[Federal Register Volume 81, Number 126 (Thursday, June 30, 2016)]
[Notices]
[Pages 42768-42777]
[FR Doc No: 2016-15454]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78150; File No. SR-NASDAQ-2016-086]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change to List and Trade the Shares
of the VanEck Vectors Long/Flat Commodity ETF

June 24, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 10, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade the shares of the VanEck
Vectors Long/Flat Commodity ETF (the ``Fund''), a series of VanEck
Vectors ETF Trust (``Trust''), under Nasdaq Rule 5735 (``Managed Fund
Shares''). The shares of the Fund are collectively referred to herein
as the ``Shares.''
    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the Shares of the Fund
under Nasdaq Rule 5735, which governs the listing and trading of
Managed Fund Shares \3\ on the Exchange.\4\ The Fund will be an
actively managed exchange-traded fund (``ETF''). The Shares will be
offered by the Trust, which was organized as a Delaware statutory trust
on March 15, 2001.\5\ The Trust is registered with the Commission as an
investment company and has filed a registration statement on Form N-1A
(``Registration Statement'') with the Commission.\6\ The Fund is a
series of the Trust.
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    \3\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (the ``1940 Act'') organized
as an open-end investment company or similar entity that invests in
a portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Index Fund Shares, listed
and traded on the Exchange under Nasdaq Rule 5705, seeks to provide
investment results that correspond generally to the price and yield
performance of a specific foreign or domestic stock index, fixed
income securities index or combination thereof.
    \4\ The Commission approved Nasdaq Rule 5735 in Securities
Exchange Act Release No. 57962 (June 13, 2008), 73 FR 35175 (June
20, 2008) (SR-NASDAQ-2008-039). The Fund would not be the first
actively-managed fund listed on the Exchange; see Securities
Exchange Act Release No. 66489 (February 29, 2012), 77 FR 13379
(March 6, 2012) (SR-NASDAQ-2012-004) (order approving listing and
trading of WisdomTree Emerging Markets Corporate Bond Fund). The
Exchange believes the proposed rule change raises no significant
issues not previously addressed in those prior Commission orders.
    \5\ The Commission has issued an order granting certain
exemptive relief to the Trust under the 1940 Act (the ``Exemptive
Order''). See Investment Company Act Release No. 29571 (January 24,
2011) (File No. 812-13601). In compliance with Nasdaq Rule
5735(b)(5), which applies to Managed Fund Shares based on an
international or global portfolio, the Trust's application for
exemptive relief under the 1940 Act states that the Fund will comply
with the federal securities laws in accepting securities for
deposits and satisfying redemptions with redemption securities,
including that the securities accepted for deposits and the
securities used to satisfy redemption requests are sold in
transactions that would be exempt from registration under the
Securities Act of 1933 (15 U.S.C. 77a).
    \6\ See Registration Statement on Form N-1A for the Trust, dated
November 12, 2015 (File Nos. 333-123257 and 811-10325). The
descriptions of the Fund and the Shares contained herein are based,
in part, on information in the Registration Statement.
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    Van Eck Absolute Return Advisers Corporation will be the investment
adviser (``Adviser'') and the

administrator to the Fund. Van Eck Securities Corporation
(``Distributor'') will be the distributor of the Fund's Shares. The
Bank of New York Mellon (``Custodian'') will act as the custodian of
the Fund's assets and provide transfer agency and fund accounting
services to the Fund.
    Paragraph (g) of Rule 5735 provides that if the investment adviser
to the investment company issuing Managed Fund Shares is affiliated
with a broker-dealer, such investment adviser shall erect a ``fire
wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\7\ In addition, paragraph
(g) further requires that personnel who make decisions on the open-end
fund's portfolio composition must be subject to procedures designed to
prevent the use and dissemination of material, non-public information
regarding the open-end fund's portfolio.
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    \7\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
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    Rule 5735(g) is similar to Nasdaq Rule 5705(b)(5)(A)(i); however,
paragraph (g) operates in connection with the establishment of a ``fire
wall'' between the investment adviser and the broker-dealer reflects
the applicable open-end fund's portfolio, not an underlying benchmark
index, as is the case with index-based funds.
    The Adviser is not a broker-dealer, although it is affiliated with
the Distributor, a broker-dealer. The Adviser has implemented a fire
wall with respect to its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the Fund's
(including the Subsidiary's) portfolio.
    In the event (a) the Adviser becomes newly affiliated with a
broker-dealer or registers as a broker-dealer, or (b) any new adviser
or sub-adviser to the Fund is a registered broker-dealer or becomes
affiliated with a broker-dealer, it will implement a fire wall with
respect to its relevant personnel and/or such broker-dealer affiliate,
if applicable, regarding access to information concerning the
composition and/or changes to the portfolio and will be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding such portfolio. The Fund does not
currently intend to use a sub-adviser.
VanEck Vectors Long/Flat Commodity ETF
    The Fund's investment objective will be to seek long-term capital
appreciation while seeking to manage volatility and reduce downside
risk during sustained market declines.
Principal Investment Strategies
    The Fund will be an actively managed ETF that seeks to achieve its
investment objective by investing, under normal circumstances, in
exchange-traded commodity futures contracts and, under certain limited
circumstances, other commodity-linked instruments (``Other Commodity
Instruments'' \8\ and, collectively with exchange-traded commodity
futures contracts, ``Commodities Instruments'').
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    \8\ Other Commodity Instruments will include commodity-based
swap agreements cleared through a central clearing house or the
clearing house's affiliate (``Cleared Swaps''), forward contracts on
commodities, exchange-traded options on futures contracts, and
commodity-based swaps other than Cleared Swaps.
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    The Fund will invest in Commodities Instruments primarily through a
wholly-owned subsidiary of the Fund organized under the laws of the
Cayman Islands (``Subsidiary''). The Subsidiary will be advised by the
Adviser.
    With respect to the exchange-traded commodity futures contracts and
options on futures contracts (if applicable) held, not more than 10% of
the weight \9\ of such futures contracts and options on futures
contracts in the aggregate shall consist of instruments whose principal
trading market is not a member of the Intermarket Surveillance Group
(``ISG'') or is a market with which the Exchange does not have a
comprehensive surveillance sharing agreement.
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    \9\ To be calculated as the value of the contract divided by the
total absolute notional value of the Fund's futures contracts and
options on futures contracts.
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    The Fund (directly or indirectly through the Subsidiary) will
normally invest in exchange-traded commodity futures contracts that are
components of the Morningstar[supreg] Long/Flat Commodity Index\SM\
(``Benchmark''), an index composed of futures contracts on 20 heavily
traded commodities across the energy, agriculture, industrial metals,
precious metals, and livestock sectors. The Adviser will employ a
rules-based investment approach when selecting Commodities Instruments
based upon momentum characteristics of the Commodities Instruments.
Commodities Instruments are assessed on a monthly basis by comparing
current prices to 12-month moving averages. The Fund's positions will
be either long \10\ or flat.\11\ The Fund intends to take long
positions in those Commodities Instruments whose prices are above their
12-month moving average. Conversely, the Fund intends to take flat
positions to manage volatility and reduce downside risk for those
Commodities Instruments whose prices are below their 12-month moving
average. The Fund will not be an ``index tracking'' ETF and may not
always invest in all of the Benchmark's components, or in the same
proportion, and it may invest in Commodities Instruments outside the
Benchmark.
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    \10\ A ``long'' position is a position that will increase in
market price if the price of the commodity futures contract is
rising during the period when the position is open.
    \11\ A ``flat'' position is a position that will not increase or
decrease in market price whether the price of the commodity futures
contract to which it relates is rising or falling.
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    The Subsidiary will be an exempted company operating under Cayman
Islands law. It will be wholly-owned and controlled by the Fund and
will be advised by the Adviser. The Fund's investment in the Subsidiary
may not exceed 25% of the value of the Fund's total assets at each
quarter-end of the Fund's fiscal year. The Fund's investment in the
Subsidiary is expected to provide the Fund with exposure to Commodities
Instruments within the limits of the federal tax laws, which limit the
ability of investment companies like the Fund to invest directly in
such instruments. The Subsidiary will have the same investment
objective as the Fund and will follow the same general investment
policies and restrictions, except that unlike the Fund, it may invest
without limit in Commodities Instruments.
    The Fund (and the Subsidiary, as applicable) expects to invest its
remaining assets in any one or more of the following: U.S. government
securities,\12\ money market funds, cash

and other cash equivalents,\13\ treasury inflation-protected
securities, sovereign debt obligations of non-U.S. countries and
repurchase agreements that provide liquidity, serve as margin or
collateralize the Fund's or the Subsidiary's investments in exchange-
traded commodity futures contracts.
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    \12\ Such securities will include securities that are issued or
guaranteed by the U.S. Treasury, by various agencies of the U.S.
government, or by various instrumentalities, which have been
established or sponsored by the U.S. government. U.S. Treasury
obligations are backed by the ``full faith and credit'' of the U.S.
government. Securities issued or guaranteed by federal agencies and
U.S. government-sponsored instrumentalities may or may not be backed
by the full faith and credit of the U.S. government.
    \13\ Cash equivalents will include banker's acceptances,
commercial paper, and certificates of deposit.
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    The Fund also may invest directly in ETFs, exchange-traded closed
end funds (to the extent permitted by the 1940 Act, and certain
exemptive relief therefrom), and exchange-traded notes (``ETNs'') that
provide exposure to commodities.\14\
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    \14\ An ETF is an investment company registered under the 1940
Act that holds a portfolio of securities. Many ETFs are designed to
track the performance of a securities index, including industry,
sector, country and region indexes. ETFs in which the Fund invests
will be listed and traded in the U.S. on registered exchanges. The
ETFs in which the Fund will invest include Index Fund Shares (as
described in Nasdaq Rule 5705), Portfolio Depositary Receipts (as
described in Nasdaq Rule 5705), and Managed Fund Shares (as
described in Nasdaq Rule 5735). The shares of ETFs in which the Fund
may invest will be limited to securities that trade in markets that
are members of the ISG, which includes all U.S. national securities
exchanges, or exchanges that are parties to a comprehensive
surveillance sharing agreement with the Exchange. An ETN is a
senior, unsecured, unsubordinated debt security issued by an
underwriting bank that, similar to other debt securities, has a
maturity date and is backed only by the credit of the issuer. ETNs
in which the Fund invests will be listed and traded in the U.S. on
registered exchanges. The ETNs in which the Fund will invest include
Securities Linked to the Performance of Indexes and Commodities,
Including Currencies (as described in Nasdaq Rule 5710), and Index-
Linked Exchangeable Notes (as described in Nasdaq Rule 5711). The
Fund will not hold inverse, leveraged, and inverse leveraged ETFs or
ETNs. Leveraged instruments are operated in a manner designed to
seek a multiple of the performance of an underlying reference index,
and inverse instruments are designed to seek investment results that
correspond to the inverse (opposite) of the performance of a
specified domestic equity, international or global equity, or fixed
income index or a combination thereof.
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    As previously noted, the Subsidiary will be advised by the
Adviser.\15\ The Subsidiary will typically consider investing in
futures contracts of the Benchmark (``Index Commodity Contracts'') set
forth in the following table. The table also provides each instrument's
trading hours, exchange (``Futures Exchange'') and ticker symbol. The
table is subject to change.
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    \15\ The Subsidiary will not be registered under the 1940 Act
and will not be directly subject to its investor protections, except
as noted in the Registration Statement. However, the Subsidiary will
be wholly-owned and controlled by the Fund and will be advised by
the Adviser. The Trust's board (``Board'') will have oversight
responsibility for the investment activities of the Fund, including
its investment in the Subsidiary, and the Fund's role as the sole
shareholder of the Subsidiary. The Adviser will receive certain fees
for managing the Subsidiary's assets and the Adviser will waive or
credit such amounts against the fees payable to the Adviser by the
Fund. It is expected that the Subsidiary will become party to the
existing custody agreement, transfer agency agreement and accounting
agreement of the Trust and Fund.

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     Contract ticker            Exchange code                                                      Trading hours
   (Bloomberg generic)        (Bloomberg) \16\        Exchange name \17\     Commodity contract        (ET)
----------------------------------------------------------------------------------------------------------------
BO1.....................  CBT.....................  Chicago Board of       Soybean Oil/Crude....     20:00-14:20
                                                     Trade.
C 1.....................  CBT.....................  Chicago Board of       Corn/No. 2 Yellow....     20:00-14:20
                                                     Trade.
CO1.....................  ICE.....................  ICE Futures Europe     Crude Oil Brent/          20:00-18:00
                                                     Commodities.           Global Spot.
CL1.....................  NYM.....................  New York Mercantile    Crude Oil WTI/Global      18:00-17:15
                                                     Exchange.              Spot.
CT1.....................  NYB.....................  ICE Futures US Softs.  Cotton/1\1/16\''.....     21:00-14:20
GC1.....................  CMX.....................  Commodity Exchange,    Gold.................     18:00-17:15
                                                     Inc.
HG1.....................  CMX.....................  Commodity Exchange,    Copper High Grade/        18:00-17:15
                                                     Inc.                   Scrap No. 2 Wire.
HO1.....................  NYM.....................  New York Mercantile    Heating Oil #2/Fuel       18:00-17:15
                                                     Exchange.              Oil.
KC1.....................  NYB.....................  ICE Futures US Softs.  Coffee `C'/Colombian.     04:15-13:30
LC1.....................  CME.....................  Chicago Mercantile     Cattle Live/Choice        09:00-17:00
                                                     Exchange.              Average.
QS1.....................  ICE.....................  ICE Futures Europe     Gas-Oil-Petroleum....     20:00-18:00
                                                     Commodities.
LH1.....................  CME.....................  Chicago Mercantile     Hogs Lean/Average         09:00-17:00
                                                     Exchange.              Iowa/S Minn.
NG1.....................  NYM.....................  New York Mercantile    Natural Gas Henry Hub     18:00-17:15
                                                     Exchange.
XB1.....................  NYM.....................  New York Mercantile    Gasoline Blendstock..     18:00-17:15
                                                     Exchange.
S 1.....................  CBT.....................  Chicago Board of       Soybeans/No. 2 Yellow     20:00-14:20
                                                     Trade.
SB1.....................  NYB.....................  ICE Futures US Softs.  Sugar #11/World Raw..     03:30-13:00
SI1.....................  CMX.....................  Commodity Exchange,    Silver...............     18:00-17:15
                                                     Inc.
SM1.....................  CBT.....................  Chicago Board of       Soybean Meal/48%          20:00-14:20
                                                     Trade.                 Protein.
W 1.....................  CBT.....................  Chicago Board of       Wheat/No. 2 Soft Red.     20:00-14:20
                                                     Trade.
CC1.....................  NYB.....................  ICE Futures US Softs.  Cocoa/Ivory Coast....     04:45-13:30
----------------------------------------------------------------------------------------------------------------

    As U.S. and London exchanges list additional contracts, as
currently listed contracts on those exchanges gain sufficient liquidity
or as other exchanges list sufficiently liquid contracts, the Adviser
may include those contracts in the list of possible investments of the
Subsidiary. The list of commodities futures and commodities markets
considered for investment may change over time.
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    \16\ The exchange codes listed are Bloomberg shorthand codes for
the corresponding exchanges. The New York Board of Trade is
currently owned by the ICE Futures Exchange; Bloomberg continues to
use NYB as its shorthand code for certain contracts formerly traded
on the New York Board of Trade.
    \17\ All of the exchanges are ISG members.
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Other Investments
    The Fund currently intends to invest first in exchange-traded
commodity futures contracts. Thereafter, if the Fund reaches the
position limits applicable to one or more Index Commodity Contracts or
a Futures Exchange imposes limitations on the Fund's ability to
maintain or increase its positions in an exchange-traded commodity
futures contract after reaching accountability levels or a price limit
is in effect on an exchange-traded commodity futures contract during
the last 30 minutes of its regular trading session, the Fund's
intention is to invest first in Cleared Swaps to the extent permitted
under the position limits applicable to Cleared Swaps and appropriate
in light of the liquidity in the Cleared Swaps market, and then, using
its commercially reasonable judgment, in Other Commodity Instruments.

    The Fund may also invest in commodity-related foreign and domestic
equity securities.\18\
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    \18\ Commodity-related foreign and domestic equity securities
will be comprised of exchange-traded common stocks of companies that
operate in commodities, natural resources and energy businesses, and
in associated businesses, as well as companies that provide services
or have exposure to such businesses.
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Commodities Regulation
    The Commodity Futures Trading Commission (``CFTC'') has recently
adopted substantial amendments to CFTC Rule 4.5 relating to the
permissible exemptions and conditions for reliance on exemptions from
registration as a commodity pool operator.\19\ As a result of the
amendments and based on the Fund's and its Subsidiary's current
investment strategies, the Fund and the Subsidiary will each be a
``commodity pool'' and the Adviser, which is currently registered with
the CFTC as a commodity pool operator (``CPO'') and a commodity trading
adviser under the Commodity Exchange Act of 1936, is considered a CPO
with respect to the Fund and the Subsidiary. The Adviser is also a
member of the National Futures Association (``NFA''). The Fund will be
and the Adviser is subject to regulation by the CFTC and the Commission
and additional disclosure, reporting and recordkeeping rules imposed
upon commodity pools.
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    \19\ 17 CFR 4.5. See, e.g., 77 FR 11252 (Feb. 24, 2014); 77 FR
17328 (March 26, 2012).
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Investment Restrictions of the Fund \20\
    The Fund may not make loans, except that it may (i) lend portfolio
securities, (ii) enter into repurchase agreements, (iii) purchase all
or a portion of an issue of debt securities, bank loan or participation
interests, bank certificates of deposit, bankers' acceptances,
debentures or other securities, whether or not the purchase is made
upon the original issuance of the securities, and (iv) participate in
an interfund lending program with other registered investment
companies, all in accordance with the 1940 Act.
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    \20\ Percentage limitations of the investment restrictions set
forth herein are measured at the time of investment.
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    The Fund may not borrow money, except as permitted under the 1940
Act, and as interpreted or modified by regulation from time to time.
The Fund also may not issue senior securities, except as permitted
under the 1940 Act, and as interpreted or modified by regulation from
time to time.
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment).\21\
The Fund will monitor its portfolio liquidity on an ongoing basis to
determine whether, in light of current circumstances, an adequate level
of liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid assets. Illiquid assets include
securities subject to contractual or other restrictions on resale and
other instruments that lack readily available markets as determined in
accordance with Commission staff guidance.\22\ An illiquid security is
generally considered to be a security that cannot be sold or disposed
of in the ordinary course of business within seven days at or near its
carrying value.
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    \21\ In reaching liquidity decisions, the Adviser may consider
factors such as but not limited to the following: The frequency of
trades and quotes for the security; the number of dealers wishing to
purchase or sell the security and the number of other potential
purchasers; dealer undertakings to make a market in the security;
and the nature of the security and the nature of the marketplace in
which it trades (e.g., the time needed to dispose of the security,
the method of soliciting offers and the mechanics of transfer).
    \22\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also Investment Company Act
Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31, 1970)
(Statement Regarding ``Restricted Securities''); Investment Company
Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March 20, 1992)
(Revisions of Guidelines to Form N-1A). A fund's portfolio security
is illiquid if it cannot be disposed of in the ordinary course of
business within seven days at approximately the value ascribed to it
by the fund. See Investment Company Act Release No. 14983 (March 12,
1986), 51 FR 9773 (March 21, 1986) (adopting amendments to Rule 2a-7
under the 1940 Act); Investment Company Act Release No. 17452 (April
23, 1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under
the Securities Act of 1933).
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    The Fund may not purchase any security if, as a result of that
purchase, 25% or more of its total assets would be invested in
securities of issuers having their principal business activities in the
same industry. This limit does not apply to securities issued or
guaranteed by the U.S. Government, its agencies or instrumentalities,
or securities of other investment companies.
Determination of Net Asset Value
    The net asset value (``NAV'') per Share for the Fund will be
computed by dividing the value of the net assets of the Fund (i.e., the
value of its total assets less total liabilities) by the total number
of Shares outstanding. Expenses and fees, including the management fee,
will be accrued daily and taken into account for purposes of
determining NAV. The NAV of the Fund will be determined each business
day as of the close of trading (ordinarily 4:00 p.m. Eastern Time) on
the Nasdaq. Any assets or liabilities denominated in currencies other
than the U.S. dollar will be converted into U.S. dollars at the current
market rates on the date of valuation as quoted by one or more sources.
    The values of the Fund's portfolio securities will be valued in
accordance with the Trust's valuation policies and procedures which may
be amended from time to time. Included herein is a description of how
various types of securities and instruments will be valued based on the
current valuation policies and procedures for the Trust. ETFs,
exchange-traded closed-end funds, ETNs, and commodity-related foreign
and domestic equity securities, will be based on the securities'
closing prices on local markets, when available. Due to the time
differences between the United States and certain countries, securities
on these non-U.S. exchanges may not trade at times when Shares of the
Fund will trade. In the absence of a last reported sales price, or if
no sales were reported, and for other assets for which market quotes
are not readily available, values may be based on quotes obtained from
a quotation reporting system, established market makers or by an
outside independent pricing service using data reflecting the earlier
closing of the principal markets for those securities. U.S. government
securities, treasury inflation-protected securities and sovereign debt
obligations of non-U.S. countries will normally be valued on the basis
of quotes from brokers or dealers, established market makers or an
outside independent pricing service. Short-term investments purchased
with a remaining maturity of 60 days or less, including repurchase
agreements and cash equivalents, will be valued on the basis of quotes
from broker dealers, established major market makers, an independent
pricing service or at amortized cost. Money market funds will be valued
at their reported closing NAV. Futures contracts and options on futures
contracts, which are traded on exchanges, will be valued at the current
settle price for like contracts acquired on the day on which the
futures contract will be valued as of the close of such exchanges.
    Other Commodity Instruments not traded on exchanges will generally
be valued daily based upon quotations from market makers or by a
pricing service and in accordance with the Trust's valuation policies
and procedures. Prices obtained by an

outside independent pricing service may use information provided by
market makers or estimates of market values obtained from yield data
related to investments or securities with similar characteristics and
may use a computerized grid matrix of securities and its evaluations in
determining what it believes is the fair value of the portfolio
securities. If a market quotation for a security is not readily
available or the Adviser believes it does not otherwise accurately
reflect the market value of the security at the time the Fund
calculates its NAV, the security will be fair valued by the Adviser in
accordance with the Trust's valuation policies and procedures approved
by the Board of Trustees.
    The Fund may also use fair value pricing in a variety of
circumstances, including but not limited to, situations when the value
of a security or instrument in the Fund's portfolio has been materially
affected by events occurring after the close of the market on which the
security or instrument is principally traded (such as a corporate
action or other news that may materially affect the price of a
security) or trading in a security or instrument has been suspended or
halted.
    In addition, the Fund expects that it will fair value certain of
the foreign equity securities held by the Fund each day it calculates
its NAV, except those securities principally traded on exchanges that
close at the same time the Fund calculates its NAV. Accordingly, the
Fund's NAV may reflect certain portfolio securities' or instruments'
fair values rather than their market prices at the time the exchanges
on which they principally trade close. Fair value pricing involves
subjective judgments and it is possible that a fair value determination
for a security or instrument will be materially different than the
value that could be realized upon the sale of the security or
instrument. With respect to securities or instruments that are
principally traded on foreign exchanges, the value of the Fund's
portfolio securities or instruments may change on days when you will
not be able to purchase or sell your Shares.
Creation and Redemption of Shares
    The Trust will issue and sell Shares of the Fund only to authorized
participants (``Authorized Participants'') and only in aggregations of
50,000 Shares (each, a ``Creation Unit''), on a continuous basis
through the Distributor, without an initial sales load, at their NAV
next determined after receipt, on any Business Day,\23\ of an order in
proper form.
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    \23\ A ``Business Day'' with respect to the Fund is any day on
which Nasdaq is open for business. As of the date of this filing,
the Nasdaq observes the following holidays: New Year's Day, Martin
Luther King, Jr. Day, President's Day (Washington's Birthday), Good
Friday, Memorial Day (observed), Independence Day, Labor Day,
Thanksgiving Day, and Christmas Day.
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    The consideration for a purchase of Creation Units will generally
consist of cash and/or the in-kind deposit of a designated portfolio of
securities (``Deposit Securities'') and an amount of cash computed as
described below (``Cash Component''). The Cash Component together with
the Deposit Securities, as applicable, will be referred to as the
``Fund Deposit,'' which represents the minimum initial and subsequent
investment amount for Shares. The Cash Component will represent the
difference between the NAV of a Creation Unit and the market value of
Deposit Securities and may include a Dividend Equivalent Payment. The
``Dividend Equivalent Payment'' will enable the Fund to make a complete
distribution of dividends on the next dividend payment date, and will
be an amount equal, on a per Creation Unit basis, to the dividends on
all the securities held by the Fund (``Fund Securities'') with ex-
dividend dates within the accumulation period for such distribution
(the ``Accumulation Period''), net of expenses and liabilities for such
period, as if all of the Fund Securities had been held by the Trust for
the entire Accumulation Period. The Accumulation Period will begin on
the ex-dividend date for the Fund and will end on the next ex-dividend
date.
    The Administrator, through the NSCC, will make available on each
Business Day, immediately prior to the opening of business on the
Exchange (currently 9:30 a.m. Eastern Time), the list of the names and
the required number of shares of each Deposit Security to be included
in the current Fund Deposit (based on information at the end of the
previous Business Day) as well as the Cash Component for the Fund. Such
Fund Deposit will be applicable, subject to any adjustments as
described below, in order to effect creations of Creation Units of the
Fund until such time as the next-announced Fund Deposit composition is
made available.
    The identity and number of shares of the Deposit Securities
required for the Fund Deposit for the Fund may change as rebalancing
adjustments and corporate action events occur from time to time. In
addition, the Trust will reserve the right to accept a basket of
securities or cash that differs from Deposit Securities or to permit or
require the substitution of an amount of cash (i.e., a ``cash in lieu''
amount) to be added to the Cash Component to replace any Deposit
Security which may, among other reasons, not be available in sufficient
quantity for delivery or not be permitted to be re-registered in the
name of the Trust as a result of an in-kind creation order pursuant to
local law or market convention or which may not be eligible for
transfer through the Clearing Process, or which may not be eligible for
trading by a Participating Party (defined below).
    In light of the foregoing, in order to seek to replicate the in-
kind creation order process, the Trust expects to purchase the Deposit
Securities represented by the cash in lieu amount in the secondary
market (``Market Purchases''). In such cases where the Trust makes
Market Purchases because a Deposit Security may not be permitted to be
re-registered in the name of the Trust as a result of an in-kind
creation order pursuant to local law or market convention, or for other
reasons, the Authorized Participant will reimburse the Trust for, among
other things, any difference between the market value at which the
securities were purchased by the Trust and the cash in lieu amount
(which amount, at the Adviser's discretion, may be capped), applicable
registration fees and taxes.
    Brokerage commissions incurred in connection with the Trust's
acquisition of Deposit Securities will be at the expense of the Fund
and will affect the value of all Shares of the Fund; but the Adviser
may adjust the transaction fee to the extent the composition of the
Deposit Securities changes or cash in lieu is added to the Cash
Component to protect ongoing shareholders. The adjustments described
above will reflect changes, known to the Adviser on the date of
announcement to be in effect by the time of delivery of the Fund
Deposit, resulting from stock splits and other corporate actions.
    In addition to the list of names and numbers of securities
constituting the current Deposit Securities of the Fund Deposit, the
Administrator, through the NSCC, will also make available (i) on each
Business Day, the Dividend Equivalent Payment, if any, and the
estimated Cash Component effective through and including the previous
Business Day, per outstanding Shares of the Fund, and (ii) on a
continuous basis throughout the day, the Indicative Optimized Portfolio
Value (``IOPV'').
    To be eligible to place orders with the Distributor to create and
redeem

Creation Units of the Fund, an Authorized Participant must be (1) a
``Participating Party,'' i.e., a broker-dealer or other participant in
the Clearing Process through the Continuous Net Settlement System of
the NSCC; or (2) a DTC Participant; and, in either case, must have
executed an agreement with the Distributor and the Transfer Agent (as
it may be amended from time to time in accordance with its terms) with
respect to the purchases and redemptions of Creation Units. All
Creation Units of the Fund, however created, will be entered on the
records of the Depository in the name of Cede & Co. for the account of
a DTC Participant.
    All orders to create Creation Units must be received by the
Distributor no later than the closing time of the regular trading
session on Nasdaq (``Closing Time'') (ordinarily 4:00 p.m., Eastern
Time) on the date such order is placed in order for creation of
Creation Units to be effected based on the NAV of the Fund as
determined on such date.
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Distributor, only on a Business Day and only through a Participating
Party or DTC Participant who has executed a Participant Agreement. In
order to redeem Creation Units, an Authorized Participant must submit
an order to redeem for one or more Creation Units. All such orders must
be received by the Distributor in proper form no later than Closing
Time in order to receive the day's closing NAV per share.
    To the extent the Fund's redemptions are effected in-kind, the
Administrator, through NSCC, makes available immediately prior to the
opening of business on the Exchange (currently, 9:30 a.m., Eastern
Time) on each day that the Nasdaq is open for business, the Fund
Securities that will be applicable (subject to possible amendment or
correction) to redemption requests received in proper form (as defined
below) on that day.
    Unless cash redemptions are permitted or required for the Fund, the
redemption proceeds for a Creation Unit generally consist of Fund
Securities as announced by the Administrator on the Business Day of the
request for redemption, plus cash in an amount equal to the difference
between the NAV of the Shares being redeemed, as next determined after
a receipt of a request in proper form, and the value of the Fund
Securities, less the redemption transaction fee and applicable variable
fees. Should the Fund Securities have a value greater than the NAV of
the Shares being redeemed, a compensating cash payment to the Trust
equal to the differential plus the applicable redemption transaction
fee will be required to be arranged for by or on behalf of the
redeeming shareholder. The Fund reserves the right to honor a
redemption request by delivering a basket of securities or cash that
differs from the Fund Securities.
Availability of Information
    The Fund's Web site (www.vaneck.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Fund's Web
site will include additional quantitative information updated on a
daily basis, including, for the Fund: (1) The prior business day's
reported NAV and closing price, and a calculation of the premium and
discount of the closing price against the NAV; and (2) data in chart
format displaying the frequency distribution of discounts and premiums
of the daily closing price against the NAV, within appropriate ranges,
for each of the four previous calendar quarters. On each business day,
before commencement of trading in Shares in the Regular Market Session
on the Exchange, the Fund will disclose on its Web site the Disclosed
Portfolio as defined in Nasdaq Rule 5735(c)(2) that will form the basis
for the Fund's calculation of NAV at the end of the business day.\24\
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    \24\ Under accounting procedures to be followed by the Fund,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1''). Accordingly,
the Fund will be able to disclose at the beginning of the business
day the portfolio that will form the basis for the NAV calculation
at the end of the business day.
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    On a daily basis, the Fund will disclose on the Fund's Web site the
following information regarding each portfolio holding, as applicable
to the type of holding: Ticker symbol, CUSIP number or other
identifier, if any; a description of the holding (including the type of
holding), the identity of the security or other asset or instrument
underlying the holding, if any; for options, the option strike price;
quantity held (as measured by, for example, par value, notional value
or number of shares, contracts or units); maturity date, if any; coupon
rate, if any; effective date, if any; market value of the holding; and
percentage weighting of the holding in the Fund's portfolio. The Web
site information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and quantities required to be delivered in exchange for the
Fund's Shares, together with estimates and actual cash components, will
be publicly disseminated daily prior to the opening of the Exchange via
NSCC. The basket represents one Creation Unit of the Fund.
    Also, for the Fund, an IOPV,\25\ defined in Rule 5735(c)(3) as the
``Intraday Indicative Value,'' that reflects an estimated intraday
value of the Fund's portfolio (including the Subsidiary's portfolio),
will be disseminated. Moreover, the Intraday Indicative Value,
available on the NASDAQ OMX Information LLC proprietary index data
service \26\ will be based upon the current value for the components of
the Disclosed Portfolio and will be updated and widely disseminated by
one or more major market data vendors and broadly displayed at least
every 15 seconds during the Regular Market Session.
---------------------------------------------------------------------------

    \25\ The IOPV will be based on the current value of the
securities and other assets held by the Fund and the Subsidiary
using market data converted into U.S. dollars at the current
currency rates. The IOPV price will be based on quotes and closing
prices from the securities' local market and may not reflect events
that occur subsequent to the local market's close. Premiums and
discounts between the IOPV and the market price may occur. The IOPV
will not necessarily reflect the precise composition of the current
portfolio of securities and assets held by a Fund at a particular
point in time or the best possible valuation of the current
portfolio. Therefore, the IOPV should not be viewed as a ``real-
time'' update of a Fund's NAV, which will be calculated only once a
day. The quotations of certain Fund holdings may not be updated
during U.S. trading hours if such holdings do not trade in the
United States.
    \26\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service,
offering real-time updates, daily summary messages, and access to
widely followed indexes and Intraday Indicative Values for ETFs.
GIDS provides investment professionals with the daily information
needed to track or trade NASDAQ OMX indexes, listed ETFs, or third-
party partner indexes and ETFs.
---------------------------------------------------------------------------

    The dissemination of the Intraday Indicative Value, together with
the Disclosed Portfolio, will allow investors to determine the value of
the underlying portfolio of the Fund on a daily basis and will provide
a close estimate of that value throughout the trading day.
    Intra-day, executable price quotations on the exchange-traded
assets held by the Fund and the Subsidiary, including futures
contracts, options on futures contracts, ETFs, ETNs, closed-end funds
and foreign and domestic equity securities are expected to be available
on the exchange on which they are traded. Intra-day, executable price
quotations on swaps, money market funds, forward contracts, U.S.
government securities, cash and other cash equivalents, treasury
inflation-

protected securities, sovereign debt obligations of non-U.S. countries
and repurchase agreements will be available from major broker-dealer
firms. Intra-day price information will also be available through
subscription services, such as Bloomberg and Reuters. Additionally, the
Trade Reporting and Compliance Engine (``TRACE'') of the Financial
Industry Regulatory Authority (``FINRA'') will be a source of price
information for certain fixed income securities held by the Fund.
    Investors will also be able to obtain the Fund's Statement of
Additional Information (``SAI''), the Fund's Shareholder Reports, and
its Form N-CSR and Form N-SAR, filed twice a year. The Fund's SAI and
Shareholder Reports will be available free upon request from the Fund,
and those documents and the Form N-CSR and Form N-SAR may be viewed on-
screen or downloaded from the Commission's Web site at www.sec.gov.
Information regarding market price and volume of the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. The previous
day's closing price and trading volume information for the Shares will
be published daily in the financial section of newspapers. Quotation
and last sale information for the Shares will be available via Nasdaq
proprietary quote and trade services, as well as in accordance with the
Unlisted Trading Privileges and the Consolidated Tape Association plans
for the Shares. Quotation and last sale information for any underlying
exchange-traded equity will also be available via the quote and trade
service of their respective primary exchanges, as well as in accordance
with the Unlisted Trading Privileges and the Consolidated Tape
Association plans. Quotation and last sale information for any
underlying exchange-traded options will also be available via the quote
and trade service of their respective primary exchanges. Quotation and
last sale information for any underlying exchange-traded futures
contracts will be available via the quote and trade service of their
respective primary exchanges.
    Information on the Morningstar Long/Flat Commodity
IndexSM will be available on the Morningstar Indexes Web
site (www.indexes.morningstar.com).
Initial and Continued Listing
    The Shares will be subject to Rule 5735, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and/or continued
listing, the Fund and the Subsidiary must be in compliance with Rule
10A-3 \27\ under the Act. A minimum of 100,000 Shares will be
outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the NAV per Share will be calculated daily and that the NAV and
the Disclosed Portfolio will be made available to all market
participants at the same time.
---------------------------------------------------------------------------

    \27\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund. Nasdaq will halt trading in the
Shares under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pauses under Nasdaq Rules 4120(a)(11) and (12).
Trading may be halted because of market conditions or for reasons that,
in the view of the Exchange, make trading in the Shares inadvisable.
These may include: (1) The extent to which trading is not occurring in
the securities and other assets constituting the Disclosed Portfolio of
the Fund and the Subsidiary; or (2) whether other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present. Trading in the Shares also will be subject to Rule
5735(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted.
Trading Rules
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in the Shares
from 4:00 a.m. until 8:00 p.m. Eastern Time. The Exchange has
appropriate rules to facilitate transactions in the Shares during all
trading sessions. As provided in Nasdaq Rule 5735(b)(3), the minimum
price variation for quoting and entry of orders in Managed Fund Shares
traded on the Exchange is $0.01.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
also the Financial Industry Regulatory Authority (``FINRA'') on behalf
of the Exchange, which are designed to detect violations of Exchange
rules and applicable federal securities laws.\28\ The Exchange
represents that these procedures are adequate to properly monitor
Exchange trading of the Shares in all trading sessions and to deter and
detect violations of Exchange rules and applicable federal securities
laws.
---------------------------------------------------------------------------

    \28\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows, and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading information it can obtain relating to the Shares,
other exchange-traded securities and other assets held by the Fund and
the Subsidiary, which include exchange-traded commodity-related equity
securities, exchange-traded futures contracts, exchange-traded options
on futures contracts, ETNs, ETFs and exchange-traded closed-end funds,
with other markets and other entities that are members of the ISG \29\
and FINRA may obtain trading information regarding trading in the
Shares, and such exchange-traded securities and other assets held by
the Fund and the Subsidiary from such markets and other entities. In
addition, the Exchange may obtain information regarding trading in the
Shares, and such exchange-traded securities and other assets held by
the Fund and the Subsidiary from markets and other entities that are
members of ISG, which includes securities and futures exchanges, or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. Moreover, FINRA, on behalf of the Exchange, will be
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's TRACE.
---------------------------------------------------------------------------

    \29\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    In addition, with respect to the exchange-traded futures contracts
and options on futures contracts held, not more than 10% of the weight
\30\ of such futures contracts and options on futures

contracts in the aggregate shall consist of instruments whose principal
trading market is not a member of ISG or is a market with which the
Exchange does not have a comprehensive surveillance sharing agreement.
Not more than 10% of the equity securities (including shares of ETFs,
closed-end funds, and commodity-related foreign and domestic equity
securities) and ETNs in which the Fund may invest will be invested in
securities that trade in markets that are not members of the ISG or are
not parties to a comprehensive surveillance sharing agreement with the
Exchange. In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.
---------------------------------------------------------------------------

    \30\ To be calculated as the value of the contract divided by
the total absolute notional value of the Fund's futures contracts.
---------------------------------------------------------------------------

Information Circular
    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (3) how and by whom the
information regarding the Intraday Indicative Value and the Disclosed
Portfolio is disseminated; (4) the risks involved in trading the Shares
during the Pre-Market and Post-Market Sessions when an updated Intraday
Indicative Value will not be calculated or publicly disseminated; (5)
the requirement that members deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (6) trading information.
    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Fund for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Act.
    Additionally, the Information Circular will reference that the Fund
is subject to various fees and expenses. The Information Circular will
also disclose the trading hours of the Shares of the Fund and the
applicable NAV calculation time for the Shares. The Information
Circular will disclose that information about the Shares of the Fund
will be publicly available on the Fund's Web site.
Continued Listing Representations
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
rules and surveillance procedures shall constitute continued listing
requirements for listing the Shares on the Exchange. In addition, the
issuer has represented to the Exchange that it will advise the Exchange
of any failure by the Fund to comply with the continued listing
requirements, and, pursuant to its obligations under Section 19(g)(1)
of the Act, the Exchange will monitor for compliance with the continued
listing requirements. If the Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under the Nasdaq 5800 Series.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act in general and Section 6(b)(5) of the Act in particular in
that it is designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in facilitating
transactions in securities, and to remove impediments to and perfect
the mechanism of a free and open market and in general, to protect
investors and the public interest.
    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in Nasdaq Rule 5735. The
Exchange represents that trading in the Shares will be subject to the
existing trading surveillances, administered by both Nasdaq and also
FINRA on behalf of the Exchange, which are designed to detect
violations of Exchange rules and applicable federal securities laws.
The Adviser is affiliated with a broker-dealer and has implemented a
fire wall with respect to its broker-dealer affiliate regarding access
to information concerning the composition and/or changes to the Fund's
portfolio. In addition, paragraph (g) of Nasdaq Rule 5735 further
requires that personnel who make decisions on the open-end fund's
portfolio composition must be subject to procedures designed to prevent
the use and dissemination of material, non-public information regarding
the open-end fund's portfolio.
    The Fund's and the Subsidiary's investments will be consistent with
the Fund's investment objective and although certain investments will
have a leveraging effect on the Fund, the Fund will not seek leveraged
returns. FINRA may obtain information via ISG from other exchanges that
are members of ISG.
    In addition, the Exchange may obtain information regarding trading
in the Shares, other exchange-traded securities and other assets held
by the Fund and the Subsidiary from markets and other entities that are
members of ISG, which includes securities and futures exchanges, or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
    Moreover, FINRA, on behalf of the Exchange, will be able to access,
as needed, trade information for certain fixed income securities held
by the Fund reported to FINRA's TRACE. With respect to the futures
contracts held, not more than 10% of the weight \31\ of such futures
contracts and options on futures contracts in the aggregate shall
consist of instruments whose principal trading market is not a member
of the ISG or is a market with which the Exchange does not have a
comprehensive surveillance sharing agreement. Not more than 10% of the
equity securities (including shares of ETFs and closed-end funds, and
commodity-related foreign and domestic equity securities) and ETNs in
which the Fund may invest will be invested in securities that trade in
markets that not members of the ISG or are not parties to a
comprehensive surveillance sharing agreement with the Exchange.
---------------------------------------------------------------------------

    \31\ To be calculated as the value of the contract divided by
the total absolute notional value of the Fund's futures contracts.
---------------------------------------------------------------------------

    The Fund will invest up to 25% of its total assets in the
Subsidiary as measured at each quarter-end of the Fund's fiscal year
end. The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities (calculated at the time of investment).
The Fund will use the fixed-income securities as investments and to
collateralize the Fund's or the Subsidiary's commodity exposure on a
day-to-day basis. The Fund may also invest directly in ETFs and
exchange-traded closed-end funds, that provide exposure to commodities,
equity securities and fixed income securities to the extent permitted
under the 1940 Act.
    The proposed rule change is designed to promote just and equitable
principles

of trade and to protect investors and the public interest in that the
Exchange will obtain a representation from the issuer of the Shares
that the NAV per Share will be calculated daily and that the NAV and
the Disclosed Portfolio will be made available to all market
participants at the same time.
    In addition, a large amount of information will be publicly
available regarding the Fund and the Shares, thereby promoting market
transparency. Moreover, the Intraday Indicative Value, available on the
NASDAQ OMX Information LLC proprietary index data service will be
widely disseminated by one or more major market data vendors at least
every 15 seconds during the Regular Market Session. On each business
day, before commencement of trading in Shares in the Regular Market
Session on the Exchange, the Fund will disclose on its Web site the
Disclosed Portfolio of the Fund and the Subsidiary that will form the
basis for the Fund's calculation of NAV at the end of the business day.
    Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services, and
quotation and last sale information for the Shares will be available
via Nasdaq proprietary quote and trade services, as well as in
accordance with the Unlisted Trading Privileges and the Consolidated
Tape Association plans for the Shares. Intra-day price information will
be available through subscription services, such as Bloomberg and
Reuters.
    The Fund's Web site will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Trading in Shares of the Fund will be halted
under the conditions specified in Nasdaq Rules 4120 and 4121 or because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to Nasdaq Rule 5735(d)(2)(D), which sets forth circumstances
under which Shares of the Fund may be halted. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the Intraday Indicative Value, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
will enhance competition among market participants, to the benefit of
investors and the marketplace.
    As noted above, FINRA, on behalf of the Exchange, will communicate
as needed regarding trading information it can obtain relating to the
Shares, other exchange-traded securities and other assets held by the
Fund and the Subsidiary with other markets and other entities that are
members of the ISG and FINRA may obtain trading information regarding
trading in the Shares, other exchange-traded securities and other
assets held by the Fund and the Subsidiary from such markets and other
entities.
    In addition, the Exchange may obtain information regarding trading
in the Shares, other exchange-traded securities and other assets held
by the Fund and the Subsidiary from markets and other entities that are
members of ISG, which includes securities and futures exchanges, or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
    Additionally, FINRA's TRACE will be a source of price information
for certain fixed income securities held by the Fund. Furthermore, as
noted above, investors will have ready access to information regarding
the Fund's holdings, the Intraday Indicative Value, the Disclosed
Portfolio, and quotation and last sale information for the Shares. For
the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change will facilitate the listing and trading of an
additional type of actively-managed exchange-traded fund that will
enhance competition among market participants, to the benefit of
investors and the marketplace.

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

    No written comments were either solicited or received.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period 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 such proposed rule change; or (b)
institute proceedings to determine whether the proposed rule change
should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NASDAQ-2016-086 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2016-086. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site http://www.sec.gov/rules/sro.shtml.
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for Web site viewing and printing in
the Commission's Public Reference Room, 100 F Street NE., Washington,
DC 20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of Nasdaq. All comments received
will be posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only

information that you wish to make available publicly. All submissions
should refer to File Number SR-NASDAQ-2016-086 and should be submitted
on or before July 21, 2016.

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

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

Brent J. Fields,
Secretary.
[FR Doc. 2016-15454 Filed 6-29-16; 8:45 am]
 BILLING CODE 8011-01-P


                                  Appendix D:
                          Summary of Labor Rate Derivation
                                  Subpart (1)
                              ICR Labor Category
                Labor Rates for the 2015 Renewal ICR (Proposal)

                                 BLS Citation
                          Benefits Loading Factor (4)
                          Overhead Loading Factor (5)
                        Wages & Salaries (2014$ Q2)
              Loaded Hourly Rates for Renewal ICR (2014$ Q2) (6)
                                    All (2)
 Technical
SOC  17-2112 (Industrial Engineer), top-level
                                                                         0.4489
                                                                           0.17
                                                                         $40.92
                                                                         $66.25

 Managerial
SOC 11-3051 (Industrial Production Manager), top-level
                                                                         0.4539
                                                                           0.17
                                                                         $48.87
                                                                         $79.36

 Clerical  (3)
                                      N/A
                                                                         0.4829
                                                                           0.17
                                                                         $17.23
                                                                         $28.48

 Legal
NAICS 541100 (Legal Services); SOC 23-1011  (Lawyer)
                                                                         0.4539
                                                                           0.17
                                                                         $66.88
                                                                        $108.61
                                       W
Middle Manager
NAICS 211 (Oil and Gas Extraction); SOC 11-3051 (Industrial Production Managers)
                                                                         0.4539
                                                                           0.17
                                                                         $73.19
                                                                        $118.86

Senior Manager
NAICS 211 (Oil and Gas Extraction); SOC 11-1021 (Gen & Op Mngr)
                                                                         0.4829
                                                                           0.17
                                                                         $78.55
                                                                        $129.83

Engineers
NAICS 211 (Oil and Gas Extraction); SOC 17-2112 (Ind. Engineers)
                                                                         0.4489
                                                                           0.17
                                                                         $61.26
                                                                         $99.18

Technicians
NAICS 211 (Oil and Gas Extraction); SOC 17-3024 (Electro-Mechanical Technicians)
                                                                         0.4489
                                                                           0.17
                                                                         $32.64
                                                                         $52.84
                                    RR / UU
Geoscientists (7)
                                      N/A
                                      NA
                                      NA
                                                                         $86.15
                                                                        $137.84
(1) Technical, Manager, Clerical, and Legal are used for all subparts. In addition to these rates, specialized rates are used for subparts W, RR, and UU.
(2) The base hourly wages & salaries (not including benefits & overhead) for all categories except clerical and geoscientist are from Bureau of Labor and Statistics (BLS) May 2014 National Industry-Specific Occupational Employment and Wage Estimates (http://www.bls.gov/oes/current/oessrci.htm).
(3) The base hourly wages & salaries (not including benefits & overhead) for clerical is from BLS's Employer Costs for Employee Compensation (ECEC) (http://www.bls.gov/news.release/ecec.t09.htm) for May 2014 (All workers, goods-producing industries," "Sales and office").
(4) From BLS's ECEC (http://www.bls.gov/ect/home.htm) for June of 2014, Table 2, using the ratio of wages and benefits to calculate the loading factor. For Technical, Engineers, and Technicians, used "Professional and related." For Managerial, Middle Manager, and Senior Manager, used "Management, business, and financial." For Clerical, used "Office and administrative support."
(5) The overhead loading factor is from Rice, Cody 2002. "Wage Rates for Economic Analyses of the Toxics Release Inventory Program," Analytical Support Branch, Environmental Analysis Division, Office of Environmental Information, U.S. EPA, June 10, 2002.
(6) The loaded hourly rate = Wages & Salaries + (Wages & Salaries * Benefits Loading Factor) + (Wages & Salaries * Overhead Loading Factor)
(7) The geoscientist rate is from the American Association of Petroleum Geologists' (AAPG's) 2013 annual salary survey. Assuming 15-19 years of experience, the hourly rate is $86.15 (based on an annual salary of $179,200).  See http://www.aapg.org/publications/news/explorer/details/articleid/8464/salaries-rise-and-experience-really-pays. A loading factor of 1.6 was applied, as suggested by EPA's 2009 ICR Handbook, to account for overhead and benefits.


[Federal Register Volume 82, Number 244 (Thursday, December 21, 2017)]
[Notices]
[Pages 60611-60612]
[FR Doc No: 2017-27485]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2017-N-1277]

Keith J. Pierce: Debarment Order

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The U.S. Food and Drug Administration (FDA or Agency) is
issuing an order under the Federal Food, Drug, and Cosmetic Act (the
FD&C Act) debarring Dr. Keith J. Pierce for a period of 5 years from
providing services in any capacity to a person that has an approved or
pending drug product application. FDA bases this order on a finding
that Dr. Pierce was convicted of a misdemeanor under Federal law for
conduct relating to the development or approval, including the process
for development or approval, of a drug product under the FD&C Act. Dr.
Pierce was given notice of the proposed debarment and an opportunity to
request a hearing within the timeframe prescribed by regulation. Dr.
Pierce failed to request a hearing. Dr. Pierce's failure to request a
hearing constitutes a waiver of his right to a hearing concerning this
action.

DATES: This order is applicable December 21, 2017.

ADDRESSES: Submit applications for special termination of debarment to
the Dockets Management Staff (HFA-305), Food and Drug Administration,
5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.

FOR FURTHER INFORMATION CONTACT: Kenny Shade, Division of Enforcement,
Office of Enforcement and Import Operations, Office of Regulatory
Affairs (ELEM 4144), Food and Drug Administration, 12420 Parklawn Dr.,
Rockville, MD 20857,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

I. Background

    Section 306(b)(2)(B) of the FD&C Act (21 U.S.C. 335a(b)(2)(B))
permits debarment of an individual if FDA finds that the individual has
been convicted of a misdemeanor under Federal law for conduct relating
to the development or approval, including the process for development
or approval, of any drug product under the FD&C Act. On March 3, 2016,
the U.S. District Court for the Eastern District of Michigan entered
judgment against Dr. Pierce for one count of failure to maintain
records required under section 505(i) of the FD&C Act (21 U.S.C.
355(i)) and FDA's regulations at Sec.  312.62(b) (21 CFR 312.62(b)), a
Federal misdemeanor offense under the FD&C Act sections 301(e) and
303(a) (21 U.S.C. 331(e) and 333(a)(1)).
    FDA's finding that the debarment is appropriate is based on the
misdemeanor conviction referenced herein. The factual basis for this
conviction was as follows: At the time the conduct underlying the
conviction occurred, Dr. Pierce was licensed to practice medicine under
the laws of Michigan. In 2003, Aventis Pharmaceuticals operated a
clinical trial for KETEK (telithromycin), investigating its use as a
drug to treat acute maxillary sinusitis (AMS). This clinical trial was
conducted pursuant to an investigational new drug application (IND)
held by Aventis Pharmaceuticals, and was therefore subject to FDA's
oversight and jurisdiction. (see section 505(i) of the FD&C Act and
part 312 (21 CFR part 312)). Between approximately April and July 2003,
Dr. Pierce served as an investigator under the IND by conducting
clinical testing of KETEK on patients in his medical practice. FDA's
regulations at part 312 require, among other things, that clinical
investigators prepare and maintain adequate and accurate case histories
that record all observations and other data pertinent to the
investigation on each individual administered the investigational drug
or employed as a control in the investigation. The failure to establish
or maintain any record required under section 505(i) of the FD&C Act is
a prohibited act under sections 301(e) and 303(a) of the FD&C Act.
Records required under section 505(i) of the FD&C Act include records
required to be kept under FDA's regulations at Sec.  312.62. Between
approximately April and July 2003, Dr. Pierce failed to maintain
adequate and accurate case histories on each individual administered
the investigational drug or employed as a control in the investigation,
as required by Sec.  312.62. In particular, Dr. Pierce failed to
adequately and accurately document information about trial
participants' previous research participation and relevant medical
histories.
    As a result of his conviction, on July 17, 2017, FDA sent Dr.
Pierce a notice by certified mail proposing to debar him for a period
of 5 years from providing services in any capacity to a person that has
an approved or pending drug product application. The proposal was based
on a finding, under section 306(b)(2)(B) of the FD&C Act, that Dr.
Pierce was convicted of a misdemeanor under Federal law for conduct
relating to the development or approval, including the process for
development or approval, of any drug product under the FD&C Act. FDA
determined that Dr. Pierce's misdemeanor conviction was for illegal
conduct relating to the development or approval of KETEK
(telithromycin) for the treatment of AMS in that he failed to maintain
adequate and accurate case histories for individuals in his clinical
investigations. FDA finds that Dr. Pierce's conduct undermined the
Agency's ability to rely on clinical data obtained in the process of
developing new drugs for approval and therefore related to the
development or approval of a drug product under the FD&C Act. The
proposal also offered Dr. Pierce an opportunity to request a hearing,
providing him 30 days from the date of receipt of the letter in which
to file the request, and advised him that failure to request a hearing
constituted a waiver of the opportunity for a hearing and of any
contentions concerning this action. The proposal was received on July
24, 2017. Dr. Pierce failed to respond within the timeframe prescribed
by regulation and has, therefore, waived his opportunity for a hearing
and any contentions concerning his debarment (21 CFR part 12).

II. Findings and Order

    Therefore, the Director, Office of Enforcement and Import
Operations, Office of Regulatory Affairs, under section 306(b)(2)(B) of
the FD&C Act, under authority delegated to him (Staff Manual Guide
1410.35), finds that Dr. Keith J. Pierce has been convicted of a
misdemeanor under Federal law for conduct relating to the development
or approval, including the process for development or approval, of a
drug product under the FD&C Act.
    As a result of the foregoing finding, Dr. Keith J. Pierce is
debarred for 5 years from providing services in any capacity to a
person with an approved or pending drug product application under
sections 505, 512, or 802 of the FD&C Act (21 U.S.C. 355, 360b, or
382), or under section 351 of the Public Health Service Act (42 U.S.C.
262), effective (see DATES) (see sections 201(dd), 306(c)(1)(B), and
306(c)(2)(A)(iii) of the FD&C Act (21 U.S.C. 321(dd), 335a(c)(1)(B),
and 335a(c)(2)(A)(iii)). Any person with an approved or pending drug
product application who knowingly employs or retains as a consultant or
contractor, or otherwise uses the services of Dr. Pierce, in any
capacity during his debarment, will be subject to civil money penalties
(section 307(a)(6) of the FD&C Act (21 U.S.C. 335b(a)(6))). If Dr.
Pierce provides services in any capacity to a person with

an approved or pending drug product application during his period of
debarment he will be subject to civil money penalties (section
307(a)(7) of the FD&C Act). In addition, FDA will not accept or review
any abbreviated new drug applications from Dr. Pierce during his period
of debarment (section 306(c)(1)(B) of the FD&C Act).
    Any application by Dr. Pierce for termination of debarment under
section 306(d)(1) of the FD&C Act should be identified with Docket No.
FDA-2017-N-1277 and sent to the Dockets Management Staff (see
ADDRESSES). All such submissions are to be filed in four copies. The
public availability of information in these submissions is governed by
Sec.  10.20.
    Publicly available submissions may be seen in the Dockets
Management Staff (see ADDRESSES) between 9 a.m. and 4 p.m., Monday
through Friday.

    Dated: December 14, 2017.
Leslie Kux,
Associate Commissioner for Policy.
[FR Doc. 2017-27485 Filed 12-20-17; 8:45 am]
BILLING CODE 4164-01-P


[Federal Register: August 16, 2007 (Volume 72, Number 158)]
[Notices]
[Page 46052-46053]
[DOCID:fr16au07-76]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

 [Docket No. ER07-1040-000]

Hopewell Cogeneration Limited Partnership; Notice of Issuance of
Order

August 9, 2007.
    Hopewell Cogeneration Limited Partnership (Hopewell) filed an

application for market-based rate authority, with an accompanying rate
schedule. The proposed market-based rate schedule provides for the sale
of energy, capacity and ancillary services at market-based rates.
Hopewell also requested waivers of various Commission regulations. In
particular, Hopewell requested that the Commission grant blanket
approval under 18 C.F.R. Part 34 of all future issuances of securities
and assumptions of liability by Hopewell.
    On August 9, 2007, pursuant to delegated authority, the Director,
Division of Tariffs and Market Development-West, granted the requests
for blanket approval under Part 34 (Director's Order). The Director's
Order also stated that the Commission would publish a separate notice
in the Federal Register establishing a period of time for the filing of
protests. Accordingly, any person desiring to be heard concerning the
blanket approvals of issuances of securities or assumptions of
liability by Hopewell, should file a protest with the Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426, in
accordance with Rules 211 and 214 of the Commission's Rules of Practice
and Procedure. 18 C.F.R. 385.211, 385.214 (2004).
    Notice is hereby given that the deadline for filing protests is
September 10, 2007.
    Absent a request to be heard in opposition to such blanket
approvals by the deadline above, Hopewell is authorized to issue
securities and assume obligations or liabilities as a guarantor,
indorser, surety, or otherwise in respect of any security of another
person; provided that such issuance or assumption is for some lawful
object within the corporate purposes of Hopewell, compatible with the
public interest, and is reasonably necessary or appropriate for such
purposes.
    The Commission reserves the right to require a further showing that
neither public nor private interests will be adversely affected by
continued approvals of Hopewell's issuance of securities or assumptions
of liability.
    Copies of the full text of the Director's Order are available from
the Commission's Public Reference Room, 888 First Street, NE.,
Washington, DC 20426. The Order may also be viewed on the Commission's
Web site at http://www.ferc.gov, using the eLibrary link. Enter the

docket number excluding the last three digits in the docket number
filed to access the document. Comments, protests, and interventions may
be filed electronically via the internet in lieu of paper. See, 18
C.F.R. 385.2001(a)(1)(iii) and the instructions on the Commission's Web
site under the ``e-Filing'' link. The Commission strongly encourages
electronic filings.

Kimberly D. Bose,
Secretary.
 [FR Doc. E7-16033 Filed 8-15-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 122 (Friday, June 24, 2011)]
[Notices]
[Pages 37107-37108]
[FR Doc No: 2011-15812]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings 1

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-2294-002.
    Applicants: ORNI 18 LLC.
    Description: Notice of Non-Material Changes in Status of ORNI 18
LLC.
    Filed Date: 06/16/2011.
    Accession Number: 20110616-5075.
    Comment Date: 5 p.m. Eastern Time on Thursday, July 07, 2011.

    Docket Numbers: ER11-3243-002.
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc. submits tariff filing per
35.17(b): Response to Request for Additional Information (KMEA NITSA/
NOA) to be effective 3/1/2011.
    Filed Date: 06/16/2011.
    Accession Number: 20110616-5122.
    Comment Date: 5 p.m. Eastern Time on Thursday, July 07, 2011.

    Docket Numbers: ER11-3634-001.
    Applicants: KES Kingsburg, L.P.
    Description: KES Kingsburg, L.P. submits tariff filing per
35.17(b): Amended KES Kingsburg MBR to be effective 8/1/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5145.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Docket Numbers: ER11-3776-001.
    Applicants: Southwest Power Pool, Inc.
    Description: Southwest Power Pool, Inc. submits tariff filing per
35.17(b): Amendment to KCPL and KCPL-GMO Depreciation Rates to be
effective 6/4/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5109.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Docket Numbers: ER11-3821-000.
    Applicants: Glacial Energy of New York.
    Description: Glacial Energy of New York submits tariff filing per
35: Substitute Market-Based Rate Tariff to be effective 5/13/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5135.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Docket Numbers: ER11-3822-000.
    Applicants: Glacial Energy of New England, Inc.
    Description: Glacial Energy of New England, Inc. submits tariff
filing per 35: Substitute Market-Based Rate Tariff to be effective 5/
13/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5137.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Docket Numbers: ER11-3823-000.
    Applicants: Glacial Energy of New Jersey, Inc.
    Description: Glacial Energy of New Jersey, Inc. submits tariff
filing per 35: Substitute Market-Based Rate Tariff to be effective 5/
13/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5139.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Docket Numbers: ER11-3824-000.
    Applicants: Glacial Energy of Illinois, Inc.
    Description: Glacial Energy of Illinois, Inc. submits tariff filing
per 35: Substitute Market-Based Rate Tariff to be effective 5/13/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5142.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Docket Numbers: ER11-3825-000.
    Applicants: Glacial Energy of California, Inc.
    Description: Glacial Energy of California, Inc. submits tariff
filing per 35: Substitute Market-Based Rate Tariff to be effective 5/
13/2011.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5146.
    Comment Date: 5 p.m. Eastern Time on Friday, July 08, 2011.

    Take notice that the Commission received the following electric
securities filings:

    Docket Numbers: ES11-36-000.
    Applicants: The United Illuminating Company.
    Description: Response to Second FERC Staff Informal Request and
Renewed Request for Expedited Treatment of The United Illuminating
Company.
    Filed Date: 06/17/2011.
    Accession Number: 20110617-5151.
    Comment Date: 5 p.m. Eastern Time on Monday, June 27, 2011.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. 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. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    As it relates to any qualifying facility filings, the notices of
self-certification [or self-recertification] listed above, do not
institute a proceeding regarding qualifying facility status. A notice
of self-certification [or self-recertification] simply provides
notification that the entity making the filing has determined the
facility named in the notice meets the applicable criteria to be a
qualifying facility. Intervention and/or protest do not lie in dockets
that are qualifying facility self-certifications or self-
recertifications. Any person seeking to challenge such qualifying
facility status may do so by filing a motion pursuant to 18 CFR
292.207(d)(iii). Intervention and protests may be filed in response to
notices of qualifying facility dockets other than self-certifications
and self-recertifications.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also available for 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 e-mail notification
when a document is added to a subscribed docket(s). For assistance with
any FERC Online service, please e-mail<EMAIL_ADDRESS>or
call<PHONE_NUMBER> (toll free). For TTY, call<PHONE_NUMBER>.

    Dated: June 20, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-15812 Filed 6-23-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register: September 17, 2009 (Volume 74, Number 179)]
[Notices]
[Page 47851]
[DOCID:fr17se09-88]

=======================================================================
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DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Aviation Proceedings, Agreements Filed the Week Ending September
5, 2009

    The following Agreements were filed with the Department of
Transportation under the Sections 412 and 414 of the Federal Aviation
Act, as amended (49 U.S.C. 1383 and 1384) and procedures governing
proceedings to enforce these provisions. Answers may be filed within 21
days after the filing of the application.
    Docket Number: DOT-OST-2009-0213.
    Date Filed: September 3, 2009.
    Parties: Members of the International Air Transport Association.
    Subject: PTC3 South Asian Subcontinent--South East Asia. PTC3
Within South East Asia except between Malaysia and Guam PTC3 South East
Asia--Japan, Korea except between Korea (Rep. of) and Guam, Northern
Mariana Islands Special Passenger Amending Resolution from Viet Nam to
South Asian Subcontinent, South East Asia, Japan, Korea (Memo 1316).
    Intended effective date: 15 September 2009.

Renee V. Wright,
Program Manager, Docket Operations Federal Register Liaison.
[FR Doc. E9-22418 Filed 9-16-09; 8:45 am]

BILLING CODE 4910-9X-P