[Federal Register Volume 81, Number 26 (Tuesday, February 9, 2016)]
[Notices]
[Page 6923]
[FR Doc No: 2016-02563]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Notice of Intent To Rule on Request To Release Airport Property
at the Monroe Regional Airport at Monroe, Louisiana.

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of request to release airport property.

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SUMMARY: The FAA proposes to rule and invite public comment on the
release of land at the Monroe Regional Airport at Monroe, Louisiana
under the provisions of Section 125 of the Wendell H. Ford Aviation
Investment Reform Act for the 21st Century (AIR 21).

DATES: Comments must be received on or before (from 30 days of the
posting of this Federal Register Notice).

ADDRESSES: Comments on this application may be mailed or delivered to
the FAA at the following address: Mr. Lacey Spriggs, Manager, Federal
Aviation Administration, Louisiana/New Mexico Airports District Office,
ASW-640, 10101 Hillwood Parkway, Fort Worth, Texas 76177.
    In addition, one copy of any comments submitted to the FAA must be
mailed or delivered to Mr. Ron Phillips, Airport Manager, at the
following address: Monroe Regional Airport, 5400 Operations Drive, Room
200, Monroe, Louisiana 71203.

FOR FURTHER INFORMATION CONTACT:  Mr. Bill Bell, Lead Engineer, Federal
Aviation Administration, Louisiana/New Mexico Airports District Office,
ASW-640, 10101 Hillwood Parkway, Fort Worth, Texas 76177, telephone:
(817) 222-5664, email<EMAIL_ADDRESS>fax:<PHONE_NUMBER>.
    The request to release property may be reviewed in person at this
same location.

SUPPLEMENTARY INFORMATION: The FAA invites public comment on the
request to release property at the Monroe Regional Airport at Monroe,
Louisiana under the provisions of the AIR 21.
    The following is a brief overview of the request:
    The City of Monroe requests the release of 1.105 acres of
aeronautical airport property. The property is located in the Airport
Industrial Park area. The property to be released will be sold and
revenues shall be used to fund the Bermuda Release Program and purchase
a tractor for the operation and maintenance at the airport.
    Any person may inspect the request in person at the FAA office
listed above under FOR FURTHER INFORMATION CONTACT.
    In addition, any person may, upon request, inspect the application,
notice and other documents relevant to the application in person at the
Monroe Regional Airport at Monroe, Louisiana, telephone number (318)
329-2460.

    Issued in Fort Worth, Texas on December 7, 2015.
Ignacio Flores,
Manager, Airports Division.
[FR Doc. 2016-02563 Filed 2-8-16; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register: April 26, 2011 (Volume 76, Number 80)]
[Notices]
[Page 23342-23349]
[DOCID:fr26ap11-87]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 29655; File No. 812-13669]

Russell Investment Management Company, et al.; Notice of
Application

April 20, 2011.
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 (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) for an exemption from sections 12(d)(1)(A) and
12(d)(1)(B) of the Act.

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Summary of Application: Applicants request an order that would permit
(a) 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 after 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.

Applicants: Russell Investment Management Company (``RIMCo''), Russell
Exchange Traded Funds Trust (``Trust'', formerly U.S. One Trust),
Russell Financial Services, Inc. (``RFS'') and ALPS Distributors, Inc.
(``ALPS'').

Filing Dates: The application was filed on July 2, 2009, and amended on
August 31, 2009, January 22, 2010, November 15, 2010, March 16, 2011,
April 14, 2011, and April 20, 2011.

Hearing or Notification of Hearing: An order granting the application
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 May 13, 2011, 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: Secretary, Securities and Exchange Commission, 100 F Street,
NE., Washington, DC 20549-1090; Applicants, 1301 Second Avenue, 18th
Floor, Seattle, WA 98101.

FOR FURTHER INFORMATION CONTACT: Laura L. Solomon, Senior Counsel at
(202) 551-6915, or Jennifer L. Sawin, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

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 organized as a Delaware statutory trust and is
registered as an open-end management investment company under the Act.
The Trust initially will offer series described in Exhibit C to the
application (``Initial Funds'') whose performance will correspond
generally to the total return of a specified index consisting solely of
equity and/or fixed income securities (``Underlying Index'' or
``Index'').
    2. Applicants request that the order apply to the Initial Funds and
any additional series of the Trust and any other open-end management
investment companies or series thereof, that may be created in the
future and that track a specified equity and/or fixed income securities
Underlying Index (``Future Funds'').\1\ Any Future Fund will be (a)
advised by RIMCo or an entity controlling, controlled by, or under
common control with RIMCo (``Adviser''), and (b) comply with the terms
and conditions of the application. The Initial Funds and Future Funds,
together, are the ``Funds''.\2\
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    \1\ All entities that currently intend to rely on the order have
been named as applicants. Any other entity that subsequently relies
on the order will comply with the terms and conditions of the
application. A Fund of Funds (as defined below) may rely on the
order only to invest in Funds and Actively-Managed Funds (as defined
below) and not in any other registered investment company.
    \2\ Each Fund will comply with the disclosure requirements
adopted by the Commission in Investment Company Act Release No.
28584 (Jan. 13, 2009) before offering Shares.
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    3. RIMCo is registered as an investment adviser under the
Investment Advisers Act of 1940 (the ``Advisers Act''), and will serve
as investment adviser to the Initial Funds. Any investment adviser to
Future Funds will be registered as an investment adviser under the
Advisers Act. The Adviser is a wholly-owned subsidiary of Frank Russell
Company d/b/a Russell Investments (``Russell'' or the ``Index
Provider'') who may provide the Underlying Indexes for certain Funds.
The Adviser may enter into sub-advisory agreements with one or more
investment advisers each of which will serve as a sub-adviser to a Fund
(each, a ``Sub-Adviser''). Each Sub-Adviser will be registered under
the Advisers Act. RFS, a Washington corporation and a wholly-owned
subsidiary of the Adviser, is a broker-dealer registered under the
Securities Exchange Act of 1934 (the ``Exchange Act''). ALPS, a
Colorado corporation, is a broker-dealer registered under the Exchange
Act. ALPS is not affiliated with RIMCo or its affiliates. RFS or ALPS
will serve as the principal underwriter and distributor of the Funds
(the ``Distributor'').
    4. Each Fund will hold certain equity securities and/or fixed
income securities (``Portfolio Securities'') selected to correspond
generally to the performance of a specified equity and/or fixed income
Underlying Index. Each Initial Fund will track an Underlying Index of
selected equity securities. The Funds may invest in equity securities
(``Equity Funds'') and/or fixed income securities (``Fixed Income
Funds'') traded in the U.S. or non-U.S. markets as well as futures
contracts, options on such futures contracts, swaps, forward contracts
or other derivatives, shares of other exchange-traded funds and
investment companies that invest primarily in short-term fixed income
securities. Certain of the Underlying Indexes will be comprised solely
of equity and/or fixed income securities of domestic issuers and non-
domestic issuers meeting the requirements for

trading in U.S. markets (``Domestic Indexes''). Other Underlying
Indexes will be comprised solely of foreign equity and/or fixed income
securities or a combination of domestic and foreign equity and/or fixed
income securities (``Foreign Indexes''). Funds that track Domestic
Indexes are referred to as ``Domestic Funds'' and Funds that track
Foreign Indexes are referred to as ``Foreign Funds.'' The Underlying
Indexes are based on a proprietary, rules based methodology developed
by Russell (``Index Composition Methodology''). The Index Composition
Methodology, including the rules which govern the inclusion and
weighting of securities in the Underlying Indexes, will be publicly
available, including on Russell's website (``Web site''). All
components, weightings, additions and deletions from the Underlying
Indexes will not only be publicly available, but will also be publicly
announced prior to any changes being made. While the Index Provider may
modify the Index Composition Methodology in the future, it does not
currently intend to do so. Any change to the Index Composition
Methodology would not take effect until the Index Provider had given
the public at least 60 days advance notice of the change and had given
reasonable notice of the change to the Calculation Agent. The
``Calculation Agent'' is the entity that, pursuant to an agreement with
Russell, is solely responsible for all Index maintenance, calculation,
dissemination and reconstitution activities.\3\ The Calculation Agent
is not, and will not be, an affiliated person, or an affiliated person
of an affiliated person, of the Funds, the Adviser, any Sub-Adviser,
the Distributor or any promoter of the Funds. The Indexes will be
reconstituted on a periodic basis at least annually and no more
frequently than monthly.
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    \3\ The Calculation Agent will determine the number, type and
weight of securities that comprise each Index and will perform or
cause to be performed all other calculations that are necessary to
determine the proper make-up of each Index. The Calculation Agent
will not disclose any information concerning the identity of
companies that meet the selection criteria to the Adviser, any Sub-
Adviser, the Funds or any other affiliated entities prior to the
publication of such information on the Web site. Certain employees
of the Index Provider and its affiliates who have responsibility for
the Underlying Indexes and Index Composition Methodology, as well as
those employees of the Index Provider and its affiliates appointed
to assist such employees in the performance of their duties (``Index
Personnel'') will monitor the results produced by the Calculation
Agent on a periodic basis.
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    5. Applicants state that the Index Personnel will not have any
responsibility for the management of the Funds. In addition, applicants
have adopted policies and procedures (``Firewalls'') that, among other
things, are designed to prevent the Adviser, or any affiliated person
of the Adviser of a Fund, from having any advantage over other market
participants with respect to prior knowledge of companies that may be
added to or deleted from the Index or from the portfolios of any Funds
that track the Underlying Indexes. Among other things, the Firewalls
prohibit anyone, including the Index Personnel from disseminating non-
public information about the Indexes, including potential changes to
the Index Composition Methodology, to, among others, the employees of
the Adviser and any Sub-Adviser responsible for managing the Funds or
any Client Account (as defined below). A Client Account is any account,
including any open-end registered investment company, separately
managed account for institutional investors, privately offered fund
that is not deemed to be an investment company in reliance on section
3(c)(1), 3(c)(7) or 3(c)(11) of the Act, or business development
company that is a client of the Sub-Adviser. The Index Provider, the
Adviser and any Sub-Adviser have or will have adopted policies,
including Firewalls that prohibit personnel responsible for the
management of the Funds and/or any Client Accounts from sharing any
non-public information about the management of the Funds and any Client
Account with the Index Personnel and Calculation Agent. Further, the
Adviser and any Sub-Adviser have adopted and implemented, pursuant to
rule 206(4)-7 under the Advisers Act, written policies and procedures
designed to prevent violations of the Advisers Act and the rules under
the Advisers Act. The Adviser, any Sub-Adviser and Distributor also
have adopted or will adopt a Code of Ethics as required under rule 17j-
1 under the Act, which contains provisions reasonably necessary to
prevent Access Persons (as defined in rule 17j-1) from engaging in any
conduct prohibited in rule 17j-1. In addition, the Adviser and any Sub-
Adviser has adopted or will adopt policies and procedures to detect and
prevent insider trading as required under section 204A of the Advisers
Act, which are reasonably designed taking into account the nature of
their business, to prevent the misuse in violation of the Advisers Act,
Exchange Act, or rules and regulations under the Advisers Act and
Exchange Act, of material non-public information.
    6. Applicants assert that certain potential conflicts of interest
discussed in the application do not exist where the index creator is
not an affiliated person, or an affiliated person of an affiliated
person, of an exchange-traded fund or its investment adviser or any
sub-adviser. Applicants assert that the representations and
undertakings designed to prevent such potential conflicts of interest
that relate to the transparency of the methodology for those Underlying
Indexes, and the establishment of certain policies and procedures to
limit communication between Index Personnel and employees of the
Adviser and any Sub-Adviser shall not apply to an ``Unaffiliated Index
Fund''.\4\
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    \4\ An ``Unaffiliated Index Fund'' refers to an open-end
management investment company for which the Adviser serves as
investment adviser, which will operate, function and trade as an
exchange-traded fund in substantially the same manner as the Initial
Funds, and where no entity that creates, compiles, sponsors, or
maintains an Underlying Index is or will be an affiliated person, as
defined in section 2(a)(3) of the Act, or an affiliated person of an
affiliated person, of the Fund, the Adviser, the Distributor,
promoter or any Sub-Adviser to a Fund.
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    7. The investment objective of each Fund will be to provide
investment results that closely correspond to the total return of its
Underlying Index.\5\ The value of the Underlying Index will be
disseminated once each ``Business Day,'' which is defined as any day
that a Fund is required to be open under section 22(e) of the Act, at
the end of the Business Day. A Fund will utilize either a replication
or representative sampling strategy to track its Underlying Index. A
Fund using a replication strategy will invest in substantially all of
the Component Securities in its Underlying Index in the same
approximate proportions as in the Underlying Index. A Fund using a
representative sampling strategy will attempt to match the risk and
return characteristics of a Fund's

portfolio to the risk and return characteristics of its Underlying
Index. Applicants state that use of the representative sampling
strategy may prevent a Fund from tracking the performance of its
Underlying Index with the same degree of accuracy as would a Fund that
invests in every Component Security of the Underlying Index. Applicants
expect that each Fund will have a tracking error relative to the
performance of its Underlying Index of less than 5%.
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    \5\ Applicants represent that each Fund will invest at least 80%
of its assets (exclusive of collateral held from securities lending)
in the component securities that comprise its Underlying Index
(``Component Securities'') or, in the case of Fixed Income Funds, in
the Component Securities of its respective Underlying Index and TBAs
(as defined below) representing Component Securities, and in the
case of Foreign Funds, in Component Securities and Depositary
Receipts representing such Component Securities. Depositary receipts
include American Depositary Receipts (``ADRs'') and Global
Depositary Receipts (``GDRs''). A Fund will not invest in any
Depositary Receipts that the Adviser or any Sub-Adviser deems to be
illiquid or for which pricing information is not readily available.
No affiliated persons of Applicants will serve as the depositary for
any Depositary Receipts held by a Fund. Each Fund also may invest up
to 20% of its assets in certain index futures, options, options on
index futures, swap contracts or other derivatives, as related to
its respective Underlying Index and its Component Securities, cash,
cash equivalents, other investment companies, and securities that
are not included in its Underlying Index but which the Adviser
believes will help the Fund track its Underlying Index.
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    8. Creation Units are expected to consist of 50,000 Shares and to
have an initial price in the range of $1,000,000 to $30,000,000. All
orders to purchase Creation Units must be placed with the Distributor
by or through a party that has entered into an agreement with the
Distributor (``Authorized Participant''). The Distributor will be
responsible for transmitting the orders to the Funds. An Authorized
Participant must be either (a) a broker-dealer or other participant in
the continuous net settlement system of the National Securities
Clearing Corporation (``NSCC''), a clearing agency registered with the
Commission, or (b) a participant in the Depository Trust Company
(``DTC'', and such participant, ``DTC Participant''). Shares of the
Fund generally will be sold in Creation Units in exchange for an in-
kind deposit by the purchaser of a portfolio of securities designated
by the Adviser to correspond generally to the total return of the
relevant Underlying Index (the ``Deposit Securities''), together with
the deposit of a specified cash payment (``Balancing Amount'' and
collectively with the Deposit Securities, ``Portfolio Deposit''). The
Balancing Amount is an amount equal to the difference between (a) the
net asset value (``NAV'') (per Creation Unit) of a Fund and (b) the
total aggregate market value (per Creation Unit) of the Deposit
Securities.\6\ Each Fund may permit a purchaser of Creation Units to
substitute cash in lieu of depositing some or all of the Deposit
Securities if the method would reduce the Fund's transaction costs or
enhance the Fund's operating efficiency. To preserve maximum efficiency
and flexibility, a Fund reserves the right to accept and deliver
Creation Units on a cash basis.
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    \6\ Each Fund will sell and redeem Creation Units only on a
Business Day. The Fund will make available on each Business Day,
prior to the opening of trading on the listing Exchange, a list of
the names and the required number of shares of each Deposit Security
to be included in the Portfolio Deposit for each Fund. Any national
securities exchange (as defined in section 2(a)(26) of the Act)
(``Exchange'') on which Shares are listed will disseminate, every 15
seconds during its regular trading hours, through the facilities of
the Consolidated Tape Association, an amount per individual Share
representing the sum of the estimated Balancing Amount and the
current value of the Deposit Securities.
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    9. An investor acquiring or redeeming a Creation Unit from a Fund
will be charged a fee (``Transaction Fee'') to prevent the dilution of
the interests of the remaining shareholders resulting from costs in
connection with the purchase or redemption of Creation Units.\7\ The
Distributor also will be responsible for delivering the Fund's
prospectus to those persons acquiring Shares in Creation Units and for
maintaining records of both the orders placed with it and the
confirmations of acceptance furnished by it. In addition, the
Distributor will maintain a record of the instructions given to the
applicable Fund to implement the delivery of its Shares.
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    \7\ Where a Fund permits a purchaser to substitute cash in lieu
of depositing a portion of the requisite Deposit Securities, the
purchaser may be assessed a higher Transaction Fee to cover the cost
of purchasing such Deposit Securities.
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    10. Purchasers of Shares in Creation Units may hold such Shares or
may sell such Shares into the secondary market. Shares will be listed
and traded on an Exchange. It is expected that one or more member firms
of an Exchange will be designated to act as a market maker (each, a
``Market Maker'') and maintain a market for Shares trading on the
Exchange. Prices of Shares trading on an Exchange will be based on the
current bid/offer market. Shares sold in the secondary market will be
subject to customary brokerage commissions and charges.
    11. Applicants expect that purchasers of Creation Units will
include institutional investors and arbitrageurs (which could include
institutional investors). Exchange specialists also may purchase
Creation Units for use in market-making activities. Applicants expect
that secondary market purchasers of Shares will include both
institutional investors and retail investors.\8\ Applicants expect that
the price at which Shares trade will be disciplined by arbitrage
opportunities created by the option to continually purchase or redeem
Creation Units at their NAV, which should ensure that Shares will not
trade at a material discount or premium in relation to their NAV.
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    \8\ Shares will be registered in book-entry form only. DTC or
its nominee will be the registered owner of all outstanding Shares.
DTC or DTC Participants will maintain records reflecting beneficial
owners of Shares.
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    12. Shares will not be individually redeemable, and owners of
Shares may acquire those Shares from the Fund, or tender such Shares
for redemption to the Fund, in Creation Units only. To redeem, an
investor will have to accumulate enough Shares to constitute a Creation
Unit. Redemption orders must be placed by or through an Authorized
Participant. An investor redeeming a Creation Unit generally will
receive (a) Portfolio Securities designated to be delivered for
redemptions (``Redemption Securities'') on the date that the request
for redemption is submitted and (b) a ``Cash Redemption Payment,''
consisting of an amount calculated in the same manner as the Balancing
Amount, although the actual amount of the Cash Redemption Payment may
differ if the Redemption Securities are not identical to the Deposit
Securities on that day. An investor may receive the cash equivalent of
a Redemption Security in certain circumstances, such as if the investor
is restrained from effecting transactions in the security by regulation
or policy.\9\ A redeeming investor may pay a Transaction Fee,
calculated in the same manner as a Transaction Fee payable in
connection with purchases of Creation Units.
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    \9\ Applicants state that a cash-in-lieu amount will replace any
``to-be-announced'' (``TBA'') transaction that is listed as a
Deposit Security or Redemption Security of any Fund. A TBA
transaction is a method of trading mortgage-backed securities where
the buyer and seller agree upon general trade parameters such as
agency, settlement date, par amount and price. The actual pools
delivered generally are determined two days prior to the settlement
date. The amount of substituted cash in the case of TBA transactions
will be equivalent to the value of the TBA transaction listed as a
Deposit Security or a Redemption Security.
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    13. Applicants state that in accepting Deposit Securities and
satisfying redemptions with Redemption Securities, the relevant Funds
will comply with the federal securities laws, including that the
Deposit Securities and Redemption Securities are sold in transactions
that would be exempt from registration under the Securities Act of 1933
(``Securities Act'').\10\ The specified Deposit Securities and
Redemption Securities either (a) will correspond pro rata to the
Portfolio Securities of a Fund, or (b) will not correspond pro rata to
the Portfolio Securities, provided that the Deposit Securities and
Redemption Securities (i) consist of the same representative sample of
Portfolio Securities designed to generate performance that is highly
correlated to the performance of the Portfolio Securities, (ii) consist
only of securities that are already included among the existing
Portfolio Securities, and (iii) are

the same for all Authorized Participants on a given Business Day.\11\
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    \10\ In accepting Deposit Securities and satisfying redemptions
with Redemption Securities that are restricted securities eligible
for resale pursuant to rule 144A under the Securities Act, the
relevant Funds will comply with the conditions of rule 144A.
    \11\ In either case, a basket of Deposit Securities and a basket
of Redemption Securities (and a true pro rata slice of the Portfolio
Securities) may differ solely to the extent necessary (a) because it
is impossible to break up bonds beyond certain minimum sizes needed
for transfer and settlement, (b) because, in the case of equity
securities, rounding is necessary to eliminate fractional shares or
lots that are not tradeable round lots, or (c) for temporary
periods, to effect changes in the Portfolio Securities as a result
of the rebalancing of an Underlying Index. A tradeable round lot for
an equity security will be the standard unit of trading in that
particular type of security in its primary market.
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    14. Neither the Trust nor any individual Fund will be marketed or
otherwise held out as a traditional open-end investment company or a
mutual fund. Instead, each Fund will be marketed as an ``ETF,'' an
``investment company,'' a ``fund,'' or a ``trust.'' All marketing
materials that describe the features or method of obtaining, buying or
selling Creation Units or Shares traded on an Exchange, or refer to
redeemability, will prominently disclose that Shares are not
individually redeemable and that the owners of Shares may purchase or
redeem Shares from the Fund in Creation Units only. The same approach
will be followed in investor educational materials issued or circulated
in connection with the Shares. The Funds will provide copies of their
annual and semi-annual shareholder reports to DTC Participants for
distribution to shareholders.
    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 12(d)(1)(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 provision 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, and the proposed transaction is
consistent with the policies of the registered investment company 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 provisions 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 owner, upon
its presentation to the issuer, is entitled to receive approximately
his 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 the Funds to register as
open-end management investment companies and issue Shares that are
redeemable in Creation Units only. Applicants state that investors may
purchase Shares in Creation Units and redeem Creation Units from each
Fund. Applicants state that because Creation Units may always be
purchased and redeemed at NAV, the market price of the Shares should
not vary substantially 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, which 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 a Fund's 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, and (c) ensure an orderly distribution of investment
company shares by eliminating price competition from dealers 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 a Fund as a party and will not 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 competitive forces will ensure that the
difference between the market price of Shares and their NAV remains
narrow.

Section 22(e)

    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 the settlement of redemptions of Creation Units of the
Foreign Funds is contingent not only on the settlement cycle of the
U.S. securities markets, but also on the delivery cycles present in
local markets for the foreign securities in which those Funds invest.
Applicants have been advised that, under certain circumstances, the
delivery cycles for transferring Portfolio Securities to redeeming
investors, coupled with local market holiday schedules, will require a
delivery process of up to 14 calendar days. Applicants therefore
request relief from section 22(e) in order to provide for payment or
satisfaction of redemptions within the maximum number of calendar days
required for such payment or satisfaction in the principal local
markets where

transactions in the Portfolio Securities of each Foreign Fund
customarily clear and settle, but in all cases no later than 14
calendar days following the tender of a Creation Unit.\12\ With respect
to Future Funds that are Foreign Funds, applicants seek the same relief
from section 22(e) only to the extent that circumstances exist similar
to those described in the application.
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    \12\ Applicants acknowledge that no relief obtained from the
requirements of section 22(e) will affect any obligations applicants
may have under rule 15c6-1 under the Exchange Act. Rule 15c6-1
requires that most securities transactions be settled within three
business days of the trade.
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    8. Applicants submit that section 22(e) was designed to prevent
unreasonable, undisclosed and unforeseen delays in the actual payment
of redemption proceeds. Applicants state that allowing redemption
payments for Creation Units of a Fund to be made within the number of
days indicated above up to a maximum of 14 calendar days would not be
inconsistent with the spirit and intent of section 22(e). Applicants
state that the Statement of Additional Information (``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, up to a maximum of 14 calendar days, needed to
deliver the proceeds for each affected Foreign Fund. Applicants are not
seeking relief from section 22(e) with respect to Foreign Funds that do
not effect creations and redemptions of Creation Units in-kind.

Section 12(d)(1)

    9. Section 12(d)(1)(A) of the Act, in relevant part, prohibits a
registered investment company from acquiring securities of an
investment company if such 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 and any other broker-dealer from selling the investment
company's 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 an exemption to permit management investment
companies (``Investing Management Companies'') and unit investment
trusts (``Investing Trusts'') registered under the Act that are not
sponsored or advised by the Adviser or any entity controlling,
controlled by, or under common control with the Adviser and are not
part of the same ``group of investment companies,'' as defined in
section 12(d)(1)(G)(ii) of the Act, as the Funds or Actively-Managed
Funds \13\ (collectively, ``Fund of Funds'') to acquire Shares or
shares of an Actively-Managed Fund beyond the limits of section
12(d)(1)(A). In addition, applicants seek relief to permit a Fund or
Actively-Managed Fund and any principal underwriter for the Fund or
Actively-Managed Fund, and any broker-dealer that is registered under
the Exchange Act (``Broker'') to sell Shares or shares, respectively,
to Fund of Funds in excess of the limits of section 12(d)(1)(B).
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    \13\ The term ``Actively-Managed Funds'' as used in the
application refers to exchange-traded funds that utilize active
management investment strategies, are advised by an Adviser and in
the same ``group of investment companies'' within the meaning of
section 12(d)(1)(G)(ii) of the Act, as the Funds.
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    11. Each Investing Management Company will be advised by an
investment adviser within the meaning of section 2(a)(20)(A) of the Act
(the ``Fund of Funds Adviser'') and may be sub-advised by one or more
investment advisers within the meaning of section 2(a)(20)(B) of the
Act (each a ``Fund of Funds Sub-Adviser''). Any investment adviser to a
Fund of Funds will be registered under the Advisers Act. Each Investing
Trust will be sponsored by a sponsor (``Sponsor'').
    12. Applicants submit that the proposed conditions to the requested
relief adequately address the concerns underlying the limits in section
12(d)(1)(A) and (B), which include concerns about undue influence by a
fund of funds over underlying funds, excessive layering of fees and
overly complex fund structures. Applicants believe that the requested
exemption is consistent with the public interest and the protection of
investors.
    13. Applicants believe that neither the Fund of Funds nor a Fund of
Funds Affiliate would be able to exert undue influence over the Funds
or Actively-Managed Funds.\14\ To limit the control that a Funds of
Funds may have over a Fund or Actively-Managed Fund, applicants propose
a condition prohibiting a Fund of Funds Adviser or a Sponsor, any
person controlling, controlled by, or under common control with the
Fund of Funds Adviser or Sponsor, and any investment company or issuer
that would be an investment company but for section 3(c)(1) or 3(c)(7)
of the Act that is advised or sponsored by the Fund of Funds Adviser or
Sponsor, or any person controlling, controlled by, or under common
control with the Fund of Funds Adviser or Sponsor (``Fund of Funds'
Advisory Group'') from controlling (individually or in the aggregate) a
Fund or Actively-Managed Fund within the meaning of section 2(a)(9) of
the Act. The same prohibition would apply to any Fund of Funds Sub-
Adviser, any person controlling, controlled by or under common control
with the Fund of Funds Sub-Adviser, and any investment company or
issuer that would be an investment company but for section 3(c)(1) or
3(c)(7) of the Act (or portion of such investment company or issuer)
advised or sponsored by the Fund of Funds Sub-Adviser or any person
controlling, controlled by or under common control with the Fund of
Funds Sub-Adviser (``Fund of Funds' Sub-Advisory Group''). Applicants
propose other conditions to limit the potential for undue influence
over the Funds or Actively-Managed Funds, including that no Fund of
Funds or Fund of Funds Affiliate (except to the extent it is acting in
its capacity as an investment adviser to a Fund or Actively-Managed
Fund) will cause a Fund or Actively-Managed 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, Fund of
Funds Adviser, Fund of Funds Sub-Adviser, Sponsor, or employee of the
Fund of Funds, or a person of which any such officer, director, member
of an advisory board, Fund of Funds Adviser, Fund of Funds Sub-Adviser,
Sponsor, or employee is an affiliated person (except that any person
whose relationship to the Fund or Actively-Managed Fund is covered by

section 10(f) of the Act is not an Underwriting Affiliate).
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    \14\ A ``Fund of Funds Affiliate'' is any Fund of Funds Adviser,
Fund of Funds Sub-Adviser, Sponsor, promoter, or principal
underwriter of a Fund of Funds, and any person controlling,
controlled by, or under common control with any of those entities. A
``Fund Affiliate'' is the investment adviser, promoter, or principal
underwriter of a Fund or Actively-Managed Fund and any person
controlling, controlled by or under common control with any of those
entities.
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    14. Applicants assert that the proposed conditions address any
concerns regarding excessive layering of fees. The board of directors
or trustees 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, will find that the advisory
fees charged to the Investing Management Company are based on services
provided that will be in addition to, rather than duplicative of,
services provided under the advisory contract(s) of any Fund or
Actively-Managed Fund in which the Investing Management Company may
invest. In addition, except as provided in condition B.6, a Fund of
Funds Adviser or a trustee (``Trustee'') or Sponsor of an Investing
Trust will, as applicable, waive fees otherwise payable to it by the
Fund of Funds in an amount at least equal to any compensation
(including fees received pursuant to any plan adopted by a Fund or
Actively-Managed Fund under rule 12b-1 under the Act) received by the
Fund of Funds Adviser, Trustee or Sponsor or an affiliated person of
the Fund of Funds Adviser, Trustee or Sponsor, from a Fund or Actively-
Managed Fund in connection with the investment by the Fund of Funds in
the Fund or Actively-Managed Fund. Applicants state that any sales
charges or service fees charged with respect to shares of a Fund of
Funds will not exceed the limits applicable to a fund of funds set
forth in NASD Conduct Rule 2830.\15\
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    \15\ Any references to NASD Conduct Rule 2830 include any
successor or replacement rule to NASD Conduct Rule 2830 that may be
adopted by FINRA.
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    15. Applicants submit that the proposed arrangement will not create
an overly complex fund structure. Applicants note that no Fund or
Actively-Managed Fund may 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 or Actively-Managed Fund to purchase shares of other
investment companies for short-term cash management purposes. To ensure
that Funds of Funds comply with the terms and conditions of the
requested relief from section 12(d)(1), any Fund of Funds that intends
to invest in a Fund or Actively-Managed Fund in reliance on the
requested order will enter into an agreement (``FOF Participation
Agreement'') between the Fund or Actively-Managed Fund and the Fund of
Funds requiring the Fund of Funds to adhere to the terms and conditions
of the requested order. The FOF Participation Agreement also will
include an acknowledgement from the Fund of Funds that it may rely on
the requested order only to invest in a Fund or an Actively-Managed
Fund and not in any other investment company.
    16. Applicants also note that a Fund or an Actively-Managed Fund
may choose to reject a direct purchase of Shares in Creation Units by a
Fund of Funds. To the extent that a Fund of Funds purchases Shares or
shares of an Actively-Managed Fund in the secondary market, a Fund or
Actively-Managed Fund would still retain its ability to reject initial
purchases of Shares or shares, as the case may be, made in reliance on
the requested order by declining to enter into the FOF Participation
Agreement prior to any investment by a Fund of Funds in excess of the
limits of section 12(d)(1)(A).

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

    17. 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 acquiring any security from the company. Section 2(a)(3) of the Act
defines ``affiliated person'' to include (a) 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, (b) any
person 5% or more of whose outstanding voting securities are directly
or indirectly owned, controlled or held with the power to vote by the
other person, and (c) any person directly or indirectly controlling,
controlled by or under common control with the other person. Section
2(a)(9) of the Act provides that a control relationship will be
presumed where one person owns more than 25% of another person's voting
securities. The Funds may be deemed to be controlled by the Adviser or
an entity controlling, controlled by or under common control with the
Adviser 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 the
Adviser or an entity controlling, controlled by or under common control
with the Adviser (an ``Affiliated Fund'').
    18. Applicants request an exemption from section 17(a) of the Act
pursuant to sections 17(b) and 6(c) of the Act to permit persons to
effectuate in-kind purchases and redemptions with a Fund when they are
affiliated persons of the Fund or Second-Tier Affiliates 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.
    19. Applicants assert that no useful purpose would be served by
prohibiting these types of affiliated persons from acquiring or
redeeming Creation Units through ``in-kind'' transactions. The deposit
procedures for both in kind purchases and in-kind redemptions of
Creation Units will be the same for all purchases and redemptions.
Deposit Securities and Redemption Securities will be valued in the same
manner as Portfolio Securities. Portfolio Securities, Deposit
Securities, Redemption Securities, and Cash Redemption Payments (except
for any permitted cash-in-lieu amounts) will be the same regardless of
the identity of the purchaser or redeemer, except for the previously
mentioned temporary periods where the Redemption and Creation Units
differ to reflect changes in the Underlying Index. Therefore,
applicants state that in-kind purchases and redemptions will afford no
opportunity for the specified affiliated persons, or Second-Tier
Affiliates, of a Fund to effect a transaction detrimental to other
holders of Shares. Applicants also believe that in-kind purchases and
redemptions will not result in self-dealing or overreaching of the
Fund.
    20. Applicants also seek relief from section 17(a) to permit a Fund
or Actively-Managed Fund that is an affiliated person, or affiliated
person of an affiliated person of a Fund of Funds to sell its Shares,
or shares in the case of an Actively-Managed Fund, to and redeem its
Shares, or shares, from a Fund of Funds, and to engage in the
accompanying in-kind transactions with the Fund of Funds.\16\
Applicants state that the terms of the transactions are fair and
reasonable and do not involve

overreaching. Applicants note that any consideration paid by a Fund of
Funds for the purchase or redemption of Shares directly from a Fund, or
of shares directly from an Actively-Managed Fund, will be based on the
NAV of the Fund or Actively-Managed Fund.\17\ Applicants believe that
any proposed transactions directly between the Funds or Actively-
Managed Funds and Fund of Funds will be consistent with the policies of
each Fund of Funds. Any investment by a Fund of Funds in Shares of
Funds or shares of Actively-Managed Funds will be accomplished in
accordance with the investment restrictions of any such Fund of Funds
and will be consistent with the investment policies set forth in the
Fund of Fund's registration statement. The FOF Participation Agreement
will require any Fund of Funds that purchases Creation Units directly
from a Fund or Actively-Managed Fund to represent that the purchase of
Creation Units from a Fund or Actively-Managed Fund by a Fund of Funds
will be accomplished in compliance with the investment restrictions of
the Fund of Funds and will be consistent with the investment policies
set forth in the Fund of Fund's registration statement.
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    \16\ To the extent that purchases and sales of Shares of a Fund
occur in the secondary market (and not through principal
transactions directly between a Fund of Funds and a Fund or
Actively-Managed Fund), relief from section 17(a) would not be
necessary. However, the requested relief would apply to in-kind
transactions directly between Funds or Actively-Managed Funds and
Funds of Funds. Applicants are not seeking relief from section 17(a)
for, and the requested relief will not apply to, transactions where
a Fund or Actively-Managed Fund could be deemed an affiliated
person, or an affiliated person of an affiliated person, of a Fund
of Funds because an investment adviser to the Fund or Actively-
Managed Fund is also an investment adviser to the Fund of Funds.
    \17\ Applicants acknowledge that receipt of compensation by (a)
an affiliated person of a Fund of Funds, or an affiliated person of
such person, for the purchase by the Fund of Funds of Shares or
shares of an Actively-Managed Fund, or (b) an affiliated person of a
Fund or an Actively-Managed Fund, or an affiliated person of such
person, for the sale by the Fund of its Shares, or Actively-Managed
Fund of its shares, to a Fund of Funds may be prohibited by section
17(e)(1) of the Act. The FOF Participation Agreement also will
include this acknowledgment.
---------------------------------------------------------------------------

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

A. Exchange Traded Fund Relief

    1. As long as a Fund operates in reliance on the requested order,
the Shares of such Fund will be listed on an Exchange.
    2. No 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 Shares are not individually redeemable and
that owners of 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 each Fund, which is and will be publicly
accessible at no charge, will contain the prior Business Day's NAV and
the market closing price or the midpoint 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 in relation to the NAV, on a per Share basis, for each
Fund.
    4. 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 index-based exchange traded funds.

B. Section 12(d)(1) Relief

    1. The members of a Fund of Funds' Advisory Group will not control
(individually or in the aggregate) any Fund or Actively-Managed Fund
within the meaning of section 2(a)(9) of the Act. The members of a Fund
of Funds' Sub-Advisory Group will not control (individually or in the
aggregate) any Fund or Actively-Managed 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 or Actively-Managed Fund, a
Fund of Funds' Advisory Group or a Fund of Funds' Sub-Advisory Group,
each in the aggregate, becomes a holder of more than 25% of the
outstanding voting securities of a Fund or Actively-Managed Fund, it
will vote its Shares of the Fund or Actively-Managed Fund, as the case
may be, in the same proportion as the vote of all other holders of such
shares. This condition does not apply to a Fund of Funds' Sub-Advisory
Group with respect to a Fund or Actively-Managed Fund for which the
Fund of Funds Sub-Adviser or a person controlling, controlled by or
under common control with the Fund of Funds Sub-Adviser acts as the
investment adviser within the meaning of section 2(a)(20)(A) of the
Act.
    2. No Fund of Funds or Fund of Funds Affiliate will cause any
existing or potential investment by the Fund of Funds in a Fund or an
Actively-Managed Fund to influence the terms of any services or
transactions between the Fund of Funds or a Fund of Funds Affiliate and
the Fund or its Fund Affiliate or the Actively-Managed Fund or its Fund
Affiliate, as the case may be.
    3. The board of directors or trustees of an Investing Management
Company, including a majority of the non-interested directors or
trustees, will adopt procedures reasonably designed to ensure that the
Fund of Funds Adviser and any Fund of Funds Sub-Adviser are conducting
the investment program of the Investing Management Company without
taking into account any consideration received by the Investing
Management Company or a Fund of Funds Affiliate from a Fund or its Fund
Affiliate or an Actively-Managed Fund or its Fund Affiliate, as the
case may be, in connection with any services or transactions.
    4. No Fund of Funds or Fund of Funds Affiliate (except to the
extent it is acting in its capacity as an investment adviser to a Fund
or an Actively-Managed Fund) will cause a Fund or an Actively-Managed
Fund to purchase a security in an Affiliated Underwriting.
    5. Before investing in a Fund or an Actively-Managed Fund in excess
of the limits in section 12(d)(1)(A), the Fund of Funds and the Fund or
Actively-Managed Fund, as the case may be, will execute a 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 of a Fund or shares of an
Actively-Managed Fund in excess of the limit in section 12(d)(1)(A)(i),
a Fund of Funds will notify the Fund or the Actively-Managed Fund of
the investment. At such time, the Fund of Funds will also transmit to
the Fund or the Actively-Managed Fund, as the case may be, a list of
the names of each Fund of Funds Affiliate and Underwriting Affiliate.
The Fund of Funds will notify the Fund or the Actively-Managed Fund of
any changes to the list of the names as soon as reasonably practicable
after a change occurs. The Fund or the Actively-Managed Fund and the
Fund of Funds 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.
    6. The Fund of Funds Adviser, Trustee or Sponsor, as applicable,
will waive fees otherwise payable to it by the Fund of Funds in an
amount at least equal to any compensation (including fees received
pursuant to any plan adopted by a Fund or an Actively-Managed Fund
under rule 12b-1 under the Act) received from a Fund or an Actively-
Managed Fund by the Fund of Funds Adviser, Trustee or Sponsor, or an
affiliated person of the Fund of Funds Adviser, Trustee or Sponsor,
other than any advisory fees paid to the Fund of Funds Adviser, Trustee
or Sponsor, or its affiliated person by the Fund or the Actively-
Managed Fund, in connection with the investment by the Fund of Funds in
the Fund or Actively-Managed Fund. Any Fund of Funds

Sub-Adviser will waive fees otherwise payable to the Fund of Funds Sub-
Adviser, directly or indirectly, by the Investing Management Company in
an amount at least equal to any compensation received from a Fund or an
Actively-Managed Fund by the Fund of Funds Sub-Adviser, or an
affiliated person of the Fund of Funds Sub-Adviser, other than any
advisory fees paid to the Fund of Funds Sub-Adviser or its affiliated
person by the Fund or the Actively-Managed Fund, as the case may be, in
connection with the investment by the Investing Management Company in
the Fund or Actively-Managed Fund, as the case may be, made at the
direction of the Fund of Funds Sub-Adviser. In the event that the Fund
of Funds Sub-Adviser waives fees, the benefit of the waiver will be
passed through to the Investing Management Company.
    7. Any sales charges and/or service fees charged with respect to
shares of a Fund of Funds will not exceed the limits applicable to a
fund of funds as set forth in NASD Conduct Rule 2830.
    8. Once an investment by a Fund of Funds in the securities of a
Fund or an Actively-Managed Fund exceeds the limit in section
12(d)(1)(A)(i) of the Act, the board of trustees of the Fund or
Actively-Managed Fund (``Board''), including a majority of directors or
trustees who are not ``interested persons'' within the meaning of
section 2(a)(19) of the Act (``non-interested Board members''), will
determine that any consideration paid by the Fund or the Actively-
Managed Fund to the Fund of Funds or a Fund of Funds 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 or the Actively-Managed Fund; (ii) is
within the range of consideration that the Fund or the Actively-Managed
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 or an Actively-Managed Fund, as the case may be, and its
investment adviser(s), or any person controlling, controlled by or
under common control with such investment adviser(s).
    9. The Board of a Fund and of an Actively-Managed Fund, including a
majority of the non-interested Board members, will adopt procedures
reasonably designed to monitor any purchases of securities by the Fund
or the Actively-Managed Fund, as the case may be, in an Affiliated
Underwriting, once an investment by a Fund of Funds in the securities
of the Fund or the Actively-Managed 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 Fund of
Funds in the Fund or the Actively-Managed Fund. The Board will
consider, among other things: (i) Whether the purchases were consistent
with the investment objectives and policies of the Fund or the
Actively-Managed Fund, as the case may be; (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 or the Actively-Managed
Fund, as the case may be, 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.
    10. Each Fund and each Actively-Managed 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 a Fund of Funds in the securities of the Fund or the Actively-
Managed Fund, as the case may be, 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.
    11. 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 non-interested 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 or any Actively-Managed Fund in which the Investing Management
Company may invest. These findings and their basis will be fully
recorded in the minute books of the appropriate Investing Management
Company.
    12. No Fund or Actively-Managed Fund will acquire securities of an
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 or Actively-Managed Fund, as the case
may be, 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.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-9968 Filed 4-25-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)]
[Notices]
[Page 10475]
[FR Doc No: 2015-04020]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. EF15-6-000]

Western Area Power Administration; Notice of Filing

    Take notice that on February 9, 2015 the Western Area Power
Administration submitted a tariff filing per 10 CFR 903.23:
CRSP_PRP_165-20150209, to be effective 4/1/2015. (Formula Rate for the
Provo River Project-Western Area Power Administration-Rate Order No.
WAPA-165.)
    Any person desiring to intervene or to protest this filing must
file in accordance with Rules 211 and 214 of the Commission's Rules of
Practice and Procedure (18 CFR 385.211, 385.214). Protests will be
considered by the Commission in determining the appropriate action to
be taken, but will not serve to make protestants parties to the
proceeding. Any person wishing to become a party must file a notice of
intervention or motion to intervene, as appropriate. Such notices,
motions, or protests must be filed on or before the comment date. On or
before the comment date, it is not necessary to serve motions to
intervene or protests on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper using the ``eFiling'' link at http://www.ferc.gov. Persons unable to file electronically should submit an
original and 5 copies of the protest or intervention to the Federal
Energy Regulatory Commission, 888 First Street NE., Washington, DC
20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please email
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.
    Comment Date: 5:00 p.m. Eastern Time on March 11, 2015.

    Dated: February 20, 2015.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2015-04020 Filed 2-25-15; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 76, Number 71 (Wednesday, April 13, 2011)]
[Notices]
[Pages 20750-20752]
[FR Doc No: 2011-8910]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64253; File No. SR-EDGX-2011-09]

Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
Amendments to the EDGX Exchange, Inc. Fee Schedule

April 7, 2011.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 6, 2011, the EDGX Exchange, Inc. (the ``Exchange'' or the
``EDGX'') filed with

the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III below, which items
have been prepared by the 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\ 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 its fees and rebates applicable to
Members \3\ of the Exchange pursuant to EDGX Rule 15.1(a) and (c). All
of the changes described herein are applicable to EDGX Members. The
text of the proposed rule change is available on the Exchange's
Internet Web site at http://www.directedge.com.
---------------------------------------------------------------------------

    \3\ A Member is any registered broker or dealer, or any person
associated with a registered broker or dealer, that has been
admitted to membership in the Exchange.
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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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
has prepared summaries, set forth in sections A, B and C below, of the
most significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to reduce the rate on Flag T from $0.0020 per
share to $0.0012 per share for routing using the ROUD/ROUE routing
strategies, as defined in Rules 11.9(b)(3)(b) and 11.9(b)(3)(c)(i).
    EDGX Exchange proposes to implement this amendment to the Exchange
fee schedule on April 6, 2011.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the objectives of Section 6 of the Exchange Act,\4\ in general,
and furthers the objectives of Section 6(b)(4),\5\ in particular, as it
is designed to provide for the equitable allocation of reasonable dues,
fees and other charges among its members and other persons using its
facilities.
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    \4\ 15 U.S.C. 78f.
    \5\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    The Exchange believes that the proposed reduced rate for Flag T
(routing using ROUD/ROUE routing strategies) of $0.0012 per share is an
equitable allocation of reasonable dues, fees, and other charges. Lower
fees are directly correlated with a higher number of intermediate low
cost destinations as the more intermediate low cost destinations that
there are, there is a greater potential for an execution at a lower
cost destination before reaching a higher cost destination. For
example, the ROUQ routing strategy, as defined in Rule
11.9(b)(3)(c)(iv),\6\ routes to the lowest number of low cost
destinations compared to the ROUD/ROUE \7\ and ROUZ \8\ routing
strategies. As a result, the Exchange charges a higher fee for such
strategy of $0.0020 per share (flag Q). The ROUD/ROUE routing
strategies route to a medium number of low cost destinations and the
ROUZ routing strategy routes to the highest number of low costs
destinations amongst these routing strategies. As a result, the
Exchange will assess a proposed fee of $0.0012 per share for the ROUD/
ROUE routing strategies and assesses the lowest fee for the ROUZ
routing strategy of $0.0010 per share. The more low cost destinations
that an order routes to allows the Exchange to pass on the savings it
receives from such destinations to its members in lower fees.
Therefore, it is equitable that ROUQ has the highest fee of $0.0020 per
share, while ROUD/ROUE has an intermediate fee of $0.0012 per share,
and ROUZ has the lowest fee of the three strategies of $0.0010 per
share. The Exchange also notes that a difference between ROUQ and ROUZ
routing strategies is that the additional routing destinations in the
ROUZ routing strategy are intermediate between the routing destinations
in ROUQ. This also accounts for the differences in fees. Therefore, for
each additional intermediate low cost destination that an order routes
to, the prices of the strategies mentioned above (ROUQ, ROUD/ROUE,
ROUZ) decrease accordingly.
---------------------------------------------------------------------------

    \6\ See SR-EDGX-2011-08 (April 1, 2011).
    \7\ The Exchange notes that ROUD/ROUE routing strategies route
to the identical number of low cost destinations.
    \8\ See SR-EDGX-2011-08 (April 1, 2011). See Rule
11.9(b)(3)(c)(v).
---------------------------------------------------------------------------

    The Exchange believes that the rate is reasonable when compared to
other market centers using similar routing strategies. The comparable
routing strategy to the ROUD/ROUE routing strategies is Parallel D or
Parallel 2D with the DRT (Dark routing technique) option on BATS BZX
Exchange (``BATS''). BATS charges $0.0020 per share for its DRT option.
The Exchange believes that the proposed rebate is non-discriminatory in
that it applies uniformly to all Members.
    The Exchange notes that it operates in a highly competitive market
in which market participants can readily direct order flow to competing
venues if they deem fee levels at a particular venue to be excessive.
The proposed rule change reflects a competitive pricing structure
designed to incent market participants to direct their order flow to
the Exchange. The Exchange believes that the proposed rates are
equitable in that they apply uniformly to all Members. The Exchange
believes the fees and credits remain competitive with those charged by
other venues and therefore continue to be reasonable and equitably
allocated to Members.

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

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

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3) of the Act \9\ and Rule 19b-4(f)(2) \10\ thereunder. 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.
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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 19b-4(f)(2).
---------------------------------------------------------------------------

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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-EDGX-2011-09 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-EDGX-2011-09. This file
number should be included on the subject line if e-mail 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,\11\ all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for Web site
viewing and printing in the Commission's Public Reference Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
EDGX-2011-09 and should be submitted on or before May 4, 2011.
---------------------------------------------------------------------------

    \11\ The text of the proposed rule change is available on
Exchange's Web site at http://www.directedge.com, on the
Commission's Web site at http://www.sec.gov, at EDGX, and at the
Commission's Public Reference Room.
    \12\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-8910 Filed 4-12-11; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: September 21, 2009 (Volume 74, Number 181)]
[Notices]
[Page 48122-48123]
[DOCID:fr21se09-97]

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DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Petition for Waiver of Compliance

    In accordance with Part 211 of Title 49 Code of Federal Regulations
(CFR), notice is hereby given that the Federal Railroad Administration
(FRA) received a request for a waiver of compliance from certain
requirements of its safety standards. The individual petition is
described below, including the party seeking relief, the regulatory
provisions involved, the nature of the relief being requested, and the
petitioner's arguments in favor of relief.

Tri-County Metropolitan Transportation District of Oregon (Waiver
Petition Docket Number FRA-2009-0072)

    The Tri-County Metropolitan Transportation District of Oregon
(TriMet) seeks two waivers of compliance from certain provisions of the
Railroad Locomotive Safety Standards, 49 CFR part 229, and the Use of
Locomotive Horns at Public Highway-Rail Grade Crossings, 49 CFR part
222. TriMet is seeking waivers to allow the volume of locomotive horns
to be lower than the minimum requirement of 96 dB(A) and to not be
required to routinely sound locomotive horns when approaching public
highway-rail grade crossings on a specific line segment. Specifically,
TriMet is seeking: (1) A 5-year waiver from the provisions of 49 CFR
229.129(a), which require the lead locomotive to be equipped with a
locomotive horn that produces a minimum sound level of 96 dB(A) and a
maximum sound level of 110 dB(A) at 100 feet forward of the locomotive
in its direction of travel; and (2) a permanent waiver from the
provisions of 49 CFR 222.21(a) and 222.21(b)(2), which require
locomotive horns to be sounded when approaching public highway-rail
grade crossings, using the ``long-long-short-long'' pattern that begins
15 to 20 seconds before the locomotive reaches the crossing, but no
further than \1/4\ mile from the crossing.
    TriMet is a municipal corporation that was created in 1969 for the
purpose of taking over the local bus systems and providing regional
transit in the Portland, OR, metropolitan area. Its district is
composed of the Greater Portland area, including Multnomah, Clackamas
and Washington counties. TriMet's systems include buses, light rail,
and beginning in 2009, commuter rail. On February 2, 2009, TriMet began
Westside Express Service (WES) operations over a 14.7-mile rail line
between Wilsonville and Beaverton. WES service uses self-propelled
diesel multiple-unit rail cars. WES currently runs 32 trains per
weekday. The Portland & Western Railroad (P&W) also operates four to
five freight trains per day over the line. P&W operates WES trains and
also dispatches the trains for both railroads. The waiver petition
applies only to WES trains.
    Since commencement of WES revenue service, TriMet has received
numerous complaints from citizens regarding locomotive horn noise at
crossings. There are 34 public highway-rail grade crossings on the rail
line. Newspaper articles and correspondences from State legislators
have expressed complaints and urged that TriMet take action to quiet
the horns. TriMet continues to work with the local cities to find ways
to lessen the impact of locomotive horns. This includes investigating
and demonstrating the use of wayside horns and planning for the
creation of quiet zones. The purpose of the waiver is to seek temporary
relief while these remedies are put in place.
    Title 49 CFR 229.129(a) reads as follows: ``Each lead locomotive
shall be equipped with a locomotive horn that produces a minimum sound
level of 96 dB(A) and a maximum sound level of 110 dB(A) at 100 feet
forward of the locomotive in its direction of travel. The locomotive
horn shall be arranged so that it can be conveniently operated from the
engineer's usual position during operation of the locomotive.'' TriMet
is requesting a 5-year waiver of the decibel requirements. It proposes
to equip WES trains with an electronic warning device that generates
both a horn and bell sound that can be sounded continuously; the horn
will sound at 80 dB(A) at a distance of 100 feet. The trains are also
equipped with a 96 dB(A) horn that the operator will have discretion to
sound in cases of emergencies or other situations. The bell will ring
at a minimum of 60 dB(A) at a distance of 100 feet. When the locomotive
on a WES train approaches a public highway-rail grade crossing, the
horn on the lead locomotive will begin to sound at 80 dB(A) in the
required long-long-short-long blast pattern at least 15 seconds (but no
more than 20 seconds) before the locomotive enters the crossing.
    TriMet asserts that this will not compromise safety because an
alternative procedure for equivalent safety will be in place. WES
trains will sound an 80 dB(A) horn and follow the sounding procedures
as provided in 49 CFR 222.21, except in the Lombard segment (see the
second part of the

waiver petition). WES trains are equipped with a 96 dB(A) horn that can
be used in an emergency. TriMet points out that WES trains are equipped
with FRA-compliant headlights and auxiliary lights that form a
triangular pattern for conspicuity to motorists. All of the public
crossings are equipped with automatic warning devices consisting of
flashing lights and gates, except for four crossings that do not have
gates. WES and P&W trains will both sound the locomotive horns in the
same pattern, thus providing a consistent warning to motorists and
pedestrians. In an emergency, WES train engineers will retain the
ability to sound the FRA-compliant horn of 96 dB(A). TriMet believes
that these alternative audible warnings, coupled with the crossing
protections and operating conditions, provide an equivalent level of
safety.
    Title 49 CFR 222.21(a) reads as follows: ``Except as provided in
this part, the locomotive horn on the lead locomotive of a train, lite
locomotive consist, individual locomotive or lead cab car shall be
sounded when such locomotive or lead cab car is approaching a public
highway-rail grade crossing. Sounding of the locomotive horn with two
long blasts, one short blast and one long blast shall be initiated at a
location so as to be in accordance with paragraph (b) of this section
and shall be repeated or prolonged until the locomotive occupies the
crossing. This pattern may be varied as necessary where crossings are
spaced closely together.'' Title 49 CFR 222.21(b)(2) reads as follows:
``Except as provided in paragraphs (b)(3) and (d) of this section, or
when the locomotive horn is defective and the locomotive is being moved
for repair consistent with Sec.  229.9 of this chapter, the locomotive
horn shall begin to be sounded at least 15 seconds, but no more than 20
seconds, before the locomotive enters the crossing. It shall not
constitute a violation of this section if, acting in good faith, a
locomotive engineer begins sounding the locomotive horn not more than
25 seconds before the locomotive enters the crossing, if the locomotive
engineer is unable to precisely estimate the time of arrival of the
train at the crossing for whatever reason.''
    TriMet is requesting a permanent waiver from these two subsections
of 49 CFR 222.21 for trains operating on the Lombard segment. WES
operates in the street for approximately 2,000 feet outside the
Beaverton Transit Center (the Lombard segment). Freight trains do not
operate on the Lombard segment. There are three crossings on the
Lombard segment. One is equipped with crossing warning devices
consisting of bells, flashing lights, and gates. The other two
crossings are equipped with traffic signals, flashing lights, and
bells. The maximum train speed on the Lombard segment is 10 mph. TriMet
proposes that when the lead unit on a WES train approaches a grade
crossing on the Lombard segment, the bells on the lead unit will begin
to sound at 60 dB(A) at least 15 seconds before the lead car enters the
crossing. The bells will sound continuously, in lieu of the locomotive
horn, until the last car in the WES train clears the grade crossing.
    TriMet states that safety is not compromised as the alternative
procedure previously described will provide an equivalent level of
safety. TriMet asserts that the bell sounding procedure described, plus
the fact that all three crossings are equipped with automatic warning
devices, will provide the same level of safety. Furthermore, WES trains
operate at a maximum of 10 mph over the Lombard segment and are
equipped with a 96 dB(A) horn that may be used in an emergency.
    TriMet requests expedited consideration in order to provide relief
as soon as possible. There have been a large number of complaints
received about the train horns. Since the establishment of quiet zones
takes significant time and considerable expense, the approval of this
waiver petition is the quickest source of relief.
    TriMet states that it is not filing a joint waiver petition with
the involved public authorities in the interest of expediency. The
waiver petition includes letters of support from Washington County and
the Cities of Beaverton, Tigard, and Tualatin. TriMet has also provided
copies of the waiver petition to the Oregon Department of
Transportation, P&W, and the City of Wilsonville, and asked that these
entities provide FRA with letters of support.
    Interested parties are invited to participate in these proceedings
by submitting written views, data, or comments. FRA does not anticipate
scheduling a public hearing in connection with these proceedings since
the facts do not appear to warrant a hearing. If any interested party
desires an opportunity for oral comment, they should notify FRA, in
writing, before the end of the comment period and specify the basis for
their request.
    All communications concerning these proceedings should identify the
appropriate docket number (e.g., Waiver Petition Docket Number FRA-
2009-0072) and may be submitted by any of the following methods:
     Web site: http://www.regulations.gov. Follow the online
instructions for submitting comments.
     Fax:<PHONE_NUMBER>.
     Mail: Docket Operations Facility, U.S. Department of
Transportation, 1200 New Jersey Avenue, SE., W12-140, Washington, DC
20590.
     Hand Delivery: 1200 New Jersey Avenue, SE., Room W12-140,
Washington, DC 20590, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays.
    Communications received within 45 days of the date of this notice
will be considered by FRA before final action is taken. Comments
received after that date will be considered as far as practicable. All
written communications concerning these proceedings are available for
examination during regular business hours (9 a.m.-5 p.m.) at the above
facility. All documents in the public docket are also available for
inspection and copying on the Internet at the docket facility's Web
site at http://www.regulations.gov.
    Anyone is able to search the electronic form of all comments
received into any of our dockets by the name of the individual
submitting the comment (or signing the comment, if submitted on behalf
of an association, business, labor union, etc.). You may review DOT's
complete Privacy Act Statement in the Federal Register published on
April 11, 2000 (Volume 65, Number 70; Pages 19477-78).

    Issued in Washington, DC, on September 14, 2009.
Grady C. Cothen, Jr.,
Deputy Associate Administrator for Safety Standards and Program
Development.
[FR Doc. E9-22595 Filed 9-18-09; 8:45 am]

BILLING CODE 4910-06-P