[Federal Register: June 29, 2009 (Volume 74, Number 123)]
[Rules and Regulations]
[Page 30953-30959]
[DOCID:fr29jn09-11]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Parts 141 and 143

[EPA-HQ-OW-2008-0644; FRL-8920-8]
RIN 2040-AF00

National Primary Drinking Water Regulations: Minor Correction to
Stage 2 Disinfectants and Disinfection Byproducts Rule and Changes in
References to Analytical Methods

AGENCY: Environmental Protection Agency.

ACTION: Final rule.

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SUMMARY: In this action, EPA is making a minor correction to the Stage
2 Disinfectants and Disinfection Byproducts Rule (DBPR) and minor,
unrelated, editorial changes in references to analytical methods in the
regulations. EPA promulgated the Stage 2 Disinfectants and Disinfection
Byproducts Rule on January 4, 2006. A requirement for ground water
systems serving 500-9,999 people was unintentionally excluded from the
final rule. As a result, the rule allowed for less routine compliance
monitoring than intended for this category of public water systems
(PWSs). These PWSs should have been required to monitor for both total
trihalomethanes (TTHM) and haloacetic acids (HAA5) concentrations at
two locations. Due to the error, they were only required to monitor for
either TTHM or HAA5 at two locations. EPA is also making minor,
unrelated changes in the regulations by adding references to the list
of analytical methods approved under the Expedited Approval Process,
removing references to outdated methods, and specifying a new source
for the publication titled Technical Notes on Drinking Water Methods.

DATES: This final rule is effective on July 29, 2009. For judicial
review purposes, this final rule is promulgated as of June 29, 2009.
The incorporation by reference of certain publications listed in this
rule is effective as of June 29, 2009.

ADDRESSES: EPA has established a docket for this action under Docket ID
No. OW-2008-0644. All documents in the docket are listed on the
www.regulations.gov Web site. Although listed in the index, some
information is not publicly available, e.g., CBI or other information
whose disclosure is restricted by statute. Certain other material, such
as copyrighted material, is not placed on the Internet and will be
publicly available only in hard copy form. Publicly available docket
materials are available either electronically through
www.regulations.gov or in hard copy at the OW Docket, EPA/DC, EPA West,
Room 3334, 1301 Constitution Ave., NW., Washington, DC. The Public
Reading Room is open from 8:30 a.m. to 4:30 p.m., Monday through
Friday, excluding legal holidays. The telephone number for the Public
Reading Room is<PHONE_NUMBER>, and the telephone number for the OW
docket is<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: For information concerning the Stage 2
DBPR minor correction contact Tom Grubbs, Standards and Risk Management
Division, Office of Ground Water and Drinking Water, M/C 4607M,
Environmental Protection Agency, 1200 Pennsylvania Avenue, NW.,
Washington, DC 20460; telephone number<PHONE_NUMBER>; e-mail address
<EMAIL_ADDRESS>For information concerning the methods

reference update in the CFR contact Patricia Fair, Standards and Risk
Management Division, Technical Support Center, Office of Ground Water
and Drinking Water, M/C 140, Environmental Protection Agency, 26 West
Martin Luther King Drive, Cincinnati, Ohio 45268; telephone number
(513) 569-7937; e-mail address<EMAIL_ADDRESS>For general
information, contact the Safe Drinking Water Hotline, telephone number:
(800) 426-4791. The Safe Drinking Water Hotline is open Monday through
Friday, excluding legal holidays, from 10 a.m. to 4 p.m. Eastern time.

SUPPLEMENTARY INFORMATION:

I. General Information

A. Does This Action Apply to Me?

    Entities potentially regulated by this regulation are public water
systems (PWSs). A public water system, as defined by section 1401 of
the Safe Drinking Water Act (SDWA), is ``a system for the provision to
the public of water for human consumption through pipes or other
constructed conveyances, if such system has at least fifteen service
connections or regularly serves at least twenty-five individuals.'' EPA
defines ``regularly served'' as receiving water from the system 60 or
more days per year. Categories and entities potentially regulated by
this action include the following:

------------------------------------------------------------------------
                                   Examples of potentially regulated
           Category                             entities
------------------------------------------------------------------------
State, Tribal and Local        State, Tribal or local government-owned/
 Government.                    operated water supply systems using
                                ground water, surface water or mixed
                                ground water and surface water.
Federal Government...........  Federally owned/operated community water
                                supply systems using ground water,
                                surface water or mixed ground water and
                                surface water.
Industry.....................  Privately owned/operated community water
                                supply systems using ground water,
                                surface water or mixed ground water and
                                surface water.
------------------------------------------------------------------------

    This table is not intended to be an exhaustive list, but rather
provides a guide for readers regarding entities likely to be regulated
by this action. This table lists the types of entities that EPA is now
aware could potentially be regulated by this action. Other types of
entities not listed in the table could also be regulated. To determine
whether your facility is regulated by this action, you should carefully
examine the definition of ``public water system'' in Sec.  141.2, the
section entitled ``Coverage'' (Sec.  141.3), and the sections entitled
``General requirements'' (Sec. Sec.  141.600 and 141.620) in Title 40
of the Code of Federal Regulations and applicable criteria in
Sec. Sec.  141.605, and 141.621 of today's rule. If you have questions
regarding the applicability of this action to a particular entity,
consult the person listed in the preceding FOR FURTHER INFORMATION
CONTACT section.

B. Minor Correction to the Stage 2 Disinfection and Disinfectant
Byproduct Rule (DBPR)

    Today's final rule corrects, as proposed (73 FR 67456, November 14,
2008) (USEPA, 2008b), a revised monitoring frequency for ground water
systems serving 500-9,999 people to correct an error introduced when
the tables were modified prior to publication of the (January 4, 2006)
final rule. EPA has corrected the regulatory footnote at 40 CFR 141.605
and 141.621 to clarify that these systems must take dual rather than
single monitoring samples. The monitoring for these small systems is
not required to begin until the year 2012 or 2013 (page 415, USEPA
2006).
    In the Stage 2 DBPR Economic Analysis (USEPA, 2005a) and in the
Information Correction Rule Supporting Statement (Page 52, USEPA
2005b), EPA based the estimate of burden for these systems using the
intended monitoring frequency. Population-based monitoring is discussed
at length in the final Stage 2 DBPR (page 429, USEPA, 2006a) and the
additional costs for monitoring by ground water systems serving 500-
9,999 people are included (page 456, USEPA, 2006a). EPA is not
developing a new economic analysis for this final rule because the
existing economic analysis accounts for all costs associated with this
rule.

C. Changes Related to Analytical Methods

    1. Cross-references to Appendix A to Subpart C of Part 141.
    When EPA determines that an alternative analytical method is
``equally effective'' (i.e., as effective as a method that has already
been promulgated in the regulations), the Safe Drinking Water Act
(SDWA) allows EPA to approve the use of the alternative method through
publication in the Federal Register. Section 1401(1) of SDWA states
that the newly approved methods ``shall be treated as an alternative
for public water systems to the quality control and testing procedures
listed in the regulation.'' EPA approved the first set of alternative
methods using this authority in a Federal Register action published on
June 3, 2008 (73 FR 31616) (USEPA 2008a). As part of that action, EPA
added an appendix (Appendix A) to the regulations at 40 CFR Part 141,
which lists the newly approved methods.
    The current Part 141 drinking water regulations do not indicate
that additional approved methods are available and are listed in an
appendix. Therefore, EPA is amending the regulations at each section
that lists approved analytical methods to add cross references to
Appendix A to subpart C of part 141. This will make public water
systems, laboratories, and States more aware of the alternative
methods. References to the appendix are added at the following places:

--Section 141.21(f)(3) and (f)(6)
--Section 141.23(k)(1)
--Section 141.24(e)
--Section 141.25(a)
--Section 141.74(a)(1) and (a)(2)
--Section 141.131(b)(1), (c)(1), and (d)
--Section 141.402(c)(2)
--Section 141.704(a) and (b)
--Section 143.4(b)

    2. Removal of methods that are no longer approved.
    When the arsenic maximum contaminant level (MCL) was revised to
0.010 mg/L, some of the analytical methods that were previously
approved for analyzing samples for arsenic were no longer sensitive
enough to determine compliance. EPA added footnote 15 to the table at
40 CFR 141.23(k)(1) to indicate that use of these methods would not be
allowed after January 23, 2006. EPA is updating the listing of approved
arsenic methods to remove methods that are no longer allowed (EPA
200.7, SM 3120 B and SM 3120 B-99). EPA is also revising footnotes 13
and 14 to the table to paragraph (k)(1) to remove references to methods
that are no longer approved to determine arsenic. EPA is also removing
Footnote 15 and reserving this footnote number for future use.
    Paragraph (e)(2) of 40 CFR 141.24 lists methods that were approved
for use until June 1, 2001. Since these methods are no longer approved,
EPA is removing the paragraph. EPA is also removing footnote 1 to the
table at 40

CFR 141.24(e)(1) because it refers to 40 CFR 141.24(e)(2). Footnote 1
is reserved for future use. The header to the table is revised to
remove the reference to footnote 1.
    3. Source for obtaining copies of Technical Notes on Drinking Water
Methods, EPA-600/R-94-173, October 1994.
    This document is now available at no cost from the National Service
Center for Environmental Publications (NSCEP), P.O. Box 42419,
Cincinnati, OH 45242-0419 or http://www.epa.gov/nscep/. EPA is updating
the following regulations to reflect this new information:

--Section 141.23(k)(1)
--Section 141.74(a)(1)
--Section 143.4(b)

D. Summary of Public Comments

    EPA requested public comment in the proposed rule (USEPA 2008b) and
received one comment. This comment is available in the docket for this
final rule. The comment concerns a section of the Stage 2 DBPR for
which EPA did not propose a change, nor was the section discussed in
the proposed rule. Therefore, the comment is outside the scope of this
rulemaking. The commenter noted that the reduced monitoring frequency
and the distribution system monitoring location per monitoring period
for ground water systems serving fewer than 500 people in the table in
40 CFR 141.623(a) did not agree. Systems in that category that qualify
for reduced monitoring are required to take one TTHM and one HAA5
sample every third year, with a provision for the system to take a dual
sample set (a TTHM and an HAA5 sample taken at the same location and
the same time) if specific criteria are met. The monitoring period in
the column titled ``Distribution system monitoring location per
monitoring period'' indicates that the monitoring period for a dual
sample set is per year, rather than every third year, which is what it
should have been to agree with the monitoring frequency. Since the
Agency did not propose this correction, it will not address it in this
final action.

II. Statutory and Executive Order Reviews

A. Executive Order 12866: Regulatory Planning and Review

    This action is not a ``significant regulatory action'' under the
terms of Executive Order (EO) 12866 (58 FR 51735, October 4, 1993) and
is therefore not subject to review under the EO.

B. Paperwork Reduction

    This action does not impose any new information collection burden.
In this action, EPA is making a minor correction to the Stage 2 DBPR,
adding references in the Code of Federal Regulations (CFR) to the list
of methods approved under the Expedited Approval Process, removing
references to outdated methods in the CFR, and specifying a new source
for the publication titled Technical Notes on Drinking Water Methods.
However, the Office of Management and Budget (OMB) has previously
approved the information collection requirements contained in the Stage
2 DBPR existing regulations at 40 CFR Part 141 under the provisions of
the Paperwork Reduction Act, 44 U.S.C. 3501 et seq. and has assigned
OMB control number (number 2040-0265). The OMB control numbers for
EPA's regulations in 40 CFR are listed in 40 CFR part 9. There is no
burden associated with regard to the minor, editorial changes in
references to analytical methods in the CFR. This action does not
impose any new information collection burden under the provisions of
the Paperwork Reduction Act, 44 U.S.C. 3501 et seq.

C. Regulatory Flexibility Act

    The Regulatory Flexibility Act (RFA) generally requires an agency
to prepare a regulatory flexibility analysis of any rule subject to
notice and comment rulemaking requirements under the Administrative
Procedure Act or any other statute unless the agency certifies that the
rule will not have a significant economic impact on a substantial
number of small entities. Small entities include small businesses,
small organizations, and small governmental jurisdictions.
    The RFA provides default definitions for each type of small entity.
Small entities are defined as: (1) A small business as defined by the
Small Business Administration's (SBA) regulations at 13 CFR 121.201;
(2) a small governmental jurisdiction that is a government of a city,
county, town, school district or special district with a population of
less than 50,000; and (3) a small organization that is any ``not-for-
profit enterprise which is independently owned and operated and is not
dominant in its field.'' However, the RFA also authorizes an agency to
use alternative definitions for each category of small entity, ``which
are appropriate to the activities of the agency'' after proposing the
alternative definition(s) in the Federal Register and taking comment. 5
U.S.C. 601(3)-(5). In addition, to establish an alternative small
business definition, agencies must consult with SBA's Chief Counsel for
Advocacy.
    For purposes of assessing the impacts of today's rule on small
entities, EPA considered small entities to be public water systems
(PWS) serving 10,000 or fewer persons. As required by the RFA, EPA
proposed using this alternative definition in the Federal Register (63
FR 7620, February 13, 1998), requested public comment, consulted with
the Small Business Administration (SBA), and finalized the alternative
definition in the Consumer Confidence Reports regulation (63 FR 44511,
August 19, 1998). As stated in that Final Rule, the alternative
definition would be applied to this regulation as well.
    After considering the economic impacts of today's final rule on
small entities, I certify that this action will not have a significant
economic impact on a substantial number of small entities. This
correction does not impose any new costs or burdens on PWSs. The ground
water system monitoring costs were accounted for and detailed in the
Stage 2 DBPR Economic Analysis and summarized in the preamble of the
Stage 2 DBPR (USEPA, 2006a). A copy of Stage 2 DBPR and the final
rule's Economic Analysis can be found in the Docket for this rule.

D. Unfunded Mandates Reform Act

    This action contains no Federal mandates under the provisions of
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA), 2 U.S.C.
1531-1538 for State, local, or tribal governments or the private
sector. This rule makes a minor correction to the Stage 2 DBPR and
minor, editorial changes in references to analytical methods in the
Code of Federal Regulations. Therefore, this rule is not subject to the
requirements of sections 202 or 205 of UMRA.
    This rule is also not subject to the requirements of section 203 of
UMRA because it contains no regulatory requirements that might
significantly or uniquely affect small governments. As previously
stated, this rule makes a minor correction to the Stage 2 DBPR and
minor, editorial changes in references to analytical methods in the
Code of Federal Regulations; actions that will not significantly or
uniquely affect small governments.

E. Executive Order 13132 (Federalism)

    Executive Order 13132, entitled ``Federalism'' (64 FR 43255, August
10, 1999), requires EPA to develop an accountable process to ensure
``meaningful and timely input by State and local officials in the
development of

regulatory policies that have federalism implications.'' ``Policies
that have federalism implications'' is defined in the Executive Order
to include regulations that have ``substantial direct effects on the
States, on the relationship between the national government and the
States, or on the distribution of power and responsibilities among the
various levels of government.''
    This final rule does not have federalism implications. It will not
have substantial direct effects on the States, on the relationship
between the national government and the States, or on the distribution
of power and responsibilities among the various levels of government,
as specified in Executive Order 13132. This rule makes a minor
correction to the Stage 2 DBPR and minor, editorial changes in
references to analytical methods in the Code of Federal Regulations.
The Stage 2 DBPR (USEPA 2006) states that the final rule will not have
federalism implications and, with regard to the minor, editorial
changes to references of analytical methods in the Code of Federal
Regulations, those changes do not impose substantial direct effects on
the States, on the relationship between the national government and the
States, or on the distribution of power and responsibilities among the
various levels of government. Thus, Executive Order 13132 does not
apply to this rule.
    In the spirit of Executive Order 13132, and consistent with EPA
policy to promote communications between EPA and State and local
governments, EPA specifically solicited comment on the proposed rule
from State and local officials.

F. Executive Order 13175

    This action does not have tribal implications, as specified in
Executive Order 13175 (65 FR 67249, November 9, 2000). This rule makes
a minor correction to the Stage 2 DBPR and minor, editorial changes in
references to analytical methods in the Code of Federal Regulations,
actions that will not have tribal implications. Thus, Executive Order
13175 does not apply to this action.

G. Executive Order 13045: Protection of Children From Environmental
Health Risks and Safety Risks

    EPA interprets EO 13045 (62 FR 19885, April 23, 1997) as applying
only to those regulatory actions that concern health or safety risks,
such that the analysis required under section 5-501 of the EO has the
potential to influence the regulation. This action is not subject to EO
13045 because it does not establish an environmental standard intended
to mitigate health or safety risks.

H. Executive Order 13211: Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution, or Use

    This action is not subject to Executive Order 13211 (66 FR 18355
(May 22, 2001)), because it is not a significant regulatory action
under Executive Order 12866.

I. National Technology Transfer and Advancement Act

    Section 12(d) of the National Technology Transfer and Advancement
Act of 1995 (``NTTAA''), Public Law 104-113, 12(d) (15 U.S.C. 272 note)
directs EPA to use voluntary consensus standards in its regulatory
activities unless to do so would be inconsistent with applicable law or
otherwise impractical. Voluntary consensus standards are technical
standards (e.g., materials specifications, test methods, sampling
procedures, and business practices) that are developed or adopted by
voluntary consensus standards bodies. The NTTAA directs EPA to provide
Congress, through OMB, explanations when the Agency decides not to use
available and applicable voluntary consensus standards.
    This final rule does not involve technical standards. Therefore,
EPA is not considering the use of any voluntary consensus standards.

J. Executive Order 12898: Federal Actions To Address Environmental
Justice in Minority Populations and Low-Income Populations

    Executive Order (EO) 12898 (59 FR 7629 (Feb. 16, 1994)) establishes
federal executive policy on environmental justice. Its main provision
directs federal agencies, to the greatest extent practicable and
permitted by law, to make environmental justice part of their mission
by identifying and addressing, as appropriate, disproportionately high
and adverse human health or environmental effects of their programs,
policies, and activities on minority populations and low-income
populations in the United States.
    EPA has determined that this final rule will not have
disproportionately high and adverse human health or environmental
effects on minority or low-income populations because it does not
affect the level of protection provided to human health or the
environment. This rule makes a minor correction to the Stage 2 DBPR and
minor, editorial changes in references to analytical methods in the
Code of Federal Regulations. These actions will not have a
disproportionately high and adverse human health or environmental
effects on any population, including any minority or low-income
population.

K. Congressional Review Act

    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Enforcement Act of 1996,
generally provides that before a rule may take effect, the agency
promulgating the rule must submit a rule report, which includes a copy
of the rule, to each house of the Congress and the Comptroller General
of the United States. EPA will submit a report containing this rule and
other required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2). This rule will be effective July 29, 2009.

References

    USEPA. 2005a. Economic Analysis for the Final Stage 2
Disinfectants and Disinfection Byproducts Rule. Washington, DC. EPA
815-R-05-010.
    USEPA. 2005b. Information Collection Request for National
Primary Drinking Water Regulations: Final Stage 2 Disinfectants and
Disinfection Byproducts Rule. Washington, DC. EPA 815-Z-05-002.
    USEPA. 2006. National Primary Drinking Water Regulations: Stage
2 Disinfectants and Disinfection Byproducts Rule. EPA 815-Z-06-002.
71 FR 4644. January 4, 2006.
    USEPA. 2008a. Expedited Approval of Alternative Test Procedures
for the Analysis of Contaminants Under the Safe Drinking Water Act;
Analysis and Sampling Procedures. 73 FR 17902. June 3, 2008.
    USEPA. 2008b. National Primary Drinking Water Regulations: Minor
Correction to Stage 2 Disinfectants and Disinfection Byproducts Rule
and Changes in References to Analytical Methods. EPA 815-Z-08-003.
73 FR 67456. November 14, 2008.

List of Subjects

40 CFR Part 141

    Environmental protection, Chemicals, Incorporation by reference,
Indians--lands, Intergovernmental relations, Radiation protection,
Reporting and recordkeeping requirements, Water supply.

40 CFR Part 143

    Chemicals, Indians--lands, Water--supply.

    Dated: June 16, 2009.
Lisa P. Jackson,
Administrator.

0
For the reasons set forth in the preamble, Title 40 chapter I of the
Code of Federal Regulations is amended as follows:

PART 141--NATIONAL PRIMARY DRINKING WATER REGULATIONS

0
1. The authority citation for part 141 continues to read as follows:

    Authority: 42 U.S.C. 300f, 300g-1, 300g-2, 300g-3, 300g-4, 300g-
5, 300g-6, 300j-4, 300j-9, and 300j-11.

0
2. Section 141.21 is amended by revising the introductory text
preceding the table in paragraph (f)(3), and the introductory text of
paragraph (f)(6), to read as follows:

Sec.  141.21  Coliform sampling.

* * * * *
    (f) * * *
    (3) Public water systems must conduct total coliform analyses in
accordance with one of the analytical methods in the following table or
one of the alternative methods listed in Appendix A to subpart C of
this part.
* * * * *
    (6) Public water systems must conduct analysis of Escherichia coli
in accordance with one of the following analytical methods or one of
the alternative methods listed in Appendix A to subpart C of this part.
* * * * *

0
3. Section 141.23 is amended as follows by:
0
a. Revising the introductory text preceding the table in paragraph
(k)(1);
0
b. Revising entry 3 in the table to paragraph (k)(1);
0
c. Revising footnotes 13 and 14 to the table to paragraph (k)(1); and
0
d. Removing and reserving footnote 15 to the table to paragraph (k)(1).

Sec.  141.23  Inorganic chemical sampling and analytical requirements.

* * * * *
    (k) * * *
    (1) Analysis for the following contaminants shall be conducted in
accordance with the methods in the following table, or the alternative
methods listed in Appendix A to subpart C of this part, or their
equivalent as determined by EPA. Criteria for analyzing arsenic,
barium, beryllium, cadmium, calcium, chromium, copper, lead, nickel,
selenium, sodium, and thallium with digestion or directly without
digestion, and other analytical test procedures are contained in
Technical Notes on Drinking Water Methods, EPA-600/R-94-173, October
1994. This document is available from the National Service Center for
Environmental Publications (NSCEP), P.O. Box 42419, Cincinnati, OH
45242-0419 or http://www.epa.gov/nscep/.

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                SM \4\
               Contaminant                     Methodology \13\           EPA           ASTM \3\      (18th, 19th     SM \4\     SM online      Other
                                                                                ed.)      (20th ed.)      \22\
--------------------------------------------------------------------------------------------------------------------------------------------------------

                                                                      * * * * * * *
3. Arsenic \14\.........................  ICP-Mass Spectrometry.....    \2\ 200.8
                                          Atomic Absorption;            \2\ 200.9
                                           Platform.
                                          Atomic Absorption; Furnace  ...........     D2972-97, 03 C       3113 B  ...........    3113 B-99
                                          Hydride Atomic Absorption.  ...........     D1972-97, 03 B       3114 B  ...........    3114 B-97

                                                                      * * * * * * *
--------------------------------------------------------------------------------------------------------------------------------------------------------
* * * * *
\2\ ``Methods for the Determination of Metals in Environmental Samples--Supplement I,'' EPA/600/R-94/111, May 1994. Available at NTIS, PB95-125472.
\3\ Annual Book of ASTM Standards, 1994, 1996, 1999, or 2003, Vols. 11.01 and 11.02, ASTM International; any year containing the cited version of the
  method may be used. The previous version of D1688-95A, D1688-95C (copper), D3559-95D (lead), D1293-95 (pH), D1125-91A (conductivity) and D859-94
  (silica) are also approved. These previous versions D1688-90A, C; D3559-90D, D1293-84, D1125-91A and D859-88, respectively are located in the Annual
  Book of ASTM Standards, 1994, Vol. 11.01. Copies may be obtained from ASTM International, 100 Barr Harbor Drive, West Conshohocken, PA 19428.
\4\ Standard Methods for the Examination of Water and Wastewater, 18th edition (1992), 19th edition (1995), or 20th edition (1998). American Public
  Health Association, 1015 Fifteenth Street, NW., Washington, DC 20005. The cited methods published in any of these three editions may be used, except
  that the versions of 3111 B, 3111 D, 3113 B and 3114 B in the 20th edition may not be used.
* * * * *
\13\ Because MDLs reported in EPA Methods 200.7 and 200.9 were determined using a 2x preconcentration step during sample digestion, MDLs determined when
  samples are analyzed by direct analysis (i.e., no sample digestion) will be higher. For direct analysis of cadmium by Method 200.7, sample
  preconcentration using pneumatic nebulization may be required to achieve lower detection limits. Preconcentration may also be required for direct
  analysis of antimony, lead, and thallium by Method 200.9; antimony and lead by Method 3113 B; and lead by Method D3559-90D, unless multiple in-furnace
  depositions are made.
\14\ If ultrasonic nebulization is used in the determination of arsenic by Method 200.8, the arsenic must be in the pentavalent state to provide uniform
  signal response. For direct analysis of arsenic with Method 200.8 using ultrasonic nebulization, samples and standards must contain 1 mg/L of sodium
  hypochlorite.
\15\ [Reserved]
* * * * *
\22\ Standard Methods Online are available at http://www.standardmethods.org. The year in which each method was approved by the Standard Methods
  Committee is designated by the last two digits in the method number. The methods listed are the only online versions that may be used.
* * * * *

0
4. Section 141.24 is amended by:
0
a. Revising paragraph (e) introductory text;
0
b. Removing and reserving footnote 1 to the table to paragraph (e)(1);
and
0
c. Removing and reserving paragraph (e)(2).

Sec.  141.24  Organic chemicals, sampling and analytical requirements.

* * * * *
    (e) Analyses for the contaminants in this section shall be
conducted using the methods listed in the following table, or the
alternative methods listed in Appendix A to subpart C of this part,

or their equivalent as determined by EPA.
    (1) * * *

----------------------------------------------------------------------------------------------------------------
                                                                             Standard
                         Contaminant                           EPA method    methods        ASTM        Other
----------------------------------------------------------------------------------------------------------------

                                                  * * * * * * *
----------------------------------------------------------------------------------------------------------------
\1\ [Reserved]

* * * * *
    (2) [Reserved]
* * * * *

0
5. Section 141.25 is amended by revising the introductory text
preceding the table in paragraph (a) to read as follows:

Sec.  141.25  Analytical methods for radioactivity.

    (a) Analysis for the following contaminants shall be conducted to
determine compliance with Sec.  141.66 (radioactivity) in accordance
with the methods in the following table, or the alternative methods
listed in Appendix A to subpart C this part, or their equivalent
determined by EPA in accordance with Sec.  141.27.
* * * * *

0
6. Section 141.74 is amended by revising the introductory text
preceding the tables in paragraphs (a)(1) and (a)(2) to read as
follows:

Sec.  141.74  Analytical and monitoring requirements.

    (a) * * *
    (1) Public water systems must conduct analysis of pH and
temperature in accordance with one of the methods listed at Sec.
141.23(k)(1). Public water systems must conduct analysis of total
coliforms, fecal coliforms, heterotrophic bacteria, and turbidity in
accordance with one of the following analytical methods or one of the
alternative methods listed in Appendix A to subpart C of this part and
by using analytical test procedures contained in Technical Notes on
Drinking Water Methods, EPA-600/R-94-173, October 1994. This document
is available from the National Service Center for Environmental
Publications (NSCEP), P.O. Box 42419, Cincinnati, OH 45242-0419 or
http://www.epa.gov/nscep/.
* * * * *
    (2) Public water systems must measure residual disinfectant
concentrations with one of the analytical methods in the following
table or one of the alternative methods listed in Appendix A to subpart
C of this part. If approved by the State, residual disinfectant
concentrations for free chlorine and combined chlorine also may be
measured by using DPD colorimetric test kits. In addition States may
approve the use of the ITS free chlorine test strip for the
determination of free chlorine. Use of the test strips is described in
Method D99-003, ``Free Chlorine Species (HOCl- and
OCl-) by Test Strip,'' Revision 3.0, November 21, 2003,
available from Industrial Test Systems, Inc., 1875 Langston St., Rock
Hill, SC 29730. Free and total chlorine residuals may be measured
continuously by adapting a specified chlorine residual method for use
with a continuous monitoring instrument provided the chemistry,
accuracy, and precision remain the same. Instruments used for
continuous monitoring must be calibrated with a grab sample measurement
at least every five days, or with a protocol approved by the State.
* * * * *

0
7. Section 141.131 is amended by revising paragraphs (b)(1)
introductory text, (c)(1) introductory text, and (d) introductory text
to read as follows:

Sec.  141.131  Analytical requirements.

* * * * *
    (b) * * * (1) Systems must measure disinfection byproducts by the
methods (as modified by the footnotes) listed in the following table or
one of the alternative methods listed in Appendix A to subpart C of
this part:
* * * * *
    (c) * * * (1) Systems must measure residual disinfectant
concentration for free chlorine, combined chlorine (chloramines), and
chlorine dioxide by the methods listed in the following table or one of
the alternative methods listed in Appendix A to subpart C of this part:
* * * * *
    (d) Additional analytical methods. Systems required to analyze
parameters not included in paragraphs (b) and (c) of this section must
use the following methods or one of the alternative methods listed in
Appendix A to subpart C of this part. A party approved by EPA or the
State must measure these parameters.
* * * * *

0
8. Section 141.402 is amended by revising paragraph (c)(2) introductory
text preceding the table to read as follows:

Sec.  141.402  Ground water source microbial monitoring and analytical
methods.

* * * * *
    (c) * * *
    (2) A ground water system must analyze all ground water source
samples collected under paragraph (a) of this section using one of the
analytical methods listed in the following table in paragraph (c)(2) of
this section or one of the alternative methods listed in Appendix A to
subpart C of this part for the presence of E. coli, enterococci, or
coliphage:
* * * * *

0
9. Section 141.605 is amended by revising footnote 2 to the table in
paragraph (b) to read as follows:

Sec.  141.605  Subpart V compliance monitoring location
recommendations.

* * * * *
    (b) * * *
    \2\ Systems on quarterly monitoring must take dual sample sets
every 90 days at each monitoring location, except for subpart H systems
serving 500-3,300. Ground water systems serving 500-9,999 on annual
monitoring must take dual sample sets at each monitoring location. All
other systems on annual monitoring and subpart H systems serving 500-
3,300 are required to take individual TTHM and HAA5 samples (instead of
a dual sample set) at the locations with the highest TTHM and HAA5
concentrations, respectively. For systems serving fewer than 500
people, only one location with a dual sample set per monitoring period
is needed if the highest TTHM and HAA5 concentrations occur at the same
location and month.
* * * * *

0
10. Section 141.621 is amended by revising footnote 2 to the table in
paragraph (a)(2) to read as follows:

Sec.  141.621  Routine monitoring.

    (a) * * *
    (2) * * *
    \2\ Systems on quarterly monitoring must take dual sample sets
every 90 days at each monitoring location, except for subpart H systems
serving 500-3,300. Ground water systems serving 500-9,999 on annual
monitoring must take dual sample sets at each monitoring

location. All other systems on annual monitoring and subpart H systems
serving 500-3,300 are required to take individual TTHM and HAA5 samples
(instead of a dual sample set) at the locations with the highest TTHM
and HAA5 concentrations, respectively. For systems serving fewer than
500 people, only one location with a dual sample set per monitoring
period is needed if the highest TTHM and HAA5 concentrations occur at
the same location and month.
* * * * *

0
11. Section 141.704 is amended by revising paragraphs (a) introductory
text and (b) introductory text to read as follows:

Sec.  141.704  Analytical methods.

    (a) Cryptosporidium. Systems must analyze for Cryptosporidium using
Method 1623: Cryptosporidium and Giardia in Water by Filtration/IMS/FA,
2005, United States Environmental Protection Agency, EPA-815-R-05-002
or Method 1622: Cryptosporidium in Water by Filtration/IMS/FA, 2005,
United States Environmental Protection Agency, EPA-815-R-05-001, which
are incorporated by reference, or alternative methods listed in
Appendix A to subpart C of this part. The Director of the Federal
Register approves this incorporation by reference in accordance with 5
U.S.C. 552(a) and 1 CFR part 51. You may obtain a copy of these methods
online from http://www.epa.gov/safewater/disinfection/lt2 or from the
United States Environmental Protection Agency, Office of Ground Water
and Drinking Water, 1201 Constitution Ave., NW., Washington, DC 20460
(Telephone:<PHONE_NUMBER>). You may inspect a copy at the Water Docket
in the EPA Docket Center, 1301 Constitution Ave., NW., Washington, DC
(Telephone:<PHONE_NUMBER>) or at the National Archives and Records
Administration (NARA). For information on the availability of this
material at NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/
federal_register/code_of_federal_regulations/ibr_locations.html.
* * * * *
    (b) E. coli. System must use methods for enumeration of E. coli in
source water approved in Sec.  136.3(a) of this chapter or alternative
methods listed in Appendix A to subpart C of this part.
* * * * *

PART 143--NATIONAL SECONDARY DRINKING WATER REGULATIONS

0
12. The authority citation for part 143 continues to read as follows:

    Authority: U.S.C. 300f, 300g-1, 300g-2, 300g-3, 300g-4, 300g-5,
300g-6, 300j-4, 300j-9, and 300j-11.

0
13. Section 143.4 is amended by revising the introductory text
preceding the table in paragraph (b) to read as follows:

Sec.  143.4  Monitoring.

* * * * *
    (b) Measurement of pH, copper and fluoride to determine compliance
under Sec.  143.3 may be conducted with one of the methods in Sec.
141.23(k)(1). Analyses of aluminum, chloride, foaming agents, iron,
manganese, odor, silver, sulfate, total dissolved solids (TDS) and zinc
to determine compliance under Sec.  143.3 may be conducted with the
methods in the following table or alternative methods listed in
Appendix A to subpart C of part 141. Criteria for analyzing aluminum,
copper, iron, manganese, silver and zinc samples with digestion or
directly without digestion, and other analytical test procedures are
contained in Technical Notes on Drinking Water Methods, EPA-600/R-94-
173, October 1994. This document is available from the National Service
Center for Environmental Publications (NSCEP), P.O. Box 42419,
Cincinnati, OH 45242-0419 or http://www.epa.gov/nscep/.
* * * * *
[FR Doc. E9-14598 Filed 6-26-09; 8:45 am]

BILLING CODE 6560-50-P


[Federal Register Volume 77, Number 70 (Wednesday, April 11, 2012)]
[Notices]
[Pages 21827-21833]
[FR Doc No: 2012-8717]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66753; File No. SR-NYSEArca-2012-25]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of the
WisdomTree Brazil Bond Fund Under NYSE Arca Equities Rule 8.600

 April 6, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that, on March 23, 2012, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been substantially prepared by the
Exchange. The Commission is publishing this notice to solicit comments
on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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 shares (``Shares'') of the
following fund of the WisdomTree Trust (``Trust'') under NYSE Arca
Equities Rule 8.600 (``Managed Fund Shares''): WisdomTree Brazil Bond
Fund (``Fund''). The text of the proposed rule change is available at
the Exchange, the Commission's Public Reference Room, and www.nyse.com.

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

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

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

1. Purpose
    The Exchange proposes to list and trade Shares of the WisdomTree
Brazil Bond Fund under NYSE Arca Equities Rule 8.600, which governs the
listing and trading of Managed Fund Shares on the Exchange.\3\ The Fund
will be an actively managed exchange-traded fund.\4\ The Shares will be
offered by the Trust, which was established as a Delaware statutory
trust on December 15, 2005. The Trust is registered with the Commission
as an investment company.\5\
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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) (``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 Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), 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 has previously approved listing and trading
on the Exchange of a number of actively managed funds under Rule
8.600. See, e.g., Securities Exchange Act Release Nos. 57801 (May 8,
2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order
approving Exchange listing and trading of twelve actively-managed
funds of the WisdomTree Trust); 58564 (September 17, 2008), 73 FR
55194 (September 24, 2008) (SR-NYSEArca-2008-86) (order approving
Exchange listing and trading of WisdomTree Dreyfus Emerging Currency
Fund); 62604 (July 30, 2010), 75 FR 47323 (August 5, 2010) (SR-
NYSEArca-2010-49) (order approving listing and trading of WisdomTree
Emerging Markets Local Debt Fund); 63919 (February 16, 2011), 76 FR
10073 (February 23, 2011) (SR-NYSEArca-2010-116) (order approving
listing and trading of WisdomTree Asia Local Debt Fund); 64643 (June
10, 2011), 76 FR 35062 (June 15, 2011) (SR-NYSEArca-2011-21) (order
approving listing and trading of WisdomTree Global Real Return
Fund); 65458 (September 30, 2011), 76 FR 62112 (October 6, 2011)
(SR-NYSEArca-2011-54) (order approving listing and trading of
WisdomTree Dreyfus Australia and New Zealand Debt Fund); 66342
(February 7, 2012), 77 FR 7623 (February 13, 2012) (SR-NYSEArca-
2011-82) (order approving listing and trading of WisdomTree Emerging
Markets Inflation Protection Bond Fund); and 66489 (February 29,
2012), 77 FR 13379 (March 6, 2012) (SR-NYSEArca-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\ See registration statement on Form N-1A for the Trust under
the Securities Act of 1933 (15 U.S.C. 77a) and under the 1940 Act,
dated October 8, 2010 (File Nos. 333-132380 and 811-21864)
(``Registration Statement''). The descriptions of the Fund and the
Shares contained herein are based, in part, on information in the
Registration Statement.
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Description of the Shares and the Fund
    WisdomTree Asset Management, Inc. (``WisdomTree Asset Management'')
is the investment adviser (``Adviser'') to the Fund.\6\ WisdomTree
Asset Management is not affiliated with any broker-dealer. Western
Asset Management Company serves as sub-adviser for the Fund (``Sub-
Adviser'').\7\ The Bank of New York Mellon is the administrator,
custodian, and transfer agent for the Trust. ALPS Distributors, Inc.
serves as the distributor for the Trust.\8\
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    \6\ WisdomTree Investments, Inc. (``WisdomTree Investments'') is
the parent company of WisdomTree Asset Management.
    \7\ The Sub-Adviser will be responsible for day-to-day
management of the Fund and, as such, typically will make all
decisions with respect to portfolio holdings. The Adviser will have
ongoing oversight responsibility.
    \8\ The Commission has issued an order granting certain
exemptive relief (``Exemptive Order'') to the Trust under the 1940
Act. See Investment Company Act Release No. 28171 (October 27, 2008)
(File No. 812-13458). In compliance with Commentary .05 to NYSE Arca
Equities Rule 8.600, 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).
---------------------------------------------------------------------------

    Commentary .06 to Rule 8.600 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.\9\ In addition,
Commentary .06 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. Commentary .06 to Rule 8.600
is similar to Commentary .03(a)(i) and (iii) to NYSE Arca Equities Rule
5.2(j)(3); however, Commentary .06 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 Sub-Adviser
is affiliated with multiple broker-dealers and has implemented a ``fire
wall'' with respect to such broker-dealers regarding access to
information concerning the composition and/or changes to the Fund's
portfolio. In addition, Sub-Adviser personnel who make decisions
regarding the Fund's portfolio are subject to procedures designed to
prevent the use and dissemination of material non-public information
regarding the Fund's portfolio. In the event (a) the Adviser or the
Sub-Adviser becomes newly affiliated with a broker-dealer, or (b) any
new adviser or sub-adviser becomes affiliated with a broker-dealer, it
will implement a fire wall with respect to such broker-dealer regarding
access to information concerning the composition and/or changes to the
portfolio.
---------------------------------------------------------------------------

    \9\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (``Advisers
Act''). As a result, the Adviser and Sub-Adviser and their related
personnel are subject to the provisions of Rule 204A-1 under the
Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) Adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
    .
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WisdomTree Brazil Bond Fund
    According to the Registration Statement, the Fund will seek to
provide investors with a high level of total return consisting of both
income and capital appreciation. The Fund will be designed to provide
exposure to a broad range of Brazilian government and corporate bonds
through investment in both local currency (i.e., Brazilian real) and
U.S. dollar-denominated Fixed Income Securities. For purposes of this
proposed rule change, Fixed Income Securities will include bonds,
notes, or other debt obligations, including loan participation notes
(``LPNs''),\10\ inflation-linked debt, and debt securities issued by
``supranational issuers,'' such as the European Investment Bank,
International Bank for Reconstruction and Development, and the
International Finance Corporation, as well as development agencies
supported by other national governments. The Fund may invest to a
lesser extent in Money Market Securities and derivative instruments, as
described below.
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    \10\ The Fund may invest in LPNs with a minimum outstanding
principal amount of $200 million that the Adviser or Sub-Adviser
deems to be liquid. The Adviser represents that the Fund will invest
a limited percentage of its assets in LPNs.
---------------------------------------------------------------------------

    The Fund will be designed to provide broad exposure to Brazilian
government and corporate bonds and will invest in a range of
instruments with varying credit risk and duration. The Fund intends to
invest in bonds and debt instruments issued by the government of Brazil
and its agencies and instrumentalities and bonds and other debt
instruments issued by corporations organized in Brazil.\11\ The Fund
also may invest in bonds and debt instruments denominated in Brazilian
real and issued by supranational issuers, as described above. The Fund
intends to invest at least 70% of its net assets in Fixed Income
Securities. The Fund will invest only in corporate bonds that the
Adviser or Sub-Adviser deems to be sufficiently liquid. Generally a
corporate bond must have $200 million or more par amount outstanding
and significant par value traded to be considered as an eligible
investment.\12\ Economic and other conditions in Brazil may, from time
to time, lead to a decrease in the average par amount outstanding of
bond issuances. Therefore, although the Fund does not intend to do so,
the Fund may invest up to 20% of its net assets in corporate bonds with
less than $200 million par amount outstanding, including up to 5% of
its assets in corporate bonds with less than $100 million par amount
outstanding, if (i) The Adviser or Sub-Adviser deems such security to
be sufficiently liquid based on its analysis of the market for such
security (based on, for example, broker-dealer quotations or its
analysis of the trading history of the security or the trading history
of other securities issued by the issuer), (ii) such investment is
consistent with the Fund's goal of providing exposure to a broad range
of Brazilian government and corporate bonds, and (iii) such investment
is deemed by the Adviser or Sub-Adviser to be in the best interest of
the Fund.
---------------------------------------------------------------------------

    \11\ The category of ``Brazilian debt'' includes both U.S.
dollar-denominated debt and non-U.S. or ``local'' currency debt. The
market for Brazilian local currency debt is larger and more actively
traded than the market for Brazilian U.S. dollar-denominated debt.
According to the Emerging Markets Traders Association, the global
dollar amount of emerging market debt instruments traded in the
first two quarters of 2011 was $3.443 trillion, of which Brazil
represented over $358 billion. This pace seems largely similar to
the annual amounts traded in 2010 whereby $6.765 trillion globally
and $958 billion in Brazilian debt traded between market
participants. This marked a 52% increase globally and a 28% increase
in Brazilian debt over the total volumes of each traded in 2009
($4.4445 trillion globally, $747 billion in Brazilian debt). Global
turnover in local currency debt instruments in 2009 was $2.870
trillion, of which Brazilian debt represented $548 billion. (Source:
Emerging Markets Traders Association Survey: Full Year 2010 Emerging
Markets Debt Trading, Emerging Markets Traders Association, March
22, 2011; Emerging Markets Traders Association 2009 Annual Debt
Trading Volume Survey, March 8, 2010. Additional information
relating to emerging market corporate bonds is available at:
www.emta.org. See Form 19b-4 at 7, n.10. The Adviser represents that
Brazilian sovereign debt is issued in large par size and tends to be
very liquid. Real-denominated Brazilian debt issued by supranational
entities is also actively traded. Intra-day, executable price
quotations on such instruments are available from major broker-
dealer firms. Intra-day price information is available through
subscription services, such as Bloomberg and Thomson Reuters, which
can be accessed by authorized participants and other investors.
    \12\ The Adviser represents that the size and liquidity of the
market for emerging market bonds, including Brazilian corporate
bonds, generally has been increasing in recent years. Through the
first three quarters of 2011, emerging market corporate bonds traded
approximately $652 billion. The aggregate dollar amount of emerging
market corporate bonds traded in 2010 was $841 billion. This
constituted a 63% increase over the $514 billion traded in 2009. As
of January 31, 2012, the market for Brazilian corporate bonds
represented 22.48% ($95.83 billion) of the JPMorgan Corporate
Emerging Market Bond Index Broad, the industry standard benchmark
for emerging market corporate debt. Brazilian corporate debt
represents the single largest country exposure of the index.
Turnover in emerging market corporate debt accounted for 12% of the
overall volume of emerging market debt of $4.445 trillion in 2009,
an increase over the 9% share in 2008. Trading in Brazilian
corporate debt accounted for approximately 8% of the overall trading
in Brazilian debt in 2009, an increase over the approximately 6%
share in 2008. (Source: JPMorgan, January 31, 2012; Emerging Markets
Traders Association Press Releases, March 8, 2010, August 22, 2011,
December 15, 2011.) Additional information relating to emerging
market corporate bonds is available at: www.emta.org.
---------------------------------------------------------------------------

    According to the Registration Statement, the Fund typically will
maintain aggregate portfolio duration of between two and ten years.
Aggregate portfolio duration is a measure of the portfolio's
sensitivity to changes in the level of interest rates. The Fund's
actual portfolio duration may be longer or shorter depending upon
market conditions.
    The universe of Brazilian Fixed Income Securities currently
includes securities that are rated ``investment grade'' as well as
``non-investment grade'' securities. The Fund is designed to provide a
broad-based, representative exposure to Brazilian government and
corporate bonds and therefore will invest in both investment grade and
non-investment grade securities in a manner designed to provide this
exposure. The Fund currently expects that it will have 65% or more of
its assets invested in investment grade securities, and no more than
35% of its assets invested in non-investment grade securities. Because
the Fund is designed to provide exposure to a broad range of Brazilian
government and corporate bonds, and because the debt ratings of the
Brazilian government and those corporate issuers will change from time
to time, the exact percentage of the Fund's investments in investment
grade and non-investment grade securities will change from time to time
in response to economic events and

changes to the credit ratings of the Brazilian government and corporate
issuers.\13\ Within the non-investment grade category, some issuers and
instruments are considered to be of lower credit quality and at higher
risk of default. In order to limit its exposure to these more
speculative credits, the Fund will not invest more than 15% of its
assets in securities rated B or below by Moody's, or equivalently rated
by S&P or Fitch. The Fund does not intend to invest in unrated
securities. However, it may do so to a limited extent, such as where a
rated security becomes unrated, if such security is determined by the
Adviser and Sub-Adviser to be of comparable quality. In determining
whether a security is of ``comparable quality,'' the Adviser and Sub-
Adviser will consider, for example, whether the issuer of the security
has issued other rated securities.
---------------------------------------------------------------------------

    \13\ As of January 31, 2012, Brazilian government debt was rated
investment grade by S&P, Moody's, and Fitch. See http://brasilstocks.com/bonds. See Form 19b-4 at 8, n.12.
---------------------------------------------------------------------------

    The Fund will hold Fixed Income Securities of at least 13 non-
affiliated issuers. The Fund will not concentrate 25% or more of the
value of its total assets (taken at market value at the time of each
investment) in any one industry, as that term is used in the 1940 Act
(except that this restriction does not apply to obligations issued by
the U.S. government or its agencies and instrumentalities or
government-sponsored enterprises).\14\
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    \14\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund intends to qualify each year as a regulated investment
company (``RIC'') under Subchapter M of the Internal Revenue Code of
1986, as amended.\15\ The Fund will invest its assets, and otherwise
conduct its operations, in a manner that is intended to satisfy the
qualifying income, diversification, and distribution requirements
necessary to establish and maintain RIC qualification under Subchapter
M. The Subchapter M diversification tests generally require that (i)
the Fund invest no more than 25% of its total assets in securities
(other than securities of the U.S. government or other RICs) of any one
issuer or two or more issuers that are controlled by the Fund and that
are engaged in the same, similar, or related trades or businesses, and
(ii) at least 50% of the Fund's total assets consist of cash and cash
items, U.S. government securities, securities of other RICs, and other
securities, with investments in such other securities limited in
respect of any one issuer to an amount not greater than 5% of the value
of the Fund's total assets and 10% of the outstanding voting securities
of such issuer.
---------------------------------------------------------------------------

    \15\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    In addition to satisfying the above referenced RIC diversification
requirements, no portfolio security held by the Fund (other than U.S.
government securities) will represent more than 30% of the weight of
the portfolio, and the five highest weighted portfolio securities of
the Fund (other than U.S. government securities) will not in the
aggregate account for more than 65% of the weight of the portfolio. For
these purposes, the Fund may treat repurchase agreements collateralized
by U.S. government securities as U.S. government securities.
Money Market Securities
    The Fund intends to invest in Money Market Securities (as described
below) in a manner consistent with its investment objective in order to
help manage cash flows in and out of the Fund, such as in connection
with payment of dividends or expenses and to satisfy margin
requirements, to provide collateral, or to otherwise back investments
in derivative instruments. For these purposes, Money Market Securities
include: short-term, high-quality obligations issued or guaranteed by
the U.S. Treasury or the agencies or instrumentalities of the U.S.
government; short-term, high-quality securities issued or guaranteed by
non-U.S. governments, agencies, and instrumentalities; repurchase
agreements backed by U.S. government securities; money market mutual
funds; and deposits and other obligations of U.S. and non-U.S. banks
and financial institutions. All Money Market Securities acquired by the
Fund will be rated investment grade. The Fund does not intend to invest
in any unrated money market securities. However, it may do so, to a
limited extent, such as where a rated Money Market Security becomes
unrated, if such Money Market Security is determined by the Adviser or
the Sub-Adviser to be of comparable quality.
Derivative Instruments
    Consistent with the Exemptive Order, the Fund may use derivative
instruments as part of its investment strategies. Examples of
derivative instruments include listed futures contracts,\16\ forward
currency contracts, non-deliverable forward currency contracts,\17\
currency swaps (e.g., Brazilian real vs. U.S. dollar), interest rate
swaps,\18\ total return swaps,\19\ currency options, options on futures
contracts, and credit-linked notes. \20\ The Fund's use of derivative
instruments (other than credit-linked notes) will be collateralized or
otherwise backed by investments in short term, high-quality U.S. money
market securities and other liquid fixed income securities. The Fund
expects that no more than 30% of the value of the Fund's net assets
will be invested in derivative instruments. Such investments will be
consistent with the Fund's investment objective and will not be used to
enhance leverage.
---------------------------------------------------------------------------

    \16\ The listed futures contracts in which the Fund may invest
will be listed on exchanges either in the U.S. or in Brazil.
Brazil's primary financial markets regulator, the Comissao de
Valores Mobiliarios, is a signatory to the International
Organization of Securities Commissions (``IOSCO'') Multilateral
Memorandum of Understanding (``MMOU''), which is a multi-party
information sharing arrangement among major financial regulators.
Both the Commission and the Commodity Futures Trading Commission are
signatories to the IOSCO MMOU.
    \17\ A forward currency contract is an agreement to buy or sell
a specific currency on a future date at a price set at the time of
the contract.
    \18\ An interest rate swap involves the exchange of a floating
interest rate payment for a fixed interest rate payment.
    \19\ A total return swap is an agreement between two parties in
which one party agrees to make payments of the total return of a
reference asset in return for payments equal to a rate of interest
on another reference asset.
    \20\ The Fund may invest in credit-linked notes. A credit linked
note is a type of structured note whose value is linked to an
underlying reference asset. Credit linked notes typically provide
periodic payments of interest as well as payment of principal upon
maturity. The value of the periodic payments and the principal
amount payable upon maturity are tied (positively or negatively) to
a reference asset such as an index, government bond, interest rate,
or currency exchange rate. The ongoing payments and principal upon
maturity typically will increase or decrease depending on increases
or decreases in the value of the reference asset. The Fund's
investments in credit-linked notes will be limited to notes
providing exposure to Brazilian Fixed Income Securities. The Fund's
overall investment in credit-linked notes will not exceed 25% of the
Fund's assets.
---------------------------------------------------------------------------

    With respect to certain kinds of derivative transactions entered
into by the Fund that involve obligations to make future payments to
third parties, including, but not limited to, futures, forward
contracts, swap contracts, the purchase of securities on a when-issued
or delayed delivery basis, or reverse repurchase agreements, under
applicable federal securities laws, rules, and interpretations thereof,
the Fund must ``set aside'' liquid assets or engage in other measures
to ``cover'' open positions with respect to such transactions.\21\
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    \21\ See 15 U.S.C. 80a-18; Investment Company Act Release No.
10666 (April 18, 1979), 44 FR 21258 (April 27, 1979); Dreyfus
Strategic Investing, Commission No-Action Letter (June 22, 1987);
Merrill Lynch Asset Management, L.P., Commission No-Action Letter
(July 2, 1996).

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    The Fund may engage in foreign currency transactions, and may
invest directly in foreign currencies in the form of bank and financial
institution deposits, certificates of deposit, and bankers acceptances
denominated in a specified non-U.S. currency. The Fund may enter into
forward currency contracts in order to ``lock in'' the exchange rate
between the currency it will deliver and the currency it will receive
for the duration of the contract.\22\
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    \22\ The Fund will invest only in currencies, and instruments
that provide exposure to such currencies, that have significant
foreign exchange turnover and are included in the Bank for
International Settlements, Triennial Central Bank Survey, Report on
Global Foreign Exchange Market Activity in 2010 December 2010 (``BIS
Survey''). The Fund may invest in currencies, and instruments that
provide exposure to such currencies, selected from the top 40
currencies (as measured by percentage share of average daily
turnover for the applicable month and year) included in the BIS
Survey.
---------------------------------------------------------------------------

    The Fund may enter into repurchase agreements with counterparties
that are deemed to present acceptable credit risks, and may enter into
reverse repurchase agreements, which involve the sale of securities
held by the Fund subject to its agreement to repurchase the securities
at an agreed upon date or upon demand and at a price reflecting a
market rate of interest.
    The Fund may invest in the securities of other investment companies
(including money market funds and exchange-traded funds). The Fund may
hold up to an aggregate amount of 15% of its net assets in (1) Illiquid
securities, (2) Rule 144A securities, and (3) loan interests (such as
loan participations and assignments, but not including LPNs).\23\
Illiquid securities include securities subject to contractual or other
restrictions on resale and other instruments that lack readily
available markets.
---------------------------------------------------------------------------

    \23\ 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
14617 (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).
---------------------------------------------------------------------------

    The Fund will not invest in non-U.S. equity securities.
The Shares
    The Fund will issue and redeem Shares on a continuous basis at net
asset value (``NAV'') \24\ only in large blocks of Shares (``Creation
Units'') in transactions with authorized participants. Currently, a
Creation Unit consists of 100,000 Shares. The Fund will issue and
redeem Creation Units in exchange for a portfolio of Fixed Income
Securities closely approximating the holdings of the Fund and/or an
amount of cash in U.S. dollars. Once created, Shares of the Fund will
trade on the secondary market in amounts less than a Creation Unit.
---------------------------------------------------------------------------

    \24\ The NAV of the Fund's Shares generally will be calculated
once daily Monday through Friday as of the close of regular trading
on the New York Stock Exchange, generally 4 p.m., Eastern time
(``NAV Calculation Time''). NAV per Share is calculated by dividing
a Fund's net assets by the number of Fund Shares outstanding. For
more information regarding the valuation of Fund investments in
calculating a Fund's NAV, see the Registration Statement.
---------------------------------------------------------------------------

    Creations and redemptions must be made by an authorized participant
or through a firm that is either a member of the National Securities
Clearing Corporation or a Depository Trust Company participant, and in
each case, must have executed an agreement with the Distributor with
respect to creations and redemptions of Creation Units. Creation and
redemption orders must be entered by 4 p.m., Eastern time.
    Additional information regarding the Shares and the Fund, including
investment strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, distributions, and taxes is
included in the Registration Statement.
Availability of Information
    The Fund's Web site (www.wisdomtree.com), which will be publicly
available prior to the public offering of Shares, will include a form
of the prospectus for the Fund that may be downloaded. The Web site
will include additional quantitative information updated on a daily
basis, including, for the Fund: (1) The prior business day's reported
NAV, mid-point of the bid/ask spread at the time of calculation of such
NAV (``Bid/Ask Price''),\25\ and a calculation of the premium and
discount of the Bid/Ask Price against the NAV; and (2) data in chart
format displaying the frequency distribution of discounts and premiums
of the daily Bid/Ask Price against the NAV, within appropriate ranges,
for each of the four previous calendar quarters. On each business day,
before commencement of trading in Shares in the Core Trading Session
\26\ on the Exchange, the Trust will disclose on its Web site the
identities and quantities of the portfolio of securities and other
assets (``Disclosed Portfolio'') held by the Fund that will form the
basis for the Fund's calculation of NAV at the end of the business
day.\27\ The Disclosed Portfolio will include, as applicable, the
names, quantity, percentage weighting, and market value of Fixed Income
Securities and other assets held by the Fund and the characteristics of
such assets. The Web site and information will be publicly available at
no charge.
---------------------------------------------------------------------------

    \25\ The Bid/Ask Price of the Fund will be determined using the
midpoint of the highest bid and the lowest offer on the Exchange as
of the time of calculation of such Fund's NAV. The records relating
to Bid/Ask Prices will be retained by the Fund and its service
providers.
    \26\ The Core Trading Session is 9:30 a.m. to 4 p.m., Eastern
time.
    \27\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Notwithstanding the
foregoing, portfolio trades that are executed prior to the opening
of the Exchange on any business day may be booked and reflected in
NAV on such business day. Accordingly, the Fund will be able to
disclose at the beginning of the business day the portfolio that
will form the basis for the NAV calculation at the end of the
business day.
---------------------------------------------------------------------------

    In addition, for the Fund, an estimated value, defined in Rule
8.600 as the Portfolio Indicative Value (``PIV'') that reflects an
estimated intra-day value of the Fund's portfolio, will be
disseminated. The PIV 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 at least every 15
seconds during the Core Trading Session on the Exchange.\28\ In
addition, during hours when the markets for Fixed Income Securities in
the Fund's portfolio are closed, the PIV will be updated at least every
15 seconds during the Core Trading Session to reflect currency exchange
fluctuations.
---------------------------------------------------------------------------

    \28\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available PIVs
published via the Consolidated Tape Association (``CTA'') or other
data feeds.
---------------------------------------------------------------------------

    The dissemination of the PIV, together with the Disclosed
Portfolio, will allow investors to determine the value of the
underlying portfolio of the Fund on a daily basis and to provide a
close estimate of that value throughout the trading day.
    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 will be published daily in
the financial section of newspapers. Quotation and last-sale
information for the Shares will be available via the CTA high-speed
line.
    Intra-day and end-of-day prices are readily available through major
market data providers and broker-dealers for the Fixed Income
Securities, Money Market Securities, and derivative instruments held by
the Fund.
Initial and Continued Listing
    The Shares will be subject to Rule 8.600, which sets forth the
initial and continued listing criteria applicable to Managed Fund
Shares. The Exchange represents that, for initial and/or continued
listing, the Fund must be in compliance with Rule 10A-3 under the
Exchange Act,\29\ as provided by NYSE Arca Equities Rule 5.3. 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 and the Disclosed Portfolio will be made
available to all market participants at the same time.
---------------------------------------------------------------------------

    \29\ 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. Shares of the Fund will be halted if
the ``circuit breaker'' parameters in NYSE Arca Equities Rule 7.12 are
reached. 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/or financial instruments comprising the
Disclosed Portfolio of the Fund; or (2) whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present. Trading in the Shares will be subject
to Rule 8.600(d)(2)(D), which sets forth circumstances under which
Shares of the Fund may be halted.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m., Eastern time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which includes Managed
Fund Shares) to monitor trading in the Shares. 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.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. 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.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges who are members of
the ISG or with which the Exchange has entered into a comprehensive
surveillance sharing agreement.\30\
---------------------------------------------------------------------------

    \30\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all of the components
of the Disclosed Portfolio for the Fund may trade on exchanges that
are members of the ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. See note 16, supra.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin (``Bulletin'') of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its ETP Holders to learn the essential facts relating to every
customer prior to trading the Shares; (3) the risks involved in trading
the Shares during the Opening and Late Trading Sessions when an updated
PIV will not be calculated or publicly disseminated; (4) how
information regarding the PIV is disseminated; (5) the requirement that
ETP Holders deliver a prospectus to investors purchasing newly issued
Shares prior to or concurrently with the confirmation of a transaction;
and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4 p.m., Eastern time each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \31\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \31\ 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 will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. The Exchange may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a comprehensive surveillance sharing
agreement. The Sub-Adviser is affiliated with multiple broker-dealers
and has implemented a ``fire wall'' with respect to such broker-dealers
regarding access to information concerning the composition and/or
changes to the Fund's portfolio. In addition, Sub-Adviser personnel who
make decisions regarding the Fund's portfolio are subject to procedures
designed to prevent the use and dissemination of

material nonpublic information regarding the Fund's portfolio. The Fund
intends to invest at least 70% of its net assets in Fixed Income
Securities. The Fund will invest only in corporate bonds that the
Adviser or Sub-Adviser deems to be sufficiently liquid. Generally a
corporate bond must have $200 million or more par amount outstanding
and significant par value traded to be considered as an eligible
investment. The Fund currently expects that it will have 65% or more of
its assets invested in investment grade securities, and no more than
35% of its assets invested in non-investment grade securities. Money
Market Securities acquired by the Fund will generally be rated
investment grade, except, to a limited extent, such as where a rated
Money Market Security becomes unrated, if such Money Market Security is
determined by the Adviser or the Sub-Adviser to be of comparable
quality. The Fund expects that no more than 30% of the value of the
Fund's net assets will be invested in derivative instruments. The Fund
may hold up to an aggregate amount of 15% of its net assets in (1)
Illiquid securities, (2) Rule 144A securities, and (3) loan interests
(such as loan participations and assignments, but not including LPNs).
Such investments will be consistent with the Fund's investment
objective and will not be used to enhance leverage. The Fund will not
invest in any non-U.S. equity securities.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Moreover, the PIV will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Exchange's Core Trading Session. On each business
day, before commencement of trading in Shares in the Core Trading
Session on the Exchange, the Fund will disclose on its Web site the
Disclosed Portfolio 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 will
be available via the CTA high-speed line. The Web site for the Fund
will include a form of the prospectus for the Fund and additional data
relating to NAV and other applicable quantitative information.
Moreover, prior to the commencement of trading, the Exchange will
inform its ETP Holders in an Information Bulletin of the special
characteristics and risks associated with trading the Shares. Trading
in Shares of the Fund will be halted if the circuit breaker parameters
in NYSE Arca Equities Rule 7.12 have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable, and trading in the Shares will be
subject to NYSE Arca Equities Rule 8.600(d)(2)(D), which sets forth
circumstances under which Shares of the Fund may be halted. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, the PIV, 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, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Fund's holdings,
the PIV, the Disclosed Portfolio, and quotation and last-sale
information for the Shares.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2012-25 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2012-25. 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 10 a.m. and 3 p.m. Copies of the filing will also
be available for inspection and copying at the Exchange's principal
office and on its Internet Web site at www.nyse.com. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2012-25 and should
be submitted on or before May 2, 2012.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-8717 Filed 4-10-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 197 (Thursday, October 11, 2018)]
[Notices]
[Page 51458]
[FR Doc No: 2018-22070]

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ENVIRONMENTAL PROTECTION AGENCY

[EPA-HQ-OECA-2014-0082; FRL-9983-41-OEI]

Information Collection Request Submitted to OMB for Review and
Approval; Comment Request; NESHAP for Carbon Black, Ethylene, Cyanide
and Spandex (Renewal)

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency (EPA) has submitted an
information collection request (ICR), NESHAP for Carbon Black,
Ethylene, Cyanide and Spandex (EPA ICR Number 1983.08, OMB Control
Number 2060-0489), to the Office of Management and Budget (OMB) for
review and approval in accordance with the Paperwork Reduction Act.
This is a proposed extension of the ICR, which is currently approved
through December 31, 2018. Public comments were previously requested
via the Federal Register on June 29, 2017, during a 60-day comment
period. This notice allows for an additional 30 days for public
comments. A fuller description of the ICR is given below, including its
estimated burden and cost to the public. An agency may neither conduct
nor sponsor, and a person is not required to respond to, a collection
of information unless it displays a currently valid OMB control number.

DATES: Additional comments may be submitted on or before November 13,
2018.

ADDRESSES: Submit your comments, referencing Docket ID Number EPA-HQ-
OECA-2014-0082, to: (1) EPA online using www.regulations.gov (our
preferred method), or by email to [email protected], or by mail to:
EPA Docket Center, Environmental Protection Agency, Mail Code 28221T,
1200 Pennsylvania Ave. NW, Washington, DC 20460; and (2) OMB via email
to [email protected]. Address comments to OMB Desk Officer
for EPA.
    EPA's policy is that all comments received will be included in the
public docket without change including any personal information
provided, unless the comment includes profanity, threats, information
claimed to be Confidential Business Information (CBI), or other
information whose disclosure is restricted by statute.

FOR FURTHER INFORMATION CONTACT: Patrick Yellin, Monitoring,
Assistance, and Media Programs Division, Office of Compliance, Mail
Code 2227A, Environmental Protection Agency, 1200 Pennsylvania Ave. NW,
Washington, DC 20460; telephone number:<PHONE_NUMBER>; fax number:
(202) 564-0050; email address: [email protected].

SUPPLEMENTARY INFORMATION: Supporting documents, which explain in
detail the information that the EPA will be collecting, are available
in the public docket for this ICR. The docket can be viewed online at
www.regulations.gov, or in person at the EPA Docket Center, WJC West,
Room 3334, 1301 Constitution Ave. NW, Washington, DC. The telephone
number for the Docket Center is<PHONE_NUMBER>. For additional
information about EPA's public docket, visit: http://www.epa.gov/dockets.
    Abstract: The National Emission Standards for Hazardous Air
Pollutants (NESHAP) for the Generic Maximum Achievable Control
Technology (GMACT) Standards published at (40 CFR part 63, subpart YY)
apply to existing and new carbon black (CB), cyanide (CY), ethylene
(ET), and spandex (SP) facilities that would be subject to the major
source provisions specified under the GMACT NESHAP. New facilities
include those that commenced construction or reconstruction after the
date of proposal. In general, all NESHAP standards require initial
notifications, performance tests, and periodic reports by the owners/
operators of the affected facilities. They are also required to
maintain records of the occurrence and duration of any startup,
shutdown, or malfunction in the operation of an affected facility, or
any period during which the monitoring system is inoperative. These
notifications, reports, and records are essential in determining
compliance, and are required of all affected facilities subject to
NESHAP.
    Form Numbers: None.
    Respondents/affected entities: Carbon black production, cyanide
production, ethylene production, and spandex production facilities.
    Respondent's obligation to respond: Mandatory (40 CFR part 63,
subpart YY).
    Estimated number of respondents: 61 (total).
    Frequency of response: Initially, occasionally, and semiannually.
    Total estimated burden: 41,800 hours (per year). Burden is defined
at 5 CFR 1320.3(b).
    Total estimated cost: $4,930,000 (per year), which includes
$351,000 in annualized capital/startup and/or operation and maintenance
costs.
    Changes in the Estimates: There is an increase of 61 hours in the
total estimated respondent burden compared with the ICR currently
approved by OMB. The adjustment increase in burden from the most-
recently approved ICR is the addition of burden hours to account for
the time spent by existing facilities to re-familiarize themselves
annually with the rule requirements.

Courtney Kerwin,
Director, Regulatory Support Division.
[FR Doc. 2018-22070 Filed 10-10-18; 8:45 am]
 BILLING CODE 6560-50-P