessary to apply the proposed generic quantitative
criteria (e.g., market capitalization, trading volume, or portfolio
component weighting) applicable to equity securities other than
Derivative Securities Products or Index-Linked Securities (e.g., common
stocks) to such products.\38\
---------------------------------------------------------------------------

    \34\ See supra, note 9.
    \35\ 15 U.S.C. 78s(b)(2).
    \36\ 15 U.S.C. 78s(b)(3)(A).
    \37\ 17 CFR 240.19b-4(e).
    \38\ See Securities Exchange Act Release Nos. 57561 (March 26,
2008), 73 FR 17390 (April 1, 2008) (SR-NYSEArca-2008-29) (notice of
filing of proposed rule change to amend eligibility criteria for
components of an index underlying Investment Company Units); 57751
(May 1, 2008), 73 FR 25818 (May 7, 2008) (SR-NYSEArca-2008-29)
(order approving proposed rule change to amend eligibility criteria
for components of an index underlying Investment Company Units).
---------------------------------------------------------------------------

    With respect to the proposed amendment to the continued listing
requirement in Rule 8.600(d)(2)(A) to require dissemination of a
Portfolio Indicative Value at least every 15 seconds during the Core
Trading Session (as defined in NYSE Arca Equities Rule 7.34), such
requirement conforms to the requirement applicable to the dissemination
of the Intraday Indicative Value for Investment Company Units in
Commentary .01(c) and Commentary .02 (c) to NYSE Arca Equities Rule
5.2(j)(3). In addition, such dissemination is consistent with
representations made in proposed rule changes for issues of Managed
Fund Shares previously approved by the Commission.\39\
---------------------------------------------------------------------------

    \39\ See, e.g., Approval Order, supra note 4; International Bear
Approval, supra note 11.
---------------------------------------------------------------------------

    With respect to the proposed requirement in Commentary .01(b)(3) to
Rule 8.600 that an underlying portfolio (excluding exempted securities)
that includes fixed income securities must include a minimum of 13 non-
affiliated issuers, but that there would be no minimum number of non-
affiliated issuers required for fixed income securities if at least 70%
of the weight of the portfolio consists of equity securities, the
Exchange notes that such requirement is consistent with proposed
Commentary .01(b)(2). The Exchange further notes that Commentary .02
(a)(4) to Rule 5.2(j)(3) currently provides that a single fixed income
security can represent up to 30% of the weight of an index underlying a
series of Investment Company Units. Proposed Commentary .01(b)(3) to
Rule 8.600, therefore, provides for a maximum weighting of a fixed
income security in a fund's portfolio comparable to existing rules
applicable to Investment Company Units based on fixed income indexes.
    With respect to proposed Commentary .01(d)(1) to Rule 8.600
relating to listed derivatives, the Exchange believes that it is
appropriate

that there be no limit to the percentage of a portfolio invested in
such holdings, provided that, in the aggregate, at least 90% of the
weight of such holdings invested in futures and exchange-traded options
would consist of futures and options whose principal market is a member
of ISG or is a market with which the Exchange has a comprehensive
surveillance sharing agreement. Such a requirement would facilitate
information sharing among market participants trading shares of a
series on Managed Fund Shares as well as futures and options that such
series may hold. In addition, listed swaps would be centrally cleared,
reducing counterparty risk and thereby furthering investor
protection.\40\
---------------------------------------------------------------------------

    \40\ The Commission has noted that ``[c]entral clearing
mitigates counterparty risk among dealers and other institutions by
shifting that risk from individual counterparties to [central
counterparties (``CCPs'')], thereby protecting CCPs from each
other's potential failures.'' See Securities Exchange Act Release
No. 67286 (June 28, 2012) (File No. S7-44-10) (Process for
Submissions for Review of Security-Based Swaps for Mandatory
Clearing and Notice Filing Requirements for Clearing Agencies).
---------------------------------------------------------------------------

    With respect to proposed Commentary .01(e) to Rule 8.600 relating
to OTC derivatives, the Exchange believes that the limitation to 20% of
assets for non-centrally cleared derivatives would assure that the
preponderance of fund investments would not be in derivatives that are
not listed and centrally cleared.
    With respect to proposed Commentary .01(f) to Rule 8.600 relating
to a fund's use of listed or OTC derivatives to gain exposure to
individual equities and/or fixed income securities, or to indexes of
equities and/or indexes of fixed income securities, the Exchange notes
that such exposure would be required to meet the numerical and other
criteria set forth in proposed Commentary .01(a) and .01(b) to Rule
8.600 respectively.
    Quotation and other market information relating to listed futures
and options is available from the exchanges listing such instruments as
well as from market data vendors. With respect to listed swaps, which
are centrally cleared and traded on ``Swap Execution Facilities
(``SEFs'')'', intraday pre-trade (quoting) information, including real
time streaming quotes and market depth is available through the
facilities of the applicable SEF.\41\
---------------------------------------------------------------------------

    \41\ There are currently five categories of swaps eligible for
central clearing: Interest rate swaps; credit default swaps; foreign
exchange swaps; equity swaps; and commodity swaps. The following
entities provide central clearing for OTC derivatives: ICE Clear
Credit (US); ICE Clear (EU); CME Group; LCH.Clearnet; and Eurex.
---------------------------------------------------------------------------

    The Exchange notes that a fund's investments in derivative
instruments would be subject to limits on leverage imposed by the 1940
Act. Section 18(f) of the 1940 Act and related Commission guidance
limit the amount of leverage an investment company can obtain. A fund's
investments would be consistent with its investment objective and would
not be used to enhance leverage. To limit the potential risk associated
with a fund's use of derivatives, a fund will segregate or ``earmark''
assets determined to be liquid by a fund in accordance with the 1940
Act (or, as permitted by applicable regulation, enter into certain
offsetting positions) to cover its obligations under derivative
instruments. A fund's investments will not be used to seek performance
that is the multiple or inverse multiple (i.e., 2Xs and 3Xs) of a
fund's broad-based securities market index (as defined in Form N-1A).
\42\
---------------------------------------------------------------------------

    \42\ See, e.g., Securities Exchange Act Release No. 74842 (April
29, 2015), 86 FR 25723 (May 5, 2015) (SR-NYSEArca-2014-89) (order
approving listing and trading of shares of eight PIMCO exchange-
traded funds).
---------------------------------------------------------------------------

    The proposed rule change is also designed to protect investors and
the public interest because Managed Fund Shares listed and traded
pursuant to Rule 8.600, including pursuant to the proposed new
portfolio standards, would continue to be subject to the full panoply
of Exchange rules and procedures that currently govern the trading of
equity securities on the Exchange.\43\
---------------------------------------------------------------------------

    \43\ See Approval Order, supra note 5, at 19547.
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices because the
Managed Fund Shares will be listed and traded on the Exchange pursuant
to the initial and continued listing criteria in Rule 8.600. The
Exchange has in place surveillance procedures that are adequate to
properly monitor trading in the Managed Fund Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Financial Industry Regulatory
Authority, Inc. (``FINRA''), on behalf of the Exchange, or the
regulatory staff of the Exchange, will communicate as needed regarding
trading in Managed Fund Shares with other markets that are members of
the ISG, including all U.S. securities exchanges and futures exchanges
on which the components are traded. In addition, the Exchange may
obtain information regarding trading in Managed Fund Shares from other
markets that are members of the ISG, including all U.S. securities
exchanges and futures exchanges on which the components are traded, or
with which the Exchange has in place a CSSA.
    The Exchange also believes that the proposed rule change would
fulfill the intended objective of Rule 19b-4(e) under the Act by
allowing Managed Fund Shares that satisfy the proposed listing
standards to be listed and traded without separate Commission approval.
However, as proposed, the Exchange would continue to file separate
proposed rule changes before the listing and trading of Managed Fund
Shares that do not satisfy the additional criteria described above.
    For these reasons, the Exchange believes that the proposal is
consistent with the Act.

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

    In accordance with Section 6(b)(8) of the Act,\44\ the Exchange
does not believe that the proposed rule change will impose any burden
on competition that is not necessary or appropriate in furtherance of
the purposes of the Act. Instead, the Exchange believes that the
proposed rule change would facilitate the listing and trading of
additional types of Managed Fund Shares and result in a significantly
more efficient process surrounding the listing and trading of Managed
Fund Shares, which will enhance competition among market participants,
to the benefit of investors and the marketplace. The Exchange believes
that this would reduce the time frame for bringing Managed Fund Shares
to market, thereby reducing the burdens on issuers and other market
participants and promoting competition. In turn, the Exchange believes
that the proposed change would make the process for listing Managed
Fund Shares more competitive by applying uniform listing standards with
respect to Managed Fund Shares.
---------------------------------------------------------------------------

    \44\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory

organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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-2015-110 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2015-110. 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 Section, 100 F Street
NE., Washington, DC 20549 on official business days between 10:00 a.m.
and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. 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-NYSEArca-2015-110 and should be submitted on or before
December 18, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
---------------------------------------------------------------------------

    \45\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-30078 Filed 11-25-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 187 (Tuesday, September 27, 2016)]
[Notices]
[Page 66271]
[FR Doc No: 2016-23236]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ID-8009-000]

Williamson, Belvin, Jr.; Notice of Filing

    Take notice that on September 19, 2016, Belvin Williamson, Jr.
submitted for filing, an application for authority to hold interlocking
positions, pursuant to section 305(b) of the Federal Power Act (FPA),
16 U.S.C. 825d(b), Part 45 of the Federal Energy Regulatory
Commission's (Commission) Rules of Practice and Procedure, 18 CFR part
45, and Order No. 664.\1\
---------------------------------------------------------------------------

    \1\ Commission Authorization to Hold Interlocking Positions, 112
FERC ] 61,298 (2005) (Order No. 664); order on reh'g, 114 FERC ]
61,142 (2006) (Order No. 664-A).
---------------------------------------------------------------------------

    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
``eSubscription'' link on the Web site that enables subscribers to
receive email notification when a document is added to a subscribed
docket(s). For assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on October 11, 2016.

    Dated: September 19, 2016.
Kimberly D. Bose,
Secretary.
[FR Doc. 2016-23236 Filed 9-26-16; 8:45 am]
 BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 96 (Friday, May 19, 2017)]
[Notices]
[Pages 23051-23055]
[FR Doc No: 2017-10194]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2017-0002]

Changes in Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Final notice.

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

SUMMARY: New or modified Base (1-percent annual chance) Flood
Elevations (BFEs), base flood depths, Special Flood Hazard Area (SFHA)
boundaries or zone designations, and/or regulatory floodways
(hereinafter referred to as flood hazard determinations) as shown on
the indicated Letter of Map Revision (LOMR) for each of the communities
listed in the table below are finalized. Each LOMR revises the Flood
Insurance Rate Maps (FIRMs), and in some cases the Flood Insurance
Study (FIS) reports, currently in effect for the listed communities.
The flood hazard determinations modified by each LOMR will be used to
calculate flood insurance premium rates for new buildings and their
contents.

DATES: The effective date for each LOMR is indicated in the table
below.

ADDRESSES: Each LOMR is available for inspection at both the respective
Community Map Repository address listed in the table below and online
through the FEMA Map Service Center at www.msc.fema.gov.

FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW., Washington, DC 20472,<PHONE_NUMBER>, or (email)
<EMAIL_ADDRESS>or visit the FEMA Map Information
eXchange (FMIX) online at www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: The Federal Emergency Management Agency
(FEMA) makes the final flood hazard determinations as shown in the
LOMRs for each community listed in the table below. Notice of these
modified flood hazard determinations has been published in newspapers
of local circulation and 90 days have elapsed since that publication.
The Deputy Associate Administrator for Insurance and Mitigation has
resolved any appeals resulting from this notification.
    The modified flood hazard determinations are made pursuant to
section 206 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4105, and are in accordance with the National

Flood Insurance Act of 1968, 42 U.S.C. 4001 et seq., and with 44 CFR
part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The new or modified flood hazard information is the basis for the
floodplain management measures that the community is required either to
adopt or to show evidence of being already in effect in order to remain
qualified for participation in the National Flood Insurance Program
(NFIP).
    This new or modified flood hazard information, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities.
    This new or modified flood hazard determinations are used to meet
the floodplain management requirements of the NFIP and also are used to
calculate the appropriate flood insurance premium rates for new
buildings, and for the contents in those buildings. The changes in
flood hazard determinations are in accordance with 44 CFR 65.4.
    Interested lessees and owners of real property are encouraged to
review the final flood hazard information available at the address
cited below for each community or online through the FEMA Map Service
Center at www.msc.fema.gov.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: May 2, 2017.
Roy E. Wright,
Deputy Associate Administrator for Insurance and Mitigation, Department
of Homeland Security, Federal Emergency Management Agency.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                            Chief executive officer       Community map                                       Community
         State and county           Location and case No.         of community             repository       Effective date of  modification      No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Connecticut: Fairfield (FEMA        Town of Greenwich (16- The Honorable Peter        Planning and Zoning   Mar. 22, 2017..................       090008
 Docket No.: B-1700).                01-2255P).             Tesei, First Selectman,    Department, 101
                                                            Town of Greenwich Board    Field Point Road,
                                                            of Selectmen, 101 Field    Greenwich, CT 06830.
                                                            Point Road, Greenwich,
                                                            CT 06830.
Florida:
    Broward (FEMA Docket No.: B-    City of Coconut Creek  The Honorable Mikkie       City Hall, 5295       Mar. 24, 2017..................       120031
     1700).                          (16-04-7766P).         Belvedere, Mayor, City     Johnson Road,
                                                            of Coconut Creek, 4800     Coconut Creek, FL
                                                            West Copans Road,          33073.
                                                            Coconut Creek, FL 33063.
    Broward (FEMA Docket No.: B-    City of Coral Springs  The Honorable Skip         City Hall, 2730       Mar. 24, 2017..................       120033
     1700).                          (16-04-7766P).         Campbell, Mayor, City of   University Drive,
                                                            Coral Springs, 9551 West   Coral Springs, FL
                                                            Sample Road, Coral         33065.
                                                            Springs, FL 33065.
    Broward (FEMA Docket No.: B-    City of Deerfield      The Honorable Jean M.      Environmental         Mar. 28, 2017..................       125101
     1672).                          Beach (16-04-5305P).   Robb, Mayor, City of       Services
                                                            Deerfield Beach, 150       Department, 200
                                                            Northeast 2nd Avenue,      Goolsby Boulevard,
                                                            Deerfield Beach, FL        Deerfield Beach, FL
                                                            33441.                     33442.
    Broward (FEMA Docket No.: B-    City of Hallandale     The Honorable Joy Cooper,  Development Services  Mar. 20, 2017..................       125110
     1668).                          Beach (16-04-8271P).   Mayor, City of             Department, 400
                                                            Hallandale Beach, 400      South Federal
                                                            South Federal Highway,     Highway, Hallandale
                                                            Hallandale Beach, FL       Beach, FL 33009.
                                                            33009.
    Broward (FEMA Docket No.: B-    City of Hollywood (16- The Honorable Peter        City Hall, 2600       Mar. 20, 2017..................       125113
     1668).                          04-8271P).             Bober, Mayor, City of      Hollywood
                                                            Hollywood, P.O. Box        Boulevard,
                                                            229045, Hollywood, FL      Hollywood, FL 33020.
                                                            33022.
    Broward (FEMA Docket No.: B-    City of Parkland (16-  The Honorable David        Building Division,    Mar. 24, 2017..................       120051
     1700).                          04-7766P).             Rosenof, Mayor, City of    6600 University
                                                            Parkland, 6600             Drive, Parkland, FL
                                                            University Drive,          33067.
                                                            Parkland, FL 33067.
    Broward (FEMA Docket No.: B-    Unincorporated areas   The Honorable Marty Kiar,  Broward County        Mar. 20, 2017..................       125093
     1668).                          of Broward County      Mayor, Broward County      Environmental
                                     (16-04-8271P).         Board of Commissioners,    Licensing and
                                                            115 South Andrews          Building Permitting
                                                            Avenue, Room 421, Fort     Division, 1 North
                                                            Lauderdale, FL 33301.      University Drive,
                                                                                Plantation, FL
                                                                                33324.
    Escambia (FEMA Docket No.: B-   Pensacola Beach-Santa  The Honorable Dave         Development Services  Mar. 30, 2017..................       125138
     1672).                          Rosa Island            Pavlock, Chairman,         Department, 1 Via
                                     Authority (16-04-      Pensacola Beach-Santa      De Luna Drive,
                                     6550P).                Rosa Island Authority,     Pensacola Beach, FL
                                                            P.O. Drawer 1208,          32562.
                                                            Pensacola Beach, FL
                                                            32562.
    Lee (FEMA Docket No.: B-1672).  Unincorporated areas   The Honorable Frank Mann,  Lee County Building   Mar. 24, 2017..................       125124
                                     of Lee County (16-04-  Chairman, Lee County       Department, 1500
                                     4231P).                Board of Commissioners,    Monroe Street, Fort
                                                            P.O. Box 398, Fort         Myers, FL 33901.
                                                            Myers, FL 33901.
    Monroe (FEMA Docket No.: B-     Unincorporated areas   The Honorable Heather      Monroe County         Mar. 23, 2017..................       125129
     1672).                          of Monroe County (16-  Carruthers, Mayor,         Building
                                     04-8290P).             Monroe County Board of     Department, 2798
                                                            Commissioners, 500         Overseas Highway,
                                                            Whitehead Street, Suite    Marathon, FL 33050.
                                                            102, Key West, FL 33040.
    Monroe (FEMA Docket No.: B-     Unincorporated areas   The Honorable Heather      Monroe County         Mar. 30, 2017..................       125129
     1672).                          of Monroe County (16-  Carruthers, Mayor,         Building
                                     04-8291P).             Monroe County Board of     Department, 2798
                                                            Commissioners, 500         Overseas Highway,
                                                            Whitehead Street, Suite    Marathon, FL 33050.
                                                            102, Key West, FL 33040.
    Osceola (FEMA Docket No.: B-    Unincorporated areas   The Honorable Viviana      Osceola County        Mar. 31, 2017..................       120189
     1672).                          of Osceola County      Janer, Chair, Osceola      Community
                                     (16-04-3250P).         County Board of            Development
                                                            Commissioners, 1           Department, 1
                                                            Courthouse Square, Suite   Courthouse Square,
                                                            4700, Kissimmee, FL        Suite 1100,
                                                            34741.                     Kissimmee, FL 34741.
    Sarasota (FEMA Docket No.: B-   Unincorporated areas   The Honorable Alan Maio,   Sarasota County       Mar. 20, 2017..................       125144
     1668).                          of Sarasota County     Chairman, Sarasota         Development
                                     (16-04-4948P).         County Board of            Services
                                                            Commissioners, 1660        Department, 1001
                                                            Ringling Boulevard,        Sarasota Center
                                                            Sarasota, FL 34236.        Boulevard,
                                                                                Sarasota, FL 34240.
Georgia:

    Columbia (FEMA Docket No.: B-   City of Grovetown (16- The Honorable Gary Jones,  Planning and          Mar. 16, 2017..................       130265
     1700).                          04-7990P).             Mayor, City of             Development
                                                            Grovetown, P.O. Box 120,   Department, 103 Old
                                                            Grovetown, GA 30813.       Wrightsboro Road,
                                                                                Grovetown, GA 30813.
    Columbia (FEMA Docket No.: B-   Unincorporated areas   The Honorable Ron C.       Columbia County       Mar. 16, 2017..................       130059
     1700).                          of Columbia County     Cross, Chairman,           Engineering
                                     (16-04-7990P).         Columbia County Board of   Services Division,
                                                            Commissioners, P.O. Box    630 Ronald Reagan
                                                            498, Evans, GA 30809.      Drive, Evans, GA
                                                                                30809.
    Forsyth (FEMA Docket No.: B-    Unincorporated areas   Mr. Doug Derrer, Manager,  Forsyth County        Mar. 9, 2017...................       130312
     1672).                          of Forsyth County      Forsyth County, 110 East   Department of
                                     (16-04-4934P).         Main Street, Suite 210,    Engineering, 110
                                                            Cumming, GA 30040.         East Main Street,
                                                                                Suite 120, Cumming,
                                                                                GA 30040.
Maine: Hancock (FEMA Docket No.: B- Town of Gouldsboro     The Honorable Dana Rice,   Code Enforcement      Mar. 10, 2017..................       230283
 1672).                              (16-01-1304P).         Chairman, Town of          Office, 59 Main
                                                            Gouldsboro Board of        Street, Prospect
                                                            Selectmen, 59 Main         Harbor, ME 04669.
                                                            Street, Prospect Harbor,
                                                            ME 04669.
Maryland: Worcester (FEMA Docket    Town of Ocean City     Mr. Douglas R. Miller,     Department of         Mar. 24, 2017..................       245207
 No.: B-1700).                       (16-03-2683P).         Manager, Town of Ocean     Planning and
                                                            City, 301 Baltimore        Community
                                                            Avenue, Ocean City, MD     Development, 301
                                                            21842.                     Baltimore Avenue,
                                                                                Ocean City, MD
                                                                                21842.
Massachusetts:
    Norfolk (FEMA Docket No.: B-    City of Quincy (16-01- The Honorable Thomas P.    Department of Public  Mar. 13, 2017..................       255219
     1668).                          2803P).                Koch, Mayor, City of       Works, 55 Sea
                                                            Quincy, 1305 Hancock       Street, Quincy, MA
                                                            Street, Quincy, MA 02169.  02169.
    Norfolk (FEMA Docket No.: B-    Town of Cohasset (16-  Mr. Christopher Senior,    Town Hall, 41         Mar. 21, 2017..................       250236
     1672).                          01-0636P).             Manager, Town of           Highland Avenue,
                                                            Cohasset, 41 Highland      Cohasset, MA 02025.
                                                            Avenue, Cohasset, MA
                                                            02025.
    Norfolk (FEMA Docket No.: B-    Town of Cohasset (16-  Mr. Christopher Senior,    Town Hall, 41         Mar. 20, 2017..................       250236
     1672).                          01-2031P).             Manager, Town of           Highland Avenue,
                                                            Cohasset, 41 Highland      Cohasset, MA 02025.
                                                            Avenue, Cohasset, MA
                                                            02025.
    Plymouth (FEMA Docket No.: B-   Town of Marion (16-01- The Honorable Jonathan E.  Town Hall, 2 Spring   Mar. 3, 2017...................       255213
     1672).                          2499P).                Dickerson, Chairman,       Street, Marion, MA
                                                            Town of Marion Board of    02738.
                                                            Selectmen, 2 Spring
                                                            Street, Marion, MA 02738.
New Mexico:
    Bernalillo (FEMA Docket No.: B- City of Albuquerque    The Honorable Richard J.   Planning Development  Mar. 7, 2017...................       350002
     1668).                          (16-06-2885P).         Berry, Mayor, City of      and Building
                                                            Albuquerque, P.O. Box      Services Division,
                                                            1293, Albuquerque, NM      600 2nd Street
                                                            87103.                     Northwest,
                                                                                Albuquerque, NM
                                                                                87102.
    Taos (FEMA Docket No.: B-1668)  Town of Taos (16-06-   The Honorable Daniel R.    Planning, Zoning and  Mar. 17, 2017..................       350002
                                     2418P).                Barrone, Mayor, Town of    Community
                                                            Taos, 400 Camino De La     Development
                                                            Placita, Taos, NM 87571.   Department, 400
                                                                                Camino De La
                                                                                Placita, Taos, NM
                                                                                87571.
    Taos (FEMA Docket No.: B-1668)  Unincorporated areas   Mr. Leandro Cordova,       Taos County Planning  Mar. 17, 2017..................       350078
                                     of Taos County (16-    Manager, Taos County,      Department, 105
                                     06-2418P).             105 Albright Street,       Albright Street,
                                                            Taos, NM 87571.            Taos, NM 87571.
North Carolina:
    Caswell (FEMA Docket No.: B-    Unincorporated areas   The Honorable Kenneth D.   Caswell County        Mar. 23, 2017..................       370300
     1672).                          of Caswell County      Travis, Chairman,          Planning
                                     (16-04-3759P).         Caswell County Board of    Department, 144
                                                            Commissioners, P.O. Box    Main Street,
                                                            98, Yanceyville, NC        Yanceyville, NC
                                                            27379.                     27379.
    Catawba (FEMA Docket No.: B-    City of Hickory (16-   The Honorable Rudy         City Hall, 76 North   Feb. 1, 2017...................       370054
     1672).                          04-3174P).             Wright, Mayor, City of     Center Street,
                                                            Hickory, 76 North Center   Hickory, NC 28601.
                                                            Street, Hickory, NC
                                                            28601.
    Edgecomb (FEMA Docket No.: B-   Town of Tarboro (16-   The Honorable Taro         Planning and          Feb. 23, 2017..................       370094
     1672).                          04-6123P).             Knight, Mayor Pro-Tem,     Inspections
                                                            Town of Tarboro, P.O.      Department, 500
                                                            Box 220, Tarboro, NC       North Main Street,
                                                            27886.                     Tarboro, NC 27886.
    Greene (FEMA Docket No.: B-     Unincorporated areas   The Honorable Brad         Greene County         Mar. 9, 2017...................       370378
     1672).                          of Greene County (16-  Fields, Chairman, Greene   Department of
                                     04-3348P).             County Board of            Building
                                                            Commissioners, 229         Inspections, 104
                                                            Kingold Boulevard, Suite   Hines Street, Snow
                                                            D, Snow Hill, NC 28580.    Hill, NC 28580.
    Moore (FEMA Docket No.: B-      Town of Carthage (16-  The Honorable Lee McGraw,  Town Hall, 4396       Apr. 6, 2017...................       370555
     1672).                          04-5694P).             Mayor, Town of Carthage,   Highway 15-501,
                                                            4396 Highway 15-501        Carthage, NC 28327.
                                                            Carthage, NC 28327.
    Moore (FEMA Docket No.: B-      Unincorporated areas   The Honorable Catherine    Moore County          Apr. 6, 2017...................       370164
     1672).                          of Moore County (16-   Graham, Chair, Moore       Planning and
                                     04-5694P).             County Board of            Transportation
                                                            Commissioners, P.O. Box    Department, P.O.
                                                            905, Carthage, NC 28327.   Box 905, Carthage,
                                                                                NC 28327.
    Union (FEMA Docket No.: B-      Town of Weddington     The Honorable Bill Deter,  Town Hall, 1924       Dec. 15, 2016..................       370518
     1672).                          (16-04-1411P).         Mayor, Town of             Weddington Road,
                                                            Weddington, 1924           Weddington, NC
                                                            Weddington Road,           28104.
                                                            Weddington, NC 28104.
    Union (FEMA Docket No.: B-      Unincorporated areas   The Honorable Frank        Union County Office   Dec. 15, 2016..................       370234
     1672).                          of Union County (16-   Aikmus, Chairman, Union    of Growth
                                     04-1411P).             County Board of            Management,
                                                            Commissioners, 500 North   Planning Division,
                                                            Main Street, Room 921,     500 North Main
                                                            Monroe, NC 28112.          Street, Monroe, NC
                                                                                28112.
Oklahoma:
    Canadian (FEMA Docket No.: B-   City of Oklahoma City  The Honorable Mick         Public Works          Mar. 30, 2017..................       405378
     1672).                          (16-06-1043P).         Cornett, Mayor, City of    Department, 420
                                                            Oklahoma City, 200 North   West Main Street,
                                                            Walker Avenue, Oklahoma    Suite 700, Oklahoma
                                                            City, OK 73102.            City, OK 73102.

    Canadian (FEMA Docket No.: B-   City of Yukon (16-06-  The Honorable John         Development Services  Mar. 30, 2017..................       400028
     1672).                          1043P).                Alberts, Mayor, City of    Department, 334 Elm
                                                            Yukon, 1420 Spring Creek   Street, Yukon, OK
                                                            Drive, Yukon, OK 73099.    73099.
Pennsylvania:
    Bucks (FEMA Docket No.: B-      Borough of             Mr. Robert C. Sooby,       Borough Hall, 35      Mar. 22, 2017..................       420194
     1672).                          Morrisville (16-03-    Manager, Borough of        Union Street,
                                     2671P).                Morrisville, 35 Union      Morrisville, PA
                                                            Street, Morrisville, PA    19067.
                                                            19067.
    Bucks (FEMA Docket No.: B-      Township of Falls (16- The Honorable Robert       Township Hall, 188    Mar. 22, 2017..................       420188
     1672).                          03-2671P).             Harvie, Chairman,          Lincoln Highway,
                                                            Township of Falls Board    Suite 100, Fairless
                                                            of Supervisors, 188        Hills, PA 19030.
                                                            Lincoln Highway, Suite
                                                            100, Fairless Hills, PA
                                                            19030.
    Lancaster (FEMA Docket No.: B-  Township of Conestoga  The Honorable Craig C.     Township Municipal    Mar. 13, 2017..................       420544
     1668).                          (16-03-2652P).         Eshleman, Chairman,        Building, 3959 Main
                                                            Township of Conestoga      Street, Conestoga,
                                                            Board of Supervisors,      PA 17516.
                                                            3959 Main Street,
                                                            Conestoga, PA 17516.
    Lancaster (FEMA Docket No.: B-  Township of Drumore    The Honorable Kolin D.     Township Municipal    Mar. 13, 2017..................       421766
     1668).                          (16-03-2652P).         McCauley, Chairman,        Building, 1675
                                                            Township of Drumore        Furniss Road,
                                                            Board of Supervisors,      Drumore, PA 17518.
                                                            1675 Furniss Road,
                                                            Drumore, PA 17518.
    York (FEMA Docket No.: B-1672)  Township of Fairview   The Honorable Larry Cox,   Township Municipal    Mar. 15, 2017..................       420923
                                     (16-03-2653P).         Chairman, Township of      Building, 599
                                                            Fairview Board of          Lewisberry Road,
                                                            Supervisors, 599           New Cumberland, PA
                                                            Lewisberry Road, New       17070.
                                                            Cumberland, PA 17070.
    York (FEMA Docket No.: B-1672)  Township of Newberry   The Honorable Will         Township Municipal    Mar. 15, 2017..................       422226
                                     (16-03-2653P).         Toothaker, Chairman,       Building, 1915 Old
                                                            Township of Newberry       Trail Road, Etters,
                                                            Board of Supervisors,      PA 17319.
                                                            1915 Old Trail Road,
                                                            Etters, PA 17319.
South Dakota: Hughes (FEMA Docket   City of Pierre (16-08- The Honorable Laurie       Department of Public  Mar. 21, 2017..................       460040
 No.: B-1668).                       0334P).                Gill, Mayor, City of       Works, 222 East
                                                            Pierre, 222 East Dakota    Dakota Avenue,
                                                            Avenue, Pierre, SD 57501.  Pierre, SD 57501.
Texas:
    Bell (FEMA Docket No.: B-1672)  Unincorporated areas   The Honorable John         Bell County           Mar. 7, 2017...................       480706
                                     of Bell County (16-    Burrows, Bell County       Engineering
                                     06-3508P).             Judge, P.O. Box 768,       Department, 206
                                                            Belton, TX 76513.          North Main Street,
                                                                                Belton, TX 76513.
    Bell (FEMA Docket No.: B-1672)  Village of Salado (16- The Honorable Skip         Village Hall, 301     Mar. 24, 2017..................       480033
                                     06-2289P).             Blancett, Mayor, Village   North Stagecoach
                                                            of Salado, P.O. Box 219,   Road, Salado, TX
                                                            Salado, TX 76571.          76571.
    Bexar (FEMA Docket No.: B-      City of San Antonio    The Honorable Ivy R.       Transportation and    Mar. 20, 2017..................       480045
     1672).                          (16-06-3198P).         Taylor, Mayor, City of     Capital
                                                            San Antonio, P.O. Box      Improvements
                                                            839966, San Antonio, TX    Department, Storm
                                                            78283.                     Water Division,
                                                                                1901 South Alamo
                                                                                Street, 2nd Floor,
                                                                                San Antonio, TX
                                                                                78284.
    Bexar (FEMA Docket No.: B-      Unincorporated areas   The Honorable Nelson W.    Bexar County Public   Mar. 20, 2017..................       480035
     1672).                          of Bexar County (16-   Wolff, Bexar County        Works Department,
                                     06-3198P).             Judge, 101 West Nueva      233 North Pecos-La
                                                            Street, 10th Floor, San    Trinidad Street,
                                                            Antonio, TX 78205.         Suite 420, San
                                                                                Antonio, TX 78204.
    Collin (FEMA Docket No.: B-     City of McKinney (16-  The Honorable Brian        Engineering           Mar. 13, 2017..................       480135
     1668).                          06-1541P).             Loughmiller, Mayor, City   Department, 221
                                                            of McKinney, P.O. Box      North Tennessee
                                                            517, McKinney, TX 75070.   Street, McKinney,
                                                                                TX 75069.
    Dallas (FEMA Docket No.: B-     City of Dallas (16-06- The Honorable Mike         Engineering           Mar. 13, 2017..................       480171
     1672).                          2144P).                Rawlings, Mayor, City of   Department, 320
                                                            Dallas, 1500 Marilla       East Jefferson
                                                            Street, Room 5EN,          Boulevard, Room
                                                            Dallas, TX 75201.          200, Dallas, TX
                                                                                75203.
    Harris (FEMA Docket No.: B-     City of Houston (16-   The Honorable Sylvester    Floodplain            Feb. 24, 2017..................       480296
     1672).                          06-1829P).             Turner, Mayor, City of     Management Office,
                                                            Houston, P.O. Box 1562,    1002 Washington
                                                            Houston, TX 77251.         Avenue, 3rd Floor,
                                                                                Houston, TX 77002.
    Harris (FEMA Docket No.: B-     Unincorporated areas   The Honorable Edward M.    Harris County Permit  Mar. 3, 2017...................       480287
     1672).                          of Harris County (16-  Emmett, Harris County      Office, 10555
                                     06-2693P).             Judge, 1001 Preston        Northwest Freeway,
                                                            Street, Suite 911,         Suite 120, Houston,
                                                            Houston, TX 77002.         TX 77092.
    Johnson (FEMA Docket No.: B-    City of Burleson (16-  The Honorable Ken          City Hall, 141 West   Mar. 17, 2017..................       485459
     1672).                          06-3257P).             Shetter, Mayor, City of    Renfro Street,
                                                            Burleson, 141 West         Burleson, TX 76028.
                                                            Renfro Street, Burleson,
                                                            TX 76028.
    Rockwall (FEMA Docket No.: B-   City of Heath (16-06-  The Honorable Brian        City Hall, 200        Mar. 13, 2017..................       480545
     1668).                          1549P).                Berry, Mayor, City of      Laurence Drive,
                                                            Heath, 200 Laurence        Heath, TX 75032.
                                                            Drive, Heath, TX 75032.
    Tarrant (FEMA Docket No.: B-    City of Keller (16-06- The Honorable Mark         Public Works          Mar. 31, 2017..................       480602
     1700).                          2056P).                Mathews, Mayor, City of    Department, 1100
                                                            Keller, P.O. Box 770,      Bear Creek Parkway,
                                                            Keller, TX 76244.          Keller, TX 76248.
    Tarrant (FEMA Docket No.: B-    City of Keller (16-06- The Honorable Mark         Public Works          Mar. 16, 2017..................       480602
     1672).                          2452P).                Mathews, Mayor, City of    Department, 1100
                                                            Keller, P.O. Box 770,      Bear Creek Parkway,
                                                            Keller, TX 76244.          Keller, TX 76248.
    Travis (FEMA Docket No.: B-     Unincorporated areas   The Honorable Sarah        Travis County         Mar. 27, 2017..................       481026
     1672).                          of Travis County (16-  Eckhardt, Travis County    Administration
                                     06-1784P).             Judge, 700 Lavaca          Building, 700
                                                            Street, Austin, TX 78767.  Lavaca Street,
                                                                                Austin, TX 78767.
Virginia:

    Albemarle (FEMA Docket No.: B-  Unincorporated areas   Mr. Thomas C. Foley,       Albemarle County      Mar. 22, 2017..................       510006
     1672).                          of Albemarle County    Albemarle County           Community
                                     (16-03-1697P).         Executive, 401 McIntire    Development,
                                                            Road, Charlottesville,     Engineering
                                                            VA 22902.                  Department, 401
                                                                                McIntire Road, 2nd
                                                                                Floor,
                                                                                Charlottesville, VA
                                                                                22902.
    Independent City (FEMA Docket   City of                Mr. Maurice Jones,         Neighborhood          Mar. 22, 2017..................       510033
     No.: B-1672).                   Charlottesville (16-   Manager, City of           Development
                                     03-1697P).             Charlottesville, P.O.      Services, 610 East
                                                            Box 911,                   Market Street,
                                                            Charlottesville, VA        Charlottesville, VA
                                                            22902.                     22902.
    Stafford (FEMA Docket No.: B-   Unincorporated areas   The Honorable Robert       Stafford County       Mar. 9, 2017...................       510154
     1672).                          of Stafford County     Thomas, Jr., Chairman,     Administration
                                     (16-03-2417P).         Stafford County Board of   Center, 1300
                                                            Supervisors, 1300          Courthouse Road,
                                                            Courthouse Road,           Stafford, VA 22554.
                                                            Stafford, VA 22554.
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[FR Doc. 2017-10194 Filed 5-18-17; 8:45 am]
BILLING CODE 9110-12-P