[Federal Register Volume 80, Number 238 (Friday, December 11, 2015)]
[Notices]
[Pages 77063-77065]
[FR Doc No: 2015-31276]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76577; File No. SR-NYSEARCA-2015-116]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending NYSE Arca
Rule 2.23 To Establish the Securities Trader and Securities Trader
Principal Registration Categories

December 8, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on November 24, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend NYSE Arca Rule 2.23 to (1) prescribe
the Securities Traders examination (Series 57) (the ``Series 57
Examination'') as the qualifying examination for registered Market
Makers, Market Maker Authorized Traders (``MMATs''), Floor Brokers and
Securities Traders, (2) eliminate reference to the S501Program as a
continuing education requirement, and (3) rename the category
``Proprietary Trader'' as ``Securities Trader'' in Exchange rules
without making any substantive change to the definition of such term.
The proposed rule change is available on the Exchange's Web site at
www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes to amend NYSE Arca Rule 2.23 to prescribe the
Series 57 Examination as the qualifying examination for registered
Market Makers, MMATs, Floor Brokers and Securities Traders and
eliminate reference to the S501 Program as a continuing education
requirement.
    NYSE Arca Rule 2.23 currently specifies that the successful
completion of the Proprietary Trader Qualification Examination
(``Series 56 Examination'') is required in order to register as a
Market Maker, a MMAT, or a Floor Broker.\4\ In addition, individuals
currently engaged solely in proprietary trading, who are not required
to register as Market Makers, MMATs or Floor Brokers, may qualify for
registration by successful completion of the Series 56 Examination or
the General Securities Representative Qualification Examination
(``Series 7 Examination'').\5\
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    \4\ Under the current rule, Market Makers, MMATs and Floor
Brokers are also required to successfully complete an orientation
program for the prescribed examination.
    \5\ Currently, individuals engaged solely in proprietary trading
can alternatively take the Series 7 Examination as a qualifying
exam. After implementation of the Series 57 Examination, an
individual engaged solely in proprietary trading will be required to
take the Series 57 Examination as the Series 7 Examination would no
longer serve as a qualifying exam to engage solely in proprietary
trading.
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    The Exchange proposes to change the prescribed examination for
Market Makers, MMATs, and Floor Brokers from the Series 56 Examination
to the Series 57 Examination and also proposes to replace the Series 56
Examination with the Series 57 Examination for individuals engaged
solely in proprietary trading. With this proposed rule change, Market
Makers, MMATs, Floor Brokers and individuals engaged solely in
proprietary trading will qualify for registration by passing the Series
57 Examination.
    The Series 57 Examination is being developed by the Financial
Industry Regulatory Authority, Inc. (``FINRA'') in consultation with
industry and exchange representatives. The Series 57 Examination will
be based on the current job functions of securities traders and will
include elements of the Series 55 Equity Trader Qualification
Examination (which is required to engage in over-the-counter securities
trading) and the current Series 56 Registered Proprietary Traders
Examination (which is required for associated persons engaged in
proprietary trading).\6\ The Series 57 Examination will be based on
industry rules applicable to trading of equity securities and listed
options contracts. The Series 57 Examination will cover, among other
things, recordkeeping and

recording requirements; types and characteristics of securities and
investments; trading practices; and display, execution, and trading
systems.\7\ As such, the Exchange believes that an applicant who has
passed the Series 57 Examination is shown to be qualified to act in the
capacity of a Market Maker, Floor Broker, MMAT or engage solely in
proprietary trading on NYSE Arca.
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    \6\ While the Series 56 Examination is required for associated
persons engaged in proprietary trading, Exchange rules do not
require such individuals to work at a proprietary trading firm only.
These individuals can work at any type of firm. However, they may
only engage in proprietary trading at the firm where they are
employed. For example, an individual engaged in proprietary trading
at a full service firm, who is registered solely to engage in
proprietary trading, may not act as a registered representative for
that firm.
    \7\ See Securities Exchange Act Release No. 75783 (August 28,
2015), 80 FR 53369 (September 3, 2015) (SR-FINRA-2015-017) (Order
Approving a Proposed Rule Change to Establish the Securities Trader
and Securities Trader Principal Registration Categories).
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    While NYSE Arca will no longer be offering the Series 56
Examination as a qualifying exam to new applicants, the Exchange will
continue to recognize individuals who have passed that exam as having
successfully completed a qualifying exam. Individuals who have taken
the Series 56 Examination and have registered in Web CRD \8\ as
proprietary traders will have their registration converted in Web CRD
on January 4, 2016 to a securities trader. Additionally, individuals
currently engaged solely in proprietary trading, who currently qualify
for registration by passing the Series 7 Examination and have
registered in Web CRD as Proprietary Traders will have their
registration converted in Web CRD on January 4, 2016 to a Securities
Trader without having to take any additional examinations and without
having to take any other actions. Individuals presently registered as
Market Makers, MMATs, Floor Brokers or those engaged solely in
proprietary trading on NYSE Arca, who have previously passed a
qualifying exam will not be required to take the Series 57 Examination
as a condition of their continued registration. However, the
registration of individuals who have taken the Series 56 Examination
will not be converted to a Securities Trader if they have not
registered as a Proprietary Trader in Web CRD by December 28, 2015.
After that date, these individuals will be required to take the Series
57 Examination in order to register as securities traders. In addition,
individuals registered as proprietary traders in Web CRD prior to the
effective date of the proposed rule change will be eligible to register
as securities traders without having to take any additional
examinations, provided that no more than two years have passed between
the date the individual last registered as a proprietary trader and the
date the individual registers as a securities trader.\9\
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    \8\ Web CRD is the central licensing and registration system for
the U.S. securities industry and its regulators.
    \9\ See Rule 2.23, Commentary .03.
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    Under the proposed rule change, the Exchange would rename the
category ``Proprietary Trader'' as ``Securities Trader'' in Rule 2.23
without making any substantive change to the definition of such term. A
Securities Trader, similar to what is currently required for a
Proprietary Trader, would be required to register as such on Web CRD
and pass the Series 57 Examination described above, but would not be
permitted to function in an agency capacity or otherwise conduct a
public business in securities. Additionally, Rule 2.23 requires that an
individual associated with an Exchange member with supervisory
responsibility over proprietary trading activities qualify and register
as a Proprietary Trader Principal. Under the proposed rule change, the
Exchange would replace references in Rule 2.23 to Proprietary Trader
Principal with Securities Trader Principal.
    Further, registered persons are required under Rule 2.23(d) to
comply with the Exchange's continuing education requirements.
Specifically, under Rule 2.23(d)(1)(A), individuals engaged solely in
proprietary trading are required to complete the S501 Program to
fulfill the Regulatory Element of their continuing education
requirement. With the transition to the Series 57 Examination, the S501
Program will no longer be required; such individuals will instead be
required to complete the S101 Program to fulfill the Regulatory Element
of their continuing education requirement.
    The Exchange notes that in order to qualify as a Proprietary Trader
Principal, an associated person currently must pass the Series 56
Examination or the Series 7 Examination, and the Series 24 Examination.
Once the Exchange has adopted the Series 57 Examination as the
qualifying exam for a Securities Trader, associated persons would need
to pass the Series 57 Examination and the Series 24 Examination in
order to register as a Securities Trader Principal. Only those
individuals who are registered as such would be qualified to supervise
a Securities Trader. Individuals registered as a General Securities
Principal would not be qualified to supervise a Securities Trader.
Thus, a General Securities Principal may not supervise a Securities
Trader, nor would a Securities Trader Principal be able to act as a
General Securities Principal, unless the individual is registered as a
Securities Trader Principal and a General Securities Principal.
    Within 30 days of filing the proposed rule change, the Exchange
will issue a Regulatory Bulletin announcing the operative date of the
rule change, which will not be sooner than January 4, 2016.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section
6(b) of the Securities Exchange Act of 1934 (``Act''),\10\ in general,
and furthers the objectives of Section 6(c)(3)(B) \11\ of the Act,
pursuant to which a national securities exchange prescribes standards
of training, experience and competence for members and their associated
persons, and Section 6(b)(5) \12\ of the Act, in particular, in that it
is designed, among other things, to promote just and equitable
principles of trade, to remove impediments to, and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. The Exchange
believes that prescribing the Series 57 Examination for Market Makers,
MMATs, Floor Brokers and for individuals engaged solely in proprietary
trading is appropriate because the Series 57 Examination addresses
industry topics that establish the foundation for the regulatory and
procedural knowledge necessary for individuals required to register as
Market Makers, MMATs, Floor Brokers and for such individuals to
appropriately register under Exchange rules. In addition, the Series 57
Examination is expected to be shared by other exchanges and become the
industry standard.\13\ Accordingly, adopting the Series 57 Examination
will help to promote consistency in examination requirements and
uniformity across markets.
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(c)(3)(B).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ See supra, note 7.
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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 not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change does
not impose any additional examination burdens on persons who are
already registered. There is no obligation to take the Series 57
Examination in order to continue in their present duties, so the
proposed rule change is not expected to

disadvantage current registered persons relative to new entrants in
this regard.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \14\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \15\ 17 CFR 240.19b-4(f)(6).
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    A proposed rule change filed under Rule 19b-4(f)(6) \16\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\17\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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    \16\ 17 CFR 240.19b-4(f)(6).
    \17\ 17 CFR 240.19b-4(f)(6)(iii).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \18\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \18\ 15 U.S.C. 78s(b)(2)(B).
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IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEARCA-2015-116 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEARCA-2015-116. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549-1090. Copies of the filing will also be
available for inspection and copying at the NYSE's principal office and
on its Internet Web site at www.nyse.com. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEARCA-2015-116 and should be
submitted on or before January 4, 2016.
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    \19\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-31276 Filed 12-10-15; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 78, Number 127 (Tuesday, July 2, 2013)]
[Notices]
[Pages 39793-39799]
[FR Doc No: 2013-15781]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 30568; 812-14080]

ETF Issuer Solutions Inc., et al.; Notice of Application

June 26, 2013.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under section 6(c) of the
Investment Company Act of 1940 (``Act'') for an exemption from sections
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the
Act, under sections 6(c) and 17(b) of the Act for an exemption from
sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J)
of the Act for an exemption from sections 12(d)(1)(A) and (B) of the
Act.

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Applicants: ETF Issuer Solutions Inc. (``ETFis''), ETF Actively Managed
Trust (``Trust) and ETF Distributors LLC (``Distributor'').

Summary of Application: Applicants request an order that permits: (a)
Actively-managed series of certain open-end management investment
companies to issue shares (``Shares'') redeemable in large aggregations
only (``Creation Units''); (b) secondary market transactions in Shares
to occur at negotiated market prices; (c) certain series to pay
redemption proceeds, under certain circumstances, more than seven days
from the tender of Shares for redemption; (d) certain affiliated
persons of the series to deposit securities into, and receive
securities from, the series in connection with the purchase and
redemption of Creation Units; and (e) certain registered management
investment companies and unit investment trusts outside of the same
group of investment companies as the series to acquire Shares.

Filing Dates: The application was filed on September 28, 2012, and
amended on March 8, 2013 and June 19, 2013.

Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Commission's
Secretary and serving applicants with a copy of the request, personally
or by mail. Hearing requests should be received by the Commission by
5:30 p.m. on July 22, 2013, and should be accompanied by proof of
service on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Elizabeth M. Murphy, Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090. Applicants,
501 Madison Avenue, Suite 501, New York, NY 10022.

FOR FURTHER INFORMATION CONTACT: David J. Marcinkus, Attorney-Advisor,
at<PHONE_NUMBER> or Dalia Blass, Assistant Director, at<PHONE_NUMBER>
(Division of Investment Management, Exemptive Applications Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's Web site by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations

    1. The Trust is a statutory trust organized under the laws of the
State of Delaware, and will be registered with the Commission as an
open-end management investment company. The Trust will initially offer
one actively-managed investment series (the ``Initial Fund'').
Applicants currently intend to name the Initial Fund the Manna U.S.
Equity Enhanced Dividend Income Fund.
    2. ETFis, a Delaware corporation, will serve as investment adviser
to the Initial Fund. An Advisor (as defined below) may enter into sub-
advisory agreements with investment advisers to act as sub-advisers
(each a ``Subadvisor'') with respect to the Funds (as defined below).
Each Advisor will be registered as an ``investment adviser'' under the
Investment Advisers Act of 1940 (``Advisers Act''). Any Subadvisor will
be registered under the Advisers Act, or not subject to registration.
The Distributor, a Delaware limited liability company, serves as the
principal underwriter and distributor for each of the Funds. The
Distributor is currently in the process of registering as a broker-
dealer under the Securities Exchange Act of 1934 (``Exchange Act''),
and neither the Trust nor the Initial Fund will commence operations
prior to the Distributor becoming registered. The Distributor is an
affiliated person of ETFis within the meaning of Section 2(a)(3)(C) of
the Act.\1\
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    \1\ Applicants request that the order also apply to any other
future principal underwriter and distributor to Future Funds (each,
a ``Future Distributor''), provided that any such Future Distributor
complies with the terms and conditions of the application.
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    3. Applicants request that the order apply to the Initial Fund and
any future series of the Trust or of any other open-end management
companies or series thereof that utilizes active management investment
strategies (``Future Funds''). Any Future Fund will (a) be advised by
ETFis or an entity controlling, controlled by, or under common control
with ETFis (each, an ``Advisor''), and (b) comply with the terms and
conditions of the application.\2\ The Initial Fund and Future Funds
together are the ``Funds.'' Each Fund will consist of a portfolio of
securities (including fixed income securities and/or equity
securities), currencies, assets and other positions (``Portfolio
Instruments''). If a Fund invests in derivatives, then (i) the

Fund's board of directors or trustees (``Board'') will periodically
review and approve the Fund's use of derivatives and how the Advisor
assesses and manages risk with respect to the Fund's use of derivatives
and (ii) the Fund's disclosure of its use of derivatives in its
offering documents and periodic reports will be consistent with
relevant Commission and staff guidance. Funds may invest in
``Depositary Receipts.'' A Fund will not invest in any Depositary
Receipt that the Advisor or Subadvisor, as applicable, deems to be
illiquid or for which pricing information is not readily available.\3\
Each Fund will operate as an actively managed exchange-traded fund
(``ETF''). The Funds may invest in other open-end and/or closed-end
investment companies and/or ETFs.\4\
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    \2\ All entities that currently intend to rely on the order are
named as applicants. Any other entity that relies on the order in
the future will comply with the terms and conditions of the
application. An Investing Fund (as defined below) may rely on the
order only to invest in Funds and not in any other registered
investment company.
    \3\ Depositary Receipts are typically issued by a financial
institution, a ``depositary'', and evidence ownership in a security
or pool of securities that have been deposited with the depositary.
No affiliated persons of the Trust or a Fund, Distributor, Advisor
or any Subadvisor will serve as the depositary bank for any
Depositary Receipts held by a Fund.
    \4\ In no case will a Fund that invests in other open-end and/or
closed-end investments companies and/or ETFs in excess of the limits
in Section 12(d)(1)(A) rely on the Section 12(d)(1) Relief.
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    4. Applicants also request that any exemption under section
12(d)(1)(J) of the Act from sections 12(d)(1)(A) and (B) (the ``Section
12(d)(1) Relief'') apply to: (i) Any Fund that is currently or
subsequently part of the same ``group of investment companies'' as an
Initial Fund within the meaning of section 12(d)(1)(G)(ii) of the Act;
(ii) any principal underwriter for the Fund; (iii) any brokers selling
Shares of a Fund to an Investing Fund (as defined below); and (iv) each
management investment company or unit investment trust registered under
the Act that is not part of the same ``group of investment companies''
as the Funds within the meaning of section 12(d)(1)(G)(ii) of the Act
and that enters into a FOF Participation Agreement (as defined below)
with a Fund (such management investment companies, ``Investing
Management Companies,'' such unit investment trusts, ``Investing
Trusts,'' and Investing Management Companies and Investing Trusts
together, ``Investing Funds''). Investing Funds do not include the
Funds.
    5. Applicants anticipate that a Creation Unit will consist of at
least 25,000 Shares and that the price of a Share will range from $20
to $200. All orders to purchase Creation Units must be placed with the
Distributor by or through a party that has entered into a participant
agreement with the Distributor and the transfer agent of the Fund
(``Authorized Participant'') with respect to the creation and
redemption of Creation Units. An Authorized Participant is either: (a)
A broker or dealer registered under the Exchange Act (``Broker'') or
other participant in the Continuous Net Settlement System of the
National Securities Clearing Corporation (the ``NSCC''), a clearing
agency registered with the Commission and affiliated with the
Depository Trust Company (``DTC''), or (b) a participant in the DTC
(such participant, ``DTC Participant''). The Shares will be purchased
and redeemed in Creation Units and generally on an in-kind basis.
Except where the purchase or redemption will include cash under the
limited circumstances specified below, purchasers will be required to
purchase Creation Units by making an in-kind deposit of specified
instruments (``Deposit Instruments''), and shareholders redeeming their
Shares will receive an in-kind transfer of specified instruments
(``Redemption Instruments'').\5\ On any given Business Day \6\ the
names and quantities of the instruments that constitute the Deposit
Instruments and the names and quantities of the instruments that
constitute the Redemption Instruments will be identical, and these
instruments may be referred to, in the case of either a purchase or
redemption, as the ``Creation Basket.'' In addition, the Creation
Basket will correspond pro rata to the positions in a Fund's portfolio
(including cash positions),\7\ except (a) in the case of bonds, for
minor differences when it is impossible to break up bonds beyond
certain minimum sizes needed for transfer and settlement; (b) for minor
differences when rounding is necessary to eliminate fractional shares
or lots that are not tradeable round lots; \8\ or (c) TBA
Transactions,\9\ short positions and other positions that cannot be
transferred in kind \10\ will be excluded from the Creation Basket.\11\
If there is a difference between the net asset value (``NAV'')
attributable to a Creation Unit and the aggregate market value of the
Creation Basket exchanged for the Creation Unit, the party conveying
instruments with the lower value will also pay to the other an amount
in cash equal to that difference (the ``Cash Amount'').
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    \5\ The Funds must comply with the federal securities laws in
accepting Deposit Instruments and satisfying redemptions with
Redemption Instruments, including that the Deposit Instruments and
Redemption Instruments are sold in transactions that would be exempt
from registration under the Securities Act of 1933 (``Securities
Act''). In accepting Deposit Instruments and satisfying redemptions
with Redemption Instruments that are restricted securities eligible
for resale pursuant to Rule 144A under the Securities Act, the Funds
will comply with the conditions of Rule 144A.
    \6\ Each Fund will sell and redeem Creation Units on each
``Business Day,'' which is defined to include any day that the Trust
is open for business as required by Section 22(e) of the Act.
    \7\ The portfolio used for this purpose will be the same
portfolio used to calculate the Fund's NAV for that Business Day.
    \8\ A tradeable round lot for a security will be the standard
unit of trading in that particular type of security in its primary
market.
    \9\ A TBA Transaction is a method of trading mortgage-backed
securities. In a TBA Transaction, the buyer and seller agree on
general trade parameters such as agency, settlement date, par amount
and price.
    \10\ This includes instruments that can be transferred in kind
only with the consent of the original counterparty to the extent the
Fund does not intend to seek such consents.
    \11\ Because these instruments will be excluded from the
Creation Basket, their value will be reflected in the determination
of the Cash Amount (as defined below).
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    6. Purchases and redemptions of Creation Units may be made in whole
or in part on a cash basis, rather than in kind, solely under the
following circumstances: (a) To the extent there is a Cash Amount, as
described above; (b) if, on a given Business Day, a Fund announces
before the open of trading that all purchases, all redemptions or all
purchases and redemptions on that day will be made entirely in cash;
(c) if, upon receiving, a purchase or redemption order from an
Authorized Participant, a Fund determines to require the purchase or
redemption, as applicable, to be made entirely in cash \12\; (d) if, on
a given Business Day, a Fund requires all Authorized Participants
purchasing or redeeming Shares on that day to deposit or receive (as
applicable) cash in lieu of some or all of the Deposit Instruments or
Redemption Instruments, respectively, solely because (i) such
instruments are not eligible for transfer through either the NSCC
Process or DTC Process; or (ii) in the case of Funds holding non-U.S.
investments (``Global Funds''), such instruments are not eligible for
trading due to local trading restrictions, local restrictions on
securities transfers or other similar circumstances; or (e) if a Fund
permits an Authorized Participant to deposit or receive (as applicable)
cash in lieu of some or all of the Deposit Instruments or Redemption
Instruments, respectively, solely because: (i) Such instruments are, in
the case of the purchase of a Creation Unit, not

available in sufficient quantity; (ii) such instruments are not
eligible for trading by an Authorized Participant or the investor on
whose behalf the Authorized Participant is acting; or (iii) a holder of
Shares of a Global Fund would be subject to unfavorable income tax
treatment if the holder receives redemption proceeds in kind.\13\
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    \12\ In determining whether a particular Fund will sell or
redeem Creation Units entirely on a cash or in-kind basis (whether
for a given day or a given order), the key consideration will be the
benefit that would accrue to the Fund and its investors. Purchases
of Creation Units either on an all cash basis or in-kind are
expected to be neutral to the Funds from a tax perspective. In
contrast, cash redemptions typically require selling portfolio
holdings, which may result in adverse tax consequences for the
remaining Fund shareholders that would not occur with an in-kind
redemption. As a result, tax considerations may warrant in-kind
redemptions.
    \13\ A ``custom order'' is any purchase or redemption of Shares
made in whole or in part on a cash basis in reliance on clause
(e)(i) or (e)(ii).
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    7. Each Business Day, before the open of trading on a national
securities exchange as defined in section 2(a)(26) of the Act (``Stock
Exchange''), on which Shares are listed, each Fund will cause to be
published through the NSCC the names and quantities of the instruments
comprising the Creation Basket, as well as the estimated Cash Amount
(if any), for that day. The published Creation Basket will apply until
a new Creation Basket is announced on the following Business Day, and
there will be no intra-day changes to the Creation Basket except to
correct errors in the published Creation Basket. A Stock Exchange will
disseminate every 15 seconds throughout the trading day an amount
representing, on a per Share basis, the sum of the current value of the
Deposit Instruments and the estimated Cash Amount.
    8. An investor purchasing or redeeming a Creation Unit from a Fund
will be charged a fee (``Transaction Fee'') to protect existing
shareholders of the Funds from the dilutive costs associated with the
purchase and redemption of Creation Units.\14\ All orders to purchase
Creation Units will be placed with the Distributor by or through an
Authorized Participant, and the Distributor will transmit all purchase
orders to the relevant Fund. The Distributor will be responsible for
delivering a prospectus (``Prospectus'') to those persons purchasing
Creation Units and for maintaining records of both the orders placed
with it and the confirmations of acceptance furnished by it.
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    \14\ Where a Fund permits an in-kind purchaser to substitute
cash in lieu of depositing one or more Deposit Instruments, the
purchaser may be assessed a higher Transaction Fee to offset the
cost to the Fund of buying those particular Deposit Instruments. In
all cases, Transaction Fees will be limited in accordance with
requirements of the Commission applicable to management investment
companies offering redeemable securities.
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    9. Shares will be listed and traded at negotiated prices on a Stock
Exchange. Applicants expect that one or more Stock Exchange specialists
(``Specialists'') or market makers (``Market Makers'') will be assigned
to make a market in Shares. The price of Shares trading on the Stock
Exchange will be based on a current bid/offer in the secondary market.
Transactions involving the purchases and sales of Shares on the Stock
Exchange will be subject to customary brokerage commissions and
charges.
    10. Applicants expect that there will be several categories of
market participants who are likely to be interested in purchasing
Creation Units. One is arbitrageurs, who stand ready to take advantage
of any slight premium or discount in the market price of Shares on the
Stock Exchange versus the cost of depositing a Creation Deposit and
creating a Creation Unit to be broken down into individual Shares.
Applicants expect that arbitrage opportunities created by the ability
to continually purchase or redeem Creation Units at NAV per Share
should ensure that the Shares will not trade at a material discount or
premium in relation to their NAV. Applicants also expect that
Specialists or Market Makers, acting in their unique role to provide a
fair and orderly secondary market for Shares, also may purchase
Creation Units for use in their own market making activities.\15\
Applicants expect that secondary market purchasers of Shares will
include both institutional and retail investors.\16\
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    \15\ If Shares are listed on NYSE Arca, Nasdaq or a similar
electronic Stock Exchange, one or more member firms of that Stock
Exchange will act as Market Maker and maintain a market for Shares
trading on the Stock Exchange. On Nasdaq, no particular Market Maker
would be contractually obligated to make a market in Shares.
However, the listing requirements on Nasdaq, for example, stipulate
that at least two Market Makers must be registered in Shares to
maintain a listing. In addition, on Nasdaq and NYSE Arca, registered
Market Makers are required to make a continuous two-sided market or
subject themselves to regulatory sanctions. If Shares are listed on
a Stock Exchange such as the NYSE, one or more member firms will be
designated to act as a Specialist and maintain a market for the
Shares trading on the Stock Exchange. No Market Maker or Specialist
will be an affiliated person, or an affiliated person of an
affiliated person, of the Funds, except within Section 2(a)(3)(A) or
(C) of the Act due to ownership of Shares, as described below.
    \16\ Shares will be registered in book-entry form only. DTC or
its nominee will be the record or registered owner of all
outstanding Shares. Beneficial ownership of Shares will be shown on
the records of DTC or DTC Participants.
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    11. Shares will not be individually redeemable and owners of Shares
may acquire those Shares from a Fund, or tender such shares for
redemption to the Fund, in Creation Units only. To redeem, an investor
must accumulate enough Shares to constitute a Creation Unit. Redemption
requests must be placed by or through an Authorized Participant. As
discussed above, redemptions of Creation Units will generally be made
on an in-kind basis, subject to certain specified exceptions under
which redemptions may be made in whole or in part on a cash basis, and
will be subject to a Transaction Fee.
    12. Neither the Trust nor any Fund will be marketed or otherwise
held out as a ``mutual fund.'' Instead, each Fund will be marketed as
an ``actively-managed exchange-traded fund.'' In any advertising
material where features of obtaining, buying or selling Shares traded
on the Stock Exchange are described there will be an appropriate
statement to the effect that Shares are not individually redeemable.
    13. The Funds' Web site, which will be publicly available prior to
the public offering of Shares, will include the Prospectus and
additional quantitative information updated on a daily basis, including
on a per Share basis for each Fund, the prior Business Day's NAV and
the market closing price or mid-point of the bid/ask spread at the time
of the calculation of such NAV (``Bid/Ask Price''), and a calculation
of the premium or discount of the market closing price or Bid/Ask Price
against such NAV. On each Business Day, before commencement of trading
in Shares on the Stock Exchange, the Fund will disclose on its Web site
the identities and quantities of the Portfolio Instruments held by the
Fund (including any short positions) that will form the basis for the
Fund's calculation of NAV at the end of the Business Day.\17\
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    \17\ Applicants note that under accounting procedures followed
by the Funds, trades made on the prior Business Day (``T'') will be
booked and reflected in NAV on the current Business Day (``T+1'').
Accordingly, the Funds will be able to disclose at the beginning of
the Business Day the portfolio that will form the basis for the NAV
calculation at the end of the Business Day.
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Applicants' Legal Analysis

    1. Applicants request an order under section 6(c) of the Act for an
exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act
and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act
for an exemption from sections 17(a)(1) and 17(a)(2) of the Act, and
under section 12(d)(1)(J) of the Act for an exemption from sections
12(d)(1)(A) and (B) of the Act.
    2. Section 6(c) of the Act provides that the Commission may exempt
any person, security or transaction, or any class of persons,
securities or transactions, from any provisions of the Act, if and to
the extent that such exemption is necessary or appropriate in the
public interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
Section 17(b) of the Act authorizes the Commission to exempt a proposed
transaction from

section 17(a) of the Act if evidence establishes that the terms of the
transaction, including the consideration to be paid or received, are
reasonable and fair and do not involve overreaching on the part of any
person concerned, that the proposed transaction is consistent with the
policies of each registered investment company concerned and the
general provisions of the Act. Section 12(d)(1)(J) of the Act provides
that the Commission may exempt any person, security, or transaction, or
any class or classes of persons, securities or transactions, from any
provision of section 12(d)(1), if the exemption is consistent with the
public interest and the protection of investors.

Sections 5(a)(1) and 2(a)(32) of the Act

    3. Section 5(a)(1) of the Act defines an ``open-end company'' as a
management investment company that is offering for sale or has
outstanding any redeemable security of which it is the issuer. Section
2(a)(32) of the Act defines a redeemable security as any security,
other than short-term paper, under the terms of which the holder, upon
its presentation to the issuer, is entitled to receive approximately a
proportionate share of the issuer's current net assets, or the cash
equivalent. Because Shares will not be individually redeemable,
applicants request an order that would permit each Fund to redeem
Shares in Creation Units only. Applicants state that investors may
purchase Shares in Creation Units from each Fund and redeem Creation
Units from each Fund. Applicants further state that because the market
price of Creation Units will be disciplined by arbitrage opportunities,
investors should be able to sell Shares in the secondary market at
prices that do not vary materially from their NAV.

Section 22(d) of the Act and Rule 22c-1 Under the Act

    4. Section 22(d) of the Act, among other things, prohibits a dealer
from selling a redeemable security that is currently being offered to
the public by or through a principal underwriter, except at a current
public offering price described in the prospectus. Rule 22c-1 under the
Act generally requires that a dealer selling, redeeming, or
repurchasing a redeemable security do so only at a price based on its
NAV. Applicants state that secondary market trading in Shares will take
place at negotiated prices, not at a current offering price described
in the Prospectus, and not at a price based on NAV. Thus, purchases and
sales of Shares in the secondary market will not comply with section
22(d) of the Act and rule 22c-1 under the Act. Applicants request an
exemption under section 6(c) from these provisions.
    5. Applicants assert that the concerns sought to be addressed by
section 22(d) of the Act and rule 22c-1 under the Act with respect to
pricing are equally satisfied by the proposed method of pricing Shares.
Applicants maintain that while there is little legislative history
regarding section 22(d), its provisions, as well as those of rule 22c-
1, appear to have been designed to (a) prevent dilution caused by
certain riskless-trading schemes by principal underwriters and contract
dealers, (b) prevent unjust discrimination or preferential treatment
among buyers resulting from sales at different prices, and (c) assure
an orderly distribution system of investment company shares by
eliminating price competition from brokers offering shares at less than
the published sales price and repurchasing shares at more than the
published redemption price.
    6. Applicants believe that none of these purposes will be thwarted
by permitting Shares to trade in the secondary market at negotiated
prices. Applicants state that (a) secondary market trading in Shares
does not involve the Funds as parties and cannot result in dilution of
an investment in Shares, and (b) to the extent different prices exist
during a given trading day, or from day to day, such variances occur as
a result of third-party market forces, such as supply and demand.
Therefore, applicants assert that secondary market transactions in
Shares will not lead to discrimination or preferential treatment among
purchasers. Finally, applicants contend that the proposed distribution
system will be orderly because arbitrage activity should ensure that
the difference between the market price of Shares and their NAV remains
narrow.

Section 22(e) of the Act

    7. Section 22(e) of the Act generally prohibits a registered
investment company from suspending the right of redemption or
postponing the date of payment of redemption proceeds for more than
seven days after the tender of a security for redemption. Applicants
observe that settlement of redemptions of Creation Units of Global
Funds is contingent not only on the settlement cycle of the U.S.
securities markets but also on the delivery cycles present in foreign
markets in which those Funds invest. Applicants have been made aware
that, under certain circumstances, the delivery cycles for transferring
Portfolio Instruments to redeeming investors, coupled with local market
holiday schedules, will require a delivery process of up to 15 calendar
days.\18\ Applicants therefore request relief from section 22(e) in
order to provide payment or satisfaction of redemptions within the
maximum number of calendar days required for such payment or
satisfaction, up to a maximum of 15 calendar days, in the principal
local markets where transactions in the Portfolio Instruments of each
Global Fund customarily clear and settle, but in all cases no later
than 15 calendar days following the tender of a Creation Unit.
---------------------------------------------------------------------------

    \18\ Applicants state that, in the past, settlement in certain
countries, including Russia, have extended to 15 calendar days.
---------------------------------------------------------------------------

    8. Applicants state that section 22(e) was designed to prevent
unreasonable, undisclosed, and unforeseen delays in the actual payment
of redemption proceeds. Applicants assert that the requested relief
will not lead to the problems that section 22(e) was designed to
prevent. Applicants state that allowing redemption payments for
Creation Units of a Fund to be made within a maximum of 15 calendar
days would not be inconsistent with the spirit and intent of section
22(e). Applicants state the SAI will disclose those local holidays
(over the period of at least one year following the date of the SAI),
if any, that are expected to prevent the delivery of redemption
proceeds in seven calendar days and the maximum number of days needed
to deliver the proceeds for each affected Global Fund. Applicants are
not seeking relief from section 22(e) with respect to Global Funds that
do not effect creations or redemptions in-kind.

Section 12(d)(1) of the Act

    9. Section 12(d)(1)(A) of the Act prohibits a registered investment
company from acquiring shares of an investment company if the
securities represent more than 3% of the total outstanding voting stock
of the acquired company, more than 5% of the total assets of the
acquiring company, or, together with the securities of any other
investment companies, more than 10% of the total assets of the
acquiring company. Section 12(d)(1)(B) of the Act prohibits a
registered open-end investment company, its principal underwriter, or
any other broker or dealer from selling its shares to another
investment company if the sale will cause the acquiring company to own
more than 3% of the acquired company's voting stock, or if the sale
will cause more than 10% of the acquired company's voting stock to be
owned by investment companies generally.

    10. Applicants request relief to permit Investing Funds to acquire
Shares in excess of the limits in section 12(d)(1)(A) of the Act and to
permit the Funds, their principal underwriters and any Broker to sell
Shares to Investing Funds in excess of the limits in section
12(d)(l)(B) of the Act. Applicants submit that the proposed conditions
to the requested relief address the concerns underlying the limits in
section 12(d)(1), which include concerns about undue influence,
excessive layering of fees and overly complex structures.
    11. Applicants submit that their proposed conditions address any
concerns regarding the potential for undue influence. To limit the
control that an Investing Fund may have over a Fund, applicants propose
a condition prohibiting the adviser of an Investing Management Company
(``Investing Fund Advisor''), sponsor of an Investing Trust
(``Sponsor''), any person controlling, controlled by, or under common
control with the Investing Fund Advisor or Sponsor, and any investment
company or issuer that would be an investment company but for sections
3(c)(1) or 3(c)(7) of the Act that is advised or sponsored by the
Investing Fund Advisor, the Sponsor, or any person controlling,
controlled by, or under common control with the Investing Fund Advisor
or Sponsor (``Investing Fund's Advisory Group'') from controlling
(individually or in the aggregate) a Fund within the meaning of section
2(a)(9) of the Act. The same prohibition would apply to any sub-adviser
to an Investing Management Company (``Investing Fund Subadvisor''), any
person controlling, controlled by or under common control with the
Investing Fund Subadvisor, and any investment company or issuer that
would be an investment company but for sections 3(c)(1) or 3(c)(7) of
the Act (or portion of such investment company or issuer) advised or
sponsored by the Investing Fund Subadvisor or any person controlling,
controlled by or under common control with the Investing Fund
Subadvisor (``Investing Fund's Subadvisory Group'').
    12. Applicants propose a condition to ensure that no Investing Fund
or Investing Fund Affiliate \19\ (except to the extent it is acting in
its capacity as an investment adviser to a Fund) will cause a Fund to
purchase a security in an offering of securities during the existence
of an underwriting or selling syndicate of which a principal
underwriter is an Underwriting Affiliate (``Affiliated Underwriting'').
An ``Underwriting Affiliate'' is a principal underwriter in any
underwriting or selling syndicate that is an officer, director, member
of an advisory board, Investing Fund Advisor, Investing Fund
Subadvisor, employee or Sponsor of the Investing Fund, or a person of
which any such officer, director, member of an advisory board,
Investing Fund Advisor, Investing Fund Subadvisor, employee or Sponsor
is an affiliated person (except any person whose relationship to the
Fund is covered by section 10(f) of the Act is not an Underwriting
Affiliate).
---------------------------------------------------------------------------

    \19\ An ``Investing Fund Affiliate'' is any Investing Fund
Advisor, Investing Fund Subadvisor, Sponsor, promoter and principal
underwriter of an Investing Fund, and any person controlling,
controlled by or under common control with any of these entities.
``Fund Affiliate'' is the investment adviser(s), promoter or
principal underwriter of a Fund or any person controlling,
controlled by or under common control with any of these entities.
---------------------------------------------------------------------------

    13. Applicants propose several conditions to address the potential
for layering of fees. Applicants note that the Board of any Investing
Management Company, including a majority of the directors or trustees
who are not ``interested persons'' within the meaning of section
2(a)(19) of the Act (``disinterested directors or trustees''), will be
required to find that the advisory fees charged under the contract are
based on services provided that will be in addition to, rather than
duplicative of, services provided under the advisory contract of any
Fund in which the Investing Management Company may invest. Applicants
also state that any sales charges and/or service fees charged with
respect to shares of an Investing Fund will not exceed the limits
applicable to a fund of funds as set forth in NASD Conduct Rule
2830.\20\
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    \20\ Any reference to NASD Conduct Rule 2830 includes any
successor or replacement rule that may be adopted by the Financial
Industry Regulatory Authority.
---------------------------------------------------------------------------

    14. Applicants submit that the proposed arrangement will not create
an overly complex fund structure. Applicants note that a Fund will be
prohibited from acquiring securities of any investment company or
company relying on section 3(c)(1) or 3(c)(7) of the Act in excess of
the limits contained in section 12(d)(1)(A) of the Act, except to the
extent permitted by exemptive relief from the Commission permitting the
Fund to purchase shares of other investment companies for short-term
cash management purposes.
    15. To ensure that an Investing Fund is aware of the terms and
conditions of the requested order, the Investing Funds must enter into
an agreement with the respective Funds (``FOF Participation
Agreement''). The FOF Participation Agreement will include an
acknowledgement from the Investing Fund that it may rely on the order
only to invest in a Fund and not in any other investment company.

Sections 17(a)(1) and (2) of the Act

    16. Section 17(a) of the Act generally prohibits an affiliated
person of a registered investment company, or an affiliated person of
such a person (``second tier affiliate''), from selling any security to
or purchasing any security from the company. Section 2(a)(3) of the Act
defines ``affiliated person'' to include any person directly or
indirectly owning, controlling, or holding with power to vote, 5% or
more of the outstanding voting securities of the other person and any
person directly or indirectly controlling, controlled by, or under
common control with, the other person. Section 2(a)(9) of the Act
defines ``control'' as the power to exercise a controlling influence
over the management or policies of a company and provides that a
control relationship will be presumed where one person owns more than
25% of another person's voting securities. Each Fund may be deemed to
be controlled by an Advisor and hence affiliated persons of each other.
In addition, the Funds may be deemed to be under common control with
any other registered investment company (or series thereof) advised by
an Advisor (an ``Affiliated Fund'').
    17. Applicants request an exemption under sections 6(c) and 17(b)
of the Act from sections 17(a)(1) and 17(a)(2) of the Act to permit in-
kind purchases and redemptions of Creation Units by persons that are
affiliated persons or second tier affiliates of the Funds solely by
virtue of one or more of the following: (a) Holding 5% or more, or in
excess of 25%, of the outstanding Shares of one or more Funds; (b)
having an affiliation with a person with an ownership interest
described in (a); or (c) holding 5% or more, or more than 25% of the
Shares of one or more Affiliated Funds.\21\ Applicants also request an
exemption in order to permit a Fund to sell its Shares to and redeem
its Shares from, and engage in the in-kind transactions that would
accompany such sales and redemptions with, certain Investing Funds of
which the Funds are an affiliated person or a second tier
affiliate.\22\
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    \21\ Applicants are not seeking relief from section 17(a) for,
and the requested relief will not apply to, transactions where a
Fund could be deemed an affiliated person, or an affiliated person
of an affiliated person, of an Investing Fund because an investment
adviser to the Funds is also an investment adviser to an Investing
Fund.
    \22\ Applicants anticipate that most Investing Funds will
purchase Shares in the secondary market and will not purchase
Creation Units directly from a Fund. To the extent that purchases
and sales of Shares occur in the secondary market and not through
principal transactions directly between and Investing Fund and a
Fund, relief from section 17(a) would not be necessary. However, the
requested relief would apply to direct sales of Shares in Creation
Units by a Fund to an Investing Fund and redemptions of those
Shares. The requested relief is intended to also cover the in-kind
transactions that would accompany such sales and redemptions.

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    18. Applicants assert that no useful purpose would be served by
prohibiting such affiliated persons from making in-kind purchases or
in-kind redemptions of Shares of a Fund in Creation Units. Absent the
unusual circumstances discussed in the application, the Deposit
Instruments and Redemption Instruments available for a Fund will be the
same for all purchasers and redeemers, respectively, and will
correspond pro rata to the Fund's Portfolio Instruments. The deposit
procedures for in-kind purchases of Creation Units and the redemption
procedures for in-kind redemptions will be the same for all purchases
and redemptions. Deposit Instruments and Redemption Instruments will be
valued in the same manner as those Portfolio Instruments currently held
by the relevant Funds. Applicants do not believe that in-kind purchases
and redemptions will result in abusive self-dealing or overreaching of
the Fund.
    19. Applicants also submit that the sale of Shares to and
redemption of Shares from an Investing Fund meets the standards for
relief under sections 17(b) and 6(c) of the Act. Applicants note that
any consideration paid for the purchase or redemption of Shares
directly from a Fund will be based on the NAV of the Fund in accordance
with policies and procedures set forth in the Fund's registration
statement.\23\ Applicants also state that the proposed transactions are
consistent with the general purposes of the Act and appropriate in the
public interest.
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    \23\ Applicants acknowledge that the receipt of compensation by
(a) an affiliated person of an Investing Fund, or an affiliated
person of such person, for the purchase by the Investing Fund of
Shares of the Fund or (b) an affiliated person of a Fund, or an
affiliated person of such person, for the sale by the Fund of its
Shares to an Investing Fund, may be prohibited by section 17(e)(1)
of the Act. The FOF Participation Agreement also will include this
acknowledgment.
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Applicants' Conditions

    Applicants agree that any order of the Commission granting the
requested relief will be subject to the following conditions:

A. ETF Relief

    1. As long as a Fund operates in reliance on the requested order,
the Shares of the Fund will be listed on a Stock Exchange.
    2. Neither the Trust nor any Fund will be advertised or marketed as
an open-end investment company or a mutual fund. Any advertising
material that describes the purchase or sale of Creation Units or
refers to redeemability will prominently disclose that the Shares are
not individually redeemable and that owners of the Shares may acquire
those Shares from the Fund and tender those Shares for redemption to
the Fund in Creation Units only.
    3. The Web site for the Funds, which is and will be publicly
accessible at no charge, will contain, on a per Share basis, for each
Fund the prior Business Day's NAV and the market closing price or Bid/
Ask Price, and a calculation of the premium or discount of the market
closing price or Bid/Ask Price against such NAV.
    4. On each Business Day, before commencement of trading in Shares
on the Stock Exchange, the Fund will disclose on its Web site the
identities and quantities of the Portfolio Instruments held by the Fund
that will form the basis for the Fund's calculation of NAV at the end
of the Business Day.
    5. No Advisor or Subadvisor, directly or indirectly, will cause any
Authorized Participant (or any investor on whose behalf an Authorized
Participant may transact with the Fund) to acquire any Deposit
Instrument for the Fund through a transaction in which the Fund could
not engage directly.
    6. The requested relief to permit ETF operations will expire on the
effective date of any Commission rule under the Act that provides
relief permitting the operation of actively managed exchange traded
funds.

B. 12(d)(1) Relief

    1. The members of the Investing Fund's Advisory Group will not
control (individually or in the aggregate) a Fund within the meaning of
Section 2(a)(9) of the Act. The members of the Investing Fund's
Subadvisory Group will not control (individually or in the aggregate) a
Fund within the meaning of Section 2(a)(9) of the Act. If, as a result
of a decrease in the outstanding voting securities of a Fund, the
Investing Fund's Advisory Group or the Investing Fund's Subadvisory
Group, each in the aggregate, becomes a holder of more than 25 percent
of the outstanding voting securities of a Fund, it will vote its Shares
in the same proportion as the vote of all other holders of the Shares.
This condition does not apply to the Investing Fund's Subadvisory Group
with respect to a Fund for which the Investing Fund Subadvisor or a
person controlling, controlled by or under common control with the
Investing Fund Subadvisor acts as the investment adviser within the
meaning of Section 2(a)(20)(A) of the Act.
    2. No Investing Fund or Investing Fund Affiliate will cause any
existing or potential investment by the Investing Fund in a Fund to
influence the terms of any services or transactions between the
Investing Fund or an Investing Fund Affiliate and the Fund or a Fund
Affiliate.
    3. The board of directors or trustees of an Investing Management
Company, including a majority of the independent directors or trustees,
will adopt procedures reasonably designed to ensure that the Investing
Fund Advisor and any Investing Fund Subadvisor are conducting the
investment program of the Investing Management Company without taking
into account any consideration received by the Investing Management
Company or an Investing Fund Affiliate from a Fund or a Fund Affiliate
in connection with any services or transactions.
    4. Once an investment by an Investing Fund in Shares exceeds the
limit in Section 12(d)(1)(A)(i) of the Act, the Board of the Fund,
including a majority of the independent directors or trustees, will
determine that any consideration paid by the Fund to the Investing Fund
or an Investing Fund Affiliate in connection with any services or
transactions: (i) Is fair and reasonable in relation to the nature and
quality of the services and benefits received by the Fund; (ii) is
within the range of consideration that the Fund would be required to
pay to another unaffiliated entity in connection with the same services
or transactions; and (iii) does not involve overreaching on the part of
any person concerned. This condition does not apply with respect to any
services or transactions between a Fund and its investment adviser(s),
or any person controlling, controlled by or under common control with
such investment adviser(s).
    5. The Investing Fund Advisor, or Trustee or Sponsor, as
applicable, will waive fees otherwise payable to it by the Investing
Fund in an amount at least equal to any compensation (including fees
received pursuant to any plan adopted by a Fund under Rule 12b-l under
the Act) received from a Fund by the Investing Fund Advisor, or Trustee
or Sponsor, or an affiliated person of the Investing Fund Advisor, or
Trustee or Sponsor, other than any advisory fees paid to the Investing
Fund Advisor, or Trustee or Sponsor, or its affiliated person by the
Fund, in connection with the investment by the Investing Fund in

the Fund. Any Investing Fund Subadvisor will waive fees otherwise
payable to the Investing Fund Subadvisor, directly or indirectly, by
the Investing Management Company in an amount at least equal to any
compensation received from a Fund by the Investing Fund Subadvisor, or
an affiliated person of the Investing Fund Subadvisor, other than any
advisory fees paid to the Investing Fund Subadvisor or its affiliated
person by the Fund, in connection with the investment by the Investing
Management Company in the Fund made at the direction of the Investing
Fund Subadvisor. In the event that the Investing Fund Subadvisor waives
fees, the benefit of the waiver will be passed through to the Investing
Management Company.
    6. No Investing Fund or Investing Fund Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund)
will cause a Fund to purchase a security in an Affiliated Underwriting.
    7. The Board of a Fund, including a majority of the independent
directors or trustees, will adopt procedures reasonably designed to
monitor any purchases of securities by the Fund in an Affiliated
Underwriting, once an investment by an Investing Fund in the securities
of the Fund exceeds the limit of Section 12(d)(1)(A)(i) of the Act,
including any purchases made directly from an Underwriting Affiliate.
The Board will review these purchases periodically, but no less
frequently than annually, to determine whether the purchases were
influenced by the investment by the Investing Fund in the Fund. The
Board will consider, among other things: (i) Whether the purchases were
consistent with the investment objectives and policies of the Fund;
(ii) how the performance of securities purchased in an Affiliated
Underwriting compares to the performance of comparable securities
purchased during a comparable period of time in underwritings other
than Affiliated Underwritings or to a benchmark such as a comparable
market index; and (iii) whether the amount of securities purchased by
the Fund in Affiliated Underwritings and the amount purchased directly
from an Underwriting Affiliate have changed significantly from prior
years. The Board will take any appropriate actions based on its review,
including, if appropriate, the institution of procedures designed to
ensure that purchases of securities in Affiliated Underwritings are in
the best interest of shareholders.
    8. Each Fund will maintain and preserve permanently in an easily
accessible place a written copy of the procedures described in the
preceding condition, and any modifications to such procedures, and will
maintain and preserve for a period of not less than six years from the
end of the fiscal year in which any purchase in an Affiliated
Underwriting occurred, the first two years in an easily accessible
place, a written record of each purchase of securities in Affiliated
Underwritings once an investment by an Investing Fund in the securities
of the Fund exceeds the limit of Section 12(d)(1)(A)(i) of the Act,
setting forth from whom the securities were acquired, the identity of
the underwriting syndicate's members, the terms of the purchase, and
the information or materials upon which the Board's determinations were
made.
    9. Before investing in Shares in excess of the limits in Section
12(d)(1)(A), each Investing Fund and the Fund will execute an FOF
Participation Agreement stating, without limitation, that their boards
of directors or trustees and their investment advisers, or Trustee and
Sponsor, as applicable, understand the terms and conditions of the
order, and agree to fulfill their responsibilities under the order. At
the time of its investment in Shares in excess of the limit in Section
12(d)(1)(A)(i), an Investing Fund will notify the Fund of the
investment. At such time, the Investing Fund will also transmit to the
Fund a list of the names of each Investing Fund Affiliate and
Underwriting Affiliate. The Investing Fund will notify the Fund of any
changes to the list as soon as reasonably practicable after a change
occurs. The Fund and the Investing Fund will maintain and preserve a
copy of the order, the FOF Participation Agreement, and the list with
any updated information for the duration of the investment and for a
period of not less than six years thereafter, the first two years in an
easily accessible place.
    10. Before approving any advisory contract under Section 15 of the
Act, the board of directors or trustees of each Investing Management
Company, including a majority of the independent directors or trustees,
will find that the advisory fees charged under such contract are based
on services provided that will be in addition to, rather than
duplicative of, the services provided under the advisory contract(s) of
any Fund in which the Investing Management Company may invest. These
findings and their basis will be recorded fully in the minute books of
the appropriate Investing Management Company.
    11. Any sales charges and/or service fees charged with respect to
shares of an Investing Fund will not exceed the limits applicable to a
fund of funds as set forth in NASD Conduct Rule 2830.
    12. No Fund relying on the 12(d)(1) Relief will acquire securities
of any investment company or company relying on Section 3(c)(1) or
3(c)(7) of the Act in excess of the limits contained in Section
12(d)(1)(A) of the Act, except to the extent permitted by exemptive
relief from the Commission permitting the Fund to purchase shares of
other investment companies for short-term cash management purposes.

    For the Commission, by the Division of Investment Management,
under delegated authority.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-15781 Filed 7-1-13; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 76, Number 125 (Wednesday, June 29, 2011)]
[Rules and Regulations]
[Pages 38015-38018]
[FR Doc No: 2011-16324]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2011-0350]
RIN 1625-AA00

Safety Zones; July 4th Weekend Fireworks Displays Within the
Captain of the Port St. Petersburg Zone, FL

AGENCY: Coast Guard, DHS.

ACTION: Temporary final rule.

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SUMMARY: The Coast Guard is establishing temporary safety zones during
the Fourth of July weekend fireworks events on the navigable waterways
of Anna Maria, Fort Myers Beach, Longboat Key, Madeira Beach, Naples,
Palmetto, Sarasota, St. Petersburg, and Palm Harbor, Florida. These
safety zones are necessary to protect the public from the hazards
associated with launching fireworks over the navigable waters of the
United States. Persons and vessels are prohibited from entering,
transiting through, anchoring in, or remaining within any of the safety
zones unless authorized by the Captain of the Port St. Petersburg or a
designated representative.

DATES: This rule is effective from 8:30 p.m. on July 2, 2011 until
10:30 p.m. on July 4, 2011.

ADDRESSES: Documents indicated in this preamble as being available in
the docket are part of docket USCG-2011-0350 and are available online
by going to http://www.regulations.gov, inserting USCG-2011-0350 in the
``Keyword'' box, and then clicking ``Search.'' They are also available
for inspection or copying at the Docket Management

Facility (M-30), U.S. Department of Transportation, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue, SE., Washington, DC
20590, between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this
temporary final rule, call or e-mail Marine Science Technician First
Class Jo A. Hoover, Sector St. Petersburg Prevention Department, Coast
Guard; telephone<PHONE_NUMBER>, e-mail<EMAIL_ADDRESS>If you have
questions on viewing the docket, call Renee V. Wright, Program Manager,
Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Regulatory Information

    The Coast Guard is issuing this temporary final rule without prior
notice and opportunity to comment pursuant to authority under section
4(a) of the Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This
provision authorizes an agency to issue a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b)(B), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because the Coast Guard did not receive
necessary information regarding the fireworks displays until April 27,
2011. As a result, the Coast Guard did not have sufficient time to
publish an NPRM and to receive public comments prior to the fireworks
display. Any delay in the effective date of this rule would be contrary
to the public interest because immediate action is needed to minimize
potential danger to the public during the fireworks displays.
    Under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause
exists for making this rule effective less than 30 days after
publication in the Federal Register. Any delay in the effective date of
this rule would expose the public to the dangers posed by the
pyrotechnics used in the fireworks display.

Basis and Purpose

    The legal basis for the rule is the Coast Guard's authority to
establish regulated navigation areas and other limited access areas: 33
U.S.C. 1226, 1231; 46 U.S.C. Chapter 701, 3306, 3703; 50 U.S.C. 191,
195; 33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5; Pub. L. 107-295, 116
Stat. 2064; Department of Homeland Security Delegation No. 0170.1.
    The purpose of the rule is to protect the public from the hazards
associated with the launching of fireworks over navigable waters of the
United States.

Discussion of Rule

    Multiple fireworks displays are planned for the Fourth of July
weekend celebration throughout the Captain of the Port St. Petersburg
Zone. The fireworks will be launched from land, piers, or barges.
Whether launched from land, pier, or barge, such fireworks will explode
over navigable waters of the United States.
    The Coast Guard is establishing ten temporary safety zones for
Fourth of July weekend fireworks displays within the navigable waters
of the Captain of the Port St. Petersburg Zone. The safety zones are
listed below.
    1. Longboat Key, Florida. All waters within a 100 yard radius
around the barge from which the fireworks will be launched, located
just offshore of Mar Vista Restaurant in Longboat Key at position
27[deg]26'13'' N, 82[deg]40'45'' W. This safety zone will be enforced
from 8:45 p.m. until 10 p.m. on July 2, 2011.
    2. Anna Maria, Florida. All waters within a 120 yard radius around
the area from which the fireworks will be launched, located on the Gulf
of Mexico just offshore of Sand Bar Restaurant in Anna Maria at
position 27[deg]31'35'' N, 82[deg]44'17'' W. This safety zone will be
enforced from 8:30 p.m. until 10 p.m. on July 4, 2011.
    3. Cape Coral, Florida. All waters within a 240 yard radius around
the land based location from which the fireworks will be launched,
located on the Caloosahatchee River to the east side of the Cape Coral
Bridge at position 26[deg]33'46'' N, 81[deg]55'59'' W. This safety zone
will be enforced from 8:30 p.m. until 9:50 p.m. on July 4, 2011.
    4. Naples, Florida. All waters within a 200 yard radius around the
pier from which the fireworks will be launched, located on the Gulf of
Mexico from the Naples Pier at position 27[deg]07'53'' N,
81[deg]48'32'' W. This safety zone will be enforced from 8:30 p.m.
until 10 p.m. on July 4, 2011.
    5. Palmetto, Florida. All waters within a 150 yard radius around
the area from which the fireworks will be launched, located on the
Manatee River just off the Green Bridge from the Green Bridge Fishing
Pier at position 27[deg]30'15'' N, 82[deg]34'19'' W. This safety zone
will be enforced from 8:30 p.m. until 10:30 p.m. on July 4, 2011.
    6. Sarasota, Florida. All waters within a 125 yard radius around
the area from which the fireworks will be launched, from a land based
location on Sarasota Bay at Marina Jacks at position 27[deg]19'55'' N,
82[deg]32'48'' W. This safety zone will be enforced from 8:30 p.m.
until 10 p.m. on July 4, 2011.
    7. St. Petersburg, Florida. All waters within a 200 yard radius
around the area from which the fireworks will be launched, from a land
based location on Tampa Bay at Spa Beach at position 27[deg]46'31'' N,
82[deg]37'38'' W. This safety zone will be enforced from 8:30 p.m.
until 10 p.m. on July 4, 2011.
    8. Fort Myers Beach, Florida. All waters within a 240 yard radius
around the pier from which the fireworks will be launched, located on
the Gulf of Mexico from the Fort Myers Beach Public Pier at position
26[deg]27'6'' N, 81[deg]57'26'' W. This safety zone will be enforced
from 8:45 p.m. until 10:15 p.m. on July 4, 2011.
    9. Madeira Beach, Florida. All waters within a 95 yard radius
around the area from which the fireworks will be launched, from a land
based location on Boca Ciega Bay in the vicinity of the Madeira Beach
Recreation Center at position 27[deg]48'25'' N, 82[deg]47'58'' W. This
safety zone will be enforced from 8:45 p.m. until 10 p.m. on July 4,
2011.
    10. Palm Harbor, Florida. All waters within a 95 yard radius around
the barge from which fireworks will be launched, located just offshore
of the entrance to the Ozona Neighborhood entrance in Palm Harbor at
approximate position 28[deg]03'44'' N, 82[deg]47'07'' W. This zone will
be enforced from 8:45 p.m. until 11 p.m. on July 3, 2011.
    Persons and vessels are prohibited from entering, transiting
through, anchoring in, or remaining within any of the safety zones
unless authorized by the Captain of the Port St. Petersburg or a
designated representative. Persons and vessels desiring to enter,
transit through, anchor in, or remain within any of the safety zones
may contact the Captain of the Port St. Petersburg via telephone at
727-824-7524, or a designated representative via VHF radio on channel
16, to seek authorization. The Coast Guard will provide notice of the
safety zones by Local Notice to Mariners, Broadcast Notice to Mariners,
and on-scene designated representatives.

Regulatory Analyses

    We developed this rule after considering numerous statutes and
executive orders related to rulemaking. Below we summarize our analyses
based on 13 of these statutes or executive orders.

Executive Order 12866 and Executive Order 13563

    This rule is not a significant regulatory action under section 3(f)
of Executive Order 12866, Regulatory

Planning and Review, as supplemented by Executive Order 13563, and does
not require an assessment of potential costs and benefits under section
6(a)(3) of that Order. The Office of Management and Budget has not
reviewed it under that Order.
    The economic impact of this rule is not significant for the
following reasons: (1) Each safety zone will be enforced for a maximum
of two hours and 15 minutes; (2) vessel traffic in the areas are
expected to be minimal during the enforcement period; (3) although
persons and vessels will not be able to enter, transit through, anchor
in, or remain within any of the safety zones without authorization from
the Captain of the Port St. Petersburg or a designated representative,
they may operate in the surrounding area during the enforcement period;
(4) persons and vessels may still enter, transit through, anchor in, or
remain within the safety zones if authorized by the Captain of the Port
St. Petersburg or a designated representative; and (5) the Coast Guard
will provide advance notification of the safety zones to the local
maritime community by Local Notice to Mariners and Broadcast Notice to
Mariners.

Small Entities

    Under the Regulatory Flexibility Act (5 U.S.C. 601-612), we have
considered whether this rule would have a significant economic impact
on a substantial number of small entities. The term ``small entities''
comprises small businesses, not-for-profit organizations that are
independently owned and operated and are not dominant in their fields,
and governmental jurisdictions with populations of less than 50,000.
    The Coast Guard certifies under 5 U.S.C. 605(b) that this rule will
not have a significant economic impact on a substantial number of small
entities. This rule may affect the following entities, some of which
may be small entities: the owners or operators of vessels intending to
enter, transit through, anchor in, or remain within any of the safety
zones described in this regulation during the respective enforcement
period. For the reasons discussed in the Executive Order 12866 and
Executive Order 13563 section above, this rule will not have a
significant economic impact on a substantial number of small entities.

Assistance for Small Entities

    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we offer to assist small
entities in understanding the rule so that they can better evaluate its
effects on them and participate in the rulemaking process.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

Collection of Information

    This rule calls for no new collection of information under the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

Federalism

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has a substantial direct effect on State or local
governments and would either preempt State law or impose a substantial
direct cost of compliance on them. We have analyzed this rule under
that Order and have determined that it does not have implications for
federalism.

Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 or more in any
one year. Though this rule will not result in such an expenditure, we
do discuss the effects of this rule elsewhere in this preamble.

Taking of Private Property

    This rule will not effect a taking of private property or otherwise
have taking implications under Executive Order 12630, Governmental
Actions and Interference with Constitutionally Protected Property
Rights.

Civil Justice Reform

    This rule meets applicable standards in sections 3(a) and 3(b)(2)
of Executive Order 12988, Civil Justice Reform, to minimize litigation,
eliminate ambiguity, and reduce burden.

Protection of Children

    We have analyzed this rule under Executive Order 13045, Protection
of Children from Environmental Health Risks and Safety Risks. This rule
is not an economically significant rule and does not create an
environmental risk to health or risk to safety that may
disproportionately affect children.

Indian Tribal Governments

    This rule does not have tribal implications under Executive Order
13175, Consultation and Coordination with Indian Tribal Governments,
because it does not have a substantial direct effect on one or more
Indian tribes, on the relationship between the Federal Government and
Indian tribes, or on the distribution of power and responsibilities
between the Federal Government and Indian tribes.

Energy Effects

    We have analyzed this rule under Executive Order 13211, Actions
Concerning Regulations That Significantly Affect Energy Supply,
Distribution, or Use. We have determined that it is not a ``significant
energy action'' under that order because it is not a ``significant
regulatory action'' under Executive Order 12866 and is not likely to
have a significant adverse effect on the supply, distribution, or use
of energy. The Administrator of the Office of Information and
Regulatory Affairs has not designated it as a significant energy
action. Therefore, it does not require a Statement of Energy Effects
under Executive Order 13211.

Technical Standards

    The National Technology Transfer and Advancement Act (NTTAA) (15
U.S.C. 272 note) directs agencies to use voluntary consensus standards
in their regulatory activities unless the agency provides Congress,
through the Office of Management and Budget, with an explanation of why
using these standards would be inconsistent with applicable law or
otherwise impractical. Voluntary consensus standards are technical
standards (e.g., specifications of materials, performance, design, or
operation; test methods; sampling procedures; and related management
systems practices) that are developed or adopted by voluntary consensus
standards bodies.
    This rule does not use technical standards. Therefore, we did not
consider the use of voluntary consensus standards.

Environment

    We have analyzed this rule under Department of Homeland Security

Management Directive 023-01 and Commandant Instruction M16475.lD, which
guide the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f), and have concluded
this action is one of a category of actions which do not individually
or cumulatively have a significant effect on the human environment.
This rule is categorically excluded, under figure 2-1, paragraph
(34)(g), of the Instruction. This rule involves the establishment of
nine temporary safety zones to protect the public on navigable waters
of the United States. An environmental analysis checklist and a
categorical exclusion determination are available in the docket where
indicated under ADDRESSES.

List of Subjects in 33 CFR Part 165

    Harbors, Marine safety, Navigation (water), Reporting and
recordkeeping requirements, Security measures, Waterways.

    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR Part 165 as follows:

PART 165--REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS

0
1. The authority citation for part 165 continues to read as follows:

    Authority: 33 U.S.C. 1226, 1231; 46 U.S.C. Chapter 701, 3306,
3703; 50 U.S.C. 191, 195; 33 CFR 1.05-1, 6.04-1, 6.04-6, 160.5; Pub.
L. 107-295, 116 Stat. 2064; Department of Homeland Security
Delegation No. 0170.1.

0
2. Add a temporary Sec.  165.T07-0350 to read as follows:

Sec.  165.T07-0350  Safety Zones; July 4th Weekend Fireworks Displays
Within the Captain of the Port St. Petersburg Zone, FL.

    (a) Regulated Areas. The following navigation areas are safety
zones, with the specific enforcement period for each safety zone. All
coordinates are North American Datum 1983.
    (1) Longboat Key, FL. All waters within a 100 yard radius around
the barge from which the fireworks will be launched, located at
approximate position 27[deg]26'13'' N, 82[deg]40'45'' W. This regulated
area will be enforced from 8:45 p.m. until 10 p.m. on July 2, 2011.
    (2) Anna Maria, FL. All waters within a 120 yard radius around the
area from which the fireworks will be launched, located at approximate
position 27[deg]31'35'' N, 82[deg]44'17'' W. This regulated area will
be enforced from 8:30 p.m. until 10 p.m. on July 4, 2011.
    (3) Cape Coral, FL. All waters within a 240 yard radius around the
land based location from which the fireworks will be launched, located
at approximate position 26[deg]33'46'' N, 81[deg]55'59'' W. This
regulated area will be enforced from 8:30 p.m. until 9:50 p.m. on July
4, 2011.
    (4) Naples, FL. All waters within a 200 yard radius around the pier
from which the fireworks will be launched, located at approximate
position 26[deg]07'53'' N, 81[deg]48'32'' W. This regulated area will
be enforced from 8:30 p.m. until 10 p.m. on July 4, 2011.
    (5) Palmetto, FL. All waters within a 150 yard radius around the
area from which the fireworks will be launched, located at approximate
position 27[deg]30'15'' N, 82[deg]34'19'' W. This regulated area will
be enforced from 8:30 p.m. until 10:30 p.m. on July 4, 2011.
    (6) Sarasota, FL. All waters within a 125 yard radius around the
area from which the fireworks will be launched, located at approximate
position 27[deg]19'55'' N, 82[deg]32'48'' W. This regulated area will
be enforced from 8:30 p.m. until 10 p.m. on July 4, 2011.
    (7) St. Petersburg, FL. All waters within a 200 yard radius around
the area from which the fireworks will be launched, located at
approximate position 27[deg]46'31'' N, 82[deg]37'38'' W. This regulated
area will be enforced from 8:30 p.m. until 10 p.m. on July 4, 2011.
    (8) Fort Myers Beach, FL. All waters within a 240 yard radius
around the area from which the fireworks will be launched, located at
approximate position 26[deg]27'06'' N, 81[deg]57'26'' W. This regulated
area will be enforced from 8:45 p.m. until 10:15 p.m. on July 4, 2011.
    (9) Madeira Beach, FL. All waters within a 95 yard radius around
the area from which the fireworks will be launched, located at
approximate position 27[deg]48'25'' N, 82[deg]47'58'' W. This regulated
area will be enforced from 8:45 p.m. until 10 p.m. on July 4, 2011.
    (10) Palm Harbor, Florida. All waters within a 95 yard radius
around the barge from which fireworks will be launched, located at
approximate position 28[deg]03'44'' N, 82[deg]47'07'' W. This regulated
area will be enforced from 8:45 p.m. until 11 p.m. on July 3, 2011.
    (b) Definition. The term ``designated representative'' means Coast
Guard Patrol Commanders, including Coast Guard coxswains, petty
officers, and other officers operating Coast Guard vessels, and
Federal, state, and local officers designated by or assisting the
Captain of the Port St. Petersburg in the enforcement of the regulated
areas.
    (c) Regulations. (1) All persons and vessels are prohibited from
entering, transiting through, anchoring in, or remaining within the
regulated areas unless authorized by the Captain of the Port St.
Petersburg or a designated representative.
    (2) Persons and vessels desiring to enter, transit through, anchor
in, or remain within the regulated areas may contact the Captain of the
Port St. Petersburg by telephone at<PHONE_NUMBER>, or a designated
representative via VHF radio on channel 16, to seek authorization. If
authorization to enter, transit through, anchor in, or remain within
the regulated areas is granted by the Captain of the Port St.
Petersburg or a designated representative, all persons and vessels
receiving such authorization must comply with the instructions of the
Captain of the Port St. Petersburg or a designated representative.
    (3) The Coast Guard will provide notice of the regulated areas by
Local Notice to Mariners, Broadcast Notice to Mariners, and on-scene
designated representatives.
    (d) Effective dates. This rule is effective from 8:30 p.m. on July
2, 2011 until 10:30 p.m. on July 4, 2011.

    Dated: June 8, 2011.
S.L. Dickinson,
Captain, U.S. Coast Guard, Captain of the Port.
[FR Doc. 2011-16324 Filed 6-28-11; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: July 28, 2009 (Volume 74, Number 143)]
[Notices]
[Page 37268]
[DOCID:fr28jy09-80]

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SECURITIES AND EXCHANGE COMMISSION

Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Public Law 94-409, that the Securities
and Exchange Commission will hold a Closed Meeting on Tuesday, July 28,
2009 at 3 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the Closed Meeting.
Certain staff members who have an interest in the matters also may be
present.
    The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(10) and 17 CFR 200.402(a)(10), permit consideration
of the scheduled matters at the Closed Meeting.
    Commissioner Walter, as duty officer, voted to consider the items
listed for the Closed Meeting in a closed session, and determined that
no earlier notice thereof was possible.
    The subject matter of the Closed Meeting scheduled for Tuesday,
July 28, 2009 will be:

A litigation matter; and
Consideration of amicus participation.

    At times, changes in Commission priorities require alterations in
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have
been added, deleted or postponed, please contact:
    The Office of the Secretary at<PHONE_NUMBER>.

    Dated: July 24, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-18070 Filed 7-24-09; 4:15 pm]

BILLING CODE 8010-01-P