[Federal Register Volume 80, Number 82 (Wednesday, April 29, 2015)]
[Notices]
[Pages 23831-23838]
[FR Doc No: 2015-09919]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74797; File No. SR-NASDAQ-2015-036]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change, as Modified by Amendments
Nos. 1 and 2 Thereto, Relating to the Listing and Trading of the Shares
of 18 Eaton Vance NextShares ETMFs of Either the Eaton Vance ETMF Trust
or the Eaton Vance ETMF Trust II

April 23, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on April 10, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. On April 21,
2015, the Exchange filed Amendments Nos. 1 and 2 to the proposal.\3\
The Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendments Nos. 1 and 2 thereto,
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 amended and replaced the proposed rule
change in its entirety. Amendment No. 2 subsequently amended the
proposal to include a new footnote to reflect a Web site reference.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    Nasdaq proposes to list and trade under Nasdaq Rule 5745 (Exchange-
Traded Managed Fund Shares) the common shares (``Shares'') of the
below-listed exchange-traded managed funds (each, a ``Fund,'' and
collectively, the ``Funds''):

Eaton Vance Balanced NextShares TM
Eaton Vance Global Dividend Income NextShares TM
Eaton Vance Growth NextShares TM
Eaton Vance Large-Cap Value NextShares TM
Eaton Vance Richard Bernstein All Asset Strategy NextShares
TM
Eaton Vance Richard Bernstein Equity Strategy NextShares TM
Eaton Vance Small-Cap NextShares TM
Eaton Vance Stock NextShares TM
Parametric Emerging Markets NextShares TM
Parametric International Equity NextShares TM
Eaton Vance Bond NextShares TM
Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond NextShares
TM
Eaton Vance Floating-Rate & High Income NextShares TM
Eaton Vance Global Macro Absolute Return NextShares TM
Eaton Vance Government Obligations NextShares TM
Eaton Vance High Income Opportunities NextShares TM
Eaton Vance High Yield Municipal Income NextShares TM
Eaton Vance National Municipal Income NextShares TM
    Each Fund is a series of either Eaton Vance ETMF Trust or Eaton
Vance ETMF Trust II (each, a ``Trust,'' and together, the ``Trusts'').
The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to list and trade the Shares of each Fund
under Nasdaq Rule 5745, which governs the listing and trading of
exchange-traded managed fund shares, as defined in Nasdaq Rule
5745(c)(1), on the Exchange.\4\ Each Trust is registered with the
Commission as an open-end investment company and has filed a
registration statement on Form N-1A (``Registration Statement'') with
the Commission.\5\ Each Fund is a series of a Trust.\6\
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    \4\ The Commission approved Nasdaq Rule 5745 in Securities
Exchange Act Release No. 34-73562 (Nov. 7, 2014), 79 FR 68309 (Nov.
14, 2014) (SR-NASDAQ-2014-020). The Funds would be the first
exchange-traded managed funds listed on the Exchange.
    \5\ See Registration Statements on Form N-1A for the Eaton Vance
NextShares Trust dated April 9, 2015 (File Nos. 333-197733 and 811-
22982) and for the Eaton Vance NextShares Trust II dated April 9,
2015 (File Nos. 333-197734 and 811-22983). The descriptions of the
Funds and the Shares contained herein conform to the Registration
Statements.
    \6\ The Commission has issued an order granting the Trusts and
certain affiliates exemptive relief under the Investment Company Act
(the ``Exemptive Order''). See Investment Company Act Release No.
31361 (Dec. 2, 2014) (File No. 812-14139). In compliance with Nasdaq
Rule 5745(b)(5), which applies to Shares based on an international
or global portfolio, the application for exemptive relief under the
Investment Company Act states that the Funds will comply with the
federal securities laws in accepting securities for deposits and
satisfying redemptions with 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, as amended (15
U.S.C. 77a) (``Securities Act'').
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    Eaton Vance Management will be the investment adviser (``Adviser'')
to the Funds. Foreside Fund Services, LLC will be the principal
underwriter and distributor of each Fund's Shares. State Street Bank
and Trust Company will act as the administrator, accounting agent,
custodian and transfer agent to the Funds. Interactive Data Corporation
will be the intraday indicative value (``IIV'') calculator to the
Funds.
Principal Investment Strategies Applicable to Each Fund
    Each Fund will be actively managed and will pursue the various
principal investment strategies described below.\7\
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    \7\ Additional information regarding the Funds will be available
on the public Web site for the Funds and in the Registration
Statements for the Funds. See supra note 5.
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Eaton Vance Balanced NextShares TM
    The investment objective of this Fund is to provide current income
and long-term growth of capital. The Fund normally will invest between
50% and 75% of its net assets in equity securities and between 25% and
50% of its net assets in fixed-income securities.
Eaton Vance Global Dividend Income NextShares TM
    The investment objective of this Fund is to provide current income
and long-term growth of capital. The Fund normally will invest
primarily in common stocks and, in the adviser's discretion, preferred
stocks of U.S. and foreign companies that pay dividends.
Eaton Vance Growth NextShares TM
    The investment objective of this Fund is total return. The Fund
will invest in a broadly diversified selection of equity securities,
seeking companies with above-average growth and financial strength.
Under normal market conditions, the Fund will invest primarily in
large-cap companies.
Eaton Vance Large-Cap Value NextShares TM
    The investment objective of this Fund is total return. Under normal
market conditions, the Fund will invest primarily in value stocks of
large-cap companies.
Eaton Vance Richard Bernstein All Asset Strategy NextShares
TM
    The investment objective of this Fund is total return. In seeking
its investment objective, the Fund will have flexibility to allocate
its assets in markets around the world and among various asset classes,
including equity, fixed-income, commodity, currency and cash
investments.
Eaton Vance Richard Bernstein Equity Strategy NextShares TM
    The investment objective of this Fund is total return. Under normal
market conditions, the Fund will invest primarily in equity securities
and derivative instruments that provide exposure to equity securities.
Eaton Vance Small-Cap NextShares TM
    The investment objective of this Fund is long-term capital
appreciation. The Fund normally will invest primarily in equity
securities of small-cap companies.
Eaton Vance Stock NextShares TM
    The investment objective of this Fund is to achieve long-term
capital appreciation by investing in a diversified portfolio of equity
securities. The Fund normally will invest primarily in a diversified
portfolio of common stocks.
Parametric Emerging Markets NextShares TM
    The investment objective of this Fund is long-term capital
appreciation. The Fund normally will invest primarily in equity
securities of companies located in emerging market countries.
Parametric International Equity NextSharesTM
    The investment objective of this Fund is long-term capital
appreciation. The Fund normally will invest primarily in companies
domiciled in developed markets outside of the United States, including
securities trading in the form of depositary receipts.
Eaton Vance Bond NextSharesTM
    The investment objective of this Fund is total return. The Fund
normally will invest primarily in bonds and other fixed and floating-
rate income instruments.
Eaton Vance TABS 5-to-15 Year Laddered Municipal Bond
NextSharesTM
    The investment objective of this Fund is to provide current income
exempt from regular federal income tax. The Fund normally will invest
primarily in municipal obligations with remaining maturities of between
5 and 15 years, the interest on which is exempt from regular federal
income tax.
Eaton Vance Floating-Rate & High Income NextSharesTM
    The investment objective of this Fund is to provide a high level of
current income. The Fund normally will invest primarily in a
combination of income-producing floating rate loans and other floating
rate debt securities and high-yield corporate bonds.
Eaton Vance Global Macro Absolute Return NextSharesTM
    The investment objective of this Fund is total return. The Fund
will seek its investment objective by investing in securities,
derivatives and other

instruments to establish long and short investment exposures around the
world.
Eaton Vance Government Obligations NextSharesTM
    The investment objective of this Fund is to provide a high current
return. The Fund normally will invest primarily in securities issued,
backed or otherwise guaranteed by the U.S. Government, its agencies or
instrumentalities.
Eaton Vance High Income Opportunities NextSharesTM
    The primary investment objective of this Fund is to provide a high
level of current income. The Fund will seek growth of capital as a
secondary investment objective. The Fund normally will invest primarily
in fixed-income securities, including preferred stocks, senior and
subordinated floating rate loans, and convertible securities.
Eaton Vance High Yield Municipal Income NextSharesTM
    The investment objective of this Fund is to provide high current
income exempt from regular federal income tax. The Fund normally will
invest primarily in municipal obligations, the interest on which is
exempt from regular federal income tax.
Eaton Vance National Municipal Income NextSharesTM
    The investment objective of this Fund is to provide current income
exempt from regular federal income tax. The Fund normally will invest
primarily in municipal obligations, the interest on which is exempt
from regular federal income tax.
Creations and Redemptions of Shares
    Shares will be issued and redeemed on a daily basis at the Fund's
next-determined net asset value (``NAV'') \8\ in specified blocks of
Shares called ``Creation Units.'' A Creation Unit will consist of at
least 25,000 Shares. Creation Units may be purchased and redeemed by or
through ``Authorized Participants.'' \9\ Purchases and sales of Shares
in amounts less than a Creation Unit may be effected only in the
secondary market, as described below, and not directly with the Fund.
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    \8\ As with other registered open-end investment companies, NAV
generally will be calculated daily Monday through Friday as of the
close of regular trading on the New York Stock Exchange, normally
4:00 p.m. Eastern Time. NAV will be calculated by dividing a Fund's
net asset value by the number of Shares outstanding. Information
regarding the valuation of investments in calculating a Fund's NAV
will be contained in the Registration Statement for its Shares.
    \9\ ``Authorized Participants'' will be either: (1)
``participating parties,'' i.e., brokers or other participants in
the Continuous Net Settlement System (``CNS System'') of the
National Securities Clearing Corporation (``NSCC''), a clearing
agency registered with the Commission and affiliated with the
Depository Trust Company (``DTC''), or (2) DTC participants, which
in either case have executed participant agreements with the Fund's
distributor and transfer agent regarding the creation and redemption
of Creation Units. Investors will not have to be Authorized
Participants in order to transact in Creation Units, but must place
an order through and make appropriate arrangements with an
Authorized Participant for such transactions.
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    The creation and redemption process for Funds may be effected ``in
kind,'' in cash, or in a combination of securities and cash. Creation
``in kind'' means that an Authorized Participant--usually a brokerage
house or large institutional investor--purchases the Creation Unit with
a basket of securities equal in value to the aggregate NAV of the
Shares in the Creation Unit. When an Authorized Participant redeems a
Creation Unit in kind, it receives a basket of securities equal in
value to the aggregate NAV of the Shares in the Creation Unit.
Composition File
    As defined in Nasdaq Rule 5745(c)(3), the Composition File is the
specified portfolio of securities and/or cash that a Fund will accept
as a deposit in issuing a Creation Unit of Shares, and the specified
portfolio of securities and/or cash that a Fund will deliver in a
redemption of a Creation Unit of Shares. The Composition File will be
disseminated through the NSCC once each business day before the open of
trading in Shares on such day and also will be made available to the
public each day on a free Web site.\10\ Because the Funds seek to
preserve the confidentiality of their current portfolio trading
program, a Fund's Composition File generally will not be a pro rata
reflection of the Fund's investment positions. Each security included
in the Composition File will be a current holding of the Fund, but the
Composition File generally will not include all of the securities in
the Fund's portfolio or match the weightings of the included securities
in the portfolio. Securities that the Adviser is in the process of
acquiring for a Fund generally will not be represented in the Fund's
Composition File until their purchase has been completed. Similarly,
securities that are held in a Fund's portfolio but in the process of
being sold may not be removed from its Composition File until the sale
program is substantially completed. Funds creating and redeeming Shares
in kind will use cash amounts to supplement the in-kind transactions to
the extent necessary to ensure that Creation Units are purchased and
redeemed at NAV. The Composition File also may consist entirely of
cash, in which case it will not include any of the securities in the
Fund's portfolio.\11\
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    \10\ The free Web site will be www.eatonvance.com or
www.nextshares.com.
    \11\ In determining whether a Fund will issue or redeem Creation
Units entirely on a cash basis, the key consideration will be the
benefit that would accrue to the Fund and its investors. For
instance, in bond transactions, the Adviser may be able to obtain
better execution for a Fund than Authorized Participants because of
the Adviser's size, experience and potentially stronger
relationships in the fixed-income markets.
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Transaction Fees
    All persons purchasing or redeeming Creation Units are expected to
incur a transaction fee to cover the estimated cost to the Fund of
processing the transaction, including the costs of clearance and
settlement charged to it by NSCC or DTC, and the estimated trading
costs (i.e., brokerage commissions, bid-ask spread and market impact)
to be incurred in converting the Composition File to or from the
desired portfolio holdings. The transaction fee is determined daily and
will be limited to amounts approved by the board of trustees of a Fund
and determined by the Adviser to be appropriate to defray the expenses
that a Fund incurs in connection with the purchase or redemption of
Creation Units. The purpose of transaction fees is to protect a Fund's
existing shareholders from the dilutive costs associated with the
purchase and redemption of Creation Units. Transaction fees will differ
among Funds and may vary over time for a given Fund depending on the
estimated trading costs for its portfolio positions and Composition
File, processing costs and other considerations. Funds that specify
greater amounts of cash in their Composition File may impose higher
transaction fees. In addition, Funds that include in their Composition
File instruments that clear through DTC may impose higher transaction
fees than Funds whose Composition File consists solely of instruments
that clear through NSCC, because DTC may charge more than NSCC in
connection with Creation Unit transactions.\12\ The transaction fees
applicable to each Fund's purchases and redemptions on a given business
day

will be disseminated through the NSCC prior to the open of market
trading on that day and also will be made available to the public each
day on a free Web site.\13\ In all cases, the transaction fees will be
limited in accordance with the requirements of the Commission
applicable to open-end management investment companies offering
redeemable securities.
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    \12\ Authorized Participants that participate in the CNS System
of the NSCC are expected to be able to use the enhanced NSCC/CNS
process for effecting in-kind purchases and redemptions of ETFs (the
``NSCC Process'') to purchase and redeem Creation Units of Funds
that limit the composition of their baskets to include only NSCC
Process-eligible instruments (generally domestic equity securities
and cash). Because the NSCC Process is generally more efficient than
the DTC clearing process, NSCC is likely to charge a Fund less than
DTC to settle purchases and redemptions of Creation Units.
    \13\ The free Web site will be www.eatonvance.com or
www.nextshares.com.
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NAV-Based Trading
    Because Shares will be listed and traded on the Exchange, Shares
will be available for purchase and sale on an intraday basis. Shares
will be purchased and sold in the secondary market at prices directly
linked to the Fund's next-determined NAV using a new trading protocol
called ``NAV-Based Trading.'' \14\ All bids, offers and execution
prices of Shares will be expressed as a premium/discount (which may be
zero) to the Fund's next-determined NAV (e.g., NAV-$0.01, NAV+$0.01). A
Fund's NAV will be determined each business day, normally as of 4:00
p.m. Eastern Time. Trade executions will be binding at the time orders
are matched on Nasdaq's facilities, with the transaction prices
contingent upon the determination of NAV.
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    \14\ Aspects of NAV-Based Trading are protected intellectual
property subject to issued and pending U.S. patents held by Navigate
Fund Solutions LLC (``Navigate''), a wholly owned subsidiary of
Eaton Vance Corp. Nasdaq will enter into a license agreement with
Navigate to allow for NAV-Based Trading on the Exchange of exchange-
traded managed funds that have themselves entered into license
agreements with Navigate.
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     Trading Premiums and Discounts. Bid and offer prices for
Shares will be quoted throughout the day relative to NAV. The premium
or discount to NAV at which Share prices are quoted and transactions
are executed will vary depending on market factors, including the
balance of supply and demand for Shares among investors, transaction
fees and other costs in connection with creating and redeeming Creation
Units of Shares, the cost and availability of borrowing Shares,
competition among market makers, the Share inventory positions and
inventory strategies of market makers, the profitability requirements
and business objectives of market makers, and the volume of Share
trading. Reflecting such market factors, prices for Shares in the
secondary market may be above, at or below NAV. Funds with higher
transaction fees may trade at wider premiums or discounts to NAV than
other Funds with lower transaction fees, reflecting the added costs to
market makers of managing their Share inventory positions through
purchases and redemptions of Creation Units.
    Because making markets in Shares will be simple to manage and low
risk, competition among market makers seeking to earn reliable, low-
risk profits should enable the Shares to routinely trade at tight bid-
ask spreads and narrow premiums/discounts to NAV. As noted below, each
Fund will maintain a public Web site that will be updated on a daily
basis to show current and historical trading spreads and premiums/
discounts of Shares trading in the secondary market.
     Transmitting and Processing Orders. Member firms will
utilize certain existing order types and interfaces to transmit Share
bids and offers to Nasdaq, which will process Share trades like trades
in shares of other listed securities.\15\ In the systems used to
transmit and process transactions in Shares, a Fund's next-determined
NAV will be represented by a proxy price (e.g., 100.00) and a premium/
discount of a stated amount to the next-determined NAV to be
represented by the same increment/decrement from the proxy price used
to denote NAV (e.g., NAV-$0.01 would be represented as 99.99; NAV+$0.01
as 100.01).
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    \15\ As noted below, all orders to buy or sell Shares that are
not executed on the day the order is submitted will be automatically
cancelled as of the close of trading on such day. Prior to the
commencement of trading in a Fund, the Exchange will inform its
members in an Information Circular of the effect of this
characteristic on existing order types.
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    To avoid potential investor confusion, Nasdaq will work with member
firms and providers of market data services to seek to ensure that
representations of intraday bids, offers and execution prices of Shares
that are made available to the investing public follow the ``NAV-$0.01/
NAV+$0.01'' (or similar) display format. All Shares listed on the
Exchange will have a unique identifier associated with their ticker
symbols, which would indicate that the Shares are traded using NAV-
Based Trading. Nasdaq makes available to member firms and market data
services certain proprietary data feeds that are designed to supplement
the market information disseminated through the consolidated tape
(``Consolidated Tape''). Specifically, the Exchange will use the NASDAQ
Basic and NASDAQ Last Sale data feeds to disseminate intraday price and
quote data for Shares in real time in the ``NAV-$0.01/NAV+$0.01'' (or
similar) display format. Member firms could use the NASDAQ Basic and
NASDAQ Last Sale data feeds to source intraday Share prices for
presentation to the investing public in the ``NAV-$0.01/NAV+$0.01'' (or
similar) display format. Alternatively, member firms could source
intraday Share prices in proxy price format from the Consolidated Tape
and other Nasdaq data feeds (e.g., Nasdaq TotalView and Nasdaq Level 2)
and use a simple algorithm to convert prices into the ``NAV-$0.01/
NAV+$0.01'' (or similar) display format. As noted below, prior to the
commencement of trading in a Fund, the Exchange will inform its members
in an Information Circular of the identities of the specific Nasdaq
data feeds from which intraday Share prices in proxy price format may
be obtained.
     Intraday Reporting of Quotes and Trades. All bids and
offers for Shares and all Share trade executions will be reported
intraday in real time by the Exchange to the Consolidated Tape \16\ and
separately disseminated to member firms and market data services
through the Exchange data feeds listed above. The Exchange will also
provide the member firms participating in each Share trade with a
contemporaneous notice of trade execution, indicating the number of
Shares bought or sold and the executed premium/discount to NAV.\17\
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    \16\ Due to systems limitations, the Consolidated Tape will
report intraday execution prices and quotes for Shares using a proxy
price format. As noted, Nasdaq will separately report real-time
execution prices and quotes to member firms and providers of market
data services in the ``NAV-$0.01/NAV+$0.01'' (or similar) display
format, and otherwise seek to ensure that representations of
intraday bids, offers and execution prices for Shares that are made
available to the investing public follow the same display format.
    \17\ All orders to buy or sell Shares that are not executed on
the day the order is submitted will be automatically cancelled as of
the close of trading on such day.
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     Final Trade Pricing, Reporting and Settlement. All
executed Share trades will be recorded and stored intraday by Nasdaq to
await the calculation of the Fund's end-of-day NAV and the
determination of final trade pricing. After a Fund's NAV is calculated
and provided to the Exchange, Nasdaq will price each Share trade
entered into during the day at the Fund's NAV plus/minus the trade's
executed premium/discount. Using the final trade price, each executed
Share trade will then be disseminated to member firms and market data
services via an FTP file to be created for exchange-traded managed
funds and confirmed to the member firms participating in the trade to
supplement the previously provided information to include final
pricing.\18\

After the pricing is finalized, Nasdaq will deliver the Share trading
data to NSCC for clearance and settlement, following the same processes
used for the clearance and settlement of trades in other exchange-
traded securities.
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    \18\ File Transfer Protocol (``FTP'') is a standard network
protocol used to transfer computer files on the Internet. Nasdaq
will arrange for the daily dissemination of an FTP file with
executed Share trades to member firms and market data services.
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Availability of Information
    Prior to the commencement of market trading in Shares, each Fund
will be required to establish and maintain a public Web site through
which its current prospectus may be downloaded. The Web site will
include additional Fund information updated on a daily basis, including
the prior business day's NAV, and the following trading information for
such business day expressed as premiums/discounts to NAV: (a) Intraday
high, low, average and closing prices of Shares in Exchange trading;
(b) the midpoint of the highest bid and lowest offer prices as of the
close of Exchange trading, expressed as a premium/discount to NAV (the
``Closing Bid/Ask Midpoint''); and (c) the spread between highest bid
and lowest offer prices as of the close of Exchange trading (the
``Closing Bid/Ask Spread.''). The Web site will also contain charts
showing the frequency distribution and range of values of trading
prices, Closing Bid/Ask Midpoints and Closing Bid/Ask Spreads over
time.
    The Composition File will be disseminated through the NSCC before
the open of trading in Shares on each business day and also will be
made available to the public each day on a free Web site. Consistent
with the disclosure requirements that apply to traditional open-end
investment companies, a complete list of current Fund portfolio
positions will be made available at least once each calendar quarter,
with a reporting lag of not more than 60 days. Funds may provide more
frequent disclosures of portfolio positions at their discretion.
    Reports of Share transactions will be disseminated to the market
and delivered to the member firms participating in the trade
contemporaneous with execution. Once a Fund's daily NAV has been
calculated and disseminated, Nasdaq will price each Share trade entered
into during the day at the Fund's NAV plus/minus the trade's executed
premium/discount. Using the final trade price, each executed Share
trade will then be disseminated to member firms and market data
services via an FTP file to be created for exchange-traded managed
funds and confirmed to the member firms participating in the trade to
supplement the previously provided information to include final
pricing.
    Information regarding NAV-based trading prices, best bids and
offers for Shares, and volume of Shares traded will be continuously
available on a real-time basis throughout each trading day on brokers'
computer screens and other electronic services.
Initial and Continued Listing
    Shares will conform to the initial and continued listing criteria
as set forth under Nasdaq Rule 5745. A minimum of 50,000 Shares and no
less than two Creation Units of each Fund 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 provided to Nasdaq via the Mutual Fund
Quotation Service (``MFQS'') by the fund accounting agent. As soon as
the NAV is entered into MFQS, Nasdaq will disseminate the value to
market participants and market data vendors via the Mutual Fund
Dissemination Service (``MFDS'') so all firms will receive the data
element at the same time.
    For each series of Shares, an estimated value of an individual
Share, defined in Nasdaq Rule 5745(c)(2) as the ``Intraday Indicative
Value,'' will be calculated and disseminated at intervals of not more
than 15 minutes throughout the Regular Market Session \19\ when Shares
trade on the Exchange. The Exchange will obtain a representation from
the issuer of the Shares that the IIV will be calculated on an intraday
basis and provided to Nasdaq for dissemination via the Nasdaq Global
Index Service (``GIDS''). The IIV will be based on current information
regarding the value of the securities and other assets held by a
Fund.\20\ The purpose of the IIVs is to enable investors to estimate
the next-determined NAV so they can determine the number of Shares to
buy or sell if they want to transact in an approximate dollar amount
(e.g., if an investor wants to acquire approximately $5,000 of a Fund,
how many Shares should the investor buy?).\21\
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    \19\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m. E.T.; (2) Regular Market Session from 9:30 a.m. to 4 p.m. or
4:15 p.m. E.T.; and (3) Post-Market Session from 4 p.m. or 4:15 p.m.
to 8 p.m. E.T.).
    \20\ IIVs disseminated throughout each trading day would be
based on the same portfolio as used to calculate that day's NAV.
Funds will reflect purchases and sales of portfolio positions in
their NAV the next business day after trades are executed.
    \21\ Because, in NAV-Based Trading, prices of executed trades
are not determined until the reference NAV is calculated, buyers and
sellers of Shares during the trading day will not know the final
value of their purchases and sales until the end of the trading day.
A Fund's Registration Statement, Web site and any advertising or
marketing materials will include prominent disclosure of this fact.
Although IIVs may provide useful estimates of the value of intraday
trades, they cannot be used to calculate with precision the dollar
value of the Shares to be bought or sold.
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    The Adviser is not a broker-dealer, although it is affiliated with
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 each Fund's portfolio. In
the event (a) the Adviser registers as a broker-dealer or becomes newly
affiliated with a broker-dealer, or (b) any new adviser or a sub-
adviser to a 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 relevant Fund's portfolio and will be subject to
procedures designed to prevent the use and dissemination of material
non-public information regarding such portfolio.
Trading Halts
    The Exchange may consider all relevant factors in exercising its
discretion to halt or suspend trading in Shares. Nasdaq will halt
trading in Shares under the conditions specified in Nasdaq Rules 4120
and in Nasdaq Rule 5745(d)(2)(C). Additionally, Nasdaq may cease
trading Shares if other unusual conditions or circumstances exist
which, in the opinion of Nasdaq, make further dealings on Nasdaq
detrimental to the maintenance of a fair and orderly market. To manage
the risk of a non-regulatory Share trading halt, Nasdaq has in place
back-up processes and procedures to ensure orderly trading. Because, in
NAV-Based Trading, all trade execution prices are linked to end-of-day
NAV, buyers and sellers of Shares should be less exposed to risk of
loss due to intraday trading halts than buyers and sellers of
conventional exchange-traded funds (``ETFs'') and other exchange-traded
securities.
Trading Rules
    Nasdaq deems Shares to be equity securities, thus rendering trading
in Shares to be subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in

Shares from 9:30 a.m. until 4:00 p.m. Eastern Time.
Surveillance
    The Exchange represents that trading in Shares will be subject to
the existing trading surveillances, administered by both Nasdaq and the
Financial Industry Regulatory Authority, Inc. (``FINRA'') on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\22\ The Exchange represents
that these procedures are adequate to properly monitor trading of
Shares on the Exchange and to deter and detect violations of Exchange
rules and applicable federal securities laws.
---------------------------------------------------------------------------

    \22\ FINRA provides surveillance of 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 with
other markets and other entities that are members of the Intermarket
Surveillance Group (``ISG'') \23\ regarding trading in Shares, and in
exchange-traded securities and instruments held by the Funds (to the
extent such exchange-traded securities and instruments are known
through the publication of the Composition File and periodic public
disclosures of a Fund's portfolio holdings), and FINRA may obtain
trading information regarding such trading from other markets and other
entities. In addition, the Exchange may obtain information regarding
trading in Shares, and in exchange-traded securities and instruments
held by the Funds (to the extent such exchange-traded securities and
instruments are known through the publication of the Composition File
and periodic public disclosures of a Fund's portfolio holdings), 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.
---------------------------------------------------------------------------

    \23\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of a
Fund's 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, the Exchange also has a general policy prohibiting the
distribution of material non-public information by its employees.
Information Circular
    Prior to the commencement of trading in a Fund, 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 noting that Shares are not individually redeemable); (2)
Nasdaq Rule 2111A, which imposes suitability obligations on Nasdaq
members with respect to recommending transactions in Shares to
customers; (3) how information regarding the IIV and Composition File
is disseminated; (4) the requirement that members deliver a prospectus
to investors purchasing Shares prior to or concurrently with the
confirmation of a transaction; and (5) information regarding NAV-Based
Trading protocols.
    As noted above, all orders to buy or sell Shares that are not
executed on the day the order is submitted will be automatically
cancelled as of the close of trading on such day. The Information
Circular will discuss the effect of this characteristic on existing
order types. The Information Circular also will identify the specific
Nasdaq data feeds from which intraday Share prices in proxy price
format may be obtained.
    In addition, the Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Funds. Members purchasing Shares from a Fund for
resale to investors will deliver a summary 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.
    The Information Circular also will reference that the Funds are
subject to various fees and expenses described in the Registration
Statements. The Information Circular will also disclose the trading
hours of the Shares and the applicable NAV calculation time for the
Shares. The Information Circular will disclose that information about
the Shares will be publicly available on the Fund's Web site.
    Information regarding Fund trading protocols will be disseminated
to Nasdaq members in accordance with current processes for newly listed
products. Nasdaq intends to provide its members with a detailed
explanation of NAV-Based Trading through a Trading Alert issued prior
to the commencement of trading in Shares on the Exchange.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Act \24\ in general, and Section 6(b)(5) of the Act \25\ 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 a national market system.
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78f(b).
    \25\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares would be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in Nasdaq Rule 5745. The
Exchange believes that its surveillance procedures are adequate to
properly monitor the trading of Shares on Nasdaq and to deter and
detect violations of Exchange rules and the applicable federal
securities laws. The Adviser is affiliated with a broker-dealer and has
implemented a ``fire wall'' between the investment adviser and the
broker-dealer affiliate with respect to access to information
concerning the composition and/or changes to the Funds' portfolio
holdings. The Exchange may obtain information via ISG from other
exchanges that are members of ISG or with which the Exchange has
entered into a comprehensive surveillance sharing agreement, to the
extent necessary.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest.
The Exchange will obtain a representation from each issuer of Shares
that the NAV per Share will be calculated on each business day that the
New York Stock Exchange is open for trading and that the NAV will be
made available to all market participants at the same time. In
addition, a large amount of information would be publicly available
regarding the Funds and the Shares, thereby promoting market
transparency.
    Prior to the commencement of market trading in Shares, the Funds
will be required to establish and maintain a public Web site through
which its

current prospectus may be downloaded. The Web site will display
additional Fund information updated on a daily basis, including the
prior business day's NAV, and the following trading information for
such business day expressed as premiums/discounts to NAV: (a) Intraday
high, low, average and closing prices of Shares in Exchange trading;
(b) the Closing Bid/Ask Midpoint; and (c) the Closing Bid/Ask Spread.
The Web site will also contain charts showing the frequency
distribution and range of values of trading prices, Closing Bid/Ask
Midpoints and Closing Bid/Ask Spreads over time. The Composition File
will be disseminated through the NSCC before the open of trading in
Shares on each business day and also will be made available to the
public each day on a free Web site. The Exchange will obtain a
representation from the issuer of the Shares that the IIV will be
calculated and disseminated on an intraday basis at intervals of not
more than 15 minutes during trading on the Exchange and provided to
Nasdaq for dissemination via GIDS. A complete list of current portfolio
positions for the Funds will be made available at least once each
calendar quarter, with a reporting lag of not more than 60 days. Funds
may provide more frequent disclosures of portfolio positions at their
discretion.
    Transactions in Shares will be reported to the Consolidated Tape at
the time of execution in proxy price format and will be disseminated to
member firms and market data services through Nasdaq's trading service
and market data interfaces, as defined above. Once each Fund's daily
NAV has been calculated and the final price of its intraday Share
trades has been determined, Nasdaq will deliver a confirmation with
final pricing to the transacting parties. At the end of the day, Nasdaq
will also post a newly created FTP file with the final transaction data
for the trading and market data services. The Exchange expects that
information regarding NAV-based trading prices and volumes of Shares
traded will be continuously available on a real-time basis throughout
each trading day on brokers' computer screens and other electronic
services. Because Shares will trade at prices based on the next-
determined NAV, investors will be able to buy and sell individual
Shares at a known premium or discount to NAV that they can limit by
transacting using limit orders at the time of order entry. Trading in
Shares will be subject to Nasdaq Rules 5745(d)(2)(B) and (C), which
provide for the suspension of trading or trading halts under certain
circumstances, including if, in the view of the Exchange, trading in
Shares becomes inadvisable.
    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
the Funds, which seek to provide investors with access to a broad range
of actively managed investment strategies in a structure that offers
the cost and tax efficiencies and shareholder protections of ETFs,
while removing the requirement for daily portfolio holdings disclosure
to ensure a tight relationship between market trading prices and NAV.
    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
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. In fact, the
Exchange believes that the introduction of the Funds would promote
competition by making available to investors a broad range of actively
managed investment strategies in a structure that offers the cost and
tax efficiencies and shareholder protections of ETFs, while removing
the requirement for daily portfolio holdings disclosure to ensure a
tight relationship between market trading prices and NAV. Moreover, the
Exchange believes that the proposed method of Share trading would
provide investors with transparency of trading costs, and the ability
to control trading costs using limit orders, that is not available for
conventionally traded ETFs.
    These developments could significantly enhance competition to the
benefit of the markets and investors.

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

    Written comments were neither solicited nor received.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period 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-2015-036 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2015-036. 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 the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-

NASDAQ-2015-036 and should be submitted on or before May 20, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-09919 Filed 4-28-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 210 (Monday, October 31, 2011)]
[Notices]
[Pages 67196-67197]
[FR Doc No: 2011-28029]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2011-N-0400]

DEPARTMENT OF AGRICULTURE

Food Safety and Inspection Service

[Docket No. FSIS-2011-0014]

Approaches to Reducing Sodium Consumption; Establishment of
Dockets; Request for Comments, Data, and Information; Correction

AGENCY: Food and Drug Administration, HHS; Food Safety and Inspection
Service, USDA.

ACTION: Notice; establishment of dockets; request for comments, data,
and information; correction.

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

SUMMARY: The Food and Drug Administration (FDA) and the Food Safety
Inspection Service (FSIS) are correcting a notice that appeared in the
Federal Register of September 15, 2011 (76 FR 57050). In that notice,
FDA and FSIS established dockets to obtain comments, data, and evidence
relevant to the dietary intake of sodium, as well as current and
emerging approaches designed to promote sodium reduction. The document
published with two typographical errors in the References section. This
document corrects those errors.

FOR FURTHER INFORMATION CONTACT:
    FDA: Richard E. Bonnette, Center for Food Safety and Applied
Nutrition (HFS-255), Food and Drug Administration, 5100 Paint Branch
Pkwy., College Park, MD 20740-3835,<PHONE_NUMBER>.
    FSIS: Rosalyn Murphy-Jenkins, Director, Labeling and Program
Delivery Division, Office of Policy and Program Development, Food
Safety and Inspection Service, U.S. Department of Agriculture, USDA,
FSIS, OPPD, LPDD Stop Code 3784, Patriots Plaza III, 8-161A, 1400
Independence Ave. SW., Washington, DC 20250-3700.

SUPPLEMENTARY INFORMATION: In FR Doc. 2011-23753, appearing on page
57050, in the Federal Register of Thursday, September 15, 2011, FDA and
FSIS are making the following corrections:
    1. On page 57053, in the third column, in the References section,
the second reference is corrected to read: ``2. Xu, J, Kochanek, KD,
Murphy, SL, Tejada-Vera, B. ``Deaths: preliminary data for 2007,'' CDC,
National Vital Statistics Report. 2010; 58 (19).''
    2. On page 57054, in the first column, in the References section,
the twenty-

fifth reference is corrected to read: ``25. NHLBI (2003). ``The seventh
report of the Joint National Committee on prevention, detection,
evaluation, and the treatment of high blood pressure,'' NIH Publication
No. 04-5230. Bethesda, MD: National Heart, Lung, and Blood Institute.''

    Dated: October 19, 2011.
Leslie Kux,
Acting Assistant Commissioner for Policy, Food and Drug Administration.
    Dated: October 19, 2011.
Alfred V. Almanza,
Administrator, Food Safety and Inspection Service.
[FR Doc. 2011-28029 Filed 10-28-11; 8:45 am]
BILLING CODE 4160-01-P


[Federal Register: April 25, 2007 (Volume 72, Number 79)]
[Notices]
[Page 20544-20545]
[DOCID:fr25ap07-79]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OPP-2006-0702; FRL-8116-4]

 Final Stipulated Injunction and Related Information Involving
Pesticides and the California Red-Legged Frog; Notice of Availability

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: On October 20, 2006, the Federal District Court for the
Northern District of California issued a Stipulated Injunction,
resolving a lawsuit filed by the Center for Biological Diversity
against EPA, alleging that EPA failed to comply with section 7(a)(2) of
the Endangered Species Act by not ensuring that its registration of 66
named pesticide active ingredients will not jeopardize the California
red-legged frog, a federally-listed Threatened species. Key terms of
the Stipulated Injunction are summarized as follows: a Court-ordered
schedule for EPA to make effects determinations for the 66 named
pesticides; interim injunctive measures regarding EPA's authorization
of uses of the 66 pesticides in certain parts of 33 counties in
California; and the development and distribution of a bilingual
brochure regarding certain aspects of the injunction, pesticides and
frogs. Today, EPA announces the availability on its Web site
(http://www.epa.gov/espp) of the bilingual brochure, along with maps and

guidance regarding the interim injunctive measures ordered by the
Court.

FOR FURTHER INFORMATION CONTACT:  Arty Williams, Environmental Fate and
Effects Division, Office of Pesticide Programs, Environmental
Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460-
0001; telephone number:<PHONE_NUMBER>; fax number:<PHONE_NUMBER>; e-
mail address<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. General Information

A. Does this Action Apply to Me?

    This action is directed to the public in general, and may be of
particular interest to the Center for Biological Diversity, CropLife
America, American Forest and Paper Association, Western Plant Health
Association, Oregonians for Food and Shelter, and Syngenta Crop
Protection, Inc., other public interest groups, state regulatory
partners, other interested federal agencies, other pesticide
registrants and

pesticide users. Since other entities may also be interested, the
Agency has not attempted to describe all the specific entities that may
be affected by this action. If you have any questions regarding the
applicability of this action to a particular entity, consult the person
listed under FOR FURTHER INFORMATION CONTACT.

B. How Can I Get Copies of this Document and Other Related Information?

    1. Docket. EPA has established a docket for this action under
docket identification (ID) number EPA-HQ-OPP-2006-0702. Publicly
available docket materials are available either in the electronic
docket at http://www.regulations.gov, or, if only available in hard

copy, at the Office of Pesticide Programs (OPP) Regulatory Public
Docket in Rm. S-4400, One Potomac Yard (South Bldg.), 2777 S. Crystal
Dr., Arlington, VA. The hours of operation of this Docket Facility are
from 8:30 a.m. to 4 p.m., Monday through Friday, excluding legal
holidays. The Docket telephone number is<PHONE_NUMBER>.
    2. Electronic access. You may access this Federal Register document
electronically through the EPA Internet under the ``Federal Register''
listings at http://www.epa.gov/fedrgstr/.

II. Background

    On April 2, 2002, the Center for Biological Diversity (CBD) filed a
lawsuit in Federal District Court for the Northern District of
California, alleging that EPA failed to comply with section 7(a)(2) of
the Endangered Species Act by not ensuring that its registration of 66
named pesticide active ingredients will not affect the California red-
legged frog, a federally-listed threatened species. CBD, EPA, and
defendant-intervenors CropLife America, American Forest and Paper
Association, Western Plant Health Association, Oregonians for Food and
Shelter, and Syngenta Crop Protection, Inc. engaged in discussions to
try to resolve the case.
    On September 1, 2006, EPA issued a notice in the Federal Register
(71 FR 52073; FRL-8090-9), announcing the availability of a proposed
Stipulated Injunction, and opening a 15-day public comment period on
the draft. EPA received numerous comments from the public, California
state agencies, and others, regarding certain aspects of the proposed
Stipulated Injunction. These comments, as well as the proposed and
final versions of the Stipulated Injunction, are available at
regulations.gov in the public docket, ID number EPA-HQ-OPP-2006- 0702.
    Based on public comments received and subsequent discussion with
CBD and defendant-intervenors, the federal government agreed to the
Stipulated Injunction with a modification to the definition of ``upland
habitat'' in section 3(b) of the injunction to conform this definition,
which applies outside designated critical habitat, with the definition
of ``upland habitat'' used by the U.S. Fish and Wildlife Service in its
designation of critical habitat for this species (71 FR 19244-19346,
April 13, 2006).
    On October, 13, 2006, the Federal Government joined CBD and
defendant-intervenors in asking the Court to issue a Stipulated
Injunction resolving the lawsuit. The Court ordered the Stipulated
Injunction on October 20, 2006. The key provisions of the Stipulated
Injunction are listed below.
    1. Schedule for effects determinations: The Stipulated Injunction
establishes a series of deadlines for the Agency to make ``effects
determinations'' for 66 named pesticides to determine their potential
effect on the California red-legged frog (a threatened species native
to California).
    2. Interim injunctive relief: The Stipulated Injunction also (with
some exceptions) enjoins, vacates and sets aside EPA's authorization of
uses of the 66 pesticides in certain parts of 33 counties in
California. The injunctive relief, vacatur, and setting aside of EPA's
authorizations would terminate for a particular use of a pesticide when
the Agency makes a determination that the pesticide's use has ``no
effect'' on the California red-legged frog, or, where EPA determined
the pesticide's use may affect the species, when EPA completes
consultation with the U.S. Fish and Wildlife Service.
    3. Development and distribution of a bilingual brochure: The
injunction also requires EPA to develop and distribute a bilingual
(English and Spanish) brochure regarding certain aspects of the
injunction, the California red-legged frog and frogs in general, and
pesticides. EPA is required to distribute this brochure to all
commercial certified applicators within California; to all private
certified applicators residing in counties where use authorizations
have been set aside; to registrants of the 66 pesticides; the
California Departments of Pesticide Regulation, and Fish and Game; and
the Pacific Region of U.S. Fish and Wildlife Service. In addition, EPA
is to distribute 250 copies of the brochure to the County Agricultural
Commissioner and Cooperative Extension Agent offices in the affected
counties.
    In addition to distributing the bilingual brochure as required by
the Stipulated Injunction, EPA has made this brochure available on its
Web site (http://www.epa.gov/espp). Further, EPA has developed and posted on

its Web site maps of the areas in California where the injunctive
relief applies and information to assist pesticide users in determining
whether particular areas are within the scope of the Stipulated
Injunction. The full text of the Stipulated Injunction and other
related materials are also available at that Web site.

List of Subjects

    Environmental protection, Endangered species.

    Dated: April 17, 2997.
Steve Bradbury,
Director, Environmental Fate and Effects Division, Office of Pesticide
Programs.
[FR Doc. E7-7764 Filed 4-24-07; 8:45 am]

BILLING CODE 6560-50-S